Iconovo AB (ICO) AI Stock Analysis

• Market Cap: kr86.02M
• Dividend Yield: N/A
• Average Volume (3M): 46.24K
• Price to Earnings (P/E): ―
• Beta (1Y): -0.22
• Revenue Growth: -45.59%
• EPS Growth: 37.79%
• Country: SE
• Employees: 26
• Sector: Healthcare
• Sector Strength: 45
• Industry: Medical - Devices
• EPS (TTM): -0.24
• Shares Outstanding: 74,800,380
• 10 Day Avg. Volume: 58,575
• 30 Day Avg. Volume: 46,237
• PEG Ratio: 0.02
• Price to Book (P/B): 0.37
• Price to Sales (P/S): 39.24
• P/FCF Ratio: 0.00
• Enterprise Value/Market Cap: N/A
• Enterprise Value/Revenue: N/A
• Enterprise Value/Gross Profit: N/A
• Enterprise Value/Ebitda: N/A
• 1Y Price Target: N/A
• Price Target Upside: N/A
• Rating Consensus: N/A
• Number of Analyst Covering: 0
• EPS Forecast (FY): 0.04
• Revenue Forecast (FY): kr45.00M

• Rating: 42 Neutral
• Price Target: kr1.00 ▼(-10.71% Downside)
• Action: Reiterated Date: 02/18/26
• Date: Action: Reiterated 02/18/26

The score is mainly driven by weak financial performance (revenue contraction, sizable losses, and ongoing cash burn) and a bearish technical setup (trading below all key moving averages with negative MACD). A relatively low-leverage balance sheet provides some resilience, but valuation is constrained by negative earnings and no dividend support.

Positive Factors

Licensing-based revenue model

An asset-light licensing model links Iconovo’s revenue to partner-led drug programs via upfront fees, milestones and royalties. Structurally this can scale without proportional capex, diversify revenue sources across partners, and produce long-term recurring royalties if partnered drugs reach commercial stages.

Low leverage and sizable equity base

A low debt load and meaningful equity provide financial flexibility and resilience. This balance-sheet strength reduces near-term refinancing risk, supports continued R&D and partner development work, and gives the company runway to pursue licensing deals or absorb development cycles without immediate capital stress.

Focused inhalation platform expertise

Concentration on dry powder inhaler platforms builds specialized IP and technical know-how that are attractive to respiratory drug developers. This domain focus can create competitive differentiation, shorten partner time-to-device fit, and increase the likelihood of long-term partnerships and royalty streams in inhalation therapies.

Negative Factors

Sharp and multi-year revenue decline

Sustained revenue contraction undermines the company’s ability to absorb fixed R&D and operating costs and weakens bargaining power with partners. Persistently falling sales limit internal reinvestment capacity, increase dependence on new licensing wins, and raise the risk that operating losses persist absent a durable reversal in partner activity.

Persistent operating cash burn

Consistent negative operating cash flow forces reliance on existing equity or fresh financing to fund operations and development. Over the medium term this constrains strategic optionality, increases dilution or debt risk if raised, and can delay or limit investment in product development and commercialization necessary to generate future licensing income.

Sizable operating and net losses

Large recurring losses indicate the business is not near break-even and may erode equity if sustained. Ongoing negative margins weaken returns on invested capital, reduce internal funding for growth initiatives, and make the company more sensitive to partner setbacks or longer development timelines required to convert licensing agreements into royalties.

Iconovo AB Business Overview & Revenue Model

Company Description

Iconovo AB (publ) develops and licenses inhalation devices in Sweden. It develops ICOres, a flexible multi-dose dry powder inhaler; ICOcap, a capsule based dry powder inhaler; ICOone, a single-dose disposable dry powder inhaler; and ICOpre, a pre-metered dry powder inhaler, as well as provides customized inhalation solutions. It serves generic companies. The company has an agreement with Immune System Regulation AB for the development of an inhaled covid-19 vaccine in Iconovo's inhaler ICOone; and Respiratorius AB (publ) to develop inhalation product to treat COPD. Iconovo AB (publ) was founded in 2013 and is based in Lund, Sweden.

How the Company Makes Money

Iconovo AB generates revenue primarily through the licensing of its inhalation technology and products to pharmaceutical companies. This includes upfront licensing fees, milestone payments tied to the progress of product development, and royalties on sales of products that utilize Iconovo's technology. The company also engages in contract development services, providing tailored solutions and expertise to partners looking to develop their own inhalation therapies. Collaborations with notable pharmaceutical companies enhance its revenue potential, as successful partnerships can lead to significant financial returns through shared development costs and commercialization success.

Iconovo AB Financial Statement Overview

Summary

Overall fundamentals are pressured by sharply declining revenue, large ongoing net losses, and persistent cash burn. The balance sheet is comparatively supportive with low leverage and meaningful equity, but continued negative profitability and operating cash flow remain the primary risk.

Income Statement

Profitability remains very weak with sizable operating and net losses each year (2025 net loss of ~43.4M). Revenue has contracted sharply, with 2025 revenue down ~30% versus 2024 and a multi-year pattern of negative growth after 2022. Margins are deeply negative at the operating and net level, indicating the business is still far from breakeven; the main positive is that losses have not meaningfully worsened versus 2023–2024, but there is no clear inflection yet.

Balance Sheet

The balance sheet is a relative strength: leverage is low (debt of ~5.0M vs equity of ~117.9M in 2025; debt-to-equity was ~0.06–0.11 in 2022–2024). Assets (~131.1M in 2025) and equity provide a sizable capital base, which helps resilience. The key weakness is persistent negative returns on equity across years, which reflects ongoing losses and potential gradual erosion of equity if losses continue.

Cash Flow

Cash generation is weak with consistently negative operating cash flow (about -31.9M in 2025, after -24.5M in 2024 and -38.6M in 2023), indicating ongoing cash burn to fund operations. Free cash flow has also been negative in most years where provided (e.g., -46.4M in 2024 and -61.4M in 2023), increasing reliance on existing capital or future financing. A modest positive is that operating cash burn improved from 2023 to 2024, but it deteriorated again in 2025.

Breakdown	Dec 2025	Dec 2024	Dec 2023	Dec 2022	Dec 2021
Income Statement
Total Revenue	1.10M	2.93M	7.08M	17.12M	15.41M
Gross Profit	-43.75M	19.13M	17.58M	17.24M	21.31M
EBITDA	-34.05M	-29.83M	-35.29M	-38.73M	-24.90M
Net Income	-43.36M	-41.14M	-45.89M	-50.31M	-26.16M
Balance Sheet
Total Assets	131.08M	145.69M	128.08M	121.27M	148.54M
Cash, Cash Equivalents and Short-Term Investments	6.56M	29.76M	18.48M	13.45M	94.94M
Total Debt	4.97M	7.90M	7.72M	10.03M	0.00
Total Liabilities	13.16M	16.47M	14.55M	31.97M	11.51M
Stockholders Equity	117.92M	129.21M	113.53M	89.29M	137.03M
Cash Flow
Free Cash Flow	0.00	-46.44M	-61.43M	-80.65M	-36.91M
Operating Cash Flow	-31.87M	-24.54M	-38.60M	-43.70M	-11.01M
Investing Cash Flow	-14.09M	-21.90M	-22.91M	-36.95M	-25.99M
Financing Cash Flow	27.83M	52.65M	66.55M	-936.22K	70.25M

Iconovo AB Technical Analysis

• Technical Analysis Sentiment: Neutral
• Last Price: 1.12
• 50DMA: Positive
• 100DMA: Negative
• 200DMA: Negative
• MACD: Negative
• RSI: Neutral
• STOCH: Neutral

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For SE:ICO, the sentiment is Neutral. The current price of 1.12 is below the 20-day moving average (MA) of 1.13, below the 50-day MA of 1.14, and below the 200-day MA of 1.69, indicating a neutral trend. The MACD of <0.01 indicates Negative momentum. The RSI at 50.87 is Neutral, neither overbought nor oversold. The STOCH value of 66.63 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Neutral sentiment for SE:ICO.

Iconovo AB Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
ARCOMA	68 Neutral	kr121.62M	23.36	―	―	―	―
Sector *	51 Neutral	$7.86B	-0.30	-43.30%	2.27%	22.53%	-2.21%
SDOS	50 Neutral	kr55.98M	-40.58	―	―	―	―
SCIB	44 Neutral	kr207.09M	-0.97	-253.54%	―	36.15%	26.67%
CLS.B	44 Neutral	kr186.69M	-3.60	-63.39%	―	14.18%	72.73%
HEART	43 Neutral	kr139.46M	-0.84	―	―	―	―
ICO	42 Neutral	kr86.02M	-0.88	―	―	-45.59%	37.79%