Iconovo AB (ICO) AI Stock Analysis

• Market Cap: kr88.64M
• Dividend Yield: N/A
• Average Volume (3M): 46.24K
• Price to Earnings (P/E): ―
• Beta (1Y): -0.27
• 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.

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.

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-...

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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-...

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...

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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...

Iconovo AB Financial Statement Overview

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 1.15, below the 50-day MA of 1.14, and below the 200-day MA of 1.67, indicating a neutral trend. The MACD of <0.01 indicates Negative momentum. The RSI at 53.99 is Neutral, neither overbought nor oversold. The STOCH value of 54.76 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	kr117.62M	20.88	―	―	―	―
Sector *	51 Neutral	$7.86B	-0.30	-43.30%	2.27%	22.53%	-2.21%
SCIB	51 Neutral	kr295.73M	-1.43	-253.54%	―	36.15%	26.67%
CLS.B	44 Neutral	kr143.37M	-4.28	-61.62%	―	14.18%	72.73%
SDOS	44 Neutral	kr56.90M	-8.36	―	―	―	―
HEART	43 Neutral	kr134.97M	-1.96	―	―	―	―
ICO	42 Neutral	kr88.64M	-1.00	―	―	-45.59%	37.79%