Impact Coatings AB (IMPC) AI Stock Analysis

• Market Cap: kr146.78M
• Dividend Yield: N/A
• Average Volume (3M): 40.97K
• Price to Earnings (P/E): ―
• Beta (1Y): -0.63
• Revenue Growth: N/A
• EPS Growth: N/A
• Country: SE
• Employees: 63
• Sector: Basic Materials
• Sector Strength: 58
• Industry: Industrial - Machinery
• EPS (TTM): -0.04
• Shares Outstanding: 105,219,345
• 10 Day Avg. Volume: 49,650
• 30 Day Avg. Volume: 40,968
• PEG Ratio: -0.05
• Price to Book (P/B): 0.80
• Price to Sales (P/S): 2.62
• 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): -0.22
• Revenue Forecast (FY): kr103.00M

• Rating: 44 Neutral
• Price Target: kr1.50 ▲(6.38% Upside)
• Action: Reiterated Date: 02/18/26
• Date: Action: Reiterated 02/18/26

The score is held down primarily by weak financial performance (sharp 2025 revenue decline, worsening profitability, and persistent cash burn), reinforced by a longer-term bearish trend (price well below 100/200-day averages). The key positive is the debt-free balance sheet, but losses and negative cash flow limit the strength of that cushion.

Positive Factors

Debt-free balance sheet

A debt-free capital structure materially reduces solvency risk and interest burden, giving management scope to prioritize R&D, customer projects, or selective investment without immediate financing pressure. This buffer is a durable strategic advantage if losses persist.

Specialized PVD technology

Owning a focused technology (INLINECOATER PVD systems) for niche industrial needs creates product differentiation and technical barriers to entry. For customers in fuel-cell and industrial coatings, a specialized, proven system supports long-term contracts and higher switching costs.

Multi-channel revenue model

Having equipment sales plus recurring service, spare parts, and process development creates diversified revenue streams. Services and process work can generate annuity-like income and deepen customer relationships, smoothing cycles inherent in capital equipment sales.

Negative Factors

Sharp recent revenue decline

A large year-over-year revenue drop signals lost orders or demand weakness; lower scale undermines fixed-cost absorption and product-market traction. Persistently weaker top-line reduces ability to fund commercialization and lengthens the path to sustainable profitability.

Persistent negative cash flow

Chronic operating cash burn increases reliance on existing cash reserves or external financing, constraining growth investments and R&D. Over a multi-month horizon this limits ability to scale production or support customers without dilutive capital or spending cuts.

Deteriorating profitability

Deeply negative gross profit indicates unit economics or charge issues that impair margin sustainability. Ongoing operating and net losses erode equity and reduce internal capacity to invest in product improvements or sales expansion, prolonging recovery risk.

Impact Coatings AB Business Overview & Revenue Model

Company Description

Impact Coatings AB (publ) develops and commercializes physical vapor deposition (PVD) surface treatment solutions worldwide. The company offers INLINECOATER product line for fuel cell metal bipolar plates, automotive lighting reflectors, metallization on plastic and metal, and decorative coatings. It also provides coating services, including Ceramic MAXPHASE, Ultra MAXPHASE, and Silver MAXPHASE for various applications, such as decorative, fuel cells, electrical connectors, plastic metallization, reflectors, and EMI shielding. In addition, the company offers maintenance and support services. Impact Coatings AB (publ) was incorporated in 1997 and is based in Linköping, Sweden.

How the Company Makes Money

Impact Coatings makes money primarily by selling PVD coating equipment and related offerings. Key revenue streams include: (1) Sales of INLINECOATER systems and other coating equipment: revenue from delivering complete coating lines/systems, which can include customization and integration for specific customer production needs. (2) Services and support tied to installed equipment: revenue from installation, commissioning, maintenance, service contracts, spare parts, and upgrades/retrofits that keep customer production lines running and improve performance over time. (3) Process and application development: revenue from engineering, process development, and customer-specific adaptation of coating recipes and production parameters, often needed to qualify coatings for end-use requirements (notably in fuel-cell component manufacturing). (4) Potential coating/contract services: if and where the company provides coating services rather than (or in addition to) selling equipment, revenue can be generated through per-part or per-batch coating work; if this is not part of current operations or is not disclosed, null. Partnerships/factors: demand and earnings are influenced by adoption and scaling of fuel-cell manufacturing (especially metallic bipolar plate production) and by customer investment cycles in industrial production equipment; specific material partnerships, customer contracts, or named counterparties are null if not publicly specified in the data available here.

Impact Coatings AB Financial Statement Overview

Summary

Financials are pressured: revenue fell sharply in 2025 (-35% vs 2024), profitability deteriorated with gross profit turning deeply negative, and the company remains loss-making. The main offset is a strong balance sheet with zero debt, but ongoing losses and negative operating cash flow materially weaken overall financial quality.

Income Statement

Revenue has been volatile and recently weakened, with 2025 revenue down sharply versus 2024 (-35%). Profitability also deteriorated materially in 2025: gross profit turned deeply negative and losses remained significant, implying major cost pressure and/or one-off charges. While 2023–2024 showed solid gross margins, the business has been consistently unprofitable across all years shown, with negative operating and net margins throughout.

Balance Sheet

The balance sheet is a relative strength: the company reports zero debt across the period, providing meaningful financial flexibility and lowering solvency risk. However, equity has declined from 2023 to 2025, consistent with ongoing losses, and returns on equity are persistently negative (where provided), signaling that the company is not currently generating acceptable shareholder returns despite the low leverage.

Cash Flow

Cash generation is weak, with operating cash flow negative every year shown, indicating the core business is consuming cash rather than funding itself. Free cash flow is also negative in most years (and fell to zero in 2025 after being negative previously), highlighting ongoing cash burn and limited self-funded investment capacity. Overall, the cash flow profile increases reliance on existing cash reserves or future capital raises if losses persist.

Breakdown	Dec 2025	Dec 2024	Dec 2023	Dec 2022	Dec 2021
Income Statement
Total Revenue	47.30M	110.30M	99.10M	32.02M	57.20M
Gross Profit	-51.30M	63.10M	57.60M	19.33M	22.66M
EBITDA	-43.10M	-25.90M	-27.30M	-45.11M	-30.67M
Net Income	-45.90M	-29.60M	-32.00M	-47.00M	-32.09M
Balance Sheet
Total Assets	206.00M	269.20M	282.50M	152.58M	173.45M
Cash, Cash Equivalents and Short-Term Investments	37.40M	29.80M	119.80M	58.69M	129.47M
Total Debt	0.00	0.00	0.00	0.00	0.00
Total Liabilities	51.50M	86.50M	73.00M	38.71M	12.81M
Stockholders Equity	154.50M	182.70M	209.50M	113.87M	160.64M
Cash Flow
Free Cash Flow	0.00	-72.90M	-69.30M	-68.26M	-33.86M
Operating Cash Flow	-39.80M	-72.90M	-42.10M	-42.38M	-31.76M
Investing Cash Flow	-7.80M	-16.70M	-27.20M	-25.88M	-2.10M
Financing Cash Flow	52.10M	0.00	129.80M	-1.00K	113.70M

Impact Coatings AB Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
Sector *	61 Neutral	$10.43B	7.12	-0.05%	2.87%	2.86%	-36.73%
FLEXQ	50 Neutral	kr265.40M	-5.47	―	―	-4.14%	23.99%
IMPC	44 Neutral	kr146.78M	-2.70	―	―	―	―
OPTI	41 Neutral	kr171.66M	-15.94	―	―	140.86%	34.21%