KebNi AB Class B (KEBNI.B) AI Stock Analysis

• Market Cap: kr361.18M
• Dividend Yield: N/A
• Average Volume (3M): 1.61M
• Price to Earnings (P/E): ―
• Beta (1Y): 0.95
• Revenue Growth: 9.30%
• EPS Growth: N/A
• Country: SE
• Employees: 25
• Sector: Technology
• Sector Strength: 88
• Industry: Communication Equipment
• EPS (TTM): -0.02
• Shares Outstanding: 273,325,130
• 10 Day Avg. Volume: 2,673,263
• 30 Day Avg. Volume: 1,613,868
• PEG Ratio: 18.95
• Price to Book (P/B): 5.59
• Price to Sales (P/S): 3.17
• P/FCF Ratio: 52.44
• 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): 0.07
• Revenue Forecast (FY): kr205.00M

• Rating: 50 Neutral
• Price Target: kr1.50 ▲(3.45% Upside)
• Action: Reiterated Date: 02/18/26
• Date: Action: Reiterated 02/18/26

The score is primarily supported by improving fundamentals and cash flow alongside a low-risk, debt-free balance sheet, but is held back by unstable recent performance (2025 revenue and gross profit decline). Technicals further pressure the score due to a clear downtrend, and valuation is weak given the negative P/E and no dividend yield data.

Positive Factors

Debt-free balance sheet

Zero reported debt and a rising equity base reduce solvency and refinancing risk, giving management durable financial flexibility. Over 2–6 months this supports the ability to fund R&D, bid for defense contracts, and absorb program timing without reliance on external leverage.

Improving cash generation

Sustained positive operating cash flow and 2025 free cash flow indicate improving internal funding capability. This durable improvement reduces dependence on financing, enables steady investment in product development and production, and helps manage lumpy defense program receipts.

Specialized, defense-oriented product niche

A focused offering of IMUs and stabilization for defense/security creates high technical barriers, customization-led customer relationships, and switching costs. These structural features support multi-year program revenue and sticky customer ties when contracts are secured.

Negative Factors

Revenue and margin decline

A notable revenue drop and sharp gross profit contraction in 2025 signal structural pressure on demand, pricing, or product mix. Over the medium term this undermines margin sustainability and weakens the reliability of earnings even if cash flow has recently improved.

Inconsistent historical profitability

Prior deep losses followed by only modest profit in 2024 and near break-even in 2025 show the company has not yet demonstrated durable, repeatable returns. This pattern raises execution risk for scaling margins and sustaining reinvestment over the next several quarters.

Program-driven revenue concentration

Dependence on multi-stage defense procurement introduces lumpy, milestone-driven revenue and long lead times. Structurally this creates visibility gaps, concentration risk, and potential gaps between R&D spending and recurring production orders that pressure medium-term top-line stability.

KebNi AB Class B Business Overview & Revenue Model

Company Description

KebNi AB (publ) develops, manufactures, markets, and sells 4-axes stabilizing VSAT antennas for maritime applications under the KebNi Maritime brand. It also provides inertial sensor systems for measuring movements in three dimensions; and communication on the move (COTM) antennas for land and mobile satellite communications systems. The company was formerly known as Advanced Stabilized Technologies Group AB (publ) and changed its name to KebNi AB (publ) in July 2020. KebNi AB (publ) is headquartered in Stockholm, Sweden.

How the Company Makes Money

KebNi AB generates revenue primarily through the sale of its advanced technological products and services. The company's key revenue streams include the manufacturing and distribution of satellite communication and stabilization equipment. KebNi AB also engages in long-term contracts with defense and aerospace clients, which contribute significantly to its earnings. In addition, the company may collaborate with governmental and commercial entities to develop customized solutions, further bolstering its revenue through strategic partnerships and projects.

KebNi AB Class B Financial Statement Overview

Summary

Turnaround progress is evident (near break-even earnings and positive operating cash flow in 2024–2025) supported by a conservative, debt-free balance sheet. However, 2025 revenue declined (~11% YoY) and gross profit fell sharply versus 2024, pointing to unstable growth and margin consistency.

Income Statement

Revenue has scaled materially since 2022, but growth turned negative in 2025 (down ~11% year over year). Profitability has improved dramatically from deep losses in 2020–2023 to near break-even in 2025 (small net loss) and modest profitability in 2024 (positive net income and positive operating profit margin). However, the sharp drop in gross profit in 2025 versus 2024 suggests margin volatility and/or unfavorable mix, keeping earnings quality and consistency below average.

Balance Sheet

The balance sheet looks conservative with zero total debt in 2022–2025 and a rising equity base (equity up from ~59M in 2023 to ~71M in 2025). Total assets are stable-to-up, and the company has avoided leverage-driven risk. The main weakness is that returns have been inconsistent historically (negative in the earlier loss years and only modestly positive in 2024), indicating the strong capital position has not yet translated into durable profitability.

Cash Flow

Cash generation has improved meaningfully: operating cash flow swung from large negatives in 2020–2023 to positive in 2024–2025, and 2025 produced solid positive free cash flow. The key concern is volatility—2024 free cash flow was negative despite positive operating cash flow, implying uneven spending needs and less predictable conversion of profits into free cash. Overall, cash flow momentum is positive, but consistency remains a watch item.

Breakdown	Dec 2025	Dec 2024	Dec 2023	Dec 2022	Dec 2021
Income Statement
Total Revenue	124.63M	130.56M	65.53M	26.28M	18.26M
Gross Profit	804.00K	71.58M	33.95M	10.52M	15.44M
EBITDA	8.63M	9.56M	-30.07M	-53.38M	-28.77M
Net Income	-237.00K	2.00M	-39.04M	-64.09M	-37.84M
Balance Sheet
Total Assets	107.84M	105.37M	88.82M	63.35M	92.29M
Cash, Cash Equivalents and Short-Term Investments	17.01M	17.58M	20.93M	11.29M	15.14M
Total Debt	0.00	0.00	0.00	0.00	12.00M
Total Liabilities	37.29M	42.24M	29.90M	19.84M	30.47M
Stockholders Equity	70.55M	63.13M	58.91M	43.50M	61.82M
Cash Flow
Free Cash Flow	7.52M	-2.64M	-42.29M	-38.56M	-42.40M
Operating Cash Flow	8.49M	7.69M	-35.66M	-30.18M	-29.48M
Investing Cash Flow	-14.51M	-11.02M	-6.66M	-7.34M	-12.36M
Financing Cash Flow	5.44M	0.00	51.97M	33.67M	46.91M

KebNi AB Class B Technical Analysis

• Technical Analysis Sentiment: Negative
• Last Price: 1.45
• 50DMA: Negative
• 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:KEBNI.B, the sentiment is Negative. The current price of 1.45 is above the 20-day moving average (MA) of 1.38, below the 50-day MA of 1.57, and below the 200-day MA of 1.92, indicating a bearish trend. The MACD of -0.08 indicates Negative momentum. The RSI at 40.71 is Neutral, neither overbought nor oversold. The STOCH value of 38.88 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for SE:KEBNI.B.

KebNi AB Class B Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
TAGM.B	71 Outperform	kr348.61M	4.18	8.82%	―	14.89%	―
Sector *	61 Neutral	$37.18B	12.37	-10.20%	1.83%	8.50%	-7.62%
WAYS	60 Neutral	kr367.04M	32.02	―	―	10.55%	―
KEBNI.B	50 Neutral	kr361.18M	-22.37	8.68%	―	9.30%	―
MAVEN	47 Neutral	kr271.99M	-18.80	-5.81%	―	-9.79%	-144.24%
INCOAX	44 Neutral	kr65.50M	-2.29	-24.59%	―	-48.24%	-48.99%
GAPW.B	43 Neutral	kr396.80M	-8.02	-52.89%	―	53.78%	19.38%