Mantex AB (MANTEX) AI Stock Analysis

• Market Cap: kr21.37M
• Dividend Yield: N/A
• Average Volume (3M): 3.27K
• Price to Earnings (P/E): ―
• Beta (1Y): 0.27
• Revenue Growth: -44.22%
• EPS Growth: 50.60%
• Country: SE
• Employees: 10
• Sector: Industrials
• Sector Strength: 72
• Industry: Industrial - Machinery
• EPS (TTM): -1.55
• Shares Outstanding: 2,169,645
• 10 Day Avg. Volume: 1,909
• 30 Day Avg. Volume: 3,273
• PEG Ratio: >-0.01
• Price to Book (P/B): 2.14
• Price to Sales (P/S): 4.52
• 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): N/A
• Revenue Forecast (FY): kr89.43M

• Rating: 47 Neutral
• Price Target: kr9.50 ▲(45.04% Upside)
• Action: Reiterated Date: 02/28/26
• Date: Action: Reiterated 02/28/26

The score is primarily constrained by weak financial performance: persistent losses, ongoing cash burn, unstable margins, and increased leverage. Technicals are supportive due to strong momentum and price strength versus moving averages, but extremely overbought indicators raise near-term risk. Valuation is neutral-to-weak because negative earnings (negative P/E) and no dividend yield reduce fundamental support.

Positive Factors

Niche industrial measurement systems

Mantex’s focused technology for wood, biomass and bioenergy creates a durable niche advantage. Specialized, process-integrated measurement solutions are harder for generalist competitors to replicate, supporting long-term customer stickiness, technical differentiation and higher switching costs in industrial settings.

Recurring revenue and aftermarket services

A business mix that includes software licenses, support and after-sales services provides recurring revenue potential and installed-base monetization. Over time these revenue streams can stabilize cash flow, deepen customer relationships, and raise lifetime value versus pure one-time equipment sales.

2025 revenue rebound and operational improvement

The marked 2025 revenue recovery and reduced cash burn indicate demand normalization and early operating leverage. If sustained, this trend can validate product-market fit, support incremental margin improvement, and reduce near-term financing dependency as the business scales its installed base.

Negative Factors

Persistent negative operating cash flow

Consistent negative operating cash flow means the core business does not self-fund; ongoing cash burn requires external financing or asset sales. Over months this reduces financial flexibility, increases refinancing risk, and constrains the company's ability to invest in product development or scale sales effectively.

Material increase in leverage

A jump to ~1.7x debt-to-equity materially raises solvency risk for a loss-making company. Higher leverage increases fixed obligations, limits strategic optionality, and amplifies downside in a prolonged downturn, making the balance sheet less resilient if negative profitability and cash burn persist.

Unstable and deeply negative margins

Deeply negative and volatile gross and EBIT margins signal structural issues: pricing, cost structure or product mix problems. Even with revenue growth, weak unit economics impede sustainable profitability, challenge scalability, and limit the ability to generate positive returns on additional investment.

Mantex AB Business Overview & Revenue Model

Company Description

Mantex AB (publ) manufactures and sells industrial X-ray scanners for bioenergy, pulp and paper, research, and other applications in Sweden and internationally. It offers biofuel analyzers that assess the quality of wood-based biofuels and flow scanners to scan wood chips for pulp and paper production. The company was founded in 1987 and is based in Kista, Sweden.

How the Company Makes Money

Mantex AB generates revenue primarily through the sale of its software solutions, which are offered on a subscription basis or as one-time licenses. The company also earns income from providing consulting services to help clients implement and customize their software in line with specific operational needs. Additionally, Mantex engages in strategic partnerships with hardware manufacturers and other technology firms, allowing it to bundle products and offer comprehensive solutions, thus enhancing its market reach and revenue potential. Maintenance contracts and ongoing technical support services further contribute to its recurring revenue stream.

Mantex AB Financial Statement Overview

Summary

Despite a sharp 2025 revenue rebound, profitability remains persistently weak with large ongoing losses, negative operating cash flow, and unstable margins (including deeply negative gross/EBIT margins). Financial risk also rose as leverage increased materially in 2025, keeping overall financial strength low.

Income Statement

Revenue growth has been volatile: 2025 shows a sharp rebound (+74% YoY), but revenue remains low in absolute terms and previously declined in 2024. Profitability is consistently weak with large losses every year (net income negative across 2020–2025). Margins are highly unstable, with 2025 showing deeply negative gross margin and EBIT margin, indicating cost pressure and poor operating leverage despite the revenue uptick.

Balance Sheet

Leverage increased materially in 2025, with debt rising and debt-to-equity moving to ~1.7x (from very low levels in 2022–2024), which meaningfully increases financial risk. Equity remains positive, but the persistent losses (negative returns on equity in prior years) pressure the capital base over time. Asset base is moderate, yet the shift toward higher leverage makes the balance sheet less resilient if losses continue.

Cash Flow

Operating cash flow is consistently negative across all years shown, indicating the core business has not been self-funding. Cash burn improved in 2025 versus 2024, but it remains sizable and still negative. Free cash flow is negative in most years and collapses to 0 in 2025 (with -100% growth), suggesting ongoing funding needs and limited internally generated liquidity.

Breakdown	TTM	Dec 2025	Dec 2024	Dec 2023	Dec 2022	Dec 2021
Income Statement
Total Revenue	1.58M	2.76M	2.66M	6.83M	1.44M	101.99K
Gross Profit	7.75M	-16.00M	2.83M	5.40M	908.59K	-426.28K
EBITDA	-23.43M	-15.60M	-25.16M	-16.43M	-15.24M	-15.93M
Net Income	-24.11M	-25.22M	-26.07M	-16.69M	-15.53M	-16.21M
Balance Sheet
Total Assets	29.97M	18.48M	36.34M	35.75M	27.26M	29.71M
Cash, Cash Equivalents and Short-Term Investments	281.00K	1.13M	5.99M	15.82M	10.50M	18.62M
Total Debt	0.00	10.00M	1.70M	4.15M	0.00	0.00
Total Liabilities	3.41M	12.63M	6.25M	7.70M	3.01M	2.14M
Stockholders Equity	26.56M	5.84M	30.09M	28.05M	24.24M	27.57M
Cash Flow
Free Cash Flow	-25.12M	0.00	-25.33M	-16.01M	-17.59M	-17.87M
Operating Cash Flow	-25.12M	-10.82M	-25.33M	-16.01M	-17.59M	-17.87M
Investing Cash Flow	-4.12M	0.00	-8.48M	-3.31M	-2.74M	-703.69K
Financing Cash Flow	24.92M	5.95M	23.97M	24.65M	12.20M	33.78M

Mantex AB Technical Analysis

• Technical Analysis Sentiment: Positive
• Last Price: 6.55
• 50DMA: Positive
• 100DMA: Positive
• 200DMA: Positive
• MACD: Negative
• RSI: Negative
• STOCH: Negative

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For SE:MANTEX, the sentiment is Positive. The current price of 6.55 is below the 20-day moving average (MA) of 6.73, above the 50-day MA of 6.49, and below the 200-day MA of 9.15, indicating a bullish trend. The MACD of 0.92 indicates Negative momentum. The RSI at 83.27 is Negative, neither overbought nor oversold. The STOCH value of 96.96 is Negative, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for SE:MANTEX.

Mantex AB Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
Sector *	63 Neutral	$10.79B	15.43	7.44%	2.01%	2.89%	-14.66%
GGEO	52 Neutral	kr97.92M	-195.09	1.33%	―	2.20%	50.91%
MANTEX	47 Neutral	kr21.37M	-0.49	-280.69%	―	-44.22%	50.60%
SALT.B	46 Neutral	kr897.42M	-12.66	-40.77%	―	11.85%	6.39%
BOMILL	44 Neutral	kr64.97M	-6.08	-115.02%	―	-65.29%	-33.93%
IMPC	44 Neutral	kr155.72M	-2.70	―	―	―	―
OPTI	41 Neutral	kr112.70M	-15.94	―	―	140.86%	34.21%