Mantex AB (MANTEX) AI Stock Analysis

• Market Cap: kr13.45M
• Dividend Yield: N/A
• Average Volume (3M): 3.27K
• Price to Earnings (P/E): ―
• Beta (1Y): 0.01
• Revenue Growth: -44.22%
• EPS Growth: 50.60%
• Country: SE
• Employees: 10
• Sector: Industrials
• Sector Strength: 72
• Industry: Industrial - Machinery
• EPS (TTM): -5.69
• Shares Outstanding: 2,169,645
• 10 Day Avg. Volume: 1,909
• 30 Day Avg. Volume: 3,273
• PEG Ratio: -0.17
• Price to Book (P/B): 61.09
• Price to Sales (P/S): 690.30
• P/FCF Ratio: -72.58
• 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): N/A

• Rating: 38 Underperform
• Price Target: kr6.00 ▼(-8.40% Downside)

Mantex AB's overall stock score is primarily impacted by its poor financial performance and technical analysis. The company's financial challenges, including declining revenues and reliance on external financing, are significant concerns. Additionally, technical indicators suggest bearish momentum, with the stock trading below key moving averages and showing oversold conditions. The negative P/E ratio and lack of dividend yield further contribute to a low valuation score.

Positive Factors

Recurring subscription and support revenue

A subscription and maintenance-driven model creates recurring revenue and higher customer lifetime value, improving predictability versus one-off sales. Over months this supports steady cash inflows, aids budgeting for R&D, and strengthens client lock-in in industrial deployments.

Strategic partnerships and product bundling

Partnerships with hardware and tech vendors enable bundled solutions that increase switching costs and provide distribution channels into manufacturing customers. Structurally this supports differentiated offerings and faster integration into customer stacks, aiding long-term market penetration.

Low leverage and strong equity ratio

Minimal debt reduces solvency risk and preserves financial flexibility to fund operations or product development without heavy interest burdens. Over the medium term this provides runway for restructuring or growth initiatives while avoiding significant fixed financial obligations.

Negative Factors

Declining revenue trend

A steep, persistent revenue decline weakens scale economics and undermines recurring revenue predictability. Over months this pressures margins, limits ability to invest in product and sales, and raises customer retention concerns, making recovery and long-term growth more difficult.

Persistent negative operating cash flow

Continually negative operating cash flow forces dependence on external financing to fund operations. This limits capacity for sustained product investment or sales expansion, increases refinancing risk, and can constrain strategic options if capital markets tighten over the medium term.

Consistent losses and negative margins

Sustained unprofitability erodes equity and hampers reinvestment into R&D and go-to-market. Over 2-6 months continued negative margins can necessitate cost cuts or dilution, weaken partner/customer confidence, and jeopardize the firm's ability to execute a durable turnaround.

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

Mantex AB faces significant financial challenges, with declining revenues, consistent losses, and negative cash flows. Despite a low debt-to-equity ratio, the company's reliance on external financing to cover operational deficits is concerning.

Income Statement

Mantex AB's income statement reveals a continuous decline in revenue over recent years, with the most significant drop from 2019 to 2020. Gross profit margin has been negative in some years, indicating operational challenges. The net profit margin is consistently negative, reflecting ongoing losses. Despite some fluctuations, EBIT and EBITDA margins have remained negative, highlighting profitability issues.

Balance Sheet

The balance sheet shows a relatively low debt-to-equity ratio due to minimal debt levels, which is a positive aspect. However, the company has been consistently operating at a loss, affecting return on equity (ROE), which remains negative. The equity ratio is strong, indicating a solid equity base compared to total assets, but the continuous losses are a concern.

Cash Flow

Cash flow analysis shows negative free cash flow growth, with operating cash flow consistently negative, indicating cash outflows from operations. The free cash flow to net income ratio is unfavourable due to ongoing losses. The company relies heavily on financing activities to support cash flow, which poses potential risks if external funding becomes constrained.

Breakdown	TTM	Dec 2024	Dec 2023	Dec 2022	Dec 2021	Dec 2020
Income Statement
Total Revenue	1.58M	2.66M	6.83M	1.44M	101.99K	1.98M
Gross Profit	7.75M	2.83M	5.40M	908.59K	-426.28K	1.41M
EBITDA	-23.43M	-25.16M	-16.43M	-15.24M	-15.93M	-8.57M
Net Income	-24.11M	-26.07M	-16.69M	-15.53M	-16.21M	-9.03M
Balance Sheet
Total Assets	29.97M	36.34M	35.75M	27.26M	29.71M	11.80M
Cash, Cash Equivalents and Short-Term Investments	281.00K	5.99M	15.82M	10.50M	18.62M	3.42M
Total Debt	0.00	1.70M	4.15M	0.00	0.00	0.00
Total Liabilities	3.41M	6.25M	7.70M	3.01M	2.14M	1.80M
Stockholders Equity	26.56M	30.09M	28.05M	24.24M	27.57M	10.00M
Cash Flow
Free Cash Flow	-25.12M	-25.33M	-16.01M	-17.59M	-17.87M	-9.55M
Operating Cash Flow	-25.12M	-25.33M	-16.01M	-17.59M	-17.87M	-9.49M
Investing Cash Flow	-4.12M	-8.48M	-3.31M	-2.74M	-703.69K	-64.89K
Financing Cash Flow	24.92M	23.97M	24.65M	12.20M	33.78M	11.37M

Mantex AB Technical Analysis

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

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For SE:MANTEX, the sentiment is Negative. The current price of 6.55 is below the 20-day moving average (MA) of 6.86, below the 50-day MA of 7.76, and below the 200-day MA of 9.86, indicating a bearish trend. The MACD of -0.49 indicates Positive momentum. The RSI at 23.22 is Positive, neither overbought nor oversold. The STOCH value of 8.91 is Positive, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for SE:MANTEX.

Mantex AB Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
GGEO	68 Neutral	kr109.99M	54.76	1.33%	―	2.20%	50.91%
Sector *	63 Neutral	$10.79B	15.43	7.44%	2.01%	2.89%	-14.66%
IMPC	46 Neutral	kr152.04M	-3.01	―	―	―	―
BOMILL	44 Neutral	kr71.86M	-3.44	-115.02%	―	-65.29%	-33.93%
OPTI	41 Neutral	kr156.02M	-2.66	―	―	140.86%	34.21%
SALT.B	39 Underperform	kr920.78M	-13.50	-40.77%	―	11.85%	6.39%
MANTEX	38 Underperform	kr13.45M	-0.38	-280.69%	―	-44.22%	50.60%