Mantex AB (MANTEX) AI Stock Analysis

• Market Cap: kr12.91M
• Dividend Yield: N/A
• Average Volume (3M): 3.27K
• Price to Earnings (P/E): ―
• Beta (1Y): 0.02
• 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: kr5.50 ▼(-16.03% 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 revenue and service mix

Mantex’s business model includes one-time system sales plus recurring software/license income and after-sales services. This installed-base revenue mix creates customer relationships and recurring cash streams that improve revenue visibility and support long-term unit economics versus pure capital sales.

Low leverage / strong equity base

A low debt load and strong equity ratio give Mantex financial flexibility to fund R&D or absorb cyclical shocks without high interest burdens. Conserved balance-sheet leverage reduces refinancing risk and preserves capacity to pursue strategic investments or partnerships over the medium term.

Specialized niche product offering

Mantex’s focus on non-destructive wood scanning targets industrial process-control and quality needs in pulp, sawmills and bioenergy. Deep product specialization in a technical niche can create durable competitive advantages, higher switching costs and defensible market position with long sales cycles.

Negative Factors

Declining revenues and persistent losses

Sustained revenue decline and recurring losses erode operating scale and limit reinvestment capacity. Over months this weakens pricing power, reduces ability to fund product development, and increases the likelihood of dilution or restructuring if margins cannot be restored to profitability.

Negative operating cash flow; funding reliance

Consistent operating cash outflows force dependence on external financing, which is a structural risk if capital markets tighten. This constrains long-term investment in sales, R&D and service infrastructure, and heightens execution risk for strategies requiring upfront spending to scale revenue.

Weak margins and unprofitable operations

Negative gross and operating margins indicate core product economics are not covering costs. Without sustainable margin improvement through pricing, mix shift, or cost reduction, scalability is impaired and the business will struggle to generate free cash flow required for durable competitiveness.

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. The company's low leverage is a strength, but reliance on external financing to cover operational cash deficits is concerning. Overall, the financial position is precarious, requiring strategic improvements to ensure long-term viability.

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: Negative
• RSI: Neutral
• STOCH: Neutral

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 above the 20-day moving average (MA) of 6.11, below the 50-day MA of 7.02, and below the 200-day MA of 9.53, indicating a bearish trend. The MACD of -0.31 indicates Negative momentum. The RSI at 32.45 is Neutral, neither overbought nor oversold. The STOCH value of 50.00 is Neutral, 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	kr106.76M	55.59	1.33%	―	2.20%	50.91%
Sector *	63 Neutral	$10.79B	15.43	7.44%	2.01%	2.89%	-14.66%
IMPC	46 Neutral	kr156.25M	-2.90	―	―	―	―
BOMILL	44 Neutral	kr67.03M	-3.11	-115.02%	―	-65.29%	-33.93%
SALT.B	44 Neutral	kr1.00B	-14.13	-40.77%	―	11.85%	6.39%
OPTI	41 Neutral	kr149.83M	-2.39	―	―	140.86%	34.21%
MANTEX	38 Underperform	kr12.91M	-0.36	-280.69%	―	-44.22%	50.60%