Mantex AB (MANTEX) AI Stock Analysis

• Market Cap: kr18.23M
• Dividend Yield: N/A
• Average Volume (3M): 3.27K
• Price to Earnings (P/E): ―
• Beta (1Y): 0.15
• 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: 50 Neutral
• Price Target: kr8.00 ▲(22.14% Upside)
• Action: Reiterated Date: 03/13/26
• Date: Action: Reiterated 03/13/26

The score is held back primarily by weak financial performance—persistent losses, negative operating cash flow, and increased leverage—despite a notable 2025 revenue rebound. Technical indicators provide partial support with positive momentum and price strength versus shorter moving averages, but valuation remains unattractive/unclear due to negative earnings and no dividend.

Positive Factors

Product-market niche

Mantex serves a focused niche — automated, non-destructive wood and biomass measurement for pulp, sawmills and bioenergy. That structural industry need for process control and quality data supports durable demand for instrumentation, integration projects, and aftermarket services over months to years.

2025 Revenue Rebound

A +74% revenue rebound in 2025 indicates meaningful commercial traction after prior weakness. Such a recovery suggests the company can translate product development into bookings and may ramp installations and recurring software/support streams, improving structural revenue growth if sustained.

Lean operating footprint

A very small headcount implies a capital- and labor-light operating model typical of hardware+software specialists. Combined with positive equity, this supports scalability: incremental sales and installed-base services can lift margins faster than in large fixed-cost manufacturing peers if top-line growth continues.

Negative Factors

Negative operating cash flow

Consistent negative operating cash flow shows the core business is not self-funding and requires external financing or capital injections. Even with improved cash burn in 2025, persistent OCF deficits constrain investment in R&D, commercialization and service infrastructure, limiting durable growth prospects.

Rising leverage

Debt rising to a ~1.7x debt-to-equity level materially increases financial risk for a small, loss-making firm. Higher leverage reduces balance sheet flexibility, raises fixed obligations and vulnerability to revenue swings, making it harder to fund working capital and install new systems over the coming quarters.

Persistent losses & unstable margins

Repeated annual losses and highly unstable margins—including deeply negative gross and EBIT margins in 2025—indicate poor operating leverage and cost absorption. This undermines sustainable cash generation and increases the risk that revenue rebounds fail to translate into durable profitability.

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 makes money primarily by selling its measurement systems (hardware) and associated software to industrial customers in sectors such as pulp and paper, sawmills, bioenergy, and other biomass-processing operations. Revenue is generated from (1) one-time equipment/system sales when a customer purchases and installs a scanning/measurement solution, (2) recurring or ongoing income tied to the installed base, such as software licenses/subscriptions and/or support arrangements where applicable, and (3) after-sales services including installation, commissioning, calibration, maintenance, upgrades, and customer support. Additional revenue may come from project-based deliveries (e.g., customization, integration with customer production lines, and pilot/validation projects) and from distributors or channel partners where sales are executed through third parties; specific partner names, contract structures, and the exact split between equipment, software, and services are null.

Mantex AB Financial Statement Overview

Summary

Despite a sharp 2025 revenue rebound (+74% YoY), profitability remains consistently weak with large ongoing losses and highly unstable margins (including deeply negative gross/EBIT margins in 2025). Operating cash flow is persistently negative, indicating continued cash burn, and leverage rose materially in 2025 (debt-to-equity ~1.7x), increasing financial risk.

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: Negative
• MACD: Positive
• 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 Positive. The current price of 6.55 is below the 20-day moving average (MA) of 8.75, below the 50-day MA of 7.01, and below the 200-day MA of 9.00, indicating a neutral trend. The MACD of 0.33 indicates Positive momentum. The RSI at 55.03 is Neutral, neither overbought nor oversold. The STOCH value of 44.39 is Neutral, 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	kr98.35M	-195.09	1.33%	―	2.20%	50.91%
MANTEX	50 Neutral	kr18.23M	-0.49	-146.86%	―	-44.22%	50.60%
SALT.B	46 Neutral	kr813.22M	-12.66	-39.97%	―	11.85%	6.39%
BOMILL	44 Neutral	kr63.69M	-6.08	-110.39%	―	-65.29%	-33.93%
IMPC	44 Neutral	kr143.10M	-2.70	―	―	―	―
OPTI	41 Neutral	kr132.90M	-15.94	―	―	140.86%	34.21%