Maven Wireless Sweden AB (MAVEN) AI Stock Analysis

• Market Cap: kr271.99M
• Dividend Yield: N/A
• Average Volume (3M): 16.44K
• Price to Earnings (P/E): ―
• Beta (1Y): 0.13
• Revenue Growth: -9.79%
• EPS Growth: -144.24%
• Country: SE
• Employees: 51
• Sector: Technology
• Sector Strength: 88
• Industry: Communication Equipment
• EPS (TTM): -0.20
• Shares Outstanding: 52,506,810
• 10 Day Avg. Volume: 22,997
• 30 Day Avg. Volume: 16,441
• PEG Ratio: <0.01
• Price to Book (P/B): 2.40
• Price to Sales (P/S): 1.52
• P/FCF Ratio: 72.79
• 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): -0.08
• Revenue Forecast (FY): kr198.00M

• Rating: 47 Neutral
• Price Target: kr5.00 ▼(-9.09% Downside)
• Action: Reiterated Date: 03/14/26
• Date: Action: Reiterated 03/14/26

The score is held back primarily by deteriorated profitability (revenue decline and a swing to a sizable 2025 net loss) and bearish technicals (below key moving averages with negative MACD). A comparatively solid balance sheet and a return to positive operating/free cash flow provide partial support, but the negative P/E and cash flow volatility keep the overall rating subdued.

Positive Factors

Specialized in-building and tunnel radio coverage niche

Maven's focused product set (DAS, small cells, remote radio units) targets structurally persistent needs for indoor and underground coverage. This specialization creates higher technical barriers, repeat project work and service opportunities, supporting steady demand and long-term customer relationships.

Relatively strong balance sheet with low leverage

A solid equity base and modest debt provide financial flexibility to fund projects, absorb operational setbacks and pursue selective investments without immediate reliance on external capital. This improves resilience across economic cycles and supports participation in multi-year infrastructure contracts.

Return to positive operating and free cash flow in 2025

Reversal to positive operating and free cash flow shows the business can generate internal funding for working capital and modest reinvestment. Sustained cash generation reduces dependence on external financing and enables servicing of debt and funding of spares, upgrades and service contracts.

Negative Factors

Revenue decline and swing to sizable net loss

A material revenue decline coupled with a net loss represents structural demand or execution weakness. Near-breakeven gross margins and negative operating margins constrain reinvestment and margin recovery, making it harder to rebuild scale and absorb fixed costs without structural changes.

Meaningful cash-flow volatility and sharp FCF drop

Large swings in free cash flow reduce predictability for funding capex, R&D and service commitments. Volatility raises refinancing and supplier risk, complicates long-term contracting and weakens bargaining power with customers who demand stable delivery capabilities.

Negative return on equity and inconsistent profitability history

Negative ROE signals the capital base is not generating returns, undermining investor confidence and constraining capital-raising options. Coupled with episodic profits and losses, this points to execution and margin sustainability risk that can limit long-term growth without structural improvements.

Maven Wireless Sweden AB Business Overview & Revenue Model

Company Description

Maven Wireless Sweden AB (Publ) provides various wireless solutions for indoor and tunnel coverage. Its products include Orion head end unit, a compact 3HU rack mounted design that can be fitted with up to 8 RF band modules; Helix digital head end unit, a digital rack-mounted unit that provides eCPRI-links supporting open fronthaul standards from the O-RAN Alliance; Stratus high power digital DAS remotes, which deliver up to +43 dBm RF output power per band in the bands supporting multi-operator and multi-standard operation from 380 to 3800 MHz; Cumulus 6-band medium power digital DAS remotes that deliver +30 dBm RF output power per band in the bands supporting multi-operator and multi-standard from 700 to 2600 MHz; and Nimbus low power digital DAS remotes, which are connected via CAT6a and alternatively via SFP28 to the Helix unit. The company's products also include Cirrus digital off air master that picks up signals from the macro network, which are converted into digital CPRI feeding; TOR–digital intrain onboard repeater with built-in modem that embeds up to four cellular bands plus the GSM-R band in the same compact enclosure for train coverage; Exo digital off air high power repeater with built-in modem that embeds up to two bands in the same fanless enclosure; Strato digital off air medium power repeater with built-in modem that embeds up to three bands in the same fanless enclosure; Tropo digital off air low power off air repeater with built-in modem that embeds two cellular repeater bands in the same fanless enclosure; and Maven Network Management System with open web API for integration with 3rd party OSS/NOC. Its products are used in tunnels, trains, subways, arenas, metros, stadiums, buildings, and others. Maven Wireless Sweden AB (Publ) was incorporated in 2016 and is based in Kista, Sweden.

How the Company Makes Money

MAVEN makes money primarily by selling wireless coverage equipment and related solution deliveries to customers that need improved radio coverage in buildings, tunnels, and other hard-to-cover environments. Revenue is generated from (1) product sales of its radio/DAS hardware (e.g., active DAS components, remote units/amplifiers, and associated system elements) sold either directly or through channel partners; and (2) solution/project revenue where the company supplies a complete in-building/tunnel coverage solution, which can include system design support, configuration, commissioning, and integration as part of the delivery depending on contract scope. Additional recurring or follow-on revenue can come from (3) spares, upgrades/expansions of existing installations, and service/support/maintenance agreements when offered. Information on specific pricing, customer concentration, named partnerships, or the exact split between product and services revenue is null.

Maven Wireless Sweden AB Financial Statement Overview

Summary

Financials are mixed: the income statement is weak (revenue down 11.3% in 2025 and a swing to a sizable net loss with near-breakeven gross margin and negative operating margin), while the balance sheet is relatively solid (equity 116.4m vs. debt 24.1m, still moderate leverage despite higher 2025 borrowing). Cash flow improved to positive operating and free cash flow in 2025, but remains volatile and free cash flow fell sharply versus the prior year.

Income Statement

Profitability has deteriorated materially: 2025 revenue declined to 183.0m (down 11.3%) and the company swung from small profits in 2024 to a sizable net loss in 2025, with near-breakeven gross margin and negative operating margin. The longer-term picture shows the business can be profitable (strong 2023 margins and earnings), but results have been volatile with multiple loss years, raising execution and cost-control risk.

Balance Sheet

The balance sheet remains a relative strength with a solid equity base (2025 equity 116.4m vs. debt 24.1m) and a still-moderate leverage profile despite the step-up in borrowing in 2025 (debt-to-equity rising from ~0.02 in 2024 to ~0.21 in 2025). The key weakness is the negative return on equity in 2025, indicating the capital base is not currently generating profits.

Cash Flow

Cash generation improved in 2025, with positive operating cash flow (4.5m) and positive free cash flow (3.8m), a notable reversal from the cash burn in 2024. However, free cash flow dropped sharply versus the prior year (down ~69.7%), and the history shows meaningful volatility (strong cash flow in 2023 but negative free cash flow in several other years), which reduces confidence in consistency.

Breakdown	Dec 2025	Dec 2024	Dec 2023	Dec 2022	Dec 2021
Income Statement
Total Revenue	183.00M	213.19M	256.21M	101.45M	44.93M
Gross Profit	887.00K	105.16M	111.73M	46.19M	28.62M
EBITDA	-8.35M	2.22M	43.96M	-53.00K	-11.23M
Net Income	-14.84M	216.00K	39.03M	-6.42M	-12.82M
Balance Sheet
Total Assets	172.45M	161.92M	181.36M	123.90M	88.02M
Cash, Cash Equivalents and Short-Term Investments	3.50M	0.00	41.69M	14.41M	14.11M
Total Debt	24.06M	2.33M	4.90M	3.92M	5.71M
Total Liabilities	56.04M	47.45M	62.38M	44.90M	19.27M
Stockholders Equity	116.41M	114.47M	118.98M	79.00M	68.75M
Cash Flow
Free Cash Flow	3.83M	-10.95M	27.62M	-13.84M	-35.92M
Operating Cash Flow	4.52M	-9.82M	48.56M	2.58M	-21.27M
Investing Cash Flow	-23.66M	-26.39M	-20.87M	-16.36M	-14.62M
Financing Cash Flow	22.65M	-5.52M	-409.00K	14.02M	48.99M

Maven Wireless Sweden AB Technical Analysis

• Technical Analysis Sentiment: Positive
• Last Price: 5.50
• 50DMA: Positive
• 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:MAVEN, the sentiment is Positive. The current price of 5.5 is above the 20-day moving average (MA) of 4.25, above the 50-day MA of 4.62, and below the 200-day MA of 6.98, indicating a neutral trend. The MACD of 0.12 indicates Negative momentum. The RSI at 67.93 is Neutral, neither overbought nor oversold. The STOCH value of 72.76 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for SE:MAVEN.

Maven Wireless Sweden AB Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
Sector *	61 Neutral	$37.18B	12.37	-10.20%	1.83%	8.50%	-7.62%
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%
NETI.B	47 Neutral	kr713.58M	-176.87	-1.21%	―	-15.56%	-92.87%
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%