M.O.B.A. Network AB (MOBA) AI Stock Analysis

• Market Cap: kr17.92M
• Dividend Yield: N/A
• Average Volume (3M): 31.49K
• Price to Earnings (P/E): ―
• Beta (1Y): 1.07
• Revenue Growth: N/A
• EPS Growth: N/A
• Country: SE
• Employees: 9
• Sector: Technology
• Sector Strength: 88
• Industry: Software - Application
• EPS (TTM): -1.98
• Shares Outstanding: 22,682,820
• 10 Day Avg. Volume: 48,447
• 30 Day Avg. Volume: 31,492
• PEG Ratio: >-0.01
• Price to Book (P/B): 0.02
• Price to Sales (P/S): 0.02
• 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): kr341.10M

• Rating: 46 Neutral
• Price Target: kr0.88 ▲(19.19% Upside)
• Action: N/A Date: 03/01/26
• Date: Action: N/A 03/01/26

The score is primarily held back by sharply deteriorated 2025 fundamentals (revenue decline, major margin compression, net losses), rising leverage, and weaker cash generation (free cash flow near zero). Technicals provide some partial support via a short-term rebound (positive MACD, RSI near 60), but the longer-term trend remains weak, and valuation offers limited help due to the negative P/E and no dividend yield.

Positive Factors

Ad-supported digital media model

MOBA’s core business monetizes owned gaming and esports audiences via advertising and branded campaigns. That model ties revenue to audience scale and engagement, offering durable revenue potential if traffic and advertiser relationships are maintained and the company retains direct-sell capabilities.

Positive operating cash flow

Despite a sharp drop, continued positive operating cash flow indicates the business can still generate cash from core operations. That provides a runway to fund working capital and restructuring, making recovery feasible without immediate external financing if operational fixes restore margins and revenue trends.

Balance sheet buffer: positive equity and assets

Having positive equity and sizable assets provides a balance-sheet buffer against shocks and gives management optionality on financing or asset monetization. This structural cushion supports recovery efforts and reduces the immediacy of distress despite rising leverage and recent losses.

Negative Factors

Revenue decline and gross margin compression

A material annual revenue drop combined with a roughly halved gross margin signals weakened unit economics and reduced pricing or monetization power. This structural deterioration lowers long-term cash generation and makes margin recovery essential for sustainable profitability and reinvestment.

Net losses and negative net margin

A sustained net loss at roughly -24% erodes retained earnings and equity, constrains reinvestment, and increases dependence on external financing. Persistent negative profitability undermines investor confidence and makes operational turnaround and cash conversion priorities for medium-term viability.

Rising leverage and weakened financial flexibility

A jump in debt-to-equity to about 1.0 tightens financial flexibility and raises refinancing and interest risks. With equity already pressured by losses, higher leverage reduces the company’s ability to absorb shocks, limits strategic investment capacity, and increases the importance of restoring cash flows.

M.O.B.A. Network AB Business Overview & Revenue Model

Company Description

M.O.B.A. Network AB (publ) owns and operates various esport communities to esport fans to craft gaming strategies and sharing ideas with other players. The company is based in Stockholm, Sweden.

How the Company Makes Money

M.O.B.A. Network AB Financial Statement Overview

Summary

Financial performance weakened materially in 2025: revenue declined (~10.6%), gross margin compressed (~15% vs ~30% in 2024), and results swung to a meaningful net loss (net margin around -24%). Leverage increased (debt-to-equity ~1.01) while equity declined, and free cash flow fell to roughly zero despite still-positive operating cash flow.

Income Statement

Performance has deteriorated materially in 2025 versus 2024. Revenue fell ~10.6% (annual) and profitability swung to a meaningful loss, with negative operating earnings and a net margin around -24% in 2025, versus near break-even net results and positive operating margins in 2024. Gross margin also compressed notably (about 15% in 2025 vs ~30% in 2024), highlighting weaker unit economics and/or higher costs. The key strength is that the company has previously demonstrated profitability (e.g., positive earnings in 2022), but the most recent year shows a sharp reset in earnings quality and consistency.

Balance Sheet

Leverage has increased and financial flexibility has weakened versus earlier years. Debt is now roughly in line with equity (debt-to-equity ~1.01 in 2025 vs ~0.74 in 2024 and ~0.05 in 2022), while equity has declined, likely pressured by losses. Total assets are sizable, but returns to shareholders are negative in 2025 (negative return on equity), reflecting that the current capital structure is being stressed by operating underperformance. Offsetting factors include that equity remains positive, but the rising leverage trend is a clear risk.

Cash Flow

Cash generation weakened significantly in 2025. Operating cash flow remained positive (~8.5m) but fell sharply from 2024 (~40.3m), and free cash flow dropped to roughly zero after being solidly positive in 2024. Cash flow support for earnings is also weak in 2025 given the sizable net loss and minimal free cash flow, suggesting limited near-term self-funding capacity unless profitability rebounds. The main positive is that operating cash flow is still above zero, but the trajectory and conversion are unfavorable.

Breakdown	Dec 2025	Dec 2024	Dec 2022	Sep 2020	Sep 2019
Income Statement
Total Revenue	251.22M	321.06M	289.81M	30.82M	22.51M
Gross Profit	37.75M	95.40M	65.06M	33.70M	24.83M
EBITDA	-27.83M	153.44M	31.70M	14.83M	11.51M
Net Income	-61.50M	-958.00K	21.90M	7.96M	-9.02M
Balance Sheet
Total Assets	576.17M	705.80M	398.10M	130.59M	87.70M
Cash, Cash Equivalents and Short-Term Investments	28.33M	34.91M	48.28M	30.84M	10.32M
Total Debt	231.06M	240.64M	16.25M	10.00M	16.55M
Total Liabilities	346.45M	379.44M	89.29M	24.91M	19.33M
Stockholders Equity	229.72M	326.37M	308.81M	105.68M	68.37M
Cash Flow
Free Cash Flow	0.00	40.30M	6.16M	5.08M	6.27M
Operating Cash Flow	8.47M	40.30M	22.99M	7.95M	8.59M
Investing Cash Flow	-9.27M	-33.78M	-16.84M	-2.87M	-32.20M
Financing Cash Flow	-1.38M	-23.92M	583.00K	16.92M	29.70M

M.O.B.A. Network AB Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
GENI	75 Outperform	kr428.99M	17.91	―	3.48%	―	―
Sector *	61 Neutral	$37.18B	12.37	-10.20%	1.83%	8.50%	-7.62%
BUSER	56 Neutral	kr159.33M	-0.85	―	―	―	―
RPLAN	48 Neutral	kr86.37M	-2.37	―	―	―	―
MOBA	46 Neutral	kr17.92M	-0.07	―	―	―	―
GREAT	44 Neutral	kr172.80M	-5.44	―	―	-69.94%	-7367.66%