Nordic Iron Ore AB (NIO) AI Stock Analysis

• Market Cap: kr277.77M
• Dividend Yield: N/A
• Average Volume (3M): 43.61K
• Price to Earnings (P/E): ―
• Beta (1Y): 0.17
• Revenue Growth: N/A
• EPS Growth: -9.05%
• Country: SE
• Employees: 4
• Sector: Basic Materials
• Sector Strength: 58
• Industry: Industrial Materials
• EPS (TTM): -0.06
• Shares Outstanding: 67,915,276
• 10 Day Avg. Volume: 47,508
• 30 Day Avg. Volume: 43,609
• PEG Ratio: 0.00
• Price to Book (P/B): 1.45
• Price to Sales (P/S): 0.00
• 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): N/A

• Rating: 43 Neutral
• Price Target: kr4.00 ▼(-22.78% Downside)
• Action: Reiterated Date: 03/02/26
• Date: Action: Reiterated 03/02/26

The score is primarily constrained by weak financial performance—minimal revenue, ongoing and widening losses, and continued cash burn. Technical signals are also soft with a negative MACD and price below key moving averages. A strong balance sheet with zero debt provides some support, but it does not offset the lack of profitability and negative cash flow.

Positive Factors

Strong balance sheet, zero debt

A large equity base and zero reported debt materially reduce short-term solvency and refinancing risk. This durable financial strength gives the company optionality to fund permitting, staged project work and near-term capex without immediate reliance on costly external debt markets, preserving runway for development.

Project-focused development toward production

The company’s explicit focus on technical studies, permitting and project development demonstrates a clear path toward commercialization. Progress on permitting and engineering is a durable value driver for mining firms: de-risking and milestone delivery can materially increase project value over a multi-month horizon as the asset advances toward production readiness.

Relatively steady operating cash outflow

A consistent, non-accelerating cash burn profile provides predictability in financing needs. Combined with the sizable equity base, steady outflows allow management to plan staged capital deployment and fundraising, reducing the likelihood of sudden crisis-driven dilution and enabling orderly progression of development milestones.

Negative Factors

Pre-revenue with widening net losses

No meaningful revenue and expanding net losses signal the company remains pre-commercial. Widening losses erode equity over time and increase the need for external capital. For a development-stage miner this elevates dilution and execution risk until project economics are proven and the company achieves positive operating leverage.

Persistent negative operating and free cash flow

Sustained negative operating and free cash flow mean the business cannot self-fund development. Mining is capital intensive; persistent negative FCF increases dependence on equity raises or other financing, raising dilution and execution risk. This structural cash shortfall constrains long-term flexibility until commercial cash generation begins.

Negative ROE and declining equity base

Negative returns on equity indicate capital destruction: equity declines despite a large nominal base. Over time this reduces the buffer that protects against operational setbacks, heightens sensitivity to further losses, and can force management into dilutive capital raises or project compromises to preserve solvency.

Nordic Iron Ore AB Business Overview & Revenue Model

Company Description

Nordic Iron Ore AB (publ) engages in the exploration, development, and mining of iron-ore deposits in Västerbergslagen, Sweden. Its products include fines, sinter, pellets, and lump ore. The company also explores for apatite, lanthanum, gold, and copper deposits. Its exploitation concessions include Blötbergsgruvan K No. 1, Blötbergsgruvan K No. 2, Håksbergsgruvan K No. 1, and Southern Väsman field K No. 1, as well as exploration permit, including Ludvikafältet No. 1 and Blötberget No. 4 located in Ludvika. The company was founded in 2008 and is headquartered in Danderyd, Sweden.

How the Company Makes Money

Nordic Iron Ore AB generates revenue primarily through the extraction, processing, and sale of iron ore. The company capitalizes on its strategically located iron ore deposits in Sweden, which are rich in high-grade mineral content. Once extracted, the iron ore is processed into various products, such as iron ore concentrate, which are then sold to steel manufacturers and other industrial clients globally. The company's revenue streams are bolstered by its strategic partnerships with logistics and transportation firms, ensuring efficient distribution of its products to international markets. Additionally, NIO benefits from favorable market conditions in the steel industry, as demand for high-quality iron ore supports its pricing strategy and revenue growth.

Nordic Iron Ore AB Financial Statement Overview

Summary

Financials indicate a pre-revenue profile with persistent and widening net losses (about -19.5M in 2025 vs. -15.2M in 2024) and continued negative operating cash flow (about -10.8M in 2025). The main offset is a conservative balance sheet with substantial equity (about 254.2M) and zero debt in 2025, reducing near-term solvency risk.

Income Statement

The company continues to report effectively no revenue (0 in 2021–2025; only 1,000 in 2020), while losses remain persistent. Net losses widened to about -19.5M in 2025 from -15.2M in 2024, indicating deteriorating profitability and limited operating leverage. A notable positive is that the business carries no debt in 2025, but the income statement still reflects a pre-commercial profile with ongoing operating losses and no clear revenue trajectory in the provided period.

Balance Sheet

The balance sheet is supported by a sizable equity base (about 254.2M in 2025) and very low leverage—debt is 0 in 2025 and was modest in 2024 (debt-to-equity near 0.01). This conservative capital structure reduces financial risk. The key weakness is continued negative returns on equity (about -7.7% in 2025), reflecting that capital is not yet generating profits, and equity has declined from 2024 to 2025 alongside ongoing losses.

Cash Flow

Cash burn remains a central issue: operating cash flow is negative across all years and was about -10.8M in 2025 (vs. -11.8M in 2024). Free cash flow is negative in most years, and the 2025 free cash flow value is shown as 0 with a -100% growth figure, suggesting weakness/volatility in cash generation in the latest period. Overall, the company is not self-funding operations yet, although the annual operating cash outflow has been relatively steady rather than sharply accelerating.

Breakdown	Dec 2025	Dec 2024	Dec 2023	Dec 2022	Dec 2021
Income Statement
Total Revenue	0.00	0.00	0.00	0.00	0.00
Gross Profit	-516.00K	-196.00K	-176.00K	-760.00K	-423.00K
EBITDA	-20.47M	-12.52M	-11.06M	-8.63M	-7.82M
Net Income	-19.48M	-15.20M	-12.93M	-10.47M	-8.84M
Balance Sheet
Total Assets	274.06M	281.90M	170.51M	169.95M	165.77M
Cash, Cash Equivalents and Short-Term Investments	41.90M	111.70M	866.00K	2.72M	2.81M
Total Debt	0.00	1.84M	31.91M	21.74M	7.56M
Total Liabilities	19.89M	8.25M	38.38M	24.88M	10.23M
Stockholders Equity	254.17M	273.64M	132.13M	145.07M	155.54M
Cash Flow
Free Cash Flow	0.00	-12.06M	-8.34M	-13.34M	-12.63M
Operating Cash Flow	-10.84M	-11.81M	-8.29M	-8.38M	-9.11M
Investing Cash Flow	-58.97M	-3.65M	-2.06M	-4.96M	-3.53M
Financing Cash Flow	0.00	126.30M	8.50M	13.25M	10.25M

Nordic Iron Ore AB Technical Analysis

• Technical Analysis Sentiment: Negative
• Last Price: 5.18
• 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:NIO, the sentiment is Negative. The current price of 5.18 is above the 20-day moving average (MA) of 4.32, above the 50-day MA of 4.89, and above the 200-day MA of 4.59, indicating a bearish trend. The MACD of -0.18 indicates Negative momentum. The RSI at 39.31 is Neutral, neither overbought nor oversold. The STOCH value of 37.04 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for SE:NIO.

Nordic Iron Ore AB Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
Sector *	61 Neutral	$10.43B	7.12	-0.05%	2.87%	2.86%	-36.73%
NIO	43 Neutral	kr277.77M	-14.26	-8.06%	―	―	-9.05%