Nordic Iron Ore AB (NIO) AI Stock Analysis

• Market Cap: kr281.17M
• Dividend Yield: N/A
• Average Volume (3M): 43.61K
• Price to Earnings (P/E): ―
• Beta (1Y): 0.14
• Revenue Growth: N/A
• EPS Growth: -9.05%
• Country: SE
• Employees: 4
• Sector: Basic Materials
• Sector Strength: 58
• Industry: Industrial Materials
• EPS (TTM): -0.05
• Shares Outstanding: 67,915,276
• 10 Day Avg. Volume: 47,508
• 30 Day Avg. Volume: 43,609
• PEG Ratio: 0.96
• Price to Book (P/B): 0.91
• Price to Sales (P/S): 0.00
• P/FCF Ratio: -20.71
• 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: 44 Neutral
• Price Target: kr4.00 ▼(-22.78% Downside)

The score is primarily held down by weak financial performance (no TTM revenue, ongoing losses, and negative operating/free cash flow). Technicals are neutral with only mild positive momentum and mixed moving-average positioning, while valuation is constrained by a negative P/E and lack of dividend yield data.

Positive Factors

Low Financial Leverage

Very low leverage materially reduces near-term solvency and refinancing risk for a capital-intensive developer. That balance-sheet conservatism provides durable optionality to fund permitting, studies and early works without immediate debt pressure over the next 2–6 months.

Equity-Funded Asset Base

A substantial equity cushion and asset base give the company meaningful financial flexibility to advance project development. This supports capital-intensive milestones (studies, permits, early works) and reduces the chance of distress-driven asset sales in the medium term.

Clear Project Development Focus

A focused strategy on advancing iron ore assets toward production aligns the company with a structurally important commodity for steelmaking. This project-development orientation preserves long-term optionality to capture offtake, partners and value upon successful permitting and technical delivery.

Negative Factors

No Revenue and Ongoing Losses

The absence of operating revenue and recurring large losses is a fundamental constraint on self-funding. Without revenue, the company must rely on external capital to progress projects, increasing the likelihood of dilution, delayed timelines or scaled-back development over the coming months.

Persistent Cash Burn

Sustained negative operating and free cash flow evidences ongoing cash burn that pressures liquidity for a pre-revenue miner. This structural cash outflow trend requires recurring financing or asset monetization, which can slow project progress and raise execution risk.

Negative Returns on Equity

Negative ROE shows the existing capital base is not generating returns, undermining long-term shareholder value creation. Even with a strong equity cushion, persistently poor returns signal that operational performance or capital-allocation changes are required to achieve profitable production.

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

Overall financial profile is weak: the income statement shows no TTM revenue and continued losses (TTM EBIT -23.7M, net income -21.8M), and cash flow is persistently negative (TTM operating cash flow -6.2M, free cash flow -6.7M). The main offset is a conservatively levered balance sheet (debt-to-equity ~0.007; equity ~258.4M), which lowers near-term solvency risk but does not resolve execution/funding risk without revenue.

Income Statement

TTM (Trailing-Twelve-Months) results show no revenue and continued losses (gross profit -3.8M, EBIT -23.7M, net income -21.8M). Annual history is also consistently loss-making (net losses each year from 2020–2024), with the TTM loss deeper than 2024, indicating profitability has not stabilized. A key weakness is the lack of operating revenue to offset cost structure; a modest positive EBIT in 2022 appears non-recurring given the return to negative EBIT thereafter.

Balance Sheet

The balance sheet looks conservatively levered: TTM debt-to-equity is ~0.007 with total debt ~1.7M against equity ~258.4M, indicating limited financial leverage risk. Assets (TTM ~275.6M) are largely equity-funded, providing flexibility. The primary weakness is returns: return on equity is negative across all periods (TTM ~-8.2%), reflecting that the capital base is not currently generating profits despite the strong equity position.

Cash Flow

Cash generation is weak with persistent cash burn: TTM operating cash flow is -6.2M and free cash flow is -6.7M, and free cash flow growth is sharply negative versus the prior period. While free cash flow is roughly in line with net loss (TTM free cash flow to net income ~1.08), this mainly reflects losses being matched by cash outflows rather than strong cash conversion. The main risk is ongoing negative operating and free cash flow without revenue, which can pressure liquidity over time.

Breakdown	TTM	Dec 2024	Dec 2023	Dec 2022	Dec 2021	Dec 2020
Income Statement
Total Revenue	0.00	0.00	0.00	0.00	0.00	1.00K
Gross Profit	-3.84M	-196.00K	-176.00K	-760.00K	-423.00K	1.00K
EBITDA	-17.85M	-12.52M	-11.06M	-8.63M	-7.82M	-7.48M
Net Income	-21.77M	-15.20M	-12.93M	-10.47M	-8.84M	-9.74M
Balance Sheet
Total Assets	275.55M	281.90M	170.51M	169.95M	165.77M	164.91M
Cash, Cash Equivalents and Short-Term Investments	65.00M	111.70M	866.00K	2.72M	2.81M	5.20M
Total Debt	1.69M	1.84M	31.91M	21.74M	7.56M	7.80M
Total Liabilities	17.16M	8.25M	38.38M	24.88M	10.23M	11.16M
Stockholders Equity	258.38M	273.64M	132.13M	145.07M	155.54M	153.75M
Cash Flow
Free Cash Flow	-6.66M	-12.06M	-8.34M	-13.34M	-12.63M	-12.77M
Operating Cash Flow	-6.18M	-11.81M	-8.29M	-8.38M	-9.11M	-11.52M
Investing Cash Flow	-34.72M	-3.65M	-2.06M	-4.96M	-3.53M	-1.25M
Financing Cash Flow	0.00	126.30M	8.50M	13.25M	10.25M	5.00M

Nordic Iron Ore AB Technical Analysis

• Technical Analysis Sentiment: Negative
• Last Price: 5.18
• 50DMA: Negative
• 100DMA: Negative
• 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:NIO, the sentiment is Negative. The current price of 5.18 is below the 20-day moving average (MA) of 5.22, below the 50-day MA of 5.18, and above the 200-day MA of 4.68, indicating a bearish trend. The MACD of -0.24 indicates Positive momentum. The RSI at 31.13 is Neutral, neither overbought nor oversold. The STOCH value of 23.22 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	44 Neutral	kr281.17M	-12.91	-8.06%	―	―	-9.05%