Nosa Plugs AB (NOSA) AI Stock Analysis

• Market Cap: kr152.72M
• Dividend Yield: N/A
• Average Volume (3M): 339.93K
• Price to Earnings (P/E): ―
• Beta (1Y): 0.15
• Revenue Growth: 17.24%
• EPS Growth: 35.77%
• Country: SE
• Employees: 7
• Sector: Services
• Sector Strength: N/A
• Industry: Medical - Devices
• EPS (TTM): >-0.01
• Shares Outstanding: 260,172,580
• 10 Day Avg. Volume: 252,761
• 30 Day Avg. Volume: 339,932
• PEG Ratio: 0.60
• Price to Book (P/B): 3.50
• Price to Sales (P/S): 6.02
• 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): kr47.00M

• Rating: 54 Neutral
• Price Target: kr0.64 ▲(13.93% Upside)
• Action: Reiterated Date: 02/18/26
• Date: Action: Reiterated 02/18/26

The score is held back primarily by weak financial performance quality—negative gross margin in 2025, ongoing net losses, and continued operating cash burn—despite strong revenue growth and a low-leverage balance sheet. Technicals are moderately supportive in the near term, but valuation remains constrained by negative earnings and lack of dividend data.

Positive Factors

Revenue Growth

Sustained high revenue growth shows improving product adoption and distribution traction. Over 2–6 months this scale can enable better absorption of fixed costs, improved negotiating leverage with suppliers, and a larger base for margin recovery if cost structure is addressed.

Conservative Balance Sheet

Very low leverage and a strengthened equity base provide durable financial flexibility while the company works toward profitability. This conservatism reduces near-term refinancing risk and gives time to fix operational issues without immediate solvency pressure.

Consumable / Repeat Purchase Model

A consumable-based product mix supports recurring demand and customer lifetime value if retention holds. Structurally this can create predictable replenishment revenue and opportunities to expand margins through scale, cross-sell, and improved unit economics over months.

Negative Factors

Negative Gross Margin

A negative gross margin indicates goods are sold below direct production or acquisition cost, a structural issue that erodes any operating leverage. Without material pricing, mix, or COGS improvements this undermines long-term profitability and the ability to fund operations from sales.

Persistent Operating Cash Burn

Consistent negative operating cash flow forces reliance on the balance sheet or external funding. Over months this creates execution risk: capital raises can dilute shareholders, limit strategic optionality, and divert management attention from operations to financing.

Sustained Net Losses and Negative ROE

Ongoing net losses and historically negative returns on equity signal the company has not yet converted revenue into shareholder returns. This structural profitability gap constrains reinvestment capacity and increases the need for corrective product, pricing, or cost actions to deliver durable value.

Nosa Plugs AB Business Overview & Revenue Model

Company Description

Nosa Plugs AB, a medical technology company, manufactures and sells intranasal breathing products primarily in Europe and North America. Its products include NOSA plugs, such as NOSA odor control products for odor protection; NOSA microbial control products to reduce the exposure of viruses and bacteria by inhalation through the nose; and NOSA allergy filter that filters harmful airborne particles, such as pollen, pet dander, dust, and mold. The company was incorporated in 2014 and is based in Stockholm, Sweden.

How the Company Makes Money

Nosa Plugs AB generates revenue primarily through the sale of its electrical connectors and plugs, which are sold to various sectors, including automotive manufacturers, telecommunications companies, and electronics manufacturers. The company's revenue model is based on both direct sales to customers and partnerships with distributors who help reach a broader market. Key revenue streams include bulk orders from OEMs, smaller orders from retail clients, and custom connector solutions tailored to specific customer requirements. Additionally, NOSA has established significant partnerships with industry players, enabling collaborative product development and access to new markets, which further enhances its earning potential.

Nosa Plugs AB Financial Statement Overview

Summary

Strong revenue growth (~36% in 2025) is a clear positive, and the balance sheet is conservatively financed (very low debt-to-equity). However, 2025 profitability and cash quality are weak: gross margin turned negative (~-34%), net losses persist, and operating cash flow remains negative (about -6.4M), keeping financial risk elevated.

Income Statement

Revenue is scaling quickly (up ~36% in 2025 vs. 2024 after solid growth in prior years), showing improving commercial traction. However, profitability remains the key issue: 2025 gross margin turned negative (~-34%) after being strongly positive in 2023–2024, and the company is still posting sizable net losses (about -34% net margin in 2025). Losses have narrowed materially from the extreme 2020–2021 period, but the swing to negative gross profit in 2025 raises questions around cost of goods, pricing, mix, or one-time charges.

Balance Sheet

The balance sheet looks conservatively financed with very low leverage: debt-to-equity is ~0.02 in 2025 and ~0.06 in 2024, providing flexibility while the business is still loss-making. Equity increased meaningfully in 2025 (to ~41.1M) alongside higher assets, which strengthens the capital base. The main weakness is that returns on equity have been deeply negative historically due to persistent losses, so balance-sheet strength depends on continued access to capital if cash burn persists.

Cash Flow

Cash generation remains weak with negative operating cash flow every year shown, including about -6.4M in 2025 (an improvement from roughly -10.0M in 2024). Free cash flow is also problematic: it was negative in most years (and deeply negative in 2020–2021), and 2025 shows free cash flow at 0 with a -100% growth rate versus 2024, indicating volatility and/or non-recurring movements. Overall, the business is still consuming cash, which increases reliance on the balance sheet and external funding.

Breakdown	Dec 2025	Dec 2024	Dec 2023	Dec 2022	Dec 2021
Income Statement
Total Revenue	23.91M	16.10M	10.39M	6.85M	5.85M
Gross Profit	-8.03M	11.20M	6.92M	-13.64M	-6.45M
EBITDA	-4.12M	-8.45M	-44.98M	-7.59M	-38.60M
Net Income	-8.04M	-10.16M	-46.55M	-17.82M	-58.56M
Balance Sheet
Total Assets	64.71M	20.70M	33.08M	21.67M	40.09M
Cash, Cash Equivalents and Short-Term Investments	17.30M	4.31M	1.19M	2.52M	10.40M
Total Debt	716.00K	1.01M	1.88M	1.72M	9.04M
Total Liabilities	23.65M	4.14M	6.33M	3.33M	980.00K
Stockholders Equity	41.06M	16.56M	26.75M	6.70M	39.10M
Cash Flow
Free Cash Flow	0.00	-14.70M	-18.35M	-5.19M	-16.81M
Operating Cash Flow	-6.39M	-10.03M	-17.50M	-5.13M	-6.21M
Investing Cash Flow	-12.40M	-4.71M	14.55M	-61.00K	-52.20M
Financing Cash Flow	31.96M	17.81M	1.61M	5.29M	-119.00K

Nosa Plugs AB Technical Analysis

• Technical Analysis Sentiment: Negative
• Last Price: 0.56
• 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:NOSA, the sentiment is Negative. The current price of 0.56 is below the 20-day moving average (MA) of 0.61, below the 50-day MA of 0.58, and below the 200-day MA of 0.68, indicating a neutral trend. The MACD of <0.01 indicates Positive momentum. The RSI at 48.95 is Neutral, neither overbought nor oversold. The STOCH value of 28.25 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for SE:NOSA.

Nosa Plugs AB Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
ARCOMA	68 Neutral	kr115.90M	20.88	―	―	―	―
Sector *	55 Neutral	$13.29B	17.42	10.03%	0.93%	7.13%	-12.93%
NOSA	54 Neutral	kr152.72M	-17.89	―	―	17.24%	35.77%
BRAIN	45 Neutral	kr212.05M	-4.05	-27.22%	―	16.38%	35.71%
SCIB	44 Neutral	kr221.17M	-1.97	-253.54%	―	36.15%	26.67%
LXB	44 Neutral	kr44.90M	-2.89	-60.20%	―	163.12%	30.50%
NEOLA	41 Neutral	kr68.60M	-7.37	―	―	―	―