Photocat A/S (PCAT) AI Stock Analysis

• Market Cap: kr23.08M
• Dividend Yield: N/A
• Average Volume (3M): 1.24K
• Price to Earnings (P/E): 18.3
• Beta (1Y): 0.34
• Revenue Growth: -13.83%
• EPS Growth: -61.64%
• Country: SE
• Employees: 7
• Sector: Basic Materials
• Sector Strength: 58
• Industry: Chemicals - Specialty
• EPS (TTM): N/A
• Shares Outstanding: 5,995,000
• 10 Day Avg. Volume: 2,820
• 30 Day Avg. Volume: 1,240
• PEG Ratio: -0.58
• Price to Book (P/B): 4.87
• Price to Sales (P/S): 4.22
• P/FCF Ratio: -82.25
• 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: 42 Neutral
• Price Target: kr3.00 ▼(-48.54% Downside)
• Action: Reiterated Date: 02/04/26
• Date: Action: Reiterated 02/04/26

The score is driven primarily by weak financial performance (profitability challenges and negative free cash flow) and bearish technicals (below all major moving averages with negative MACD). Valuation is also pressured by a negative P/E that reflects ongoing losses.

Positive Factors

Strong equity base

An equity ratio above 50% provides durable financial resilience: it cushions losses, reduces solvency risk and supports creditor confidence. Over the next 2–6 months this base buys time to restructure operations or raise capital without immediate insolvency pressure.

Manageable leverage

Relatively low debt-to-equity keeps interest and refinancing risk limited, preserving operational flexibility. This durable capital structure reduces the probability that servicing debt will constrain investment or force fire sales during continued cash pressure.

Operating cash generation & positive EBITDA

Positive operating cash flow and an shown positive EBITDA margin indicate core operations can generate cash before capex and financing. This underlying operational cash generation is a structural asset that can support working capital and targeted improvements despite headline losses.

Negative Factors

Declining revenue

Sustained top-line decline reduces scale economics and weakens bargaining power with suppliers and customers. Over months this trend limits margin recovery, constrains reinvestment in growth initiatives and signals possible demand or competitive weaknesses that must be addressed structurally.

Negative free cash flow

Persistent negative free cash flow means cash after capex is insufficient to cover obligations without external funding. This structural cash shortfall increases reliance on financing or equity raises, which can dilute shareholders and limit ability to invest in strategic initiatives over the medium term.

Ongoing losses and EPS decline

Consistent negative EBIT and steep EPS decline indicate the business has not reached sustainable profitability. Over several months this erodes retained earnings, raises the risk of further capital raises, and reduces strategic options to invest in product or market expansion without improving core margins.

Photocat A/S Business Overview & Revenue Model

Company Description

Photocat A/S researches, develops, and produces photocatalytic technology solutions for building materials and asphalts that reduces harmful matters caused by air pollution worldwide. Its photocatalytic building materials degrades air pollutants when exposed to light. The company's products include NOxOFF, a formulated coating for wet concrete, bitumen roofing, and asphalt road surfaces; Actifloor, which acts as a giant natural filter for surfaces; Photocat Garden, a concrete impregnation with photocatalytic attributes that helps in reducing air pollutants; and ShineOn. Photocat A/S was founded in 2005 and is based in Roskilde, Denmark.

How the Company Makes Money

Photocat A/S generates revenue through the sale of its photonic coating products and licensing agreements for its patented technologies. The company primarily sells its coatings to manufacturers in the construction and automotive industries, where the demand for sustainable and low-maintenance solutions is increasing. Additionally, Photocat benefits from strategic partnerships with key industry players, allowing it to expand its market reach and enhance product development. Revenue is also supplemented by consulting services offered to clients looking to implement photonic technology in their products, providing tailored solutions that meet specific needs.

Photocat A/S Financial Statement Overview

Summary

Income statement and cash flow are weak (revenue decline from 2023 to 2024, negative EBIT/net income margins, and negative free cash flow). The balance sheet is comparatively steadier with a >50% equity ratio and relatively low debt-to-equity, but ongoing losses and cash burn keep the overall financial picture pressured.

Income Statement

Photocat A/S shows inconsistent revenue growth, with a decline from 2023 to 2024. The company has been struggling with profitability, reflected in negative EBIT and net income margins in recent years. Despite a positive EBITDA margin in 2024, the overall income statement indicates challenges in achieving sustainable profitability and growth.

Balance Sheet

The balance sheet shows a stable equity base, with an equity ratio of over 50% in 2024, suggesting financial stability. However, the presence of debt, albeit manageable, and consistent net losses indicate potential financial strain. The debt-to-equity ratio is relatively low, which is a positive sign of financial leverage management.

Cash Flow

Photocat A/S faces challenges in generating positive free cash flow, with a negative trend over the years. The operating cash flow is positive in 2024, but free cash flow remains negative, indicating issues with cash generation after capital expenditures. The cash flow statement reflects the need for improved cash management and operational efficiency.

Breakdown	TTM	Dec 2024	Dec 2023	Dec 2022	Dec 2021	Dec 2020
Income Statement
Total Revenue	12.53M	12.11M	16.89M	16.94M	15.69M	13.91M
Gross Profit	4.80M	6.18M	6.33M	4.46M	5.41M	9.16M
EBITDA	1.53M	743.00K	-1.01M	-910.82K	102.54K	63.72K
Net Income	-2.66M	-2.63M	-1.92M	-2.99M	-2.16M	-1.83M
Balance Sheet
Total Assets	20.13M	19.55M	23.11M	22.61M	18.47M	16.81M
Cash, Cash Equivalents and Short-Term Investments	289.00K	306.00K	229.89K	89.81K	1.42M	2.05M
Total Debt	1.58M	1.78M	1.75M	979.62K	2.43M	0.00
Total Liabilities	10.14M	9.07M	10.86M	8.45M	7.17M	3.35M
Stockholders Equity	9.98M	10.48M	12.25M	14.17M	11.30M	13.46M
Cash Flow
Free Cash Flow	1.56M	-621.00K	568.11K	-7.98M	-3.07M	-3.63M
Operating Cash Flow	1.95M	1.15M	733.07K	-1.08M	-155.01K	-1.38M
Investing Cash Flow	-2.13M	-1.75M	-3.51M	-6.90M	-2.91M	-2.27M
Financing Cash Flow	250.31K	683.00K	2.92M	6.66M	2.43M	2.36M

Photocat A/S Technical Analysis

• Technical Analysis Sentiment: Negative
• Last Price: 5.83
• 50DMA: Negative
• 100DMA: Negative
• 200DMA: Negative
• MACD: Positive
• RSI: Neutral
• STOCH: Positive

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For SE:PCAT, the sentiment is Negative. The current price of 5.83 is above the 20-day moving average (MA) of 4.68, above the 50-day MA of 4.99, and below the 200-day MA of 6.87, indicating a bearish trend. The MACD of -0.03 indicates Positive momentum. The RSI at 39.76 is Neutral, neither overbought nor oversold. The STOCH value of 17.85 is Positive, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for SE:PCAT.

Photocat A/S 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%
AXIC.A	44 Neutral	kr82.76M	-4.14	-30.10%	―	114.57%	53.86%
XPC	44 Neutral	kr59.50M	-4.41	―	―	―	―
PCAT	42 Neutral	kr23.08M	18.26	―	―	-13.83%	-61.64%
ORGC	42 Neutral	kr177.65M	-4.65	-75.16%	―	-18.29%	-48.74%