SaltX Technology Holding AB Class B (SALT.B) AI Stock Analysis

• Market Cap: kr897.42M
• Dividend Yield: N/A
• Average Volume (3M): 536.67K
• Price to Earnings (P/E): ―
• Beta (1Y): 0.95
• Revenue Growth: 11.85%
• EPS Growth: 6.39%
• Country: SE
• Employees: 20
• Sector: Industrials
• Sector Strength: 72
• Industry: Industrial - Machinery
• EPS (TTM): -0.11
• Shares Outstanding: 230,699,830
• 10 Day Avg. Volume: 576,596
• 30 Day Avg. Volume: 536,674
• PEG Ratio: -2.03
• Price to Book (P/B): 3.52
• Price to Sales (P/S): 18.20
• P/FCF Ratio: -16.59
• 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: 46 Neutral
• Price Target: kr4.00 ▲(0.00% Upside)
• Action: Reiterated Date: 02/22/26
• Date: Action: Reiterated 02/22/26

The score is held down primarily by weak financial performance—persistent losses, a major 2025 gross profitability deterioration, and ongoing cash burn—despite a low-leverage balance sheet. Technicals also point to a sustained downtrend (price below key moving averages with negative MACD). Valuation adds risk due to negative earnings (negative P/E) and no dividend information.

Positive Factors

Low Leverage / Strong Balance Sheet

A very low leverage position provides durable financial flexibility: it reduces solvency risk, supports continued investment in pilots and commercialization, and preserves capacity to raise capital without immediate refinancing pressure. This buffers the business while it iterates and scales its technology.

Revenue Scaling / Market Traction

Sustained top-line growth over recent years indicates growing customer adoption and traction for SaltX’s energy storage and electrification offerings. Scaling revenues improve potential for operating leverage, give management runway to refine unit economics, and support expanding commercial partnerships and demonstrations.

Proprietary Cleantech & Industrial Focus

Proprietary thermo-chemical and electrification technologies address structural decarbonization demand. Technical complexity, IP and partner-led pilots create barriers to entry and position SaltX to secure long-term industrial contracts if technologies prove repeatable and economical, supporting durable revenue streams.

Negative Factors

Persistent Losses & Cash Burn

Multi-year net losses and negative operating cash flow show the business is not yet self-sustaining. Ongoing cash burn erodes equity and increases reliance on external financing, creating execution risk if fundraising conditions worsen and potentially delaying commercialization or diluting existing shareholders.

Deteriorating Gross Profitability

A sharp decline in gross profit in 2025 suggests adverse unit economics, higher direct costs, or margin pressure when scaling. This undermines the pathway to break-even, increases the need for structural cost or product redesign, and raises long-term uncertainty about sustainable margins.

Weak Cash Generation / Funding Dependence

Consistent negative free cash flow means operations rely on new capital. Even with low leverage, dependence on external funding risks dilution, constrains R&D and commercialization pace, and leaves the company vulnerable if capital markets tighten or investor appetite for funding loss-making cleantech wanes.

SaltX Technology Holding AB Class B Business Overview & Revenue Model

Company Description

SaltX Technology Holding AB (publ) engages in the development and sale of patented energy storage solutions in Sweden. It serves energy companies and industry. The company was founded in 2001 and is headquartered in Hagersten, Sweden.

How the Company Makes Money

SaltX Technology generates revenue through the sale and licensing of its innovative energy storage solutions. The company's revenue model includes direct sales of its thermal energy storage systems to various sectors, as well as partnerships with energy companies and utilities to develop customized solutions for energy management. Additionally, SaltX may engage in joint ventures and collaborations that provide revenue through shared technology usage and development. The company also benefits from government grants and incentives aimed at promoting renewable energy technologies, which contribute to its financial stability and growth.

SaltX Technology Holding AB Class B Financial Statement Overview

Summary

Strong revenue growth is outweighed by persistently large net losses (2020–2025), a sharp 2025 deterioration in gross profitability (gross profit turns strongly negative), and ongoing negative operating and free cash flow. The balance sheet is a relative strength with very low leverage, but continued losses and cash burn keep overall financial quality weak.

Income Statement

Revenue has scaled up sharply over the last few years (notably 2023–2025), but profitability is very weak. The company reports persistent net losses every year (2020–2025), with deeply negative operating results. 2025 shows a major deterioration in gross profitability versus 2024 (gross profit turns strongly negative), and net margin remains heavily negative, indicating the business is still far from break-even despite higher sales.

Balance Sheet

The balance sheet is a relative strength: leverage is very low in 2025, with debt-to-equity near zero and a sizable equity base versus total assets. This is a meaningful improvement from 2020–2024 when leverage was higher (though still not extreme). The key weakness is value erosion risk from ongoing losses (historically very negative returns on equity), which can pressure equity over time if losses persist.

Cash Flow

Cash generation is weak: operating cash flow and free cash flow are negative across all periods shown, indicating the business is consuming cash rather than funding itself internally. While free cash flow improved in 2025 versus 2024 (less negative), the overall trend remains dependent on external funding. A modest positive is that cash burn is broadly in line with reported losses in most years, but there is no evidence yet of sustained cash-flow break-even.

Breakdown	Dec 2025	Dec 2024	Dec 2023	Dec 2022	Dec 2021
Income Statement
Total Revenue	43.99M	39.90M	25.97M	256.00K	164.00K
Gross Profit	-69.52M	15.39M	87.66M	607.00K	18.32M
EBITDA	-41.59M	-26.66M	-31.82M	-46.91M	-30.21M
Net Income	-63.21M	-56.51M	-48.85M	-60.86M	-38.94M
Balance Sheet
Total Assets	263.19M	169.32M	200.79M	167.24M	151.25M
Cash, Cash Equivalents and Short-Term Investments	33.82M	21.93M	26.22M	74.34M	51.16M
Total Debt	1.05M	23.32M	29.32M	32.10M	28.78M
Total Liabilities	35.73M	49.42M	61.78M	41.62M	38.87M
Stockholders Equity	227.45M	119.90M	139.00M	125.62M	112.38M
Cash Flow
Free Cash Flow	-48.24M	-67.71M	-112.24M	-49.19M	-51.10M
Operating Cash Flow	-45.66M	-58.64M	-36.89M	-47.72M	-36.09M
Investing Cash Flow	-3.14M	-9.07M	-75.35M	-1.48M	-15.01M
Financing Cash Flow	60.70M	63.42M	64.12M	72.37M	56.61M

SaltX Technology Holding AB Class B Technical Analysis

• Technical Analysis Sentiment: Negative
• Last Price: 4.00
• 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:SALT.B, the sentiment is Negative. The current price of 4 is above the 20-day moving average (MA) of 3.93, below the 50-day MA of 4.06, and below the 200-day MA of 5.65, indicating a bearish trend. The MACD of -0.08 indicates Negative momentum. The RSI at 45.42 is Neutral, neither overbought nor oversold. The STOCH value of 46.53 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for SE:SALT.B.

SaltX Technology Holding AB Class B Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
SINT	74 Outperform	kr635.45M	30.35	33.31%	6.86%	-13.48%	-33.66%
Sector *	63 Neutral	$10.79B	15.43	7.44%	2.01%	2.89%	-14.66%
ABSO	59 Neutral	kr2.18B	35.34	―	1.51%	-8.97%	-31.59%
SALT.B	46 Neutral	kr897.42M	-12.66	-40.77%	―	11.85%	6.39%
IMPC	44 Neutral	kr155.72M	-2.70	―	―	―	―
OPTI	41 Neutral	kr112.70M	-15.94	―	―	140.86%	34.21%