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

• Market Cap: kr966.63M
• Dividend Yield: N/A
• Average Volume (3M): 536.67K
• Price to Earnings (P/E): ―
• Beta (1Y): 0.73
• 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: 44 Neutral
• Price Target: kr4.00 ▲(0.00% Upside)
• Action: Reiterated Date: 03/24/26
• Date: Action: Reiterated 03/24/26

The score is held down primarily by persistent losses and ongoing negative operating/free cash flow, even though revenue has grown. Technicals also reflect a weak longer-term trend with bearish momentum indicators. A conservatively financed balance sheet with very low leverage provides some support but does not offset the profitability and cash-burn risks.

Positive Factors

Proprietary thermo‑chemical decarbonization tech

SaltX's ownership of thermo‑chemical Energy Storage and Electrification technologies provides a durable competitive asset for industrial decarbonization. These platform technologies can create high switching costs, enable multi-year pilot-to-deployment projects, and position the firm within structural electrification and heat-storage trends.

Sustained revenue scaling (2023–2025)

Sharp revenue growth over recent years signals commercial traction and growing customer adoption of SaltX's offerings. Scaling sales provides a foundation to spread fixed R&D and pilot costs, deepen industrial partnerships, and potentially improve unit economics as projects move from demonstration to repeatable commercial deployments.

Conservatively financed balance sheet

Very low leverage and a sizable equity base give the company financial flexibility to fund pilots and commercialization without immediate solvency pressure. This runway reduces bankruptcy risk, enables strategic investments, and increases optionality to raise capital on favorable terms as technologies mature.

Negative Factors

Persistent net losses

Continuous net losses across multiple years indicate the business has not reached unit profitability despite revenue growth. Prolonged negative earnings erode equity, limit retained-investment capacity, and mean the company must rely on external funding until it achieves sustainable margins or a clear path to break-even.

Chronic negative operating and free cash flow

Ongoing negative operating and free cash flow show the company consumes cash to run and scale operations. This raises dilution and refinancing risk, constrains the ability to self-fund pilot-to-scale transitions, and requires durable access to capital until consistent positive cash generation is achieved.

Deterioration in gross profitability (2025)

A sharp 2025 decline in gross profit that turns strongly negative suggests margin pressure from costs, pricing, or scaling inefficiencies. If structural, this undermines the pathway to profitable commercialization, complicates margin recovery even as revenue grows, and raises execution risk on industrial projects.

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

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SaltX Technology Holding AB Class B Financial Statement Overview

Summary

Despite sharp revenue growth, profitability remains very weak with persistent net losses (2020–2025) and a 2025 deterioration in gross profitability. Cash flow is consistently negative, indicating ongoing cash burn and reliance on external funding. The balance sheet is a relative strength with very low leverage, providing runway, but continued losses pose equity erosion risk.

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: Positive
• Last Price: 4.00
• 50DMA: Positive
• 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 Positive. The current price of 4 is above the 20-day moving average (MA) of 3.88, below the 50-day MA of 4.02, and below the 200-day MA of 5.64, indicating a neutral trend. The MACD of -0.05 indicates Negative momentum. The RSI at 58.33 is Neutral, neither overbought nor oversold. The STOCH value of 54.38 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive 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	kr605.86M	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	kr2.07B	35.34	―	1.51%	-8.97%	-31.59%
SALT.B	44 Neutral	kr966.63M	-12.66	-39.97%	―	11.85%	6.39%
IMPC	44 Neutral	kr136.26M	-2.70	―	―	―	―
OPTI	41 Neutral	kr133.22M	-15.94	―	―	140.86%	34.21%