Tourn International AB (TOURN) AI Stock Analysis

• Market Cap: kr52.86M
• Dividend Yield: N/A
• Average Volume (3M): 3.14K
• Price to Earnings (P/E): ―
• Beta (1Y): 1.61
• Revenue Growth: N/A
• EPS Growth: N/A
• Country: SE
• Employees: 12
• Sector: Services
• Sector Strength: N/A
• Industry: Internet Content & Information
• EPS (TTM): 0.29
• Shares Outstanding: 9,753,350
• 10 Day Avg. Volume: 2,348
• 30 Day Avg. Volume: 3,144
• PEG Ratio: 0.14
• Price to Book (P/B): 3.60
• Price to Sales (P/S): 0.84
• P/FCF Ratio: -15.20
• 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): 0.77
• Revenue Forecast (FY): kr148.00M

• Rating: 51 Neutral
• Price Target: kr6.00 ▲(22.95% Upside)
• Action: Reiterated Date: 02/21/26
• Date: Action: Reiterated 02/21/26

The score is held back primarily by weak financial performance: contracting revenue, persistent losses (including negative gross profit), and ongoing cash burn. Technicals provide a meaningful offset with a bullish trend above major moving averages and positive momentum. Valuation remains constrained by negative earnings and no dividend data.

Positive Factors

Low Leverage

Modest debt and a low debt-to-equity ratio reduce near-term insolvency risk and preserve access to credit during restructuring or growth efforts. This capital structure gives management flexibility to pursue strategic initiatives or raise incremental funding without heavy interest burdens.

Platform & Business Model

A combined services-plus-platform model creates opportunities for recurring platform fees and scalable vendor matching. Structural demand for influencer marketing and measurement tools supports long-term revenue potential if platform adoption broadens and client retention strengthens.

Improving Cash Burn Trend

Material reduction in cash burn indicates management progress on cost control or operational efficiency, improving runway and lowering near-term financing needs. If sustained, this trend can help stabilize operations while the company pursues scale or new revenue streams.

Negative Factors

Negative Gross Profit

Negative gross profit signals the core business model is generating losses before overhead, undermining sustainable unit economics. Without structural improvement to pricing, costs, or mix, the company cannot reach operating leverage, limiting long-term viability and reinvestment capacity.

Sharp Revenue Contraction

A severe, multi-year drop in revenue erodes scale, weakens bargaining power with creators and advertisers, and reduces platform network effects. Restoring top-line growth is critical; continued decline will compress margins further and hinder customer retention and product investment.

Shrinking Equity Base

A sharply reduced equity cushion raises funding and solvency risk if losses persist, increasing the likelihood of dilution or distressed financing. Weakened capital buffers constrain strategic options and heighten dependence on external capital to sustain operations or pursue growth.

Tourn International AB Business Overview & Revenue Model

Company Description

Tourn International AB (publ) offers advertising services for brands and influencers. It provides technology and systems that enables media houses to advertise on the various social media platforms, as well as allows publishers and influencers to monetize their platforms. The company was formerly known as INEV Studios AB (publ) and changed its name to Tourn International AB (publ) in 2015. Tourn International AB (publ) was founded in 2014 and is based in Stockholm, Sweden.

How the Company Makes Money

Tourn International AB Financial Statement Overview

Summary

Financials are strained by multi-year losses (including negative gross profit in 2025), sharply declining revenue (from ~141.0m in 2022 to ~56.9m in 2025), and consistently negative operating and free cash flow. Low leverage modestly reduces balance-sheet risk, but the equity base has fallen substantially, limiting flexibility if cash burn persists.

Income Statement

Profitability has deteriorated meaningfully versus earlier years. After being profitable in 2020 (positive gross profit and net income), the company has posted multi-year losses from 2021–2025, with 2025 showing negative gross profit (gross margin ~-24%) and a net loss (~-9% net margin). Revenue has also contracted sharply over time (down from ~141.0m in 2022 to ~56.9m in 2025), signaling weaker scale and operating leverage. A key positive is that 2025’s net loss is smaller than 2024’s, but the business remains structurally unprofitable.

Balance Sheet

Leverage is low, with modest debt in 2025 (~1.6m) and a low debt-to-equity level (~0.12), which reduces financial risk. However, equity has fallen materially over time (from ~68.3m in 2021 to ~13.2m in 2025), reflecting cumulative losses and weakening balance-sheet cushion. Overall, the capital structure is not heavily debt-funded, but the shrinking equity base increases vulnerability if losses persist.

Cash Flow

Cash generation is weak, with operating cash flow negative in every year shown, including 2025 (~-3.1m). Free cash flow is also consistently negative and deteriorated again in 2025 (free cash flow growth ~-62% year over year), indicating continued cash burn and likely reliance on external funding or balance-sheet resources. While the absolute cash burn improved substantially from 2024 to 2025, cash flow remains a major constraint.

Breakdown	Dec 2025	Dec 2024	Dec 2023	Dec 2022	Dec 2021
Income Statement
Total Revenue	56.90M	69.17M	100.88M	140.99M	128.95M
Gross Profit	-13.57M	19.79M	21.49M	27.28M	25.31M
EBITDA	-6.85M	-17.94M	-15.67M	-17.26M	-5.60M
Net Income	-5.36M	-15.25M	-18.59M	-27.32M	-5.66M
Balance Sheet
Total Assets	31.84M	52.55M	67.10M	92.81M	108.22M
Cash, Cash Equivalents and Short-Term Investments	3.04M	8.84M	29.37M	49.97M	58.53M
Total Debt	1.64M	0.00	0.00	0.00	0.00
Total Liabilities	18.61M	24.74M	30.42M	43.23M	39.90M
Stockholders Equity	13.23M	21.64M	33.30M	49.59M	68.32M
Cash Flow
Free Cash Flow	-3.13M	-31.64M	-27.32M	-11.50M	-19.67M
Operating Cash Flow	-3.13M	-25.38M	-21.08M	-4.55M	-16.71M
Investing Cash Flow	-2.54M	-8.47M	-6.24M	-4.01M	12.42M
Financing Cash Flow	0.00	13.48M	6.72M	0.00	59.60M

Tourn International AB Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
Sector *	55 Neutral	$13.29B	17.42	10.03%	0.93%	7.13%	-12.93%
TOURN	51 Neutral	kr52.86M	-8.92	―	―	―	―
RAKE	47 Neutral	kr72.45M	-0.12	―	―	-47.47%	-524.00%
BUSER	47 Neutral	kr107.83M	-0.83	―	―	―	―
SCOUT	43 Neutral	kr25.90M	-2.59	―	―	―	―