Tourn International AB (TOURN) AI Stock Analysis

• Market Cap: kr53.25M
• Dividend Yield: N/A
• Average Volume (3M): 3.14K
• Price to Earnings (P/E): ―
• Beta (1Y): 1.10
• 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: 50 Neutral
• Price Target: kr5.50 ▲(12.70% Upside)
• Action: Reiterated Date: 03/07/26
• Date: Action: Reiterated 03/07/26

The score is held down primarily by weak financial performance (persistent losses, negative gross profit in 2025, revenue contraction, and ongoing cash burn). Technicals provide a meaningful offset due to strong trend/momentum, but valuation remains constrained by unprofitability (negative P/E) and no stated dividend yield.

Positive Factors

Low leverage / modest debt

The company's low debt load and small debt-to-equity ratio materially reduce refinancing and interest-rate risk, preserving flexibility. Over a multi-month horizon this lowers default risk and gives management more options to fund a strategic turnaround or platform investments without heavy interest burdens.

Service + platform business model

Combining campaign services with a platform creates diversified revenue streams: project fees plus potential recurring platform fees. Structurally this supports scalable margins if platform adoption rises, enables cross-selling, and can create durable customer lock-in through workflow integration over the coming quarters.

Recent improvement in cash burn and losses

The reduction in net loss and a meaningful decline in absolute cash burn signal early operational stabilization. If sustained, this trend extends runway, reduces near-term financing needs, and gives management time to execute structural fixes to pricing, client mix, or platform monetization over the next several months.

Negative Factors

Negative gross profit in 2025

A negative gross margin indicates the core offering is selling below direct costs, which undermines sustainable operations. Unless pricing, cost structure, or product mix change materially, this structural margin deficit will continue to erode cash and equity and prevents durable profitability over a multi-month horizon.

Sharp revenue contraction

A multi-year, large revenue decline reduces scale benefits and weakens bargaining power with advertisers and creators. Lower top-line makes it harder to cover fixed costs, invest in platform development, or rebuild market share, creating a structural headwind to margin recovery and sustainable growth.

Consistent cash burn & eroding equity

Persistent negative operating/free cash flow and a sharply reduced equity base materially limit financial flexibility. Over months this raises dependence on external funding, increases dilution or refinancing risk, and leaves a smaller buffer for execution setbacks or market shocks.

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 primarily makes money by providing influencer marketing and related digital advertising services to brands and advertisers. Revenue is generated when advertisers pay for influencer campaigns that Tourn helps source, manage, and deliver; the company typically earns fees/commissions or a margin between what the advertiser pays and what is paid out to influencers and other campaign costs. Additional revenue can come from selling access to, or services around, its marketing technology/platform (e.g., tools used to match advertisers with creators and to track/measure campaigns), where the company can charge platform-related fees (such as subscription, usage, or service fees) when applicable. Specific details on exact pricing structures, revenue mix by segment, or named major partnerships are null.

Tourn International AB Financial Statement Overview

Summary

Financial profile is weak: multi-year losses with negative gross profit in 2025, sharply declining revenue, and consistently negative operating/free cash flow (ongoing cash burn). Low leverage helps reduce near-term balance-sheet stress, but the materially reduced equity base limits flexibility if losses persist.

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%
BUSER	53 Neutral	kr199.57M	-0.85	―	―	―	―
TOURN	50 Neutral	kr53.25M	-8.88	―	―	―	―
RAKE	47 Neutral	kr71.45M	-0.60	―	―	-47.47%	-524.00%
SCOUT	43 Neutral	kr28.15M	-2.96	―	―	―	―