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LightOn S.A.
(ALTAI)
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Rating:40Underperform
Price Target:
€1.50
▼(-61.93% Downside)
Action:Downgraded
Date:10/21/26
The score is weighed down primarily by weak financial performance (sharp profitability deterioration, negative gross profit, and worsening cash burn with equity erosion). Technicals add further pressure given the pronounced downtrend and very weak momentum signals. Valuation offers limited support because the negative P/E reflects ongoing losses and no dividend yield is available.
Positive Factors
Revenue rebound
The 2025 revenue rebound shows that LightOn retained the ability to generate topline growth after a major contraction. If this recovery persists, it can improve operating leverage, support customer adoption of its enterprise AI offerings, and provide a foundation for restoring financial stability.
Negative Factors
Persistent unprofitability
The shift from strong profitability to larger losses, including negative gross profit, indicates that current revenue is not covering the underlying economics of the business. Unless pricing, delivery costs, or the cost structure improve, growth may continue to consume resources rather than build durable earnings.
Read all positive and negative factors
Positive Factors
Negative Factors
Revenue rebound
The 2025 revenue rebound shows that LightOn retained the ability to generate topline growth after a major contraction. If this recovery persists, it can improve operating leverage, support customer adoption of its enterprise AI offerings, and provide a foundation for restoring financial stability.
Read all positive factors
LightOn S.A. (ALTAI) vs. iShares MSCI France ETF (EWQ)
Market Cap
€10.02M
Dividend YieldN/A
Average Volume (3M)59.64K
Price to Earnings (P/E)―
Beta (1Y)1.12
Revenue Growth71.65%
EPS Growth-16.74%
CountryFR
Employees33
SectorGeneral
Sector StrengthN/A
IndustrySoftware - Infrastructure
Share Statistics
EPS (TTM)-1.50
Shares Outstanding7,446,854
10 Day Avg. Volume82,435
30 Day Avg. Volume59,637
Financial Highlights & Ratios
PEG Ratio-0.10
Price to Book (P/B)7.89
Price to Sales (P/S)18.49
P/FCF Ratio-4.04
Enterprise Value/Market CapN/A
Enterprise Value/RevenueN/A
Enterprise Value/Gross ProfitN/A
Enterprise Value/EbitdaN/A
Forecast
1Y Price TargetN/A
Price Target UpsideN/A
Rating ConsensusN/A
Number of Analyst Covering0
EPS Forecast (FY)-0.97
Revenue Forecast (FY)€3.00M
LightOn S.A. Business Overview & Revenue Model
Company Description
LightOn SAS, a Paris-based company founded in 2016 by Igor Carron, Laurent Daudet, Florent Krzakala, and Sylvain Gigan, creates secure and tailored generative artificial intelligence solutions designed to boost enterprise productivity and competit...
How the Company Makes Money
LightOn primarily makes money by selling enterprise generative-AI software and associated services. The core revenue model is typically based on (1) software licensing or subscription fees for access to its generative AI platform and/or enterprise...
LightOn S.A. Financial Statement Overview
Summary
Income Statement
28
Negative
Balance Sheet
62
Positive
Cash Flow
22
Negative
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 |
|---|---|---|---|---|---|
Income Statement | |||||
| Total Revenue | 4.84M | 1.74M | 1.13M | 7.97M | 1.85M |
| Gross Profit | -5.23M | -2.62M | -1.64M | 6.36M | 969.00K |
| EBITDA | -8.29M | -6.58M | -4.23M | 4.08M | 159.00K |
| Net Income | -9.65M | -7.39M | -4.81M | 3.74M | -133.00K |
Balance Sheet | |||||
| Total Assets | 8.17M | 8.30M | 15.22M | 7.18M | 3.00M |
| Cash, Cash Equivalents and Short-Term Investments | 2.71M | 3.91M | 12.05M | 4.59M | 531.00K |
| Total Debt | 1.17M | 69.00K | 184.00K | 1.76M | 1.83M |
| Total Liabilities | 5.28M | 4.22M | 3.75M | 2.79M | 2.27M |
| Stockholders Equity | 2.89M | 4.08M | 11.47M | 4.38M | 740.00K |
Cash Flow | |||||
| Free Cash Flow | 0.00 | -7.97M | -2.86M | 3.94M | -424.00K |
| Operating Cash Flow | 0.00 | -7.91M | -2.80M | 3.97M | -416.00K |
| Investing Cash Flow | 0.00 | -114.00K | -60.00K | 144.00K | -203.00K |
| Financing Cash Flow | 0.00 | -112.00K | 10.32M | -53.00K | 755.00K |
LightOn S.A. Technical Analysis
Negative
3.94
Price Trends
2.78
Negative
4.00
Negative
4.49
Negative
Market Momentum
-0.44
Positive
17.78
Positive
10.68
Positive
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For FR:ALTAI, the sentiment is Negative. The current price of 3.94 is above the 20-day moving average (MA) of 1.87, above the 50-day MA of 2.78, and below the 200-day MA of 4.49, indicating a bearish trend. The MACD of -0.44 indicates Positive momentum. The RSI at 17.78 is Positive, neither overbought nor oversold. The STOCH value of 10.68 is Positive, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for FR:ALTAI.
LightOn S.A. Peers Comparison
UnderperformOutperform
Sector (55)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
72 Outperform | €3.71B | 12.28 | 14.45% | 2.77% | 1.62% | 12.95% | |
66 Neutral | €21.64B | 15.66 | 11.82% | 2.66% | 6.23% | -11.48% | |
55 Neutral | $6.65B | 3.83 | -15.92% | 6.20% | 10.91% | 7.18% | |
48 Neutral | €123.23M | -14.60 | -15.60% | ― | -4.35% | -156.96% | |
42 Neutral | €547.03M | -0.45 | 117.34% | 1.65% | -14.39% | -173.10% | |
40 Underperform | €10.02M | -0.90 | ― | ― | 71.65% | -16.74% |
* General Sector Average
FR:ALTAI
LightOn S.A.
1.35
-5.82
-81.23%
FR:ATO
Atos SE
27.46
-22.24
-44.75%
FR:CAP
Capgemini SE
127.65
1.99
1.59%
FR:SOP
Sopra Steria
191.10
64.46
50.90%
FR:ALKEY
Keyrus SA
7.76
0.16
2.11%
FR:MLCHE
Cheops Technology SA
57.00
-5.00
-8.06%
LightOn S.A. Corporate Events
LightOn launches document-centric AI suite on Scaleway’s sovereign cloud
Oct 13, 2026
LightOn has launched LightOn Suite, a new platform that combines LightOn Core for structuring and indexing corporate document assets with LightOn Apps for rapidly building AI-powered business applications on top of that shared knowledge base. Host...
LightOn launches LightOnOCR-3 to boost low-cost document intelligence
Oct 8, 2026
LightOn has launched LightOnOCR-3, a new family of open-weight document intelligence models designed to outperform rival American and Chinese offerings on leading OCR benchmarks while excelling on French documents and handwritten text. Available i...
LightOn boosts revenue and unveils search-focused AI roadmap to drive recurring growth
Sep 29, 2026
LightOn reported first-half 2026 revenue of €1.1 million, up 51% year-on-year, driven by growth in Paradigm license sales and an improved gross margin rising to 28%, while operating losses remained broadly stable at around €3.9 million...
LightOn updates share capital and voting rights as of 31 August 2026
Sep 28, 2026
LightOn reported that its share capital comprised 7,446,854 shares and 10,856,181 voting rights as of 31 August 2026, reflecting the issuance of 69,959 new shares in August tied to a previously announced bond transaction. The updated capital struc...
LightOn renews €4 million bond financing to extend cash runway to 2027
Sep 23, 2026
LightOn has renewed its bond financing with its existing European investor group, including Vester Finance, arranging two bond issues with a maximum nominal value of €4 million and an effective subscription price of €3.7 million. The d...
LightOn Updates Share Capital and Voting Rights After New Share Issuance
Aug 26, 2026
LightOn S.A., a Paris-based enterprise AI specialist listed on Euronext Growth, provides a secure and frugal AI platform tailored to large-scale deployments in highly regulated industries, including finance, healthcare and defense. Its technology ...
LightOn Updates Share Capital and Voting Rights After Bond-Linked Share Issuance
Jul 31, 2026
LightOn has reported its capital and voting rights situation as of 30 June 2026, disclosing a total of 7,289,149 shares and 10,745,726 voting rights. The share count includes 574,816 new shares issued in June 2026 following a previously announced ...
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.