Svenska Aerogel Holding AB (AERO) AI Stock Analysis

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Svenska Aerogel Holding AB

(Nasdaq OMX AB:AERO)

Select Model

Rating:42Neutral

Price Target:SEK 0.43▼(-4.04% Downside)

Action:upgraded

Date:10/24/26

The score is driven primarily by weak financial performance—ongoing losses and heavy cash burn outweigh the benefit of zero debt. Technical indicators add further pressure with a pronounced downtrend and negative momentum. Valuation is constrained by a negative P/E (loss-making) and no dividend yield data to provide income support.

Positive Factors

Debt-free balance sheetThe absence of debt materially reduces interest burden and refinancing exposure, giving the company greater financial flexibility than a leveraged peer. This cleaner capital structure can help management direct future funding toward production scale-up and customer adoption.

Negative Factors

Severe cash burnPersistent negative operating and free cash flow means the business is not currently funding itself through operations. Continued cash burn can require external financing, dilute existing owners, or constrain investment in manufacturing capacity and commercial expansion.

Svenska Aerogel Holding AB (AERO) vs. iShares MSCI Sweden ETF (EWD)

Market Cap: SEK 23.77M
Dividend Yield: ―
Average Volume (3M): 138.96K
Price to Earnings (P/E): -0.5
Beta (1Y): 1.00
Revenue Growth: -11.55%
EPS Growth: 60.56%
Country: Sweden
Employees: 11
Sector: Basic Materials
Sector Strength: 61
Industry: Chemicals - Specialty

Svenska Aerogel Holding AB Business Overview & Revenue Model

Company Description

Svenska Aerogel Holding AB (publ), operating through its subsidiary, specializes in the research, development, manufacturing, and global distribution of aerogel. The company's reach extends to customers throughout Europe, North America, and Asia. Its...

How the Company Makes Money

Svenska Aerogel makes money primarily by selling aerogel-based materials (notably Quartzene®) to industrial customers. Revenue is generated when the company supplies its material—typically as a powder/granulate or as part of a formulated solution—to...

Svenska Aerogel Holding AB Financial Statement Overview

Summary

Overall financial quality is weak despite a cleaner balance sheet. Revenue growth has improved in TTM (+8.963%), but profitability remains deeply negative (gross profit negative in 2023–TTM; TTM operating margin ~-8.53% and net margin ~-8.56%). Cash burn is severe with consistently negative operating cash flow (TTM ~-SEK 26.1m) and free cash flow (TTM ~-SEK 26.4m), and free cash flow deterioration versus the prior period. Balance sheet leverage is low with total debt at 0 in TTM and meaningful equity (SEK 32.5m), but continued losses (negative ROE) risk ongoing equity erosion.

Income Statement

14Very Negative

Balance Sheet

62Positive

Cash Flow

18Very Negative

Financial statement breakdown
Breakdown	TTM	Dec 2025	Dec 2024	Dec 2023	Dec 2022	Dec 2021
Income Statement
Total Revenue	4.01M	4.71M	2.59M	3.12M	6.35M	1.79M
Gross Profit	-11.04M	-10.80M	-13.94M	-14.72M	8.79M	4.99M
EBITDA	-23.96M	-24.85M	-25.82M	-33.47M	-29.68M	-30.14M
Net Income	-30.86M	-31.90M	-34.24M	-44.11M	-40.27M	-40.64M
Balance Sheet
Total Assets	38.36M	45.64M	45.26M	58.51M	74.41M	101.03M
Cash, Cash Equivalents and Short-Term Investments	6.32M	8.30M	1.54M	6.03M	14.05M	34.17M
Total Debt	0	697.00K	3.77M	8.39M	13.42M	18.52M
Total Liabilities	5.82M	7.84M	11.50M	33.47M	31.00M	38.37M
Stockholders Equity	32.53M	37.80M	33.76M	25.04M	43.40M	62.66M
Cash Flow
Free Cash Flow	-26.39M	-26.11M	-28.45M	-38.30M	-41.46M	-33.84M
Operating Cash Flow	-26.11M	-25.66M	-28.30M	-37.88M	-37.34M	-31.13M
Investing Cash Flow	-342.00K	-456.00K	-152.00K	-419.00K	-4.12M	-2.89M
Financing Cash Flow	17.02M	32.87M	23.97M	30.27M	21.34M	41.34M

Svenska Aerogel Holding AB Technical Analysis

Technical Analysis SentimentNegative

Last Price0.45

Price Trends

50DMA0.59Negative

100DMA0.71Negative

200DMA1.02Negative

Market Momentum

MACD-0.05Negative

RSI37.91Neutral

STOCH61.10Neutral

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For SE:AERO, the sentiment is Negative. The current price of 0.45 is below the 20-day moving average (MA) of 0.46, below the 50-day MA of 0.59, and below the 200-day MA of 1.02, indicating a bearish trend. The MACD of -0.05 indicates Negative momentum. The RSI at 37.91 is Neutral, neither overbought nor oversold. The STOCH value of 61.10 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for SE:AERO.

Svenska Aerogel Holding AB Peers Comparison

Overall Rating

UnderperformOutperform

Sector (61)

Financial Indicators

SE:AERO against its peers
Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
SE:HPOL.B	68Neutral	SEK 31.74B	17.55	12.33%	4.56%	-0.82%	-7.46%
SE:PCAT	65Neutral	SEK 14.87M	4.56	―	―	-17.14%	88.76%
Sector *	61Neutral	$10.43B	7.12	-0.05%	2.87%	2.86%	-36.73%
SE:ORGC	45Neutral	SEK 83.91M	-1.52	-176.65%	―	-21.95%	-28.77%
SE:POLYG	44Neutral	SEK 85.47M	-19.61	-1.52%	―	-18.26%	35.77%
SE:AERO	42Neutral	SEK 23.77M	-0.54	-87.92%	―	-11.55%	60.56%
SE:NEXAM	38Underperform	SEK 258.28M	-12.35	-9.37%	―	-4.57%	-15.20%

* Basic Materials Sector Average

Performance Comparison

SE:AERO and its peers over the selected period
Ticker	Company Name	Price	Change	% Change
SE:AERO	Svenska Aerogel Holding AB	0.45	-1.00	-69.09%
SE:HPOL.B	Hexpol AB	92.15	11.61	14.42%
SE:NEXAM	Nexam Chemical Holding AB	2.52	-0.60	-19.23%
SE:POLYG	Polygiene AB	2.34	-7.06	-75.11%
SE:ORGC	OrganoClick AB	0.46	-1.42	-75.64%
SE:PCAT	Photocat A/S	2.48	-2.32	-48.33%

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.

Date of analysis: Oct 24, 2026

Svenska Aerogel Holding AB AI Stock Analysis

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