Athanase Innovation AB (ATIN) AI Stock Analysis

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Athanase Innovation AB

(Nasdaq OMX AB:ATIN)

Select Model

Rating:46Neutral

Price Target:SEK 14.50▼(-3.33% Downside)

Action:reiterated

Date:11/06/26

The score is held down primarily by very weak profitability and ongoing cash burn, despite a low-risk capital structure with near-zero debt. Technicals are mixed with near-term weakness versus key moving averages, and valuation provides limited support due to negative earnings and no dividend yield data.

Positive Factors

Minimal leverageNear-zero debt reduces financial risk and interest-related pressure, giving the company greater flexibility during weak operating periods. This capital structure can help preserve optionality for supporting portfolio companies and pursuing long-term value creation without heavy refinancing obligations.

Negative Factors

Declining revenue and weak profitabilityFalling revenue combined with losses that remain large relative to sales indicates that the portfolio and ownership model are not currently producing sufficient operating earnings. Persistent unprofitability limits internal reinvestment capacity and makes durable earnings improvement dependent on a substantial recovery.

Athanase Innovation AB (ATIN) vs. iShares MSCI Sweden ETF (EWD)

Market Cap: SEK 289.46M
Dividend Yield: ―
Average Volume (3M): 199
Price to Earnings (P/E): -5.3
Beta (1Y): 0.35
Revenue Growth: -33.93%
EPS Growth: -9.82%
Country: Sweden
Employees: 27
Sector: General
Sector Strength: 55
Industry: Asset Management

Athanase Innovation AB Business Overview & Revenue Model

Company Description

Established in 2016, Athanase Innovation AB is a Stockholm-based alternative investment firm dedicated to funding businesses that lead the way in robotics, digitalization, and automation within Sweden.

Athanase Innovation AB Financial Statement Overview

Summary

Operating performance is very weak (income statement score 18) with declining TTM revenue and deeply negative margins, and cash flow is also weak (cash flow score 33) with consistently negative operating cash flow. The main offset is a comparatively strong balance sheet (score 72) with effectively no debt, but shrinking equity/assets and persistently negative returns keep the overall financial profile below average.

Income Statement

18Very Negative

Balance Sheet

72Positive

Cash Flow

33Negative

Financial statement breakdown
Breakdown	TTM	Dec 2025	Dec 2024	Dec 2023	Dec 2022	Dec 2021
Income Statement
Total Revenue	32.63M	36.86M	176.83M	40.60M	6.38M	7.06M
Gross Profit	-43.06M	-95.53M	74.94M	17.78M	-84.02M	-31.01M
EBITDA	-71.19M	-67.29M	696.00K	-63.41M	-108.04M	-18.75M
Net Income	-54.46M	-57.62M	-19.64M	-56.26M	-114.53M	-26.55M
Balance Sheet
Total Assets	370.47M	481.31M	551.97M	683.18M	827.25M	918.70M
Cash, Cash Equivalents and Short-Term Investments	321.58M	245.39M	310.64M	457.25M	644.36M	746.92M
Total Debt	0	0	0	328.00K	422.00K	515.00K
Total Liabilities	4.73M	53.90M	67.20M	49.09M	35.36M	11.30M
Stockholders Equity	365.74M	427.20M	484.76M	634.09M	791.89M	907.40M
Cash Flow
Free Cash Flow	-7.25M	-67.46M	-14.96M	-83.58M	-45.70M	-14.95M
Operating Cash Flow	-58.14M	-65.63M	-14.96M	-83.40M	-43.65M	-14.89M
Investing Cash Flow	132.77M	-2.79M	-1.49M	5.90M	-64.98M	-159.47M
Financing Cash Flow	-8.14M	3.20M	-129.63M	-101.84M	-1.03M	920.80M

Athanase Innovation AB Technical Analysis

Technical Analysis SentimentNegative

Last Price15.00

Price Trends

50DMA19.34Negative

100DMA19.69Negative

200DMA17.27Negative

Market Momentum

MACD-1.16Positive

RSI0.19Positive

STOCH50.51Neutral

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For SE:ATIN, the sentiment is Negative. The current price of 15.00 is below the 20-day moving average (MA) of 18.15, below the 50-day MA of 19.34, and below the 200-day MA of 17.27, indicating a bearish trend. The MACD of -1.16 indicates Positive momentum. The RSI at 0.19 is Positive, neither overbought nor oversold. The STOCH value of 50.51 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for SE:ATIN.

Athanase Innovation AB Peers Comparison

Overall Rating

UnderperformOutperform

Sector (55)

Financial Indicators

SE:ATIN against its peers
Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
SE:SVOL.B	75Outperform	SEK 6.82B	16.34	7.21%	2.08%	1359.94%	4701.57%
SE:CRED.A	72Outperform	SEK 11.66B	5.90	16.53%	1.88%	6.97%	50.85%
Sector *	55Neutral	$6.65B	3.83	-15.92%	6.20%	10.91%	7.18%
SE:ATIN	46Neutral	SEK 289.46M	-5.32	―	―	-33.93%	-9.82%
SE:VEFAB	45Neutral	SEK 1.85B	55.11	―	―	―	―

* General Sector Average

Performance Comparison

SE:ATIN and its peers over the selected period
Ticker	Company Name	Price	Change	% Change
SE:ATIN	Athanase Innovation AB	15.00	-1.80	-10.71%
SE:CRED.A	Creades AB Class A	85.15	12.85	17.78%
SE:SVOL.B	Svolder AB Class B	64.85	10.26	18.80%
SE:MTI	MTI Investment AB	0.84	-0.27	-23.87%
SE:VEFAB	VEF AB	1.71	-0.45	-20.74%
SE:BMC	Brock Milton Capital AB	90.40	-11.86	-11.60%

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: Nov 06, 2026

Athanase Innovation AB AI Stock Analysis