CirChem AB (CIRCHE) AI Stock Analysis

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CirChem AB

(Nasdaq OMX AB:CIRCHE)

Select Model

Rating:42Neutral

Price Target:SEK 0.38▼(-0.26% Downside)

Action:reiterated

Date:11/07/26

The score is primarily held down by very weak financial performance—deeply negative margins and significant cash burn—despite a moderately levered balance sheet. Technicals reinforce the risk with a persistent downtrend and bearish momentum indicators. Valuation offers limited support because earnings are negative and no dividend yield is available.

Positive Factors

Circular-Chemistry Business ModelCirChem’s focus on recovering and recycling chemicals for industrial reuse gives it a differentiated circular-chemistry position within waste management. This model is aligned with ongoing industrial resource-efficiency needs and could support durable relevance across multiple applications if execution improves.

Negative Factors

Revenue ContractionFalling revenue indicates that the company is not currently expanding its commercial base and leaves fewer sales over which to spread fixed costs. Continued contraction would make a durable return to profitability more difficult and could constrain investment in growth initiatives.

CirChem AB (CIRCHE) vs. iShares MSCI Sweden ETF (EWD)

Market Cap: SEK 23.23M
Dividend Yield: ―
Average Volume (3M): 50.12K
Price to Earnings (P/E): -0.9
Beta (1Y): -0.12
Revenue Growth: -40.15%
EPS Growth: -127.64%
Country: Sweden
Employees: 11
Sector: Industrials
Sector Strength: 63
Industry: Waste Management

CirChem AB Business Overview & Revenue Model

Company Description

CirChem AB (publ) focuses on the reclamation of spent industrial solvents across Sweden. The company collects and purifies these used chemicals, preparing them for reuse, and furthermore produces other chemical solutions such as windshield washer flu...

CirChem AB Financial Statement Overview

Summary

Overall financials are weak: TTM revenue declined and profitability is deeply negative (gross margin -62.6%, net margin about -206.7%) with strong operating losses. Cash flow is also a major risk with materially negative operating cash flow (-11.6M) and free cash flow (-17.1M). The balance sheet provides some cushion (TTM debt-to-equity ~0.34), but leverage has increased and ROE is sharply negative (~-33%).

Income Statement

18Very Negative

Balance Sheet

56Neutral

Cash Flow

22Negative

Financial statement breakdown
Breakdown	TTM	Dec 2025	Dec 2024	Dec 2023	Dec 2022	Dec 2021
Income Statement
Total Revenue	7.18M	9.96M	20.66M	5.75M	590.62K	85.55K
Gross Profit	-12.35M	-7.93M	19.53M	3.04M	2.92M	2.62M
EBITDA	-16.02M	-10.12M	374.00K	-15.52M	-19.87M	-16.74M
Net Income	-18.14M	-12.05M	-1.07M	-17.14M	-25.50M	-19.48M
Balance Sheet
Total Assets	64.35M	69.47M	61.18M	59.11M	50.30M	52.14M
Cash, Cash Equivalents and Short-Term Investments	8.12M	13.65M	11.93M	16.58M	9.78M	14.57M
Total Debt	11.56M	20.52M	8.92M	8.92M	1.75M	2.00M
Total Liabilities	26.15M	25.14M	15.49M	24.00M	25.17M	25.77M
Stockholders Equity	38.21M	44.33M	45.68M	35.10M	25.13M	26.37M
Cash Flow
Free Cash Flow	-17.08M	-20.57M	-12.85M	-27.48M	-25.27M	-5.47M
Operating Cash Flow	-11.60M	-13.70M	-6.38M	-26.68M	-21.49M	-2.78M
Investing Cash Flow	-5.49M	-6.88M	-6.47M	-798.49K	-3.78M	-2.69M
Financing Cash Flow	18.35M	22.29M	8.20M	34.29M	20.48M	-2.04M

CirChem AB Technical Analysis

Technical Analysis SentimentNegative

Last Price0.38

Price Trends

50DMA0.51Negative

100DMA0.60Negative

200DMA0.78Negative

Market Momentum

MACD-0.04Positive

RSI35.10Neutral

STOCH12.14Positive

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For SE:CIRCHE, the sentiment is Negative. The current price of 0.38 is below the 20-day moving average (MA) of 0.44, below the 50-day MA of 0.51, and below the 200-day MA of 0.78, indicating a bearish trend. The MACD of -0.04 indicates Positive momentum. The RSI at 35.10 is Neutral, neither overbought nor oversold. The STOCH value of 12.14 is Positive, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for SE:CIRCHE.

CirChem AB Peers Comparison

Overall Rating

UnderperformOutperform

Sector (63)

Financial Indicators

SE:CIRCHE against its peers
Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
Sector *	63Neutral	$10.79B	15.43	7.44%	2.01%	2.89%	-14.66%
SE:BIOEX	42Neutral	SEK 113.54M	-5.57	-116.56%	―	-37.50%	1.01%
SE:CIRCHE	42Neutral	SEK 23.23M	-0.90	-42.40%	―	-40.15%	-127.64%
SE:SALT.B	40Underperform	SEK 941.26M	-10.38	-44.16%	―	-20.05%	-27.10%
SE:SES	38Underperform	SEK 138.08M	-0.24	-305.30%	―	-70.67%	-264.87%
SE:FREEM	37Underperform	SEK 274.15M	-2.33	-52.39%	―	23.50%	37.20%

* Industrials Sector Average

Performance Comparison

SE:CIRCHE and its peers over the selected period
Ticker	Company Name	Price	Change	% Change
SE:CIRCHE	CirChem AB	0.38	-0.41	-51.59%
SE:SES	Scandinavian Enviro Systems AB	0.10	-0.80	-89.33%
SE:FREEM	Freemelt Holding AB	1.19	-0.45	-27.34%
SE:SALT.B	SaltX Technology Holding AB Class B	4.09	-1.04	-20.32%
SE:BIOEX	Bioextrax AB	2.42	0.38	18.80%
SE:META	Metacon AB	0.08	-0.47	-85.27%

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 07, 2026

CirChem AB AI Stock Analysis