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Iconovo AB (ICO) AI Stock Analysis
Iconovo AB
(Nasdaq OMX AB:ICO)
The score is primarily constrained by weak financial performance—very large losses, negative gross profit, and ongoing cash burn—despite strong revenue growth and low leverage. Technicals are mildly supportive with price above key moving averages, but mixed momentum signals prevent a higher score. Valuation is also a headwind because negative earnings (negative P/E) and no dividend yield provide limited valuation support.
Iconovo AB (ICO) vs. iShares MSCI Sweden ETF (EWD)
- Market Cap
- SEK 115.41M
- Dividend Yield
- ―
- Average Volume (3M)
- 67.25K
- Price to Earnings (P/E)
- -2.4
- Beta (1Y)
- -0.48
- Revenue Growth
- 52.61%
- EPS Growth
- 67.62%
- Country
- Sweden
- Employees
- 12
- Sector
- General
- Sector Strength
- 55
- Industry
- Medical - Devices
Iconovo AB Business Overview & Revenue Model
Company Description
Based in Lund, Sweden, Iconovo AB (publ) focuses on the creation and licensing of advanced inhalation delivery systems. Their product portfolio encompasses a variety of dry powder inhalers, such as the versatile multi-dose ICOres, the capsule-driven...
How the Company Makes Money
Iconovo makes money primarily through partnering and licensing its inhaler platforms and inhalation product development capabilities to other pharmaceutical companies. Revenue is typically generated from (1) upfront payments and fees for development...
Iconovo AB Financial Statement Overview
Summary
Revenue growth is strong (TTM +40.65%), and the balance sheet is a relative strength with very low leverage (TTM debt-to-equity ~0.02). However, the core constraint is operating performance: gross profit has reverted to sharply negative, losses are extremely large versus revenue (TTM net margin around -15x), and cash burn remains substantial with negative operating cash flow (~-28.1M) and free cash flow (~-35.5M).
Income Statement
18Very NegativeBalance Sheet
72PositiveCash Flow
24Negative| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 2.42M | 1.10M | 2.93M | 7.08M | 17.12M | 15.41M |
| Gross Profit | -26.69M | -43.75M | 19.13M | 17.58M | 17.24M | 21.31M |
| EBITDA | -28.97M | -34.05M | -29.76M | -27.45M | -38.77M | -24.90M |
| Net Income | -37.24M | -43.36M | -41.14M | -45.89M | -50.31M | -26.16M |
Balance Sheet | ||||||
| Total Assets | 152.55M | 131.08M | 145.69M | 128.08M | 121.27M | 148.54M |
| Cash, Cash Equivalents and Short-Term Investments | 26.34M | 6.56M | 29.76M | 18.48M | 13.45M | 94.94M |
| Total Debt | 3.46M | 4.97M | 7.90M | 7.72M | 10.03M | 0 |
| Total Liabilities | 9.97M | 13.16M | 16.47M | 14.55M | 31.97M | 11.51M |
| Stockholders Equity | 142.58M | 117.92M | 129.21M | 113.53M | 89.29M | 137.03M |
Cash Flow | ||||||
| Free Cash Flow | -35.48M | -45.96M | -46.44M | -61.43M | -80.65M | -36.91M |
| Operating Cash Flow | -28.10M | -31.87M | -24.54M | -38.60M | -43.70M | -11.01M |
| Investing Cash Flow | -13.62M | -14.09M | -21.90M | -22.91M | -36.95M | -25.99M |
| Financing Cash Flow | 44.63M | 27.83M | 52.65M | 66.55M | -936.22K | 70.25M |
Iconovo AB Technical Analysis
Price Trends
Market Momentum
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For SE:ICO, the sentiment is Positive. The current price of 1.20 is above the 20-day moving average (MA) of 1.10, above the 50-day MA of 1.20, and above the 200-day MA of 1.15, indicating a bullish trend. The MACD of 0.01 indicates Negative momentum. The RSI at 55.83 is Neutral, neither overbought nor oversold. The STOCH value of 92.11 is Negative, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for SE:ICO.
Iconovo AB Peers Comparison
Overall Rating
SE:GETI.B67Neutral
SE:SEDANA49Neutral- SE:ICO49Neutral
Financial Indicators
| Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
| SE:GETI.B | 67Neutral | SEK 75.64B | 26.73 | 9.13% | 1.71% | -3.90% | 37.73% |
| Sector * | 55Neutral | $6.65B | 3.83 | -15.92% | 6.20% | 10.91% | 7.18% |
| SE:SEDANA | 49Neutral | SEK 926.81M | -26.86 | -3.88% | ― | 0.42% | 15.03% |
| SE:ICO | 49Neutral | SEK 115.41M | -2.36 | ― | ― | 52.61% | 67.62% |
* General Sector Average
Performance Comparison
| Show on chart | Ticker | Company Name | Price | Change | % Change |
|---|---|---|---|---|---|
| SE:ICO | Iconovo AB | 1.20 | -0.62 | -34.07% | |
| SE:GETI.B | Getinge AB (UK) | 277.70 | 60.83 | 28.05% | |
| SE:SEDANA | Sedana Medical AB | 9.33 | -0.83 | -8.17% |
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 27, 2026