InCoax Networks AB (INCOAX) AI Stock Analysis

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InCoax Networks AB

(Nasdaq OMX AB:INCOAX)

Select Model

Rating:40Underperform

Price Target:SEK 0.03▼(-2.94% Downside)

Action:reiterated

Date:11/12/26

The score is driven primarily by very weak profitability and persistent cash burn, compounded by deteriorating technical momentum. The balance sheet offers limited support, while negative earnings and the absence of dividend income provide no valuation cushion.

Positive Factors

Coax-based deployment modelUsing existing coaxial infrastructure can reduce the disruption and installation burden of upgrading broadband in multi-dwelling properties. This positions the company around a practical deployment need and may support adoption where full in-building cabling replacement is difficult or costly.

Negative Factors

Declining revenue and deep lossesThe latest performance shows both weaker demand conversion and severely negative profitability, indicating that the current revenue base is not covering product and operating costs. Until margins recover, continued losses can restrict investment capacity and make sustainable growth difficult.

InCoax Networks AB (INCOAX) vs. iShares MSCI Sweden ETF (EWD)

Market Cap: SEK 5.24M
Dividend Yield: ―
Average Volume (3M): 903.85K
Price to Earnings (P/E): -0.1
Beta (1Y): 0.11
Revenue Growth: -64.68%
EPS Growth: -31.59%
Country: Sweden
Employees: 22
Sector: Technology
Sector Strength: 61
Industry: Communication Equipment

InCoax Networks AB Business Overview & Revenue Model

Company Description

InCoax Networks AB (publ) specializes in delivering networking solutions and products tailored for the telecommunications, broadband internet service, and hospitality industries. Their product portfolio encompasses essential modems, as well as the in...

How the Company Makes Money

InCoax makes money primarily by selling broadband access equipment and related components that enable Ethernet/IP data transmission over coaxial infrastructure in buildings. Its core revenue stream is product sales of its in-building/coax-based acces...

InCoax Networks AB Financial Statement Overview

Summary

Very weak profitability and cash generation weigh heavily on the score: revenue has declined sharply, gross margin is negative, losses have widened, and operating and free cash flow remain consistently negative. The relatively solid historical equity base and low prior debt provide some support, but recent debt growth and ongoing capital erosion are significant risks.

Income Statement

22Negative

Balance Sheet

58Neutral

Cash Flow

18Very Negative

Financial statement breakdown
Breakdown	TTM	Dec 2025	Dec 2024	Dec 2023	Dec 2022	Dec 2021
Income Statement
Total Revenue	20.47M	48.05M	74.50M	59.62M	25.92M	20.89M
Gross Profit	-4.90M	-28.36M	67.48M	50.22M	36.67M	25.29M
EBITDA	-35.72M	-27.99M	-18.53M	-15.70M	-21.62M	-23.47M
Net Income	-42.97M	-32.56M	-19.15M	-16.91M	-22.82M	-24.50M
Balance Sheet
Total Assets	160.72M	153.65M	137.67M	114.93M	123.18M	83.17M
Cash, Cash Equivalents and Short-Term Investments	7.60M	8.75M	2.23M	14.99M	36.30M	34.28M
Total Debt	40.75M	3.25M	0	3.25M	3.25M	3.25M
Total Liabilities	65.41M	43.87M	27.13M	35.30M	26.92M	21.21M
Stockholders Equity	95.32M	109.78M	110.54M	79.63M	96.26M	61.96M
Cash Flow
Free Cash Flow	-39.58M	-45.28M	-27.12M	-11.84M	-55.10M	-44.39M
Operating Cash Flow	-39.58M	-20.01M	-27.12M	-10.04M	-30.68M	-28.18M
Investing Cash Flow	-22.05M	-25.27M	-25.71M	-21.00M	-24.42M	-16.20M
Financing Cash Flow	47.35M	51.80M	40.06M	9.73M	57.12M	61.84M

InCoax Networks AB Technical Analysis

Technical Analysis SentimentNegative

Last Price0.03

Price Trends

50DMA0.31Negative

100DMA0.60Negative

200DMA0.68Negative

Market Momentum

MACD-0.06Negative

RSI23.65Positive

STOCH4.60Positive

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For SE:INCOAX, the sentiment is Negative. The current price of 0.03 is below the 20-day moving average (MA) of 0.06, below the 50-day MA of 0.31, and below the 200-day MA of 0.68, indicating a bearish trend. The MACD of -0.06 indicates Negative momentum. The RSI at 23.65 is Positive, neither overbought nor oversold. The STOCH value of 4.60 is Positive, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for SE:INCOAX.

InCoax Networks AB Peers Comparison

Overall Rating

UnderperformOutperform

Sector (61)

Financial Indicators

SE:INCOAX against its peers
Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
SE:ERIC.B	70Outperform	SEK 355.08B	18.31	18.10%	2.81%	-3.96%	-21.11%
Sector *	61Neutral	$37.18B	12.37	-10.20%	1.83%	8.50%	-7.62%
SE:HTRO	61Neutral	SEK 8.99B	24.63	8.51%	―	7.22%	153.68%
SE:ALCA	58Neutral	SEK 735.33M	176.47	―	―	-4.14%	-86.52%
SE:WAYS	58Neutral	SEK 320.07M	190.00	―	―	16.73%	202.62%
SE:NETI.B	52Neutral	SEK 865.65M	-21.13	-7.07%	―	-14.51%	-1025.00%
SE:INCOAX	40Underperform	SEK 5.24M	-0.10	-40.84%	―	-64.68%	-31.59%

* Technology Sector Average

Performance Comparison

SE:INCOAX and its peers over the selected period
Ticker	Company Name	Price	Change	% Change
SE:INCOAX	InCoax Networks AB	0.03	-0.59	-94.53%
SE:ERIC.B	Telefonaktiebolaget LM Ericsson Class B	106.95	17.41	19.44%
SE:HTRO	Hexatronic Group AB	39.40	22.50	133.21%
SE:NETI.B	Net Insight AB Class B	2.59	-1.52	-36.98%
SE:ALCA	Alcadon Group AB	30.00	7.50	33.33%
SE:WAYS	Waystream Group AB	38.00	4.40	13.10%

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 11, 2026

InCoax Networks AB AI Stock Analysis