Anoto Group AB (INQ) AI Stock Analysis

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Anoto Group AB

(Nasdaq OMX AB:INQ)

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Rating:45Neutral

Price Target:SEK 0.18▼(-2.70% Downside)

Action:reiterated

Date:10/20/26

The score is primarily held down by weak financial performance, driven by extremely large ongoing losses, negative shareholder equity, and continued negative free cash flow. Technicals provide some offset because the stock is trading above key moving averages, but momentum indicators are not convincingly positive. Valuation remains a concern because the negative P/E reflects lack of profitability and there is no dividend support.

Positive Factors

Revenue and Gross Margin RecoveryThe rebound in revenue alongside a materially higher gross margin indicates improving commercial traction and unit economics. If sustained, this combination can strengthen operating leverage, support more efficient reinvestment, and provide a better foundation for eventual profitability over the coming quarters.

Negative Factors

Severe Ongoing LossesThe scale of ongoing losses shows that recent revenue and margin improvements have not yet translated into a sustainable earnings profile. Persistent negative EBIT and net income can consume resources, limit internal investment capacity, and require continued operational restructuring before the business becomes financially self-supporting.

Anoto Group AB (INQ) vs. iShares MSCI Sweden ETF (EWD)

Market Cap: SEK 204.60M
Dividend Yield: ―
Average Volume (3M): 2.90M
Price to Earnings (P/E): -1.7
Beta (1Y): 0.39
Revenue Growth: 17.82%
EPS Growth: 52.11%
Country: Sweden
Employees: 31
Sector: General
Sector Strength: 55
Industry: Computer Hardware

Anoto Group AB Business Overview & Revenue Model

Company Description

Anoto Group AB (publ) provides digital writing and drawing solutions worldwide. It operates through three segments: Enterprise Solutions (B2B), Retail(B2C), and OEM. The company offers ACE, a cloud-based forms system that provide paper document handl...

How the Company Makes Money

Anoto makes money primarily by commercializing its handwriting digitization technology through a mix of technology licensing and product- and solution-related sales tied to its intellectual property and platform. Key revenue streams have historically...

Anoto Group AB Financial Statement Overview

Summary

Financials appear distressed despite some recent improvement: revenue rebounded TTM (+11.3%) and gross margin improved materially, but losses remain extremely large (TTM net margin around -355%). The balance sheet is a major risk with negative shareholder equity (~-41.1m) and sizable debt (~56.4m). Cash flow is still negative (TTM operating cash flow ~-11.3m; free cash flow ~-19.2m), implying continued funding/restructuring needs.

Income Statement

12Very Negative

Balance Sheet

18Very Negative

Cash Flow

16Very Negative

Financial statement breakdown
Breakdown	TTM	Dec 2025	Dec 2024	Dec 2023	Dec 2022	Dec 2021
Income Statement
Total Revenue	25.34M	22.37M	30.07M	43.01M	69.36M	71.73M
Gross Profit	11.80M	7.12M	14.36M	27.04M	42.90M	38.58M
EBITDA	-56.36M	-54.48M	-53.76M	38.95M	-21.92M	-24.86M
Net Income	-90.00M	-96.23M	-55.78M	-84.24M	-30.90M	-40.22M
Balance Sheet
Total Assets	77.93M	95.87M	144.82M	143.62M	238.73M	239.07M
Cash, Cash Equivalents and Short-Term Investments	1.17M	196.00K	30.67M	2.62M	1.72M	3.88M
Total Debt	56.45M	25.70M	4.64M	24.29M	72.17M	41.64M
Total Liabilities	119.07M	94.39M	64.70M	84.28M	147.08M	106.33M
Stockholders Equity	-41.14M	1.48M	80.13M	59.33M	111.00M	144.51M
Cash Flow
Free Cash Flow	-19.25M	-37.20M	-51.96M	-40.00M	-32.33M	-46.33M
Operating Cash Flow	-11.26M	-33.18M	-43.98M	-40.73M	-27.95M	-39.02M
Investing Cash Flow	-17.62M	-18.11M	-12.44M	-1.13M	-2.27M	-7.01M
Financing Cash Flow	29.79M	47.73M	84.44M	28.16M	27.70M	47.53M

Anoto Group AB Technical Analysis

Technical Analysis SentimentPositive

Last Price0.18

Price Trends

50DMA0.16Positive

100DMA0.15Positive

200DMA0.11Positive

Market Momentum

MACD0.00Negative

RSI62.34Neutral

STOCH75.46Neutral

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For SE:INQ, the sentiment is Positive. The current price of 0.18 is above the 20-day moving average (MA) of 0.15, above the 50-day MA of 0.16, and above the 200-day MA of 0.11, indicating a bullish trend. The MACD of 0.00 indicates Negative momentum. The RSI at 62.34 is Neutral, neither overbought nor oversold. The STOCH value of 75.46 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for SE:INQ.

Anoto Group AB Peers Comparison

Overall Rating

UnderperformOutperform

Sector (55)

Financial Indicators

SE:INQ against its peers
Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
Sector *	55Neutral	$6.65B	3.83	-15.92%	6.20%	10.91%	7.18%
SE:ONEF	55Neutral	SEK 490.23M	-24.71	―	―	20.62%	85.64%
SE:PREC	51Neutral	SEK 138.99M	-1.89	-18.04%	―	-19.38%	-78.61%
SE:INQ	45Neutral	SEK 204.60M	-1.73	646.94%	―	17.82%	52.11%
SE:TOBII	42Neutral	SEK 161.10M	-0.33	-163.73%	―	-29.55%	-4399.57%
SE:XMR	41Neutral	SEK 34.66M	-20.29	-351.08%	―	-13.56%	96.77%

* General Sector Average

Performance Comparison

SE:INQ and its peers over the selected period
Ticker	Company Name	Price	Change	% Change
SE:INQ	Anoto Group AB	0.18	0.14	277.55%
SE:PREC	Precise Biometrics AB	0.51	-1.99	-79.62%
SE:TOBII	Tobii AB	0.69	-0.82	-54.64%
SE:XMR	XMReality AB	0.03	0.02	180.00%
SE:ONEF	Oneflow AB	17.30	-9.80	-36.16%
SE:QSYS	Qualisys Holding AB	34.80	-20.19	-36.72%

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 20, 2026

Anoto Group AB AI Stock Analysis