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Midsummer AB
(MIDS)
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Rating:46Neutral
Price Target:
kr1.00
▼(-26.47% Downside)
Action:Reiterated
Date:10/03/26
The score is held back primarily by still-negative profitability and negative free cash flow despite clear operational improvement and a much stronger balance sheet. Technical indicators are broadly bearish with oversold readings, and valuation is constrained by a negative P/E (loss-making) with no dividend yield data to offset risk.
Positive Factors
Stronger Balance Sheet
The sharp reduction in leverage and expansion of equity materially improve Midsummer’s financial flexibility. A stronger balance sheet can better support continued operations and investment while reducing solvency pressure during the company’s ongoing transition toward profitability.
Negative Factors
Operating Profitability Remains Negative
Midsummer has not yet established a sustainable cost structure, since both EBIT and EBITDA remain negative despite improved revenue and margins. Continued operating losses limit internal funding capacity and leave the turnaround dependent on further efficiency or performance gains.
Read all positive and negative factors
Positive Factors
Negative Factors
Stronger Balance Sheet
The sharp reduction in leverage and expansion of equity materially improve Midsummer’s financial flexibility. A stronger balance sheet can better support continued operations and investment while reducing solvency pressure during the company’s ongoing transition toward profitability.
Read all positive factors
Midsummer AB (MIDS) vs. iShares MSCI Sweden ETF (EWD)
Market Cap
kr656.73M
Dividend YieldN/A
Average Volume (3M)827.70K
Price to Earnings (P/E)―
Beta (1Y)0.69
Revenue Growth132.68%
EPS Growth91.26%
CountrySE
Employees120
SectorTechnology
Sector Strength88
IndustrySolar
Share Statistics
EPS (TTM)-0.03
Shares Outstanding529,620,240
10 Day Avg. Volume843,173
30 Day Avg. Volume827,695
Financial Highlights & Ratios
PEG Ratio0.10
Price to Book (P/B)4.16
Price to Sales (P/S)2.83
P/FCF Ratio-8.20
Enterprise Value/Market CapN/A
Enterprise Value/RevenueN/A
Enterprise Value/Gross ProfitN/A
Enterprise Value/EbitdaN/A
Forecast
1Y Price TargetN/A
Price Target UpsideN/A
Rating ConsensusN/A
Number of Analyst Covering0
EPS Forecast (FY)0.04
Revenue Forecast (FY)kr308.00M
Midsummer AB Business Overview & Revenue Model
Company Description
Midsummer AB (publ), headquartered in Järfälla, Sweden, specializes in creating and delivering machinery for the production of CIGS thin-film solar cells. The company's offerings include Duo, a fully automated deposition system specifically design...
How the Company Makes Money
Midsummer makes money primarily through (1) selling thin‑film solar manufacturing equipment (production lines and related machinery) to customers that want to produce thin‑film solar cells/modules, and (2) selling its own thin‑film solar modules/p...
Midsummer AB Financial Statement Overview
Summary
Income Statement
44
Neutral
Balance Sheet
58
Neutral
Cash Flow
46
Neutral
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 232.09M | 164.34M | 52.08M | 49.63M | 53.38M | 94.41M |
| Gross Profit | 70.43M | 30.96M | 2.38M | 33.77M | -18.11M | 27.30M |
| EBITDA | -20.11M | -40.88M | -96.58M | -162.50M | -34.94M | -70.83M |
| Net Income | -12.19M | -74.44M | -129.45M | -222.21M | -87.83M | -129.51M |
Balance Sheet | ||||||
| Total Assets | 578.64M | 412.66M | 418.06M | 517.56M | 469.42M | 491.24M |
| Cash, Cash Equivalents and Short-Term Investments | 125.95M | 29.33M | 8.46M | 20.52M | 2.39M | 159.16M |
| Total Debt | 128.73M | 235.11M | 247.85M | 236.51M | 249.92M | 212.46M |
| Total Liabilities | 236.74M | 300.64M | 342.78M | 322.90M | 285.94M | 238.28M |
| Stockholders Equity | 341.89M | 112.02M | 75.29M | 194.65M | 183.48M | 252.96M |
Cash Flow | ||||||
| Free Cash Flow | -16.31M | -56.78M | -70.77M | -130.64M | -171.17M | -178.74M |
| Operating Cash Flow | 37.65M | -36.32M | -8.20M | -71.06M | -101.37M | -63.39M |
| Investing Cash Flow | -64.18M | -39.83M | -62.57M | -63.90M | -69.80M | -115.35M |
| Financing Cash Flow | 101.81M | 99.81M | 58.73M | 148.45M | 13.47M | 118.97M |
Midsummer AB Technical Analysis
Negative
1.36
Price Trends
1.46
Negative
1.37
Negative
1.22
Positive
Market Momentum
-0.05
Positive
35.45
Neutral
14.54
Positive
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For SE:MIDS, the sentiment is Negative. The current price of 1.36 is below the 20-day moving average (MA) of 1.41, below the 50-day MA of 1.46, and above the 200-day MA of 1.22, indicating a neutral trend. The MACD of -0.05 indicates Positive momentum. The RSI at 35.45 is Neutral, neither overbought nor oversold. The STOCH value of 14.54 is Positive, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for SE:MIDS.
Midsummer AB Peers Comparison
UnderperformOutperform
Sector (61)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
61 Neutral | $37.18B | 12.37 | -10.20% | 1.83% | 8.50% | -7.62% | |
49 Neutral | kr202.84M | 46.94 | 2.03% | 9.08% | -3.37% | -94.71% | |
46 Neutral | kr656.73M | -35.83 | -5.40% | ― | 132.68% | 91.26% | |
45 Neutral | kr168.08M | -2.88 | ― | ― | -3.52% | 26.43% | |
43 Neutral | kr189.49M | -0.08 | -103.55% | ― | -16.23% | 36.58% |
* Technology Sector Average
SE:MIDS
Midsummer AB
1.24
-1.28
-50.95%
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21.80
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SE:SOLT
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0.06
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-79.72%
SE:GIGA
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1.24
-1.58
-56.07%
Midsummer AB Corporate Events
Cboe Europe to List Swedish Solar Firm Midsummer Shares, Expanding Investor Access
Sep 25, 2026
Midsummer AB, a Swedish solar energy specialist, develops and sells thin, light and flexible CIGS solar cells and solar roofs to construction and roofing companies, installers and private customers. The group also markets production equipment and ...
Midsummer and Metalogika launch Indonesian hub for thin-film solar manufacturing
Sep 8, 2026
Swedish solar technology provider Midsummer AB and Indonesian industrial firm PT Metalogika Rekayasa Sistem have agreed to create a joint manufacturing platform in Indonesia for thin-film flexible solar panels, anchored by Midsummer’s DUO pr...
Midsummer Partners with SteelX to Launch Integrated Solar Roofs in North America
Sep 2, 2026
Swedish solar specialist Midsummer AB is expanding its reach by partnering with SteelX Solar Power to introduce its ultra-light, integrated thin film solar roofs to the North American market. The collaboration marries Midsummer’s CIGS-based ...
Midsummer Drops Swedish Factory Plan to Pursue Asset-Light Global Expansion
Sep 1, 2026
Midsummer, a Swedish producer of flexible CIGS thin-film solar cells and solar roofs, focuses on supplying both complete roof solutions and specialized production equipment to industrial partners and installers. Its technology emphasizes lightweig...
Midsummer Wins Largest Order Yet for Lightweight Solar Panels
Jul 21, 2026
Swedish solar energy group Midsummer has secured its largest single order to date for thin and lightweight solar panels, a 667 kW off-grid field installation covering more than 5,000 square meters. The project is being co-developed with Danish sol...
Midsummer Receives First SEK 10m Grant Payment for Italian Solar R&D Project
Jul 14, 2026
Swedish thin film solar cell maker Midsummer has received about SEK 10m as the first payment from a research and development grant awarded to its Italian subsidiary by Invitalia, Italy’s investment authority. The total grant amounts to just ...
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.