Starbreeze

Heliospectra

BrightBid

Avtech Sweden

Gapwaves

Bioinvent International

Smart Eye

Acconeer

* Currently generating no profits and negative cash flow, with positive EBIT expected in 2025 and positive cash flow in 2026.
* Potential for future market concentration, with revenues expected to become more dependent on a few major automotive customers.
* Uncertain long-term sustainability of competitive advantage, as competitors may eventually develop similar PCR solutions.
* Limited proactive promotion of environmental sustainability initiatives.
* As a small company, there's still a fair chance that the core business may fail, despite promising outlook.

* Strong recurring revenue potential, particularly in Automotive, with long-term contracts and re-occurring purchases from major car manufacturers.
* Significant growth potential, with expected 15-fold revenue increase from 2024 to 2027, supported by IoT and automation trends.
* Unique technology offering with pulsed coherent radar for ultra-low-power applications, providing a competitive edge in the market.
* Successful expansion into global markets through distributor networks and partnerships, particularly with Alps Alpine for automotive sector penetration.
* Products contribute to greater good, especially in automotive safety features like "child/pet left behind" use cases.

* Lack of profitability, with operating margin (EBIT) below 20% and not increasing for three consecutive years.
* Poor historical stock performance, failing to achieve 10% compounded growth since IPO.
* Inconsistent earnings growth, falling short of 10% annual growth over the last five years and lacking stability over the past decade.

* Healthy current ratio with current assets 1.5 times greater than current liabilities, demonstrating strong short-term liquidity.
* Low debt levels relative to operating and free cash flow, indicating good financial health and debt management.
* Efficient accounts receivable management, with a ratio below 20% and under the 5-year average.

* Recent CEO change creates uncertainty in terms of strategy execution and consistent delivery on promises.
* Continuous loss-making status with recent dilution through a rights issue, impacting shareholder value.
* Limited female representation in top leadership positions, potentially missing out on diversity benefits.
* Uncertainty regarding the new CEO's approach to owning mistakes and upholding company values, given his recent appointment.

* New CEO Ted Hansson brings valuable industry experience and a strong network from his success at Fingerprint Cards, potentially driving growth in key markets.
* Management demonstrates a commitment to innovation, with founding team members still involved and a focus on continuous product development.
* Strong insider ownership and significant stakes held by board members indicate alignment with shareholder interests.
* Lean organization with a focus on efficient capital allocation and operational excellence, suitable for the company's current size.
* Transparent and candid communication from management, particularly regarding past mistakes and long-term business value.