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.

- Loss-making since start
- Revenue declined in 2023
- High inventory level, although said to decline going forward

- High gross margin of c60%
- High historical growth, although starting from a very low level
- Profitbiality within reach, with first quarter with positive EBIT expected in 2025e and positive cash flow in 2026e

* Recent CEO change creates uncertainty in terms of strategy execution and consistent delivery on promises.
* Lack of a well-defined strategic plan, with expectations for a new plan to be revealed in fall 2024.
* 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 commitment to innovation, with founding team members still involved and a focus on continuous product development.
* Strong insider ownership (12.4%) 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.