New Risk • Aug 14
New major risk - Revenue size The company makes less than US$1m in revenue. Total revenue: kr4.4m (US$461k) This is considered a major risk. Companies with a small amount of revenue are most likely businesses that have not yet released a product to market or are simply a very small company without a wide reach. Either way, risk is elevated with these companies because there is a chance the product may not come to fruition or the company's addressable market or demand may not be as large as expected. In addition, if the company's size is the main factor, it is less likely to have many investors and analysts following it and scrutinizing its performance and outlook. Currently, the following risks have been identified for the company: Major Risks Less than 1 year of cash runway based on free cash flow trend (-kr17m free cash flow). Revenue is less than US$1m (kr4.4m revenue, or US$461k). Market cap is less than US$10m (kr26.3m market cap, or US$2.76m). Minor Risks Share price has been volatile over the past 3 months (11% average weekly change). Shareholders have been diluted in the past year (20% increase in shares outstanding). Reported Earnings • Aug 09
Second quarter 2026 earnings released: kr0.12 loss per share (vs kr0.068 loss in 2Q 2025) Second quarter 2026 results: kr0.12 loss per share (further deteriorated from kr0.068 loss in 2Q 2025). Revenue: kr2.12m (down 49% from 2Q 2025). Net loss: kr4.93m (loss widened 115% from 2Q 2025). Over the last 3 years on average, earnings per share has increased by 51% per year but the company’s share price has fallen by 40% per year, which means it is significantly lagging earnings. Reported Earnings • May 11
First quarter 2026 earnings released: kr0.12 loss per share (vs kr0.041 loss in 1Q 2025) First quarter 2026 results: kr0.12 loss per share (further deteriorated from kr0.041 loss in 1Q 2025). Revenue: kr2.60m (down 58% from 1Q 2025). Net loss: kr4.84m (loss widened 249% from 1Q 2025). Over the last 3 years on average, earnings per share has increased by 74% per year but the company’s share price has fallen by 35% per year, which means it is significantly lagging earnings. Reported Earnings • Feb 19
Full year 2025 earnings released: kr0.33 loss per share (vs kr0.035 loss in FY 2024) Full year 2025 results: kr0.33 loss per share (further deteriorated from kr0.035 loss in FY 2024). Revenue: kr15.6m (down 40% from FY 2024). Net loss: kr12.1m (loss widened kr11.0m from FY 2024). Over the last 3 years on average, earnings per share has increased by 86% per year but the company’s share price has fallen by 28% per year, which means it is significantly lagging earnings. New Risk • Nov 18
New major risk - Financial position The company has less than a year of cash runway based on its current free cash flow trend. Free cash flow: -kr13m This is considered a major risk. With less than a year's worth of cash, the company will need to raise capital or take on debt unless its cash flows improve. This would dilute existing shareholders or increase balance sheet risk. Currently, the following risks have been identified for the company: Major Risks Less than 1 year of cash runway based on free cash flow trend (-kr13m free cash flow). Share price has been highly volatile over the past 3 months (13% average weekly change). Market cap is less than US$10m (kr38.5m market cap, or US$4.06m). Minor Risks Shareholders have been diluted in the past year (29% increase in shares outstanding). Revenue is less than US$5m (kr20m revenue, or US$2.1m). Reported Earnings • Nov 18
Third quarter 2025 earnings released: kr0.091 loss per share (vs kr0.15 profit in 3Q 2024) Third quarter 2025 results: kr0.091 loss per share (down from kr0.15 profit in 3Q 2024). Revenue: kr1.84m (down 84% from 3Q 2024). Net loss: kr3.65m (down 179% from profit in 3Q 2024). Over the last 3 years on average, earnings per share has increased by 89% per year but the company’s share price has fallen by 37% per year, which means it is significantly lagging earnings. Annonce • Nov 17
CirChem AB (publ), Annual General Meeting, May 19, 2026 CirChem AB (publ), Annual General Meeting, May 19, 2026. Valuation Update With 7 Day Price Move • Oct 31
Investor sentiment deteriorates as stock falls 15% After last week's 15% share price decline to kr1.32, the stock trades at a trailing P/E ratio of 36.8x. Average trailing P/E is 20x in the Chemicals industry in Sweden. Total loss to shareholders of 56% over the past three years. Valuation Update With 7 Day Price Move • Oct 15
Investor sentiment deteriorates as stock falls 16% After last week's 16% share price decline to kr1.44, the stock trades at a trailing P/E ratio of 40.2x. Average trailing P/E is 20x in the Chemicals industry in Sweden. Total loss to shareholders of 36% over the past three years. New Risk • Sep 10
New minor risk - Shareholder dilution The company's shareholders have been diluted in the past year. Increase in shares outstanding: 29% This is considered a minor risk. Shareholder dilution occurs when there is an increase in the number of shares on issue that is not proportionally distributed between all shareholders. Often due to the company raising equity capital or some options being converted into stock. All else being equal, if there are more shares outstanding then each existing share will be entitled to a lower proportion of the company's total earnings, thus reducing earnings per share (EPS). While dilution might not always result in lower EPS (like if the company is using the capital to fund an EPS accretive acquisition) in a lot cases it does, along with lower dividends per share and less voting power at shareholder meetings. Currently, the following risks have been identified for the company: Major Risks High level of non-cash earnings (46% accrual ratio). Market cap is less than US$10m (kr79.4m market cap, or US$8.49m). Minor Risks Shareholders have been diluted in the past year (29% increase in shares outstanding). Revenue is less than US$5m (kr30m revenue, or US$3.2m). Reported Earnings • Aug 19
Second quarter 2025 earnings released: kr0.068 loss per share (vs kr0.095 loss in 2Q 2024) Second quarter 2025 results: kr0.068 loss per share (improved from kr0.095 loss in 2Q 2024). Revenue: kr4.42m (up 38% from 2Q 2024). Net loss: kr2.29m (loss narrowed 17% from 2Q 2024). Over the last 3 years on average, earnings per share has increased by 86% per year but the company’s share price has only increased by 5% per year, which means it is significantly lagging earnings growth. New Risk • Jun 17
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of Swedish stocks, typically moving 10% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. Currently, the following risks have been identified for the company: Major Risks High level of non-cash earnings (39% accrual ratio). Market cap is less than US$10m (kr67.0m market cap, or US$7.06m). Minor Risks Share price has been volatile over the past 3 months (10% average weekly change). Shareholders have been diluted in the past year (16% increase in shares outstanding). Revenue is less than US$5m (kr30m revenue, or US$3.1m). Annonce • May 29
CirChem AB (publ) has filed a Follow-on Equity Offering in the amount of SEK 13.401946 million. CirChem AB (publ) has filed a Follow-on Equity Offering in the amount of SEK 13.401946 million.
Security Name: Shares
Security Type: Common Stock
Securities Offered: 6,700,973
Price\Range: SEK 2
Transaction Features: Rights Offering Valuation Update With 7 Day Price Move • May 28
Investor sentiment deteriorates as stock falls 16% After last week's 16% share price decline to kr1.97, the stock trades at a trailing P/E ratio of 68.2x. Average trailing P/E is 27x in the Chemicals industry in Sweden. Total loss to shareholders of 41% over the past three years. Reported Earnings • May 19
First quarter 2025 earnings released: EPS: kr0 (vs kr0.12 loss in 1Q 2024) First quarter 2025 results: EPS: kr0 (improved from kr0.12 loss in 1Q 2024). Revenue: kr6.20m (up 147% from 1Q 2024). Net loss: kr1.39m (loss narrowed 60% from 1Q 2024). Over the last 3 years on average, earnings per share has increased by 72% per year but the company’s share price has fallen by 10% per year, which means it is significantly lagging earnings. Annonce • Apr 14
CirChem AB (publ), Annual General Meeting, May 21, 2025 CirChem AB (publ), Annual General Meeting, May 21, 2025, at 10:30 W. Europe Standard Time. Location: at convendum`s premises, vasagatan 16, stockholm Sweden Recent Insider Transactions • Mar 20
CEO & Director recently bought kr596k worth of stock On the 18th of March, Petra Sas bought around 200k shares on-market at roughly kr2.98 per share. This transaction amounted to 31% of their direct individual holding at the time of the trade. In the last 3 months, they made an even bigger purchase worth kr917k. Petra has been a buyer over the last 12 months, purchasing a net total of kr2.0m worth in shares. New Risk • Mar 14
New minor risk - Shareholder dilution The company's shareholders have been diluted in the past year. Increase in shares outstanding: 16% This is considered a minor risk. Shareholder dilution occurs when there is an increase in the number of shares on issue that is not proportionally distributed between all shareholders. Often due to the company raising equity capital or some options being converted into stock. All else being equal, if there are more shares outstanding then each existing share will be entitled to a lower proportion of the company's total earnings, thus reducing earnings per share (EPS). While dilution might not always result in lower EPS (like if the company is using the capital to fund an EPS accretive acquisition) in a lot cases it does, along with lower dividends per share and less voting power at shareholder meetings. Currently, the following risks have been identified for the company: Major Risk Less than 1 year of cash runway based on free cash flow trend (-kr13m free cash flow). Minor Risks Shareholders have been diluted in the past year (16% increase in shares outstanding). Revenue is less than US$5m (kr26m revenue, or US$2.5m). Market cap is less than US$100m (kr103.5m market cap, or US$10.2m). Recent Insider Transactions • Mar 12
CEO & Director recently bought kr917k worth of stock On the 10th of March, Petra Sas bought around 300k shares on-market at roughly kr3.06 per share. This transaction amounted to 89% of their direct individual holding at the time of the trade. This was the largest purchase by an insider in the last 3 months. Petra has been a buyer over the last 12 months, purchasing a net total of kr1.4m worth in shares. Reported Earnings • Feb 19
Full year 2024 earnings released: kr0.035 loss per share (vs kr0.59 loss in FY 2023) Full year 2024 results: kr0.035 loss per share (improved from kr0.59 loss in FY 2023). Revenue: kr27.0m (up 299% from FY 2023). Net loss: kr1.07m (loss narrowed 94% from FY 2023). Over the last 3 years on average, earnings per share has increased by 59% per year but the company’s share price has fallen by 23% per year, which means it is significantly lagging earnings. New Risk • Jan 13
New major risk - Market cap size The company's market capitalization is less than US$10m. Market cap: kr112.5m (US$9.97m) This is considered a major risk. Companies with a small market capitalization are most likely businesses that have not yet released a product to market or are simply a very small company without a wide reach. Either way, risk is elevated with these companies because there is a chance the product may not come to fruition or the company's addressable market or demand may not be as large as expected. In addition, if the company's size is the main factor, it is less likely to have many investors and analysts following it and scrutinizing its performance and outlook. Currently, the following risks have been identified for the company: Major Risks Less than 1 year of cash runway based on free cash flow trend (-kr18m free cash flow). Earnings have declined by 6.1% per year over the past 5 years. Market cap is less than US$10m (kr112.5m market cap, or US$9.97m). Minor Risks Share price has been volatile over the past 3 months (9.6% average weekly change). Shareholders have been diluted in the past year (7.9% increase in shares outstanding). Revenue is less than US$5m (kr22m revenue, or US$1.9m). Recent Insider Transactions • Dec 13
CEO & Director recently bought kr190k worth of stock On the 10th of December, Petra Sas bought around 60k shares on-market at roughly kr3.17 per share. This transaction amounted to 23% of their direct individual holding at the time of the trade. This was the largest purchase by an insider in the last 3 months. Petra has been a buyer over the last 12 months, purchasing a net total of kr420k worth in shares. Reported Earnings • Nov 18
Third quarter 2024 earnings released: EPS: kr0.15 (vs kr0.13 loss in 3Q 2023) Third quarter 2024 results: EPS: kr0.15 (up from kr0.13 loss in 3Q 2023). Revenue: kr12.2m (up kr11.5m from 3Q 2023). Net income: kr4.65m (up kr8.36m from 3Q 2023). Profit margin: 38% (up from net loss in 3Q 2023). The move to profitability was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 46% per year but the company’s share price has fallen by 34% per year, which means it is significantly lagging earnings. New Risk • Nov 15
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of Swedish stocks, typically moving 8.5% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. Currently, the following risks have been identified for the company: Major Risks Less than 1 year of cash runway based on free cash flow trend (-kr17m free cash flow). Earnings have declined by 14% per year over the past 5 years. Revenue is less than US$1m (kr11m revenue, or US$997k). Market cap is less than US$10m (kr100.7m market cap, or US$9.15m). Minor Risks Share price has been volatile over the past 3 months (8.5% average weekly change). Shareholders have been diluted in the past year (7.9% increase in shares outstanding). Recent Insider Transactions • Aug 19
CEO & Director recently bought kr132k worth of stock On the 16th of August, Petra Sas bought around 50k shares on-market at roughly kr2.64 per share. This transaction amounted to 24% of their direct individual holding at the time of the trade. This was the largest purchase by an insider in the last 3 months. Petra has been a buyer over the last 12 months, purchasing a net total of kr390k worth in shares. Reported Earnings • Aug 18
Second quarter 2024 earnings released: kr0.095 loss per share (vs kr0.16 loss in 2Q 2023) Second quarter 2024 results: kr0.095 loss per share (improved from kr0.16 loss in 2Q 2023). Revenue: kr3.72m (up 292% from 2Q 2023). Net loss: kr2.77m (loss narrowed 41% from 2Q 2023). Over the last 3 years on average, earnings per share has increased by 31% per year but the company’s share price has fallen by 44% per year, which means it is significantly lagging earnings. New Risk • Jun 20
New minor risk - Shareholder dilution The company's shareholders have been diluted in the past year. Increase in shares outstanding: 3.6% This is considered a minor risk. Shareholder dilution occurs when there is an increase in the number of shares on issue that is not proportionally distributed between all shareholders. Often due to the company raising equity capital or some options being converted into stock. All else being equal, if there are more shares outstanding then each existing share will be entitled to a lower proportion of the company's total earnings, thus reducing earnings per share (EPS). While dilution might not always result in lower EPS (like if the company is using the capital to fund an EPS accretive acquisition) in a lot cases it does, along with lower dividends per share and less voting power at shareholder meetings. Currently, the following risks have been identified for the company: Major Risks Earnings have declined by 19% per year over the past 5 years. Revenue is less than US$1m (kr8.9m revenue, or US$856k). Market cap is less than US$10m (kr81.0m market cap, or US$7.77m). Minor Risks Share price has been volatile over the past 3 months (11% average weekly change). Shareholders have been diluted in the past year (3.6% increase in shares outstanding). Recent Insider Transactions • Jun 16
CEO & Director recently bought kr98k worth of stock On the 13th of June, Petra Sas bought around 30k shares on-market at roughly kr3.27 per share. This transaction amounted to 17% of their direct individual holding at the time of the trade. This was the largest purchase by an insider in the last 3 months. Petra has been a buyer over the last 12 months, purchasing a net total of kr325k worth in shares. Reported Earnings • May 05
Full year 2023 earnings released: kr0.59 loss per share (vs kr1.42 loss in FY 2022) Full year 2023 results: kr0.59 loss per share (improved from kr1.42 loss in FY 2022). Revenue: kr6.90m (up 72% from FY 2022). Net loss: kr17.1m (loss narrowed 25% from FY 2022). Over the last 3 years on average, earnings per share has increased by 8% per year but the company’s share price has fallen by 46% per year, which means it is significantly lagging earnings. New Risk • Feb 06
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of Swedish stocks, typically moving 8.8% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. Currently, the following risks have been identified for the company: Major Risks Less than 1 year of cash runway based on free cash flow trend (-kr28m free cash flow). Earnings have declined by 32% per year over the past 5 years. Shareholders have been substantially diluted in the past year (68% increase in shares outstanding). Revenue is less than US$1m (kr2.6m revenue, or US$242k). Market cap is less than US$10m (kr79.1m market cap, or US$7.46m). Minor Risk Share price has been volatile over the past 3 months (8.8% average weekly change). Recent Insider Transactions • Dec 01
Interim CEO & Director recently bought kr99k worth of stock On the 29th of November, Petra Sas bought around 39k shares on-market at roughly kr2.55 per share. This transaction amounted to 28% of their direct individual holding at the time of the trade. This was the largest purchase by an insider in the last 3 months. Petra has been a buyer over the last 12 months, purchasing a net total of kr384k worth in shares. Reported Earnings • Nov 24
Third quarter 2023 earnings released Third quarter 2023 results: Net loss: kr3.71m (loss widened 2.7% from 3Q 2022). Recent Insider Transactions • Sep 08
Interim Chief Executive Officer recently bought kr61k worth of stock On the 6th of September, Petra Sas bought around 20k shares on-market at roughly kr3.06 per share. This transaction amounted to 11% of their direct individual holding at the time of the trade. In the last 3 months, they made an even bigger purchase worth kr66k. Petra has been a buyer over the last 12 months, purchasing a net total of kr285k worth in shares. Reported Earnings • Aug 28
Second quarter 2023 earnings released Second quarter 2023 results: Net loss: kr4.70m (loss narrowed 32% from 2Q 2022). Recent Insider Transactions • Jul 20
Interim Chief Executive Officer recently bought kr66k worth of stock On the 17th of July, Petra Sas bought around 21k shares on-market at roughly kr3.15 per share. This transaction amounted to 13% of their direct individual holding at the time of the trade. This was the largest purchase by an insider in the last 3 months. Petra has been a buyer over the last 12 months, purchasing a net total of kr223k worth in shares. Reported Earnings • May 22
First quarter 2023 earnings released First quarter 2023 results: Net loss: kr6.91m (loss widened 21% from 1Q 2022). Recent Insider Transactions • Mar 30
Interim Chief Executive Officer recently bought kr99k worth of stock On the 24th of March, Petra Sas bought around 39k shares on-market at roughly kr2.54 per share. This transaction amounted to 28% of their direct individual holding at the time of the trade. This was the largest purchase by an insider in the last 3 months. Petra has been a buyer over the last 12 months, purchasing a net total of kr124k worth in shares. Reported Earnings • Feb 10
Full year 2022 earnings released: kr1.32 loss per share (vs kr1.42 loss in FY 2021) Full year 2022 results: kr1.32 loss per share. Revenue: kr4.11m (up 48% from FY 2021). Net loss: kr22.7m (loss widened 25% from FY 2021). Board Change • Dec 16
Less than half of directors are independent Following the recent departure of a director, there are only 2 independent directors on the board. The company's board is composed of: 2 independent directors. 3 non-independent directors. Independent Chairman of the Board Mats Persson was the last independent director to join the board, commencing their role in 2020. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. Reported Earnings • Nov 24
Third quarter 2022 earnings released Third quarter 2022 results: Revenue: kr1.70m (up 434% from 3Q 2021). Net loss: kr3.62m (loss narrowed 30% from 3Q 2021). Reported Earnings • May 30
First quarter 2022 earnings released: kr0.36 loss per share (vs kr0.37 loss in 1Q 2021) First quarter 2022 results: kr0.36 loss per share. Net loss: kr5.72m (loss widened 22% from 1Q 2021). Reported Earnings • Apr 06
Full year 2021 earnings released: kr1.42 loss per share (vs kr0.94 loss in FY 2020) Full year 2021 results: kr1.42 loss per share (down from kr0.94 loss in FY 2020). Net loss: kr18.2m (loss widened 91% from FY 2020). Reported Earnings • Aug 20
Second quarter 2021 earnings released Second quarter 2021 results: Net loss: kr3.43m (down 376% from profit in 2Q 2020). Reported Earnings • May 22
First quarter 2021 earnings released First quarter 2021 results: Net loss: kr4.70m (down 478% from profit in 1Q 2020).