Reported Earnings • Apr 22
First quarter 2026 earnings released: kr0.014 loss per share (vs kr0.022 loss in 1Q 2025) First quarter 2026 results: kr0.014 loss per share (improved from kr0.022 loss in 1Q 2025). Net loss: kr17.4m (loss narrowed 38% from 1Q 2025). Over the last 3 years on average, earnings per share has fallen by 60% per year whereas the company’s share price has fallen by 57% per year. Reported Earnings • Mar 04
Full year 2025 earnings released: kr0.10 loss per share (vs kr1.89 loss in FY 2024) Full year 2025 results: kr0.10 loss per share (improved from kr1.89 loss in FY 2024). Net loss: kr211.2m (loss narrowed 88% from FY 2024). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 10 percentage points per year, which is a significant difference in performance. Announcement • Feb 20
Doxa AB (publ), Annual General Meeting, Apr 21, 2026 Doxa AB (publ), Annual General Meeting, Apr 21, 2026. Location: malmo Sweden Reported Earnings • Oct 26
Third quarter 2025 earnings released: kr0.06 loss per share (vs kr0.36 loss in 3Q 2024) Third quarter 2025 results: kr0.06 loss per share (improved from kr0.36 loss in 3Q 2024). Net loss: kr26.7m (loss narrowed 94% from 3Q 2024). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 33 percentage points per year, which is a significant difference in performance. Reported Earnings • Jul 18
Second quarter 2025 earnings released: kr0.10 loss per share (vs kr0.01 profit in 2Q 2024) Second quarter 2025 results: kr0.10 loss per share (down from kr0.01 profit in 2Q 2024). Net loss: kr80.6m (down kr86.6m from profit in 2Q 2024). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 36 percentage points per year, which is a significant difference in performance. Board Change • Jun 05
High number of new and inexperienced directors There are 4 new directors who have joined the board in the last 3 years. The company's board is composed of: 4 new directors. 1 experienced director. No highly experienced directors. Chairman of the Board Greg Dingizian is the most experienced director on the board, commencing their role in 2021. The company’s lack of experienced directors is considered a risk according to the Simply Wall St Risk Model. Announcement • Mar 20
Doxa AB (publ), Annual General Meeting, Apr 29, 2025 Doxa AB (publ), Annual General Meeting, Apr 29, 2025. New Risk • Mar 06
New major risk - Revenue size The company makes less than US$1m in revenue. 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 (-kr63m free cash flow). Share price has been highly volatile over the past 3 months (22% average weekly change). Earnings have declined by 53% per year over the past 5 years. Shareholders have been substantially diluted in the past year (125% increase in shares outstanding). Revenue is less than US$1m. Minor Risk Market cap is less than US$100m (kr507.1m market cap, or US$50.0m). New Risk • Dec 02
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 8.2% 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 (-kr44m free cash flow). Earnings have declined by 24% per year over the past 5 years. Shareholders have been substantially diluted in the past year (182% increase in shares outstanding). Minor Risks Share price has been volatile over the past 3 months (8.2% average weekly change). Revenue is less than US$5m (kr20m revenue, or US$1.8m). Market cap is less than US$100m (kr986.0m market cap, or US$90.5m). Reported Earnings • Dec 01
Third quarter 2024 earnings released: kr0.36 loss per share (vs kr1.23 profit in 3Q 2023) Third quarter 2024 results: kr0.36 loss per share (down from kr1.23 profit in 3Q 2023). Net loss: kr418.8m (down 175% from profit in 3Q 2023). Over the last 3 years on average, earnings per share has fallen by 48% per year but the company’s share price has fallen by 62% per year, which means it is performing significantly worse than earnings. New Risk • Nov 29
New minor risk - Market cap size The company's market capitalization is less than US$100m. Market cap: kr986.0m (US$90.2m) This is considered a minor 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 Risk Shareholders have been substantially diluted in the past year (182% increase in shares outstanding). Minor Risks Revenue is less than US$5m (kr17m revenue, or US$1.5m). Market cap is less than US$100m (kr986.0m market cap, or US$90.2m). New Risk • Sep 02
New major risk - Shareholder dilution The company's shareholders have been substantially diluted in the past year. Increase in shares outstanding: 182% This is considered a major 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 Share price has been highly volatile over the past 3 months (13% average weekly change). Shareholders have been substantially diluted in the past year (182% increase in shares outstanding). Minor Risk Revenue is less than US$5m (kr17m revenue, or US$1.6m). Reported Earnings • Aug 23
Second quarter 2024 earnings released: EPS: kr0.01 (vs kr0.64 in 2Q 2023) Second quarter 2024 results: EPS: kr0.01 (down from kr0.64 in 2Q 2023). Net income: kr6.00m (down 97% from 2Q 2023). Over the last 3 years on average, earnings per share has increased by 11% per year but the company’s share price has fallen by 44% per year, which means it is significantly lagging earnings. New Risk • Jun 11
New minor risk - Market cap size The company's market capitalization is less than US$100m. Market cap: kr1.03b (US$98.4m) This is considered a minor 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: Minor Risks Share price has been volatile over the past 3 months (9.1% average weekly change). Shareholders have been diluted in the past year (43% increase in shares outstanding). Revenue is less than US$5m (kr14m revenue, or US$1.3m). Market cap is less than US$100m (kr1.03b market cap, or US$98.4m). New Risk • Jun 05
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 9.2% 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 Risk Shareholders have been substantially diluted in the past year (118% increase in shares outstanding). Minor Risks Share price has been volatile over the past 3 months (9.2% average weekly change). Revenue is less than US$5m (kr14m revenue, or US$1.3m). Reported Earnings • Apr 30
First quarter 2024 earnings released: kr0.56 loss per share (vs kr0.094 loss in 1Q 2023) First quarter 2024 results: kr0.56 loss per share (further deteriorated from kr0.094 loss in 1Q 2023). Net loss: kr320.1m (loss widened kr292.5m from 1Q 2023). Over the last 3 years on average, earnings per share has increased by 49% per year but the company’s share price has fallen by 32% per year, which means it is significantly lagging earnings. Announcement • Apr 12
Doxa AB (publ) announced that it has received SEK 200 million in funding Doxa AB (publ) announced a private placement of shares at a price of SEK 2.85 per share for the gross proceeds of SEK 200,000,000 on April 10, 2024. The directed share issue was directed to Swedish and international institutional investors and was subscribed for by new and existing shareholders. The transaction is subjected to approval from EGM . Valuation Update With 7 Day Price Move • Mar 13
Investor sentiment improves as stock rises 15% After last week's 15% share price gain to kr3.45, the stock trades at a trailing P/E ratio of 3.6x. Average trailing P/E is 14x in the Construction industry in Sweden. Total returns to shareholders of 142% over the past three years. Recent Insider Transactions • Feb 19
Independent Director recently bought kr2.1m worth of stock On the 16th of February, Greg Dingizian bought around 692k shares on-market at roughly kr3.08 per share. This transaction amounted to 1.2% of their direct individual holding at the time of the trade. This was the largest purchase by an insider in the last 3 months. Insiders have collectively bought kr9.3m more in shares than they have sold in the last 12 months. Reported Earnings • Feb 16
Full year 2023 earnings released: EPS: kr1.40 (vs kr0.14 loss in FY 2022) Full year 2023 results: EPS: kr1.40 (up from kr0.14 loss in FY 2022). Revenue: kr563.0m (up kr557.7m from FY 2022). Net income: kr542.9m (up kr582.8m from FY 2022). Profit margin: 96% (up from net loss in FY 2022). The move to profitability was primarily driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 81% per year but the company’s share price has only increased by 16% per year, which means it is significantly lagging earnings growth. New Risk • Nov 08
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 High level of non-cash earnings (24% accrual ratio). Shareholders have been substantially diluted in the past year (55% increase in shares outstanding). Revenue is less than US$1m (kr7.6m revenue, or US$699k). Minor Risk Share price has been volatile over the past 3 months (8.8% average weekly change). Valuation Update With 7 Day Price Move • Nov 08
Investor sentiment improves as stock rises 22% After last week's 22% share price gain to kr3.66, the stock trades at a trailing P/E ratio of 2.6x. Average trailing P/E is 9x in the Construction industry in Sweden. Total returns to shareholders of 159% over the past three years. Reported Earnings • Oct 20
Third quarter 2023 earnings released: EPS: kr1.23 (vs kr0.028 loss in 3Q 2022) Third quarter 2023 results: EPS: kr1.23 (up from kr0.028 loss in 3Q 2022). Revenue: kr562.0m (up kr560.6m from 3Q 2022). Net income: kr560.6m (up kr568.8m from 3Q 2022). Profit margin: 100% (up from net loss in 3Q 2022). The move to profitability was primarily driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 79% per year but the company’s share price has only increased by 12% per year, which means it is significantly lagging earnings growth. Recent Insider Transactions • Aug 14
Chief Executive Officer recently bought kr408k worth of stock On the 7th of August, Victor Persson bought around 100k shares on-market at roughly kr4.08 per share. This transaction increased Victor's direct individual holding by 1x at the time of the trade. In the last 3 months, there was an even bigger purchase from another insider worth kr750k. Victor has been a buyer over the last 12 months, purchasing a net total of kr858k worth in shares. Recent Insider Transactions • Aug 10
Chief Executive Officer recently bought kr408k worth of stock On the 7th of August, Victor Persson bought around 100k shares on-market at roughly kr4.08 per share. This transaction increased Victor's direct individual holding by 1x at the time of the trade. In the last 3 months, there was an even bigger purchase from another insider worth kr750k. Victor has been a buyer over the last 12 months, purchasing a net total of kr858k worth in shares. New Risk • Jul 23
New minor risk - Earnings quality The company has large one-off items impacting its financial results. One-off items were 277% of the size of the rest of the company's trailing 12-month earnings before tax. This is considered a minor risk. One-off items are incomes or expenses that the company does not expect to repeat in future periods. Examples include profits from the sale of a business or expenses from a restructuring or legal settlements. If the company's reported statutory earnings include a large proportion of one-off items it means they may be an unreliable indicator of its true business performance as the earnings were skewed by these incomes or expenses. Currently, the following risks have been identified for the company: Major Risks Shareholders have been substantially diluted in the past year (55% increase in shares outstanding). Revenue is less than US$1m (kr5.7m revenue, or US$549k). Minor Risks Large one-off items impacting financial results. Profit margins are more than 30% lower than last year (1,095% net profit margin). Recent Insider Transactions • Jul 23
Independent Chairman recently bought kr492k worth of stock On the 19th of July, Per Ekelund bought around 119k shares on-market at roughly kr4.14 per share. This transaction amounted to 4.8% of their direct individual holding at the time of the trade. In the last 3 months, there was an even bigger purchase from another insider worth kr5.1m. This was Per's only on-market trade for the last 12 months. Reported Earnings • Jul 19
Second quarter 2023 earnings released: EPS: kr0.64 (vs kr0.31 in 2Q 2022) Second quarter 2023 results: EPS: kr0.64 (up from kr0.31 in 2Q 2022). Revenue: kr237.7m (up kr236.0m from 2Q 2022). Net income: kr213.7m (up 135% from 2Q 2022). Profit margin: 90% (down from 5,341% in 2Q 2022). Over the last 3 years on average, earnings per share has increased by 54% per year but the company’s share price has only increased by 25% per year, which means it is significantly lagging earnings growth. Recent Insider Transactions • Jun 21
Chief Executive Officer recently bought kr450k worth of stock On the 16th of June, Victor Persson bought around 100k shares on-market at roughly kr4.50 per share. This trade did not impact their existing holding. In the last 3 months, there was an even bigger purchase from another insider worth kr5.1m. This was Victor's only on-market trade for the last 12 months. New Risk • Jun 12
New major risk - Shareholder dilution The company's shareholders have been substantially diluted in the past year. Increase in shares outstanding: 53% This is considered a major 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 Shareholders have been substantially diluted in the past year (53% increase in shares outstanding). Revenue is less than US$1m (kr5.9m revenue, or US$548k). Board Change • May 24
Less than half of directors are independent There are 4 new directors who have joined the board in the last 3 years. Of these new board members, 1 was an independent director. The company's board is composed of: 4 new directors. 1 experienced director. No highly experienced directors. 1 independent director (4 non-independent directors). Director Christian Lindgren is the most experienced director on the board, commencing their role in 2019. Independent Vice Chairman Per Ekelund was the last independent director to join the board, commencing their role in 2021. The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Lack of experienced directors. Recent Insider Transactions • May 14
Insider recently bought kr5.1m worth of stock On the 10th of May, Peter Strand bought around 1m shares on-market at roughly kr5.10 per share. This transaction amounted to 20% of their direct individual holding at the time of the trade. This was the largest purchase by an insider in the last 3 months. This was the only on-market transaction from insiders over the last 12 months. Reported Earnings • May 02
First quarter 2023 earnings released: kr0.09 loss per share (vs kr0.029 loss in 1Q 2022) First quarter 2023 results: kr0.09 loss per share (further deteriorated from kr0.029 loss in 1Q 2022). Net loss: kr27.6m (loss widened 294% from 1Q 2022). Over the last 3 years on average, earnings per share has increased by 60% per year but the company’s share price has only increased by 31% per year, which means it is significantly lagging earnings growth. Reported Earnings • Feb 17
Full year 2022 earnings released: kr0.14 loss per share (vs kr0.67 profit in FY 2021) Full year 2022 results: kr0.14 loss per share (down from kr0.67 profit in FY 2021). Net loss: kr39.9m (down 152% from profit in FY 2021). Over the last 3 years on average, earnings per share has increased by 80% per year but the company’s share price has only increased by 22% per year, which means it is significantly lagging earnings growth. Valuation Update With 7 Day Price Move • Feb 03
Investor sentiment improves as stock rises 18% After last week's 18% share price gain to kr6.20, the stock trades at a trailing P/E ratio of 11x. Average trailing P/E is 34x in the Medical Equipment industry in Sweden. Total returns to shareholders of 251% over the past three years. Valuation Update With 7 Day Price Move • Nov 21
Investor sentiment deteriorated over the past week After last week's 15% share price decline to kr4.90, the stock trades at a trailing P/E ratio of 8.7x. Average trailing P/E is 25x in the Medical Equipment industry in Sweden. Total returns to shareholders of 145% over the past three years. Board Change • Nov 16
High number of new and inexperienced directors There are 4 new directors who have joined the board in the last 3 years. The company's board is composed of: 4 new directors. 1 experienced director. No highly experienced directors. Independent Director Ingrid Heiman is the most experienced director on the board, commencing their role in 2015. The company’s lack of experienced directors is considered a risk according to the Simply Wall St Risk Model. Reported Earnings • Oct 30
Third quarter 2022 earnings released: kr0.03 loss per share (vs kr0.045 loss in 3Q 2021) Third quarter 2022 results: kr0.03 loss per share. Net loss: kr8.20m (loss widened 26% from 3Q 2021). Valuation Update With 7 Day Price Move • Sep 15
Investor sentiment improved over the past week After last week's 16% share price gain to kr6.60, the stock trades at a trailing P/E ratio of 11.6x. Average trailing P/E is 36x in the Medical Equipment industry in Sweden. Total returns to shareholders of 217% over the past three years. Reported Earnings • Jul 22
Second quarter 2022 earnings released: EPS: kr0.31 (vs kr0.067 loss in 2Q 2021) Second quarter 2022 results: EPS: kr0.31 (up from kr0.067 loss in 2Q 2021). Revenue: kr96.5m (up kr92.6m from 2Q 2021). Net income: kr90.8m (up kr95.2m from 2Q 2021). Profit margin: 94% (up from net loss in 2Q 2021). The move to profitability was primarily driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 88% per year but the company’s share price has only increased by 29% per year, which means it is significantly lagging earnings growth. Valuation Update With 7 Day Price Move • Jul 21
Investor sentiment improved over the past week After last week's 17% share price gain to kr6.70, the stock trades at a trailing P/E ratio of 27.2x. Average trailing P/E is 33x in the Medical Equipment industry in Sweden. Total returns to shareholders of 249% over the past three years. Reported Earnings • May 01
First quarter 2022 earnings released: kr0.03 loss per share (vs kr0.048 loss in 1Q 2021) First quarter 2022 results: kr0.03 loss per share. Revenue: kr500.0k (down 87% from 1Q 2021). Net loss: kr7.00m (loss widened 133% from 1Q 2021). Board Change • Apr 27
High number of new and inexperienced directors There are 4 new directors who have joined the board in the last 3 years. The company's board is composed of: 4 new directors. 1 experienced director. No highly experienced directors. Independent Director Ingrid Heiman is the most experienced director on the board, commencing their role in 2015. The company’s lack of experienced directors is considered a risk according to the Simply Wall St Risk Model. Valuation Update With 7 Day Price Move • Mar 23
Investor sentiment improved over the past week After last week's 20% share price gain to kr10.30, the stock trades at a trailing P/E ratio of 39.7x. Average trailing P/E is 60x in the Medical Equipment industry in Sweden. Total returns to shareholders of 555% over the past three years. Recent Insider Transactions Derivative • Feb 25
Independent Director exercised options to buy kr3.0m worth of stock. On the 21st of February, Ingrid Heiman exercised options to buy 320k shares at a strike price of around kr1.60, costing a total of kr512k. This transaction amounted to 3,200% of their direct individual holding at the time of the trade. As of today, Ingrid currently holds no shares directly. This was the only transaction from an insider over the last 12 months. Valuation Update With 7 Day Price Move • Feb 24
Investor sentiment deteriorated over the past week After last week's 17% share price decline to kr8.60, the stock trades at a trailing P/E ratio of 28x. Average trailing P/E is 46x in the Medical Equipment industry in Sweden. Total returns to shareholders of 417% over the past three years. Reported Earnings • Feb 12
Full year 2021 earnings: Revenues and EPS in line with analyst expectations Full year 2021 results: EPS: kr0.67 (up from kr0.24 loss in FY 2020). Revenue: kr121.3m (up kr111.5m from FY 2020). Net income: kr76.2m (up kr89.9m from FY 2020). Profit margin: 63% (up from net loss in FY 2020). The move to profitability was driven by higher revenue. Revenue was in line with analyst estimates. Over the last 3 years on average, earnings per share has increased by 7% per year but the company’s share price has increased by 58% per year, which means it is tracking significantly ahead of earnings growth. Reported Earnings • Oct 30
Third quarter 2021 earnings released Third quarter 2021 results: Net loss: kr6.50m (loss widened 59% from 3Q 2020). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 166 percentage points per year, which is a significant difference in performance. Reported Earnings • Apr 25
First quarter 2021 earnings released: kr0.048 loss per share (vs kr0.05 loss in 1Q 2020) The company reported a soft first quarter result with increased losses and weaker control over costs, although revenues improved. First quarter 2021 results: Revenue: kr3.90m (up 5.4% from 1Q 2020). Net loss: kr3.00m (loss widened 7.1% from 1Q 2020). Over the last 3 years on average, earnings per share has fallen by 59% per year but the company’s share price has increased by 8% per year, which means it is well ahead of earnings. Reported Earnings • Feb 23
Full year 2020 earnings released: kr0.24 loss per share (vs kr0.20 loss in FY 2019) The company reported a poor full year result with increased losses, weaker revenues and weaker control over costs. Full year 2020 results: Revenue: kr10.3m (down 49% from FY 2019). Net loss: kr13.7m (loss widened 22% from FY 2019). Over the last 3 years on average, earnings per share has fallen by 34% per year but the company’s share price has increased by 20% per year, which means it is well ahead of earnings. Is New 90 Day High Low • Nov 19
New 90-day high: kr2.35 The company is up 12% from its price of kr2.10 on 21 August 2020. The Swedish market is up 9.0% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Medical Equipment industry, which is up 2.0% over the same period. Is New 90 Day High Low • Oct 20
New 90-day low: kr2.08 The company is down 3.0% from its price of kr2.14 on 22 July 2020. The Swedish market is up 7.0% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Medical Equipment industry, which is up 11% over the same period. Reported Earnings • Oct 20
Third quarter earnings released Over the last 12 months the company has reported total losses of kr11.3m, with losses narrowing by 14% from the prior year. Total revenue was kr13.5m over the last 12 months, down 25% from the prior year. Is New 90 Day High Low • Oct 02
New 90-day low: kr2.09 The company is down 9.0% from its price of kr2.30 on 03 July 2020. The Swedish market is up 12% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Medical Equipment industry, which is up 18% over the same period.