Recent Insider Transactions • May 12
Independent Director recently bought kr111k worth of stock On the 8th of May, Per Johan Lundquist bought around 25k shares on-market at roughly kr4.43 per share. This transaction amounted to 1.3% 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 kr999k more in shares than they have sold in the last 12 months. Major Estimate Revision • May 01
Consensus EPS estimates fall by 38% The consensus outlook for earnings per share (EPS) in fiscal year 2026 has deteriorated. 2026 revenue forecast decreased from kr183.0m to kr181.0m. Losses expected to increase from kr0.13 per share to kr0.18. Communications industry in Sweden expected to see average net income growth of 49% next year. Consensus price target of kr4.00 unchanged from last update. Share price fell 7.3% to kr4.29 over the past week. Reported Earnings • Apr 26
First quarter 2026 earnings: EPS and revenues miss analyst expectations First quarter 2026 results: kr0.15 loss per share (further deteriorated from kr0.038 loss in 1Q 2025). Revenue: kr39.0m (down 29% from 1Q 2025). Net loss: kr8.04m (loss widened 310% from 1Q 2025). Revenue missed analyst estimates by 6.3%. Earnings per share (EPS) also missed analyst estimates by 50%. Revenue is forecast to grow 12% p.a. on average during the next 3 years, compared to a 1.3% growth forecast for the Communications industry in Sweden. Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 51 percentage points per year, which is a significant difference in performance. Tillkännagivande • Apr 02
Maven Wireless Sweden AB (Publ), Annual General Meeting, May 07, 2026 Maven Wireless Sweden AB (Publ), Annual General Meeting, May 07, 2026, at 16:00 W. Europe Standard Time. Location: nordic forum, torshamnsgatan 35 in kista., kista Sweden Major Estimate Revision • Feb 13
Consensus EPS estimates fall by 75% The consensus outlook for earnings per share (EPS) in fiscal year 2026 has deteriorated. 2026 revenue forecast decreased from kr197.8m to kr183.0m. Losses expected to increase from kr0.08 per share to kr0.14. Communications industry in Sweden expected to see average net income growth of 46% next year. Consensus price target down from kr5.25 to kr4.00. Share price fell 13% to kr4.40 over the past week. Reported Earnings • Feb 07
Full year 2025 earnings: EPS and revenues miss analyst expectations Full year 2025 results: kr0.28 loss per share (down from kr0.004 profit in FY 2024). Revenue: kr204.6m (down 4.0% from FY 2024). Net loss: kr14.8m (down kr15.1m from profit in FY 2024). Revenue missed analyst estimates by 7.6%. Earnings per share (EPS) also missed analyst estimates by 56%. Revenue is forecast to grow 6.7% p.a. on average during the next 2 years, while revenues in the Communications industry in Sweden are expected to remain flat. Over the last 3 years on average, earnings per share has fallen by 50% per year but the company’s share price has only fallen by 32% per year, which means it has not declined as severely as 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 9.3% 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: Minor Risks Share price has been volatile over the past 3 months (9.3% average weekly change). Market cap is less than US$100m (kr212.7m market cap, or US$23.6m). Major Estimate Revision • Jan 28
Consensus EPS estimates fall by 29% The consensus outlook for earnings per share (EPS) in fiscal year 2025 has deteriorated. 2025 revenue forecast decreased from kr204.0m to kr198.5m. Losses expected to increase from kr0.14 per share to kr0.18. Communications industry in Sweden expected to see average net income growth of 30% next year. Consensus price target down from kr7.00 to kr5.25. Share price fell 7.4% to kr5.00 over the past week. Recent Insider Transactions • Nov 13
Chief Financial Officer recently bought kr100k worth of stock On the 11th of November, Claudia Munoz bought around 14k shares on-market at roughly kr7.00 per share. This transaction increased Claudia's direct individual holding by 1x at the time of the trade. This was the largest purchase by an insider in the last 3 months. This was Claudia's only on-market trade for the last 12 months. Reported Earnings • Oct 20
Third quarter 2025 earnings released: kr0.081 loss per share (vs kr0.092 loss in 3Q 2024) Third quarter 2025 results: kr0.081 loss per share (improved from kr0.092 loss in 3Q 2024). Revenue: kr36.5m (down 11% from 3Q 2024). Net loss: kr4.19m (loss narrowed 13% from 3Q 2024). Revenue is forecast to grow 13% p.a. on average during the next 3 years, compared to a 1.0% growth forecast for the Communications industry in Sweden. Over the last 3 years on average, earnings per share has fallen by 12% per year but the company’s share price has fallen by 20% per year, which means it is performing significantly worse than earnings. Major Estimate Revision • Oct 08
Consensus EPS estimates fall by 900% The consensus outlook for earnings per share (EPS) in fiscal year 2025 has deteriorated. 2025 revenue forecast decreased from kr227.0m to kr207.0m. Losses expected to increase from kr0.02 per share to kr0.20. Communications industry in Sweden expected to see average net income growth of 56% next year. Consensus price target down from kr8.00 to kr7.00. Share price rose 3.6% to kr8.00 over the past week. Tillkännagivande • Oct 07
Maven Wireless Sweden AB (Publ) has filed a Follow-on Equity Offering in the amount of SEK 9.996 million. Maven Wireless Sweden AB (Publ) has filed a Follow-on Equity Offering in the amount of SEK 9.996 million.
Security Name: Shares
Securities Offered: 600,000
Price\Range: SEK 8.33
Security Name: Shares
Security Type: Common Stock
Securities Offered: 600,000
Price\Range: SEK 8.33
Transaction Features: Subsequent Direct Listing Tillkännagivande • Oct 06
Maven Wireless Sweden AB (Publ) Appoints Anders Olin as Chief Executive Officer, Effective January 1, 2026 Maven Wireless Sweden AB has appointed Anders Olin as the new Chief Executive Officer. Anders Olin, who is currently the vice chairman of the group's board, will take up his position on January 1, 2026. Anders Olin has more than 25 years of experience from senior positions in the communications industry, including from Ericsson and Sinch, where he held various roles in Sweden, Europe and the USA. He has lived and worked abroad for a total of 17 years and most recently came from the role as CEO of Zeta Display. Fredrik Ekström, co-founder and outgoing CEO, will continue to contribute from his position on the board. New Risk • Oct 03
New major risk - Share price stability The company's share price has been highly volatile over the past 3 months. It is more volatile than 90% of Swedish stocks, typically moving 13% a week. This is considered a major risk. Share price volatility 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. It may also indicate 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. Currently, the following risks have been identified for the company: Major Risk Share price has been highly volatile over the past 3 months (13% average weekly change). Minor Risk Market cap is less than US$100m (kr568.4m market cap, or US$60.7m). Reported Earnings • Jul 17
Second quarter 2025 earnings released: EPS: kr0.011 (vs kr0 in 2Q 2024) Second quarter 2025 results: EPS: kr0.011 (up from kr0 in 2Q 2024). Revenue: kr78.7m (up 32% from 2Q 2024). Net income: kr583.0k (up kr566.0k from 2Q 2024). Profit margin: 0.7% (up from 0% in 2Q 2024). The increase in margin was driven by higher revenue. Revenue is forecast to grow 16% p.a. on average during the next 3 years, compared to a 1.9% growth forecast for the Communications industry in Sweden. Over the last 3 years on average, earnings per share has increased by 25% per year but the company’s share price has fallen by 9% per year, which means it is significantly lagging earnings. New Risk • Jul 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 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: Minor Risks Share price has been volatile over the past 3 months (9.2% average weekly change). Market cap is less than US$100m (kr427.7m market cap, or US$45.0m). Recent Insider Transactions • May 30
Independent Director recently bought kr788k worth of stock On the 28th of May, Goran Grosskopf bought around 118k shares on-market at roughly kr6.68 per share. This transaction amounted to 2.5% 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 kr913k more in shares than they have sold in the last 12 months. Reported Earnings • Apr 27
First quarter 2025 earnings released: kr0.038 loss per share (vs kr0.12 profit in 1Q 2024) First quarter 2025 results: kr0.038 loss per share (down from kr0.12 profit in 1Q 2024). Revenue: kr55.6m (down 6.3% from 1Q 2024). Net loss: kr1.96m (down 132% from profit in 1Q 2024). Revenue is forecast to grow 18% p.a. on average during the next 3 years, compared to a 2.4% growth forecast for the Communications industry in Sweden. 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 16% per year, which means it is significantly lagging earnings. New Risk • Feb 10
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 Risk High level of non-cash earnings (32% accrual ratio). Minor Risks Share price has been volatile over the past 3 months (8.5% average weekly change). Profit margins are more than 30% lower than last year (0.1% net profit margin). Market cap is less than US$100m (kr524.3m market cap, or US$48.0m). Reported Earnings • Feb 07
Full year 2024 earnings released: EPS: kr0.004 (vs kr0.75 in FY 2023) Full year 2024 results: EPS: kr0.004 (down from kr0.75 in FY 2023). Revenue: kr215.4m (down 16% from FY 2023). Net income: kr216.0k (down 99% from FY 2023). Profit margin: 0.1% (down from 15% in FY 2023). Revenue is forecast to grow 16% p.a. on average during the next 2 years, compared to a 3.2% growth forecast for the Communications industry in Sweden. Over the last 3 years on average, earnings per share has increased by 88% per year but the company’s share price has fallen by 8% per year, which means it is significantly lagging earnings. Valuation Update With 7 Day Price Move • Jan 17
Investor sentiment improves as stock rises 18% After last week's 18% share price gain to kr11.75, the stock trades at a forward P/E ratio of 64x. Average forward P/E is 29x in the Communications industry in Sweden. Total loss to shareholders of 30% over the past three years. Valuation Update With 7 Day Price Move • Dec 18
Investor sentiment improves as stock rises 19% After last week's 19% share price gain to kr10.80, the stock trades at a forward P/E ratio of 59x. Average forward P/E is 30x in the Communications industry in Sweden. Total loss to shareholders of 40% over the past three years. Recent Insider Transactions • Nov 10
Chief Financial Officer recently bought kr125k worth of stock On the 4th of November, Claudia Munoz bought around 10k shares on-market at roughly kr12.58 per share. This transaction increased Claudia's direct individual holding by 3x at the time of the trade. This was the largest purchase by an insider in the last 3 months. This was Claudia's only on-market trade for the last 12 months. Major Estimate Revision • Oct 25
Consensus revenue estimates fall by 17% The consensus outlook for revenues in fiscal year 2024 has deteriorated. 2024 revenue forecast decreased from kr235.0m to kr196.0m. EPS estimate fell from kr0.32 to kr0.16 per share. Net income forecast to shrink 54% next year vs 36% growth forecast for Communications industry in Sweden . Consensus price target down from kr17.00 to kr13.00. Share price fell 4.8% to kr11.90 over the past week. Reported Earnings • Oct 19
Third quarter 2024 earnings released: kr0.092 loss per share (vs kr0.20 profit in 3Q 2023) Third quarter 2024 results: kr0.092 loss per share (down from kr0.20 profit in 3Q 2023). Revenue: kr41.2m (down 23% from 3Q 2023). Net loss: kr4.80m (down 146% from profit in 3Q 2023). Revenue is forecast to grow 18% p.a. on average during the next 3 years, compared to a 3.7% growth forecast for the Communications industry in Sweden. Over the last 3 years on average, earnings per share has increased by 106% per year but the company’s share price has fallen by 8% per year, which means it is significantly lagging earnings. Valuation Update With 7 Day Price Move • Oct 11
Investor sentiment improves as stock rises 15% After last week's 15% share price gain to kr12.90, the stock trades at a forward P/E ratio of 30x. Average forward P/E is 20x in the Communications industry in Sweden. Total loss to shareholders of 21% over the past three years. Major Estimate Revision • Jul 19
Consensus revenue estimates fall by 20% The consensus outlook for revenues in fiscal year 2024 has deteriorated. 2024 revenue forecast decreased from kr293.0m to kr235.0m. EPS estimate fell from kr0.94 to kr0.32 per share. Net income forecast to shrink 31% next year vs 35% growth forecast for Communications industry in Sweden . Consensus price target down from kr22.00 to kr17.00. Share price fell 18% to kr13.95 over the past week. Reported Earnings • Jul 14
Second quarter 2024 earnings released: EPS: kr0 (vs kr0.19 in 2Q 2023) Second quarter 2024 results: EPS: kr0 (down from kr0.19 in 2Q 2023). Revenue: kr59.7m (down 8.7% from 2Q 2023). Net income: kr17.0k (down 100% from 2Q 2023). Profit margin: 0% (down from 15% in 2Q 2023). The decrease in margin was primarily driven by lower revenue. Revenue is forecast to grow 30% p.a. on average during the next 3 years, compared to a 2.8% growth forecast for the Communications industry in Sweden. Over the last 3 years on average, earnings per share has increased by 113% per year but the company’s share price has only increased by 2% per year, which means it is significantly lagging earnings growth. Valuation Update With 7 Day Price Move • Jul 12
Investor sentiment deteriorates as stock falls 18% After last week's 18% share price decline to kr14.25, the stock trades at a forward P/E ratio of 13x. Average forward P/E is 24x in the Communications industry in Sweden. Total returns to shareholders of 6.1% over the past three years. Reported Earnings • May 07
First quarter 2024 earnings released: EPS: kr0.12 (vs kr0.047 in 1Q 2023) First quarter 2024 results: EPS: kr0.12 (up from kr0.047 in 1Q 2023). Revenue: kr61.0m (up 49% from 1Q 2023). Net income: kr6.21m (up 154% from 1Q 2023). Profit margin: 10% (up from 6.0% in 1Q 2023). The increase in margin was driven by higher revenue. Revenue is forecast to grow 34% p.a. on average during the next 3 years, compared to a 3.4% growth forecast for the Communications industry in Sweden. Tillkännagivande • Mar 24
Maven Wireless Sweden AB (Publ), Annual General Meeting, May 07, 2024 Maven Wireless Sweden AB (Publ), Annual General Meeting, May 07, 2024. Reported Earnings • Feb 25
Full year 2023 earnings released: EPS: kr0.70 (vs kr0.11 loss in FY 2022) Full year 2023 results: EPS: kr0.70 (up from kr0.11 loss in FY 2022). Revenue: kr256.2m (up 121% from FY 2022). Net income: kr36.5m (up kr42.2m from FY 2022). Profit margin: 14% (up from net loss in FY 2022). The move to profitability was driven by higher revenue. Valuation Update With 7 Day Price Move • Feb 23
Investor sentiment improves as stock rises 17% After last week's 17% share price gain to kr16.90, the stock trades at a trailing P/E ratio of 38.1x. Average trailing P/E is 30x in the Communications industry in Sweden. Total returns to shareholders of 16% over the past year. Recent Insider Transactions • Dec 15
Co-Founder recently sold kr9.4m worth of stock On the 13th of December, Fredrik Ekstrom sold around 750k shares on-market at roughly kr12.50 per share. This transaction amounted to 16% of their direct individual holding at the time of the trade. This was the largest sale by an insider in the last 3 months. This was Fredrik's only on-market trade for the last 12 months. Valuation Update With 7 Day Price Move • Nov 24
Investor sentiment improves as stock rises 22% After last week's 22% share price gain to kr12.40, the stock trades at a trailing P/E ratio of 27.9x. Average trailing P/E is 32x in the Communications industry in Sweden. Total loss to shareholders of 11% over the past year. Reported Earnings • Oct 29
Third quarter 2023 earnings released: EPS: kr0.20 (vs kr0.05 in 3Q 2022) Third quarter 2023 results: EPS: kr0.20 (up from kr0.05 in 3Q 2022). Revenue: kr53.3m (up 75% from 3Q 2022). Net income: kr10.5m (up 314% from 3Q 2022). Profit margin: 20% (up from 8.3% in 3Q 2022). The increase in margin was driven by higher revenue. Tillkännagivande • Oct 28
Maven Wireless Sweden AB (Publ) to Report Fiscal Year 2023 Results on Feb 23, 2024 Maven Wireless Sweden AB (Publ) announced that they will report fiscal year 2023 results on Feb 23, 2024 Tillkännagivande • Oct 24
Maven Wireless Sweden AB (Publ) to Report Q3, 2023 Results on Oct 27, 2023 Maven Wireless Sweden AB (Publ) announced that they will report Q3, 2023 results at 8:00 AM, Central European Standard Time on Oct 27, 2023 Tillkännagivande • Oct 21
Maven Wireless Receives First Patent in India Maven Wireless has been granted a first patent in India. Maven Wireless offers a market leading digital DAS system for indoor and tunnel coverage world wide. The solutions are unique, future-proof and supports all relevant technologies from 2G to 5G as well as blue light services. The company has an active strategy for intellectual property rights, including patents, to protect its proprietary technology. Including the new granted patent, Maven Wireless possesses 70 patents worldwide and has additionally 9 patent applications pending. The new patent in India covers key elements on how the Distributed Antenna System (DAS) equipment automatically configure itself depending on external environment as well as how to make the DAS redundant and resilient. This patent supports and protects Maven Wireless' business globally. Tillkännagivande • Oct 17
Maven Wireless Sweden AB (Publ) Announces Board Appointments Maven Wireless Sweden AB (Publ) announced the nomination committee for the 2024 AGM has been appointed in accordance with the instruction for the nomination committee resolved by the AGM 2021. The committee shall consist of representatives appointed by the three largest shareholders and the chairman of the company. The nomination committee consists of Gunnar Malmström as the largest shareholder, Jonas Ahlberg, appointed by Fredrik Ekström, Karin Ebbinghaus, appointed by Göran Grosskopf and Anders Björkman, chairman of Maven Wireless. Gunnar Malmström was elected chairman of the committee. Tillkännagivande • Aug 23
Maven Wireless Sweden AB (publ) Appoints Erik Nilsson as Chief Sales Officer Maven Wireless Sweden AB (publ) announced that it has hired Erik Nilsson as the new Chief Sales Officer for the group. Erik was previously CEO at OptiMobile. He has extensive experience in leading sales roles in the telecom and DAS industry from, among others, MIC Nordic, JMA Wireless, iBwave, ADC, Andrew (now Commscope) and Ericsson. Furthermore, Erik has broad international experience through overseas postings in, for example, the USA, Brazil and Italy. Erik starts his employment on the first of September and will be responsible for the group's global sales and market organization, with a focus on continued profitable growth with both existing and new customers and new markets. The group's current VP of sales Pär Tjernström will reduce his working hours after the turn of the year as a first step towards retirement, but will remain in the group with a senior position in product management. Reported Earnings • Aug 16
Second quarter 2023 earnings released: EPS: kr0.19 (vs kr0.034 loss in 2Q 2022) Second quarter 2023 results: EPS: kr0.19 (up from kr0.034 loss in 2Q 2022). Revenue: kr65.4m (up 163% from 2Q 2022). Net income: kr9.68m (up kr11.4m from 2Q 2022). Profit margin: 15% (up from net loss in 2Q 2022). The move to profitability was driven by higher revenue. Tillkännagivande • Jul 26
Maven Wireless Sweden AB (Publ) to Report Q2, 2023 Results on Aug 15, 2023 Maven Wireless Sweden AB (Publ) announced that they will report Q2, 2023 results on Aug 15, 2023 Tillkännagivande • Jul 23
Maven Wireless Receives Fifth Patent in South Korea Maven Wireless has been granted one new patent in South Korea for the patent application "Real-valued passband data transport in DAS". Maven Wireless provides ground-breaking solutions in wireless coverage all over the world. The company offers a unique and comprehensive DAS system for indoor and tunnel coverage. The solutions are unique, future-proof and supports all relevant technologies from 2G to 5G as well as blue light services. The company has an active strategy for intellectual property rights, including patents, to protect its proprietary technology. Including the new granted patent, Maven Wireless possesses 69 patents worldwide and has additionally 10 patent applications pending. This new patent protects Maven Wireless digital DAS products and the way how the products transport data over the fibre network. This patent supports and protects Maven Wireless' business especially in the APAC region. Reported Earnings • Apr 30
First quarter 2023 earnings released: EPS: kr0.047 (vs kr0.094 loss in 1Q 2022) First quarter 2023 results: EPS: kr0.047 (up from kr0.094 loss in 1Q 2022). Revenue: kr41.1m (up 160% from 1Q 2022). Net income: kr2.45m (up kr7.23m from 1Q 2022). Profit margin: 6.0% (up from net loss in 1Q 2022). The move to profitability was driven by higher revenue. Reported Earnings • Feb 25
Full year 2022 earnings released: kr0.11 loss per share (vs kr0.24 loss in FY 2021) Full year 2022 results: kr0.11 loss per share (improved from kr0.24 loss in FY 2021). Revenue: kr115.8m (up 98% from FY 2021). Net loss: kr5.73m (loss narrowed 53% from FY 2021). Board Change • Feb 01
Insufficient new directors No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 6 experienced directors. No highly experienced directors. Independent Director Karin Edstrom was the last director to join the board, commencing their role in 2020. The company’s insufficient board refreshment is considered a risk according to the Simply Wall St Risk Model. Recent Insider Transactions • Jan 02
Independent Director recently bought kr148k worth of stock On the 27th of December, Gunnar Malmstrom bought around 10k shares on-market at roughly kr14.80 per share. This transaction amounted to less than 1% 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 • Oct 28
Third quarter 2022 earnings released: EPS: kr0.05 (vs kr0.10 loss in 3Q 2021) Third quarter 2022 results: EPS: kr0.05 (up from kr0.10 loss in 3Q 2021). Revenue: kr32.1m (up 168% from 3Q 2021). Net income: kr2.54m (up kr7.86m from 3Q 2021). Profit margin: 7.9% (up from net loss in 3Q 2021). The move to profitability was driven by higher revenue. Reported Earnings • Aug 01
Second quarter 2022 earnings released: kr0.034 loss per share (vs kr0.082 loss in 2Q 2021) Second quarter 2022 results: kr0.034 loss per share (up from kr0.082 loss in 2Q 2021). Revenue: kr26.3m (up 63% from 2Q 2021). Net loss: kr1.71m (loss narrowed 58% from 2Q 2021). Reported Earnings • Apr 27
First quarter 2022 earnings released: kr0.094 loss per share (vs kr0.047 profit in 1Q 2021) First quarter 2022 results: kr0.094 loss per share (down from kr0.047 profit in 1Q 2021). Revenue: kr16.8m (up 12% from 1Q 2021). Net loss: kr4.78m (down kr5.32m from profit in 1Q 2021). Reported Earnings • Mar 30
Full year 2021 earnings released Full year 2021 results: kr0.24 loss per share. Revenue: kr58.4m (down 5.1% from FY 2020). Net loss: kr12.1m (loss narrowed 40% from FY 2020). Reported Earnings • Oct 31
Third quarter 2021 earnings released: kr0.10 loss per share The company reported a soft third quarter result with weaker control over costs, although losses were stable and revenues were flat. Third quarter 2021 results: Revenue: kr12.0m (flat on 3Q 2020). Net loss: kr5.32m (flat on 3Q 2020).