Rankings Semiconductors BeammWave
BeammWave
49
15070100
A view of the same findings, not a new score. How it works
The model found several serious problems. That does not mean the stock will fall.
Biggest deductions
- Margin−14
- Multiples vs own history−10
- Commercialisation−7
Strengths
- Net cash+2
- Industrial partners+1
How the score is built
From 100 to 49, step by step: points off for the business, the price and the cracks, back for documented strengths, then three data adjustments.
Start
Score
Hover or select a step to see what drove it. Steps with findings open them below.
Key numbers
As of 3 Nov 2026. Analyst targets tend to be optimistic; read upside as a hint, not a forecast.
- Price
- 16.90 SEK
- Median analyst target
- –
- Upside to median
- –
- Analysts
- none
- Target range
- –
- 52-week change
- +134%
- P/E (trailing)
- n/a
- Forward P/E
- n/a
- PEG
- n/a
Findings
Every deduction and every plus, with its source. Open a step to read them.
Business
Is the company getting stronger, not just bigger? · 4 findings−26 of −30
- −14MarginNet revenue was 0 in H1 2026 (SEK 2.6m a year earlier), and operating income was -34.8m TTM. There are losses every year in 2021-2026, and they are growing (-15.7 → -25.2m).
- −3Quality of growthThe small revenue from development platforms (Molex and others) in 2025 has disappeared, and H1 2026 delivered 0. 'Total income' of 4.8m in Q2 consists of capitalised development and other income, not sales.
- −4Capital allocationShare count is +54% over a year after three issues in 2026 (directed 20m, rights issue 51.7m and directed approx. 25m SEK). Approx. 19m SEK of development is capitalised per year, so P/TBV (8.7) is higher than P/B (5.9).
- −5Future segment and moatDigital beamforming for mmWave (5G/6G) is a promising architecture, but mmWave in phones is largely confined to the US, and 6G is around 2030. Customers are still in the development and evaluation phase, and Qualcomm dominates the mmWave modules.
Price
Today's multiples against the company's own history and its peers. · 1 finding−10 of −35
- −10Multiples vs own historyP/B 5.85 is the highest in 2022-2025 (1.9-3.3), and EV is about SEK 1.06bn with no revenue. Market cap has tripled in a year (+196%) without a binding volume order.
Cracks
Cash flow, customers, debt, insiders, guidance and what sits behind the headline numbers. · 3 findings−12 of −35
- −7CommercialisationThere is no licence or volume agreement. The CEO describes the company as moving towards 'formalising' a co-development collaboration with an Asian Tier 1 partner, and the only new order is a defence contract of SEK 1.87m. The timeline for revenue is unclear.
- −4DilutionThe company has raised capital every year (2021, 2022, 2024, 2025 and three times in 2026). With a burn of about USD 50m a year and no revenue, a new issue is likely around 2028 unless customer NRE arrives.
- −1Liquidity and price momentumAbout 168,000 shares trade per day (about SEK 3.7m), RSI is 72.7, and the share price is up 191% over 52 weeks. This is vulnerable to profit-taking.
Plus
Only documented strengths. · 2 findings+3 of +15
- +2Net cashCash 144.6m SEK, no debt and an equity ratio of 96% as of 30 Jun 2026, corresponding to approx. 2.7 SEK per share.
- +1Industrial partnersDevelopment agreements with Nitto Denko (low-Dk materials for antenna modules in smartphones) and formerly Molex (Koch Industries).
Caveats
What the score does not capture, or where the data is weak.
Nordnet shows the B share on Spotlight (SSME), while stockanalysis has it under quote/sto/BEAMMW.B. The share count of 54.17m (A + B) is used for market cap. Cash at 30 Jun 2026 (SEK 144.6m) comes from stockanalysis; the full Q2 report (PDF) has not been read. Quarterly burn (about SEK 13m) is calculated by us as operating cash flow plus capitalised development. Terms of any warrants (TO) from the 2026 issues, the name of the Asian Tier 1 partner, insider trades, shareholder list and peers are not verified.
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