Rankings Software, cloud & internet My Beat

My Beat

Software, cloud & internet · SwedenRank 825 of 829Prices Model 1.4

15070100

The model found several serious problems. That does not mean the stock will fall.

Biggest deductions

Margin−10
Price of the acquisition−10
Trading halt and listing review−10

Strengths

No documented strengths.

How the score is built

From 100 to 15, step by step: points off for the business, the price and the cracks, back for documented strengths, then three data adjustments.

100Start

15Score

Hover or select a step to see what drove it. Steps with findings open them below.

Key numbers

As of . Analyst targets tend to be optimistic; read upside as a hint, not a forecast.

Price: –
Median analyst target: –
Upside to median: –
Analysts: none
Target range: –
52-week change: –
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−30 of −30

Margin
Loss of SEK 28.3m in 2025. EBITDA was negative every quarter: SEK −2.8m in Q2 2026 (adjusted −1.7m) on revenue of only 3.1m. The auditor states a material uncertainty about going concern.
mfn.se
−10
Quality of growth
Revenue is falling: Q2 2026 was SEK 3.05m vs 4.01m (-24%), and the previous quarter was 2.46m vs 4.44m. The subsidiary TMC Silverstone went bankrupt in December 2025 with a write-down of about SEK 9.6m.
mfn.se
−8
Capital allocation
The financing has come through receipt issues (0.7 MSEK in May, now 6.0 MSEK at 0.495 SEK, of which 3.8 MSEK to CEO Olav Kalve's company Advisum AS) and a warrant agreement with Loft Capital of up to 5.65 MSEK. Loft exercised 3.25 m shares in August before the agreement was put on pause in September.
mfn.se
−8
Business model and moat
A virtual mobile operator (MVNO) with electricity, alarms and smart home for consumers and SMEs. It competes on price with Telia, Tele2, Telenor and a host of MVNOs and has no moat. Oyatel (2 employees, NOK 4.4m in revenue) does not change that picture.
mfn.se
−4

Price

Today's multiples against the company's own history and its peers. · 2 findings−18 of −35

Price of the acquisition
Oyatel is being bought for SEK 80m in shares (128.1m shares at SEK 0.6243, 45% above the 20-day VWAP and 2.3x the last price) for NOK 4.4m in revenue and 2 employees, i.e. approx. 18x revenue. The sellers get 81% of the company.
mfn.se
−10
Absolute level after the deal
After the deal there are about 158.6m shares before the split. At the last price the market cap is about SEK 42.6m for a combined revenue of about SEK 15–16m with negative EBITDA and a short-term deficit of SEK 19m as of 31/12-2025. That is P/S of about 2.7 for an MVNO with falling revenue.
mfn.se
−8

Cracks

Cash flow, customers, debt, insiders, guidance and what sits behind the headline numbers. · 4 findings−31 of −35

Trading halt and listing review
Spotlight has halted trading from 2/10-2026 until a new listing review (rule 2.21) is approved. If it is not approved, the stock may be delisted, and it cannot be sold in the meantime.
mfn.se
−10
Going concern and cash
Cash was SEK 4 thousand at 30/6-2026. The auditor stated material uncertainty about going concern, current assets were SEK 19.0m less than debt at the end of 2025, and the company has been under a control balance sheet since February 2026. Creditors have accepted write-downs of about SEK 3.6m.
mfn.se
−10
Governance and related parties
R-Venture AS gets 77.6% and full control through a contribution-in-kind issue with no cash offer to the minority. The CEO's own company Advisum AS receives 7.65m shares for debt. The liquidity guarantee ended in August, and the Loft agreement has been put on hold.
mfn.se
−8
Reporting
The Q3 report has been postponed (announced 29/9-2026), and both the Q2 2025/26 report (December 2025) and the Q1 2026 report (May 2026) got new dates. There are repeated delays and a changed fiscal year (broken 2025/26 and calendar year).
mfn.se
−3

Plus

Only documented strengths. · 0 findings±0 of +15

No findings recorded.

Caveats

What the score does not capture, or where the data is weak.

No stockanalysis page (quote/xsat/MYBEAT returns 404); path is best guess. THE STOCK IS HALTED since 2/10-2026 at 09:45 and will only trade again when Spotlight has approved a new listing review following the purchase of Oyatel AS; otherwise it will be delisted. The last price (SEK 0.2685) is before the 1:20 reverse split and before the issue of approx. 140m new shares. The current share count (approx. 18.3m) is calculated from the company's stated dilution of 87.49% on 128.1m new consideration shares, so the market cap is approx. SEK 4.9m (DKK 3.2m) before the deal and approx. SEK 42.6m after (approx. 158.6m shares pre-split = approx. 7.93m after). The Q3 report has been postponed. Q1 2026 revenue was not found, so TTM revenue is an estimate (approx. SEK 1m per month according to the CEO). Debt after set-off and write-down is not stated. Industry: mobile operator (MVNO), electricity and alarms are not on the list; 'Software, cloud & internet' is the closest. The content of the flagging notice of 21/9-2026 has not been reviewed.