Anoto Group AB

ANOT.ST

Computer Hardware · Technology

Price

kr 0.13

-0.00 (-1.10%)

Market Cap

kr 138.5M

Exchange

Stockholm Stock Exchange

Winston Score

Winston is worried

Weak fundamentals across most pillars.

Share count rising — dilution

+401.9% over 4y

The company has issued more shares over this period, which dilutes each existing shareholder’s stake.

Diluted shares outstanding: 211.2M (2021) → 1.06B (2025)

Anoto Group is a Swedish technology company best known for inventing digital pen technology. Its core product is a system that turns handwriting on special paper into digital data in real time. The company sells this technology to businesses in healthcare, education, and government — industries where paper forms are still common but digital records are needed.

Anoto makes money by licensing its patented pen-and-paper technology to other companies and selling software that processes handwritten data. It operates mainly in Europe and Asia, and its patent portfolio is its primary competitive asset. However, the company is very small, loses significantly more money than it earns, and faces a major risk: the world is moving away from paper entirely, which shrinks the market for its core technology over time.

Winston Score History

Growth Profile

For growth stock investors

When traditional metrics don't capture the full picture, these are the signals growth stock investors use instead.

Revenue Growth

-14.0% YoY

YoY Growth Rate

Revenue declining

EPS Growth

+63.4% YoY

YoY Growth Rate

EPS growth accelerating

R&D Spend

$18M/ year

81.4% of revenue

5.4x the sector average (15%)

Research and development spending

Insider Activity

9.2%ownership

→ Flat

Insiders holding steady — not selling despite ability to

Cash Runway

~0 months

$196,000 cash & investments

Quarterly Free Cash Flow

↑ Burn rate improving

Short runway — potential dilution ahead through share issuance

Cash watch

Anoto Group AB has less than a year of cash at its current burn rate. Growth investors should watch for potential share dilution from future fundraising — that directly reduces your ownership.

The Winston Score above measures business quality today. Growth stocks often score lower because they invest in the future rather than maximising current profits. These metrics show what matters most for evaluating that future.

Score breakdown

Every number that matters to educated investors.

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Quality

Gross Margin

33.5%

Modest — 33.5% gross margin

Operating Margin

-258.5%

Losing money on operations — -258.5%

ROCE

-48.6%

Weak — -48.6% return on capital

Negative ROIC means the business is losing money on every dollar invested in it.

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Growth

Sales YoY

-24.8%

Shrinking sales (-24.8% YoY)

EPS YoY

N/A

Data not available

EPS Consistency

0/8 quarters

Earnings rarely grow — volatile business

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Cash Flow

Cash Conversion

N/A

—

Data not available

FCF Margin

-208.9%

Burning cash (-208.9%)

Free cash flow is negative. They are burning cash, not generating it.

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Stability

Debt / Equity

17.33

Heavy debt load (17.33)

Interest Cover

N/A

Data not available

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Valuation

P/E Ratio (TTM)

N/M

—

Negative earnings — P/E not meaningful

P/E vs Forward

N/A

not available

Data not available

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Dividends

Not applicable for this business.

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