MANTEXNasdaq StockholmSpecialty Industrial MachineryIFRS · SEK

Mantex

Mantex AB is a Swedish greentech company based in Kista that develops and sells automated biomass analysis systems. Its equipment uses X-ray-based measurement technology to assess moisture, ash content, and energy content in wood-based biomass for industrial customers.

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Revenue0.2m SEK
−0.6 %y/y
Operating profit (EBIT)15.8m SEK
−37.6 %y/y
EBIT margin7,383.7%
−4,380.5 ppy/y

Fiscal year 2025 · change from previous year

Development 2020–2025

-1000100200300400500m SEK2020: 2.0 m SEK2020: EBIT 8.7 m SEK20202021: 480 m SEK2021: EBIT 16 m SEK20212022: 1.4 m SEK2022: EBIT -17 m SEK20222023: 0.41 m SEK2023: EBIT 3.0 m SEK20232024: 0.22 m SEK2024: EBIT 25 m SEK20242025: 0.21 m SEK2025: EBIT 16 m SEK20250.2116
RevenueOperating profit (EBIT)
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Business

Share of revenue
Biomass analysis equipment60 %

Hardware systems used to measure biomass quality and composition

Measurement technology and sensors20 %

X-ray-based measurement modules and core sensing technology

Demo, testing and customer evaluation units10 %

Pilot and demonstration equipment used in sales and validation

Software and analysis services10 %

Data interpretation and related analysis tools for biomass quality control

Customers

Mantex sells to industrial buyers that need faster and more consistent biomass quality measurement than manual sampling methods. The main end markets mentioned in the reports are the pulp and paper industry, bioenergy producers, and pellet manufacturers, where measurement affects pricing, process control, and resource efficiency.

Pulp and paper industry

Buys biomass analysis systems to improve feedstock assessment and pricing

Bioenergy producers

Uses the equipment to measure biomass quality for combustion and process efficiency

Pellet manufacturers

Needs moisture and ash analysis to control product quality and input value

Potential pilot and evaluation customers

Tests demo equipment before committing to broader deployment

Strategy

Mantex’s strategy is built around a proprietary X-ray measurement platform for biomass quality analysis. The company emphasizes a market need for more efficient use of bio- and paper-mass feedstocks, and positions its technology as a differentiated tool for faster, more accurate pricing and process control.

Commercialize the Biomass Analyzer platformShort term

The business depends on turning its measurement technology into repeatable industrial sales

Expand adoption in biomass-intensive industriesMedium term

Pulp, bioenergy and pellet customers benefit from faster and more accurate feedstock assessment

Differentiate through proprietary measurement technologyMedium term

A unique technical position supports pricing power and customer interest

Geography

Mantex is headquartered and operates from Kista, Sweden, and the reports identify it as a Swedish company. The available excerpts do not provide a country revenue split, so the business profile should be read as centered on Sweden with industrial biomass markets that can extend beyond the home market.

Risks

Mantex faces execution risk typical of an early commercial hardware and technology company, including dependence on successful product development, customer adoption, and a small organization with key-person exposure. The reports also highlight market, operational, and financial risks, plus potential impairment risk tied to collaboration-related balance sheet items.

Sorted by severity
LowMediumHighLowMediumHighImpact →Likelihood →Market adoption risk1Dependence on key personnel2Dependence on collaboration partners3Operational and delivery risk4
Impact is the risk’s severity and likelihood how probable it is over the next few years, both assessed from the company’s reports. Numbers match the list.
  1. Market adoption riskImpact: HighLikelihood: High

    Industrial customers may delay purchases while testing new measurement methods against manual processes

    Exposure: Biomass Analyzer sales cycle

  2. Dependence on key personnelImpact: HighLikelihood: Medium

    A small organization and specialized technology make product development and commercialization vulnerable to staff loss

    Exposure: Development and commercialization projects

  3. Dependence on collaboration partnersImpact: MediumLikelihood: Medium

    The company has balance sheet exposure linked to partner sales performance and related asset values

    Exposure: Partner-related asset valuation

  4. Operational and delivery riskImpact: MediumLikelihood: Low

    Hardware businesses can face lead-time, production and implementation issues

    Exposure: Equipment delivery and customer deployment

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Accounting

Judgemental items
Impairment of collaboration-related assets

Reported balance sheet items depend on partner sales performance and may need write-downs if expectations are not met

Impact: Could reduce asset values and earnings

Royalty-based consideration from associate disposal

The sale of Andritz Technologies included a future royalty component that requires estimation

Impact: Affects other income and receivables valuation

Lease accounting

Operating lease commitments for the premises create recognized and disclosed obligations

Impact: Affects liabilities and future cash outflows

Employee and accrual estimates

A small workforce means payroll, vacation accruals and related estimates can materially affect expenses

Impact: Affects operating expenses and short-term liabilities

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Last updated: 24/09/2026

Mantex Revenue, Earnings & Financials 2025 – Clarifo