Nicoccino
Nicoccino Holding AB is a Swedish holding and operating group centered on Nicoccino-branded nicotine strip products and related intellectual property. The group includes Nicoccino AB in Stockholm and Nicoccino Ltd in London, and it operates with a small in-house organization supported by external service providers.
Fiscal year 2025 · change from previous year
Development 2021–2025
Business
Share of revenueThin oral nicotine strips sold as a tobacco-free nicotine product.
Patent and trademark rights used to support product commercialization and protection.
Internal production activities and support services tied to product supply.
Customers
Nicoccino sells to consumers and channel partners that distribute nicotine-strip products in markets where tobacco-free nicotine alternatives are permitted. The business also depends on commercial counterparties tied to manufacturing, supply, and licensing arrangements that support product availability and market access.
Buy nicotine strips for a tobacco-free oral nicotine experience.
Buy product inventory for resale through nicotine and convenience channels.
Use or support the patented film technology and related IP.
Provide production, accounting, legal, and other outsourced support.
Strategy
The company’s strategy is built around protecting and commercializing its nicotine-strip technology through patents, trademarks, and controlled production. It also relies on maintaining manufacturing capability and external partnerships so the product can be supplied and scaled in markets where it is allowed.
Patent and trademark protection underpins product differentiation and market access.
Reliable manufacturing is necessary to fulfill orders and support commercialization.
The business depends on suppliers, consultants, and commercial counterparties.
Geography
Nicoccino is headquartered in Sweden and reports a group structure with operations in Stockholm and London, plus production activity in Gillinge. Its intellectual property is protected across many countries, which matters because commercialization and enforcement depend on where nicotine products can be sold and protected.
Risks
Nicoccino faces competition from larger nicotine-product companies and from alternative products under development, which can pressure market share and pricing. The business is also exposed to production interruptions, supplier dependence, foreign-exchange movements, and financing risk because it is a small, specialized group with limited internal resources.
- Intense competition in nicotine alternativesImpact: HighLikelihood: High
Larger and better-funded competitors may launch substitute products or price aggressively.
Exposure: Nicotine strips and related product sales
- Liquidity and refinancing riskImpact: HighLikelihood: High
The group depends on continued access to loans and lender support.
Exposure: Working capital and going-concern flexibility
- Production and supplier disruptionImpact: HighLikelihood: Medium
The business relies on a functioning factory and external ingredient supply.
Exposure: Gillinge production and input sourcing
- Small-organization key-person dependenceImpact: Medium
Operations rely on a limited number of employees and outsourced specialists.
Exposure - Foreign exchange riskImpact: Medium
Purchases are mainly in EUR and SEK while sales are largely in EUR.
Exposure: Transaction and translation effects
Accounting
Judgemental itemsNicotine-strip inventory must be tested for obsolescence and net realizable value.
Impact: Can reduce carrying value if demand or pricing weakens
Right-of-use assets and lease liabilities affect balance sheet and depreciation/interest split.
Impact: Changes reported assets, liabilities, and EBITDA-like measures
EUR and SEK exposures create exchange differences in operations and financing.
Impact: Affects operating profit, finance costs, and cash flow volatility
Patents, trademarks, and production assets depend on future commercialization.
Impact: Could trigger write-downs if expected cash generation falls
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Last updated: 24/09/2026