OODANasdaq StockholmSoftware - ApplicationIFRS · SEK

OODA AI

OODA AI is a Swedish AI software company built around an app store, APIs, and a decentralized compute network for running AI applications. Its offering includes locally usable AI tools, document-processing solutions, and partner-distributed digital services delivered through its own platform and portal structure.

Revenue1.1m SEK
−98.6 %y/y
Operating profit (EBIT)-29.3m SEK
+0.0 %y/y
EBIT margin-2,771.8%
−2,732.4 ppy/y

Fiscal year 2025 · change from previous year

Development 2020–2025

-200-1000100200300m SEK2020: 18 m SEK2020: EBIT 14 m SEK20202021: 86 m SEK2021: EBIT -104 m SEK20212022: 214 m SEK2022: EBIT -107 m SEK20222023: 74 m SEK2023: EBIT -101 m SEK20232024: 74 m SEK2024: EBIT -29 m SEK20242025: 1.1 m SEK2025: EBIT -29 m SEK20251.1-29
RevenueOperating profit (EBIT)

Business

Share of revenue
AI applications35 %

End-user AI apps sold through the company's app store and direct channels.

Document automation30 %

IDP and OCR tools that convert documents into structured data and workflows.

APIs and platform services20 %

Programmatic AI services and platform access used by partners and customers.

Partner distribution services10 %

Portal-based tools that let resellers manage pricing, invoicing, and support.

Decentralized compute and infrastructure5 %

Underlying compute network and infrastructure used to run AI workloads.

Customers

OODA AI sells to organizations that need AI tools for document handling, workflow automation, and private or localized AI use. Reported customers span financial services, healthcare-related processing, industrial and service companies, staffing, and partner/reseller ecosystems. The company also serves developers and strategic partners that package or distribute its AI products under their own brands.

Financial services and debt collection

Buys IDP/OCR and workflow automation to process documents and structured data faster.

Healthcare and insurance operations

Uses AI tools for payment handling, document management, and process efficiency.

Industrial and enterprise customers

Adopts agentic AI and platform tools for broader operational automation.

Staffing and HR services

Uses matching and process automation tools to streamline operations.

Resellers and strategic partners

Packages and distributes OODA AI products through the partner portal and white-label style models.

Strategy

OODA AI is building a scalable distribution model around self-service AI apps, APIs, and a partner portal that lets resellers manage customers independently. The company is also expanding its product stack with PrivatAI and a decentralized compute network, which broadens use cases and deepens the platform ecosystem. This strategy is aimed at increasing recurring usage, widening distribution, and making the business less dependent on bespoke delivery.

Partner-led distributionShort term

Resellers can broaden reach without proportional internal sales or integration effort.

Platform self-service expansionShort term

Self-service access improves scalability and lowers friction for new users.

Product deepening in document automationMedium term

IDP and OCR are repeatable use cases with clear efficiency value for customers.

Ecosystem and infrastructure buildoutMedium term

Decentralized compute and token mechanics can support network effects and partner incentives.

Geography

The company appears to operate primarily in Sweden with a customer footprint that extends into Germany and other European markets. Reported customers and partners include organizations in Germany and broader international collaborations, while the platform and app store are designed for digital distribution rather than a single local market. Geography matters because the business combines local customer implementation with scalable online delivery and partner-led expansion.

Risks

The company depends on converting technical capability into repeatable commercial adoption, so delays in partner rollout or customer scaling could slow growth. It also relies on a small number of key people and on fast-moving AI infrastructure and product markets where competition, regulation, and customer preferences can change quickly. Because the business spans software, decentralized infrastructure, and token-related initiatives, execution and regulatory complexity are meaningful risks.

Sorted by severity
LowMediumHighLowMediumHighImpact →Likelihood →Slow commercialization of the platform1Technology and market competition2
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. Slow commercialization of the platformImpact: HighLikelihood: High

    Revenue depends on converting product availability into active usage and recurring demand.

    ExposurePartner rolloutSelf-service adoptionLarger enterprise deals
  2. Technology and market competitionImpact: HighLikelihood: High

    AI markets evolve quickly and competing tools can reduce differentiation or pricing power.

    ExposureAI appsOCR/IDPPlatform services
  3. Key-person dependenceImpact: Medium

    The company relies on a limited number of specialists in AI, infrastructure, and business development.

    Exposure: Product development and customer delivery

  4. Regulatory and execution risk in token/Web3 initiativesImpact: Medium

    Token design, distribution, and governance introduce legal and operational complexity.

    Exposure: Decentralized ecosystem and token launch

  5. Customer spending sensitivityImpact: Medium

    Enterprise software adoption can slow when macro conditions weaken or budgets tighten.

    Exposure: Sales cycles and partner demand

Accounting

Judgemental items
Capitalized development costs

The company capitalizes platform and product development when criteria are met, affecting profit and asset values.

Impact: Reported earnings and intangible assets

Revenue recognition across multiple delivery models

Apps, APIs, partner services, and implementation work may recognize revenue at different times.

Impact: Quarterly revenue timing and comparability

Impairment of capitalized projects

Activated development assets must be recoverable as products and platforms are commercialized.

Impact: Potential write-downs if projects underperform

Token and Web3-related accounting

Token launch planning may involve valuation, classification, and disclosure judgments.

Impact: Balance sheet and disclosure complexity

Publicly listed companies with a comparable business focus.

Last updated: 24/09/2026

OODA AI (XSTO) – Software - Application | Financial Analysis – Clarifo