4C Group AB (publ) 4C
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Full analysis: 22 Jul 2026
Latest news check: 9 Aug 2026
General analysis — not personal advice.
HOLD
6/10
Confidence
Existing position can be maintained pending clearer cash flow and execution evidence.
Strong Q2 performance, record order book and the oversubscribed rights issue that bolsters cash reserves support maintaining a neutral stance pending cash-flow effects from the UK contract.
Market sentiment
8/10
↑
Trend: Improving
The market reacts positively to the oversubscribed issue that strengthens the balance sheet and removes the previous financing risk.
Price context
The share trades stably around 8.16 SEK post-issue. The price reflects a neutral to slightly positive positioning supported by the eliminated financing risk.
Risk assessment
4/10
Dilution:
Medium
The issue has been completed and oversubscribed, yet the dilution effect remains until further notice.
Jurisdiction:
Low
Operations in Sweden, UK and NATO countries
Execution:
Medium
Large contract requires successful delivery
Recent changes
- ▲ The oversubscribed rights issue has been completed, lowering dilution risk from high to medium.
About the company
4C Group develops and sells the Exonaut software platform for operational readiness, training and continuity management. The company primarily targets defense forces, authorities and companies in Sweden, the UK and NATO countries. Operations are in a growth phase with an increasing share of software revenue.
Sector:
Defense technology and crisis management software
Type:
Tech
Next report
3 Nov 2026
Q3
Catalysts
Q4 2026
UK contract update
High
Horizon:
Bull case
Q2 profit, record order book of SEK 960 million and the large UK contract strengthen momentum while the oversubscribed issue removes financing risk.
Bear case
Dilution from the rights issue and uncertainty around cash-flow effects from the UK contract may create continued volatility.
Signal rationale (informational)
Strong Q2 performance, record order book and the oversubscribed rights issue that bolsters cash reserves support maintaining a neutral stance pending cash-flow effects from the UK contract.
Recent news
- The rights issue of SEK 54 million was heavily oversubscribed with 82 percent subscribed via subscription rights and additional oversubscription for 12.1 million shares. The board fully exercised the over-allotment option, providing total proceeds of approximately SEK 74 million before costs and offsetting up to SEK 31 million in shareholder loans.
Key figures
Revenue
Q2 2026
SEK 95.4M
Revenue TTM
TTM
SEK 341M
Net income
Q2 2026
SEK 15.1M
Cash
Q2 2026
SEK 1.2M
Shares outstanding
Q2 2026
38.3M
EPS
Q2 2026
SEK 0.39
Price & valuation
Last close
SEK 7.85
Market Cap
SEK 300M
1 week
-2.5 %
Exchange
First North
Type
Technology
Sector
Defense technology and crisis management software
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Firelda provides general information and analysis, not personal investment advice. Content does not consider your financial situation or goals. Investments can rise and fall in value. Always do your own research.