LumenRadio AB (publ)

LUMEN.ST

Communication Equipment · Technology

Exchange

Stockholm Stock Exchange

Winston Score

Winston is curious

A decent business — some strong pillars, some weaker.

Data as of Aug 23, 2026 · filings through Jun 30, 2026

How the score breaks down

Quality

Mixed

Growth

Good

Cash Flow

Exceptional

Stability

Exceptional

Valuation

Strong

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Winston Score History

The full picture

LumenRadio is a Swedish technology company that makes wireless communication systems used in professional settings like concert stages, TV studios, film sets, and smart buildings. Its core products are wireless DMX lighting control systems and IoT connectivity modules, sold to lighting manufacturers, entertainment technology companies, and building automation firms. The company is known for its CRMX technology, which has become a widely adopted standard for wireless lighting control in the live entertainment industry.

LumenRadio earns revenue by selling hardware modules and licensing its wireless technology to other manufacturers who embed it into their own products. The company is headquartered in Gothenburg, Sweden, and sells globally, with strong presence in Europe and North America. Its main competitive advantage is its established technology standard in professional lighting, which creates switching costs and makes it difficult for competitors to displace. The key growth driver is expanding its IoT and building automation business, while the main risk is customer concentration in the entertainment sector, which can be sensitive to economic downturns.

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

+12.7% YoY

YoY Growth Rate

Steady revenue growth

EPS Growth

+420.0% YoY

YoY Growth Rate

EPS growth accelerating

Insider Activity

52.0%ownership

→ Flat

Insider ownership roughly steady over the past year

Cash Position

Cash flow positive

kr 122M cash & investments

Quarterly Free Cash Flow

↓ Burn rate worsening

Company generates more cash than it spends — no dilution risk from fundraising

Growth + cash flow

LumenRadio AB (publ) is a rare growth stock that's already generating positive cash flow while growing at 13%. The Winston Score doesn't fully credit this transition from "burner" to "earner."

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

Profit per sale

Gross Margin

14.3%

Thin — 14.3% gross margin

Profit after running costs

Operating Margin

14.3%

Healthy — 14.3% operating margin

Return on the money invested

ROCE

15.4%

Strong — 15.4% return on capital

ROIC between 15% and 25%. Every dollar invested in the business earns 15 to 25 cents back per year.

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Growth

Sales growth

Sales YoY

+16.1%

Fast-growing sales (+16.1% YoY)

Profit growth

EPS YoY

+91.7%

Earnings growing fast (+91.7% YoY)

Earnings growing 25%+ a year. The compounder zone.

How steady the profit is

EPS Consistency

4/8 quarters

Earnings inconsistent quarter-to-quarter

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Cash Flow

Profit that turns into cash

Cash Conversion

142%

Turns 142% of profit into real cash

Spare cash per sale

FCF Margin

16.4%

Converts sales into free cash efficiently (16.4%)

FCF margin between 10% and 20%. Every $100 in sales becomes $10 to $20 in real cash.

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Stability

What it owes vs what it owns

Debt / Equity

0.01

Conservative — low debt load (0.01)

Covers its interest

Interest Cover

64.16x

Comfortably covers interest (64.2x)

Interest coverage above 8. Profits cover interest many times over.

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Valuation

Price vs profit

P/E Ratio (TTM)

19.3x

no trend

Fair value — P/E 19.3

P/E in the normal range. Price is roughly $15 for every $1 of yearly profit.

Cheaper or dearer next year

P/E vs Forward

+3.4

GROWING

Earnings expected to grow meaningfully — cheaper on forward P/E (19.3 → 15.8)

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Dividends

Not applicable for this business.

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