BRAINREADER A/S
Key figures
- Return on assets
- -55.6%
- Return on equity
- –
- Current ratio
- 13.6%
- Equity ratio
- -167.2%
Profit and loss
| Reporting period | |
|---|---|
Gross profit | -1,174,063 |
Operating profit | -4,157,423 |
Finance income | 155,212 |
Tax expense | -88,884 |
Profit/loss for the year | -6,406,148 |
Employees
| Reporting period | |
|---|---|
Avg. employees | 2 |
Personnel costs | 2,194,703 DKK |
Balance sheet
| Reporting period | |
|---|---|
Cash and cash equivalents | 1,965,346 |
Current assets | 2,179,859 |
Non-current assets | 5,291,551 |
Total assets | 7,471,410 |
Equity | -12,492,050 |
Liabilities | 19,963,460 |
Current liabilities | 15,998,271 |
Working capital
| Reporting period | |
|---|---|
Trade receivables | 4,024 |
Other current receivables | 121,605 |
Trade payables | 327,480 |
Capital and dividend
| Reporting period | |
|---|---|
Contributed capital | 5,310,324 |
Retained earnings | -22,221,862 |
Investments and assets
| Reporting period | |
|---|---|
Long-term investments and receivables | 7 |
Property, plant and equipment | 0 |
Annual report highlights
Business and development
The Company’s primary activities consist of developing and commercialising medical image processing software which is able to analyse MR scans of the brain and assess degeneration of brain structures. The customers are radiology departments at public and private hospitals as well as private scanning clinics.
Description of material changes in activities and finances
Management is continuously working to ensure liquidity preparedness through capital contributions with due considerations to the Company's demand for liquidity. Further details provided in note 1 and 2.
Development in activities and finances
The Company’s course of development remains positive despite the fact that equity at the balance sheet date is negative by DKK 12.5 million, compared to negative DKK 13.9 million by year end 2024, and the Company is subject to the rules governing loss of capital as laid down in the Danish Companies Act. In 2025, the Company successfully completed an investment round amounting to DKK 49 million, with participation from the Sweden-based investment firm Dahlgren Capital AB, other private investors, and several existing shareholders, including Investo Capital. As part of the agreement with Dahlgren Capital AB, a portion of the investment was conditional upon the Company achieving certain operational and strategic milestones during the year. Subject to th…
Risks and material matters
1 Judgements regarding going concern
Management assesses that the Company's continued operations are secured through an active capital strategy. An owner has, pursuant to a revised investment agreement dated 17 February 2026, committed to a total investment of DKK 33.1 million, to be invested in the period 2025-2026. Furthermore, convertible loans totalling up to DKK 9.1 million are expected to be converted into equity as part of the investment agreement. With the implementation of the capital strategy, the Company achieves a solid capital position to execute the Company's long-term strategic plans. Notwithstanding the Company's continued need for financing of operations, the Company's management and owners ensure that the necessary capital resources are available to execute the Company's potential and strategic plans.
After the balance sheet date, as part of a closing report submitted to Dahlgren Capital AB, the Company reported the successful completion of all 8 out of 8 agreed milestones related to the remaining investment tranches expected to be transferred to the Company in 2026. February 2026 through May 2026 the Company completed three capital contributions. The Company increased its share capital by a totaling amount of DKK 231,057. The contribution paid in cash including share premium amounts to DKK 2.9 millions. An owner has, pursuant to a revised investment agreement dated 17 February 2026, committed to a total investment of DKK 33.1 million and further capital contributions paid in cash are expected throughout 2026 by a total amount of DKK 19.9 million as well as convertible loan conversions totalling DKK 9.1 million.
February 2026 through May 2026 the Company completed three capital contributions. The Company increased its share capital by a totaling amount of DKK 231,057. The contribution paid in cash including share premium amounts to DKK 2.9 millions. An owner has, pursuant to a revised investment agreement dated 17 February 2026, committed to a total investment of DKK 33.1 million and further capital contributions paid in cash are expected throughout 2026 by a total amount of DKK 19.9 million as well as convertible loan conversions totalling DKK 9.1 million.
Commitments and security
The Company has entered an agreement with EIFO assuming a maximum of DKK 1,1m. only applicable by a favorable exit.
13 Assets charged and collateral
Debt to EIFO is secured by way of an indemnity letter valued at DKK 5,5m., with security in operation equipment and receivables, with a total value of DKK 5,3m.
Create a free account to see up to 9 years of financial history
Create free account