Four European small caps by the numbers, and why for two of them the data is not enough

The short version

• At Siili Solutions revenue fell 13.0 percent in the first half of 2026 to 50.06 million euros, and operating profit turned into a loss of 1.78 million euros.
• At Lokotech the quoted market value differs by a factor of seven from the only data that could be found, which dates from May 2025.
• At Credito Emiliano and AcadeMedia there is nothing to check, because the description contains no factual claim.

Siili Solutions, the case with the clearest figures

The Finnish software house is listed as a specialist in AI supported software development that currently struggles with losses but should benefit from its position in a growing AI market. The first part can be checked, the second is an expectation.

On 11 August 2026 the company published its half year report to 30 June 2026. Revenue fell 13.0 percent to 50.06 million euros from 57.54 million euros. The share of foreign business was 26.6 percent after 26.1 percent. Operating profit came in at minus 1.78 million euros after plus 0.97 million euros, and the operating margin dropped from plus 1.7 to minus 3.6 percent. Pre-tax profit was minus 2.58 million euros after plus 0.57 million euros, and earnings per share minus 30 cents after plus nine cents.

What matters is that the total change and the organic change are both minus 13.0 percent. The decline comes entirely from the existing business and not from acquisitions or disposals. The company cites budget cuts at customers, delayed investment decisions, shrinking individual client relationships and general uncertainty.

Siili's balance sheet

Total assets stood at 74.30 million euros after 81.53 million euros. The equity ratio was 51.6 percent after 49.9 percent. Return on capital employed fell to minus 2.1 percent after plus 5.3 percent.

Net debt to earnings before interest, taxes, depreciation and amortisation rose to 2.79 from 0.45. The increase does not come from new borrowing but from a shrinking denominator. The same debt now weighs considerably more than before.

An equity ratio of 51.6 percent describes a soundly financed company. There is no question of survival here. The earnings trend is nonetheless unambiguous.

Lokotech Group, where the numbers do not add up

The Norwegian company is described as a developer of integrated mining infrastructure and computing hardware for blockchain applications, with a market value of 508.7 million Norwegian kroner. That claim could not be confirmed.

The only solid data found dates from May 2025. At that point market value was 69.93 million kroner at a price of 0.37 kroner. The 52 week high was 2.90 kroner and the low 0.35 kroner. The price had fallen 68.10 percent within a month and 84.32 percent since the listing.

Over twelve months revenue was 3.71 million kroner with a loss of 25.61 million kroner. Cost of goods sold of 6.96 million kroner exceeded revenue, producing a negative gross profit of 3.25 million kroner. A negative gross profit means every unit sold costs more than it brings in, before administration and development are even counted.

Between the source claim and the data found lies a factor of seven. Possible explanations include a capital increase, a takeover, a price recovery or an error in the source. Which one applies remains open. The only reliable basis is the mandatory filings on the Oslo exchange website.

Credito Emiliano and AcadeMedia, where there is nothing to check

The last two entries are an Italian regional bank and a Swedish education company. Both are listed with the same reasoning, namely that analysts see them as promising for 2026. That wording contains no verifiable claim.

Both companies are established firms with long histories and ordinary operations. That is precisely why their inclusion in such a list stands out. A list that puts crypto chips, an Italian regional bank and a Swedish school operator side by side has no common thread. What connects them is that a news item was available.

Frequently asked questions

Does Siili Solutions benefit from the AI market

The half year figures argue against it. The company names budget cuts at customers and delayed investment decisions as causes of an organic revenue decline of 13.0 percent. A service provider earns when its clients commission projects, regardless of what those projects are about.

Is Siili Solutions in financial danger

No. The equity ratio is 51.6 percent and cash inflow from operations held steady at 1.44 million euros. The company is soundly financed. The question concerns earning power, not survival.

Why did the debt ratio rise to 2.79

Because earnings fell, not because new debt was taken on. The ratio sets net debt against earnings before interest, taxes, depreciation and amortisation. When the denominator shrinks, the ratio rises even though the debt is unchanged.

Why is there no assessment of Lokotech

Because the available data dates from May 2025 and the quoted market value differs from it by a factor of seven. Without current figures, any assessment would just extend numbers that are more than a year old.

What does such a list say about the companies

Little. Of the eleven companies on the original list, seven could be examined seriously against published figures. For four the data was insufficient or the description empty. The most useful test is whether you can say in one sentence why exactly these companies belong together.

This text is not investment advice. It reports verifiable figures and puts them in context.

This analysis is for information only and is not investment advice.