companyName

extensiveId

feedTypes

includeDividend

includeEstimates

includeOverview

includeOwnership

snapshotDate

CompanyName_Query

companySlug

CompanyMetaData

CompanyContent_query

company

query CompanyName_Query(
  $companyName: String!
  $extensiveId: ID
  $snapshotDate: String
  $feedTypes: [ContentType!]!
  $includeEstimates: Boolean!
  $includeOverview: Boolean!
  $includeOwnership: Boolean!
  $includeDividend: Boolean!
) {
  ...CompanyMetaData_Ux1x9
  ...CompanyContent_query_3mc3wd
}

fragment AnalystData on Analyst {
  name
  pageUrl
  jobTitle
  imgUrl
}

fragment AuthorList on Content {
  __isContent: __typename
  id
  authors {
    __typename
    id
    name
    pageUrl
  }
}

fragment ChangePercentBlock_Company on Company {
  defaultInstrument {
    isin
    symbol
    priceData {
      diff1mPercentage
      diff1yPercentage
      diff3yPercentage
      diffFromStartPercentage
    }
    id
  }
}

fragment CompactFeed_3NXCcw on Query {
  compactFeed: feedContent(companySlug: $companyName, filter: {types: $feedTypes}) {
    edges {
      node {
        __typename
        id
        ...TeaserExtraCompact_content
        createdAt
        companies {
          viewerIsFollowing
          id
        }
      }
      cursor
    }
    pageInfo {
      endCursor
      hasNextPage
    }
  }
}

fragment CompanyAnalystQuery on Company {
  analysts {
    ...AnalystData
    name
    pageUrl
    jobTitle
    imgUrl
    id
  }
}

fragment CompanyContent_query_3mc3wd on Query {
  ...CompanyHeader_query_Ux1x9
  ...CompanyOwnership_query_Ux1x9 @include(if: $includeOwnership)
  ...CompanyFinancials_query_Ux1x9 @include(if: $includeEstimates)
  ...CompanyDividend_query_Ux1x9 @include(if: $includeDividend)
  ...CompanyInvestorConsensus_query_Ux1x9
  ...CompanyPageTop_query_Ux1x9 @include(if: $includeOverview)
  ...CompanyPageBottom_query_2bVJwf @include(if: $includeOverview)
  ...CompanyDisclaimer_query_Ux1x9
  ...Extensive_query_3u4Ry5
}

fragment CompanyCoverage_Company on Company {
  analysts {
    name
    id
  }
  isPayingCustomerOf
  isFormerCustomerOf
  isCorporateCustomer
  ...CompanyAnalystQuery
  defaultInstrument {
    ...TargetAndRecommendation_Company
    id
  }
}

fragment CompanyDescription_Company on Company {
  description
  websiteUrl
  name
}

fragment CompanyDisclaimer_query_Ux1x9 on Query {
  company(companySlug: $companyName) {
    name
    isPayingCustomerOf
    isFormerCustomerOf
    id
  }
}

fragment CompanyDividendER_query on Company {
  name
  defaultInstrument {
    estimateData {
      reportingCurrency
    }
    dividendTransactions: estimateTransactions(first: 1, includeQuarters: false) {
      actualized {
        year
        dividend
        dividendYield
        payoutPercentage
        sharePrice
      }
      estimates {
        year
        dividend
        dividendYield
        payoutPercentage
        sharePrice
      }
    }
    id
  }
}

fragment CompanyDividendNonER_query on Company {
  name
  defaultInstrument {
    nonERDividendSet: nonERCompanyNumberSet(includeQuarters: false) {
      year
      dividend
      dividendYield
      epsReported
      sharePrice
      currency
    }
    id
  }
}

fragment CompanyDividend_query_Ux1x9 on Query {
  company(companySlug: $companyName) {
    ...CompanyDividendER_query
    ...CompanyDividendNonER_query
    defaultInstrument {
      coreId
      id
    }
    id
  }
}

fragment CompanyFinancials_query_Ux1x9 on Query {
  company(companySlug: $companyName) {
    ...NonERCompanyNumbers_query
    ...CompanyNumbers_query
    defaultInstrument {
      coreId
      id
    }
    id
  }
}

fragment CompanyHeader_query_Ux1x9 on Query {
  company(companySlug: $companyName) {
    id
    companyInsref
    name
    viewerIsFollowing
    followersCount
    isCorporateCustomer
    hasPinpointData
    hasDividendHistory
    sector {
      sectorname
      industry
    }
    regions
    extensiveExists
    defaultInstrument {
      symbol
      priceData {
        tradeCurrency
        lastPrice
        diff1dPercentage
      }
      marketplace {
        name
      }
      estimates: estimateTransactions(first: 1, includeQuarters: false) {
        date
      }
      nonERCompanyNumberSet(first: 1, includeQuarters: false) {
        year
      }
      id
    }
    topOwners {
      holders {
        name
      }
    }
    transactions: insiderTransactions(filter: {types: [BUY, SELL, SUBSCRIPTION]}) {
      edges {
        node {
          date
          id
        }
      }
    }
  }
}

fragment CompanyInsiderTransactions on Company {
  name
  regions
  insiderTransactions(filter: {types: [BUY, EXERCISE_OF_SHARE_OPTION, PLEDGE, RECEPTION_OF_SHARE_PREMIUM, SELL, SUBSCRIPTION]}) {
    edges {
      node {
        insider
        position
        volume
        price
        date
        unit
        type
        relatedParty
        id
      }
    }
  }
}

fragment CompanyInvestorConsensus_query_Ux1x9 on Query {
  company(companySlug: $companyName) {
    name
    companyInsref
    id
  }
}

fragment CompanyMetaData_Ux1x9 on Query {
  company(companySlug: $companyName) {
    name
    description
    pageUrl
    defaultInstrument {
      estimateData {
        modelType
      }
      id
    }
    id
  }
}

fragment CompanyName_Slug on Company {
  slug
}

fragment CompanyNumbers_query on Company {
  name
  defaultInstrument {
    estimateData {
      modelType
      reportingCurrency
    }
    estimateTransactions(first: 1, includeQuarters: true) {
      comparisonIndexName
      actualized {
        year
        quarter
        revenue
        revenueGrowth
        ebitda
        ebitAdjusted
        ebitReported
        preTaxProfit
        netEarnings
        epsReported
        epsAdjusted
        dividend
        payoutPercentage
        roePercent
        roiPercent
        enterpriseValue
        bookValue
        marketCap
        gearingPercent
        equityRatio
        dividendYield
        totalCosts
        loanLosses
        balanceSheetTotal
        tangibleBook
        cet1
        rwa
        sharePrice
        sharesTotal
        nav
        navPerShare
        opexOfNav
        totalShareholderReturn
        comparisonIndexReturn
        netDebtTotalAsset
        quarterlySharePrice
      }
      estimates {
        year
        quarter
        revenue
        revenueGrowth
        ebitda
        ebitAdjusted
        ebitReported
        preTaxProfit
        netEarnings
        epsReported
        epsAdjusted
        dividend
        payoutPercentage
        roePercent
        roiPercent
        enterpriseValue
        bookValue
        marketCap
        gearingPercent
        equityRatio
        dividendYield
        totalCosts
        loanLosses
        balanceSheetTotal
        tangibleBook
        cet1
        rwa
        sharePrice
        sharesTotal
        nav
        navPerShare
        opexOfNav
        totalShareholderReturn
        comparisonIndexReturn
        netDebtTotalAsset
        quarterlySharePrice
      }
    }
    id
  }
}

fragment CompanyOverviewGraphs_query_Ux1x9 on Query {
  company(companySlug: $companyName) {
    defaultInstrument {
      estimateData {
        modelType
        reportingCurrency
      }
      companyTransactions: estimateTransactions(first: 1, includeQuarters: false) {
        actualized {
          year
          revenue
          ebitAdjusted
          epsAdjusted
          dividendYield
          navPerShare
          totalShareholderReturn
        }
        estimates {
          year
          revenue
          ebitAdjusted
          epsAdjusted
          dividendYield
          navPerShare
          totalShareholderReturn
        }
      }
      id
    }
    id
  }
}

fragment CompanyOwners on Company {
  regions
  topOwners {
    recordDate
    compareDate
    source
    holders {
      name
      capitalPercent
      votingPowerPercent
      positionChange
      totalSharesChange
      shareChange
      isNew
      isRemoved
    }
  }
}

fragment CompanyOwnership_query_Ux1x9 on Query {
  company(companySlug: $companyName) {
    name
    ...CompanyOwners
    ...CompanyInsiderTransactions
    id
  }
}

fragment CompanyPageBottom_query_2bVJwf on Query {
  ...GeneralFeed_data_3NXCcw
  ...CompactFeed_3NXCcw
  ...UpcomingEventsQuery_Ux1x9
  ...RiskRecommendMatrix_query_Ux1x9
  ...CompanyOverviewGraphs_query_Ux1x9
  ...NonERCompanyOverviewGraphs_query_Ux1x9
  company(companySlug: $companyName) {
    companyInsref
    ...ForumUpdates_Company
    defaultInstrument {
      coreId
      id
    }
    id
  }
  allFeed: feedContent(first: 1, companySlug: $companyName, filter: {hideUpcomingVideos: true}) {
    edges {
      node {
        __typename
        id
      }
    }
  }
  main: feedContent(first: 1, companySlug: $companyName, filter: {hideUpcomingVideos: true, types: [COMPANY_REPORT, EXTENSIVE_COMPANY_REPORT, ANALYST_COMMENT, VIDEO, ARTICLE]}) {
    edges {
      node {
        __typename
        id
      }
    }
  }
  webcasts: feedContent(first: 1, companySlug: $companyName, filter: {hideUpcomingVideos: true, types: [WEBCAST]}) {
    edges {
      node {
        __typename
        id
      }
    }
  }
  thirdPartyResearch: feedContent(first: 1, companySlug: $companyName, filter: {types: [THIRD_PARTY_COMPANY_REPORT]}) {
    edges {
      node {
        __typename
        id
      }
    }
  }
  releases: feedContent(first: 1, companySlug: $companyName, filter: {types: [STOCK_EXCHANGE_RELEASE, PRESS_RELEASE]}) {
    edges {
      node {
        __typename
        id
      }
    }
  }
}

fragment CompanyPageTop_query_Ux1x9 on Query {
  ...StockChart_ChartQuery_Ux1x9
  ...LatestReports_query_Ux1x9
  company(companySlug: $companyName) {
    isFund
    name
    ...CompanyCoverage_Company
    ...CompanyName_Slug
    ...CompanyDescription_Company
    ...FundNumbers_Company
    ...ChangePercentBlock_Company
    ...KeyEstimateFigures_Company
    ...InvestmentCompanyKeyFigures_Company
    defaultInstrument {
      id
      estimateData {
        modelType
      }
    }
    analysts {
      name
      id
    }
    id
  }
  extensiveReport: feedContent(first: 1, companySlug: $companyName, filter: {types: [EXTENSIVE_COMPANY_REPORT]}) {
    edges {
      node {
        __typename
        id
      }
    }
  }
  analysis: feedContent(first: 1, companySlug: $companyName, filter: {types: [COMPANY_REPORT, EXTENSIVE_COMPANY_REPORT], tagNames_nin: ["Mallisalkku", "Arvonluojat"]}) {
    edges {
      node {
        __typename
        id
      }
    }
  }
  analysisArvonluojat: feedContent(first: 1, companySlug: $companyName, filter: {types: [COMPANY_REPORT, EXTENSIVE_COMPANY_REPORT], tagNames_nin: ["Mallisalkku"]}) {
    edges {
      node {
        __typename
        id
      }
    }
  }
}

fragment CompanyTagList on Company {
  pageUrl
  name
  viewerIsFollowing
}

fragment Extensive_query_3u4Ry5 on Query {
  company(companySlug: $companyName) {
    extensive(extensiveId: $extensiveId, snapshotDate: $snapshotDate) {
      publishedAt
      pageUrl
      content {
        id
        title
        lang
        slug
        htmlBody
        publishedAt
        createdAt
        changedAt
        isOutdated
      }
    }
    id
  }
}

fragment ForumUpdates_Company on Company {
  name
  forum {
    threadUrl
    highlightedPosts {
      url
      author
      authorImgUrl
      text
      postedAt
      likesCount
    }
  }
}

fragment FundNumbers_Company on Company {
  defaultInstrument {
    isin
    symbol
    priceData {
      lastPrice
      ath
    }
    id
  }
}

fragment GeneralFeed_data_3NXCcw on Query {
  generalFeed: feedContent(first: 20, companySlug: $companyName, filter: {types: $feedTypes}) {
    edges {
      node {
        __typename
        id
        ...Teaser_content
        ...TeaserCompact_content
      }
      cursor
    }
    pageInfo {
      endCursor
      hasNextPage
    }
  }
}

fragment InvestmentCompanyKeyFigures_Company on Company {
  marketData {
    marketCap
  }
  defaultInstrument {
    priceData {
      tradeCurrency
      dailyTurnover
    }
    estimateData {
      modelType
    }
    estimateTransactions(first: 1, includeQuarters: true) {
      actualized {
        year
        quarter
        sharesTotal
        marketCap
        nav
        navPerShare
        dividendYield
        quarterlySharePrice
      }
      estimates {
        year
        quarter
        dividendYield
      }
    }
    id
  }
}

fragment KeyEstimateFigures_Company on Company {
  marketData {
    marketCap
  }
  defaultInstrument {
    priceData {
      tradeCurrency
      dailyTurnover
      lastPrice
      marketCap
    }
    sector
    fundamentalData {
      ebit
      eps
      sales
      dividend
    }
    estimateData {
      modelType
      estimates {
        firstEstimateYear {
          year
          bookValue
          netSales
          dividendA
          epsAdjusted
          ebitAdjusted
          hybridLoan
          noOfShares
          netDebt
          mvMinorities
          mvAssociated
          roePercent
        }
      }
    }
    estimatesSharePrice: estimateTransactions(first: 1) {
      estimates {
        sharePrice
      }
    }
    id
  }
}

fragment LatestReports_query_Ux1x9 on Query {
  extensiveReport: feedContent(first: 1, companySlug: $companyName, filter: {types: [EXTENSIVE_COMPANY_REPORT]}) {
    edges {
      node {
        __typename
        createdAt
        pageUrl
        id
      }
    }
  }
  analysis: feedContent(first: 1, companySlug: $companyName, filter: {types: [COMPANY_REPORT, EXTENSIVE_COMPANY_REPORT], tagNames_nin: ["Mallisalkku", "Arvonluojat"]}) {
    edges {
      node {
        __typename
        createdAt
        pageUrl
        id
      }
    }
  }
  analysisArvonluojat: feedContent(first: 1, companySlug: $companyName, filter: {types: [COMPANY_REPORT, EXTENSIVE_COMPANY_REPORT], tagNames_nin: ["Mallisalkku"]}) {
    edges {
      node {
        __typename
        createdAt
        pageUrl
        id
      }
    }
  }
}

fragment NonERCompanyNumbers_query on Company {
  name
  defaultInstrument {
    nonERNumberSet: nonERCompanyNumberSet(includeQuarters: true) {
      year
      quarter
      revenue
      ebitda
      ebitReported
      epsReported
      dividend
      sharesTotal
      roe
      roi
      enterpriseValue
      marketCap
      gearingRatio
      equityRatio
      dividendYield
      sharePrice
      currency
      evSales
      evEbitda
      evEbit
      pb
      netIncome
      ptp
    }
    id
  }
}

fragment NonERCompanyOverviewGraphs_query_Ux1x9 on Query {
  company(companySlug: $companyName) {
    defaultInstrument {
      overviewGraphsData: nonERCompanyNumberSet(includeQuarters: false) {
        year
        revenue
        ebitReported
        epsReported
        dividend
        dividendYield
        currency
      }
      id
    }
    id
  }
}

fragment Reactions on Content {
  __isContent: __typename
  id
  reactionGroups {
    reactionType
    reactionsCount
    viewerReacted
  }
}

fragment RiskRecommendMatrix_query_Ux1x9 on Query {
  company(companySlug: $companyName) {
    defaultInstrument {
      riskData: estimateTransactions(first: 1) {
        businessRisk
        valuationRisk
      }
      id
    }
    id
  }
}

fragment StockChart_ChartQuery_Ux1x9 on Query {
  company(companySlug: $companyName) {
    isFund
    defaultInstrument {
      coreId
      id
      marketOpen
      marketClose
      marketplace {
        region
      }
      priceData {
        lastPrice
      }
      returns {
        day
        week
        month
        threeMonths
        sixMonths
        year
        threeYears
        fiveYears
        tenYears
        ytd
        total
      }
    }
    id
  }
}

fragment TargetAndRecommendation_Company on Instrument {
  estimateData {
    modelType
    researchCurrency
    estimates {
      date
      recommendation
      targetPrice
    }
  }
}

fragment TeaserCompact_content on Content {
  __isContent: __typename
  __typename
  id
  type
  title
  createdAt
  isPremium
  pageUrl
  lang
  companies {
    ...CompanyTagList
    id
  }
  ... on Video {
    liveTime
  }
  ... on Webcast {
    liveTime
  }
  ...AuthorList
}

fragment TeaserExtraCompact_content on Content {
  __isContent: __typename
  id
  title
  createdAt
  pageUrl
  lang
  companies {
    name
    pageUrl
    viewerIsFollowing
    id
  }
}

fragment Teaser_content on Content {
  __isContent: __typename
  __typename
  id
  type
  title
  createdAt
  pageUrl
  imgUrl
  isPremium
  lang
  companies {
    ...CompanyTagList
    id
  }
  publishers {
    imgUrl
  }
  authors {
    __typename
    id
  }
  ... on AnalystComment {
    preview
  }
  ... on Article {
    preview
  }
  ... on CompanyReport {
    preview
  }
  ... on ThirdPartyCompanyReport {
    preview
  }
  ... on QA {
    preview
  }
  ... on Video {
    preview
    liveTime
    videoDuration
  }
  ... on Webcast {
    preview
    liveTime
  }
  ...AuthorList
  ...Reactions
}

fragment UpcomingEventsQuery_Ux1x9 on Query {
  company(companySlug: $companyName) {
    defaultInstrument {
      calendarEvents(first: 10) {
        edges {
          node {
            date
            type
            period
            id
          }
        }
      }
      id
    }
    id
  }
}


name

description

pageUrl

defaultInstrument

companyInsref

viewerIsFollowing

followersCount

isCorporateCustomer

hasPinpointData

hasDividendHistory

sector

regions

extensiveExists

topOwners

insiderTransactions

isPayingCustomerOf

isFormerCustomerOf

extensive

feedContent

Bittium

Bittium och Sensofusion: Störningsfri kommunikation i skuggan av drönare

Bittium Q4'25: Guidning och värdering stämmer inte överens enligt vår mening

Bittium Q4’25 snabbkommentar: Starkt resultat delvis under avskrivningar, mycket att smälta i utsikterna

Bittium, Webcast, Q4'25

Bittium Oyj: Bittium Corporation's Financial Statement Bulletin January-December 2025

Bittium Q4'25 förhandskommentar: Indra accelererar vinsttillväxten till toppvarv

Bittium Oyj: Share-Based Retention Plan for Bittium Corporation's CEO

Bittium fick tillgång till Natos säkra kommunikation

Ny Indra-order stärker Bittiums tillväxtutsikter för 2026

Bittium Oyj: Inside Information: Bittium Wireless Ltd, a Subsidiary of Bittium Corporation Received Purchase Order Related to the Transfer of Tough SDR Technology to Spanish Indra Group

Bittium omfattande analys: På väg att bli marknadsledande i Europa 

Saab

W5 Solutions

Argo Defence Group

Scandinavian Astor Group

MilDef Group

INVISIO

European Defense Sector Outlook: Long-cycle rearmament drives fundamentals, but stretched valuations force selectivity

Bittium licensierar sin Tough SDR-teknologi till Indra genom ett avtal värt uppskattningsvis 120 MEUR

Bittium Oyj: Inside Information: Bittium Wireless Ltd, a Subsidiary of Bittium Corporation licenses its Tough SDR Technology to Spanish Indra Group

Bittium Oyj: Inside Information, Profit Warning: Bittium Corporation Raises its Financial Outlook for 2025

Bittium Oyj: Bittium Corporation's Financial Calendar for the Year 2026

Två betydande följdordrar för Bittium

Bittium Oyj: Inside Information: Significant Order for Bittium Wireless Ltd, a Subsidiary of Bittium Corporation, for Expanding the Austrian Armed Forces' Tactical Communications Network

Bittium Oyj: Inside Information: Bittium Wireless Ltd, a Subsidiary of Bittium Corporation, Continues Supplying the Finnish Defence Forces with Next-Generation Bittium Tough SDR™ Radios

Aiforia Technologies

Bioretec

Biohit

Faron Pharmaceuticals

Modulight

Nexstim

Orion

Detection Technology

Optomed

Revenio Group

Nightingale Health

Herantis Pharma

Nanoform Finland

Life Science Companies as Investments | Life Science Night Dec. 9, 2025

Bittium fortsätter utvecklingen av obemannade system som en del av iMUGS2-projektet

Bittium har tecknat ett ramavtal för ledningssystem med Finlands och Sveriges försvarsmakter

Bittium Oyj: Inside Information: Bittium Corporation's Subsidiary Bittium Wireless Ltd has signed a Framework Agreement in the Field of Command-and-Control Systems with the Finnish and Swedish Defence Forces

Bittium Q3'25: Vi avvaktar Indra innan större slutsatser dras

Analyst

Juha Kinnunen

NASDAQ Helsinki

Bittium specializes in developing secure communication and connectivity solutions using technology and knowledge of radio technology. The products are used for mobile devices, computers, and other technological products in healthcare, defense, and other industries. Examples of work areas include cardiology, neurology, and rehabilitation. The company is headquartered in Oulu.

I didn’t say anything about “retail investors,” but let’s clarify that international investors were likely the biggest reason behind the rise. As I said then, the supply/demand balance is distorted when private investors hold or buy while international investors and foreign interest have joined in. And domestic institutions can also be quick in their moves, especially around the turn of the year when they can act quite irrationally—because who would want to show that they completely missed out on last year’s biggest gainer. So demand > supply, the price adjusts upwards. At some point, large sellers appeared in January. The largest were apparently Jtel Oy (−224,519 in January), Aktia fund (−150,000), and Varma (−130,000). That’s when the needs of even a larger buyer start to be satisfied. Private investors seem to have stopped buying and have lightened their positions as sentiment has soured along with the share price. So there hasn’t been buying pressure from there either, but nothing points to an actual collapse. Looking at the change in sentiment, I’m even a little surprised that the number of owners on Nordnet hasn’t decreased—a threat or an opportunity for the coming weeks?  Then that dynamic changes, meaning supply > demand and the price adjusts downwards. This is, of course, a simplification, but perhaps it’s sometimes necessary to return to basics rather than over-analyzing everything.  First, it must be noted that behind SEB’s nominee register, there must be many different parties who seem to behave in different ways. Therefore, it’s difficult to assess this SEB situation one way or the other. Why must there be many different parties? Because SEB had a 6.76% ownership stake at the end of January, yet no 5% flagging notification (disclosure notice) has been made. You already knew this, of course. In other words, there could be, for example, a large international investor who believes in Bittium in the long term but wants to keep themselves “hidden” by owning 4.99%. Of course, if they are truly a long-term owner, it will surely come to light at some point. Additionally, there could be short-term speculators who jumped on the momentum and left once it died down. Globally, there are even momentum funds whose strategy is based specifically on exploiting this phenomenon. I’m not saying this is the case, but there isn’t necessarily any greater wisdom out there internationally one way or the other. I don’t really believe that pondering this with current information will provide any greater insight, but it is interesting to follow. SEB can be used by many different parties without any specific reason; it might just be that SEB has had connections to large sellers and thus something to offer buyers. And again, different players can have completely different motives. SEB is strong in Sweden, which could be a logical place for international investors interested in Bittium. For clarity, I will state that I am not criticizing anyone’s buying or selling here—everyone does as they please, as long as laws are followed. I try to focus on the fundamentals and assess their development to the best of my ability.  We do not comment on any possible or impossible changes in advance. I can say that not even a week has passed since the previous report. If you look at Inderes’ operating model, we don’t usually update our view weekly, at least not without news about the company. Again, for full transparency, I can state that I still indirectly own 2,000 Bittium shares. By the time our blackout period was over (Tuesday, Feb 24), Bittium’s share price had already fallen sharply (>15%) below our target price. Even though I could have theoretically reduced my holding with a “reduce” recommendation, that discrepancy with the target price was already so large that permission for transactions would not, in principle, have been granted. So here I am, riding the decline just as I was the rise earlier. Someone will probably get upset again because “I haven’t followed my own recommendation,” so this is the background to that. Or I don’t know, maybe it doesn’t bother anyone since this time the direction is bad for me  If I had been able to act above the target price, I would have gladly followed it at least enough to come below the 50k disclosure limit. But since in our operating model investors come first, here we go—perhaps the limit will be reached through the share price decline. Values aren’t really values if they don’t cost anything. And there’s nothing dramatic in this for me; the sum is still not significant for me, and I have much bigger problems than the fall of Bittium’s share price. Let’s see how this plays out in peace.

Off the top of my head and simplified: momentum. First, there was a strong upward spiral that attracted shareholders who just wanted to join the rally. Then, once the direction reversed after some degree of overshooting, those same people exit as the share price drops. Ultimately, markets are a balance of supply and demand, and more sellers were found at the peak, after which the pressure has continued. First, there was strong positive momentum, and now there is strong negative momentum, and both are hard to reverse. It will be interesting to see the changes in ownership at the turn of the month. I wonder if this actually came from Buffett: “Short-term, the market is a popularity contest, while long-term it acts as a “weighing machine” that recognizes true company value.” In other words, fundamentals rule in the long run, while the short run is more of a popularity contest—and that popularity is largely proportional to the share price development.  There was nothing wrong with the results. The guidance was lackluster compared to our expectations, but in the big picture, the outlook remains excellent. It’s just that no one knows the timing of potential new contracts.

Bittium and Sensofusion to collaborate on developing interoperability for tactical communications solutions and counter-drone systems: “The objective of the cooperation is to ensure that both companies’ solutions can be used simultaneously in demanding operational environments without compromising each other’s performance.”*                   Bittium              Pörssi- ja lehdistötiedotteet                              Could Sensofusion be a potential acquisition target for Bittium?

First, 68k shares are traded back and forth during the day,  Then the closing auction and 1,012k shares. 1 million shares and 27 MEUR turnover is already nearly 3% of the total shares outstanding. Churning could, of course, have occurred between funds of the same owner, etc.  the trading price of 26.7 EUR seems to be quite close to the average of the day’s other trades and generally the level that prevailed before the auction

Here are Juha’s comments on how Bittium is starting a collaboration with Sensofusion, a developer of counter-drone solutions.  Bittium announced on Monday that it is starting a partnership with Sensofusion, a developer of counter-drone solutions (C-UAS). The goal of the collaboration is to ensure the interoperability of Bittium’s tactical communications solutions and Sensofusion’s counter-drone equipment in demanding operational environments. We consider the cooperation a logical step that strengthens Bittium’s offering, as the role of drones and electronic warfare has become more prominent on the modern battlefield. The cooperation, which is in its early stages, does not cause changes to our forecasts, but we see it as a positive signal for Bittium’s long-term development.                   Inderes              Bittium ja Sensofusion: Häiriötöntä viestintää droonien varjossa - Inderes    Bittium kehittää taktista viestintää toimimaan häiriöittä jopa vihollisen droonien aktiivisen torjunnan aikana.

Bittium cannot afford to buy the company. Sensofusion itself intends to go public.            fi.wikipedia.org              Sensofusion  Sensofusion on suomalainen vuonna 2016 perustettu teknologiayritys, joka kehittää ja valmistaa miehittämättömien ilma-alusten eli droonien tunnistusjärjestelmiä sekä ilmatilan turvallisuusratkaisuja. Yrityksen tuotteita on myyty muun muassa Yhdysvaltain merijalkaväelle, Ukrainaan, Israelin valtiolle, ja Yhdysvaltain avaruushallinto Nasalle. Yrityksen turvallisuusratkaisuja käytetään myös useilla kansainvälisillä lentoasemilla Euroopassa, sekä estämään esi Yrityksen päätoimipiste sijaitsee Vantaal...                            “The company raised 45 million euros in venture capital from investors in its second funding round. In this context, the company’s valuation was estimated at 550 million euros”                   Helsingin Sanomat – 3 Jan 26              Sensofusion | Suomalainen droonintuhoaja aikoo listautua pian pörssiin    Droonien torjuntaan teknologiaa kehittävä Sensofusion keräsi 45 miljoonan euron rahoituksen ja suunnittelee listautumista Helsingin pörssiin mahdollisesti jo tänä vuonna.

On the KL forum, people have been visiting or calling Euroclear. The amount of SEB’s nominee-registered holdings reached nearly 3 million shares in mid-February and has now slid down to the late January level of 2.4 million shares. Whatever the ultimate reason behind it may be, there were over 1 million older shares held there. Perhaps one party in the nominee register started buying, and as the price rose, another started selling, and the balance has shifted to net selling. Also, below is apparently the data retrieval date and the corresponding Euroclear data. I wonder if it shows holdings from a couple of days ago if the settlement time is (T+2).  Edit:  26.2.2026  SEB = 2,358,694 (-16,089)  Citybank = 748,325 (-1,232)

Skandinaviska Enskilda Banken Ab (publ) Helsingin Sivukonttori

Erkki Veikkolainen

Renato Rios

Henri Vanhanen

Bittium

31.60 EUR

+4.29 %