Dirac Research shares
Unlisted company
Dirac’s business model rests on three revenue streams: royalties, licences and consulting income. Royalties are the largest part and are generated on an ongoing basis when Dirac’s technology is embedded in manufacturers’ vehicles and audio products. Licence income comes primarily from the consumer business, where end customers buy products such as Dirac Live, bass management and ART (Active Room Treatment) through Dirac’s online store. Consulting income covers NRE (Non-Recurring Engineering) assignments, where customer and platform integrations often pave the way for future royalty streams. Because distribution is digital, the model carries a structurally high gross margin.
Two core segments
The business is organised in two core segments: Automotive and Home Audio. In Automotive, Dirac’s solutions are integrated into car makers’ audio systems through multi-year agreements where revenue accrues per vehicle produced over the model’s life cycle. In Home Audio, B2B licensing to established manufacturers such as Denon, Marantz, NAD and Arcam is combined with direct sales to end consumers through the company’s own online store.
The growth strategy
The growth strategy rests on three pillars. In Automotive, expansion is driven by partnerships with semiconductor companies such as NXP, Analog Devices and MediaTek, which allow Dirac’s software to be pre-integrated at chip level and thereby lower the threshold for OEM adoption. In Home Audio, the customer base is broadened through more partner brands and the continued rollout of ART. Common to both segments is the development of Dirac IAP (Intelligent Audio Platform), intended to support reuse of technology and scalability across product categories.
Revenue model
Royalty per unit shipped
Licences through the company’s own online store
NRE consulting assignments
Business model characteristics
Two core segments: Automotive and Home Audio
High gross margin from digital distribution
Partner brands: Denon, Marantz, NAD, Arcam
Chip partnerships: NXP, Analog Devices, MediaTek
Scalable platform through Dirac IAP
Financial performance
Published 24 September 2026Published figures from the company’s own reports. Amounts in MSEK · change from the previous year
- Cash and bank 2025-12-31
- 64MSEK
- Equity ratio
- 68%
| Metric | FY 2025 | FY 2024 | FY 2023 | FY 2022 |
|---|---|---|---|---|
| Net sales | 213(+6.5 %) | 200(+28.9 %) | 155(+59.3 %) | 97(+17.3 %) |
| Revenue growth | 6.5%(-22.5 pp) | 28.9%(-30.4 pp) | 59.3%(+42 pp) | 17.3%(+20.6 pp) |
| EBIT | -0.7(-105.3 %) | 13 | -78 | – |
| Net income | -22(-352.4 %) | 8.7 | -78 | -72 |
| Equity | 159(-9.5 %) | 176(+391.1 %) | 36(-48.4 %) | 69(-50.7 %) |
| Cash and bank | 64(-32 %) | 95(+1,561.2 %) | 5.7(-75.5 %) | 23(-80.8 %) |
| Operating cash flow | – | -6.2 | -61 | -80 |
| Equity ratio | 68% | – | – | – |
Documents and reports
4New share issues
Latest 1An overview of the company’s capital raising.
| Date | Capital raised | Valuation |
|---|---|---|
| SEK 61m | SEK 997m |
Questions about Dirac Research
Is Dirac Research listed on a stock exchange?
No, Dirac Research is a public limited company (publ) but is not listed on a stock exchange. The company has not carried out an IPO, so the share is not traded on a regulated exchange but on the unlisted market.
What does Dirac Research do?
Dirac Research is a Swedish software company in digital sound optimisation and room acoustic correction. It develops and licenses signal processing algorithms and audio platforms that are integrated into products in the automotive and home audio sectors.
Can I buy shares in Dirac Research?
Yes, it is possible to buy Dirac Research shares through trading in unlisted shares, provided there are sellers. Through Eqvor you can place a buy order and be matched with sellers on the unlisted market.
How do I sell shares in Dirac Research?
If you own shares in Dirac Research, you can place a sell order through Eqvor and be matched with buyers. Once the trade is completed, the shares are transferred in line with the company's Euroclear-connected custody structure.
Is Dirac Research connected to Euroclear?
Yes, Dirac Research is connected to Euroclear. That means the shares are handled in the Swedish securities system and can be delivered to an account with the bank or investment firm of your choice once a trade is completed.
Can I hold Dirac Research shares at Avanza or Nordnet?
Yes. Because Dirac Research is connected to Euroclear, the shares can normally be held in an account at Avanza or Nordnet, for example, provided the bank or online broker supports custody of unlisted shares.
Does Dirac Research have hembud or pre-emption clauses?
No, according to the company information Dirac Research has neither hembud (a right of redemption for existing shareholders) nor pre-emption rights. That means share transfers normally do not have to be offered to existing shareholders before being sold to an external buyer.
At what price does the Dirac Research share trade?
Because Dirac Research is not listed on a stock exchange, there is no official price on a regulated marketplace. The price is instead set by supply and demand between buyers and sellers on the unlisted market.
When will Dirac Research be listed on a stock exchange?
There is currently no publicly communicated timetable for a stock exchange listing of Dirac Research. We therefore do not know today when Dirac Research might be listed, or whether the company will carry out an IPO.
What are the risks of investing in Dirac Research?
Investing in Dirac Research involves risk, as with other investments in unlisted shares. The company's value can be affected by customer agreements, licence income, technology development, competition, capital needs and demand for sound optimisation in the automotive and home audio sectors. Trading in unlisted shares also normally means lower liquidity than trading in exchange-listed shares.
Where do I find Dirac Research's annual report?
Dirac Research's annual report is available under Investor relations and Financial reports. The company's annual reports and other financial reports can be downloaded there.
Has Dirac Research carried out share issues?
Yes, Dirac Research has carried out capital raises and earlier share issues. Dirac Research's capital raised is stated as SEK 519.4 million, which shows how much capital the company has raised through previous financing.
How much capital has Dirac Research raised in total?
Dirac Research's capital raised is stated as SEK 519.4 million. An equity raise is the English term for a capital raise; in Swedish, terms such as kapitalrunda, finansiering or nyemission are more commonly used.
Has Dirac Research reported a profit or a loss?
Dirac Research reports a negative result for the year in the latest available information. Under Key figures, EBITDA is stated as SEK 23,300 thousand and the result for the year as SEK -13,600 thousand. The company's earnings trend is also shown in the Result per year chart.