contentSlug

type

ContentSlug_ContentQuery

slug

ContentPageContentQuery

content

trendingContent

query ContentSlug_ContentQuery(
  $contentSlug: String!
  $type: [ContentType!]
) {
  ...ContentPageContentQuery_13QmVO
}

fragment CompanyDetails_Content on Content {
  __isContent: __typename
  companies {
    name
    description
    pageUrl
    id
  }
}

fragment ContentBasicInfo on Content {
  __isContent: __typename
  id
  type
  title
  lang
  companies {
    viewerIsFollowing
    id
    name
    pageUrl
  }
  tags {
    viewerIsFollowing
    id
    name
    pageUrl
  }
  ...PublishingDetails
  ...Reactions
}

fragment ContentMetadata on Content {
  __isContent: __typename
  type
  title
  lang
  pageUrl
  alternatePageUrls: translations {
    __typename
    pageUrl
    lang
  }
  imgUrl
  description
  ... on Video {
    liveTime
    videoUrl
  }
  ... on Webcast {
    liveTime
    videoUrl
  }
}

fragment ContentPageContentQuery_13QmVO on Query {
  content(slug: $contentSlug, type: $type) {
    __typename
    id
    type
    title
    isPremium
    lang
    htmlBody
    summary
    companies {
      forum {
        latestPosts {
          ...ForumPosts
        }
      }
      name
      id
      viewerIsFollowing
      pageUrl
      defaultInstrument {
        isin
        id
        marketOpen
        marketClose
        marketplace {
          region
        }
        returns {
          total
        }
      }
    }
    tags {
      viewerIsFollowing
      id
      name
      pageUrl
    }
    createdAt
    ... on Video {
      liveTime
    }
    ... on Webcast {
      liveTime
    }
    slug
    ... on CompanyReport {
      reportUrl
    }
    ... on ThirdPartyCompanyReport {
      reportUrl
    }
    ... on StockExchangeRelease {
      reportUrl
    }
    ...ContentBasicInfo
    ...ContentMetadata
    ...PriceAndRecommendation_Content
    ...CompanyDetails_Content
    ...ReportLink_Content
    ...KeyFigures_Content
  }
  ...TrendingContent_1jQ2Cn
}

fragment ForumPosts on ForumPost {
  text
  likesCount
  url
  author
  postedAt
  authorImgUrl
}

fragment KeyFigures_Content on Content {
  __isContent: __typename
  companies {
    defaultInstrument {
      estimateData {
        modelType
        reportingCurrency
      }
      snapshot {
        transaction {
          date
          actualized {
            year
            quarter
            revenue
            revenueGrowth
            ebitAdjusted
            ebitReported
            ebitda
            enterpriseValue
            epsAdjusted
            dividend
            dividendYield
            sharePrice
            nav
            navPerShare
            opexOfNav
            quarterlySharePrice
          }
          estimates {
            year
            quarter
            revenue
            revenueGrowth
            ebitAdjusted
            ebitReported
            ebitda
            enterpriseValue
            epsAdjusted
            dividend
            dividendYield
            sharePrice
            nav
            navPerShare
            opexOfNav
            quarterlySharePrice
          }
        }
      }
      id
    }
    id
  }
}

fragment PriceAndRecommendation_Content on Content {
  __isContent: __typename
  createdAt
  companies {
    name
    pageUrl
    defaultInstrument {
      priceData {
        tradeCurrency
      }
      snapshot {
        priceData {
          date
          lastPrice
          tradeCurrency
        }
        transaction {
          date
          recommendation
          targetPrice
        }
        prevTransaction {
          recommendation
        }
      }
      id
    }
    id
  }
}

fragment PublishingDetails on Content {
  __isContent: __typename
  createdAt
  publishers {
    name
    imgUrl
  }
  authors {
    __typename
    id
    name
    slug
    imgUrl
    jobTitle
  }
  ... on Video {
    liveTime
  }
  ... on Webcast {
    liveTime
  }
}

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

fragment ReportLink_Content on Content {
  __isContent: __typename
  type
  isPremium
  ... on CompanyReport {
    reportUrl
  }
  ... on ThirdPartyCompanyReport {
    reportUrl
  }
  ... on StockExchangeRelease {
    reportUrl
  }
}

fragment TrendingContent_1jQ2Cn on Query {
  trendingContent(type: ARTICLE) {
    __typename
    id
    title
    lang
    pageUrl
    createdAt
    type
    imgUrl
    companies {
      squareLogoUrl
      name
      id
    }
    authors {
      __typename
      imgUrl
      id
    }
    publishers {
      imgUrl
    }
  }
}


__typename

title

isPremium

lang

htmlBody

summary

companies

createdAt

publishers

authors

reactionGroups

pageUrl

translations

imgUrl

description

Eagle Filters Group is an investment company. The company is particularly focused on the clean-tech industry, which includes companies whose business operations are focused on developing new, more environmentally friendly solutions. The investment portfolio mainly consists of companies active in energy and IT. The largest presence is in the Nordic market. The company was previously known as Loudspring and is headquartered in Helsinki.

That 85% probability of a delisting at a price of 10 cents feels like fear of losing one’s investment value. It is worth remembering that the years 2021–2025 have not been a “normal sales phase,” but a building phase. From Q4/2025 onwards, the company will have full industrial automation capacity in use for the first time. That changes the entire cost structure.  Strategic investment, not fine-tuning  The company has invested several million euros in automation and robotic packaging lines. If the goal had been just a small efficiency boost, production could have been increased moderately by adding semi-automation with a significantly smaller investment. This path was not taken; instead, a clear strategic leap was made directly to automation and robotic lines. This suggests that the goal has not been mere survival, but scaling the business model to an industrial scale.  Change in cost structure  Previously, production could at best reach a monthly level of about 750,000 euros using semi-automation. Management has stated that a monthly revenue of about 600,000 euros is enough to break even under the old model. Automation changes the equation. As manual labor decreases, the labor cost per unit falls and capacity increases. In an industrial process, a large part of the variable costs is raw materials, not labor time. The more the line produces, the larger the portion of incremental revenue flows into the EBITDA (käyttökate). If the automation works as planned, the long-term target of an EBITDA margin (käyttökatemarginaali) of over 20%, which management has consistently communicated, is not an unrealistic goal—but it still needs to be proven in the numbers.  Advanced Materials could be larger than gas turbine filters  The Advanced Materials business is based on outsourced manufacturing and proprietary recipes. The model is more capital-light than a heavy factory investment. Its significance lies in the fact that it can bring more steady, predictable cash flow alongside the project-driven filter business. It is not yet a large part of the revenue, but if volumes grow, it will smooth out the overall risk profile. My own guess is that in three years, Eagle Filters will be known primarily for this unit, and no longer so much for the filter business, which will become a side branch despite continuous volume growth.  Capacity and infrastructure  There is significant space in the factory building in addition to the current production line. This means that if demand materializes, building additional capacity does not require a new plot of land or a major infrastructure investment. A new line can simply be placed alongside the old one. The teething problems and development needs have been seen with the previous line and can be corrected in advance for the new one. Infrastructure like this is typically not built if the strategy is a quick buyout at a low price. If management wanted to redeem the shares cheaply from the stock exchange, such a move would be incomprehensible. It would have been much easier to let the business run into the ground and buy the company out for a nominal price. This has not been done; instead, there have been heavy investments in the future.  Why no redemption now?  If management and the main owners believed that the business model works and margins will rise with automation, the rational strategy is not to redeem the company just before the turnaround, unless they realistically had the opportunity to do it clearly below its future value. Furthermore, from the perspective of the main owners, a listed company can act as an efficient dividend payer if the business turns cash-flow positive. Stock dividends are not tax-free, but they are also not unreasonably taxed. When owning through a corporate structure, the tax treatment is more favorable (tax-advantaged) when the ownership share is over 10% of the company’s shares. If this is built into a strong, cash-flow-generating industrial company, it can serve as a long-term dividend machine—without the need to remove it from the stock exchange. My view is that the current phase looks more like the startup of an industrial model than preparations for a shutdown. The order backlog grew sharply in Q4, automation is in use, and working capital was strengthened at the end of the year. An 85% probability of a 10-cent squeeze-out (pakkolunastus) sounds more like an outburst of frustration than an analysis in this situation. Whether the turnaround succeeds will be seen in 2026–2027. The first indications may be seen as early as the Q1/2026 figures. Currently, however, no concrete facts support the claim that the main owners’ strategy is a “cheap buyout and quick exit” just before the operational model materializes. If this starts to work as it has been built, the ten-cent level is not science fiction. Then the discussion will no longer revolve around whether it will be bought out cheaply, but why someone sold at these levels. We will still see volatility in the share price—it’s part of companies of this size. But the number of shareholders is already clearly smaller than before. The “weak hands” (lyhyen hermon raha) have largely been shaken out. Those who remain are those who understand what has been built in the company over the last few years—and are ready to wait for it to show in the numbers. Now the game is no longer about just a quarterly reaction, but whether capacity translates into cash flow. That will decide everything. And when this becomes public, and if the share price is at the current level, we could see a triple-digit percentage daily change.

A bit of light is shining through the fog, and the eagle does indeed seem to be taking flight. However, visibility is so poor that I fear it is more of a hunting hawk that is not allowed to fly freely. My own visions and expectations regarding this go roughly as follows: Bear: bankruptcy, probability under 5% Base: the company is bought out at a price that is ridiculous from a retail investor’s perspective (e.g., 0.104 EUR/share), the probability is unpleasantly high, over 85% Bull: the company is allowed to grow as a listed company and multiply its market value, probability under 10%

The chart shows that the stock bottomed out on February 3, 2026. Vesa Puttonen’s Enabla Oy continued its sales until February 13, 2026, and dumped the remaining million-share lot from its overweight portfolio into the day’s closing auction. Nevertheless, the stock’s upward trend held, and it has remained on the rise even after the Q4/2025 figures. Eagle Filters Group’s CFO Timo Linnainmaa resigned on January 20, 2026. The position has not been opened for public recruitment. A CFO’s resignation in a company of this type doesn’t look like a good signal from the outside; rather, it hints that something is badly wrong when even the CFO leaves. At the same time, Puttonen was selling millions of his shares on the exchange without looking for an outside block buyer, which created the impression that he knew something others didn’t. Those fueled by schadenfreude suggested he was merely saving what was left of his fortune. The noteworthy thing about the stock is that even though Puttonen dumped his portfolio, buyers were still found for the shares. Although they were sold by the millions, he simultaneously proved that the stock is surprisingly liquid. It didn’t experience a significant drop even with such an increase in volume, but instead triggered a minor buying rush. The situation is that Linnainmaa has been leading Eagle Filters since the summer of 2024, and the job of group CFO is no longer something that can be done “with one hand tied behind the back.” Linnainmaa has been behind the operational streamlining and has introduced automation and robotic packaging lines to Eagle as well. He has a solid vision of how to get the factory to produce on an industrial scale. Harri Kairento, a Master of Science in Economics, also sits on the boards of the Group and Eagle Filters. He isn’t just some token member but was hired as an independent expert to the board. He has over 20 years of experience in various CFO and controller roles in growth companies and technology publication firms. He has served as CFO or controller in companies such as Jolla Oy, CRF Health, and Oplayo Oy, where the focus has been on growth companies and international export markets. CRF Health is, for instance, a pharmaceutical player created by Joki-Tokola and Timo Ahopelto, which they successfully sold nearly a decade ago, and much of their wealth comes through this. So, he is at least familiar through that connection. I wouldn’t be surprised if Kairento were chosen as the company’s CFO in that non-public search. This would allow Linnainmaa to focus on Eagle Filters’ growth and success, for which he has great visions. Clearly, management doesn’t want shareholders who only look at the numbers and try to find hidden gems through them. They want those who look deeper below the surface of the company and see its growth potential. The Q3 figures showed that production costs have been brought down. The Q4 figures, on the other hand, showed almost nothing at all, meaning no one will invest in the firm based on those, because looking strictly at the numbers, it’s in a bankruptcy spiral. This company’s communication is such that with a six-figure share count, you need nerves of steel and trust that things will turn out well. After Puttonen, one shareholder put over 400,000 shares up for sale, likely because the pressure was too much. Major shareholders stepped in to snap up good portions for themselves at a wholesale discount. The industry is such that Eagle has regular customers and the company keeps getting new orders from old clients. In this field, that is an excellent show of confidence. The “slick-haired crowd” only looks at how many new customers the company gets, but in this industry, quality is proven by the fact that the company gets repeat orders from existing customers. At best, Eagle’s filters become standardized in a power plant’s standard configuration. However, the company did reveal something in its figures from which we can deduce that after a long acceleration phase, they have finally kicked it into high gear. The number of new orders grew by +489%. They wouldn’t dare take on nearly 6 times the previous amount of orders if the company couldn’t deliver. Power plant maintenance operates on a minute-by-minute schedule. The goods must be on-site well before maintenance, and if this fails, you don’t need to expect a new order from them anymore. Nor from others. The circles are small, and the players know each other. Yet Eagle is now able to take in a record number of orders. What we don’t know is the timeframe over which these new orders are distributed. Even now, 0.8 million euros worth of goods have been produced for inventory. Finished materials amount to about a million. That 0.8 million worth of filters is going to a customer for an order whose delivery has been delayed. This suggests it’s a new power plant whose construction hasn’t stayed on schedule. While the goods must be on-site on time, they shouldn’t be there too early. There’s no space to store anything at a construction site mid-build, so it’s now waiting at the manufacturer’s. I would assume that batch is headed for the new power plant being built in Vietnam, which was reported in June when the company raised money for materials. This same large delivery has also consumed working capital, which is why an additional 0.8 million was raised before Christmas to secure materials for other customers’ deliveries. 2025 was a year of investment and transition. The Eagle is now taking flight.

When looking deeper into these figures, it’s easy to see why the initial market reaction is often cautious. The share price didn’t collapse even when “equity was lost.” After scrutinizing the numbers several times, a more experienced eye already starts to recalculate the multiples. In this situation, investors are presented with a classic scenario where the balance sheet still looks ugly momentarily, but the operational engine has been tuned to a level of performance never seen before from the company. If we momentarily set aside the weight of history and look solely at the €5.0 million order intake for the final quarter of 2025, we notice that in a single quarter, the company sold more than 1.5 times the amount of goods compared to the realized revenue for the entire year. This is the proverbial spring that has now been compressed all the way down. As the €5.8 million order backlog starts to translate into deliveries, it happens in a situation where the most expensive investments in automation and the factory have already been made, and their cost burden has been absorbed in the 2025 results. Capital tied up in inventory is not a risk in this case; rather, it is specifically secured future revenue. It’s important to understand that these filters aren’t made for inventory for fun or speculatively: every product is project-specific and manufactured for an existing customer based on an order. Therefore, the growth in inventory directly indicates that the goods are ready to ship as soon as logistics allow on the customer’s end. This confidence in the realization of deliveries is reinforced by the company’s exceptional track record: Eagle Filters has never had any credit losses. The customer base consists of solvent energy producers and industrial players, with whom payment will eventually reach the coffers. When combined with the fact that, unlike many other sectors, energy efficiency and industrial filtration are completely immune to the disruption caused by AI technology—or rather, they benefit from it through the cooling needs of data centers—the company’s core business is on a very solid foundation. AI cannot replace physical clean air or the protection of gas turbines from wear and tear. Investors should also consider the role of the major shareholders. It is rare to see such strong and continuous commitment if there weren’t more than an oncoming train at the end of the tunnel. The major shareholders’ pockets have served as a bridge over this investment trough, and they have the best visibility into when the dam of the order backlog will break. The fact that the factory’s additional purchase price remained lower than expected and its dilution effect was not what was estimated at the turn of the year removes one uncertainty factor. We are now in a situation where the risks have been loudly proclaimed, but the potential is only quietly creeping into the order books. Historically, the best times to jump in are exactly those when the financial statements still look weak in the rearview mirror, but operational indicators, such as explosive growth in the order backlog, are already pointing toward the horizon. Once the financing package is rolled over to the next phase and major deliveries begin during 2026, the valuation level will likely be on a completely different level. Those who can read the order intake and the message of the balance sheet’s inventory structure understand that the present moment may well be that brief window to add a turnaround company to their portfolio before the numbers start speaking for themselves to everyone else.

Eagle Filters Group’s 2025 financial statement release paints a comprehensive picture of a year where the value of new orders received grew significantly, but revenue and results remained weak. The value of new orders increased by 53 percent to 7.6 million euros. The order backlog—the total value of orders received but not yet delivered—rose to 5.8 million euros at year-end, compared to 1.2 million euros a year earlier. This is a significant level relative to the company’s size, especially compared to the full-year revenue of 3.1 million euros. Revenue decreased by 59 percent from the previous year. EBITDA was -2.7 million euros and the operating result was -3.9 million euros. The result for the period was -4.8 million euros and earnings per share was -0.02 euros, practically at the same level as a year earlier due to the increase in the number of shares. The fourth quarter stood out particularly in terms of new orders. The value of new orders was 5.0 million euros, but revenue remained at 0.5 million euros. This primarily reflects the shifting of deliveries and sales recognition to a later date. On the balance sheet, this is visible as an increase in inventories, especially finished products, which ties up working capital and is reflected in cash flow. Cash flow from operations for the full year was -2.5 million euros. Working capital has been tied up in inventory in a situation where deliveries have been delayed due to customer schedules. The most significant change in the balance sheet is equity turning to -0.34 million euros. The equity ratio is negative and net debt rose to 5.45 million euros. The financial position has tightened, and the company announces it is seeking additional financing during 2026. Financial covenants under loan terms have been exceeded, and waivers have been sought from banks for the situation. During 2025, two share issues were carried out for a total of approximately 2.1 million euros, and in practice, financing has relied heavily on the major owners’ readiness to participate in these arrangements. This indicates where the company has been able to mobilize capital quickly until now. The contingent consideration related to the 15 percent stake in the factory acquisition, based on the development of revenue and operating result for 2023–2025, was recorded at 1.426 million euros. In previous estimates, the amount was around the 2.0 million euro level, so the actual liability remains significantly lower than this. The realized level is in line with the three-year development. Since 75 percent of the amount can be paid in shares, the cash impact will be more limited than estimated at the turn of the year. The magnitude of potential dilution has been known for a long time based on the transaction structure, and the recorded amount does not change the basic logic, but it does reduce the estimated dilution. In the review, the CEO states that 2025 was a failure by many metrics and that the decline in revenue was due to delivery delays caused by individual customers, which postponed the recognition of sales. At the same time, he emphasizes that the strong order flow at the end of the year has increased the order backlog to record levels and creates a foundation for 2026. The company has commissioned an automated production line and aims to shift its focus to higher value-added products and more stable cash flow. In the Advanced Materials business, the first European ventilation filter manufacturer has placed orders with an annual potential of approximately 0.5 million euros, and several customer trials are underway. From a shareholder’s perspective, the overall situation is a balancing act between a strengthened order backlog and a tightened financial position. Crucial for the development in 2026 is how quickly the order backlog converts into invoicing and cash flow, and on what terms the additional financing is arranged. The order backlog, production investments, and the expanding materials business create an operational foundation, but strengthening the financial structure and normalizing cash flow will determine how this potential is realized for shareholders.

It is true that financing decisions are based on forecasts, both for Finnvera and for banks. But they are not based solely on PowerPoint or a “sales pitch.” Finnvera Plc reviews cash flow forecasts, cost structure, contract backlog, order backlog, collateral, and management’s credibility. A waiver practically means that the financier has assessed the situation as manageable and believes in the company’s ability to fulfill its obligations under the agreed terms. To my knowledge, no collateral has been set for Eagle’s Finnvera loan, but there is no certain information on this. Eagle is also not an idea-stage story; it has a concrete product, actual deliveries, and customers. So, forecasts rely on both history and forward visibility, not just potential. Eagle specifically has those “orders from old customers,” which is a significant thing in this industry. The “gel-heads” at analyst firms only look at how many new customers are coming in, but in this industry, it is no merit if orders from old customers do not materialize. Additionally, the Q3/2025 report mentioned R&D funding granted by Business Finland. It is not an automatic subsidy; it requires an evaluation of the project plan and technology. That, too, is an external validation that credible potential is seen in the development work. Financing solutions, of course, do not guarantee success, but they are a clear signal that professionals see a realistic and feasible development path for the business. Now, what is crucial is that this path starts to show in the numbers. Then trust will build naturally. And since the factory price was determined based on the 2023–2025 earnings period and that period has ended, there is no longer any particular incentive to “hold back” results.

Finnvera does grant loans relatively easily if some collateral can be found for part of the loan. For example, new companies can get a €100k loan with a 20% personal guarantee; all that is needed is a presentation of what kind of business it is.

Eagle Filters Group

Loudspring OyjCompany Release3 June 2019 at 8.30 (EEST)____________________________________________Person subject to the notification requirementName: Vuoria, MattiPosition: Chairman of the ...

Loudspring OyjCompany Release3 June 2019 at 8.30 (EEST)____________________________________________Person subject to the notification requirementName: Vuoria, MattiPosition: Chairman of the BoardIssuer: Loudspring OyjLEI: 74370040F0RYWDWUJC65Notification type: Initial notificationReference number: 74370040F0RYWDWUJC65_20190531135757_2____________________________________________Transaction date: 2019-05-31Venue: NASDAQ HELSINKI LTD (XHEL)Instrument type: ShareISIN: FI4000092523Nature of the transaction: ACQUISITIONTransaction Details(1): Volume: 100 000 Unit price: 0,36588 EURAggregated transactions(1): Volume: 100 000 Volume weighted average price: 0,36588 EUR