A 
3.26
+2.52%
Close of 9 Nov 2026, in NOK
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At a glance
Figures in NOK, from our data supplier.
Revenue
NOK 13.8m
FY2016FY2025
Net income
−NOK 26.3m
FY2016FY2025
Free cash flow
−NOK 27.6m
FY2016FY2025
Shareholders' equity
−NOK 3.7m
FY2016FY2025
Income statement
Fiscal years
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | NOK 13.8m | NOK 18.2m | NOK 20.6m | NOK 25.7m | NOK 38.7m | NOK 40.9m | NOK 45.9m | NOK 48.9m | NOK 33.4m | NOK 18.6m |
| Gross profit | NOK 13.8m | NOK 17.7m | NOK 19.8m | NOK 24.1m | NOK 36.9m | NOK 38.6m | NOK 41.7m | NOK 46.7m | — | — |
| Operating income | −NOK 26.3m | −NOK 23.3m | −NOK 25.8m | −NOK 31.5m | NOK 5.1m | −NOK 46.1m | −NOK 63.4m | −NOK 60.4m | −NOK 52.4m | −NOK 61.5m |
| Net income | −NOK 26.3m | −NOK 23.3m | −NOK 26.0m | −NOK 31.3m | NOK 4.8m | −NOK 63.0m | −NOK 111.5m | −NOK 58.9m | −NOK 51.2m | −NOK 62.8m |
| Diluted earnings per share | -1.25 | -1.11 | -1.24 | -1.49 | 0.23 | -0.57 | -1.84 | -0.99 | -0.93 | -1.14 |
Balance sheet
At each fiscal year end
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Total assets | NOK 7.4m | NOK 21.6m | NOK 10.5m | NOK 28.6m | NOK 60.8m | NOK 77.4m | NOK 58.9m | NOK 67.4m | NOK 102.2m | NOK 65.3m |
| Cash and short-term investments | NOK 4.5m | NOK 16.8m | NOK 3.2m | NOK 18.7m | — | NOK 47.9m | NOK 14.0m | NOK 2.2m | NOK 44.1m | NOK 7.3m |
| Total liabilities | NOK 11.1m | NOK 14.8m | NOK 13.0m | NOK 15.6m | NOK 18.9m | NOK 42.3m | NOK 166.8m | NOK 71.0m | NOK 76.6m | NOK 114.5m |
| Debt | — | — | — | — | — | NOK 3.2m | NOK 31.9m | NOK 24.3m | — | NOK 65.6m |
| Shareholders' equity | −NOK 3.7m | NOK 6.8m | −NOK 2.5m | NOK 12.9m | NOK 41.9m | NOK 35.1m | −NOK 107.9m | −NOK 3.6m | NOK 25.6m | −NOK 49.2m |
| Shares outstanding | 21m | 21m | 21m | 21m | 21m | 111m | 61m | 60m | 55m | 55m |
Cash flow
Fiscal years
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash from operations | −NOK 27.4m | −NOK 18.6m | −NOK 26.1m | −NOK 17.7m | −NOK 6.6m | −NOK 37.9m | −NOK 61.9m | −NOK 52.1m | −NOK 48.5m | −NOK 46.0m |
| Capital spending | −NOK 220,000 | — | — | — | −NOK 103,000 | −NOK 60,000 | −NOK 80,000 | −NOK 980,000 | −NOK 180,000 | −NOK 30,000 |
| Free cash flow | −NOK 27.6m | −NOK 18.6m | −NOK 26.1m | −NOK 17.7m | −NOK 6.7m | −NOK 37.9m | −NOK 62.0m | −NOK 53.1m | −NOK 48.6m | −NOK 46.0m |
Latest quarters
By quarter end
| Dec 2025 | Jun 2025 | Dec 2024 | Jun 2024 | Dec 2023 | Jun 2023 | Dec 2022 | Jun 2022 | |
|---|---|---|---|---|---|---|---|---|
| Revenue | NOK 7.2m | NOK 6.6m | NOK 9.4m | NOK 8.7m | NOK 9.7m | NOK 10.9m | NOK 11.7m | NOK 14.0m |
| Gross profit | NOK 7.2m | NOK 6.6m | NOK 9.1m | NOK 8.6m | NOK 9.4m | NOK 10.5m | NOK 11.1m | NOK 13.0m |
| Operating income | −NOK 13.6m | −NOK 12.7m | −NOK 11.5m | −NOK 11.8m | −NOK 14.0m | −NOK 11.5m | −NOK 8.6m | −NOK 5.3m |
| Net income | −NOK 13.6m | −NOK 12.7m | −NOK 11.3m | −NOK 12.0m | −NOK 14.0m | −NOK 11.8m | −NOK 25.8m | −NOK 5.5m |
| Diluted earnings per share | -0.65 | -0.61 | -0.54 | -0.57 | -1.00 | -0.85 | -1.86 | -0.40 |
| Cash from operations | −NOK 27.0m | −NOK 14.0m | −NOK 18.0m | −NOK 7.0m | −NOK 15.0m | −NOK 10.0m | −NOK 12.0m | −NOK 5.0m |
| Total assets | NOK 7.4m | NOK 18.8m | NOK 21.6m | NOK 23.1m | NOK 11.0m | NOK 16.0m | NOK 28.6m | NOK 53.7m |
| Cash and short-term investments | NOK 4.5m | NOK 17.6m | NOK 16.8m | NOK 12.9m | NOK 3.2m | NOK 8.6m | NOK 18.7m | NOK 31.0m |
| Debt | — | — | — | NOK 2.5m | — | — | — | NOK 549,000 |
| Shareholders' equity | −NOK 3.7m | NOK 9.4m | NOK 6.8m | NOK 3.8m | −NOK 2.5m | NOK 1.8m | NOK 12.9m | NOK 37.9m |
Growth per year
Compound annual rate
| 3 years | 5 years | 10 years | |
|---|---|---|---|
| Revenue | -18.7% | -19.5% | — |
| Operating income | -5.8% | -10.6% | — |
| Net income | -5.6% | -16.1% | — |
Average margins
Over each period
| 1 year | 3 years | 5 years | 10 years | |
|---|---|---|---|---|
| Gross margin | 98.5% | 96.4% | 95.6% | — |
Valuation history
At each fiscal year end
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | |
|---|---|---|---|---|---|---|
| Price to earnings | -3.0 | -4.0 | -4.8 | -2.7 | 44.9 | -24.5 |
| Price to sales | 5.7 | 5.1 | 6.1 | 3.3 | 5.5 | 37.8 |
Dividends and splits
Per share, in the currency the company pays
Paid for 0 years.
- 8-to-1 reverse split · 8 Mar 2023
Sources and methodology
- Data on this tab
- Our data supplier
- Chart on the Overview
- TradingView
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