A 
11.00
+1.85%
Close of 9 Nov 2026, in NOK
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At a glance
Figures in NOK, from our data supplier.
Revenue
NOK 390.0m
FY2016FY2025
Net income
−NOK 148.0m
FY2016FY2025
Free cash flow
NOK 34.0m
FY2016FY2025
Shareholders' equity
NOK 5.33bn
FY2016FY2025
Income statement
Fiscal years
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | NOK 390.0m | NOK 292.0m | NOK 268.0m | NOK 1.04bn | NOK 913.0m | NOK 4.58bn | NOK 5.36bn | NOK 3.72bn | NOK 4.30bn | NOK 5.14bn |
| Operating income | −NOK 167.0m | NOK 1.26bn | −NOK 71.0m | −NOK 242.0m | −NOK 82.0m | NOK 55.0m | NOK 222.0m | NOK 27.0m | −NOK 371.0m | −NOK 848.0m |
| Net income | −NOK 148.0m | NOK 1.65bn | −NOK 265.0m | −NOK 276.0m | NOK 919.0m | −NOK 581.0m | NOK 100.0m | −NOK 322.0m | −NOK 58.0m | −NOK 1.28bn |
| Diluted earnings per share | -0.54 | 6.08 | -0.97 | -1.01 | 8.54 | -2.14 | 0.37 | -1.19 | -0.21 | -4.73 |
Balance sheet
At each fiscal year end
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Total assets | NOK 6.02bn | NOK 6.70bn | NOK 6.05bn | NOK 6.80bn | NOK 7.21bn | NOK 9.15bn | NOK 10.58bn | NOK 9.00bn | NOK 10.33bn | NOK 12.86bn |
| Cash and short-term investments | NOK 319.0m | NOK 423.0m | NOK 144.0m | NOK 279.0m | NOK 236.0m | NOK 269.0m | NOK 544.0m | NOK 198.0m | NOK 160.0m | NOK 493.0m |
| Total liabilities | NOK 682.0m | NOK 845.0m | NOK 2.08bn | NOK 2.75bn | NOK 3.10bn | NOK 5.48bn | NOK 6.21bn | NOK 4.69bn | NOK 5.05bn | NOK 7.28bn |
| Debt | NOK 217.0m | NOK 297.0m | NOK 238.0m | NOK 235.0m | NOK 1.54bn | NOK 2.34bn | NOK 2.12bn | NOK 602.0m | NOK 2.53bn | NOK 3.05bn |
| Shareholders' equity | NOK 5.33bn | NOK 5.86bn | NOK 3.97bn | NOK 4.06bn | NOK 4.09bn | NOK 3.66bn | NOK 4.35bn | NOK 4.32bn | NOK 5.28bn | NOK 5.58bn |
| Shares outstanding | 272m | 272m | 272m | 272m | 108m | 272m | 272m | 271m | 271m | 271m |
Cash flow
Fiscal years
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash from operations | NOK 43.0m | NOK 1.78bn | −NOK 320.0m | −NOK 244.0m | −NOK 96.0m | NOK 211.0m | NOK 406.0m | NOK 315.0m | −NOK 673.0m | −NOK 129.0m |
| Capital spending | −NOK 9.0m | −NOK 149.0m | −NOK 8.0m | −NOK 11.0m | −NOK 136.0m | −NOK 67.0m | −NOK 127.0m | −NOK 131.0m | −NOK 97.0m | −NOK 202.0m |
| Free cash flow | NOK 34.0m | NOK 1.63bn | −NOK 328.0m | −NOK 255.0m | −NOK 232.0m | NOK 144.0m | NOK 279.0m | NOK 184.0m | −NOK 770.0m | −NOK 331.0m |
| Dividends paid | −NOK 204.0m | — | — | — | — | — | — | — | — | — |
Latest quarters
By quarter end
| Jun 2026 | Mar 2026 | Dec 2025 | Sept 2025 | Jun 2025 | Mar 2025 | Dec 2024 | Sept 2024 | |
|---|---|---|---|---|---|---|---|---|
| Revenue | NOK 156.0m | NOK 182.0m | NOK 106.0m | NOK 130.0m | NOK 79.0m | NOK 76.0m | NOK 90.0m | NOK 99.0m |
| Operating income | NOK 85.0m | NOK 112.0m | −NOK 162.0m | NOK 11.0m | −NOK 5.0m | −NOK 11.0m | −NOK 53.0m | NOK 9.0m |
| Net income | −NOK 11.0m | NOK 89.0m | NOK 21.0m | NOK 49.0m | −NOK 21.0m | −NOK 197.0m | NOK 154.0m | NOK 6.0m |
| Diluted earnings per share | -0.04 | 0.33 | 0.08 | 0.18 | -0.08 | -0.72 | 0.57 | 0.02 |
| Cash from operations | NOK 22.0m | −NOK 1.0m | NOK 43.0m | NOK 67.0m | NOK 16.0m | −NOK 20.0m | NOK 1.78bn | −NOK 61.0m |
| Capital spending | −NOK 18.0m | −NOK 21.0m | −NOK 9.0m | — | — | — | −NOK 149.0m | −NOK 24.0m |
| Free cash flow | NOK 4.0m | −NOK 22.0m | NOK 34.0m | — | — | — | NOK 1.63bn | −NOK 85.0m |
| Total assets | NOK 5.15bn | NOK 5.79bn | NOK 6.02bn | NOK 6.17bn | NOK 6.21bn | NOK 6.36bn | NOK 6.70bn | NOK 6.40bn |
| Cash and short-term investments | — | — | NOK 319.0m | NOK 516.0m | NOK 401.0m | NOK 303.0m | NOK 423.0m | — |
| Debt | NOK 20.0m | NOK 151.0m | NOK 217.0m | NOK 49.0m | NOK 233.0m | NOK 258.0m | NOK 297.0m | NOK 285.0m |
| Shareholders' equity | NOK 4.78bn | NOK 5.25bn | NOK 5.33bn | NOK 5.41bn | NOK 5.47bn | NOK 5.53bn | NOK 5.86bn | NOK 5.58bn |
Financial ratios
Data as of 22 Oct 2026
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2006 | FY2005 | |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Operating margin | -27.4% | 430.8% | -26.5% | -23.4% | 114.3% | -7.5% | — | — | — | — | — |
| Net margin | -37.9% | 566.1% | -98.9% | -26.6% | 100.7% | -12.7% | — | — | — | — | — |
| Return on equity | -2.8% | 28.2% | -6.7% | -6.8% | 22.5% | -15.9% | — | — | — | — | — |
| Return on assets | -2.5% | 24.7% | -4.4% | -4.1% | 12.7% | -6.4% | — | — | — | — | — |
| Free cash flow yield | — | — | — | -6.6% | 2.8% | 7.8% | 15.0% | 12.6% | -16.3% | — | — |
| Revenue growth | 33.6% | 9.0% | -74.1% | 13.5% | -80.1% | -14.6% | — | — | — | — | — |
| Earnings growth | -109.0% | -723.8% | -4.0% | -130.0% | -258.2% | -681.0% | — | — | — | — | — |
| Current ratio | 2.28x | 3.01x | 0.51x | 0.68x | 1.33x | 0.87x | — | — | — | — | — |
| Debt to equity | 0.04x | 0.05x | 0.06x | 0.05x | 0.36x | 0.52x | — | — | — | — | — |
| Equity ratio | 88.7% | 87.4% | 65.6% | 59.6% | 56.7% | 40.0% | — | — | — | — | — |
| Interest coverage | -2.14x | 11.44x | -0.40x | -1.42x | 7.20x | -2.30x | — | — | — | — | — |
| R&D as a share of sales | — | — | — | — | — | — | — | — | — | 0.2% | 0.2% |
| Buybacks as a share of market value | — | — | — | -152.8% | 60.4% | 0.0% | -0.1% | -0.1% | 0.1% | — | — |
Growth per year
Compound annual rate
| 3 years | 5 years | 10 years | |
|---|---|---|---|
| Revenue | -27.8% | -38.9% | -30.8% |
| Operating income | -11.6% | — | -14.1% |
| Net income | -18.8% | -23.9% | -24.9% |
Average margins
Over each period
| 1 year | 3 years | 5 years | 10 years | |
|---|---|---|---|---|
| Operating margin | 160.0% | 39.2% | 10.0% | -2.4% |
| Net margin | 220.7% | 48.5% | 17.4% | -6.9% |
Valuation history
At each fiscal year end
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Price to earnings | -20.4 | 2.1 | -12.0 | -9.1 | 0.6 | -3.3 | 27.0 | -11.0 | -76.6 | -3.4 |
| Price to sales | 7.7 | 12.1 | 11.8 | 2.4 | 0.6 | 0.4 | 0.5 | 0.9 | 1.0 | 0.8 |
Dividends and splits
Per share, in the currency the company pays
Paid for 1 years. Last went ex-dividend on 25 Aug 2026.
| FY2026 | FY2025 | FY2014 | FY2013 | FY2012 | FY2011 | FY2010 | FY2009 | |
|---|---|---|---|---|---|---|---|---|
| Paid in the year | 2.40 | 0.75 | 4.10 | 4.00 | 3.90 | 2.75 | 2.60 | 1.60 |
- 5-for-1 split · 30 Mar 2007
Sources and methodology
- Data on this tab
- Our data supplier
- Chart on the Overview
- TradingView
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