A 
25.10
+2.03%
Close of 9 Nov 2026, in NOK
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At a glance
Figures in NOK, from our data supplier.
Revenue
NOK 815,000
FY2017FY2025
Net income
−NOK 104.1m
FY2017FY2025
Free cash flow
−NOK 2.24bn
FY2017FY2025
Shareholders' equity
NOK 2.43bn
FY2017FY2025
Income statement
Fiscal years
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | |
|---|---|---|---|---|---|---|---|---|---|
| Revenue | NOK 815,000 | NOK 190,000 | NOK 37.3m | NOK 113,000 | — | NOK 180,860 | NOK 1.6m | — | NOK 246,861 |
| Operating income | −NOK 116.5m | −NOK 71.9m | −NOK 79.6m | −NOK 50.8m | −NOK 32.6m | −NOK 19.6m | −NOK 8.3m | −NOK 6.2m | −NOK 2.1m |
| Net income | −NOK 104.1m | −NOK 67.9m | −NOK 69.8m | −NOK 56.7m | −NOK 34.4m | −NOK 19.2m | −NOK 6.4m | −NOK 6.2m | −NOK 2.1m |
| Diluted earnings per share | -1.09 | -1.00 | -1.22 | -1.38 | -0.32 | -0.54 | -0.21 | -0.06 | -0.02 |
Balance sheet
At each fiscal year end
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | |
|---|---|---|---|---|---|---|---|---|---|
| Total assets | NOK 4.76bn | NOK 2.40bn | NOK 1.21bn | NOK 635.7m | NOK 480.4m | NOK 391.7m | NOK 151.7m | NOK 9.7m | NOK 6.4m |
| Cash and short-term investments | — | NOK 58.0m | NOK 250.0m | NOK 82.9m | NOK 13.9m | NOK 148.3m | NOK 93.6m | NOK 3.1m | NOK 3.3m |
| Total liabilities | NOK 2.34bn | NOK 1.14bn | NOK 219.2m | NOK 160.0m | NOK 157.1m | NOK 37.5m | NOK 4.9m | NOK 587,966 | NOK 1.4m |
| Debt | NOK 1.59bn | NOK 842.7m | NOK 81.5m | NOK 141.5m | NOK 39.5m | NOK 2.9m | NOK 472,589 | NOK 188,294 | NOK 97,725 |
| Shareholders' equity | NOK 2.43bn | NOK 1.25bn | NOK 993.7m | NOK 475.7m | NOK 323.3m | NOK 354.1m | NOK 146.8m | NOK 9.1m | NOK 5.1m |
| Shares outstanding | 96m | 68m | 57m | 41m | 108m | 36m | 30m | 96m | 96m |
Cash flow
Fiscal years
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | |
|---|---|---|---|---|---|---|---|---|---|
| Cash from operations | −NOK 178.6m | −NOK 69.9m | −NOK 29.1m | −NOK 88.4m | −NOK 10.4m | −NOK 6.2m | −NOK 2.1m | −NOK 8.6m | — |
| Capital spending | −NOK 2.06bn | −NOK 1.21bn | −NOK 326.9m | −NOK 95.7m | −NOK 208.5m | −NOK 165.3m | −NOK 51.4m | −NOK 1.9m | — |
| Free cash flow | −NOK 2.24bn | −NOK 1.28bn | −NOK 356.0m | −NOK 184.1m | −NOK 218.9m | −NOK 171.5m | −NOK 53.4m | −NOK 10.5m | — |
Latest quarters
By quarter end
| Jun 2026 | Mar 2026 | Dec 2025 | Sept 2025 | Jun 2025 | Mar 2025 | Dec 2024 | Sept 2024 | |
|---|---|---|---|---|---|---|---|---|
| Revenue | NOK 51.3m | — | NOK 634,000 | — | NOK 884,000 | — | NOK 46,000 | NOK 46,000 |
| Operating income | −NOK 21.6m | −NOK 25.0m | −NOK 63.7m | −NOK 20.8m | −NOK 28.4m | −NOK 19.1m | −NOK 16.5m | −NOK 16.5m |
| Net income | −NOK 20.2m | −NOK 23.9m | −NOK 54.3m | −NOK 45.2m | −NOK 26.8m | −NOK 18.0m | −NOK 15.3m | −NOK 15.3m |
| Diluted earnings per share | -0.21 | -0.25 | -0.57 | -0.47 | -0.28 | -0.19 | -0.23 | -0.23 |
| Cash from operations | −NOK 71.0m | −NOK 66.0m | −NOK 95.0m | −NOK 83.0m | −NOK 39.0m | −NOK 20.0m | −NOK 28.0m | −NOK 41.0m |
| Capital spending | −NOK 235.0m | −NOK 128.0m | −NOK 453.0m | −NOK 1.60bn | −NOK 1.11bn | −NOK 447.0m | −NOK 1.20bn | −NOK 443.0m |
| Free cash flow | −NOK 306.0m | −NOK 194.0m | −NOK 548.0m | −NOK 1.69bn | −NOK 1.15bn | −NOK 467.0m | −NOK 1.23bn | −NOK 484.0m |
| Total assets | NOK 5.44bn | NOK 5.16bn | NOK 4.76bn | NOK 4.52bn | NOK 4.48bn | NOK 3.13bn | NOK 2.40bn | NOK 2.06bn |
| Cash and short-term investments | — | — | — | NOK 411.8m | NOK 964.8m | NOK 178.9m | NOK 59.2m | NOK 162.2m |
| Debt | NOK 1.60bn | NOK 1.60bn | NOK 1.59bn | NOK 1.59bn | NOK 1.56bn | NOK 836.2m | NOK 847.0m | NOK 614.9m |
| Shareholders' equity | NOK 2.75bn | NOK 2.40bn | NOK 2.43bn | NOK 2.13bn | NOK 2.18bn | NOK 1.81bn | NOK 1.25bn | NOK 1.27bn |
Financial ratios
Data as of 23 Oct 2026
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | |
|---|---|---|---|---|---|---|---|
| Operating margin | -15143.3% | -35576.8% | -181.0% | -44976.1% | — | -10610.3% | -387.5% |
| Net margin | -12770.4% | -35716.8% | -187.2% | -50156.6% | — | -10609.9% | -387.6% |
| Return on equity | -4.3% | -5.4% | -7.0% | -11.9% | -10.6% | -5.4% | — |
| Return on assets | -2.2% | -2.8% | -5.8% | -8.9% | -7.2% | -4.9% | — |
| Free cash flow yield | 72.5% | 62.1% | 19.3% | 0.7% | 6.8% | 16.4% | — |
| Revenue growth | 328.9% | -99.5% | 32890.3% | — | — | -89.0% | — |
| Earnings growth | 53.4% | -2.8% | 23.1% | 64.7% | 79.3% | 200.1% | — |
| Current ratio | 0.44x | 0.45x | 2.03x | 1.34x | 0.83x | 4.97x | — |
| Debt to equity | 0.66x | 0.67x | 0.07x | 0.27x | 0.13x | 0.00x | — |
| Equity ratio | 50.9% | 52.3% | 81.9% | 74.8% | 67.3% | 90.4% | — |
| Interest coverage | -6.38x | -35.04x | -29.03x | -33.84x | -24.00x | -46.84x | — |
| Buybacks as a share of market value | -41.4% | -18.6% | -38.9% | 61.9% | -200.7% | -19.8% | — |
Growth per year
Compound annual rate
| 3 years | 5 years | 10 years | |
|---|---|---|---|
| Revenue | 93.2% | 35.1% | — |
| Operating income | 31.8% | 42.8% | — |
| Net income | 22.5% | 40.2% | — |
Valuation history
At each fiscal year end
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | |
|---|---|---|---|---|---|---|---|
| Price to earnings | -22.6 | -40.9 | -23.6 | -27.5 | -132.0 | -102.6 | -233.6 |
| Price to sales | — | — | 44.2 | — | — | — | — |
Sources and methodology
- Data on this tab
- Our data supplier
- Chart on the Overview
- TradingView
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