A 
5.10
+5.81%
Close of 9 Nov 2026, in NOK
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At a glance
Figures in NOK, from our data supplier.
Revenue
NOK 578.8m
FY2016FY2025
Net income
NOK 54.0m
FY2016FY2025
Free cash flow
NOK 7.5m
FY2016FY2025
Shareholders' equity
NOK 300.8m
FY2016FY2025
Income statement
Fiscal years
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | NOK 578.8m | NOK 500.4m | NOK 573.0m | NOK 505.0m | NOK 413.9m | NOK 154.0m | NOK 8.6m | NOK 22.5m | NOK 13.9m | NOK 3.8m |
| Research and development | — | — | — | — | — | — | NOK 3,000 | NOK 3.0m | NOK 9.2m | — |
| Operating income | NOK 50.1m | −NOK 50.7m | −NOK 25.4m | −NOK 88.7m | −NOK 50.4m | NOK 4.3m | NOK 4.7m | −NOK 40.6m | −NOK 47.0m | −NOK 39.9m |
| Net income | NOK 54.0m | −NOK 82.7m | −NOK 23.1m | −NOK 83.4m | −NOK 48.9m | −NOK 55.6m | −NOK 33.4m | −NOK 42.3m | −NOK 47.5m | −NOK 42.0m |
| Diluted earnings per share | 0.09 | -0.14 | -0.04 | -0.14 | -0.08 | -0.13 | -0.06 | -0.07 | -0.08 | -0.07 |
Balance sheet
At each fiscal year end
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Total assets | NOK 465.7m | NOK 442.3m | NOK 501.5m | NOK 515.4m | NOK 552.0m | NOK 411.1m | NOK 6.1m | NOK 25.5m | NOK 41.4m | NOK 9.9m |
| Total liabilities | NOK 165.0m | NOK 253.1m | NOK 239.1m | NOK 233.4m | NOK 235.5m | NOK 94.9m | NOK 8.1m | NOK 22.6m | NOK 24.9m | NOK 35.3m |
| Debt | — | NOK 7.4m | NOK 12.9m | NOK 18.9m | NOK 27.9m | NOK 1.3m | — | — | NOK 900,000 | NOK 1.3m |
| Shareholders' equity | NOK 300.8m | NOK 189.2m | NOK 262.5m | NOK 281.9m | NOK 316.5m | NOK 316.2m | −NOK 2.0m | NOK 2.8m | NOK 16.5m | −NOK 23.3m |
| Shares outstanding | 585m | 585m | 585m | 585m | 585m | 419m | 585m | 585m | 585m | 585m |
Cash flow
Fiscal years
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash from operations | NOK 16.3m | NOK 16.4m | NOK 23.1m | −NOK 26.8m | −NOK 26.2m | −NOK 1.0m | NOK 3.2m | −NOK 38.8m | −NOK 54.5m | −NOK 19.1m |
| Capital spending | −NOK 8.8m | −NOK 9.7m | −NOK 14.7m | −NOK 14.8m | −NOK 27.4m | −NOK 12.5m | −NOK 10.3m | — | −NOK 97,000 | −NOK 231,000 |
| Free cash flow | NOK 7.5m | NOK 6.7m | NOK 8.4m | −NOK 41.6m | −NOK 53.6m | −NOK 13.6m | −NOK 7.1m | −NOK 38.8m | −NOK 54.6m | −NOK 19.4m |
Latest quarters
By quarter end
| Jun 2026 | Mar 2026 | Dec 2025 | Jun 2025 | Mar 2025 | Dec 2024 | Sept 2024 | Jun 2024 | |
|---|---|---|---|---|---|---|---|---|
| Revenue | NOK 139.4m | NOK 152.4m | NOK 152.5m | NOK 142.9m | NOK 146.4m | NOK 134.1m | NOK 114.2m | NOK 125.3m |
| Operating income | NOK 11.2m | NOK 7.3m | NOK 10.4m | NOK 9.6m | NOK 3.0m | −NOK 19.8m | −NOK 15.2m | −NOK 11.9m |
| Net income | NOK 6.1m | NOK 7.2m | NOK 7.4m | NOK 6.5m | NOK 32.4m | −NOK 47.8m | −NOK 14.9m | −NOK 10.6m |
| Diluted earnings per share | 0.01 | 0.01 | 0.01 | 0.01 | 0.06 | -0.08 | -0.03 | -0.02 |
| Cash from operations | NOK 8.0m | NOK 35.0m | NOK 21.0m | −NOK 14.0m | NOK 10.0m | NOK 18.0m | −NOK 4.0m | −NOK 22.0m |
| Capital spending | −NOK 2.0m | −NOK 1.0m | −NOK 7.0m | −NOK 1.0m | — | −NOK 1.0m | −NOK 2.0m | −NOK 2.0m |
| Free cash flow | NOK 6.0m | NOK 34.0m | NOK 14.0m | −NOK 15.0m | — | NOK 17.0m | −NOK 6.0m | −NOK 24.0m |
| Total assets | NOK 404.3m | NOK 495.3m | NOK 465.7m | NOK 443.1m | NOK 457.6m | NOK 442.3m | NOK 478.1m | NOK 511.2m |
| Debt | — | — | — | — | — | NOK 7.4m | NOK 8.1m | NOK 9.5m |
| Shareholders' equity | NOK 236.1m | NOK 294.4m | NOK 300.8m | NOK 265.5m | NOK 257.2m | NOK 189.2m | NOK 232.6m | NOK 246.0m |
Growth per year
Compound annual rate
| 3 years | 5 years | 10 years | |
|---|---|---|---|
| Revenue | 4.7% | 30.3% | 61.1% |
| Operating income | — | 63.3% | — |
Average margins
Over each period
| 1 year | 3 years | 5 years | 10 years | |
|---|---|---|---|---|
| Operating margin | -0.1% | -5.3% | -5.9% | -10.9% |
| Net margin | -2.7% | -6.3% | -8.8% | -15.2% |
Valuation history
At each fiscal year end
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Price to earnings | 86.4 | -24.4 | -80.3 | -17.6 | -96.1 | -101.9 | -91.1 | -212.1 | -356.2 | -492.6 |
| Price to sales | 8.1 | 4.0 | 3.2 | 2.9 | 11.3 | 36.8 | 355.1 | 399.3 | — | — |
Dividends and splits
Per share, in the currency the company pays
Paid for 0 years. Last went ex-dividend on 24 Nov 2020.
| FY2020 | FY2016 | FY2015 | |
|---|---|---|---|
| Paid in the year | 13.92 | 19,069.025 | 13,337.438 |
- 10-to-1 reverse split · 9 Oct 2025
- 10-to-1 reverse split · 10 Mar 2023
- 20-to-1 reverse split · 17 Sept 2019
- 100-to-1 reverse split · 19 Dec 2016
Sources and methodology
- Data on this tab
- Our data supplier
- Chart on the Overview
- TradingView
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