A 
21.70
+4.83%
Close of 9 Nov 2026, in NOK
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At a glance
Figures in NOK, from our data supplier.
Revenue
NOK 112.6m
FY2016FY2025
Net income
NOK 9.9m
FY2016FY2025
Free cash flow
NOK 22.2m
FY2016FY2025
Shareholders' equity
NOK 338.5m
FY2016FY2025
Income statement
Fiscal years
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | NOK 112.6m | NOK 104.4m | NOK 118.9m | NOK 137.0m | NOK 128.0m | NOK 93.4m | NOK 77.2m | NOK 66.8m | NOK 66.7m | NOK 71.9m |
| Gross profit | NOK 107.9m | NOK 98.4m | NOK 113.0m | NOK 131.8m | NOK 124.1m | NOK 92.3m | NOK 58.3m | NOK 47.4m | NOK 44.8m | NOK 45.2m |
| Operating income | NOK 2.8m | −NOK 1.4m | NOK 15.7m | NOK 36.5m | NOK 59.7m | NOK 42.8m | −NOK 5.6m | −NOK 14.2m | −NOK 24.9m | −NOK 20.2m |
| Net income | NOK 9.9m | NOK 8.5m | NOK 19.4m | NOK 32.9m | NOK 46.4m | NOK 83.1m | −NOK 6.4m | −NOK 14.0m | −NOK 24.9m | −NOK 20.5m |
| Diluted earnings per share | 0.19 | 0.17 | 0.38 | 0.63 | 0.92 | 1.72 | -0.13 | -0.29 | -0.52 | -0.43 |
Balance sheet
At each fiscal year end
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Total assets | NOK 361.4m | NOK 344.3m | NOK 339.3m | NOK 319.0m | NOK 284.1m | NOK 221.9m | NOK 77.6m | NOK 68.0m | NOK 61.7m | NOK 85.8m |
| Cash and short-term investments | NOK 187.8m | NOK 171.0m | NOK 180.9m | NOK 244.2m | NOK 198.8m | NOK 139.0m | NOK 29.6m | NOK 31.0m | NOK 28.6m | NOK 56.2m |
| Total liabilities | NOK 22.9m | NOK 20.9m | NOK 30.0m | NOK 34.3m | NOK 39.3m | NOK 25.6m | NOK 31.1m | NOK 14.1m | NOK 16.9m | NOK 17.7m |
| Debt | NOK 4.2m | NOK 8.1m | NOK 12.6m | NOK 14.1m | NOK 17.6m | NOK 12.0m | NOK 16.0m | NOK 17.9m | — | — |
| Shareholders' equity | NOK 338.5m | NOK 323.4m | NOK 309.3m | NOK 284.7m | NOK 244.8m | NOK 194.4m | NOK 45.1m | NOK 53.0m | NOK 44.1m | NOK 67.5m |
| Shares outstanding | 51m | 51m | 51m | 52m | 50m | 48m | 48m | 48m | 48m | 48m |
Cash flow
Fiscal years
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash from operations | NOK 25.8m | NOK 1.7m | NOK 28.2m | NOK 58.1m | NOK 75.0m | NOK 46.9m | NOK 4.0m | −NOK 18.3m | −NOK 22.1m | −NOK 19.3m |
| Capital spending | −NOK 3.6m | −NOK 9.5m | −NOK 20.5m | −NOK 4.8m | −NOK 11.6m | −NOK 1.9m | −NOK 1.1m | −NOK 2.7m | −NOK 5.1m | −NOK 1.4m |
| Free cash flow | NOK 22.2m | −NOK 7.9m | NOK 7.8m | NOK 53.3m | NOK 63.4m | NOK 45.0m | NOK 2.9m | −NOK 21.0m | −NOK 27.1m | −NOK 20.6m |
Latest quarters
By quarter end
| Jun 2026 | Mar 2026 | Dec 2025 | Sept 2025 | Jun 2025 | Mar 2025 | Dec 2024 | Sept 2024 | |
|---|---|---|---|---|---|---|---|---|
| Revenue | NOK 31.9m | NOK 31.8m | NOK 34.1m | NOK 28.5m | NOK 26.8m | NOK 23.3m | NOK 24.5m | NOK 23.3m |
| Gross profit | NOK 30.3m | NOK 29.6m | NOK 32.5m | NOK 27.8m | NOK 25.2m | NOK 22.4m | NOK 23.0m | NOK 22.3m |
| Operating income | NOK 5.2m | −NOK 753,000 | NOK 5.9m | NOK 1.3m | NOK 1.7m | −NOK 6.0m | NOK 430,000 | −NOK 3.7m |
| Net income | NOK 5.3m | NOK 585,000 | NOK 6.9m | NOK 3.3m | NOK 3.3m | −NOK 3.1m | NOK 4.2m | −NOK 1.6m |
| Diluted earnings per share | 0.10 | 0.01 | 0.13 | 0.06 | 0.06 | -0.06 | 0.08 | -0.03 |
| Cash from operations | NOK 7.0m | — | NOK 25.0m | NOK 17.0m | NOK 5.0m | — | NOK 1.0m | −NOK 3.0m |
| Capital spending | −NOK 3.0m | — | −NOK 3.0m | −NOK 2.0m | −NOK 2.0m | — | −NOK 9.0m | −NOK 8.0m |
| Free cash flow | NOK 4.0m | — | NOK 22.0m | NOK 15.0m | NOK 3.0m | — | −NOK 8.0m | −NOK 11.0m |
| Total assets | NOK 379.1m | NOK 375.1m | NOK 361.4m | NOK 353.0m | NOK 349.3m | NOK 343.3m | NOK 345.3m | NOK 341.8m |
| Cash and short-term investments | — | — | NOK 187.8m | NOK 258.3m | NOK 246.8m | NOK 242.7m | NOK 171.0m | NOK 170.0m |
| Debt | — | — | NOK 4.2m | NOK 4.4m | NOK 4.6m | NOK 4.8m | NOK 4.4m | NOK 5.2m |
| Shareholders' equity | NOK 346.9m | NOK 340.3m | NOK 338.5m | NOK 330.5m | NOK 326.5m | NOK 322.3m | NOK 324.2m | NOK 318.8m |
Financial ratios
Data as of 5 Nov 2026
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2004 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Gross margin | 95.8% | 94.3% | 95.0% | 96.2% | 97.0% | 98.8% | — | — | — | — |
| Operating margin | 10.9% | -1.4% | 13.2% | 26.6% | 46.6% | 54.2% | — | — | — | — |
| Net margin | 8.8% | 8.1% | 16.3% | 24.0% | 36.2% | 88.9% | — | — | — | — |
| Return on equity | 2.9% | 2.6% | 6.3% | 11.5% | 18.9% | 42.8% | — | — | — | — |
| Return on assets | 2.7% | 2.5% | 5.7% | 10.3% | 16.3% | 37.5% | — | — | — | — |
| Free cash flow yield | — | — | — | 5.8% | 8.2% | 4.8% | 0.5% | -1.5% | -1.7% | — |
| Revenue growth | 7.9% | -12.3% | -13.2% | 7.0% | 36.9% | 21.0% | — | — | — | — |
| Earnings growth | 16.7% | -56.4% | -40.9% | -29.2% | -44.2% | -1401.6% | — | — | — | — |
| Current ratio | 16.39x | 17.23x | 12.96x | 11.24x | 9.41x | 10.93x | — | — | — | — |
| Debt to equity | — | 0.00x | 0.00x | 0.00x | 0.01x | 0.01x | 0.07x | — | — | — |
| Equity ratio | 93.7% | 93.9% | 91.2% | 89.2% | 86.2% | 87.6% | — | — | — | — |
| Interest coverage | 44.63x | -4.13x | 31.68x | 73.09x | 86.02x | 80.20x | — | — | — | — |
| R&D as a share of sales | — | — | — | — | — | — | — | — | — | 2.7% |
| Buybacks as a share of market value | — | — | — | -3.3% | -4.2% | -1.0% | 0.0% | 0.0% | 0.0% | — |
Growth per year
Compound annual rate
| 3 years | 5 years | 10 years | |
|---|---|---|---|
| Revenue | -6.3% | 3.8% | 7.8% |
| Operating income | -57.4% | -42.0% | — |
| Net income | -33.0% | -34.7% | — |
Average margins
Over each period
| 1 year | 3 years | 5 years | 10 years | |
|---|---|---|---|---|
| Gross margin | 95.1% | 95.4% | 96.1% | 87.4% |
| Operating margin | 0.6% | 11.3% | 22.5% | 7.1% |
| Net margin | 8.5% | 14.9% | 28.8% | 11.4% |
Valuation history
At each fiscal year end
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Price to earnings | 106.5 | 80.5 | 110.0 | 113.5 | 102.1 | 37.0 | -35.6 | -12.0 | -12.9 | -26.4 |
| Price to sales | 9.3 | 6.5 | 18.0 | 27.2 | 37.0 | 32.9 | 2.9 | 2.5 | 4.8 | 7.5 |
Sources and methodology
- Data on this tab
- Our data supplier
- Chart on the Overview
- TradingView
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