C 
12.82
-1.38%
Close of 9 Nov 2026, in NOK
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At a glance
Figures in NOK, from our data supplier.
Revenue
NOK 512.0m
FY2018FY2025
Net income
NOK 67.0m
FY2018FY2025
Free cash flow
−NOK 7.0m
FY2018FY2025
Shareholders' equity
NOK 4.75bn
FY2018FY2025
Income statement
Fiscal years
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | |
|---|---|---|---|---|---|---|---|---|
| Revenue | NOK 512.0m | NOK 382.0m | NOK 333.0m | NOK 208.0m | NOK 35.2m | NOK 3.6m | NOK 279,419 | NOK 214,286 |
| Operating income | NOK 127.0m | NOK 144.0m | NOK 37.0m | NOK 116.0m | −NOK 41.4m | −NOK 29.9m | −NOK 2.6m | −NOK 1.8m |
| Net income | NOK 67.0m | NOK 96.0m | NOK 272.0m | NOK 118.0m | −NOK 63.0m | −NOK 33.9m | −NOK 2.6m | −NOK 1.8m |
| Diluted earnings per share | 0.20 | 0.36 | 0.94 | 0.41 | -0.59 | -0.84 | -0.69 | -0.05 |
Balance sheet
At each fiscal year end
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | |
|---|---|---|---|---|---|---|---|---|
| Total assets | NOK 9.42bn | NOK 7.03bn | NOK 6.69bn | NOK 4.60bn | NOK 3.12bn | NOK 1.40bn | NOK 5.3m | NOK 273,009 |
| Cash and short-term investments | NOK 893.0m | NOK 874.0m | NOK 779.0m | NOK 1.54bn | NOK 1.11bn | NOK 605.1m | NOK 5.1m | NOK 128,842 |
| Total liabilities | NOK 3.99bn | NOK 2.25bn | NOK 2.08bn | NOK 809.0m | NOK 482.2m | NOK 342.1m | NOK 474,962 | NOK 835,203 |
| Debt | NOK 3.19bn | NOK 1.99bn | NOK 1.62bn | NOK 382.0m | NOK 308.8m | NOK 267.6m | — | NOK 557,400 |
| Shareholders' equity | NOK 4.75bn | NOK 4.10bn | NOK 3.93bn | NOK 3.71bn | NOK 2.64bn | NOK 1.05bn | NOK 4.8m | −NOK 562,194 |
| Shares outstanding | 330m | 267m | 289m | 291m | 108m | 41m | 4m | 38m |
Cash flow
Fiscal years
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | |
|---|---|---|---|---|---|---|---|---|
| Cash from operations | NOK 212.0m | NOK 249.0m | NOK 224.0m | NOK 43.0m | −NOK 70.7m | −NOK 4.3m | −NOK 2.9m | −NOK 1.2m |
| Capital spending | −NOK 219.0m | −NOK 276.0m | −NOK 535.0m | −NOK 304.0m | −NOK 179.5m | −NOK 2.8m | −NOK 2.8m | −NOK 18,226 |
| Free cash flow | −NOK 7.0m | −NOK 27.0m | −NOK 311.0m | −NOK 261.0m | −NOK 250.2m | −NOK 7.2m | −NOK 5.7m | −NOK 1.2m |
| Dividends paid | — | — | −NOK 7.0m | — | — | — | — | — |
Latest quarters
By quarter end
| Jun 2026 | Mar 2026 | Dec 2025 | Sept 2025 | Jun 2025 | Mar 2025 | Dec 2024 | Sept 2024 | |
|---|---|---|---|---|---|---|---|---|
| Revenue | NOK 186.0m | NOK 191.0m | NOK 192.0m | NOK 117.0m | NOK 89.0m | NOK 114.0m | NOK 116.0m | NOK 65.0m |
| Operating income | NOK 39.0m | NOK 40.0m | NOK 25.0m | −NOK 26.0m | NOK 12.0m | NOK 15.0m | NOK 44.0m | −NOK 29.0m |
| Net income | NOK 2.0m | NOK 92.0m | NOK 3.0m | NOK 89.0m | −NOK 17.0m | −NOK 17.0m | −NOK 16.0m | −NOK 19.0m |
| Diluted earnings per share | 0.01 | 0.27 | 0.01 | 0.27 | -0.05 | -0.05 | -0.06 | -0.07 |
| Cash from operations | NOK 74.0m | NOK 91.0m | NOK 212.0m | NOK 21.0m | −NOK 15.0m | NOK 71.0m | NOK 41.0m | −NOK 20.0m |
| Capital spending | −NOK 65.0m | −NOK 50.0m | −NOK 219.0m | −NOK 54.0m | −NOK 40.0m | −NOK 78.0m | −NOK 4.0m | −NOK 26.0m |
| Free cash flow | NOK 9.0m | NOK 41.0m | −NOK 7.0m | −NOK 33.0m | −NOK 55.0m | −NOK 7.0m | NOK 37.0m | −NOK 46.0m |
| Total assets | NOK 9.96bn | NOK 9.80bn | NOK 9.43bn | NOK 9.22bn | NOK 7.10bn | NOK 7.30bn | NOK 7.03bn | NOK 6.93bn |
| Cash and short-term investments | — | — | NOK 893.0m | NOK 832.0m | NOK 771.0m | NOK 737.0m | NOK 874.0m | NOK 706.0m |
| Debt | NOK 2.00bn | NOK 1.86bn | NOK 3.19bn | NOK 3.32bn | NOK 2.16bn | NOK 2.25bn | NOK 1.99bn | NOK 1.79bn |
| Shareholders' equity | NOK 4.91bn | NOK 4.86bn | NOK 4.75bn | NOK 4.67bn | NOK 4.59bn | NOK 4.54bn | NOK 4.10bn | NOK 4.13bn |
Financial ratios
Data as of 19 Oct 2026
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | |
|---|---|---|---|---|---|---|
| Operating margin | 38.7% | 44.8% | 84.1% | 7.7% | -167.8% | -821.8% |
| Net margin | 13.1% | 25.1% | 81.7% | 56.7% | -179.3% | -932.2% |
| Return on equity | 1.4% | 2.3% | 6.9% | 3.2% | -2.4% | -3.2% |
| Return on assets | 0.7% | 1.4% | 4.1% | 2.6% | -2.0% | -2.4% |
| Free cash flow yield | 10.6% | 16.0% | 21.4% | 9.7% | 8.2% | -0.3% |
| Revenue growth | 34.0% | 14.7% | 60.1% | 491.7% | 867.6% | 1200.2% |
| Earnings growth | -30.2% | -64.7% | 130.5% | -287.2% | 86.1% | 1197.6% |
| Current ratio | 4.57x | 5.44x | 3.29x | 6.30x | 15.22x | 3.40x |
| Debt to equity | 0.67x | 0.46x | 0.40x | 0.09x | 0.12x | 0.25x |
| Equity ratio | 50.4% | 58.4% | 58.8% | 80.7% | 84.5% | 75.5% |
| Interest coverage | 15.23x | 1.94x | 4.83x | 1.07x | -11.34x | -35.50x |
| Buybacks as a share of market value | -23.6% | 7.7% | 0.8% | -170.7% | -165.5% | -966.5% |
Growth per year
Compound annual rate
| 3 years | 5 years | 10 years | |
|---|---|---|---|
| Revenue | 35.0% | 169.0% | — |
| Operating income | 3.1% | — | — |
| Net income | -17.2% | — | — |
Average margins
Over each period
| 1 year | 3 years | 5 years | 10 years | |
|---|---|---|---|---|
| Operating margin | 30.3% | 29.5% | 23.9% | — |
| Net margin | 18.2% | 38.5% | 30.9% | — |
Valuation history
At each fiscal year end
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | |
|---|---|---|---|---|---|---|
| Price to earnings | 63.3 | 34.8 | 12.3 | 30.6 | -27.5 | -16.9 |
| Price to sales | 8.3 | 8.7 | 10.0 | 17.4 | 49.3 | 157.6 |
Sources and methodology
- Data on this tab
- Our data supplier
- Chart on the Overview
- TradingView
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