C 
22.00
-1.79%
Close of 9 Nov 2026, in NOK
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At a glance
Figures in NOK, from our data supplier.
Revenue
NOK 563.9m
FY2017FY2025
Net income
−NOK 16.7m
FY2017FY2025
Free cash flow
−NOK 11.2m
FY2017FY2025
Shareholders' equity
NOK 100.9m
FY2017FY2025
Income statement
Fiscal years
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | |
|---|---|---|---|---|---|---|---|---|---|
| Revenue | NOK 563.9m | NOK 595.1m | NOK 585.4m | NOK 486.0m | NOK 322.7m | NOK 217.4m | NOK 229.4m | NOK 297.9m | NOK 259.8m |
| Research and development | — | NOK 22.2m | NOK 12.9m | NOK 22.3m | NOK 11.0m | NOK 9.8m | — | — | — |
| Operating income | NOK 1.3m | NOK 13.3m | NOK 4.6m | −NOK 19.4m | −NOK 31.5m | −NOK 24.9m | −NOK 45.1m | −NOK 18.7m | −NOK 7.5m |
| Net income | −NOK 16.7m | NOK 18.7m | NOK 3.7m | −NOK 19.4m | −NOK 29.8m | −NOK 33.6m | −NOK 65.2m | −NOK 15.3m | −NOK 11.9m |
| Diluted earnings per share | -1.28 | 1.45 | 0.29 | -1.50 | -2.31 | -2.61 | -5.06 | -1.17 | -0.91 |
Balance sheet
At each fiscal year end
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | |
|---|---|---|---|---|---|---|---|---|---|
| Total assets | NOK 328.6m | NOK 311.9m | NOK 275.1m | NOK 259.8m | NOK 218.2m | NOK 173.3m | NOK 144.1m | NOK 180.8m | NOK 168.5m |
| Cash and short-term investments | NOK 18.0m | NOK 13.1m | — | NOK 11.4m | NOK 46.5m | NOK 46.0m | NOK 7.6m | NOK 2.6m | NOK 10.3m |
| Total liabilities | NOK 227.7m | NOK 193.1m | NOK 178.3m | NOK 161.2m | NOK 95.3m | NOK 67.1m | NOK 140.3m | NOK 111.6m | NOK 86.8m |
| Debt | NOK 59.6m | NOK 44.7m | NOK 33.4m | NOK 9.0m | NOK 10.0m | NOK 10.0m | NOK 50.7m | NOK 48.9m | NOK 30.8m |
| Shareholders' equity | NOK 100.9m | NOK 118.7m | NOK 96.9m | NOK 98.6m | NOK 123.0m | NOK 106.3m | NOK 3.7m | NOK 69.2m | NOK 81.8m |
| Shares outstanding | 13m | 13m | 13m | 13m | 13m | 13m | 13m | 13m | 13m |
Cash flow
Fiscal years
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | |
|---|---|---|---|---|---|---|---|---|---|
| Cash from operations | NOK 25.2m | NOK 36.2m | −NOK 11.4m | −NOK 82,000 | −NOK 22.1m | −NOK 1.1m | NOK 794,387 | −NOK 7.3m | NOK 3.3m |
| Capital spending | −NOK 36.3m | −NOK 35.8m | −NOK 27.5m | −NOK 33.6m | −NOK 25.2m | −NOK 17.9m | −NOK 28.5m | −NOK 20.2m | −NOK 27.6m |
| Free cash flow | −NOK 11.2m | NOK 371,000 | −NOK 38.9m | −NOK 33.7m | −NOK 47.3m | −NOK 19.0m | −NOK 27.7m | −NOK 27.5m | −NOK 24.3m |
Latest quarters
By quarter end
| Jun 2026 | Mar 2026 | Dec 2025 | Sept 2025 | Jun 2025 | Mar 2025 | Dec 2024 | Sept 2024 | |
|---|---|---|---|---|---|---|---|---|
| Revenue | NOK 83.7m | NOK 107.5m | NOK 203.7m | NOK 95.0m | NOK 129.3m | NOK 135.8m | NOK 189.3m | NOK 160.2m |
| Operating income | −NOK 21.1m | −NOK 20.5m | NOK 15.5m | −NOK 3.1m | −NOK 7.6m | −NOK 3.4m | NOK 21.5m | NOK 1.8m |
| Net income | −NOK 23.7m | −NOK 22.1m | NOK 13.1m | −NOK 3.0m | −NOK 16.0m | −NOK 10.8m | NOK 30.1m | −NOK 9.6m |
| Diluted earnings per share | -1.82 | -1.70 | 1.01 | -0.23 | -1.23 | -0.83 | 2.32 | -0.74 |
| Cash from operations | −NOK 11.0m | NOK 5.0m | NOK 25.0m | NOK 45.0m | NOK 3.0m | −NOK 17.0m | NOK 33.0m | −NOK 25.0m |
| Capital spending | −NOK 15.0m | −NOK 15.0m | −NOK 36.0m | — | −NOK 8.0m | −NOK 8.0m | −NOK 7.0m | −NOK 7.0m |
| Free cash flow | −NOK 26.0m | −NOK 10.0m | −NOK 11.0m | — | −NOK 5.0m | −NOK 25.0m | NOK 26.0m | −NOK 32.0m |
| Total assets | NOK 266.7m | NOK 306.2m | NOK 328.6m | NOK 288.8m | NOK 323.4m | NOK 341.3m | NOK 286.6m | NOK 273.5m |
| Cash and short-term investments | — | — | NOK 18.0m | NOK 6.9m | NOK 5.2m | NOK 11.9m | NOK 9.4m | NOK 5.0m |
| Debt | NOK 2.0m | NOK 2.5m | NOK 59.6m | NOK 34.3m | NOK 68.5m | NOK 69.4m | NOK 44.7m | NOK 62.8m |
| Shareholders' equity | NOK 56.3m | NOK 80.1m | NOK 100.9m | NOK 92.4m | NOK 93.3m | NOK 107.0m | NOK 118.7m | NOK 84.8m |
Growth per year
Compound annual rate
| 3 years | 5 years | 10 years | |
|---|---|---|---|
| Revenue | 5.1% | 21.0% | — |
| Net income | -4.9% | -13.1% | — |
Valuation history
At each fiscal year end
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | |
|---|---|---|---|---|---|---|
| Price to earnings | -29.6 | 21.4 | 139.4 | -25.6 | -21.0 | -15.2 |
| Price to sales | 0.9 | 0.7 | 0.9 | 1.0 | 1.9 | 2.3 |
Sources and methodology
- Data on this tab
- Our data supplier
- Chart on the Overview
- TradingView
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