E 
128.60
+1.58%
Close of 9 Nov 2026, in NOK
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At a glance
Figures in NOK, from our data supplier.
Revenue
NOK 6.42bn
FY2016FY2025
Net income
NOK 133.8m
FY2016FY2025
Free cash flow
NOK 972.2m
FY2016FY2025
Shareholders' equity
NOK 2.35bn
FY2016FY2025
Income statement
Fiscal years
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|
| Revenue | NOK 6.42bn | NOK 2.77bn | NOK 1.98bn | NOK 2.51bn | NOK 2.01bn | NOK 493.6m | NOK 223.8m | NOK 271.6m | NOK 246.1m |
| Operating income | NOK 322.1m | NOK 146.7m | NOK 86.8m | NOK 96.3m | NOK 3.9m | NOK 5.4m | −NOK 10.5m | −NOK 8.2m | −NOK 1.8m |
| Net income | NOK 133.8m | NOK 43.4m | −NOK 27.0m | NOK 9.1m | −NOK 67.1m | −NOK 9.6m | −NOK 70.8m | −NOK 11.7m | NOK 73.1m |
| Diluted earnings per share | 2.66 | 1.17 | -0.98 | 0.33 | -2.44 | -2.32 | -17.10 | -6.60 | 17.67 |
Balance sheet
At each fiscal year end
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|
| Total assets | NOK 6.25bn | NOK 3.06bn | NOK 2.94bn | NOK 2.59bn | NOK 2.51bn | NOK 333.4m | NOK 241.9m | NOK 269.3m | NOK 300.3m |
| Cash and short-term investments | — | NOK 177.3m | NOK 103.2m | NOK 305.9m | NOK 287.3m | NOK 8.5m | NOK 24.8m | NOK 35.5m | NOK 20.7m |
| Total liabilities | NOK 3.89bn | NOK 1.82bn | NOK 1.75bn | NOK 1.69bn | NOK 1.61bn | NOK 221.9m | NOK 116.0m | NOK 73.8m | NOK 124.8m |
| Debt | NOK 1.07bn | NOK 986.9m | NOK 1.01bn | NOK 902.6m | NOK 986.5m | NOK 83.9m | NOK 37.9m | NOK 168,000 | NOK 36.3m |
| Shareholders' equity | NOK 2.35bn | NOK 1.24bn | NOK 1.19bn | NOK 895.8m | NOK 898.5m | NOK 111.5m | NOK 126.0m | NOK 195.5m | NOK 175.5m |
| Shares outstanding | 50m | 37m | 27m | 27m | 27m | 4m | 4m | 2m | 4m |
Cash flow
Fiscal years
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|
| Cash from operations | NOK 1.04bn | NOK 493.6m | NOK 133.0m | NOK 266.7m | −NOK 28.9m | −NOK 32.8m | NOK 4.5m | NOK 10.3m | −NOK 455,000 |
| Capital spending | −NOK 66.6m | −NOK 58.3m | −NOK 41.0m | −NOK 46.7m | −NOK 120.5m | −NOK 3.2m | −NOK 1.4m | −NOK 2.6m | −NOK 283,000 |
| Free cash flow | NOK 972.2m | NOK 435.3m | NOK 92.0m | NOK 220.0m | −NOK 149.4m | −NOK 35.9m | NOK 3.1m | NOK 7.7m | −NOK 738,000 |
Latest quarters
By quarter end
| Jun 2026 | Mar 2026 | Dec 2025 | Sept 2025 | Jun 2025 | Mar 2025 | Dec 2024 | Sept 2024 | |
|---|---|---|---|---|---|---|---|---|
| Revenue | NOK 2.04bn | NOK 1.74bn | NOK 2.02bn | NOK 1.84bn | NOK 1.68bn | NOK 860.4m | NOK 770.6m | NOK 744.4m |
| Operating income | NOK 108.2m | NOK 54.8m | NOK 114.7m | NOK 109.7m | NOK 78.9m | NOK 22.2m | NOK 47.6m | NOK 44.8m |
| Net income | NOK 63.4m | NOK 34.7m | NOK 42.7m | NOK 63.9m | NOK 42.4m | −NOK 11.7m | NOK 20.4m | NOK 11.1m |
| Diluted earnings per share | 1.24 | 0.68 | 0.85 | 1.27 | 0.84 | -0.23 | 0.55 | 0.30 |
| Cash from operations | NOK 21.0m | −NOK 59.0m | NOK 540.0m | NOK 498.0m | NOK 359.0m | NOK 253.0m | NOK 493.0m | NOK 100.0m |
| Capital spending | −NOK 13.0m | −NOK 19.0m | −NOK 22.0m | −NOK 44.0m | −NOK 33.0m | −NOK 12.0m | −NOK 58.0m | −NOK 13.0m |
| Free cash flow | NOK 8.0m | −NOK 78.0m | NOK 518.0m | NOK 454.0m | NOK 326.0m | NOK 241.0m | NOK 435.0m | NOK 87.0m |
| Total assets | NOK 6.44bn | NOK 6.34bn | NOK 6.31bn | NOK 6.13bn | NOK 6.22bn | NOK 5.94bn | NOK 3.06bn | NOK 3.08bn |
| Cash and short-term investments | — | — | — | NOK 875.6m | NOK 865.8m | NOK 910.1m | NOK 177.3m | NOK 68.9m |
| Debt | NOK 912.4m | NOK 892.1m | NOK 914.6m | NOK 1.32bn | NOK 1.37bn | NOK 1.44bn | NOK 771.4m | NOK 992.7m |
| Shareholders' equity | NOK 2.45bn | NOK 2.42bn | NOK 2.34bn | NOK 2.30bn | NOK 2.25bn | NOK 2.20bn | NOK 1.23bn | NOK 1.22bn |
Financial ratios
Data as of 15 Oct 2026
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | |
|---|---|---|---|---|---|---|---|
| Operating margin | 4.4% | 5.3% | 1.9% | 2.7% | -0.2% | -357.0% | — |
| Net margin | 2.1% | 1.6% | -1.4% | 0.4% | -3.3% | -3187.9% | — |
| Return on equity | 5.7% | 3.5% | -2.3% | 1.0% | -7.5% | -164.6% | — |
| Return on assets | 2.1% | 1.4% | -0.9% | 0.4% | -2.7% | -53.1% | — |
| Free cash flow yield | — | 12.9% | 5.5% | 9.8% | 2.9% | -0.0% | -6.2% |
| Revenue growth | 131.9% | 39.9% | -21.2% | 25.0% | 12075.8% | -96.7% | — |
| Earnings growth | 208.3% | -260.7% | -396.7% | -113.6% | -87.2% | 5369.5% | — |
| Current ratio | 1.13x | 1.13x | 1.18x | 1.38x | 1.55x | 0.93x | — |
| Debt to equity | 0.46x | 0.53x | 0.72x | 0.93x | 1.07x | 0.84x | — |
| Equity ratio | 37.6% | 40.5% | 40.5% | 34.6% | 35.8% | 32.3% | — |
| Interest coverage | 2.44x | 1.67x | 0.33x | 0.71x | -0.04x | -8.30x | — |
| Buybacks as a share of market value | — | -34.7% | -0.1% | 0.0% | 99.9% | -1216515.9% | 0.0% |
Growth per year
Compound annual rate
| 3 years | 5 years | 10 years | |
|---|---|---|---|
| Revenue | 36.7% | 229.6% | 41.4% |
| Operating income | 49.6% | — | — |
| Net income | 145.0% | — | — |
Average margins
Over each period
| 1 year | 3 years | 5 years | 10 years | |
|---|---|---|---|---|
| Operating margin | 5.1% | 4.8% | 0.9% | 0.5% |
| Net margin | 1.9% | 1.2% | -2.8% | -3.2% |
Valuation history
At each fiscal year end
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Price to earnings | 33.9 | 59.2 | -38.7 | 103.3 | -14.0 | -5801.9 | -24.9 | -3.6 | -14.2 | 3.1 |
| Price to sales | 0.7 | 0.9 | 0.5 | 0.4 | 0.5 | — | 0.5 | 1.1 | 0.6 | 0.9 |
Dividends and splits
Per share, in the currency the company pays
Paid for 0 years.
- 50-to-1 reverse split · 20 Jun 2022
Sources and methodology
- Data on this tab
- Our data supplier
- Chart on the Overview
- TradingView
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