G 
6.15
-1.60%
Close of 9 Nov 2026, in NOK
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At a glance
Figures in NOK, from our data supplier.
Revenue
NOK 358.0m
FY2016FY2025
Net income
−NOK 195.4m
FY2016FY2025
Free cash flow
−NOK 85.2m
FY2016FY2025
Shareholders' equity
NOK 232.6m
FY2016FY2025
Income statement
Fiscal years
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | NOK 358.0m | NOK 512.8m | NOK 210.1m | NOK 141.1m | NOK 71.2m | NOK 70.0m | NOK 110.4m | NOK 61.2m | NOK 86.8m | NOK 89.5m |
| Operating income | −NOK 75.2m | NOK 138.9m | NOK 140.0m | NOK 70.9m | −NOK 37.7m | −NOK 144.9m | −NOK 6.5m | −NOK 26.7m | NOK 17.7m | −NOK 86.7m |
| Net income | −NOK 195.4m | −NOK 91.6m | −NOK 8.5m | −NOK 57.9m | −NOK 63.2m | −NOK 156.2m | −NOK 17.2m | NOK 75.6m | NOK 2.2m | −NOK 100.4m |
| Diluted earnings per share | -7.79 | -3.65 | -0.05 | -1.08 | -27.60 | -64.05 | -9.71 | 60.53 | 0.91 | -41.03 |
Balance sheet
At each fiscal year end
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Total assets | NOK 1.46bn | NOK 1.59bn | NOK 1.56bn | NOK 565.0m | NOK 470.6m | NOK 472.9m | NOK 578.9m | NOK 272.3m | NOK 294.5m | NOK 293.8m |
| Cash and short-term investments | — | NOK 37.6m | NOK 41.2m | −NOK 79.3m | −NOK 240.7m | −NOK 235.9m | NOK 4.1m | NOK 15.3m | NOK 35.3m | NOK 6.5m |
| Total liabilities | NOK 1.23bn | NOK 1.15bn | NOK 1.03bn | NOK 457.0m | NOK 393.5m | NOK 332.6m | NOK 292.8m | NOK 2.5m | NOK 221.0m | NOK 222.5m |
| Debt | — | NOK 750.4m | NOK 966.2m | NOK 372.0m | NOK 298.1m | NOK 235.9m | NOK 258.2m | — | NOK 220.3m | NOK 217.3m |
| Shareholders' equity | NOK 232.6m | NOK 438.2m | NOK 529.5m | NOK 108.0m | NOK 77.2m | NOK 140.3m | NOK 286.1m | NOK 269.7m | NOK 73.5m | NOK 71.3m |
| Shares outstanding | 25m | 25m | 180m | 54m | 2m | 2m | 2m | 1m | 2m | 2m |
Cash flow
Fiscal years
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash from operations | −NOK 9.8m | NOK 260.3m | −NOK 106.0m | −NOK 103.9m | NOK 5.8m | NOK 40.6m | NOK 36.8m | NOK 4.9m | NOK 41.7m | NOK 1.6m |
| Capital spending | −NOK 75.4m | −NOK 49.8m | −NOK 1.02bn | −NOK 7.3m | −NOK 7.3m | −NOK 31.7m | −NOK 74.4m | −NOK 26.8m | −NOK 23.0m | −NOK 2.4m |
| Free cash flow | −NOK 85.2m | NOK 210.5m | −NOK 1.12bn | −NOK 111.1m | −NOK 1.5m | NOK 9.0m | −NOK 37.6m | −NOK 21.9m | NOK 18.7m | −NOK 872,710 |
Latest quarters
By quarter end
| Dec 2025 | Sept 2025 | Jun 2025 | Mar 2025 | Dec 2024 | Sept 2024 | Jun 2024 | Mar 2024 | |
|---|---|---|---|---|---|---|---|---|
| Revenue | NOK 43.9m | NOK 87.3m | NOK 96.8m | NOK 111.1m | NOK 172.9m | NOK 130.0m | NOK 135.7m | NOK 74.1m |
| Operating income | −NOK 83.1m | −NOK 2.6m | NOK 15.3m | NOK 7.0m | NOK 80.7m | NOK 34.7m | NOK 39.2m | −NOK 15.7m |
| Net income | −NOK 138.7m | −NOK 15.3m | −NOK 79.2m | NOK 38.5m | −NOK 27.8m | NOK 20.8m | NOK 18.9m | −NOK 103.6m |
| Diluted earnings per share | -5.53 | -0.61 | -3.16 | 1.54 | -1.11 | 0.83 | 0.75 | -4.13 |
| Cash from operations | −NOK 76.0m | NOK 46.0m | NOK 31.0m | NOK 40.0m | NOK 260.0m | NOK 85.0m | NOK 20.0m | NOK 15.0m |
| Capital spending | −NOK 32.0m | −NOK 14.0m | −NOK 39.0m | −NOK 12.0m | −NOK 49.0m | −NOK 18.0m | −NOK 13.0m | −NOK 17.0m |
| Free cash flow | −NOK 108.0m | NOK 32.0m | −NOK 8.0m | NOK 28.0m | NOK 211.0m | NOK 67.0m | NOK 7.0m | −NOK 2.0m |
| Total assets | NOK 1.46bn | NOK 1.53bn | NOK 1.53bn | NOK 1.51bn | NOK 1.59bn | NOK 1.55bn | NOK 1.55bn | NOK 1.51bn |
| Cash and short-term investments | — | — | NOK 566,000 | — | — | NOK 2.3m | NOK 8.7m | NOK 3.1m |
| Debt | — | — | NOK 720.7m | NOK 661.4m | NOK 750.1m | NOK 945.4m | NOK 1.00bn | NOK 987.2m |
| Shareholders' equity | NOK 232.6m | NOK 382.3m | NOK 396.7m | NOK 476.8m | NOK 428.1m | NOK 466.0m | NOK 445.2m | NOK 426.3m |
Growth per year
Compound annual rate
| 3 years | 5 years | 10 years | |
|---|---|---|---|
| Revenue | 36.4% | 38.6% | 13.2% |
| Operating income | — | -12.3% | -1.9% |
| Net income | 50.0% | 4.6% | 5.2% |
Average margins
Over each period
| 1 year | 3 years | 5 years | 10 years | |
|---|---|---|---|---|
| Operating margin | 7.3% | 22.5% | 6.8% | -5.6% |
| Net margin | -33.0% | -28.9% | -42.0% | -40.2% |
Valuation history
At each fiscal year end
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | |
|---|---|---|---|---|---|---|---|---|
| Price to earnings | -0.6 | -3.4 | -376.0 | -13.4 | -0.3 | -0.2 | -1.5 | 0.2 |
| Price to sales | 0.3 | 0.6 | 15.2 | 5.5 | 0.3 | 0.4 | 0.2 | 0.3 |
Dividends and splits
Per share, in the currency the company pays
Paid for 0 years.
- 20-to-1 reverse split · 21 May 2024
Sources and methodology
- Data on this tab
- Our data supplier
- Chart on the Overview
- TradingView
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