H 
1.14
+3.64%
Close of 9 Nov 2026, in NOK
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Reference data, closing prices and charts across 45,000 companies, plus crypto, commodities and currencies.
At a glance
Figures in NOK, from our data supplier.
Revenue
NOK 256.3m
FY2016FY2025
Net income
−NOK 134.9m
FY2016FY2025
Free cash flow
−NOK 48.3m
FY2016FY2025
Shareholders' equity
−NOK 74.8m
FY2016FY2025
Income statement
Fiscal years
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | NOK 256.3m | NOK 257.4m | NOK 194.9m | NOK 120.4m | NOK 87.6m | NOK 69.3m | NOK 67.8m | NOK 60.7m | NOK 118.5m | NOK 20.2m |
| Research and development | NOK 12.4m | NOK 15.0m | NOK 11.0m | NOK 13.6m | NOK 12.5m | NOK 7.6m | NOK 131,000 | NOK 2.4m | NOK 1.3m | NOK 1.8m |
| Operating income | — | −NOK 102.1m | −NOK 99.1m | −NOK 127.2m | −NOK 117.1m | −NOK 92.0m | −NOK 80.6m | −NOK 80.7m | −NOK 13.3m | −NOK 137.1m |
| Net income | −NOK 134.9m | −NOK 123.4m | −NOK 106.7m | −NOK 137.4m | −NOK 126.5m | −NOK 102.1m | −NOK 89.2m | −NOK 84.8m | −NOK 16.5m | −NOK 147.4m |
| Diluted earnings per share | -0.32 | -0.30 | -0.27 | -0.35 | -0.35 | -0.31 | -0.29 | -0.33 | -0.07 | -1.09 |
Balance sheet
At each fiscal year end
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Total assets | NOK 394.3m | NOK 341.4m | NOK 390.1m | NOK 411.0m | NOK 416.0m | NOK 459.1m | NOK 293.0m | NOK 187.9m | NOK 184.2m | NOK 159.4m |
| Cash and short-term investments | NOK 63.3m | NOK 25.6m | NOK 23.9m | NOK 29.9m | NOK 47.2m | NOK 170.7m | NOK 93.2m | NOK 48.6m | NOK 40.7m | NOK 15.2m |
| Total liabilities | NOK 469.1m | NOK 280.1m | NOK 349.0m | NOK 263.0m | NOK 275.6m | NOK 195.4m | NOK 175.3m | NOK 101.9m | NOK 147.2m | NOK 105.8m |
| Debt | NOK 228.6m | NOK 170.9m | NOK 280.8m | NOK 104.2m | NOK 139.2m | NOK 100.8m | NOK 135.4m | NOK 58.3m | NOK 81.4m | NOK 74.4m |
| Shareholders' equity | −NOK 74.8m | NOK 60.0m | NOK 41.8m | NOK 148.7m | NOK 141.1m | NOK 264.4m | NOK 118.4m | NOK 86.7m | NOK 37.7m | NOK 54.2m |
| Shares outstanding | 417m | 412m | 395m | 395m | 358m | 334m | 307m | 259m | 234m | 135m |
Cash flow
Fiscal years
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash from operations | −NOK 27.8m | −NOK 9.8m | NOK 2.8m | −NOK 45.2m | −NOK 61.8m | −NOK 61.6m | −NOK 31.1m | −NOK 28.6m | −NOK 25.5m | −NOK 67.2m |
| Capital spending | −NOK 20.5m | −NOK 4.1m | −NOK 8.2m | −NOK 17.8m | −NOK 37.8m | −NOK 54.5m | −NOK 28.8m | −NOK 9.8m | −NOK 13.8m | −NOK 42.6m |
| Free cash flow | −NOK 48.3m | −NOK 13.9m | −NOK 5.4m | −NOK 62.9m | −NOK 99.5m | −NOK 116.1m | −NOK 59.9m | −NOK 38.5m | −NOK 39.3m | −NOK 109.8m |
Latest quarters
By quarter end
| Jun 2026 | Mar 2026 | Dec 2025 | Sept 2025 | Jun 2025 | Mar 2025 | Dec 2024 | Sept 2024 | |
|---|---|---|---|---|---|---|---|---|
| Revenue | NOK 65.7m | NOK 49.5m | NOK 72.2m | NOK 54.9m | NOK 68.4m | NOK 60.9m | NOK 65.0m | NOK 67.9m |
| Operating income | −NOK 12.9m | −NOK 33.6m | — | −NOK 30.6m | −NOK 19.0m | −NOK 29.0m | −NOK 37.2m | −NOK 30.9m |
| Net income | −NOK 23.4m | −NOK 36.6m | −NOK 48.3m | −NOK 28.3m | −NOK 25.2m | −NOK 33.1m | −NOK 41.8m | −NOK 35.0m |
| Diluted earnings per share | -0.06 | -0.09 | -0.12 | -0.07 | -0.06 | -0.08 | -0.10 | -0.08 |
| Cash from operations | −NOK 2.0m | −NOK 12.0m | −NOK 27.0m | −NOK 4.0m | −NOK 31.0m | −NOK 13.0m | — | −NOK 25.0m |
| Capital spending | −NOK 2.0m | −NOK 11.0m | −NOK 20.0m | −NOK 4.0m | −NOK 3.0m | −NOK 2.0m | −NOK 1.0m | — |
| Free cash flow | −NOK 4.0m | −NOK 23.0m | −NOK 47.0m | −NOK 8.0m | −NOK 34.0m | −NOK 15.0m | — | — |
| Total assets | NOK 426.6m | NOK 369.3m | NOK 394.3m | NOK 391.3m | NOK 387.2m | NOK 382.5m | NOK 341.4m | NOK 365.3m |
| Cash and short-term investments | — | — | NOK 67.0m | NOK 65.5m | NOK 68.0m | NOK 71.9m | NOK 22.6m | NOK 23.4m |
| Debt | NOK 217.1m | NOK 219.4m | — | NOK 280.2m | NOK 277.8m | NOK 73.6m | NOK 111.6m | NOK 89.7m |
| Shareholders' equity | −NOK 30.7m | −NOK 110.8m | −NOK 74.8m | −NOK 27.2m | NOK 1.0m | NOK 26.9m | NOK 62.0m | NOK 103.8m |
Growth per year
Compound annual rate
| 3 years | 5 years | 10 years | |
|---|---|---|---|
| Revenue | 28.6% | 29.9% | 16.6% |
| Net income | -0.6% | 5.7% | 3.0% |
Average margins
Over each period
| 1 year | 3 years | 5 years | 10 years | |
|---|---|---|---|---|
| Net margin | -50.3% | -60.6% | -74.1% | -89.4% |
Valuation history
At each fiscal year end
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Price to earnings | -4.1 | -5.7 | -9.7 | -9.5 | -19.5 | -32.0 | -31.0 | -7.3 | -24.9 | -1.1 |
| Price to sales | 2.1 | 2.7 | 5.3 | 10.8 | 28.2 | 47.2 | 40.8 | 10.2 | 3.5 | 7.9 |
Sources and methodology
- Data on this tab
- Our data supplier
- Chart on the Overview
- TradingView
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