L 
13.90
—
Close of 9 Nov 2026, in NOK
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At a glance
Figures in NOK, from our data supplier.
Revenue
NOK 505.2m
FY2018FY2025
Net income
NOK 28.7m
FY2018FY2025
Free cash flow
NOK 45.2m
FY2018FY2025
Shareholders' equity
NOK 520.4m
FY2018FY2025
Income statement
Fiscal years
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | |
|---|---|---|---|---|---|---|---|---|
| Revenue | NOK 505.2m | NOK 448.8m | NOK 420.9m | NOK 511.9m | NOK 530.1m | NOK 517.2m | NOK 407.6m | NOK 494.8m |
| Research and development | — | NOK 8.2m | NOK 6.1m | NOK 3.0m | — | — | — | — |
| Operating income | NOK 71.4m | NOK 53.0m | −NOK 235.3m | NOK 81.7m | NOK 111.7m | NOK 129.3m | NOK 83.2m | NOK 49.7m |
| Net income | NOK 28.7m | NOK 14.0m | −NOK 276.2m | NOK 40.7m | NOK 59.1m | NOK 36.3m | −NOK 31.7m | −NOK 1.6m |
| Diluted earnings per share | 0.50 | 0.24 | -5.02 | 1.10 | 1.70 | 0.98 | -0.55 | -0.03 |
Balance sheet
At each fiscal year end
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | |
|---|---|---|---|---|---|---|---|---|
| Total assets | NOK 1.05bn | NOK 1.08bn | NOK 1.02bn | NOK 1.20bn | NOK 1.28bn | NOK 1.24bn | NOK 1.36bn | NOK 921.5m |
| Cash and short-term investments | NOK 38.9m | NOK 68.8m | NOK 67.6m | NOK 29.0m | NOK 63.5m | NOK 17.8m | NOK 35.4m | NOK 29.1m |
| Total liabilities | NOK 527.8m | NOK 592.1m | NOK 567.6m | NOK 652.1m | NOK 731.0m | NOK 945.9m | NOK 1.11bn | NOK 671.3m |
| Debt | NOK 187.0m | NOK 513.1m | NOK 498.6m | NOK 567.0m | NOK 582.9m | NOK 753.3m | NOK 857.6m | NOK 560.9m |
| Shareholders' equity | NOK 520.4m | NOK 491.7m | NOK 450.4m | NOK 547.2m | NOK 544.8m | NOK 294.9m | NOK 258.6m | NOK 250.1m |
| Shares outstanding | 58m | 58m | 55m | 37m | 35m | 37m | 58m | 58m |
Cash flow
Fiscal years
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | |
|---|---|---|---|---|---|---|---|---|
| Cash from operations | NOK 61.9m | NOK 85.4m | NOK 33.1m | NOK 73.2m | NOK 112.1m | NOK 158.9m | NOK 111.3m | NOK 43.4m |
| Capital spending | −NOK 16.7m | −NOK 33.9m | −NOK 10.1m | −NOK 17.5m | −NOK 16.3m | −NOK 13.3m | −NOK 14.1m | −NOK 4.6m |
| Free cash flow | NOK 45.2m | NOK 51.5m | NOK 23.1m | NOK 55.7m | NOK 95.9m | NOK 145.6m | NOK 97.1m | NOK 38.8m |
| Dividends paid | — | — | — | −NOK 36.0m | −NOK 36.0m | −NOK 36.0m | −NOK 36.0m | — |
Latest quarters
By quarter end
| Dec 2025 | Jun 2025 | Mar 2025 | Dec 2024 | Sept 2024 | Jun 2024 | Mar 2024 | Dec 2023 | |
|---|---|---|---|---|---|---|---|---|
| Revenue | NOK 270.9m | NOK 117.6m | NOK 117.6m | NOK 119.2m | NOK 119.2m | NOK 106.0m | NOK 106.0m | NOK 106.1m |
| Operating income | NOK 43.6m | NOK 13.9m | NOK 13.9m | NOK 14.4m | NOK 14.4m | NOK 12.2m | NOK 12.2m | NOK 2.1m |
| Net income | NOK 22.2m | NOK 3.3m | NOK 3.3m | NOK 5.6m | NOK 5.6m | NOK 1.4m | NOK 1.4m | −NOK 11.7m |
| Diluted earnings per share | 0.38 | 0.06 | 0.06 | 0.10 | 0.10 | 0.02 | 0.02 | -0.21 |
| Cash from operations | NOK 61.0m | NOK 3.0m | NOK 3.0m | NOK 26.0m | NOK 26.0m | NOK 16.0m | NOK 16.0m | −NOK 45.0m |
| Capital spending | −NOK 16.0m | −NOK 1.0m | −NOK 1.0m | −NOK 2.0m | −NOK 2.0m | −NOK 3.0m | −NOK 3.0m | −NOK 3.0m |
| Free cash flow | NOK 45.0m | NOK 2.0m | NOK 2.0m | NOK 24.0m | NOK 24.0m | NOK 13.0m | NOK 13.0m | −NOK 48.0m |
| Total assets | NOK 1.05bn | NOK 1.05bn | NOK 1.05bn | NOK 1.08bn | NOK 1.08bn | NOK 975.7m | NOK 975.7m | NOK 1.02bn |
| Cash and short-term investments | NOK 38.9m | NOK 45.3m | NOK 45.3m | NOK 68.8m | NOK 68.8m | NOK 65.1m | NOK 65.1m | NOK 67.6m |
| Debt | NOK 187.0m | NOK 492.2m | NOK 59.1m | NOK 513.1m | NOK 61.3m | NOK 432.9m | NOK 56.1m | NOK 498.6m |
| Shareholders' equity | NOK 520.4m | NOK 498.3m | NOK 498.3m | NOK 491.7m | NOK 491.7m | NOK 480.5m | NOK 480.5m | NOK 450.4m |
Financial ratios
Data as of 5 Nov 2026
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | |
|---|---|---|---|---|---|---|
| Operating margin | 14.9% | 13.3% | -55.0% | 16.2% | 21.0% | 25.2% |
| Net margin | 5.7% | 3.1% | -65.6% | 8.0% | 11.1% | 7.0% |
| Return on equity | 5.5% | 2.9% | -61.3% | 7.4% | 10.8% | 12.3% |
| Return on assets | 2.7% | 1.3% | -27.1% | 3.4% | 4.6% | 2.9% |
| Free cash flow yield | 9.8% | 14.8% | 5.6% | 17.7% | 26.6% | 33.6% |
| Revenue growth | 12.6% | 6.6% | -17.8% | -3.4% | 2.5% | 26.9% |
| Earnings growth | 104.6% | -105.1% | -778.4% | -31.1% | 62.6% | -214.6% |
| Current ratio | 0.23x | 0.65x | 0.64x | 0.44x | 0.77x | 0.37x |
| Debt to equity | 0.00x | 0.62x | 0.76x | 0.85x | 0.97x | 2.17x |
| Equity ratio | 49.6% | 45.4% | 44.2% | 45.6% | 42.7% | 23.8% |
| Interest coverage | 1.99x | 1.44x | -5.39x | 2.70x | 2.96x | 2.47x |
| R&D as a share of sales | — | 1.8% | 1.5% | 0.6% | — | — |
| Buybacks as a share of market value | 0.0% | -5.1% | -49.2% | -6.1% | 5.7% | — |
Growth per year
Compound annual rate
| 3 years | 5 years | 10 years | |
|---|---|---|---|
| Revenue | -0.4% | -0.5% | — |
| Operating income | -4.4% | -11.2% | — |
| Net income | -11.0% | -4.6% | — |
Average margins
Over each period
| 1 year | 3 years | 5 years | 10 years | |
|---|---|---|---|---|
| Operating margin | 13.0% | -1.5% | 7.2% | — |
| Net margin | 4.5% | -10.2% | -3.3% | — |
Valuation history
At each fiscal year end
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|
| Price to earnings | 36.2 | 59.7 | -2.8 | 10.5 | 11.2 |
| Price to sales | 2.1 | 1.9 | 1.8 | 0.8 | 1.2 |
Dividends and splits
Per share, in the currency the company pays
Paid for 0 years. Last went ex-dividend on 27 Apr 2022.
| FY2022 | |
|---|---|
| Paid in the year | 0.992 |
Sources and methodology
- Data on this tab
- Our data supplier
- Chart on the Overview
- TradingView
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