M 
20.55
+2.85%
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.
Net income
NOK 20.1m
FY2016FY2025
Free cash flow
−NOK 10.2m
FY2016FY2025
Shareholders' equity
NOK 377.2m
FY2016FY2025
Income statement
Fiscal years
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating income | −NOK 3.0m | NOK 281.5m | NOK 176.6m | NOK 21.4m | −NOK 60.1m | NOK 6.1m | NOK 23.1m | NOK 42.1m | −NOK 64.6m | −NOK 109.8m |
| Net income | NOK 20.1m | NOK 593.7m | NOK 192.5m | NOK 3.9m | −NOK 62.8m | NOK 28.5m | NOK 20.2m | NOK 398.0m | −NOK 24.9m | −NOK 229.1m |
| Diluted earnings per share | 0.31 | 8.91 | 2.93 | 0.06 | -1.10 | 0.55 | 0.38 | 7.57 | -0.47 | -4.35 |
Balance sheet
At each fiscal year end
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Total assets | NOK 446.7m | NOK 575.3m | NOK 604.6m | NOK 564.2m | NOK 192.7m | NOK 124.1m | NOK 113.2m | NOK 150.2m | NOK 221.2m | NOK 367.4m |
| Cash and short-term investments | NOK 179.1m | NOK 273.0m | NOK 347.6m | NOK 193.9m | NOK 96.8m | NOK 64.0m | NOK 70.6m | NOK 98.9m | NOK 190.9m | NOK 203.1m |
| Total liabilities | NOK 77.3m | NOK 173.1m | NOK 52.3m | NOK 132.4m | NOK 20.9m | NOK 6.0m | NOK 7.6m | NOK 14.4m | NOK 37.2m | NOK 147.0m |
| Debt | NOK 6.0m | NOK 1.2m | NOK 300,000 | NOK 76.3m | — | — | — | — | — | — |
| Shareholders' equity | NOK 377.2m | NOK 400.5m | NOK 538.3m | NOK 385.5m | NOK 171.8m | NOK 118.1m | NOK 105.6m | NOK 135.8m | NOK 183.7m | NOK 211.8m |
| Shares outstanding | 64m | 67m | 66m | 67m | 57m | 52m | 53m | 53m | 53m | 53m |
Cash flow
Fiscal years
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash from operations | −NOK 10.0m | −NOK 104.9m | NOK 3.0m | −NOK 67.7m | −NOK 23.7m | NOK 29.9m | NOK 25.5m | NOK 21.3m | NOK 7.1m | −NOK 109.8m |
| Capital spending | −NOK 200,000 | −NOK 100,000 | −NOK 5.5m | −NOK 8.7m | −NOK 38.5m | −NOK 8.7m | −NOK 8.7m | — | — | — |
| Free cash flow | −NOK 10.2m | −NOK 105.0m | −NOK 2.5m | −NOK 76.4m | −NOK 62.2m | NOK 21.2m | NOK 16.8m | NOK 21.3m | NOK 7.1m | −NOK 109.8m |
| Dividends paid | −NOK 35.9m | −NOK 299.8m | −NOK 24.6m | — | — | −NOK 17.4m | — | −NOK 315.6m | — | — |
Latest quarters
By quarter end
| Jun 2026 | Mar 2026 | Dec 2025 | Sept 2025 | Jun 2025 | Mar 2025 | Dec 2024 | Sept 2024 | |
|---|---|---|---|---|---|---|---|---|
| Operating income | −NOK 35.7m | −NOK 38.7m | NOK 8.0m | −NOK 20.0m | −NOK 27.8m | NOK 36.9m | −NOK 41.5m | −NOK 24.6m |
| Net income | −NOK 28.9m | −NOK 43.1m | NOK 12.8m | −NOK 14.9m | −NOK 18.7m | NOK 40.9m | −NOK 19.7m | NOK 237.7m |
| Diluted earnings per share | -0.40 | -0.67 | 0.20 | -0.23 | -0.29 | 0.64 | -0.30 | 3.57 |
| Cash from operations | −NOK 35.0m | −NOK 37.0m | −NOK 10.0m | −NOK 73.0m | −NOK 43.0m | −NOK 15.0m | −NOK 34.0m | −NOK 22.0m |
| Capital spending | −NOK 5.0m | — | — | — | — | — | — | — |
| Free cash flow | −NOK 40.0m | — | — | — | — | — | — | — |
| Total assets | NOK 1.09bn | NOK 394.9m | NOK 446.7m | NOK 467.1m | NOK 508.2m | NOK 588.8m | NOK 575.3m | NOK 626.8m |
| Cash and short-term investments | — | — | NOK 183.2m | NOK 209.0m | NOK 246.6m | NOK 257.0m | NOK 276.0m | NOK 363.7m |
| Debt | NOK 2.8m | NOK 3.0m | NOK 6.0m | — | — | — | — | NOK 151.7m |
| Shareholders' equity | NOK 720.9m | NOK 328.0m | NOK 377.2m | NOK 364.4m | NOK 398.0m | NOK 430.6m | NOK 400.5m | NOK 464.0m |
Financial ratios
Data as of 3 Nov 2026
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | |
|---|---|---|---|---|---|---|---|
| Operating margin | 22.3% | 12239.1% | 735.8% | 11.6% | -361.8% | 94.7% | — |
| Net margin | 20.6% | 25813.0% | 782.5% | 4.3% | -413.2% | 100.4% | — |
| Return on equity | 5.3% | 148.2% | 35.8% | 1.0% | -36.6% | 24.1% | — |
| Return on assets | 4.5% | 103.2% | 31.8% | 0.7% | -32.6% | 23.0% | — |
| Free cash flow yield | — | -8.0% | 0.7% | -4.5% | 1.3% | 3.8% | 3.3% |
| Revenue growth | 4147.8% | -90.7% | -73.2% | 503.3% | -46.5% | -31.7% | — |
| Earnings growth | -96.6% | 208.4% | 4835.9% | -106.2% | -320.4% | 41.1% | — |
| Current ratio | 2.70x | 1.64x | 7.46x | 2.35x | 5.00x | 11.40x | — |
| Debt to equity | 0.01x | 0.00x | 0.00x | 0.21x | 0.00x | 0.00x | — |
| Equity ratio | 84.4% | 69.6% | 89.0% | 68.3% | 89.2% | 95.2% | — |
| Interest coverage | 3.11x | 6.50x | 14.37x | 1.09x | -137.50x | 269.00x | — |
| Buybacks as a share of market value | — | -1.4% | 1.6% | -17.2% | -9.3% | 0.9% | 0.0% |
Growth per year
Compound annual rate
| 3 years | 5 years | 10 years | |
|---|---|---|---|
| Revenue | 2.1% | 28.0% | -17.9% |
| Operating income | — | — | -32.4% |
| Net income | 72.7% | -6.7% | — |
Average margins
Over each period
| 1 year | 3 years | 5 years | 10 years | |
|---|---|---|---|---|
| Operating margin | 278.5% | 220.3% | 162.6% | 13.0% |
| Net margin | 613.8% | 374.6% | 298.5% | 32.9% |
Valuation history
At each fiscal year end
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Price to earnings | 62.0 | 3.1 | 11.3 | 363.1 | -17.0 | 50.1 | 18.2 | 0.9 | -12.7 | -1.6 |
| Price to sales | 12.8 | — | 88.2 | 15.4 | 70.4 | 50.3 | 8.8 | 4.8 | 5.8 | 3.1 |
Dividends and splits
Per share, in the currency the company pays
Paid for 3 years. Last went ex-dividend on 22 Jul 2025.
| FY2025 | FY2024 | FY2023 | FY2020 | FY2019 | FY2018 | FY2014 | |
|---|---|---|---|---|---|---|---|
| Paid in the year | 0.561 | 4.561 | 0.374 | 0.16 | 1.00 | 3.621 | 0.724 |
- 100-to-1 reverse split · 1 Dec 2011
Sources and methodology
- Data on this tab
- Our data supplier
- Chart on the Overview
- TradingView
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