N 
38.80
+6.89%
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 DKK, from our data supplier.
Revenue
DKK 211.9m
FY2016FY2025
Net income
−DKK 116.6m
FY2016FY2025
Free cash flow
−DKK 61.0m
FY2016FY2025
Shareholders' equity
DKK 295.9m
FY2016FY2025
Income statement
Fiscal years
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | DKK 211.9m | DKK 116.4m | DKK 182.7m | DKK 158.6m | DKK 195.5m | DKK 194.2m | DKK 170.6m | DKK 106.2m | DKK 206.0m | DKK 234.7m |
| Gross profit | DKK 76.6m | DKK 18.7m | DKK 119.6m | DKK 115.8m | DKK 164.0m | DKK 152.4m | DKK 141.0m | DKK 49.1m | DKK 139.4m | DKK 163.6m |
| Research and development | — | — | DKK 12.9m | DKK 23.3m | DKK 23.6m | DKK 13.5m | DKK 13.9m | DKK 18.5m | DKK 17.9m | DKK 15.2m |
| Operating income | −DKK 121.6m | −DKK 115.6m | −DKK 33.6m | −DKK 46.2m | DKK 30.7m | DKK 11.7m | −DKK 13.0m | −DKK 190.3m | −DKK 29.0m | DKK 6.0m |
| Net income | −DKK 116.6m | −DKK 111.3m | −DKK 32.0m | −DKK 48.3m | DKK 40.2m | DKK 9.6m | −DKK 13.6m | −DKK 179.3m | −DKK 24.4m | DKK 3.7m |
| Diluted earnings per share | -1.06 | -1.12 | -0.36 | -0.58 | 0.37 | 0.11 | -0.15 | -1.97 | -0.27 | 0.04 |
Balance sheet
At each fiscal year end
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Total assets | DKK 393.1m | DKK 332.3m | DKK 280.8m | DKK 280.4m | DKK 176.7m | DKK 152.9m | DKK 162.7m | DKK 127.1m | DKK 266.2m | DKK 261.4m |
| Cash and short-term investments | DKK 184.3m | DKK 93.0m | DKK 61.2m | DKK 17.3m | DKK 39.4m | DKK 62.7m | DKK 64.3m | DKK 17.2m | DKK 40.0m | DKK 47.0m |
| Total liabilities | DKK 97.2m | DKK 110.6m | DKK 119.4m | DKK 152.8m | DKK 43.3m | DKK 63.1m | DKK 84.2m | DKK 92.4m | DKK 83.0m | DKK 57.0m |
| Debt | DKK 11.6m | DKK 52.4m | DKK 52.2m | DKK 48.5m | DKK 21.2m | DKK 28.5m | DKK 55.5m | DKK 58.1m | DKK 35.1m | DKK 5.0m |
| Shareholders' equity | DKK 295.9m | DKK 221.8m | DKK 161.5m | DKK 127.6m | DKK 133.5m | DKK 89.8m | DKK 78.5m | DKK 34.7m | DKK 183.2m | DKK 204.4m |
| Shares outstanding | 110m | 100m | 90m | 83m | 108m | 91m | 91m | 91m | 91m | 91m |
Cash flow
Fiscal years
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash from operations | −DKK 47.6m | −DKK 148.7m | −DKK 9.8m | −DKK 34.6m | DKK 14.9m | DKK 47.6m | DKK 26.4m | −DKK 47.9m | DKK 15.1m | DKK 15.2m |
| Capital spending | −DKK 13.4m | −DKK 16.0m | −DKK 18.1m | −DKK 3.5m | −DKK 35.6m | −DKK 16.2m | −DKK 15.7m | −DKK 35.9m | −DKK 53.3m | −DKK 49.0m |
| Free cash flow | −DKK 61.0m | −DKK 164.7m | −DKK 27.9m | −DKK 38.1m | −DKK 20.7m | DKK 31.4m | DKK 10.8m | −DKK 83.8m | −DKK 38.2m | −DKK 33.8m |
Latest quarters
By quarter end
| Jun 2026 | Mar 2026 | Dec 2025 | Sept 2025 | Jun 2025 | Mar 2025 | Dec 2024 | Sept 2024 | |
|---|---|---|---|---|---|---|---|---|
| Revenue | DKK 69.5m | DKK 52.9m | DKK 73.8m | DKK 58.0m | DKK 45.6m | DKK 23.8m | DKK 37.7m | DKK 34.0m |
| Gross profit | DKK 46.8m | DKK 36.9m | DKK 33.9m | DKK 26.9m | DKK 20.0m | DKK 9.4m | DKK 7.4m | DKK 15.3m |
| Operating income | −DKK 13.4m | −DKK 31.0m | — | −DKK 16.1m | −DKK 36.9m | −DKK 35.5m | −DKK 23.8m | −DKK 24.5m |
| Net income | −DKK 14.7m | −DKK 31.0m | −DKK 6.2m | −DKK 16.2m | −DKK 41.0m | −DKK 36.8m | −DKK 18.5m | −DKK 25.6m |
| Diluted earnings per share | -0.13 | -0.28 | -0.06 | -0.15 | -0.37 | -0.37 | -0.18 | -0.26 |
| Cash from operations | −DKK 46.0m | −DKK 6.0m | −DKK 47.0m | −DKK 64.0m | −DKK 64.0m | −DKK 37.0m | −DKK 148.0m | −DKK 101.0m |
| Capital spending | −DKK 4.0m | −DKK 1.0m | −DKK 13.0m | −DKK 11.0m | −DKK 8.0m | −DKK 5.0m | −DKK 16.0m | −DKK 10.0m |
| Free cash flow | −DKK 50.0m | −DKK 7.0m | −DKK 60.0m | −DKK 75.0m | −DKK 72.0m | −DKK 42.0m | −DKK 164.0m | −DKK 111.0m |
| Total assets | DKK 336.8m | DKK 335.5m | DKK 393.1m | DKK 385.2m | DKK 422.4m | DKK 199.5m | DKK 229.9m | DKK 261.0m |
| Cash and short-term investments | — | — | DKK 184.3m | DKK 170.1m | DKK 192.8m | DKK 34.6m | DKK 64.3m | DKK 102.9m |
| Debt | DKK 5.3m | DKK 6.0m | DKK 11.6m | DKK 14.1m | DKK 15.8m | DKK 12.0m | DKK 13.2m | DKK 14.8m |
| Shareholders' equity | DKK 258.8m | DKK 269.5m | DKK 295.9m | DKK 299.5m | DKK 313.1m | DKK 119.1m | DKK 153.4m | DKK 167.7m |
Financial ratios
Data as of 27 Oct 2026
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | |
|---|---|---|---|---|---|---|---|---|---|
| Gross margin | 36.1% | 16.1% | 65.5% | 73.0% | 83.9% | 78.5% | — | — | — |
| Operating margin | -57.1% | -99.3% | -18.0% | -29.1% | 19.2% | 3.0% | — | — | — |
| Net margin | -55.0% | -95.6% | -17.5% | -30.4% | 20.6% | 4.9% | — | — | — |
| Return on equity | -39.4% | -72.5% | -28.7% | -54.7% | 30.1% | 10.7% | — | — | — |
| Return on assets | -29.7% | -48.4% | -16.5% | -24.9% | 22.8% | 6.3% | — | — | — |
| Free cash flow yield | — | — | — | -0.7% | 1.2% | 1.8% | 1.2% | -0.3% | 1.9% |
| Revenue growth | 25.9% | -36.3% | 15.2% | -18.8% | 0.6% | 13.8% | — | — | — |
| Earnings growth | -27.5% | 247.5% | -33.7% | -220.0% | 319.3% | -170.5% | — | — | — |
| Current ratio | 4.57x | 3.30x | 2.26x | 1.47x | 3.13x | 2.01x | — | — | — |
| Debt to equity | 0.02x | 0.04x | 0.08x | 0.11x | 0.12x | 0.24x | — | — | — |
| Equity ratio | 75.3% | 66.7% | 57.5% | 45.5% | 75.5% | 58.7% | — | — | — |
| Interest coverage | -56.63x | -50.25x | -20.07x | -41.81x | 82.14x | 7.95x | — | — | — |
| R&D as a share of sales | — | — | 7.1% | 14.7% | 12.1% | 6.9% | 8.1% | 17.4% | — |
| Buybacks as a share of market value | — | — | — | 22.8% | -18.4% | 0.0% | 0.0% | 0.0% | 0.0% |
Growth per year
Compound annual rate
| 3 years | 5 years | 10 years | |
|---|---|---|---|
| Revenue | 10.1% | 1.8% | -0.2% |
| Operating income | 38.1% | — | — |
| Net income | 34.2% | — | — |
Average margins
Over each period
| 1 year | 3 years | 5 years | 10 years | |
|---|---|---|---|---|
| Gross margin | 29.0% | 49.4% | 61.1% | 65.0% |
| Operating margin | -72.2% | -47.3% | -25.9% | -24.9% |
| Net margin | -69.4% | -46.0% | -24.4% | -23.3% |
Valuation history
At each fiscal year end
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Price to earnings | -19.9 | -15.7 | -25.2 | -16.3 | 22.9 | 77.9 | -21.0 | -0.7 | -19.1 | 165.2 |
| Price to sales | 11.0 | 15.0 | 4.4 | 5.0 | 4.7 | 3.9 | 1.7 | 1.2 | 2.3 | 2.6 |
Dividends and splits
Per share, in the currency the company pays
Paid for 0 years.
- 4-for-1 split · 25 Apr 2016
Sources and methodology
- Data on this tab
- Our data supplier
- Chart on the Overview
- TradingView
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