N 
20.70
+7.53%
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 444.4m
FY2019FY2025
Net income
−NOK 227.5m
FY2019FY2025
Free cash flow
−NOK 226.0m
FY2019FY2025
Shareholders' equity
NOK 240.6m
FY2019FY2025
Income statement
Fiscal years
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | |
|---|---|---|---|---|---|---|---|
| Revenue | NOK 444.4m | NOK 397.2m | NOK 269.4m | NOK 170.5m | NOK 72.6m | NOK 6.8m | NOK 5.6m |
| Operating income | — | — | −NOK 222.6m | −NOK 280.9m | −NOK 52.4m | NOK 10.4m | −NOK 11.2m |
| Net income | −NOK 227.5m | −NOK 235.0m | −NOK 246.2m | −NOK 297.2m | −NOK 50.9m | NOK 4.5m | −NOK 10.4m |
| Diluted earnings per share | -13.36 | -13.80 | -14.45 | -17.45 | -2.99 | 0.26 | -0.61 |
Balance sheet
At each fiscal year end
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | |
|---|---|---|---|---|---|---|---|
| Total assets | NOK 607.5m | NOK 674.0m | NOK 694.8m | NOK 541.8m | NOK 588.3m | NOK 458.8m | NOK 36.7m |
| Cash and short-term investments | NOK 12.3m | NOK 22.5m | NOK 18.8m | NOK 3.4m | NOK 29.4m | NOK 218.3m | NOK 8.5m |
| Total liabilities | NOK 366.9m | NOK 517.9m | NOK 470.0m | NOK 365.2m | NOK 247.3m | NOK 85.5m | NOK 6.7m |
| Debt | NOK 259.9m | NOK 333.4m | NOK 272.8m | NOK 219.1m | NOK 148.2m | NOK 806,000 | NOK 1.2m |
| Shareholders' equity | NOK 240.6m | NOK 156.1m | NOK 224.8m | NOK 176.7m | NOK 341.0m | NOK 373.3m | NOK 30.0m |
| Shares outstanding | 17m | 17m | 17m | 17m | 17m | 17m | 17m |
Cash flow
Fiscal years
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | |
|---|---|---|---|---|---|---|---|
| Cash from operations | −NOK 197.1m | −NOK 186.1m | −NOK 295.7m | −NOK 201.8m | −NOK 85.2m | −NOK 141.8m | −NOK 30.3m |
| Capital spending | −NOK 28.8m | −NOK 15.3m | −NOK 18.7m | −NOK 37.0m | −NOK 58.2m | −NOK 22.2m | −NOK 4.5m |
| Free cash flow | −NOK 226.0m | −NOK 201.4m | −NOK 314.4m | −NOK 238.8m | −NOK 143.4m | −NOK 164.0m | −NOK 34.8m |
Latest quarters
By quarter end
| Jun 2026 | Mar 2026 | Dec 2025 | Sept 2025 | Jun 2025 | Mar 2025 | Dec 2024 | Sept 2024 | |
|---|---|---|---|---|---|---|---|---|
| Revenue | NOK 56.9m | NOK 30.8m | NOK 122.8m | NOK 36.8m | NOK 91.3m | NOK 193.5m | NOK 123.7m | NOK 68.9m |
| Operating income | −NOK 20.1m | −NOK 12.4m | — | −NOK 64.9m | — | — | — | −NOK 78.0m |
| Net income | −NOK 31.5m | −NOK 18.5m | −NOK 54.2m | −NOK 71.5m | −NOK 52.0m | −NOK 49.8m | −NOK 40.7m | −NOK 82.1m |
| Diluted earnings per share | -1.85 | -1.09 | -3.18 | -4.20 | -3.06 | -2.92 | -2.39 | -4.82 |
| Cash from operations | −NOK 90.0m | −NOK 62.0m | −NOK 197.0m | −NOK 148.0m | −NOK 74.0m | −NOK 4.0m | −NOK 186.0m | −NOK 134.0m |
| Capital spending | −NOK 28.0m | −NOK 11.0m | −NOK 28.0m | −NOK 10.0m | −NOK 5.0m | −NOK 2.0m | −NOK 15.0m | −NOK 13.0m |
| Free cash flow | −NOK 118.0m | −NOK 73.0m | −NOK 225.0m | −NOK 158.0m | −NOK 79.0m | −NOK 6.0m | −NOK 201.0m | −NOK 147.0m |
| Total assets | NOK 860.2m | NOK 696.0m | NOK 607.5m | NOK 588.6m | NOK 547.4m | NOK 564.4m | NOK 674.0m | NOK 623.6m |
| Cash and short-term investments | — | — | NOK 12.3m | NOK 20.4m | NOK 9.9m | NOK 8.6m | NOK 22.5m | NOK 8.8m |
| Debt | NOK 67.3m | NOK 47.9m | NOK 259.9m | NOK 325.5m | NOK 256.2m | NOK 173.4m | NOK 333.4m | NOK 261.8m |
| Shareholders' equity | NOK 263.2m | NOK 214.2m | NOK 240.6m | NOK 139.9m | NOK 211.4m | NOK 262.3m | NOK 156.1m | NOK 196.8m |
Growth per year
Compound annual rate
| 3 years | 5 years | 10 years | |
|---|---|---|---|
| Revenue | 37.6% | 130.4% | — |
| Net income | -8.5% | — | — |
Average margins
Over each period
| 1 year | 3 years | 5 years | 10 years | |
|---|---|---|---|---|
| Net margin | -55.0% | -78.5% | -77.3% | — |
Valuation history
At each fiscal year end
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | |
|---|---|---|---|---|---|---|
| Price to earnings | -1.0 | -1.0 | -1.0 | -3.3 | -35.1 | 471.3 |
| Price to sales | 0.5 | 0.6 | 0.9 | 5.8 | 24.6 | 309.2 |
Sources and methodology
- Data on this tab
- Our data supplier
- Chart on the Overview
- TradingView
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