N 
1.99
+0.51%
Close of 9 Nov 2026, in NOK
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At a glance
Figures in NOK, from our data supplier.
Revenue
NOK 963.1m
FY2016FY2025
Net income
−NOK 1.27bn
FY2016FY2025
Free cash flow
−NOK 543.2m
FY2016FY2025
Shareholders' equity
NOK 3.93bn
FY2016FY2025
Income statement
Fiscal years
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | NOK 963.1m | NOK 1.39bn | NOK 1.35bn | NOK 914.9m | NOK 753.1m | NOK 578.3m | NOK 519.1m | NOK 453.2m | NOK 286.4m | NOK 98.4m |
| Research and development | NOK 42.2m | NOK 41.6m | NOK 43.3m | NOK 73.9m | NOK 21.4m | NOK 12.9m | — | — | — | — |
| Operating income | −NOK 1.36bn | −NOK 389.4m | −NOK 443.5m | −NOK 953.6m | −NOK 582.5m | −NOK 322.8m | −NOK 255.6m | −NOK 196.1m | −NOK 124.0m | −NOK 58.2m |
| Net income | −NOK 1.27bn | −NOK 244.3m | −NOK 855.2m | −NOK 1.17bn | −NOK 1.67bn | NOK 1.26bn | −NOK 269.7m | −NOK 188.8m | −NOK 52.4m | −NOK 55.8m |
| Diluted earnings per share | -0.69 | -0.15 | -0.51 | -0.75 | -1.14 | 0.95 | -0.22 | -0.18 | -0.06 | -0.08 |
Balance sheet
At each fiscal year end
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Total assets | NOK 4.96bn | NOK 6.30bn | NOK 7.86bn | NOK 6.95bn | NOK 6.01bn | NOK 6.14bn | NOK 2.43bn | NOK 1.94bn | NOK 1.73bn | NOK 762.9m |
| Cash and short-term investments | NOK 1.62bn | NOK 1.86bn | NOK 3.37bn | NOK 3.67bn | NOK 3.32bn | NOK 4.06bn | NOK 470.0m | NOK 347.9m | NOK 278.7m | NOK 225.5m |
| Total liabilities | NOK 1.02bn | NOK 1.33bn | NOK 1.66bn | NOK 1.50bn | NOK 968.3m | NOK 668.4m | NOK 584.1m | NOK 365.4m | NOK 316.3m | NOK 91.7m |
| Debt | NOK 190.2m | NOK 260.0m | NOK 259.7m | NOK 223.0m | NOK 156.6m | NOK 121.7m | NOK 121.8m | NOK 32.9m | NOK 73.3m | NOK 12.6m |
| Shareholders' equity | NOK 3.93bn | NOK 4.98bn | NOK 6.20bn | NOK 5.45bn | NOK 5.04bn | NOK 5.47bn | NOK 1.85bn | NOK 1.58bn | NOK 1.41bn | NOK 671.2m |
| Shares outstanding | 1,838m | 1,671m | 1,671m | 1,561m | 1,459m | 1,327m | 1,219m | 1,076m | 904m | 685m |
Cash flow
Fiscal years
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash from operations | −NOK 252.8m | −NOK 241.6m | −NOK 669.7m | −NOK 690.6m | −NOK 449.5m | −NOK 215.9m | −NOK 209.2m | −NOK 142.6m | −NOK 113.0m | −NOK 34.2m |
| Capital spending | −NOK 290.4m | −NOK 680.3m | −NOK 739.8m | −NOK 278.7m | −NOK 377.2m | −NOK 232.2m | −NOK 118.9m | −NOK 94.5m | −NOK 71.9m | −NOK 44.5m |
| Free cash flow | −NOK 543.2m | −NOK 921.9m | −NOK 1.41bn | −NOK 969.3m | −NOK 826.6m | −NOK 448.1m | −NOK 328.1m | −NOK 237.1m | −NOK 184.9m | −NOK 78.7m |
| Dividends paid | — | −NOK 625.4m | — | — | — | — | — | — | — | — |
Latest quarters
By quarter end
| Jun 2026 | Mar 2026 | Dec 2025 | Sept 2025 | Jun 2025 | Mar 2025 | Dec 2024 | Sept 2024 | |
|---|---|---|---|---|---|---|---|---|
| Revenue | NOK 153.4m | NOK 148.1m | NOK 330.5m | NOK 303.4m | NOK 173.9m | NOK 155.3m | NOK 415.6m | NOK 365.9m |
| Operating income | −NOK 233.5m | −NOK 154.0m | −NOK 919.9m | −NOK 104.7m | −NOK 152.9m | −NOK 187.1m | −NOK 105.7m | −NOK 171.1m |
| Net income | −NOK 188.6m | −NOK 143.7m | −NOK 870.4m | −NOK 84.7m | −NOK 130.7m | −NOK 179.4m | −NOK 59.3m | −NOK 115.2m |
| Diluted earnings per share | -0.10 | -0.08 | -0.47 | -0.05 | -0.07 | -0.10 | -0.04 | -0.07 |
| Cash from operations | NOK 1.0m | −NOK 165.0m | −NOK 252.0m | −NOK 242.0m | −NOK 110.0m | −NOK 57.0m | −NOK 241.0m | −NOK 47.0m |
| Capital spending | −NOK 75.0m | −NOK 47.0m | −NOK 290.0m | −NOK 196.0m | −NOK 127.0m | −NOK 59.0m | −NOK 680.0m | −NOK 159.0m |
| Free cash flow | −NOK 74.0m | −NOK 212.0m | −NOK 542.0m | −NOK 438.0m | −NOK 237.0m | −NOK 116.0m | −NOK 921.0m | −NOK 206.0m |
| Total assets | NOK 4.64bn | NOK 4.65bn | NOK 4.96bn | NOK 5.88bn | NOK 6.15bn | NOK 6.33bn | NOK 6.30bn | NOK 6.18bn |
| Cash and short-term investments | — | — | NOK 1.62bn | NOK 1.76bn | NOK 1.93bn | NOK 2.06bn | NOK 1.88bn | — |
| Debt | — | — | NOK 190.2m | NOK 197.1m | NOK 204.8m | NOK 213.9m | NOK 215.5m | — |
| Shareholders' equity | NOK 3.60bn | NOK 3.77bn | NOK 3.93bn | NOK 4.79bn | NOK 4.89bn | NOK 5.06bn | NOK 4.98bn | NOK 4.95bn |
Financial ratios
Data as of 20 Oct 2026
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | |
|---|---|---|---|---|---|---|
| Operating margin | -132.8% | -28.0% | -32.9% | -104.2% | -77.4% | -55.8% |
| Net margin | -131.4% | -17.6% | -63.4% | -128.0% | -221.3% | 218.2% |
| Return on equity | -32.2% | -4.9% | -13.8% | -21.5% | -33.1% | 23.1% |
| Return on assets | -25.5% | -3.9% | -10.9% | -16.9% | -27.7% | 20.6% |
| Free cash flow yield | 1.0% | 13.1% | 2.1% | -13.2% | -2.5% | 0.6% |
| Revenue growth | -30.7% | 3.0% | 47.5% | 21.5% | 30.2% | 11.4% |
| Earnings growth | 417.8% | -71.4% | -27.0% | -29.7% | -232.1% | -567.9% |
| Current ratio | 3.91x | 3.40x | 4.05x | 4.18x | 5.88x | 10.66x |
| Debt to equity | 0.00x | 0.00x | 0.00x | 0.01x | 0.01x | 0.01x |
| Equity ratio | 79.3% | 79.0% | 78.9% | 78.4% | 83.9% | 89.1% |
| Interest coverage | -76.74x | -23.63x | -29.77x | -85.40x | -144.55x | -73.17x |
| R&D as a share of sales | 4.4% | 3.0% | 3.2% | 8.1% | 2.8% | 2.2% |
| Buybacks as a share of market value | -10.0% | 0.0% | -7.0% | -7.0% | -9.9% | -8.8% |
Growth per year
Compound annual rate
| 3 years | 5 years | 10 years | |
|---|---|---|---|
| Revenue | 1.7% | 10.7% | 27.0% |
| Operating income | 12.7% | 33.4% | 53.9% |
| Net income | 2.6% | — | 50.1% |
Average margins
Over each period
| 1 year | 3 years | 5 years | 10 years | |
|---|---|---|---|---|
| Operating margin | -74.5% | -68.2% | -68.2% | -63.7% |
| Net margin | -64.1% | -76.6% | -66.2% | -61.3% |
Valuation history
At each fiscal year end
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Price to earnings | -3.2 | -18.5 | -13.5 | -18.5 | -13.3 | 30.4 | -39.1 | -26.3 | -57.4 | -24.8 |
| Price to sales | 4.2 | 3.3 | 8.5 | 23.6 | 29.5 | 66.5 | 20.3 | 10.9 | 10.5 | 14.0 |
Dividends and splits
Per share, in the currency the company pays
Paid for 0 years. Last went ex-dividend on 2 Jun 2004.
| FY2004 | FY2003 | |
|---|---|---|
| Paid in the year | 432.80 | 440.00 |
- 10-to-1 reverse split · 16 Aug 2013
- 10-to-1 reverse split · 30 May 2011
- 1-to-1 reverse split · 18 Nov 2003
Sources and methodology
- Data on this tab
- Our data supplier
- Chart on the Overview
- TradingView
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