N 
18.70
+0.54%
Close of 9 Nov 2026, in NOK
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At a glance
Figures in NOK, from our data supplier.
Revenue
NOK 571.1m
FY2016FY2025
Net income
−NOK 40.9m
FY2016FY2025
Free cash flow
NOK 16.4m
FY2016FY2025
Shareholders' equity
NOK 296.0m
FY2016FY2025
Income statement
Fiscal years
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | NOK 571.1m | NOK 624.0m | NOK 575.1m | NOK 387.5m | NOK 480.0m | NOK 359.5m | NOK 266.6m | NOK 220.3m | NOK 211.0m | NOK 202.3m |
| Gross profit | NOK 247.4m | NOK 289.8m | NOK 270.6m | NOK 178.4m | NOK 243.3m | NOK 161.1m | NOK 121.7m | NOK 78.2m | NOK 73.8m | NOK 76.1m |
| Research and development | — | — | NOK 657,000 | NOK 3.8m | — | NOK 3.5m | NOK 11.2m | — | — | — |
| Operating income | −NOK 30.7m | NOK 81.0m | NOK 101.1m | NOK 56.8m | NOK 134.1m | NOK 74.6m | NOK 33.1m | NOK 15.1m | NOK 8.8m | NOK 125.5m |
| Net income | −NOK 40.9m | NOK 86.0m | NOK 81.2m | NOK 31.8m | NOK 110.2m | NOK 69.0m | NOK 47.7m | −NOK 1.8m | −NOK 7.2m | −NOK 7.5m |
| Diluted earnings per share | -0.41 | 0.80 | 0.78 | 0.30 | 1.04 | 0.65 | 0.45 | -0.02 | -0.07 | -0.09 |
Balance sheet
At each fiscal year end
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Total assets | NOK 743.3m | NOK 819.0m | NOK 600.7m | NOK 507.1m | NOK 451.2m | NOK 558.1m | NOK 416.0m | NOK 2.42bn | NOK 2.33bn | NOK 2.18bn |
| Cash and short-term investments | NOK 149.6m | NOK 205.0m | NOK 194.2m | NOK 181.3m | NOK 174.5m | NOK 355.1m | NOK 260.9m | NOK 349.4m | NOK 261.8m | NOK 175.8m |
| Total liabilities | NOK 375.5m | NOK 330.0m | NOK 173.8m | NOK 156.2m | NOK 135.0m | NOK 354.6m | NOK 181.8m | NOK 1.90bn | NOK 1.72bn | NOK 1.56bn |
| Debt | NOK 16.7m | NOK 15.1m | NOK 13.4m | NOK 4.3m | NOK 5.8m | NOK 5.5m | — | NOK 287.4m | NOK 339.8m | NOK 470.1m |
| Shareholders' equity | NOK 296.0m | NOK 489.0m | NOK 404.4m | NOK 330.9m | NOK 297.0m | NOK 185.6m | NOK 217.5m | NOK 357.7m | NOK 456.1m | NOK 471.9m |
| Shares outstanding | 99m | 107m | 104m | 108m | 106m | 106m | 106m | 87m | 107m | 80m |
Cash flow
Fiscal years
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash from operations | NOK 35.6m | NOK 141.6m | NOK 75.2m | NOK 28.8m | −NOK 54.6m | NOK 125.4m | NOK 58.3m | NOK 65.2m | NOK 25.6m | −NOK 94.1m |
| Capital spending | −NOK 19.2m | −NOK 25.1m | −NOK 19.2m | −NOK 22.4m | −NOK 26.3m | −NOK 12.1m | −NOK 13.3m | −NOK 7.8m | −NOK 3.7m | −NOK 10.5m |
| Free cash flow | NOK 16.4m | NOK 116.4m | NOK 55.9m | NOK 6.4m | −NOK 80.8m | NOK 113.3m | NOK 44.9m | NOK 57.5m | NOK 21.9m | −NOK 104.5m |
| Dividends paid | −NOK 6.4m | — | — | — | — | — | −NOK 422.4m | −NOK 422.4m | −NOK 11.9m | −NOK 51.9m |
Latest quarters
By quarter end
| Jun 2026 | Dec 2025 | Sept 2025 | Jun 2025 | Mar 2025 | Dec 2024 | Sept 2024 | Jun 2024 | |
|---|---|---|---|---|---|---|---|---|
| Revenue | NOK 128.5m | NOK 304.8m | NOK 123.7m | NOK 138.8m | NOK 112.0m | NOK 181.0m | NOK 139.0m | NOK 150.0m |
| Gross profit | NOK 72.8m | NOK 147.5m | −NOK 1.8m | NOK 51.6m | NOK 112.0m | NOK 181.0m | NOK 139.0m | NOK 44.6m |
| Operating income | −NOK 1.7m | NOK 22.5m | −NOK 1.8m | −NOK 16.2m | NOK 112.0m | NOK 181.0m | NOK 139.0m | NOK 17.3m |
| Net income | NOK 728,000 | NOK 1.6m | −NOK 7.0m | −NOK 9.4m | −NOK 8.0m | NOK 15.0m | NOK 42.0m | NOK 18.7m |
| Diluted earnings per share | 0.01 | 0.02 | -0.07 | -0.09 | -0.08 | 0.14 | 0.39 | 0.17 |
| Cash from operations | NOK 69.0m | NOK 35.0m | −NOK 26.0m | NOK 58.0m | — | NOK 141.0m | — | NOK 46.0m |
| Capital spending | −NOK 4.0m | −NOK 19.0m | −NOK 4.0m | −NOK 4.0m | — | −NOK 25.0m | — | −NOK 8.0m |
| Free cash flow | NOK 65.0m | NOK 16.0m | −NOK 30.0m | NOK 54.0m | — | NOK 116.0m | — | NOK 38.0m |
| Total assets | NOK 940.8m | NOK 743.3m | NOK 751.3m | NOK 829.5m | NOK 774.0m | NOK 819.0m | NOK 765.0m | NOK 646.1m |
| Cash and short-term investments | — | NOK 149.6m | NOK 170.0m | NOK 225.3m | NOK 182.0m | NOK 205.0m | NOK 159.0m | NOK 226.7m |
| Debt | NOK 17.1m | NOK 16.7m | NOK 25.2m | NOK 34.0m | — | NOK 15.1m | — | NOK 12.8m |
| Shareholders' equity | NOK 349.6m | NOK 296.0m | NOK 329.6m | NOK 352.5m | NOK 466.0m | NOK 489.0m | NOK 497.0m | NOK 422.7m |
Financial ratios
Data as of 4 Nov 2026
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | |
|---|---|---|---|---|---|---|---|
| Gross margin | 43.3% | 46.4% | 47.1% | 46.0% | 50.7% | 44.8% | — |
| Operating margin | -6.2% | 16.0% | 20.2% | 11.9% | 28.1% | 20.0% | — |
| Net margin | -7.2% | 13.8% | 14.1% | 8.2% | 23.0% | 19.2% | — |
| Return on equity | -13.8% | 17.6% | 20.1% | 9.6% | 37.1% | 37.2% | — |
| Return on assets | -5.5% | 10.5% | 13.5% | 6.3% | 24.4% | 12.4% | — |
| Free cash flow yield | 3.4% | 9.5% | 5.6% | 2.9% | -1.6% | 7.9% | — |
| Revenue growth | -8.5% | 8.5% | 48.4% | -19.3% | 33.5% | 34.8% | — |
| Earnings growth | -147.6% | 5.9% | 155.2% | -71.1% | 59.8% | 44.6% | — |
| Current ratio | 1.57x | 2.08x | 3.15x | 2.69x | 2.75x | 1.34x | — |
| Debt to equity | — | 0.02x | 0.01x | 0.00x | 0.01x | 0.01x | 0.00x |
| Equity ratio | 39.8% | 59.7% | 67.3% | 65.2% | 65.8% | 33.3% | — |
| Interest coverage | -1.96x | 8.57x | 27.37x | 11.35x | 52.97x | 66.70x | — |
| R&D as a share of sales | — | — | 0.1% | 1.0% | — | 1.0% | 4.2% |
| Buybacks as a share of market value | 7.3% | -3.3% | 3.7% | -1.3% | 0.1% | -0.6% | — |
Growth per year
Compound annual rate
| 3 years | 5 years | 10 years | |
|---|---|---|---|
| Revenue | 13.8% | 9.7% | -15.4% |
| Operating income | — | — | 4.9% |
| Net income | — | — | -1.7% |
Average margins
Over each period
| 1 year | 3 years | 5 years | 10 years | |
|---|---|---|---|---|
| Gross margin | 44.9% | 45.7% | 46.4% | 41.0% |
| Operating margin | 4.2% | 9.6% | 13.9% | 8.4% |
| Net margin | 3.8% | 7.3% | 11.3% | 4.6% |
Valuation history
At each fiscal year end
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Price to earnings | -31.1 | 12.5 | 11.8 | 20.6 | 9.6 | 9.3 | 4.5 | -137.0 | -27.9 | -18.3 |
| Price to sales | 2.2 | 1.7 | 1.7 | 1.7 | 2.2 | 1.8 | 0.8 | 1.1 | 0.9 | 0.7 |
Dividends and splits
Per share, in the currency the company pays
Paid for 0 years. Last went ex-dividend on 20 Sept 2019.
| FY2019 | FY2013 | FY2012 | FY2008 | FY2007 | |
|---|---|---|---|---|---|
| Paid in the year | 4.00 | 1.00 | 5.775 | 0.945 | 0.755 |
- 2-for-1 split · 19 Apr 1996
Sources and methodology
- Data on this tab
- Our data supplier
- Chart on the Overview
- TradingView
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