N 
26.80
-3.60%
Close of 9 Nov 2026, in NOK
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At a glance
Figures in NOK, from our data supplier.
Revenue
NOK 145.4m
FY2016FY2025
Net income
−NOK 10.0m
FY2016FY2025
Free cash flow
−NOK 294.7m
FY2016FY2025
Shareholders' equity
NOK 678.1m
FY2016FY2025
Income statement
Fiscal years
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | NOK 145.4m | NOK 90.5m | NOK 101.8m | NOK 80.0m | NOK 71.2m | NOK 34.7m | NOK 54.1m | NOK 64.6m | NOK 67.6m | NOK 85.9m |
| Operating income | NOK 9.0m | −NOK 77.3m | −NOK 50.1m | −NOK 57.7m | −NOK 45.8m | −NOK 15.6m | −NOK 24.5m | −NOK 18.7m | −NOK 1.6m | −NOK 5,457 |
| Net income | −NOK 10.0m | −NOK 99.8m | −NOK 60.7m | −NOK 66.1m | −NOK 58.5m | −NOK 26.8m | −NOK 36.8m | −NOK 24.0m | −NOK 7.4m | −NOK 6.4m |
| Diluted earnings per share | -0.17 | -2.57 | -1.96 | -2.23 | -2.62 | -1.17 | -1.60 | -1.04 | -0.32 | -0.28 |
Balance sheet
At each fiscal year end
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Total assets | NOK 1.23bn | NOK 772.8m | NOK 733.4m | NOK 488.9m | NOK 509.4m | NOK 357.1m | NOK 285.7m | NOK 278.7m | NOK 285.0m | NOK 280.3m |
| Cash and short-term investments | NOK 12.7m | NOK 25.9m | NOK 105.0m | NOK 29.0m | NOK 156.2m | NOK 52.1m | NOK 5.0m | NOK 620,732 | NOK 704,230 | NOK 1.3m |
| Total liabilities | NOK 556.3m | NOK 365.9m | NOK 227.9m | NOK 123.8m | NOK 87.0m | NOK 157.6m | NOK 139.1m | NOK 131.4m | NOK 125.7m | NOK 123.7m |
| Debt | NOK 267.8m | NOK 304.0m | NOK 170.0m | NOK 83.1m | NOK 33.4m | NOK 113.6m | NOK 101.5m | NOK 100.8m | NOK 100.0m | NOK 100.9m |
| Shareholders' equity | NOK 678.1m | NOK 406.8m | NOK 505.4m | NOK 365.1m | NOK 422.4m | NOK 199.6m | NOK 146.5m | NOK 147.3m | NOK 159.3m | NOK 156.7m |
| Shares outstanding | 57m | 39m | 31m | 30m | 22m | 23m | 23m | 23m | 23m | 23m |
Cash flow
Fiscal years
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash from operations | −NOK 146.1m | −NOK 148.1m | −NOK 86.3m | −NOK 77.6m | −NOK 51.9m | −NOK 28.7m | −NOK 16.6m | −NOK 1.4m | NOK 6.4m | NOK 13.9m |
| Capital spending | −NOK 148.6m | −NOK 30.3m | −NOK 48.5m | −NOK 31.5m | −NOK 31.4m | −NOK 6.5m | −NOK 13.9m | −NOK 10.6m | −NOK 14.0m | −NOK 16.6m |
| Free cash flow | −NOK 294.7m | −NOK 178.4m | −NOK 134.8m | −NOK 109.2m | −NOK 83.3m | −NOK 35.2m | −NOK 30.4m | −NOK 12.0m | −NOK 7.6m | −NOK 2.7m |
Latest quarters
By quarter end
| Jun 2026 | Mar 2026 | Dec 2025 | Sept 2025 | Jun 2025 | Mar 2025 | Dec 2024 | Sept 2024 | |
|---|---|---|---|---|---|---|---|---|
| Revenue | NOK 30.0m | NOK 47.7m | NOK 45.4m | NOK 24.1m | NOK 31.8m | NOK 44.1m | NOK 31.6m | NOK 17.5m |
| Operating income | −NOK 24.7m | −NOK 29.5m | NOK 31.3m | NOK 3.6m | −NOK 37.0m | NOK 10.4m | −NOK 17.6m | −NOK 25.2m |
| Net income | −NOK 17.0m | −NOK 38.4m | NOK 28.7m | −NOK 2.9m | −NOK 40.9m | NOK 5.0m | −NOK 24.1m | −NOK 29.8m |
| Diluted earnings per share | -0.31 | -0.72 | 0.50 | -0.05 | -0.72 | 0.09 | -0.62 | -0.77 |
| Cash from operations | NOK 5.0m | −NOK 8.0m | −NOK 146.0m | −NOK 8.0m | −NOK 25.0m | −NOK 25.0m | −NOK 52.0m | −NOK 38.0m |
| Capital spending | −NOK 85.0m | −NOK 73.0m | −NOK 148.0m | −NOK 57.0m | −NOK 30.0m | −NOK 23.0m | −NOK 3.0m | −NOK 9.0m |
| Free cash flow | −NOK 80.0m | −NOK 81.0m | −NOK 294.0m | −NOK 65.0m | −NOK 55.0m | −NOK 48.0m | −NOK 55.0m | −NOK 47.0m |
| Total assets | NOK 1.51bn | NOK 1.32bn | NOK 1.23bn | NOK 960.9m | NOK 846.0m | NOK 882.8m | NOK 772.8m | NOK 730.0m |
| Cash and short-term investments | — | — | NOK 12.7m | NOK 15.5m | NOK 6.2m | NOK 72.6m | NOK 25.9m | NOK 26.9m |
| Debt | NOK 220.4m | NOK 155.2m | NOK 267.8m | NOK 228.8m | NOK 121.5m | NOK 130.5m | NOK 304.4m | NOK 247.4m |
| Shareholders' equity | NOK 653.5m | NOK 639.9m | NOK 678.1m | NOK 649.4m | NOK 651.9m | NOK 691.2m | NOK 406.8m | NOK 430.9m |
Financial ratios
Data as of 5 Nov 2026
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | |
|---|---|---|---|---|---|---|
| Operating margin | 6.0% | -85.4% | -49.2% | -72.1% | -76.8% | -45.3% |
| Net margin | -6.9% | -110.2% | -59.6% | -82.6% | -82.2% | -77.4% |
| Return on equity | -1.5% | -24.5% | -12.0% | -18.1% | -13.9% | -13.4% |
| Return on assets | -0.8% | -12.9% | -8.3% | -13.5% | -11.5% | -7.5% |
| Free cash flow yield | 0.2% | -10.9% | -4.4% | -5.6% | -3.3% | -3.5% |
| Revenue growth | 60.6% | -11.1% | 27.2% | 12.4% | 105.4% | -36.0% |
| Earnings growth | -90.0% | 64.5% | -8.2% | 13.0% | 118.2% | -27.2% |
| Current ratio | 2.01x | 1.40x | 2.78x | 4.10x | 11.96x | 4.66x |
| Debt to equity | 0.18x | 0.59x | 0.19x | 0.12x | 0.11x | 0.56x |
| Equity ratio | 54.9% | 52.6% | 68.9% | 74.7% | 82.9% | 55.9% |
| Interest coverage | 0.47x | -3.44x | -4.72x | -12.41x | -8.69x | -2.76x |
| Buybacks as a share of market value | -46.7% | -25.6% | -4.2% | -33.0% | 2.9% | — |
Growth per year
Compound annual rate
| 3 years | 5 years | 10 years | |
|---|---|---|---|
| Revenue | 22.0% | 33.2% | 7.9% |
| Operating income | — | — | 4.5% |
| Net income | -46.8% | -18.0% | — |
Average margins
Over each period
| 1 year | 3 years | 5 years | 10 years | |
|---|---|---|---|---|
| Operating margin | -29.0% | -42.1% | -45.4% | -32.0% |
| Net margin | -46.5% | -56.6% | -61.5% | -45.8% |
Valuation history
At each fiscal year end
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|
| Price to earnings | -114.4 | -8.0 | -9.9 | -9.9 | -10.4 |
| Price to sales | 7.8 | 8.8 | 5.9 | 8.2 | 8.5 |
Sources and methodology
- Data on this tab
- Our data supplier
- Chart on the Overview
- TradingView
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