N 
9.15
+0.33%
Close of 9 Nov 2026, in NOK
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At a glance
Figures in NOK, from our data supplier.
Revenue
NOK 6.55bn
FY2016FY2025
Net income
NOK 24.0m
FY2016FY2025
Free cash flow
NOK 68.0m
FY2016FY2025
Shareholders' equity
NOK 1.78bn
FY2016FY2025
Income statement
Fiscal years
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | NOK 6.55bn | NOK 6.89bn | NOK 6.73bn | NOK 7.03bn | NOK 5.96bn | NOK 6.45bn | NOK 6.19bn | NOK 3.18bn | NOK 2.37bn | NOK 1.98bn |
| Operating income | NOK 141.0m | −NOK 820.0m | NOK 132.0m | −NOK 257.0m | NOK 75.0m | −NOK 17.0m | −NOK 102.0m | NOK 1.0m | NOK 150.0m | NOK 99.0m |
| Net income | NOK 24.0m | −NOK 1.00bn | NOK 38.0m | −NOK 364.0m | −NOK 27.0m | −NOK 60.0m | −NOK 152.0m | — | NOK 156.0m | NOK 57.0m |
| Diluted earnings per share | 0.14 | -6.54 | 0.52 | -5.00 | -0.37 | -0.82 | -2.09 | — | 3.86 | 1.61 |
Balance sheet
At each fiscal year end
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Total assets | NOK 4.45bn | NOK 4.60bn | NOK 5.14bn | NOK 5.19bn | NOK 5.59bn | NOK 5.87bn | NOK 5.42bn | NOK 2.94bn | NOK 2.48bn | NOK 1.62bn |
| Cash and short-term investments | NOK 180.0m | NOK 357.0m | NOK 369.0m | NOK 472.0m | NOK 626.0m | NOK 610.0m | NOK 154.0m | NOK 400.0m | NOK 397.0m | NOK 406.0m |
| Total liabilities | NOK 2.67bn | NOK 2.89bn | NOK 2.71bn | NOK 2.88bn | NOK 2.97bn | NOK 3.13bn | NOK 3.39bn | NOK 1.50bn | NOK 1.13bn | NOK 609.0m |
| Debt | NOK 726.0m | NOK 979.0m | NOK 1.13bn | NOK 1.42bn | NOK 1.52bn | NOK 1.77bn | NOK 1.79bn | NOK 615.0m | NOK 438.0m | NOK 193.0m |
| Shareholders' equity | NOK 1.78bn | NOK 1.71bn | NOK 2.43bn | NOK 2.31bn | NOK 2.62bn | NOK 2.73bn | NOK 2.03bn | NOK 1.44bn | NOK 1.36bn | NOK 1.01bn |
| Shares outstanding | 172m | 153m | 73m | 73m | 73m | 73m | 73m | 73m | 40m | 35m |
Cash flow
Fiscal years
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash from operations | NOK 85.0m | NOK 31.0m | NOK 376.0m | NOK 235.0m | NOK 358.0m | NOK 316.0m | NOK 71.0m | NOK 192.0m | NOK 133.0m | NOK 147.0m |
| Capital spending | −NOK 17.0m | −NOK 49.0m | −NOK 35.0m | −NOK 47.0m | −NOK 25.0m | −NOK 34.0m | −NOK 40.0m | −NOK 14.0m | −NOK 35.0m | −NOK 52.0m |
| Free cash flow | NOK 68.0m | −NOK 18.0m | NOK 341.0m | NOK 188.0m | NOK 333.0m | NOK 282.0m | NOK 31.0m | NOK 178.0m | NOK 98.0m | NOK 95.0m |
| Dividends paid | — | — | — | — | — | — | −NOK 1.0m | −NOK 73.0m | −NOK 31.0m | −NOK 31.0m |
Latest quarters
By quarter end
| Jun 2026 | Mar 2026 | Dec 2025 | Sept 2025 | Jun 2025 | Mar 2025 | Dec 2024 | Sept 2024 | |
|---|---|---|---|---|---|---|---|---|
| Revenue | NOK 1.70bn | NOK 1.14bn | NOK 1.71bn | NOK 1.82bn | NOK 1.76bn | NOK 1.26bn | NOK 1.74bn | NOK 2.10bn |
| Operating income | NOK 61.0m | −NOK 29.0m | NOK 43.0m | NOK 65.0m | NOK 60.0m | −NOK 27.0m | −NOK 20.0m | NOK 40.0m |
| Net income | NOK 16.0m | −NOK 34.0m | NOK 3.0m | NOK 31.0m | NOK 31.0m | −NOK 41.0m | −NOK 113.0m | −NOK 9.0m |
| Diluted earnings per share | 0.09 | -0.20 | 0.02 | 0.18 | 0.18 | -0.24 | -0.74 | -0.06 |
| Cash from operations | NOK 180.0m | −NOK 157.0m | NOK 85.0m | −NOK 162.0m | −NOK 67.0m | −NOK 150.0m | NOK 31.0m | −NOK 48.0m |
| Capital spending | −NOK 2.0m | −NOK 5.0m | −NOK 17.0m | −NOK 15.0m | −NOK 11.0m | −NOK 7.0m | −NOK 49.0m | −NOK 3.0m |
| Free cash flow | NOK 178.0m | −NOK 162.0m | NOK 68.0m | −NOK 177.0m | −NOK 78.0m | −NOK 157.0m | −NOK 18.0m | −NOK 51.0m |
| Total assets | NOK 4.43bn | NOK 4.18bn | NOK 4.45bn | NOK 4.47bn | NOK 4.63bn | NOK 4.25bn | NOK 4.60bn | NOK 4.59bn |
| Cash and short-term investments | — | — | NOK 180.0m | — | NOK 123.0m | NOK 114.0m | NOK 357.0m | NOK 8.0m |
| Debt | NOK 434.0m | NOK 447.0m | NOK 726.0m | NOK 723.0m | NOK 742.0m | NOK 749.0m | NOK 776.0m | NOK 1.01bn |
| Shareholders' equity | NOK 1.70bn | NOK 1.68bn | NOK 1.78bn | NOK 1.75bn | NOK 1.72bn | NOK 1.65bn | NOK 1.71bn | NOK 1.57bn |
Financial ratios
Data as of 3 Nov 2026
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | |
|---|---|---|---|---|---|---|---|
| Operating margin | 2.1% | -11.9% | 2.0% | -3.4% | 1.4% | -0.2% | — |
| Net margin | 0.4% | -14.5% | 0.6% | -5.2% | -0.5% | -0.9% | — |
| Return on equity | 1.3% | -58.5% | 1.6% | -15.8% | -1.0% | -2.2% | — |
| Return on assets | 0.5% | -21.7% | 0.7% | -7.0% | -0.5% | -1.0% | — |
| Free cash flow yield | — | 5.3% | 57.2% | 39.3% | 53.4% | 48.8% | 15.5% |
| Revenue growth | -4.9% | 2.4% | -4.2% | 18.0% | -7.6% | 4.2% | — |
| Earnings growth | -102.4% | -2731.6% | -110.4% | 1248.1% | -55.0% | -60.5% | — |
| Current ratio | 1.03x | 1.01x | 1.05x | 1.09x | 1.16x | 1.22x | — |
| Debt to equity | 0.26x | 0.30x | 0.32x | 0.46x | 0.24x | 0.50x | — |
| Equity ratio | 40.0% | 37.1% | 47.2% | 44.5% | 46.9% | 46.5% | — |
| Interest coverage | 1.59x | -9.76x | 1.55x | -3.81x | 1.29x | -0.16x | — |
| Buybacks as a share of market value | — | -109.8% | 0.0% | -0.2% | 0.0% | 0.0% | 0.0% |
Growth per year
Compound annual rate
| 3 years | 5 years | 10 years | |
|---|---|---|---|
| Revenue | -2.3% | 0.3% | 21.8% |
| Operating income | — | — | 28.4% |
| Net income | — | — | -6.6% |
Average margins
Over each period
| 1 year | 3 years | 5 years | 10 years | |
|---|---|---|---|---|
| Operating margin | -5.1% | -3.0% | -1.9% | -1.1% |
| Net margin | -7.3% | -4.8% | -3.5% | — |
Valuation history
At each fiscal year end
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Price to earnings | 67.7 | -0.7 | 12.6 | -1.8 | -39.9 | -15.1 | -10.7 | — | 6.3 | 16.6 |
| Price to sales | 0.3 | 0.1 | 0.1 | 0.1 | 0.2 | 0.1 | 0.3 | 0.6 | 0.4 | 0.5 |
Dividends and splits
Per share, in the currency the company pays
Paid for 0 years. Last went ex-dividend on 20 Apr 2018.
| FY2018 | FY2017 | FY2001 | FY2000 | FY1998 | |
|---|---|---|---|---|---|
| Paid in the year | 1.736 | 0.794 | 40,000.00 | 35,000.00 | 6,500.00 |
- 100-to-1 reverse split · 21 Nov 2013
- 100-to-1 reverse split · 24 May 2012
- 4-for-1 split · 27 Aug 1997
- 2-for-1 split · 20 May 1994
Sources and methodology
- Data on this tab
- Our data supplier
- Chart on the Overview
- TradingView
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