O 
45.00
+0.22%
Close of 9 Nov 2026, in NOK
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At a glance
Figures in NOK, from our data supplier.
Revenue
NOK 494.2m
FY2018FY2025
Net income
NOK 6.6m
FY2018FY2025
Free cash flow
NOK 32.7m
FY2018FY2025
Shareholders' equity
NOK 26.7m
FY2018FY2025
Income statement
Fiscal years
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | |
|---|---|---|---|---|---|---|---|---|
| Revenue | NOK 494.2m | NOK 427.7m | NOK 413.4m | NOK 368.2m | NOK 329.3m | NOK 229.1m | NOK 205.4m | NOK 167.3m |
| Gross profit | NOK 460.5m | NOK 396.6m | NOK 381.4m | NOK 334.8m | NOK 293.9m | NOK 203.4m | NOK 180.7m | NOK 141.8m |
| Research and development | — | NOK 10.1m | — | — | — | — | — | — |
| Operating income | NOK 50.2m | −NOK 7.3m | NOK 128.7m | −NOK 90.4m | −NOK 41.8m | NOK 17.3m | −NOK 19.0m | NOK 6.7m |
| Net income | NOK 6.6m | −NOK 66.7m | NOK 111.7m | −NOK 131.6m | −NOK 86.6m | −NOK 9.2m | −NOK 36.2m | −NOK 11.5m |
| Diluted earnings per share | 0.32 | -3.31 | 5.45 | -6.42 | -4.22 | -0.44 | -1.73 | -0.55 |
Balance sheet
At each fiscal year end
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | |
|---|---|---|---|---|---|---|---|---|
| Total assets | NOK 805.2m | NOK 787.7m | NOK 769.2m | NOK 693.5m | NOK 855.5m | NOK 661.4m | NOK 346.2m | NOK 292.1m |
| Cash and short-term investments | — | NOK 121.9m | NOK 117.1m | NOK 192.8m | — | NOK 302.2m | NOK 20.3m | NOK 16.2m |
| Total liabilities | NOK 778.5m | NOK 770.7m | NOK 674.0m | NOK 664.8m | NOK 683.8m | NOK 413.1m | NOK 312.0m | NOK 231.8m |
| Debt | NOK 507.4m | NOK 483.2m | NOK 477.5m | NOK 494.4m | NOK 491.4m | NOK 284.3m | NOK 45.6m | NOK 28.1m |
| Shareholders' equity | NOK 26.7m | NOK 17.1m | NOK 95.3m | NOK 28.8m | NOK 171.7m | NOK 248.3m | NOK 34.2m | NOK 60.3m |
| Shares outstanding | 21m | 20m | 21m | 21m | 21m | 21m | 21m | 21m |
Cash flow
Fiscal years
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | |
|---|---|---|---|---|---|---|---|---|
| Cash from operations | NOK 81.5m | NOK 132.3m | NOK 38.9m | NOK 11.6m | NOK 22.0m | NOK 33.3m | NOK 62.8m | NOK 22.5m |
| Capital spending | −NOK 48.9m | −NOK 44.0m | −NOK 46.4m | −NOK 41.9m | −NOK 28.6m | −NOK 27.5m | −NOK 102.6m | −NOK 56.6m |
| Free cash flow | NOK 32.7m | NOK 88.2m | −NOK 7.4m | −NOK 30.2m | −NOK 6.7m | NOK 5.8m | −NOK 39.8m | −NOK 34.2m |
| Dividends paid | — | −NOK 9.7m | — | — | — | −NOK 80.0m | — | — |
Latest quarters
By quarter end
| Jun 2026 | Mar 2026 | Dec 2025 | Sept 2025 | Jun 2025 | Mar 2025 | Dec 2024 | Sept 2024 | |
|---|---|---|---|---|---|---|---|---|
| Revenue | NOK 126.7m | NOK 119.3m | NOK 134.6m | NOK 117.3m | NOK 121.1m | NOK 121.2m | NOK 115.4m | NOK 102.9m |
| Gross profit | NOK 119.6m | NOK 112.6m | NOK 121.8m | NOK 111.1m | NOK 114.0m | NOK 113.5m | NOK 106.3m | NOK 96.2m |
| Operating income | NOK 16.8m | NOK 7.7m | NOK 12.0m | NOK 20.1m | NOK 7.2m | NOK 11.0m | −NOK 16.7m | NOK 7.3m |
| Net income | NOK 377,000 | −NOK 34.7m | −NOK 2.8m | NOK 5.1m | −NOK 3.5m | NOK 7.8m | −NOK 39.7m | NOK 9.8m |
| Diluted earnings per share | 0.02 | -1.69 | -0.14 | 0.25 | -0.17 | 0.38 | -1.97 | 0.49 |
| Cash from operations | NOK 1.0m | −NOK 17.0m | NOK 81.0m | −NOK 8.0m | NOK 21.0m | −NOK 21.0m | NOK 132.0m | NOK 22.0m |
| Capital spending | −NOK 10.0m | −NOK 10.0m | −NOK 48.0m | −NOK 34.0m | −NOK 13.0m | −NOK 10.0m | −NOK 44.0m | −NOK 32.0m |
| Free cash flow | −NOK 9.0m | −NOK 27.0m | NOK 33.0m | −NOK 42.0m | NOK 8.0m | −NOK 31.0m | NOK 88.0m | −NOK 10.0m |
| Total assets | NOK 720.0m | NOK 740.8m | NOK 805.2m | NOK 704.2m | NOK 749.2m | NOK 771.0m | NOK 787.7m | NOK 694.0m |
| Cash and short-term investments | — | — | NOK 83.8m | NOK 20.1m | NOK 53.7m | NOK 60.0m | NOK 121.9m | NOK 51.7m |
| Debt | NOK 491.8m | NOK 490.4m | NOK 488.9m | NOK 487.5m | NOK 486.0m | NOK 484.6m | NOK 483.2m | NOK 481.7m |
| Shareholders' equity | −NOK 20.2m | −NOK 20.5m | NOK 26.7m | NOK 33.4m | NOK 29.3m | NOK 32.6m | NOK 17.1m | NOK 61.1m |
Growth per year
Compound annual rate
| 3 years | 5 years | 10 years | |
|---|---|---|---|
| Revenue | 10.3% | 16.6% | — |
| Operating income | — | 23.8% | — |
Average margins
Over each period
| 1 year | 3 years | 5 years | 10 years | |
|---|---|---|---|---|
| Gross margin | 93.0% | 92.4% | 91.5% | — |
| Operating margin | 4.7% | 4.8% | 2.5% | — |
| Net margin | -6.5% | -4.7% | -7.8% | — |
Valuation history
At each fiscal year end
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | |
|---|---|---|---|---|---|---|
| Price to earnings | 143.1 | -10.0 | 6.8 | -5.9 | -20.4 | -223.2 |
| Price to sales | 1.9 | 1.6 | 1.8 | 2.1 | 5.4 | 9.0 |
Dividends and splits
Per share, in the currency the company pays
Paid for 0 years. Last went ex-dividend on 29 Apr 2024.
| FY2024 | |
|---|---|
| Paid in the year | 0.477 |
Sources and methodology
- Data on this tab
- Our data supplier
- Chart on the Overview
- TradingView
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