P 
42.10
-5.61%
Close of 9 Nov 2026, in NOK
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At a glance
Figures in NOK, from our data supplier.
Revenue
NOK 532.6m
FY2016FY2025
Net income
−NOK 1.5m
FY2016FY2025
Free cash flow
NOK 5.3m
FY2016FY2025
Shareholders' equity
NOK 484.2m
FY2016FY2025
Income statement
Fiscal years
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | NOK 532.6m | NOK 525.4m | NOK 500.7m | NOK 393.1m | NOK 360.5m | NOK 256.5m | NOK 281.6m | NOK 181.5m | NOK 150.9m | NOK 143.6m |
| Gross profit | NOK 490.6m | NOK 494.7m | NOK 474.5m | NOK 370.4m | NOK 336.5m | NOK 238.0m | NOK 259.0m | NOK 164.4m | NOK 138.9m | NOK 134.3m |
| Research and development | NOK 402,000 | NOK 3.6m | NOK 2.1m | NOK 3.3m | NOK 4.3m | NOK 13.8m | NOK 13.6m | NOK 19.1m | NOK 32.6m | NOK 23.0m |
| Operating income | −NOK 745,000 | NOK 23.6m | NOK 27.8m | −NOK 49.0m | NOK 9.4m | −NOK 31.1m | NOK 42.7m | −NOK 37.9m | −NOK 45.2m | −NOK 15.9m |
| Net income | −NOK 1.5m | −NOK 3.3m | NOK 979,000 | −NOK 71.9m | −NOK 30.9m | −NOK 22.4m | NOK 31.8m | −NOK 36.7m | −NOK 34.7m | NOK 35.3m |
| Diluted earnings per share | -0.06 | -0.12 | 0.04 | -2.65 | -1.14 | -0.83 | 1.18 | -1.36 | -1.29 | 1.31 |
Balance sheet
At each fiscal year end
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Total assets | NOK 707.1m | NOK 739.1m | NOK 712.0m | NOK 719.0m | NOK 789.6m | NOK 776.0m | NOK 257.4m | NOK 231.2m | NOK 263.1m | NOK 285.9m |
| Cash and short-term investments | NOK 238.9m | NOK 288.8m | NOK 256.3m | NOK 264.7m | NOK 319.0m | NOK 329.5m | NOK 121.2m | NOK 102.5m | NOK 125.3m | NOK 165.3m |
| Total liabilities | NOK 222.8m | NOK 237.4m | NOK 229.1m | NOK 256.3m | NOK 287.0m | NOK 267.9m | NOK 48.8m | NOK 54.9m | NOK 45.0m | NOK 33.9m |
| Debt | NOK 100.1m | NOK 26.4m | NOK 28.0m | NOK 48.6m | NOK 72.9m | NOK 53.9m | NOK 6.9m | — | — | — |
| Shareholders' equity | NOK 484.2m | NOK 501.7m | NOK 482.8m | NOK 462.7m | NOK 502.6m | NOK 508.1m | NOK 208.6m | NOK 176.3m | NOK 218.1m | NOK 251.9m |
| Shares outstanding | 27m | 27m | 27m | 27m | 27m | 27m | 27m | 27m | 27m | 27m |
Cash flow
Fiscal years
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash from operations | NOK 26.0m | NOK 76.8m | NOK 29.4m | −NOK 2.0m | NOK 23.9m | NOK 15.6m | NOK 20.7m | −NOK 24.1m | −NOK 23.6m | NOK 19.2m |
| Capital spending | −NOK 20.7m | −NOK 11.4m | −NOK 11.4m | −NOK 3.6m | −NOK 3.7m | −NOK 1.6m | −NOK 1.2m | −NOK 2.2m | −NOK 18.6m | −NOK 22.1m |
| Free cash flow | NOK 5.3m | NOK 65.3m | NOK 18.0m | −NOK 5.6m | NOK 20.2m | NOK 14.0m | NOK 19.4m | −NOK 26.3m | −NOK 42.2m | −NOK 2.9m |
Latest quarters
By quarter end
| Jun 2026 | Mar 2026 | Dec 2025 | Sept 2025 | Jun 2025 | Mar 2025 | Dec 2024 | Sept 2024 | |
|---|---|---|---|---|---|---|---|---|
| Revenue | NOK 142.5m | NOK 264.6m | NOK 136.7m | NOK 135.0m | NOK 135.6m | NOK 125.3m | NOK 141.7m | NOK 120.2m |
| Gross profit | NOK 132.1m | NOK 254.3m | NOK 125.7m | NOK 123.1m | NOK 125.6m | NOK 116.2m | NOK 134.2m | NOK 112.4m |
| Operating income | −NOK 9.4m | NOK 120.7m | −NOK 5.5m | NOK 2.9m | NOK 7.5m | −NOK 5.6m | NOK 1.2m | −NOK 2.2m |
| Net income | −NOK 709,000 | NOK 83.4m | −NOK 8.0m | NOK 4.0m | NOK 4.9m | −NOK 2.4m | −NOK 4.3m | −NOK 3.5m |
| Diluted earnings per share | -0.03 | 3.14 | -0.30 | 0.15 | 0.18 | -0.09 | -0.16 | -0.13 |
| Cash from operations | NOK 62.0m | — | NOK 25.0m | NOK 26.0m | −NOK 2.0m | NOK 4.0m | NOK 76.0m | NOK 61.0m |
| Capital spending | −NOK 5.0m | −NOK 7.0m | −NOK 20.0m | −NOK 16.0m | −NOK 5.0m | −NOK 2.0m | −NOK 11.0m | −NOK 7.0m |
| Free cash flow | NOK 57.0m | — | NOK 5.0m | NOK 10.0m | −NOK 7.0m | NOK 2.0m | NOK 65.0m | NOK 54.0m |
| Total assets | NOK 901.4m | NOK 786.0m | NOK 707.1m | NOK 696.7m | NOK 685.4m | NOK 708.6m | NOK 739.1m | NOK 720.5m |
| Cash and short-term investments | — | — | NOK 238.9m | NOK 247.8m | NOK 239.1m | NOK 259.5m | NOK 293.9m | NOK 291.1m |
| Debt | — | — | NOK 100.1m | — | — | — | — | — |
| Shareholders' equity | NOK 606.7m | NOK 577.9m | NOK 484.2m | NOK 486.6m | NOK 479.8m | NOK 471.8m | NOK 501.7m | NOK 499.7m |
Financial ratios
Data as of 1 Nov 2026
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | |
|---|---|---|---|---|---|---|---|---|
| Gross margin | 92.1% | 94.2% | 94.8% | 94.2% | 93.3% | 92.8% | — | — |
| Operating margin | 1.5% | 3.9% | 5.6% | -12.5% | 2.6% | -5.2% | — | — |
| Net margin | -0.3% | -0.6% | 0.2% | -18.3% | -8.6% | -8.7% | — | — |
| Return on equity | -0.3% | -0.7% | 0.2% | -15.5% | -6.1% | -4.4% | — | — |
| Return on assets | -0.2% | -0.5% | 0.1% | -10.0% | -3.9% | -2.9% | — | — |
| Free cash flow yield | — | — | 3.3% | 0.1% | 2.2% | 1.4% | 1.8% | -1.8% |
| Revenue growth | 1.4% | 4.9% | 27.4% | 9.0% | 40.6% | -8.9% | — | — |
| Earnings growth | -54.5% | -441.1% | -101.4% | 132.6% | 37.9% | -170.4% | — | — |
| Current ratio | 3.64x | 4.08x | 4.48x | 3.44x | 3.64x | 5.17x | — | — |
| Debt to equity | 0.21x | 0.23x | 0.00x | 0.04x | 0.09x | 0.10x | — | — |
| Equity ratio | 68.5% | 67.9% | 67.8% | 64.4% | 63.7% | 65.5% | — | — |
| Interest coverage | 0.24x | 0.73x | 1.06x | -1.90x | 0.39x | -1.90x | — | — |
| R&D as a share of sales | 0.1% | 0.7% | 0.4% | 0.9% | 1.2% | 5.4% | — | — |
| Buybacks as a share of market value | — | — | 0.8% | -0.2% | -0.8% | 0.0% | 0.0% | 0.0% |
Growth per year
Compound annual rate
| 3 years | 5 years | 10 years | |
|---|---|---|---|
| Revenue | 10.6% | 15.7% | 14.7% |
| Operating income | -75.2% | -52.6% | -28.7% |
| Net income | -72.4% | -41.6% | -27.2% |
Average margins
Over each period
| 1 year | 3 years | 5 years | 10 years | |
|---|---|---|---|---|
| Gross margin | 93.1% | 93.8% | 93.6% | 93.3% |
| Operating margin | 2.2% | 0.1% | -0.8% | -2.8% |
| Net margin | -0.5% | -3.9% | -5.0% | -4.9% |
Valuation history
At each fiscal year end
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Price to earnings | -1229.2 | -503.3 | — | -40.4 | -90.1 | -128.0 | 75.6 | -35.2 | -21.2 | 32.0 |
| Price to sales | 3.5 | 3.2 | 3.6 | 7.4 | 7.7 | 11.2 | 8.6 | 7.1 | 4.9 | 7.9 |
Dividends and splits
Per share, in the currency the company pays
Paid for 0 years. Last went ex-dividend on 23 May 2013.
| FY2013 | FY2009 | |
|---|---|---|
| Paid in the year | 2.00 | 4.00 |
Sources and methodology
- Data on this tab
- Our data supplier
- Chart on the Overview
- TradingView
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