P 
12.14
+0.17%
Close of 9 Nov 2026, in NOK
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Reference data, closing prices and charts across 45,000 companies, plus crypto, commodities and currencies.
At a glance
Figures in NOK, from our data supplier.
Revenue
NOK 20.5m
FY2016FY2025
Net income
−NOK 118.3m
FY2016FY2025
Free cash flow
−NOK 92.5m
FY2016FY2025
Shareholders' equity
NOK 339.2m
FY2016FY2025
Income statement
Fiscal years
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | NOK 20.5m | NOK 9.6m | NOK 22.5m | NOK 13.4m | NOK 10.0m | NOK 3.0m | NOK 3.0m | NOK 1.0m | NOK 613,000 | NOK 216,000 |
| Research and development | NOK 49.1m | NOK 32.3m | NOK 36.7m | NOK 32.9m | NOK 25.4m | NOK 20.4m | NOK 19.9m | NOK 28.9m | NOK 21.1m | NOK 20.1m |
| Operating income | −NOK 127.2m | −NOK 105.6m | −NOK 88.5m | −NOK 69.1m | −NOK 54.3m | −NOK 51.4m | −NOK 79.2m | −NOK 77.1m | −NOK 52.1m | −NOK 37.5m |
| Net income | −NOK 118.3m | −NOK 98.8m | −NOK 85.5m | −NOK 67.9m | −NOK 53.5m | −NOK 51.2m | −NOK 77.9m | −NOK 77.2m | −NOK 50.7m | −NOK 36.8m |
| Diluted earnings per share | -0.56 | -0.76 | -1.30 | -1.22 | -1.06 | -1.13 | -1.92 | -1.99 | -1.59 | -1.49 |
Balance sheet
At each fiscal year end
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Total assets | NOK 372.8m | NOK 264.0m | NOK 223.4m | NOK 178.2m | NOK 238.7m | NOK 141.8m | NOK 145.0m | NOK 219.5m | NOK 171.1m | NOK 219.5m |
| Cash and short-term investments | — | NOK 166.8m | NOK 114.8m | NOK 82.9m | NOK 156.4m | NOK 76.3m | NOK 72.3m | NOK 126.1m | NOK 92.5m | NOK 165.7m |
| Total liabilities | NOK 33.6m | NOK 29.1m | NOK 23.9m | NOK 27.6m | NOK 25.3m | NOK 12.9m | NOK 16.6m | NOK 18.1m | NOK 21.1m | NOK 24.5m |
| Debt | NOK 311,000 | NOK 10.7m | NOK 3.1m | NOK 4.1m | NOK 4.9m | NOK 1.0m | NOK 2.0m | NOK 600,000 | NOK 1.8m | NOK 3.0m |
| Shareholders' equity | NOK 339.2m | NOK 231.9m | NOK 199.5m | NOK 150.7m | NOK 213.4m | NOK 128.8m | NOK 128.4m | NOK 201.5m | NOK 150.0m | NOK 195.0m |
| Shares outstanding | 213m | 129m | 66m | 56m | 50m | 45m | 41m | 39m | 32m | 25m |
Cash flow
Fiscal years
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash from operations | −NOK 90.8m | −NOK 69.2m | −NOK 94.6m | −NOK 63.6m | −NOK 49.5m | −NOK 42.6m | −NOK 49.5m | −NOK 79.9m | −NOK 46.9m | −NOK 30.8m |
| Capital spending | −NOK 1.7m | −NOK 2.4m | −NOK 387,000 | −NOK 9.2m | −NOK 2.1m | −NOK 226,000 | −NOK 3.3m | −NOK 11.2m | −NOK 26.3m | −NOK 34.9m |
| Free cash flow | −NOK 92.5m | −NOK 71.6m | −NOK 95.0m | −NOK 72.8m | −NOK 51.7m | −NOK 42.9m | −NOK 52.8m | −NOK 91.1m | −NOK 73.3m | −NOK 65.7m |
Latest quarters
By quarter end
| Jun 2026 | Mar 2026 | Dec 2025 | Sept 2025 | Jun 2025 | Mar 2025 | Dec 2024 | Sept 2024 | |
|---|---|---|---|---|---|---|---|---|
| Revenue | NOK 9.1m | NOK 11.4m | NOK 8.6m | NOK 5.0m | NOK 3.0m | NOK 3.8m | NOK 1.2m | NOK 1.9m |
| Operating income | −NOK 35.4m | −NOK 24.5m | −NOK 35.4m | −NOK 25.7m | −NOK 32.2m | −NOK 27.8m | −NOK 32.0m | −NOK 23.6m |
| Net income | −NOK 32.8m | −NOK 22.0m | −NOK 32.9m | −NOK 28.4m | −NOK 30.7m | −NOK 26.4m | −NOK 29.8m | −NOK 25.8m |
| Diluted earnings per share | -0.15 | -0.10 | -0.15 | -0.13 | -0.14 | -0.12 | -0.23 | -0.20 |
| Cash from operations | −NOK 17.0m | −NOK 18.0m | −NOK 90.0m | −NOK 21.0m | −NOK 23.0m | −NOK 30.0m | −NOK 11.0m | −NOK 18.0m |
| Capital spending | −NOK 1.0m | −NOK 3.0m | −NOK 1.0m | — | — | — | −NOK 1.0m | — |
| Free cash flow | −NOK 18.0m | −NOK 21.0m | −NOK 91.0m | — | — | — | −NOK 12.0m | — |
| Total assets | NOK 329.8m | NOK 350.2m | NOK 372.8m | NOK 390.1m | NOK 365.7m | NOK 232.8m | NOK 264.0m | NOK 274.6m |
| Cash and short-term investments | — | — | NOK 284.0m | NOK 298.2m | NOK 273.1m | NOK 135.8m | NOK 166.8m | NOK 180.1m |
| Debt | NOK 282,000 | NOK 297,000 | NOK 10.0m | NOK 10.2m | NOK 10.4m | NOK 10.5m | NOK 10.7m | NOK 643,000 |
| Shareholders' equity | NOK 292.0m | NOK 321.1m | NOK 339.2m | NOK 367.1m | NOK 341.2m | NOK 207.3m | NOK 231.9m | NOK 261.2m |
Financial ratios
Data as of 3 Nov 2026
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | |
|---|---|---|---|---|---|---|
| Operating margin | -571.6% | -1022.3% | -377.6% | -503.5% | -529.3% | -1683.4% |
| Net margin | -577.3% | -1026.4% | -379.8% | -508.1% | -533.1% | -1694.4% |
| Return on equity | -34.9% | -42.6% | -42.8% | -45.0% | -25.1% | -39.7% |
| Return on assets | -31.7% | -37.4% | -38.3% | -38.1% | -22.4% | -36.1% |
| Free cash flow yield | -3.1% | -3.8% | -10.7% | -7.2% | -7.0% | -7.0% |
| Revenue growth | 112.8% | -57.2% | 68.5% | 33.2% | 232.3% | 1.0% |
| Earnings growth | 19.7% | 15.6% | 25.9% | 26.9% | 4.5% | -34.3% |
| Current ratio | 14.89x | 10.55x | 8.83x | 5.65x | 9.28x | 7.45x |
| Debt to equity | 0.00x | 0.00x | 0.01x | 0.01x | 0.00x | 0.01x |
| Equity ratio | 91.0% | 87.8% | 89.3% | 84.5% | 89.4% | 90.9% |
| Interest coverage | -121.34x | -350.14x | -309.07x | -182.32x | -261.59x | -390.94x |
| R&D as a share of sales | 239.6% | 335.9% | 163.2% | 246.3% | 252.8% | 676.8% |
| Buybacks as a share of market value | -64.2% | -97.2% | -17.6% | -10.9% | -11.6% | -11.3% |
Growth per year
Compound annual rate
| 3 years | 5 years | 10 years | |
|---|---|---|---|
| Revenue | 15.3% | 46.7% | 62.3% |
| Operating income | 22.5% | 19.9% | 10.0% |
| Net income | 20.3% | 18.2% | 9.1% |
Average margins
Over each period
| 1 year | 3 years | 5 years | 10 years | |
|---|---|---|---|---|
| Operating margin | -773.1% | -591.7% | -627.7% | -941.3% |
| Net margin | -720.9% | -561.4% | -601.1% | -912.4% |
Valuation history
At each fiscal year end
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | |
|---|---|---|---|---|---|---|---|---|
| Price to earnings | -11.8 | -6.3 | -5.8 | -5.0 | -11.6 | -4.9 | -1.3 | -1.0 |
| Price to sales | 68.4 | 64.4 | 22.0 | 25.6 | 61.9 | 82.7 | 34.7 | 75.5 |
Dividends and splits
Per share, in the currency the company pays
Paid for 0 years.
- 5-for-1 split · 30 May 2022
Sources and methodology
- Data on this tab
- Our data supplier
- Chart on the Overview
- TradingView
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