P 
17.61
+0.63%
Close of 9 Nov 2026, in NOK
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At a glance
Figures in NOK, from our data supplier.
Revenue
NOK 1.09bn
FY2021FY2025
Net income
NOK 512.0m
FY2021FY2025
Free cash flow
NOK 355.0m
FY2021FY2025
Shareholders' equity
NOK 21.15bn
FY2021FY2025
Income statement
Fiscal years
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|
| Revenue | NOK 1.09bn | NOK 677.0m | NOK 575.0m | NOK 504.0m | NOK 68.0m |
| Gross profit | NOK 992.0m | NOK 610.0m | NOK 501.0m | NOK 441.0m | NOK 61.0m |
| Operating income | NOK 854.0m | NOK 598.0m | NOK 468.0m | NOK 8.0m | NOK 34.5m |
| Net income | NOK 512.0m | NOK 13.0m | −NOK 900.0m | −NOK 623.0m | NOK 778.0m |
| Diluted earnings per share | 1.49 | 0.06 | -4.31 | -2.99 | 3.73 |
Balance sheet
At each fiscal year end
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|
| Total assets | NOK 56.00bn | NOK 11.93bn | NOK 8.52bn | NOK 9.69bn | NOK 8.98bn |
| Cash and short-term investments | NOK 1.05bn | NOK 968.0m | NOK 122.0m | NOK 177.0m | NOK 202.0m |
| Total liabilities | NOK 34.84bn | NOK 6.22bn | NOK 5.67bn | NOK 5.94bn | NOK 5.44bn |
| Debt | NOK 28.68bn | NOK 6.00bn | NOK 5.50bn | NOK 5.69bn | NOK 4.83bn |
| Shareholders' equity | NOK 21.15bn | NOK 5.70bn | NOK 2.85bn | NOK 3.75bn | NOK 3.48bn |
| Shares outstanding | 344m | 210m | 209m | 209m | 209m |
Cash flow
Fiscal years
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|
| Cash from operations | NOK 874.0m | NOK 467.0m | NOK 437.0m | NOK 322.0m | NOK 111.0m |
| Capital spending | −NOK 519.0m | — | — | −NOK 1.88bn | −NOK 4.02bn |
| Free cash flow | NOK 355.0m | NOK 467.0m | NOK 437.0m | −NOK 1.55bn | −NOK 3.91bn |
| Dividends paid | −NOK 68.0m | — | — | — | — |
Latest quarters
By quarter end
| Jun 2026 | Mar 2026 | Dec 2025 | Sept 2025 | Jun 2025 | Mar 2025 | Dec 2024 | Sept 2024 | |
|---|---|---|---|---|---|---|---|---|
| Revenue | NOK 891.6m | NOK 891.1m | NOK 389.0m | NOK 264.2m | NOK 237.0m | NOK 210.0m | NOK 183.0m | NOK 178.0m |
| Gross profit | NOK 748.1m | NOK 678.3m | NOK 336.0m | NOK 245.4m | NOK 217.0m | NOK 194.0m | NOK 164.0m | NOK 164.0m |
| Operating income | NOK 647.2m | NOK 603.5m | NOK 272.0m | NOK 218.7m | NOK 213.0m | NOK 189.0m | NOK 161.0m | NOK 142.0m |
| Net income | −NOK 58.4m | NOK 287.7m | NOK 76.0m | NOK 99.9m | NOK 174.0m | NOK 161.0m | NOK 218.0m | NOK 17.0m |
| Diluted earnings per share | -0.06 | 0.30 | 0.22 | 0.29 | 0.51 | 0.47 | 1.04 | 0.08 |
| Cash from operations | NOK 637.0m | NOK 610.0m | NOK 864.0m | NOK 126.0m | NOK 186.0m | NOK 178.0m | NOK 156.0m | NOK 150.0m |
| Capital spending | — | −NOK 255.0m | −NOK 513.0m | −NOK 298.0m | −NOK 100.0m | −NOK 14.0m | — | — |
| Free cash flow | — | NOK 355.0m | NOK 351.0m | −NOK 172.0m | NOK 86.0m | NOK 164.0m | — | — |
| Total assets | NOK 54.67bn | NOK 53.15bn | NOK 56.60bn | NOK 19.92bn | NOK 19.92bn | NOK 12.26bn | NOK 11.93bn | NOK 10.42bn |
| Cash and short-term investments | — | — | NOK 1.06bn | NOK 4.23bn | NOK 4.79bn | NOK 401.0m | NOK 968.0m | NOK 480.0m |
| Debt | NOK 27.16bn | NOK 25.51bn | NOK 28.45bn | NOK 10.94bn | NOK 11.07bn | NOK 5.75bn | NOK 6.00bn | NOK 4.87bn |
| Shareholders' equity | NOK 19.05bn | NOK 20.12bn | NOK 21.38bn | NOK 8.26bn | NOK 8.20bn | NOK 5.86bn | NOK 5.70bn | NOK 5.35bn |
Financial ratios
Data as of 25 Sept 2026
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | |
|---|---|---|---|---|---|---|
| Gross margin | 91.1% | 90.1% | 87.1% | 87.5% | 89.7% | — |
| Operating margin | 78.4% | — | 81.4% | 1.6% | 50.7% | — |
| Net margin | 47.0% | 1.9% | -156.5% | -123.6% | 1144.1% | — |
| Return on equity | 2.4% | 0.2% | -31.6% | -16.6% | 22.4% | — |
| Return on assets | 0.9% | 0.1% | -10.6% | -6.4% | 8.7% | — |
| Free cash flow yield | 23.5% | — | — | — | — | — |
| Revenue growth | 60.9% | 17.7% | 14.1% | 641.2% | — | — |
| Earnings growth | 3838.5% | -101.4% | 44.5% | -180.1% | — | — |
| Current ratio | 0.68x | 3.44x | 0.06x | 0.25x | 0.77x | — |
| Debt to equity | 1.32x | 1.05x | 1.93x | 1.52x | 1.35x | — |
| Equity ratio | 37.8% | 47.7% | 33.4% | 38.7% | 38.7% | 100.0% |
| Interest coverage | 1.58x | — | 1.68x | 0.04x | 0.65x | — |
| Buybacks as a share of market value | -63.8% | -0.7% | — | — | — | — |
Growth per year
Compound annual rate
| 3 years | 5 years | 10 years | |
|---|---|---|---|
| Revenue | 29.3% | — | — |
| Operating income | 374.3% | — | — |
Average margins
Over each period
| 1 year | 3 years | 5 years | 10 years | |
|---|---|---|---|---|
| Gross margin | 90.7% | 89.4% | — | — |
Valuation history
At each fiscal year end
| FY2025 | FY2024 | |
|---|---|---|
| Price to earnings | 15.7 | 287.7 |
| Price to sales | 7.4 | 5.5 |
Dividends and splits
Per share, in the currency the company pays
Paid for 1 years. Last went ex-dividend on 29 Sept 2026.
| FY2026 | FY2025 | |
|---|---|---|
| Paid in the year | 0.478 | 0.50 |
Sources and methodology
- Data on this tab
- Our data supplier
- Chart on the Overview
- TradingView
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