T 
4.09
-0.73%
Close of 9 Nov 2026, in NOK
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At a glance
Figures in NOK, from our data supplier.
Revenue
NOK 439,000
FY2016FY2025
Net income
−NOK 58.0m
FY2016FY2025
Free cash flow
−NOK 120.6m
FY2016FY2025
Shareholders' equity
NOK 456.0m
FY2016FY2025
Income statement
Fiscal years
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | NOK 439,000 | — | — | — | — | — | — | — | NOK 302,000 | NOK 314,000 |
| Gross profit | — | −NOK 2.4m | −NOK 331,000 | — | −NOK 11.4m | −NOK 14.9m | — | −NOK 222.3m | — | — |
| Research and development | NOK 2.1m | NOK 3,309 | NOK 945,000 | — | NOK 318.0m | NOK 318.6m | NOK 300.6m | NOK 222.3m | — | — |
| Operating income | −NOK 69.7m | −NOK 52.7m | −NOK 7.3m | −NOK 317.4m | −NOK 447.6m | −NOK 441.9m | −NOK 440.4m | −NOK 340.0m | −NOK 316.5m | −NOK 216.4m |
| Net income | −NOK 58.0m | −NOK 42.2m | −NOK 26.6m | −NOK 311.2m | −NOK 441.3m | −NOK 417.1m | −NOK 433.6m | −NOK 337.8m | −NOK 293.8m | −NOK 235.5m |
| Diluted earnings per share | -0.24 | -0.18 | -0.11 | -2.68 | -1.86 | -1.76 | -1.83 | -1.42 | -1.24 | -0.99 |
Balance sheet
At each fiscal year end
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Total assets | NOK 708.6m | NOK 414.4m | NOK 330.8m | NOK 109.6m | NOK 296.7m | NOK 314.6m | — | NOK 473.6m | NOK 780.5m | NOK 1.04bn |
| Cash and short-term investments | NOK 179.3m | NOK 123.4m | NOK 41.3m | NOK 96.6m | NOK 276.7m | NOK 292.9m | — | — | — | — |
| Total liabilities | NOK 252.6m | NOK 77.3m | NOK 58.9m | NOK 45.8m | NOK 156.2m | NOK 135.9m | NOK 4.6m | NOK 110.4m | NOK 100.9m | NOK 95.5m |
| Debt | NOK 159.2m | NOK 737,000 | — | NOK 159,000 | NOK 5.5m | NOK 4.6m | NOK 13.8m | — | — | — |
| Shareholders' equity | NOK 456.0m | NOK 337.1m | NOK 271.9m | NOK 63.8m | NOK 140.5m | NOK 178.7m | — | NOK 363.2m | NOK 679.6m | NOK 949.3m |
| Shares outstanding | 237m | 237m | 234m | 116m | 237m | 237m | 237m | 237m | 237m | 237m |
Cash flow
Fiscal years
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash from operations | −NOK 47.5m | −NOK 23.7m | −NOK 64.1m | −NOK 409.1m | −NOK 403.5m | −NOK 398.2m | −NOK 410.6m | −NOK 326.6m | −NOK 249.4m | −NOK 204.0m |
| Capital spending | −NOK 73.1m | −NOK 100,000 | — | −NOK 5.6m | −NOK 259,000 | −NOK 185,000 | −NOK 1.1m | −NOK 2.2m | −NOK 2.5m | −NOK 1.5m |
| Free cash flow | −NOK 120.6m | −NOK 23.8m | −NOK 64.1m | −NOK 414.7m | −NOK 403.7m | −NOK 398.4m | −NOK 411.7m | −NOK 328.8m | −NOK 251.9m | −NOK 205.5m |
Latest quarters
By quarter end
| Dec 2025 | Jun 2025 | Dec 2024 | Sept 2024 | Jun 2024 | Mar 2024 | Dec 2023 | Sept 2023 | |
|---|---|---|---|---|---|---|---|---|
| Revenue | NOK 339,000 | NOK 100,000 | — | — | — | — | — | — |
| Operating income | −NOK 36.4m | −NOK 33.3m | −NOK 52.7m | −NOK 52.7m | −NOK 6,550 | −NOK 6,550 | −NOK 3,580 | −NOK 3,580 |
| Net income | −NOK 28.3m | −NOK 29.7m | −NOK 14,604 | −NOK 14,604 | −NOK 6,500 | −NOK 6,500 | −NOK 31 | −NOK 31 |
| Diluted earnings per share | -0.12 | -0.13 | -0.00 | -0.00 | -0.00 | -0.00 | -0.00 | -0.00 |
| Cash from operations | −NOK 47.0m | −NOK 33.0m | — | — | — | — | — | — |
| Capital spending | −NOK 73.0m | −NOK 29.0m | — | — | — | — | — | — |
| Free cash flow | −NOK 120.0m | −NOK 62.0m | — | — | — | — | — | — |
| Total assets | NOK 708.6m | NOK 561.0m | NOK 414.4m | NOK 414.4m | NOK 320.1m | NOK 320.1m | NOK 330.8m | NOK 330,835 |
| Cash and short-term investments | NOK 180.6m | NOK 224.4m | NOK 123.4m | NOK 123.4m | NOK 29.6m | NOK 29.6m | NOK 41.3m | NOK 41,767 |
| Debt | NOK 159.2m | NOK 8.7m | NOK 1.2m | NOK 437,000 | NOK 900,000 | NOK 400,000 | — | — |
| Shareholders' equity | NOK 456.0m | NOK 473.5m | NOK 337.1m | NOK 337.1m | NOK 260.0m | NOK 260.0m | NOK 271.9m | NOK 271,925 |
Financial ratios
Data as of 31 Oct 2026
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | |
|---|---|---|---|---|---|---|
| Operating margin | -14047.2% | — | — | — | — | — |
| Net margin | -13214.8% | — | — | — | — | — |
| Return on equity | -12.7% | -12.5% | -9.8% | -487.5% | -314.1% | -233.4% |
| Return on assets | -8.2% | -10.2% | -8.0% | -283.9% | -148.8% | -132.6% |
| Free cash flow yield | — | -2.5% | — | -86.6% | — | — |
| Earnings growth | 37.4% | 58.9% | -91.5% | -29.5% | 5.8% | — |
| Current ratio | 4.57x | 5.68x | 10.20x | 2.46x | 1.92x | 2.40x |
| Debt to equity | 0.00x | 0.00x | 0.00x | 0.00x | 0.08x | 0.02x |
| Equity ratio | 64.3% | 81.3% | 82.2% | 58.2% | 47.4% | 56.8% |
| Interest coverage | -102.78x | -0.45x | — | — | -1062.14x | -882.57x |
| R&D as a share of sales | 468.6% | — | — | — | — | — |
| Buybacks as a share of market value | — | -1.6% | -101.3% | — | — | — |
Growth per year
Compound annual rate
| 3 years | 5 years | 10 years | |
|---|---|---|---|
| Revenue | — | — | -0.0% |
| Operating income | -39.7% | -30.9% | -9.2% |
| Net income | -42.9% | -32.6% | -10.4% |
Valuation history
At each fiscal year end
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Price to earnings | -21.5 | -14.8 | -6.9 | -0.3 | -2.0 | -1.4 | -2.8 | -5.7 | -10.4 | -15.5 |
Sources and methodology
- Data on this tab
- Our data supplier
- Chart on the Overview
- TradingView
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