V 
2.82
+6.42%
Close of 9 Nov 2026, in NOK
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At a glance
Figures in NOK, from our data supplier.
Revenue
NOK 1.03bn
FY2016FY2025
Net income
−NOK 279.6m
FY2016FY2025
Free cash flow
NOK 20.0m
FY2016FY2025
Shareholders' equity
NOK 216.0m
FY2016FY2025
Income statement
Fiscal years
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | NOK 1.03bn | NOK 1.02bn | NOK 918.5m | NOK 782.8m | NOK 454.1m | NOK 459.8m | NOK 380.8m | NOK 329.6m | NOK 247.0m | NOK 171.7m |
| Gross profit | NOK 185.8m | NOK 296.5m | NOK 232.1m | NOK 295.6m | NOK 171.6m | NOK 164.2m | NOK 121.5m | NOK 99.8m | NOK 75.8m | NOK 48.1m |
| Research and development | — | — | — | NOK 8.8m | NOK 6.7m | NOK 7.8m | — | — | — | — |
| Operating income | −NOK 245.0m | −NOK 9.8m | −NOK 112.7m | NOK 53.3m | NOK 18.5m | NOK 37.3m | NOK 33.9m | NOK 35.8m | NOK 21.9m | −NOK 5.8m |
| Net income | −NOK 279.6m | −NOK 132.4m | −NOK 155.2m | NOK 14.3m | NOK 323.3m | NOK 27.9m | −NOK 13.5m | NOK 26.3m | NOK 12.6m | −NOK 4.8m |
| Diluted earnings per share | -0.96 | -0.83 | -1.36 | 0.12 | 2.81 | 0.26 | -0.13 | 0.09 | 0.04 | -0.05 |
Balance sheet
At each fiscal year end
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Total assets | NOK 1.07bn | NOK 1.54bn | NOK 1.54bn | NOK 1.45bn | NOK 1.11bn | NOK 709.7m | NOK 602.1m | NOK 194.1m | NOK 155.3m | NOK 125.6m |
| Cash and short-term investments | — | NOK 46.3m | NOK 57.5m | NOK 37.0m | NOK 137.8m | NOK 24.0m | NOK 83.1m | NOK 7.0m | NOK 4.3m | NOK 2.4m |
| Total liabilities | NOK 838.6m | NOK 992.9m | NOK 1.14bn | NOK 921.8m | NOK 582.9m | NOK 388.8m | NOK 370.4m | NOK 100.8m | NOK 97.4m | NOK 80.2m |
| Debt | NOK 33.7m | NOK 470.0m | NOK 722.0m | NOK 511.6m | NOK 307.6m | NOK 165.2m | NOK 216.7m | NOK 3.0m | NOK 21.9m | NOK 25.2m |
| Shareholders' equity | NOK 216.0m | NOK 542.1m | NOK 392.6m | NOK 529.5m | NOK 522.6m | NOK 320.0m | NOK 230.7m | NOK 93.3m | NOK 57.9m | NOK 45.4m |
| Shares outstanding | 290m | 160m | 114m | 116m | 115m | 109m | 107m | 290m | 290m | 96m |
Cash flow
Fiscal years
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash from operations | NOK 64.8m | NOK 159.1m | −NOK 600,000 | −NOK 72.2m | NOK 18.0m | −NOK 5.4m | −NOK 16.9m | NOK 31.1m | NOK 10.1m | −NOK 5.8m |
| Capital spending | −NOK 44.8m | −NOK 72.7m | −NOK 120.3m | −NOK 117.2m | −NOK 96.1m | −NOK 64.7m | −NOK 22.8m | −NOK 11.3m | −NOK 4.8m | −NOK 7.5m |
| Free cash flow | NOK 20.0m | NOK 86.4m | −NOK 120.9m | −NOK 189.4m | −NOK 78.1m | −NOK 70.1m | −NOK 39.7m | NOK 19.8m | NOK 5.3m | −NOK 13.3m |
| Dividends paid | — | — | — | — | — | — | −NOK 9.6m | −NOK 9.6m | −NOK 9.6m | — |
Latest quarters
By quarter end
| Jun 2026 | Mar 2026 | Dec 2025 | Sept 2025 | Jun 2025 | Mar 2025 | Dec 2024 | Sept 2024 | |
|---|---|---|---|---|---|---|---|---|
| Revenue | NOK 252.9m | NOK 283.6m | NOK 347.4m | NOK 214.4m | NOK 227.6m | NOK 260.8m | NOK 265.7m | NOK 267.4m |
| Gross profit | NOK 88.0m | NOK 83.1m | NOK 79.2m | NOK 13.3m | NOK 32.7m | NOK 22.0m | NOK 76.2m | NOK 72.4m |
| Operating income | NOK 17.3m | NOK 10.7m | −NOK 116.0m | −NOK 45.1m | −NOK 49.2m | −NOK 3.3m | −NOK 7.1m | −NOK 800,000 |
| Net income | NOK 6.6m | −NOK 21.8m | −NOK 115.9m | −NOK 56.5m | −NOK 53.5m | −NOK 30.5m | −NOK 36.4m | −NOK 18.6m |
| Diluted earnings per share | 0.02 | -0.08 | -0.40 | -0.19 | -0.18 | -0.11 | -0.23 | -0.12 |
| Cash from operations | NOK 24.0m | −NOK 34.0m | NOK 64.0m | NOK 1.0m | −NOK 2.0m | −NOK 81.0m | NOK 82.0m | NOK 7.0m |
| Capital spending | −NOK 1.0m | −NOK 3.0m | −NOK 44.0m | −NOK 8.0m | −NOK 8.0m | −NOK 1.0m | −NOK 32.0m | −NOK 11.0m |
| Free cash flow | NOK 23.0m | −NOK 37.0m | NOK 20.0m | −NOK 7.0m | −NOK 10.0m | −NOK 82.0m | NOK 50.0m | −NOK 4.0m |
| Total assets | NOK 984.9m | NOK 1.02bn | NOK 1.07bn | NOK 1.22bn | NOK 1.26bn | NOK 1.38bn | NOK 1.54bn | NOK 1.53bn |
| Cash and short-term investments | — | — | NOK 30.5m | NOK 22.7m | NOK 34.0m | NOK 40.5m | NOK 46.3m | NOK 15.2m |
| Debt | NOK 22.5m | NOK 152.8m | NOK 254.6m | NOK 557.1m | NOK 540.7m | NOK 556.8m | NOK 470.0m | NOK 694.1m |
| Shareholders' equity | NOK 197.8m | NOK 191.0m | NOK 216.1m | NOK 331.5m | NOK 390.1m | NOK 458.8m | NOK 542.1m | NOK 355.3m |
Growth per year
Compound annual rate
| 3 years | 5 years | 10 years | |
|---|---|---|---|
| Revenue | 9.7% | 17.6% | 17.8% |
Average margins
Over each period
| 1 year | 3 years | 5 years | 10 years | |
|---|---|---|---|---|
| Gross margin | 23.5% | 26.9% | 28.8% | 29.3% |
| Operating margin | -12.4% | -8.4% | -5.5% | -2.7% |
| Net margin | -20.1% | -14.7% | -4.3% | -2.9% |
Valuation history
At each fiscal year end
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Price to earnings | -2.9 | -2.4 | -8.5 | 144.7 | 8.3 | 148.6 | -236.8 | 50.7 | 98.0 | -18.9 |
| Price to sales | 0.8 | 0.3 | 1.4 | 2.6 | 5.9 | 9.0 | 8.4 | 4.0 | 5.0 | 0.5 |
Dividends and splits
Per share, in the currency the company pays
Paid for 0 years. Last went ex-dividend on 24 May 2019.
| FY2019 | |
|---|---|
| Paid in the year | 0.10 |
Sources and methodology
- Data on this tab
- Our data supplier
- Chart on the Overview
- TradingView
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