Z 
58.30
+5.05%
Close of 9 Nov 2026, in NOK
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At a glance
Figures in NOK, from our data supplier.
Revenue
NOK 1.53bn
FY2017FY2025
Net income
NOK 53.9m
FY2017FY2025
Free cash flow
NOK 392.4m
FY2017FY2025
Shareholders' equity
NOK 752.1m
FY2017FY2025
Income statement
Fiscal years
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | |
|---|---|---|---|---|---|---|---|---|---|
| Revenue | NOK 1.53bn | NOK 1.27bn | NOK 1.40bn | NOK 757.4m | NOK 489.0m | NOK 219.8m | NOK 156.5m | NOK 100.3m | NOK 15.2m |
| Operating income | NOK 85.8m | NOK 21.3m | NOK 13.2m | −NOK 30.1m | NOK 23.9m | NOK 12.0m | NOK 19.4m | NOK 13.3m | −NOK 17.5m |
| Net income | NOK 53.9m | −NOK 3.2m | NOK 22.2m | −NOK 36.9m | NOK 8.2m | NOK 17.7m | NOK 26.0m | NOK 11.8m | −NOK 18.2m |
| Diluted earnings per share | 0.71 | -0.04 | 0.29 | -0.48 | 0.20 | 0.24 | 0.34 | 0.15 | -0.24 |
Balance sheet
At each fiscal year end
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | |
|---|---|---|---|---|---|---|---|---|---|
| Total assets | NOK 1.15bn | NOK 1.21bn | NOK 1.16bn | NOK 613.1m | NOK 542.5m | NOK 361.9m | NOK 94.9m | NOK 50.2m | NOK 100.1m |
| Cash and short-term investments | NOK 435.5m | NOK 177.7m | NOK 141.6m | NOK 102.9m | NOK 259.8m | NOK 244.7m | NOK 15.0m | NOK 1.6m | NOK 2.9m |
| Total liabilities | NOK 402.9m | NOK 533.7m | NOK 494.7m | NOK 261.1m | NOK 147.1m | NOK 54.1m | NOK 41.7m | NOK 30.6m | NOK 23.4m |
| Debt | NOK 41.9m | NOK 196.4m | NOK 43.8m | NOK 39.8m | NOK 3.8m | NOK 7.7m | NOK 11.5m | NOK 3.6m | — |
| Shareholders' equity | NOK 752.1m | NOK 678.6m | NOK 664.8m | NOK 352.1m | NOK 395.4m | NOK 307.6m | NOK 53.2m | NOK 19.7m | NOK 76.6m |
| Shares outstanding | 76m | 76m | 76m | 76m | 41m | 74m | 76m | 76m | 76m |
Cash flow
Fiscal years
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | |
|---|---|---|---|---|---|---|---|---|---|
| Cash from operations | NOK 439.6m | −NOK 35.3m | −NOK 313.1m | −NOK 77.4m | NOK 53.3m | NOK 14.6m | NOK 23.0m | NOK 23.0m | — |
| Capital spending | −NOK 47.2m | −NOK 44.4m | −NOK 30.4m | −NOK 25.5m | −NOK 58.2m | −NOK 16.8m | −NOK 19.0m | −NOK 19.0m | — |
| Free cash flow | NOK 392.4m | −NOK 79.7m | −NOK 343.5m | −NOK 102.9m | −NOK 4.9m | −NOK 2.2m | NOK 4.0m | NOK 4.0m | — |
Latest quarters
By quarter end
| Jun 2026 | Mar 2026 | Dec 2025 | Sept 2025 | Jun 2025 | Mar 2025 | Dec 2024 | Sept 2024 | |
|---|---|---|---|---|---|---|---|---|
| Revenue | NOK 506.4m | NOK 456.9m | NOK 432.6m | NOK 369.1m | NOK 383.4m | NOK 346.9m | NOK 326.8m | NOK 299.1m |
| Operating income | NOK 61.9m | NOK 42.0m | NOK 31.3m | NOK 13.0m | NOK 34.7m | NOK 6.8m | NOK 8.4m | −NOK 3.4m |
| Net income | NOK 56.8m | NOK 18.7m | NOK 32.2m | NOK 2.9m | NOK 26.5m | −NOK 7.7m | NOK 16.4m | −NOK 29.1m |
| Diluted earnings per share | 0.74 | 0.25 | 0.42 | 0.04 | 0.35 | -0.10 | 0.21 | -0.38 |
| Cash from operations | NOK 134.0m | NOK 82.0m | NOK 439.0m | NOK 225.0m | NOK 158.0m | −NOK 1.0m | −NOK 35.0m | −NOK 126.0m |
| Capital spending | −NOK 31.0m | −NOK 16.0m | −NOK 47.0m | −NOK 33.0m | −NOK 20.0m | −NOK 10.0m | −NOK 44.0m | −NOK 29.0m |
| Free cash flow | NOK 103.0m | NOK 66.0m | NOK 392.0m | NOK 192.0m | NOK 138.0m | −NOK 11.0m | −NOK 79.0m | −NOK 155.0m |
| Total assets | NOK 1.22bn | NOK 1.26bn | NOK 1.18bn | NOK 1.08bn | NOK 1.07bn | NOK 1.15bn | NOK 1.21bn | NOK 1.25bn |
| Cash and short-term investments | — | — | NOK 435.5m | NOK 232.5m | NOK 165.9m | NOK 155.2m | NOK 177.7m | NOK 127.0m |
| Debt | — | — | NOK 41.9m | NOK 35.1m | NOK 35.8m | NOK 165.7m | NOK 196.4m | NOK 225.9m |
| Shareholders' equity | NOK 644.2m | NOK 752.2m | NOK 758.7m | NOK 712.7m | NOK 699.0m | NOK 668.2m | NOK 678.6m | NOK 661.0m |
Financial ratios
Data as of 29 Oct 2026
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | |
|---|---|---|---|---|---|---|
| Operating margin | 4.8% | 1.7% | 0.9% | -2.2% | 5.4% | 6.1% |
| Net margin | 3.5% | -0.3% | 1.6% | -4.9% | 1.7% | 8.1% |
| Return on equity | 7.2% | -0.5% | 3.3% | -10.5% | 2.1% | 5.8% |
| Return on assets | 4.7% | -0.3% | 1.9% | -6.0% | 1.5% | 4.9% |
| Free cash flow yield | — | — | — | -1.1% | 4.4% | 0.7% |
| Revenue growth | 20.9% | -9.7% | 85.2% | 54.9% | 122.5% | 40.4% |
| Earnings growth | -1764.8% | -114.6% | -160.2% | -549.3% | -53.6% | -31.8% |
| Current ratio | 2.90x | 2.17x | 2.43x | 1.94x | 2.88x | 6.58x |
| Debt to equity | 0.00x | 0.24x | 0.00x | 0.08x | 0.02x | 0.02x |
| Equity ratio | 65.1% | 56.0% | 57.3% | 57.4% | 72.9% | 85.0% |
| Interest coverage | 17.87x | 1.54x | 17.40x | -4.55x | 33.24x | 13.92x |
| Buybacks as a share of market value | — | — | — | -88.0% | 45.0% | — |
Growth per year
Compound annual rate
| 3 years | 5 years | 10 years | |
|---|---|---|---|
| Revenue | 26.5% | 47.5% | — |
| Operating income | — | 48.1% | — |
| Net income | — | 24.9% | — |
Valuation history
At each fiscal year end
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | |
|---|---|---|---|---|---|---|
| Price to earnings | 35.4 | -257.8 | 74.8 | -44.6 | 297.6 | 184.7 |
| Price to sales | 1.2 | 0.7 | 1.2 | 2.2 | 5.0 | 14.9 |
Sources and methodology
- Data on this tab
- Our data supplier
- Chart on the Overview
- TradingView
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