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Ensurge Micropower ASA
2025
Annual Report
Annual Report | 2025 1 |
Table of Contents
1 About Ensurge Micropower
2 ReportfromtheBoardofDirectors
12 EnsurgeMicropowerASAGroup
Consolidated Financial Statements
16 Notes to the Consolidated Financial Statements
42 Ensurge Micropower ASA
Annual Financial Statements 2025
45 Notes to the Annual Financial Statements Ensurge Micropower ASA
55 Corporate Social Responsibility (CSR) Statement
57 Responsibility Statement
58 Independent Auditor’s Report
63 CorporateGovernance
68 Articles of Association
69 BoardofDirectors
71 ExecutiveManagement
Annual Report | 2025 1 |
About Ensurge Micropower
EnsurgeMicropowerdevelopsthin-film,solid-statelithiummicrobatteriesthatenablenext-generation
electronicdevices.
TheacceleratingadoptionofAI-powerededgedevicesisdrivingunprecedenteddemandforinnovative
powersolutions.Asthesetechnologiesminiaturizewhilerequiringmoresophisticatedenergy
management,conventionalbatteriescannotdeliverthenecessarycombinationofperformance,safety,
andformfactorflexibility.
Tomeetthisneed,Ensurge’sproprietaryanode-less,solid-statecellchemistrytechnologyisdesignedto
deliverindustry-leadingvolumetricenergydensityandperformance,exceptionalsafety,andultra-flexible
formfactorsinspace-constrainedapplicationsacrossmedicaldevices,hearables,wearables,industrial
systems,anddefense.
FromourSanJose,Californiafacility,ourteamofbatteryandmaterialssciencespecialistspartners
withleadingglobalcustomerstoacceleratecommercialization.Ourscalableroll-to-rollmanufacturing
approachenableshigh-volumeproductionatcompetitivecostwhilemaintainingformfactorflexibility.
EnsurgeislistedontheOsloStockExchange(ticker:ENSU).
Locations
Norway — Oslo Corporate Headquarters
Kongensgate6,0153Oslo
Email:info@ensurge.com
USA — San Jose Global Headquarters
2581JunctionAvenueSanJoseCA95134
Email:info@ensurge.com
Contact
Investor Relations ir@ensurge.com
www.ensurge.com
2 | Annual Report | 2025
ReportfromtheBoardofDirectors
Introduction
Overthepastseveralyears,EnsurgeMicropowerhas
focusedonaclearobjective:bringingitsanode-less,
thin-filmsolid-statelithiummicrobatteryplatformto
commercialscale.
Breakthroughtechnologiesarebuiltthroughcycles
ofdiscovery,testing,andrefinementbeforethey
reachcommercialscale.Unlikematureindustries,
advancedbatterydevelopmentrequirescontinuous
experimentationacrossmaterials,deposition
processes,precisionassembly,packaging,anddevice
integration.
Our task now is to convert a promising technology
into a validated platform capable of supporting
real products at scale.
During2024andintoearly2025,Ensurgeachieved
importanttechnicaladvancesthatdemonstrated
thepotentialofitssolid-statemicrobattery
architecture.Earlycustomerevaluationsconfirmed
thattheplatformcoulddeliverkeyperformance
characteristicsrequiredfordemandingelectronic
applications,includingstrongpulsecapabilityand
rapidchargingperformance.
Theseresultsvalidatedcriticalelementsofthe
underlyingtechnologyandreinforcedconfidencein
thepromiseoftheplatform.
Astestingexpandedandproductionvolumes
increased,itbecameclearthatdemonstrating
performanceatthecelllevelisonlythebeginning
ofthejourneytowardcommercialization.Advanced
batterytechnologiesmustultimatelyprovetheirvalue
throughrepeatablemanufacturing,stableyields,and
reliablelong-termoperationacrossawiderangeof
real-worldconditions.
Throughout2025,Ensurgedeepeneditstechnical
understandingofthethin-filmsolid-stateplatform
throughextensivetesting,defectanalysis,and
manufacturinglearningcycles.Theseeffortsprovided
criticalinsightintotheinteractionsbetweenmaterials,
depositionprocesses,encapsulationmethods,and
system-levelintegration.
Those insights are shaping the Company’s path
forward.Ensurge’sopportunityliesnotsimplyin
demonstratinganovelbatterydesign,butinvalidating
ascalablethin-filmsolid-stateplatformcapable
of supporting multiple product generations and
applications.
Aswemoveintothenextphaseofdevelopment,our
focusisdirectedtowardplatformvalidation,application
readiness,andclosecollaborationwithcustomersto
ensurethatthetechnologyevolvesindirectalignment
withreal-worldneeds.
2025 / 2026 highlights
Strategic collaboration with Corning
AdefiningmilestonefortheCompanyin2025
wastheestablishmentofajointdevelopmentand
investmentagreementwithCorningIncorporated,one
oftheworld’sleadinginnovatorsinglass,ceramics,
andmaterialsscience,tojointlydevelopultra-high
performancesolid-statemicrobatteriesbasedon
Ensurge’splatform.
Underthisagreement,thetwocompaniesare
collaborating to integrate Corning’s Ribbon Ceramic
materialsandprocesstechnologywithEnsurge’sthin-
filmsolid-statebatteryplatform.Together,Ensurge
andCorningaimtodeliveranultra-highenergy
densityproductlineextensiontocommercialize
batteriesthatpowerhigh-volumeconsumer,medical,
industrial,anddefenseapplications.
Corning’s contribution includes process and
manufacturingexcellence,alongsidedeepmaterials
scienceexpertise.Pairingthiscompetencewith
Ensurge’ssolid-statemicrobatteryplatform
strengthensEnsurge’spathtoscale,including
improvedexecutionconfidence,greaterassurance
incommercialization,andastrongerfoundationfor
long-termgrowth.
Theagreementalsoincludesastructuredinvestment
frameworkunderwhichCorningmayconvert
engineeringservicesintoequityandhastheoption
toinvestfurthercapitalintheCompanythrough
warrants.Thisalignmentofengineeringcollaboration
andlong-termfinancialparticipationreflectsashared
commitmenttoadvancingthetechnologyplatform.
ActivitiesundertheJointDevelopmentAgreement
are proceeding in accordance with the agreed scope
andframework.Thepartiesalsomaintainongoing,
high-leveldialogueregardingpotentialcommercial
applicationsrelevanttothetargetedtechnology
andperformanceobjectives,consistentwiththe
objectivesofthecollaboration.
Strengthening capital discipline and
governance
AsEnsurgeadvancestowardcommercialization,the
Company has strengthened capital discipline and
Annual Report | 2025 3 |
governancetoensurethatcapitalisdeployedwhereit
createsthegreateststrategicimpact.
During2025andintoearly2026,theCompany
conductedacomprehensivereviewofoperating
expenditures to ensure resources are directed
towardactivitiesthatmostdirectlysupportplatform
validation,customerengagement,andproduct
development.
Aspartofthiseffort,Ensurgeeliminatedseveral
nonstrategic expenditures and renegotiated supplier
andservicecontractsacrossseveraloperatingareas.
Workforceadjustmentsandthediscontinuationofa
24/7manufacturingscheduleareexpectedtoreduce
annualoperatingcostsbymorethanUSD2million,
whilepreservingthetechnicalcapabilitiesrequiredto
advancetheplatform.
TheCompanycontinuestoprioritizethereduction
offixedoperatingcoststhroughdisciplinedcontract
managementandoperationalefficiency.
Atthesametime,Ensurgestrengthenedits
intellectualpropertystrategyandgovernance
frameworkbyengagingexternaladvisorswithdeep
expertiseinbatterytechnologies.
Together,thesemeasuresreflectEnsurge’s
commitment to disciplined capital management
andoperationalfocusasitadvancesthe
commercializationofitsthin-filmsolid-statebattery
platform.
Strengthening company leadership
The Company initiated a leadership transition
on1September2025,withtheappointmentof
ShaunaMcIntyreasChiefExecutiveOfficer(CEO).
Ms.McIntyrebringsextensiveexperienceleading
advancedtechnologyandindustrialorganizations
throughperiodsofcommercializationandoperational
transformation.
Overthecourseofhercareer,Ms.McIntyrehasheld
seniorleadershiprolesacrosstechnology,automotive,
andadvancedmanufacturingbusinesses,witha
trackrecordoftranslatingcomplexengineering
platforms into scalable products and commercially
successfulenterprises.Herexperienceincludes
leadingorganizationsthroughstrategicrepositioning,
strengtheningoperationaldiscipline,andaligning
productdevelopmentwithrealmarketdemand.
SincejoiningEnsurge,Ms.McIntyrehasledthe
Company’stransitiontowardamorefocused,product-
led operating model designed to accelerate platform
validation,deepenengagementwithcustomers,and
positiontheCompanyforscalablecommercialization.
Executingthistransitionrequiresstrongleadership
acrosstechnology,operations,andproduct
development.Tosupportthiseffort,Ensurge
strengtheneditsleadershipteamwithseveralkey
appointments.
Dr.AsmaSharafiwasappointedChiefTechnology
Officer(CTO),expandingherresponsibilitiesfrom
herpreviousroleasSeniorVicePresidentof
PartnershipsandProductStrategy.Dr.Sharafi
holdsaPhDinMechanicalEngineeringfromthe
UniversityofMichigan,whereherresearchfocused
onsolid-statebatterytechnologies.Shebringsdeep
experienceacrossadvancedbatterydevelopmentand
commercialization,havingpreviouslyservedasCEO
ofPowerCoU.S.andearlierholdingleadershiprolesat
Cuberg,Rivian,andFord.
AsCTO,sheisresponsibleforaligningEnsurge’s
technology roadmap with the needs of targeted
marketsandensuringthatplatformvalidation
progresses in direct partnership with customers and
real-worldapplications.
Atthesametime,MattCattersonjoinedEnsurgeas
ChiefOperatingOfficer,bringingextensiveexperience
inscalingadvancedbatterymanufacturingand
operationalorganizations.Mostrecently,heservedas
VicePresidentofManufacturingatQuantumScape,
where he helped pioneer manufacturing readiness
fornext-generationsolid-statebatteries.Earlierinhis
career,MattplayedakeyroleinbuildingPanasonic’s
batteryproductionlinesforTesla,contributingtothe
scale-upoflithium-ionmanufacturingtobillionsof
cellsatTesla’sGigafactory1.
Thiscombinationofexperience—scalinghigh-volume
lithium-ionproductionwhileadvancingsolid-state
manufacturing—bringsrareandhighlyrelevant
expertiseasEnsurgeadvancestowardproduct
commercialization.
Togetherwiththebroaderleadershipteam,these
appointments strengthen the Company’s ability to
translateadifferentiatedbatterytechnologyplatform
intoreliable,manufacturableproductsatcommercial
scale.
Transition to a product-led operating model
Withthestrengthenedleadershipteaminplace,
Ensurge initiated a strategic realignment and
organizationalresetinearly2026toacceleratethe
commercializationofitsthin-filmsolid-statebattery
platform.
TheCompanytransitionedfromahistoricallyprocess-
andmanufacturing-centricorganizationtoaproduct-
ledoperatingmodelfocusedonplatformvalidation,
customer-drivendevelopment,anddelivering
application-readybatterysolutions.
Thisshiftreflectsanimportantevolutioninthe
Company’sdevelopment.Earlierworkestablished
core manufacturing capabilities and demonstrated the
potentialofthetechnology.Thenextstagerequires
4 | Annual Report | 2025
movingfrominternaltechnicalmilestonestoproducts
incustomers’hands.
Theunderlyingphysicsoftheplatformhave
demonstratedstrongperformancecharacteristics.
Growingengagementwithcustomersacrossmultiple
industriesfurtherconfirmstherelevanceofEnsurge’s
technologyacrossawiderangeofapplications.
Tosupportthistransition,Ensurgestrengthenedits
leadershipteam,rightsizedtheorganization,and
reallocated resources toward product and application
development.
Historically,approximately80percentofthe
organizationfocusedonprocessengineeringand
manufacturing.TodaytheCompanyoperatesasa
singleproduct-ledteamunderexperiencedbattery
technologyleadership,withmorethan40percent
oftheorganizationdedicatedtoplatformvalidation
andcustomer-drivendevelopment.Battery
domainexpertiseisalsoincreasingsignificantly,
with specialists expected to grow from less than
10percentoftheorganizationpriortothetransitionto
morethan35percentoftheteamovertime.
Atthesametime,Ensurgehasimplementedalean
operatingmodeltoimproveexecutiondisciplineand
commercialreadiness.Nonstrategicspendinghas
beeneliminated,operationalfocushassharpened,
andtheorganizationisalignedarounddelivering
customer-readyproducts.
Executionisnowanchoredbyanindustry-standard
productdevelopmentprocessthatsupportsrigorous
engineering,structuredcustomerengagement,and
disciplinedcommercializationplanning.
Together,thesechangespositionEnsurgeto
accelerateplatformvalidationandunlockthe
commercialpotentialofitssolid-statebattery
technology.
Expanding customer engagement
InterestinEnsurge’ssolid-statemicrobattery
platformcontinuestogrowaselectronicdevices
becomesmaller,smarter,andmorecapable.Therapid
emergenceofartificialintelligence(AI)attheedge
is accelerating demand for compact energy storage
acrossconsumerelectronics,medicaltechnologies,
industrialsystems,anddefenseapplications.
AsAIfunctionalitymovesfromcentralizedcloud
infrastructureintodevicesthemselves,chipsmust
perform increasingly complex computations within
tightlyconstrainedformfactors.Semiconductor
manufacturersincreasinglymeasureAIchipefficiency
intermsofcomputationalthroughputperwatt
(TOPS/W),highlightingtheimportanceofenergy
availabilityinenablingadvancedfunctionality.
Whileimprovementsinchipefficiencycontinue,the
growingcomplexityofAIworkloadsmeansdevices
muststilldelivermoreenergywithinlimitedspace.
Inpracticalterms,enablingAIatthedevicelevel
requiresmoreenergyinsmallerbatteriescapable
of supporting repeated inference cycles while
maintainingsafeandreliableoperation.
As artificial intelligence moves to the edge,
microbatteries will increasingly sit at the core of
enabling the next generation of intelligent devices.
A clear gap therefore exists in the energy storage
landscape.Traditionallithium-ionpouchandcoin
cells are often too large or rigid for many emerging
applications,whileexistingmicrocellstypically
provideonlylimitedcapacity.
Ensurge’sthin-filmsolid-stateplatformtargets
the1–100mAhperformancerange,anareathat
remainslargelyunderservedbyconventionalbattery
technologies.
Againstthisbackdrop,Ensurgeisseeingincreasing
inbound interest from companies across multiple
industries.
Discussionsareprogressingwithcustomersin
consumerelectronics,healthtechnology,anddefense
markets.
Micro-scaleenergystorageisalarge,underserved
markettoday,anditisgrowingfast.Industryanalysts
estimate compound annual growth of more than
22percentoverthecomingdecade,drivenbythe
rapidproliferationofAI-enablededgedevices,medical
wearables,andconnectedindustrialsystems.
Asdevelopmentprogramsadvanceandplatform
validationcontinues,Ensurgebelievesaclear
pathway exists toward design wins and recurring
revenueopportunitiesacrossmultiplemarkets.
Onehealthtechnologyexecutiverecentlynoted:
“The‘MotherofAllInventions’isourinternalcode
nameforEnsurgemicrobatteries.Nootherbattery
formhasthepotentialtopowerourAIchip.”
Going concern
TheBoardconfirmsthatthefinancialstatementsof
thegrouphavebeenpreparedunderthegoingconcern
assumption.
During2025,Ensurgeannouncedmultiplefinancing
roundstofundoperations.On10April2025,the
Companyannouncedaprivateplacementraisinggross
proceedsofNOK60million,throughtheissuanceof
50millionnewsharesatNOK1.20pershare.
On8July2025,theCompanyannouncedaprivate
placementraisinggrossproceedsofNOK50million,
throughtheissuanceof40millionnewsharesat
NOK1.25pershare.On12October2025,approximately
19.5millionwarrantsgrantedtoinvestorsintheprivate
placementannouncedon20January2025were
Annual Report | 2025 5 |
exercisedatNOK1.00pershare,raisingapproximately
NOK19.5million.On6November2025,theCompany
completedaprivateplacementraisinggrossproceeds
ofNOK100millionthroughtheissuanceof111.1million
newsharesatNOK0.90pershare.SeeNote21.
On5April2026theCompanyenteredintoaConvertible
Noteagreementwithselectinvestorsintheamount
ofminimumNOK60million.TheConvertibleNote
requiresapprovalbytheAnnualGeneralMeeting(AGM)
scheduledon15May2026,andsubjecttothisapproval
theCompanyhassufficientcashtofundoperationsinto
Q32026(seeNote26).However,fundingisnotsecured
forthenext12months,andamaterialuncertaintyexists
as to whether the Company and group will continue as a
goingconcern.TheCompanyandgrouparedependent
onsuccessfullyraisingadditionalfundsasplanned.
TheBoardmonitorsthefinancialpositioncloselyand
receivesfrequentreportsandforecastsonexpenditure
andcashflow.Toaddressthefundingrequirements
ofthegroup,theBoardhasundertakenthefollowing
initiatives:
• TheCompanywillcontinuetoseekadditionalfunds
frompartnershipfunding,externalfinancingofnew
productionequipment,andtheinvestormarketina
timely manner;
• Continuetomonitorthegroup’songoingworking
capitalrequirementsandminimumexpenditure
commitments; and
• The Board will continue its focus on maintaining an
appropriatelevelofcorporateoverheadthatisinline
withthegroup’savailablecashresources.
Despitethematerialuncertaintyastowhetherthe
group will be able to successfully raise funds as
planned,theBoardhasconcludedthattheCompanyis
notinasituationwherethereisnorealisticalternativeto
continue as a going concern and hence it is appropriate
topreparetheannualfinancialstatementsonthegoing
concernbasis.
The Transparency Act
Ensurge Micropower ASA and its subsidiaries support
theUNGlobalCompactanditsunderlyingprinciples
onhumanrights,laborrights,environmentandanti-
corruption.
Ensurge’sapproachtocounteracthumanrightviolations
isalignedwiththeprinciplesinOECDGuidelinesfor
MultinationalEnterprises(“OECDGuidelines”)andUN
GuidingPrinciplesonBusinessandHumanRights
(“UNGP”).Theseprinciplesformthebaseforthe
NorwegianTransparencyAct(NTA).
TheNTAappliestoEnsurge,duetoitbeingsubjectto
thePublicLimitedCompaniesActanditslistingonOslo
Børs(theOsloStockExchange).
These principles were included in Ensurge’s Code of
Conduct(EthicalGuidelines)inJune2023.
Furthermore,aHumanRightspolicyhasbeenprepared
andapprovedbytheBoardandweconductedasurvey
amongstoursuppliersinH1-2024toensurethatthese
principlesareadheredto,throughoutoursupplychain.
TheTransparencyActreportcanbefoundonwww.
archive.ensurge.com/investors/financial-and-other-
reports/corporate-governance.
The group company financial statements
Ensurge’srevenueandotherincomeamountedto
USD25thousandin2025andUSD61thousandin2024.
Operatingcosts(excludingdepreciation,amortizationand
impairmentcharges)amountedtoUSD8,992thousand
during2025(2024:USD10,329thousand).The
decrease in operating costs in 2025 compared to
2024,USD1,338thousand,wasprimarilyattributableto
capitalizationofresearchanddevelopmentcostswhich
beganinQ32024.Year-over-yearchangesinexpenses
bymajorcategoryareasfollows:
• USD3,382thousandlowerpayrollcost.
• USD525thousandhigheremployeeshare-based
remunerationcosts.Thefairvalueofgranted
employeesubscriptionrightsisbasedontheBlack-
Scholesformulaandexpensedoverthevesting
period.
• USD1,519thousandhigherotherexpenses.
TheCompanyfocuseditsR&Deffortstowardsachieving
technicalsuccessinsolid-statelithiumbattery
technologydevelopment.TheCompanyincreased
spendingintheoperationsareainsupportofR&D
samplesandproductionreadiness.TheCompany
reportedsignificantprogressonimportanttechnology
milestonesrelatingtothefirstprototypesolid-
statelithiummicrobatterieswithcapacitiesranging
from1.2–6.5mAh,leadingtothecapitalizationof
USD8,849thousandin2025.FromDecember2025the
CompanyceasedtocapitalizefurtherR&Dcostsonthe
batteryproject,basedonanassessmentthattheproject
hastransitionedoutofthedevelopmentphasethat
supportedcapitalizationunderaccountingstandardsand
intoaphaseprimarilyfocusedonexecution,refinement,
andoperationaloptimization.
Depreciationandamortizationchargesin2025amounted
toUSD656thousand,comparedtoUSD590thousand
duringthesameperiodin2024.
Netfinancialitemsfor2025amountedtoanexpenseof
USD1,115thousand(2024:USD2,062thousandexpense).
Netfinancialitemsin2025wereprimarilyinterest
expenseofUSD1,466thousand.Netfinancialitemsof
USD2,325thousandin2024relatedtointerestexpense.
6 | Annual Report | 2025
The Company operates at a loss and there is a tax loss
carryforwardpositionintheparentcompany.Income
taxesfortheU.S.subsidiarywereUSD63thousandin
2025andUSD2thousandin2024.Theparentcompany
inNorwayhasnotincurredanytaxduring2025or2024.
TheCompanyhasnotrecognizedanydeferredtax
assets on its balance sheet relating to these tax loss
carryforwardpositions,asthispotentialassetdoesnot
yetqualifyforinclusion.
Thelossin2025wasUSD10,800thousand,
correspondingtoabasiclosspershareof(USD0.01).
In2024,thelossamountedtoUSD12,922thousand,
correspondingtoabasiclosspershareof(USD0.02).
Non-currentassetsamountedtoUSD15,298thousand
(31December2024:USD6,531thousand).The
increaseinnoncurrentassetsfrom2024to2025
relates primarily to intangible assets related to
microbatterytechnology.Tradeandotherreceivables
amountedtoUSD594thousandattheendof2025
(31December2024:USD787thousand).
Non-currentliabilitiesamountedto
USD5,399thousand(2024:USD9,700thousand)
and relate to future lease payments for the Junction
Avenuepremisesandlong-termdebtrelatingtoan
equipmenttermloanfacilitywithUtica.Theequityratio
was51percentattheendof2025,versusnegative
30percentattheendof2024.
The group’s cash balance increased by
USD3,832thousandin2025(2024:increasedby
USD290thousand).Thenetincreaseincashbalance
isexplainedbythefollowingprincipalelements:
• USD6,474thousandoutflowfromoperatingactivities,
• USD9,274thousandoutflowfrominvestingactivities,
• USD19,581thousandinflowfromfinancingactivities.
TheUSD6,474thousandoutflowfromoperating
activitiesisprimarilyexplainedbyanoperatingloss
excludingdepreciationandamortizationexpenses
ofUSD8,966thousand,partiallyoffsetbypositive
changesinworkingcapitalandnon-cashitemsof
USD1,169thousand.
Thecashbalanceon31December2025amounted
toUSD7,913thousand,whilethecashbalanceon
31December2024equaledUSD4,081thousand.
Parent company financial statements
RevenueandotherincomeintheParentCompany
amountedtoNOK0thousandin2025and2024.
PersonnelandpayrollcostswereNOK15,730thousand
in2025,versusNOK10,742thousandinthepreceding
year.ThecostsincurredwerefortheU.S.basedCEOas
wellastheChiefFinancialOfficer(CFO)consultant.
Externalpurchasesofservicesamountedtoexpense
ofNOK12,962thousandin2025(2024:expenseof
NOK10,038thousand).Ofthetotalamountfor2025,
(i)NOK6,781thousandrelatedtolegal,auditand
accountingservices(2024:NOK4,642thousand),(ii)
NOK3,979thousandwastiedtoadvisoryservices,
technologysupportservicesandrecruitment
services(2024:NOK4,436thousandand(iii)
NOK1,018thousandrelatedtoremunerationofthe
BoardofDirectors(2024:NOK960thousand).
Purchaseofservicesfromsubsidiariesamounted
toNOK154,384thousandin2025from
NOK180,266thousandin2024.Beforethe
adjustmentforthecapitalizationofdevelopment
costs,servicesfromsubsidiariestotaled
NOK246,253thousand.TheCompanyreported
significantprogressonimportanttechnology
milestonesrelatingtothefirstprototypesolid-
statelithiummicrobatteriesrangingfrom1.2–
6.5mAhincapacityleadingtothecapitalization
ofNOK91,869thousand.Uponfinalizationof
development,theCompanyanticipatesamortizing
thecostovertenyears.TheCompanycapitalized
NOK46,775thousandindevelopmentcostsin2024.
FromDecember2025theCompanyceasedto
capitalizefurtherR&Dcostsonthebatteryproject,
based on an assessment that the project has
transitionedoutofthedevelopmentphasethat
supportedcapitalizationunderaccountingstandards
andintoaphaseprimarilyfocusedonexecution,
refinement,andoperationaloptimization.
Otheroperatingexpensesdecreasedfromanexpense
ofNOK6,415thousandin2024toanexpenseof
NOK3,451thousandin2025.
Netfinancialitemsamountedtoincomeof
NOK8,766thousandin2025,comparedtoexpense
ofNOK455thousandin2024.Thechangefrom
2024ismainlyduetoareductionininterestexpense
(NOK260thousandversusNOK1,969thousand)
andthechangeinfairvalueofthederivativedebt
(NOKzerothousandincomevsNOK4,561thousand
income)offsetbythechangeinotherfinancialincome
andcosts(NOK12,084thousandexpenseversus
NOK7,058thousandincome).
Non-currentassetsamountedto
NOK139,630thousand(31December2024:
NOK46,775thousand).Theincreaseinnon-current
assetsfrom2024to2025wasduetocapitalization
ofresearchanddevelopmentcosts.Tradeandother
receivablesamountedtoNOK952thousandattheend
of2025(31December2024:NOK538thousand).
Annual Report | 2025 7 |
CurrentliabilitiestotalNOK156,395thousand
(31December2024:NOK120,297thousand).
The parent company’s cash balance increased by
NOK36,443thousandin2025(2024:increasedby
NOK620thousand).Thenetincreaseincashbalance
isexplainedbythefollowingprincipalelements:
• NOK125,546thousandoutflowfromoperating
activities,
• NOK92,855thousandoutflowfrominvesting
activities,
• NOK254,844thousandinflowfromfinancing
activities.
TheNOK125,546thousandoutflowfromoperating
activitiesisprimarilyexplainedbyanoperatingloss,
excludingdepreciationandamortizationexpense,
ofUSD186,526thousand.Thecashoutflowfrom
operationsandinvestingactivitiesin2025wasoffset
bytheinflowfromfinancingactivities,primarily
attributabletotheNOK254,844thousandraised
fromprivateplacements.Thecashbalanceon
31December2025wasNOK74,929thousand,as
comparedtothecashbalanceon31December2024
ofNOK38,487thousand.
Share capital
EnsurgeshareswerelistedonOsloAxessfrom
30January2008until26February2015.On
27February2015,Ensurgesharesweretransferred
toOsloBørs(OSEMainList).On24March2015,
Ensurge’sAmericanDepositoryReceipts(ADRs)and
sharescommencedtradingintheUnitedStateson
OTCQXInternational.On23June2020theCompany’s
OTCtradingwastransferredtotheOTCQBVenture
Market.On23January2026,theCompanyannounced
its decision to terminate trading of its securities on the
U.S.OTCmarket,effective11March2026.
Attheendof2025,therewere969,396,390(2024:
700,229,477)sharesintheCompanywhichwereheld
by11,558shareholders(2024:12,818shareholders).Par
valueat31December2025wasNOK0.50pershare.
The closing price of Ensurge shares on
31December2025wasNOK0.85.Totalshareturnover
during2025amountedtoNOK9.6billioncomparedto
NOK2.6billionin2024,anincreaseofapproximately
269percent.
PursuanttoSection3–5oftheNorwegianPublic
LimitedCompaniesAct(the“PLCA”),theBoardis
obligatedtoactonlossofequityintheCompany
and shall propose to the general meeting measures
torestoretheequityandgiveastatementonthe
Company’sfinancialpositiontotheshareholders.The
Companyisseekingadditionalfundsfromtheinvestor
marketand/orfrompartnershipfunding.Referenceis
madetotheGoingConcernsectionformoredetails.
Principal risks
Ensurgeisexposedtofinancial,technical,operational,
andmarketrisks.During2025,theCompanytook
significantstepstomitigatecertainrisks,including
securingadditionalcapitalthroughmultiplefinancing
rounds,establishingastrategicpartnershipwith
CorningIncorporated,andstrengtheningthe
leadershipteamwithexperiencedbatteryindustry
executives.However,materialrisksremain,particularly
relatedtoproductvalidation,manufacturingscale-up,
andcontinuedfundingrequirements.Theprincipal
riskcategoriesaredescribedbelow.
Financial risks
Ensurgeisexposedtofinancialrisksrelatedto
fluctuationsinforeignexchangerates,interestrates,
andrawmaterialpriceswhichmayaffectrevenues,
costandprofitability.Furthermore,theperformance
ofstockmarketsandstocksasinvestmentswill
influencethesharepriceandabilitytoattract
fundingandthetermsofsuch.AslongasEnsurge
isprogressingtowardsdeliveringproductsamples
withnomajorincomestreamsupportingit,liquidity
becomesastrain.Hence,thereisariskofnotbeing
able to pay employees and suppliers and thereby
ceasingactivities.ReferenceismadetotheGoing
Concernsectionformoredetails.
Technical risks
Currently,technologydevelopmentandengineering
sampleavailability,aswellasproductionscale-up
activities,canbeadverselyaffectedbyseveralfactors
includingbutnotlimitedto:
• Quality,composition,andconsistencyoflithium-
basedmaterials,chemicalsandunanticipated
interactionsofthevariouslayersandprocesses
thatarekeytocorebatteryperformance,resulting
in longer than planned learning cycles and
correctiveactions.DuringQ42025,theCompany
conductedacomprehensiveassessmentofproduct
performanceandmanufacturingprocesses,
identifyingopportunitiestoimproveconsistencyand
repeatability.Thefocusisnowonsystematicproduct
validationandestablishingrobustmanufacturing
processes.
• Newmodesofyieldlossnecessitatingprocess,
practice,orequipmentmodificationsthatcanresult
inaslowerthanplannedyieldramp.
8 | Annual Report | 2025
• Productrisk—ourproductmayfailduringuse,
whichcancausebodilyharmorlossofdata.This
riskiscoveredbyproductliabilityinsurancebutcan
leadtoincreasedcostandreducedprofit.
Toacertainextent,Ensurgeisdependenton
continuedcollaborationwithtechnology,materials,
andmanufacturingpartners.Theremaybeprocess
andproductdevelopmentrisksthatariserelatedto
time-to-developmentandcostcompetitivenessofthe
energystorageproductsEnsurgeisdeveloping.
Operational risks
Shortages of components and materials may delay
orreduceoursalesandincreaseourcosts,thereby
harmingouroperatingresults.
• Requisiteenvironmentalcontrolofthe
manufacturingandstoragearea.
• Equipmentreliability,modificationsneeded,and
processoptimizationmaylimituptime,throughput
andqualityofdevicesproduced.
• Manufacturingreadinessandqualificationoftoolsets.
• On-siteavailabilityofvendorpersonneltoassist
inre-qualificationofthemachineswithbattery
materialsset.
Ourfinancialprojectionsassumesuccessfully
executingtheseorganizationalchanges,including
themotivationandretentionofkeyemployeesand
recruitmentofqualifiedpersonnel,criticaltoour
businesssuccess.Factorsthatmayaffectourability
toattractandretaintalentedleadership,keyindividual
contributors,andenoughqualifiedemployeesinclude
ourreputation,employeemorale,competitionfor
talentandtalentpool.
Oursuccessisdependentonidentifying,developing,
andretainingkeyemployeestoprovideuninterrupted
leadershipanddirectionforourbusiness.This
includesdevelopingandretainingorganizational
capabilitiesinkeytechnologyareas,wherethedepth
ofskilledorexperiencedemployeesmaybelimited
andcompetitionfortheseresourcesisintense.
Climate change risks
Climate change impacts are expected to profoundly
impactacrossthewholebatteryvaluechain.The
adverseimpactcanbeattributedtothephysical
risk(ourassetsinSanJose)andthetransitionrisk
(impact of regulations on demand for our products)
andcompliance(cost/exclusion).
Physical risk
EnsurgeislocatedinSanJose,andCaliforniahasover
thelastdecadeseenanincreaseinextremeweather,
beitdrought,wildfiresorextremerainfall.
Transition risk
Intermsoftransitionrisk,Ensurgecomplieswithall
relevantU.S.andinternationalregulations.Ensurge
isstillaverysmallplayerinthebatteryvaluechain.
Ouractivitiessofarhavebeenfocusedontechnology
developmentandsmall-scaleproductioninthe
microbatterysector,leavingalimitedfootprint.When
scalingup,wewillincluderelevantKPIsthatcanbe
translatedintocarbonfootprint,andalloperational
andcapitalinvestmentdecisionswillincludethisin
additiontofinancialKPIs.
Geopolitical risks
Uncertainglobaleconomicconditionsmayadversely
impact demand for our products or cause potential
customers and business partners to experience
financialhardship,whichcoulddelaymarketadoption
andnegativelyaffectourbusiness.
We may experience extended lead times on custom
manufacturingequipment,includingroll-to-roll(“R2R”)
systems,duetoglobalsupplychainconstraintsand
geopoliticaldevelopmentsthataffectindustrialsupply
networks.
Many of the materials used in the production of
our products are sourced from a limited number
ofsuppliers,includingsupplierslocatedinAsia.
Disruptionstointernationaltrade,increased
geopoliticaltensions,orrestrictionsaffectingcross-
border supply chains could impact our access to
criticalmaterials,components,andequipment.
Ongoinggeopoliticalconflictsandregionalinstability,
includingthewarinUkraine,theIsrael–Hamas
conflict,therecentlycommencedmilitaryactionsby
theUnitedStatesandIsraelagainstIran,andbroader
strategiccompetitionbetweentheUnitedStatesand
China,createuncertaintyinglobalmarketsandsupply
chains.Whilethesedevelopmentshavenotcaused
materialdisruptionstoEnsurgetodate,anyescalation
couldaffecttheavailabilityofkeyinputs,logistics,or
globaleconomicconditions.
Changes in trade policy also represent a potential
risk.Tariffs,exportcontrols,orotherrestrictions
on imported goods could increase the cost of raw
materials,components,ormanufacturingequipment
sourcedinternationally,whichcouldimpactproduction
costsandfuturescalingefforts.
Annual Report | 2025 9 |
Market risks
Wecannotpredictthesizeorgrowthrateofthe
marketsweoperatein,orthemarketsharewe
willachieveormaintaininthefuture.Ourabilityto
generatesignificantrevenuefromnewmarketswill
dependonvariousfactors,includingthefollowing:
• Thedevelopmentandgrowthofthesemarkets,
• Ourabilitytoaddresscustomerneeds(price,
performance and preference); and
• OurabilitytoprovideOriginalEquipment
Manufacturerswithsolutionsthatprovide
advantagesintermsofsize,reliability,durability,
performance,andvalue-addedfeaturescompared
withalternativesolutions.
ManyofthemarketsthatEnsurgetargetswillrequire
timetogaintraction,andthereisapotentialriskof
delaysinthetimingofsales.Risksanddelaysmay
include,butarenotlimitedto:
• Ourgrowthtargetsdependonsuccessfulinnovation
in response to competitors and changing consumer
habits.
• Ourrevenuesaredependentonpaceoftechnology
evaluationandproductqualificationactivitiesat
ourcustomers,anddelaysinbatteryorend-product
qualificationorchangestoproductionschedules
mayaffectthequantityandtimingofpurchases
fromEnsurge.Suchdelaysaregenerallyoutsideof
Ensurge’scontrol.
Thefailureofanyofthesetargetmarketstodevelop
asweexpect,orourfailuretoservethesemarketsto
asignificantextent,willimpedeoursalesgrowthand
couldresultinreducedearnings.
Corporate governance
TheBoardconsidersthatattentiontocorporate
governanceisbeneficialforcompaniesandinvestors.
EnsurgeseekstocomplywiththeNorwegianCodeof
Practice.TheBoard’sreviewofcorporategovernance
hasbeenincludedintheCorporateGovernance
sectionofthisannualreport.
Intellectual property
Thedevelopmentandmaintenanceofintellectual
property(IP),includingpatents,tradesecrets,and
proprietaryknow-howisacriticalpartofEnsurge’s
businessstrategy.
Ensurgecurrentlyholdscloseto100international
patents(U.S.,Europe,Asia)inthefieldsofprinted
electronicsdevicesandproducts,(transistors,
capacitors,inductors),processtechnology,novel
materials,barriermaterials/integrationandsolid-state
batteries.AsignificantportionofEnsurge’sportfolio
backedbymanufacturingandproductdevelopment
expertise has found application in the solid state
microbatteryproductstrategy.
Asofthedateofthisreport,thereareanadditional
18patentapplicationsrelatedtodeepinnovationin
thefabrication,packagingandmanufacturingrelated
tosolidstatemicrobatteriesarepending.Withthis,
Ensurgeexpectstohavestrongall-roundpatent
protectionwhichwillserveourmanufacturingand
potentiallicensingbusinessmodels.
OurpatentstrategysupportstheCompany’sfour
pillarsofmicrobatteryinnovation:
• Expertisefabricatingdevicesonultrathin10µm
stainlesssteelsubstrates,
• Stackingandpackagingtechniques,
• Anode-lesssolidstatelithiumbatterychemistry;and
• Useofanexistingandprovenroll-to-rollmanufacturing
facilityusingaconventionalmanufacturingenvironment
From2020to2023wefiledmultiplepatentapplications
representinginnovationsaddressingsomeofthe
microbatteryindustry’smostdifficultengineeringand
manufacturingchallenges.Theseincludedensecell
architecture,ultrathinpackaging,assemblyintegration
relatedtotheencapsulation,assemblyandstacking
of SSLB products fabricated on stainless steel
substrates.In2024wefiledfivenewIDRs(Innovation
DisclosureRecord)whichsubsequentlywereturned
intoprovisionalpatentapplications.Thesecovered
patterninginnovationsareforleakagepathelimination,
newmethodsofmakingthinelectrolytesandnewform
factorseachofwhichwilldriveproductinnovation.
Recentpatents(e.g.,US-12555822-B1,US-12542320-B2,
US-12496088-B2)andthesevenapplicationsfiledin
2025coverinnovationsindevicearchitecture,materials,
manufacturingprocesses,packaging,andnewform
factorstosupportwearableandIoTapplications.
Todate,sevenpatentshavebeengrantedwiththe
remainingpendingbeforetheU.S.PatentOffice.Today’s
hearableandwearabledevicesneedhigherenergy
densityandfasterchargingspeedsthanwaspreviously
possible,alongwithcustomizableformfactorsand
scalable,high-volumemanufacturability.Ourallowed
patentscoverthecoremicrobatterytechnologiesthatare
essentialforsolvingthesechallenges.
10 | Annual Report | 2025
Outlook
Demandforcompact,high-performanceenergy
storagecontinuestoaccelerateaselectronicdevices
becomesmaller,smarter,andincreasinglycapable.
Therapidexpansionofartificialintelligenceintoedge
devicesisfurtherincreasingtheneedforbatteries
thatcandeliverhigherenergydensityinextremely
compactformfactors.
Applications ranging from medical wearables and
hearing technologies to industrial sensors and
defensesystemsincreasinglyrequirebatteriesthat
deliverhigherenergydensity,improvedsafety,faster
charging,andflexibleintegration.
Conventionallithium-ionbatteriesoftenstruggleto
meettheserequirementsinultra-smallformfactors,
leavingasignificantgapbetweenlow-capacity
microcellsandtraditionallithium-ioncells.
Ensurge’sthin-filmsolid-statebatteryplatformis
designedtoaddressthisopportunity.
Lookingahead,ourprioritiesareclear:continue
platformvalidation,deepenstrategicpartnerships,
advancecustomer-drivenproductdevelopment,and
maintainstrictcapitaldiscipline.
Thedevelopmentofadvancedbatterytechnologies
israrelylinear.Itrequirespersistence,rigorous
engineering,andtheabilitytoadaptstrategyasnew
insightsemerge.
Theprogressmadeoverthepastyear,togetherwith
thestrategicrealignmentnowunderway,positions
Ensurgetomoveintothenextphaseofitsevolution.
From platform validation to product
commercialization, our goal remains simple: to
power the next generation of intelligent devices.
Organization, employees and workplace
environment and the environment
TheBoardofDirectorswouldliketothanktheEnsurge
management,staff,contractors,andecosystem
partnersfortheirdedicatedeffortsin2025.
Organization
AllEnsurge’soperationalactivitiesarebased
intheCompany’sSanJose,Californiafacility.
TheCompany’squalitymanagementsystemis
certifiedundertheISO9001:2015standardforthe
development,manufacturing,andsalesofSSLBs.
ThiscertificationwasauditedandrenewedinAugust
2024.
Employees and workplace environment
Asofthedateofthisreport,Ensurgeemploys33
full-timeemployees,twopart-timeemployees,and
engagesasmallnumberofspecializedcontractors.
TheBoardbelievesthatEnsurgeprovidesasafe,
stimulating,andcollaborativeworkingenvironment
and operates in compliance with all applicable laws
and regulations in the jurisdictions in which the
Companyconductsbusiness.Employeesparticipate
inbenefitprogramsconsistentwithmarketpractices
intheirrespectivecountries.
Throughout2025,therewerenoseriousworkplace
injuriesandnosignificantincidentsoraccidents
involvingequipmentorotherassets.Sickleave
levelsduringtheyearremainedlowandwere
broadlyconsistentwithpreviousyears.
Inadditiontoitsdirectworkforce,Ensurgeengages
external specialists in select areas such as
engineering,finance,andotherprofessionalservices
tocomplementtheCompany’sinternalcapabilities.
Ensurgeiscommittedtoprovidingequal
opportunity for all employees across all aspects
oftheworkplace.Asof31December2025,
female employees in the Company represented
approximately41%oftheworkforce.Asofthedate
ofthisreport,50%ofthecurrentmanagement
teamarefemale.Equalityanddiversityare
considered important factors in the recruitment and
developmentofemployees.
The Board considers the Company’s policies and
practicesrelatedtoequalityandinclusiontobe
appropriateandhasnotidentifiedanyneedfor
correctivemeasures.
Annual Report | 2025 11 |
Full details of the remuneration of the Board of
DirectorsandtheExecutiveManagementTeamare
providedintheCompany’sRemunerationReport,
whichisavailableonEnsurge’swebsite.
The environment
Ensurge appreciates its corporate responsibility to
protecttheenvironment.TheCompanyoperatesits
businesstocomplywiththeenvironmental,health,
andsafetyregulationsrequiredforthematerials
andprocessesneededtomanufactureitsproducts.
Ensurgefollowsallrelevantenvironmentalrulesand
regulations,asdiscussedintheCorporateSocial
Responsibility(CSR)Statementincludedinthisreport.
Board of Directors
Ensurge’sBoardofDirectorsconsistsofonewoman
andtwomen,thecompositionofwhichsatisfiesthe
genderrequirementsofthePLCA.TheBoardincludes
Mr.AlexanderMunch-Thore[chair],Mr.ThomasRamm
andMs.NinaRiibe.Mr.MortonOpstadisadeputy
director,withobserverrights,butnovotingrights.
AttheCompany’sExtraordinaryGeneralMeeting
(EGM)on8August2025,Mr.Munch-Thore,Mr.
RammandMs.NinaRiibewereconfirmedasboard
membersuntilthe2026AGM.Mr.MortonOpstadwas
confirmedforthesametermasadeputydirector,with
observerrights,butnovotingrights.
TheCompanyprovidesDirectorsandOfficersLiability
Insuranceforalldirectorsandofficers.
TheBoardofDirectorsofEnsurgeMicropowerASA,Oslo,Norway,9April2026
AlexanderMunch-Thore
Chairman
Thomas Ramm
Board Member
Nina Riibe
Board Member
Shauna McIntyre
CEO/CFO
12 | Annual Report | 2025
EnsurgeMicropowerASAGroup
Consolidated Financial Statements
Consolidatedstatementofcomprehensiveincome
Amounts in USD1,000
Note
2025
2024
Salesrevenue
6
25
61
Otherincome
6
—
—
Total revenue and other income
25
61
Salaries and other payroll costs
7,8
(4,439)
(7 ,296)
Otheroperatingexpenses
9,10
(4,553)
(3,033)
Depreciation,amortizationandimpairmentloss
11,12,13
(656)
(590)
Operating profit (loss)
(9, 622)
(10 ,858)
Interest income
148
151
Changeinfairvalueofderivativeliability
—
6 57
Interest expense
13,15
(1,466)
(2,325)
Otherfinanceincome(costs)
15
203
(545)
Net financial items
15
(1, 1 15)
(2,06 2)
Profit (loss) before income tax
(10 , 736)
(12,9 20)
Income tax expense
16
(63)
(2)
Profit (loss) for the year
(10 ,800)
(12,922)
Profit (loss) per share for profit attributable to the
equity holders of the Company during the year
Basicanddiluted,USDpershare
17
(USD0 .01)
(USD0 .02)
Profit (loss) for the year
(10 ,800)
(12,9 22)
Other comprehensive income
Currency translation
—
—
Total comprehensive income for the year
(10 ,800)
(12,9 22)
Annual Report | 2025 13 |
Consolidatedstatementoffinancialposition
Amounts in USD1,000
Note
31 December 2025
31 December 2024
ASSETS
Non-current assets
Property,plantandequipment
11
1,473
1,648
Intangible assets
12
13,252
4,309
Otherfinancialreceivables
574
574
Total non-current assets
15,298
6,531
Current assets
Tradeandotherreceivables
18
594
787
Cashandcashequivalents(i)
19
7 ,913
4,081
Total current assets
8,50 7
4,868
Total assets
23,806
1 1,399
Ordinaryshares
50, 040
36,993
Otherpaid-incapital
23,352
1 1,935
Currency translation
(13,801)
(13,801)
Retained earnings
(47 ,562)
(38,598)
Total equity
21
12, 029
(3,4 71)
LIABILITIES
Non-current liabilities
Long-termdebt
22
1,354
3,652
Long-termleaseliabilities
13
4,045
6,049
Total non-current liabilities
5,399
9, 700
Current liabilities
Trade and other payables
23,24
2 ,07 6
1,50 7
Short-termleaseliabilities
13
2, 004
1, 799
Warrant liability
14
0
—
Currentportionoflong-termdebt
22
2,298
1,863
Total current liabilities
6,37 8
5, 169
Total equity and liabilities
23,806
11,399
EQUITY
20
(i)IncludesrestrictedcashofUSD1, 600thousand,securingtheletterofcreditissuedin2017byEnsurge
MicropowerASAtothelandlordoftheSanJose,Californiafacility.SeeNote25.
TheBoardofDirectorsofEnsurgeMicropowerASA,Oslo,Norway,9April2026
AlexanderMunch-Thore
Chairman
Thomas Ramm
Board Member
Nina Riibe
Board Member
Shauna McIntyre
CEO/CFO
14 | Annual Report | 2025
Consolidatedstatementofchangesinequity
Other
Share paid-in Currency Retained
Amounts in USD1,000
Note
capitalequitytranslation
earnings
Total
Balance at 1 January 2025
36,993
1 1,935
(13,801)
(38,598)
(3,471)
Transferofvestedshare-
based compensation *
(1,835)
—
1,835
—
Privateplacement(January,
April,July,Novemberand
12,80111,850
—
—
24,652
December2025)
EmployeeSharePurchase
207
181
—
—
389
Plan
Share rights exercise
38
12
—
—
5 0
Share-basedcompensation
—
1,208
—
—
1,208
Comprehensiveincome
—
—
—
(10 ,800)
(10 ,800)
Balance at
31December2025
20,21
50, 040
23,352
(13,801)
(4 7 ,562)
12, 029
Balance at 1 January 2024
27 , 1 89
374
(13,801)
(26, 060)
(12,29 7)
Transferofvestedshare-
based compensation *
—
(384)
—
384
—
Privateplacement(February,
May,July,September,9,40511,021
—
—
20,426
OctoberandNovember
2024)
EmployeeSharePurchase
304
125
—
—
430
Plan
Share rights exercise
95
1
—
—
96
Share-basedcompensation
—
798
—
—
798
Comprehensiveincome
—
—
—
(12,9 22)
(12,922)
Balance at
31December2024
20,21
36,993
1 1,935
(13,801)
(38,598)
(3,471)
*Share-basedcompensationrecognizedforvestedsubscriptionrightshasbeenmovedtouncoveredloss.
Annual Report | 2025 15 |
Consolidatedcashflowstatement
Amounts in USD1,000
Note
2025
2024
Cash flows from operating activities
Profit(loss)beforeincometax
(10 , 736)
(12,920)
- Share-basedremuneration
7
1,323
798
- Depreciationandamortization
11
656
590
- Changesinworkingcapitalandnon-cashitems
1, 169
(20)
- Netfinancialitems
1, 115
2,062
Net cash from operating activities
(6,4 74)
(9,490)
Cash flows from investing activities
Purchasesofproperty,plantandequipment
11
(479)
(276)
Capitalizeddevelopmentexpenses
12
(8,943)
(4,309)
Interestreceived
148
151
Net cash from investing activities
(9,2 74)
(4,435)
Cash flows from financing activities
Proceedsfromissuanceofshares
20
26,16420,6 52
Costs associated with issuance of shares
20
(1,467)
(1,2 71)
Interest paid
(1,454)
(2, 154)
Principalloanobligations
22
(1,863)
(1,400)
Lease installments
13
(1, 799)
(1,6 1 1)
Net cash from financing activities
19,581
14,215
Net increase (decrease) in cash and bank deposits
3,832
290
Cashandbankdepositsatthebeginningoftheyear
4,081
3, 791
Cash and bank deposits at the end of the year*
7 ,913
4,081
*Includingrestrictedcash.SeeNote19.
16 | Annual Report | 2025
Notes to the Consolidated Financial
Statements
1. Information about the group
“Ensurge Micropower ASA (“Ensurge ASA”, “Ensurge”
or “the Company”) was founded as Thin Film
Electronics ASA (“Thinfilm”) on 22 December 2005
and was renamed Ensurge Micropower ASA on
4 June 2021. Reference is made to Note 27 for a
description of the subsidiaries consolidated into the
parent company Ensurge Micropower ASA.
The objectives of the Company are the
commercialization, research, development and
production of technology and products related to
solid-state lithium batteries. These objectives may
be carried out in full internally, or in whole or in part
externally through collaborative efforts with one or
more of the Company’s ecosystem partners.
The Company is a public limited liability company
incorporated and domiciled in Norway. The address of
its registered office is Kongens gate 6, Oslo, Norway.
The Company’s shares were admitted to listing at
the Oslo Axess on 30 January 2008 and to the Oslo
Børs on 27 February 2015 and the shares trade under
the symbol ENSU. On 24 March 2015 Ensurge’s
American Depository Receipts (ADRs) and shares
commenced trading in the United States on OTCQX
International. On 23 June 2020 the Company’s OTC
trading was transferred to OTCQB Venture Market.
On 23 January 2026, the Company announced its
decision to terminate trading of its securities on the
U.S. OTC market, effective 11 March 2026.
These group consolidated financial statements were
resolved by the Board of Directors on 9 April 2026.
2. Material accounting policies
The principal accounting policies applied in
the preparation of these consolidated financial
statements are set out below. These policies have
been consistently applied. For the purpose of
ease of reading, the terms ”balance sheet” and
”accounting” and variations of these have been used
interchangeably with the International Financial
Reporting Standards (IFRS
®
) terms ”statement of
financial position” and ”recognition”.
2.1 Basis of preparation
The annual financial statements have been prepared
on a historical cost basis. The financial statements
of the group have been prepared in accordance with
IFRS as adopted by the European Union (EU) as well
as additional Norwegian reporting requirements
pursuant to the Norwegian Accounting Act. The
accounting policies adopted are consistent with those
of the previous financial year. IFRS is continuously
developed and recently published standards,
amendments and interpretations have been reviewed
and considered. None of the new standards,
amendments and interpretations that apply as of
1 January 2025 had any material impact on net result
or equity of Ensurge in 2025. Reference is made to
Note 2.20 for a description of changes in IFRS.
Going concern
The Board confirms that the financial statements of
the group, as well as the parent company, have been
prepared under the going concern assumption.
On 5 April 2026 the Company entered into a
Convertible Note agreement with select investors
for a minimum of NOK 60 million. The Convertible Note
requires approval by the Annual General Meeting (AGM)
scheduled on 15 May 2026, and subject to this approval
the Company has sufficient cash to fund operations
into Q3 2026 (see Note 26).
To continue to fund the Company’s activities beyond
Q3 2026, the Company will seek additional funds
from the investor market and from partnership
funding. However, as funding is not secured for the
next 12 months, a material uncertainty exists as
to whether the Company and group will continue
as a going concern. The Company and group are
dependent to successfully raise funds as planned.
The Board monitors the financial position closely
and receives frequent reports and forecasts on
expenditure and cash flow. To address the funding
requirements of the group, the Board of Directors has
undertaken the following initiatives:
• The Company will continue to seek additional funds
from partnership funding, external financing of new
production equipment and the investor market in a
timely manner; and
Annual Report | 2025 17 |
• Continue to monitor the group’s ongoing working
capital requirements and minimum expenditure
commitments; and
• The Board will continue its focus on maintaining an
appropriate level of corporate overhead that is in line
with the group’s available cash resources.
The Company has prioritized raising sufficient funds
to provide adequate time to demonstrate a series
of technology and market development milestones.
Despite the material uncertainty about whether the
group will be able to successfully raise funds as
planned, the Board has concluded that the Company
is not in a situation where there is no realistic
alternative to continue as a going concern and hence
it is appropriate to prepare the financial statements
on the going concern basis.
2.2 Consolidation
Subsidiaries are all entities over which the group
has control. Control is achieved when the group is
exposed, or has rights, to variable returns from its
involvement with the investee and has the ability
to affect those returns through its power over the
investee. Specifically, the group controls an investee
if, and only if, the group has:
• Power over the investee (i.e., existing rights that give
it the current ability to direct the relevant activities
of the investee)
• Exposure, or rights, to variable returns from its
involvement with the investee
• The ability to use its power over the investee to
affect its returns
Generally, there is a presumption that a majority
of voting rights results in control. To support this
presumption and when the group has less than
a majority of the voting or similar rights of an
investee, the group considers all relevant facts and
circumstances in assessing whether it has power over
an investee, including:
• The contractual arrangement(s) with the other vote
holders of the investee
• Rights arising from other contractual arrangements
• The group’s voting rights and potential voting rights
2.3 Foreign currency translation
(a) Functional and presentation currency
The consolidated financial statements are presented
in U.S. dollar (USD).
(b) Transactions and balances
Foreign currency transactions are translated
into the functional currency using the exchange
rates prevailing at the dates of the transactions.
Foreign exchange gains and losses resulting from
the settlement of such transactions and from the
translation at year-end exchange rates of monetary
assets and liabilities denominated in foreign
currencies are recognized in the income statement.
(c) Group companies
The individual financial statements of a subsidiary
are prepared in the subsidiary’s functional currency.
In preparing the consolidated financial statements,
the financial statements of foreign operations are
translated using the exchange rates at year-end for
statement of financial position items and monthly
average exchange rates for statement of income
items. Translation gains and losses are included
in other comprehensive income as a separate
component. The translation difference derived from
each foreign subsidiary is reversed through the
statement of income as part of the gain or loss arising
from the divestment or liquidation of such a foreign
operation.
2.4 Property, plant and equipment
Property, plant and equipment is mainly comprised of
construction in progress on the R2R line, laboratory
test equipment, and office equipment. Property, plant
and equipment are stated at historical cost less
depreciation and impairment losses. Historical cost
includes expenditure that is directly attributable to the
acquisition of the items. Given the uncertainty related
to its cash position and new strategy, the Company’s
fixed assets were fully impaired at 31 December 2019.
Subsequent costs are included in the asset’s
carrying amount or recognized as a separate asset,
as appropriate, only when it is probable that future
economic benefits associated with the item will
flow to the group and the cost of the item can
be measured reliably. The carrying amount of the
replaced part is derecognized. All other repairs and
maintenance are charged to the income statement
during the financial period in which they are incurred.
Depreciation is calculated using the straight-line
method as follows:
• Laboratory equipment — 5 years
• Office equipment — 3–5 years
• Office furnishings and fittings — up to 12 years
The assets’ residual values and useful lives are
reviewed, and adjusted if appropriate, at each balance
sheet date.
18 | Annual Report | 2025
Gains and losses on disposals are determined by
comparing the proceeds with the carrying amount and
are recognized in the income statement.
2.5 Inventory
Inventory, components and components under
production are valued at the lower of cost and net
realizable value after deduction of obsolescence. Net
realizable value is estimated as the selling price less
cost of completion and the cost necessary to make
the sale. Costs are determined using the standard
cost method. The FIFO principle is applied. Work in
progress includes variable cost and non-variable
cost which can be allocated to items based on
normal capacity. Obsolete inventory is written down
completely.
2.6 Intangible assets
(a) Patents and licenses
Acquired patents and licenses are stated at historical
cost. Patents and licenses have a finite useful life and
are carried at cost less accumulated amortization.
Amortization is calculated using the straight-line
method to allocate the cost of patents and licenses
over their estimated useful lives. An asset’s carrying
amount is written down to its recoverable amount
if the asset’s carrying amount is greater than its
estimated recoverable amount. In January 2014,
Ensurge acquired an IP portfolio consisting of patents.
These assets are initially recognized at fair value and
subsequently measured at cost, less accumulated
amortization and impairment losses.
(b) Research and development
Research costs are expensed as they are incurred. An
intangible asset arising from development expenditure
on an individual project is capitalized only when the
group reliably can measure the expenditure and can
demonstrate:
• The technical feasibility of completing the intangible
asset so that it will be available for use or sale
• How the asset will generate future economic
benefits
• The group’s ability to obtain resources to complete
the project
Development costs are amortized over the period of
expected use of the asset. See Note 12.
An asset’s carrying amount is written down to its
recoverable amount if the asset’s carrying amount is
greater than its estimated recoverable amount.
2.7 Impairment of assets
Assets that have an indefinite useful life, for example
goodwill, are not subject to amortization and are
tested annually for impairment. Assets that are
subject to amortization are reviewed for impairment
whenever events or changes in circumstances
indicate that the carrying amount may not be
recoverable. An impairment loss is recognized for the
amount by which the asset’s carrying amount exceeds
its recoverable amount. The recoverable amount is the
higher of an asset’s fair value, less costs of disposal
and value in use. For the purposes of assessing
impairment, assets are grouped at the lowest levels
for which there are separately identifiable cash flows
(cash-generating units). Non- financial assets other
than goodwill are reviewed for possible reversal of any
previous impairment at each reporting date.
2.8 Trade receivables and other
receivables
Trade receivables and other short-term receivables
are measured at initial recognition at fair value and
subsequently measured at amortized cost. Short-term
receivables, which are due within three months, are
normally not discounted. Impairment of receivables
is evaluated on a case-by-case basis. The group
writes off a trade receivable when there is information
indicating that the debtor is in severe financial
difficulty and there is no realistic prospect of recovery.
2.9 Cash and bank deposits
Cash and bank deposits include cash in hand,
deposits held at call with banks, other short-term
highly liquid investments with original maturities of
three months or less. Bank overdrafts are shown
within borrowings in current liabilities on the balance
sheet.
2.10 Share capital
Ordinary shares are classified as equity. Incremental
costs directly attributable to raising new equity are
shown as a deduction to the equity, net of tax.
2.11 Trade payables
The carrying amounts of trade and other payables are
the same as their fair values, due to their short- term
nature.
Annual Report | 2025 19 |
2.12 Deferred income tax
Deferred income tax is recognized on temporary
differences arising between the tax bases of assets
and liabilities and their carrying amounts in the
consolidated financial statements. However, the
deferred income tax is not accounted for if it arises
from initial recognition of an asset or a liability in a
transaction other than a business combination that at
the time of the transaction affects neither accounting,
nor taxable profit or loss. Deferred income tax is
determined using tax rates (and laws) that have been
enacted or substantially enacted on the balance sheet
date and are expected to apply when the related
deferred income tax asset is realized, or the deferred
income tax liability is settled.
Deferred tax assets are recognized to the extent
that it is probable that future taxable profit will be
available against which the temporary differences can
be utilized. Deferred tax liabilities are recognized for
taxable temporary differences.
2.13 Employee remuneration
Termination benefits are payable when employment is
terminated by the group before the normal retirement
date, or whenever an employee accepts voluntary
redundancy in exchange for these benefits. The group
recognizes termination benefits when it is demonstrably
committed to either: terminating the employment of
current employees according to a detailed formal plan
without possibility of withdrawal; or providing termination
benefits as a result of an offer made to encourage
voluntary redundancy. Benefits falling due more than
12 months after the balance sheet date are discounted
to present value. The Company only holds defined
contribution pension plans. Contributions are expensed
and paid when earned.
2.14 Revenue recognition
Revenue is recognized at the amount that the
Company expects to be entitled to and expects to
collect under the contract. If a contract has multiple
performance obligations, the transaction price is
allocated to each performance obligation identified
in the contract on a relative stand-alone selling price
basis. Revenue is shown net of value-added tax,
returns, rebates and discounts and after eliminating
sales within the group.
(a) Sales of goods
Sales of goods were recognized when the
performance obligation was satisfied, the costs
incurred with respect to the transaction could be
measured reliably, and Ensurge retained neither
continuing managerial involvement to the degree
usually associated with ownership nor effective
control over the goods sold.
(b) Rendering of services
The group provides engineering and support services
to strategic customers and partners.
2.15 Government grants
Government grants are recognized when there is
reasonable assurance that the grant will be received,
and the conditions will be complied with. Grants are
recognized as other income over the period necessary
to match them with the related costs, for which they
are intended to compensate, on a systematic basis.
2.16 Financial liabilities
(a) Borrowings
Borrowings are initially recognized at cost and
subsequently measured at amortized cost using
the effective interest method. Amortized cost is
calculated by considering any issue costs as well as
discount or premium on settlement. Financial liabilities
are presented as current if the liabilities are due to be
settled within 12 months after the balance sheet date.
(b) Leases
All leases are recognized in the balance sheet as a right-
of-use (“ROU”) asset with a corresponding lease liability,
except for short term assets in which the lease term
is 12 months or less, or low value assets. ROU assets
represent a right to use an underlying asset for the lease
term and lease liabilities represent an obligation to make
lease payments arising from the lease. Right-of-use
assets are depreciated linearly over the lifetime of the
related lease contract. The depreciation of ROU asset is
recognized over the lease term, and interest expenses
related to the lease liability are classified as financial
items in the income statement. Right-of-use assets are
tested for impairment in accordance with IAS 36.
Ensurge determines if an arrangement is a lease at
inception. Assets and liabilities arising from a lease
are initially measured on a present value basis. Lease
liabilities include the net present value of fixed
payments, less any lease incentives. The Company’s
incremental borrowing rate based on the information
available at commencement date is used in determining
the present value of lease payments. Extension options
are included when it, based on management’s judgment,
is reasonably certain to be exercised. ROU assets are
measured at cost and include the amount of the initial
measurement of lease liability, any lease payments
made at or before the commencement date, less any
lease incentives received, any initial direct costs, and
restoration costs. Payments associated with short-term
20 | Annual Report | 2025
leases and leases of low-value assets are recognized
on a straight-line basis as an expense in the income
statement. Short-term leases are leases with a lease
term of 12 months or less and low-value assets.
2.17 Share-based remuneration and
derivatives over own shares
(a) Share-based remuneration
Equity-settled share-based payments to employees
are measured at the fair value of the equity
instruments at grant date. The fair value of the
instruments is determined using a Black-Scholes
option pricing model. The fair value determined at
the grant date of the equity-settled share-based
payments is expensed on a straight-line basis over
the vesting period, based on the Group’s estimate of
equity instruments that will eventually vest, with a
corresponding increase in equity. At the end of each
reporting period, the Group revises its estimate of the
number of equity instruments expected to vest.
For social security contribution related to equity
settled share-based payment transactions with
employees, a liability is recognized. The liability is
initially measured at the fair value of the liability. At
the end of each reporting period until the liability is
settled, and the date of settlement, the fair value of
the liability is remeasured, with any changes in fair
value recognized in profit or loss for the year.
(b) Derivatives over own shares
The warrants are derivatives over own shares and the
exercise price is denominated in Norwegian Kroner
(NOK), while the functional currency of the Company is
the U.S. Dollar. As a result of this difference in currencies,
the proceeds received by the Company varied based on
foreign exchange rates. Thus, the fixed for fixed criteria
in IAS 32.11 is not met. Further, the warrants were not
allocated pro rata to all existing owners of the same
class of own equity instruments and did not meet the
strict criteria for the rights issue exemption in IAS 32.11.
The February 2025 Warrants and August 2025 Warrants
were classified as derivative liabilities (scoped under
IFRS 9) and measured at fair value (in accordance
with IFRS 13) in the statement of financial position.
Any changes in fair value from period to period were
recorded as a non-cash gain or loss in the consolidated
statement comprehensive income. The December 2025
Warrants are classified as equity-settled share-based
payments under IFRS 2. There are 67,934,000 warrants
outstanding at 31 December 2025. See Note 14.
2.18 Cash flow statement
The cash flow statement is prepared in accordance
with the indirect method.
2.19 Segment information
Operating segments, according to IFRS 8, are reported
in a manner consistent with the internal reporting
provided to the chief operating decision-maker. The
chief operating decision-maker, who is responsible
for allocating resources, assessing performance and
making strategic decisions, has been identified as the
Chief Executive Officer (CEO). Based on Ensurge’s
current deliveries, performance obligations, customer
characteristics and other information, it has been
assessed that Ensurge has only one operating
segment. Hence, primarily information according to
IFRS 8 paragraphs 32–34 is provided.
2.20 Changes in accounting principles
In 2025 new standards and amendments to existing
standards have become effective. This related to the
following standards:
• Lack of Exchangeability — Amendments to IAS 21
The adoption of these items did not have a significant
impact on the financial statements of the Group.
2.21 Approved standards and
interpretations not yet in effect
In addition to these standards, the following new
and revised IFRSs have been issued but were not
mandatory for annual reporting periods ending
on 31 December 2025. The Group will assess the
potential impact of these new and revised standards
in due course.
• Sale or Contribution of Assets between an Investor
and its Associate or Joint Venture — Amendments to
IFRS 10 and IAS 28
• Amendments to the Classification and Measurement
of Financial Instruments (Amendments to IFRS 9 and
IFRS 7)
• IFRS 18 Presentation and Disclosure in Financial
Statements
• IFRS 19 Subsidiaries without Public Accountability:
Disclosures
Annual Report | 2025 21 |
3. Segment information
Ensurge’s business consists of sale of products, services
and development of electronic products and related
solutions. The CEO has determined that the group has
only one operating segment. Consequently, no additional
segment information is disclosed. Reference is made to
Notes 14 and 23 for entity-wide disclosures.
4. Capital management and
financial risk
4.1 Capital management
The group manages its capital to ensure that entities in
the group will be able to continue as a going concern.
The capital structure of the group consists of equity
and current and non-current interest-bearing liabilities.
The group is not subject to any externally imposed
capital requirements apart from the requirements
according to national laws and regulations for limited
liability companies. In September 2019, the Company’s
subsidiary, Ensurge Micropower, Inc. closed an
equipment term loan facility with Utica Leaseco, LLC
(“Utica”) for USD 13.2 million secured by select fixed
assets (see Note 11). The terms of the Master Lease
Agreement and subsequent amendments are detailed in
Note 22. The outstanding balance at 31 December 2025
was USD 3,652 thousand. In October 2024, the
Company’s subsidiary, Ensurge Micropower, Inc.
entered into an equipment lease agreement with
Gekko Financial LLC. The outstanding balance at
31 December 2025 was USD 81 thousand.
The Company is working on obtaining additional equity
funding. See Note 2.1 Going concern.
4.2 Financial risk factors
Ensurge is exposed to certain financial risks related to
exchange rates and interest level. These are, however,
insignificant compared to the business risk.
(a) Market risk factors
(i) Currency risk
The Group has the majority of its operations in the
USA. As of 31 December 2025, approximately 27%
of the Company’s cash balance was denominated
in USD, in order to mitigate currency risk associated
with the increased value of the USD relative to NOK.
Management monitors this risk and will take the
appropriate actions to address it as the situation
requires.
(ii) Interest risk
Ensurge Micropower, Inc., the U.S. operating
subsidiary and global headquarters of the Ensurge
Micropower Group, closed an equipment term loan
facility with Utica for financing of USD 13.2 million,
which funded in two tranches during the month of
September 2019. The interest rate associated with
this debt is fixed and therefore does not present
the potential risk that would be associated with
interest rate fluctuations.
(b) Credit risk
The Company has some credit risks relating to
receivables. The loss on receivables has historically
been low.
In connection with the relocation of Ensurge’s U.S.
headquarters in 2017, a USD 1,600 thousand Letter
of Credit was issued by Ensurge Micropower ASA to
the landlord of the Junction Avenue facility located
in San Jose, California. In addition, the Company
entered into a Tenancy Guaranty with the landlord as
additional security of the rent payments. The initial
guaranty liability amounted to USD 5,000 thousand
and reduces on an annual basis by USD 500 thousand
per year, commencing with the second lease
year until the liability reaches zero dollars. As of
31 December 2025, the guaranty liability amounted to
USD 1,000 thousand. Apart from that, Ensurge has not
issued additional material guarantees.
(c) Liquidity risk
Aside from the equipment term loan facility of
USD 13.2 million closed in September 2019, and the
equipment lease agreement closed in 2024, Ensurge
does not have any other material interest-bearing debt.
In addition, the Company has a continued obligation
under a lease agreement signed in November 2016
relating to its U.S. headquarters in San Jose, California.
The Company was able to raise equity financing in 2025
but is not yet cash generative and operates at a loss.
There is uncertainty tied to the generation of future cash
flow in connection with the Company’s new business
strategy. As described in Note 2.1 Basis of preparation,
the Company is currently pursuing alternative forms of
generating cash to meet its financial obligations. There
is no assurance that the Company will be successful
in raising funds. Failure to obtain future funding, when
needed or on acceptable terms, would adversely affect
its ability to continue as a going concern.
4.3 Fair value estimation
The carrying amounts of trade and other receivables
and payables are considered to be the same as their
fair values, due to their short-term nature. Accounts
22 | Annual Report | 2025
payable and accrued liabilities with due date within
12 months have been recognized at carrying value.
4.4 Financial instruments
Ensurge is not party to any transactions or financial
instruments which are not recorded in the balance
sheet or otherwise disclosed.
5. Critical accounting estimates
and judgments
The financial statements of the group have been
prepared based on the going concern assumption.
Estimates and judgments are continually evaluated and
are based on historical experience and other factors,
including expectations of future events that are believed
to be reasonable under the circumstances. Reference
is made to Note 2.1 Going concern. The Group makes
estimates and assumptions concerning the future. The
resulting accounting estimates will, by definition, rarely
equal the related actual results.
The estimates and assumptions in the financial
statements of the group mainly relate to share-based
compensation, warrants, deferred tax assets, accounting
for research and development, intangible assets,
property, plant and equipment and leases.
Share-based compensation
Ensurge estimates the fair value of options at the
grant date. As the subscription rights are structured
equal to an option, the Black-Scholes option pricing
model is used for valuing the share subscription
rights. The model uses the following parameters; the
exercise price, the life of the option, the current price
of the underlying shares, the expected volatility of
the share price, the dividends expected on the shares,
and the risk-free interest rate for the life of the option.
The cost of share-based remuneration is expensed
over the vesting period. Such estimates are updated
at the balance sheet date. Changes in this estimate
will impact the expensed cost of share-based
remuneration in the period. The variables, assumptions
and relevant theoretical foundations used in the
calculation of the fair value per share subscription
right is estimated according to the IFRS 2 standard.
Research and development
Research costs are expensed as incurred.
Development expenditure on an individual project
is recognized as an intangible asset only when
Ensurge can demonstrate the technical feasibility
of completing the intangible assets so that it will be
available for use or sale, the Company’s intention and
capability of completing the development and realize
the asset, and the net future financial benefits of use
or sale. Determining whether an expense meets the
definition of a development cost requires judgment to
be applied. In 2024, the Company reported significant
progress on important technological milestones
relating to the first prototype solid-state lithium
microbatteries ranging from 1.2–6.5 mAh in capacity
leading to the capitalization of USD 8,849 thousand
in 2025. From December 2025 the Company ceased
to capitalize further R&D costs on the battery
project, based on an assessment that the project
has transitioned out of the development phase that
supported capitalization under accounting standards
and into a phase primarily focused on execution,
refinement, and operational optimization. See Note 12.
Lease
The Company entered into a lease agreement in
November 2016 relating to the property building of
its U.S. headquarters in San Jose, California. Ensurge
assesses whether the lease has been impaired by
applying the requirements in IAS 36 — Impairment
of assets. As of 31 December 2025, the book
value of the leased building is USD 0 thousand,
whereas the book value of the lease liability is
USD 6,049 thousand. See Note 13.
Annual Report | 2025 23 |
6. Revenue and other income
The breakdown of revenue and other income is as follows:
Amounts in USD 1,000
2025
2024
Sales of goods
—
—
Rendering of services, delivery of samples, technology
25
61
access revenue
Total revenue and other income
25
61
The Company recognized USD 25 thousand in sales revenue and other income in 2025 and USD 61 thousand
sales revenue and other income in 2024 from external customers from other countries. Revenue for services is
recognized as services are provided. Revenue for samples is recognized upon shipment of the samples.
Revenue for technology access is recognized according to the terms of the customer agreement.
No warranty costs, penalties or other losses were related to sales revenue in 2025 or 2024.
7. Salaries and other payroll costs
Amounts in USD 1,000
2025
2024
Salaries
6,967
5,312
Social security costs
521
415
Share-based compensation (subscription rights), notional
1,323
798
salary cost
Share-based compensation (subscription rights), accrued
—
—
employer´s tax
Pension contribution
231
—
Other personnel related expenses, including recruiting
951
771
costs
Capitalized research and development
(5,554)
—
Total
4,439
7,296
Average number of employees for the year (full-time
40
32
equivalent)
At the end of the year the group had 41 full-time employees, up from 36 at the end of 2024.
The Company has defined contribution pension plans. Contributions are expensed and paid when earned.
Compensation to senior management
Amounts in USD 1,000
2025
2024
Salary
1,082
790
Pension contribution
17
—
Bonus
152
76
Employee share purchase
—
115
Share-based compensation
588
260
Total senior management
1,839
1,240
Information according to the accounting act §§7-31b and 7-32 (1) is provided in the Remuneration Report 2025.
24 | Annual Report | 2025
8. Remuneration to the Board of Directors
Members of the Board of Directors were elected at the Extraordinary General Meeting on 8 August 2025 for a term
until the 2026 Annual General Meeting. The Company has no other obligation to remunerate the Board other than
the board remuneration as resolved at the AGM or EGM. The Company has not issued any advance payments or
loans to, or guarantees in favor of, any board member. See Note 21 for further information of shares and subscription
rights held at 31 December 2025.
Information according to the accounting act §§7-31b and 7-32 (1) is provided in the Remuneration Report 2025.
9. Other operating expenses
Amounts in USD 1,000
2025
2024
Services
2,298
1,799
Premises, supplies
4,685
4,319
Sales and marketing
157
272
Other expenses
707
893
Capitalized Research and Development
(3,295)
(4,249)
Total
4,553
3,033
Ensurge has lease agreements for premises in the following locations:
Oslo (Norway): The Corporate headquarters are located at Kongens gate 6, Oslo. The Company currently pays
rent on a month-to-month basis. The monthly rent is NOK 7 thousand per month.
San Jose (California, U.S.): The Company entered into a lease agreement in November 2016 relating to the
property building of its Global headquarter at Junction Avenue in San Jose, CA. The lease in San Jose expires
in September 2028. The average annual lease amount in the period is USD 2,436 thousand. See Note 13 for
further description.
Only the lease agreement for the San Jose premises has a duration longer than twelve months.
10. Related party transactions
a) Transactions with related parties
Amounts in USD 1,000
2025
2024
Purchase of services from Acapulco Advisors AS
217
112
Purchase of services from Admaniha AS
57
219
Purchase of services from Lars Eikeland
563
571
Purchases of services from law firm Ræder Bing
507
251
advokatfirma AS
In 2025, Ensurge recorded USD 217 thousand for advisory services from Acapulco Advisors AS, a company
owned by Ståle Bjørnstad, a consultant and a shareholder of Ensurge. This contract ended on 16 January 2026.
In 2025, Ensurge recorded USD 57 thousand respectively for consulting services from Admaniha AS, a company
owned by Terje Rogne, a former board member of Ensurge. This contract ended prior to this reporting period.
In 2025, Ensurge recorded USD 563 thousand for CEO and CFO consulting services provided by Lars Eikeland.
Mr. Eikeland served as interim CEO from January 2024 to August 2025 and as CFO from September 2024 to
February 2026. On 3 February 2026, the Company announced that Mr. Eikeland was stepping down as CFO and
Annual Report | 2025 25 |
will continue as an unpaid advisor to the Company starting in March 2026 for continued vesting of previously
granted equity.
In 2025, Ensurge recorded USD 507 thousand for legal services provided by law firm Ræder Bing advokatfirma
AS, in which Morten Opstad, a deputy board member of Ensurge, is a partner. Mr. Opstad’s role changed prior to
this reporting period from board member to deputy board member.
Transaction prices are based on what would be the prices for sale to third parties and are net of VAT.
b) Year-end balances arising from sales/purchases of goods/services with related
parties
Amounts in USD1,000
2025
2024
Payable to Acapulco Advisors AS
35
—
Payable to Lars Eikeland
143
49
Payable to law firm Ræder Bing advokatfirma AS
168
31
c) Remuneration to the auditor
Amounts in USD 1,000
2025
2024
Audit
144
155
Other assurance services
32
43
Other services*
5
5
Total
182
204
*Relates to technical preparation of tax return with mandatory forms.
26 | Annual Report | 2025
11. Property, plant and equipment
Laboratory and
Amounts in USD 1,000 production equipment
Useful life, years
5
2025
Accumulated cost on 1 January 2025
53,308
Additions
479
Sale / disposal of assets
—
Accumulated cost 31 December 2025
53,787
Accumulated depreciation
Accumulated depreciation and impairments on 1 January 2025
(51,659)
Depreciation expenses
(656)
Sale / disposal of assets
—
Accumulated depreciation and impairment 31 December 2025
(52,315)
Net book value 31 December 2025
1,473
2024
Accumulated cost on 1 January 2024
52,935
Additions
373
Sale / disposal of assets
—
Accumulated cost 31 December 2024
53,308
Accumulated depreciation
Accumulated depreciation and impairments on 1 January 2024
(51,069)
Depreciation expenses
(590)
Sale / disposal of assets
—
Accumulated depreciation and impairment 31 December 2024
(51,659)
Net book value 31 December 2024
1,649
All property, plant and equipment are based in San Jose, California.
Impairment
The Company revised its strategy in 2019, triggering an impairment test. Management views the R2R
technology, production facility and related assets as broadly applicable to multiple potential applications,
including for use in its strategy to develop and produce a new and innovative class of thin, safe solid-state
lithium batteries for wearable devices and connected sensors. As there is no observable market data on these
assets, management have not been able to find a reliable estimate on ‘fair value less costs to sell’. Due to these
uncertainties the assets, including certain intangible assets (see Note 12) and right-of-use assets (see Note 13)
were fully impaired as of 31 December 2019. If the revised strategy is successful, the Company may reverse
some or all of the impairment of production-related assets.
Annual Report | 2025 27 |
Assets pledged as security
The majority of production facility assets, including the R2R production facility, have been pledged to secure
borrowings of the group (see Note 22). The group is not allowed to pledge these assets as security for other
borrowings or to sell them to another entity.
12. Intangible assets
Capitalized
Capitalized NFC
Purchased microbattery
SpeedTap
™
intellectual development development
Amounts in USD 1,000 property costs
costs
Total
Amortization period, years (linear)
13–16
10
2025
Acquisition cost
Accumulated cost on 1 January 2025
1,791
4,309
1,630
7,730
Additions
—
8,943
8,943
Accumulated cost
1,791
13,252
1,630
16,673
31 December 2025
Accumulated amortization and
impairment on 1 January 2025
(1,791)
—
(1,630)
(3,421)
Amortization
—
—
—
—
Amortization and Impairment
(1,791)
—
(1,630)
(3,421)
31 December 2025
Net book value 31 December 2025
—
13,252
—
13,252
2024
Acquisition cost
Accumulated cost on 1 January 2024
1,791
—
1,630
3,421
Additions
—
4,309
—
4,309
Accumulated cost 31 December 2024
1,791
4,309
1,630
7,730
Accumulated amortization and
impairment on 1 January 2024
(1,791)
—
(1,630)
(3,421)
Amortization
—
—
—
—
Amortization and Impairment 31
(1,791)
—
(1,630)
(3,421)
December 2024
Net book value 31 December 2024
—
4,309
—
4,309
In 2024, the Company reported significant progress on important technology milestones relating to the first
prototype solid-state lithium microbatteries with capacities ranging from 1.2–6.5 mAh. The Company identified
and began capitalizing qualified research and development costs in Q3 2024.
From December 2025 the Company ceased to capitalize further R&D costs on the battery project, based on an
assessment that the project has transitioned out of the development phase that supported capitalization under
accounting standards and into a phase primarily focused on execution, refinement, and operational optimization
28 | Annual Report | 2025
Total capitalized development costs through 31 December 2025 amount to USD 13,252 thousand (2024:
USD 4,309 thousand).
Going forward, research and development expenses will be expensed as incurred until the Company determines
that capitalization criteria are again met.
The Company intends to begin amortization of the intangible asset over a ten-year period upon finalization of
the microbattery development and commencement of commercial production.
Purchased intellectual property
The purchased intellectual property relates to licensing of certain patents. The portfolio is reviewed for
impairment annually by comparing the book value to the fair market value at the patent level. In 2019 the
remaining unamortized balance was impaired in full as the Company revised its strategy whereby the future
value of these patents is uncertain.
13. Leases
The Company entered into a lease agreement in November 2016 relating to the building of its U.S. headquarters
in San Jose, CA. The lease in San Jose expires in September 2028. Ensurge applies exemption for short term
leases (12 months or less) and low value leases. The borrowing rate applied in discounting the nominal lease
debt is 7.25%.
Lease liability
Amounts in USD 1,000
Short-term
Long-term
Total
Lease liability recognized at 1 January 2025
1,799
6,049
7,848
Lease payment (see note below)
(2,310)
—
(2,310)
Interest expense
511
—
511
Reclass from long term to short term
2,004
(2,004)
—
Lease liability as of 31 December 2025
2,004
4,045
6,049
For maturity schedule of minimum lease payments, see Note 22.
In the statement of cash flow, the principal portion of lease payments are included in line “Lease installments”
with an amount of USD 1,799 thousand, and interest portion of the payment are included in line “Interest paid”
with an amount of USD 511 thousand. Both are presented as cash flow from financing activities.
14. Warrants liability
On 11 February 2025, the EGM approved the issuance of 20,000,000 warrants (“February 2025 Warrants”) to
the participants in the private placement completed on 20 January 2025. The February 2025 Warrants had an
exercise price of NOK 1.00 and expired on 10 October 2025. At the time of issue, the value of the February 2025
Warrants was determined to be USD 765 thousand based on the Black-Scholes valuation model.
On 8 August 2025, the EGM approved the issuance of 20,000,000 warrants (“August 2025 Warrants”) to the
participants in the private placement completed on 8 July 2025. The August 2025 Warrants had an exercise
price of NOK 1.50 and expired on 12 December 2025. At the time of issue, the value of the August 2025
Warrants was determined to be USD 293 thousand based on the Black-Scholes valuation model.
On 12 October 2025, 19,470,726 of the February 2025 Warrants were exercised at an exercise price of NOK 1.00,
resulting in the issuance of 19,470,726 new shares in the Company.
The August 2025 Warrants were not exercised within the expiration date and have therefore lapsed without any
rights for the holders.
Annual Report | 2025 29 |
On 3 November 2025, the Company announced that in accordance with the Investment Agreement with
Corning, the Company will issue 67,934,000 warrants (“December 2025 Warrants”) representing the NOK
equivalent of USD 10 million divided by the exercise price of NOK 1.50. The warrants will be exercisable between
4 December 2025 and 3 December 2027, provided that the Company and Corning maintain an active joint
development agreement or a subsequent commercial agreement. The December 2025 Warrants were approved
by the EGM held on 3 December 2025.
The exercise price of the warrants is denominated in Norwegian Kroner (NOK); however, the functional currency
of the Company is the U.S. Dollar. As a result of this difference in currencies, the proceeds that will be received
by the Company is not fixed and will vary based on foreign exchange rates. The February 2025 Warrants and
August 2025 Warrants were a derivative and were required to be recognized and measured at fair value at each
reporting period. Any changes in fair value from period to period was recorded as a non-cash gain or loss in
the consolidated statement of comprehensive income, in accordance with IFRS 13. Upon exercise, the holders
paid the Company the respective exercise price for each warrant exercised in exchange for one common
share of Ensurge Micropower ASA, the fair value at the date of exercise and the associated non-cash liability
was reclassified to share capital. The December 2025 Warrants are classified as equity-settled share-based
payments under IFRS 2. No expense has been recognized for 2025, as no services were rendered during the
year. There are no circumstances in which the Company would be required to pay any cash upon exercise or
expiry of the warrants.
A reconciliation of the change in fair values of the derivative is below:
Fair value of warrant liability
Amounts in USD 1,000
31 December 2025
31 December 2024
Opening balance
$—
$—
Warrants issued
1,058
—
Warrants exercised
(745)
—
Warrants expired
(314)
—
Change in fair value of warrant liability
—
—
Ending balance
0
—
Deferred loss
—
—
Warrants liability
0
—
Joint Development Private Placement as approved on
Agreement
As of 31 December 2025
3 November 2025
8 August 2025
11 February 2025
Share price
NOK 0.853
NOK 0.853
NOK 0.853
Exercise price
NOK 1.50
NOK 1.50
NOK 1.00
Expected term (in years)
1.92
—
—
Expected share price volatility
—
49.33%
74.55%
Annual rate of quarterly
—
0.00%
0.00%
dividends
Risk-free interest rate
—
0.00%
0.00%
Warrant expiration date
3 December 2027
12 December 2025
10 October 2025
30 | Annual Report | 2025
15. Net financial items
Amounts in USD 1,000
2025
2024
Interest income
148
151
Interest expense
(1,466)
(2,325)
Net realized and unrealized currency gain/(loss)
306
(468)
Change in fair value of derivative liability
—
657
Other expenses
(103)
(77)
Total
(1,115)
(2,062)
See Note 22 for interest expense.
16. Income tax expense
The tax on the Group’s profit before tax differs from the theoretical amount that would arise using the weighted
average tax rate applicable to profits of the consolidated entities as follows:
Amounts in USD 1,000
2025
2024
Profit (loss)before tax
(10,736)
(12,922)
Tax (tax income) calculated at domestic tax rate
(2,362)
(2,843)
22%(22%)
Effect of other tax rate in other countries
(782)
(660)
Share based compensation
78
(24)
Nondeductible interest
195
316
Other permanent differences
1,103
132
Research and Development Credit
(437)
(339)
Special deduction for foreign derived intangible
(72)
(107)
income
Change in deferred tax asset not recognized in the
2,315
3,588
balance sheet
Tax charge
27
38
17. Profit (loss) per share
1 January – 1 January –
Amounts in USD 31 December 2025 31 December 2024
Profit (loss)attributable to equity holders of the
(10,800)
(12,922)
Company (USD1,000)
Average number of shares in issue*
814,
165,726
602,608,
654
Average diluted number of shares*
814,
165,726
602,608,654
Profit (loss) per share, basic *
(USD 0.01)
(USD 0.02)
When the period result is a loss, the loss per diluted number of shares shall not be reduced by the higher diluted
number of shares, but the diluted result per share equals the result per basic number of shares.
Annual Report | 2025 31 |
The diluted number of shares has been calculated by the treasury stock method. If the adjusted exercise price
of subscription rights exceeds the average share price in the period, the subscription rights are not counted as
being dilutive.
18. Trade and other receivables
Amounts in USD 1,000
31 December 2025
31 December 2024
Customer receivables
20
129
Other receivables, prepayments
574
767
Less: provision for impairment of receivables and
—
(109)
prepayments
Receivables – net
594
787
Of other receivables, prepayments of USD 3,149 thousand (of which USD 2,866 thousand is impaired); (2024:
USD 2,510 thousand) relate to equipment for San Jose site not yet delivered. All receivables are due within one
year and book value approximates fair value.
Other non-current financial receivables of USD 574 thousand mostly relates to a security deposit held by Utica.
Total receivables are denominated in currencies as shown below.
Amounts in USD 1,000
31 December 2025
31 December 2024
Denominated in NOK
—
—
Denominated in USD
594
787
Total
594
787
The group writes off a trade receivable when there is information indicating that the debtor is in severe financial
difficulty and there is no realistic prospect of recovery.
19. Cash and cash equivalents
Amounts in USD 1,000
31 December 2025
31 December 2024
Cash in bank excluding restricted cash
6,301
2,468
Deposit for Letter of Credit (restricted)
1,600
1,600
Deposit for withheld tax (restricted)
12
12
Total
7,913
4,081
Payable withheld tax amounts in Norway at 31 December 2025 were USD 0 thousand (2024: USD 0 thousand).
32 | Annual Report | 2025
20. Share capital, warrants and subscription rights
At the end of 2025, there were 969,396,390 shares in the Company, versus 700,229,477 shares at the end of
2024, each having a par value of NOK 0.50.
Number of shares
Number of warrants
Shares at 1 January 2025
700,229,477
—
Shares issued
269,
166,913
—
Shares at 31 December 2025
969,396,390
—
Shares at 1 January 2024
491,937,779
—
Shares issued
208,291,
698
—
Shares at 31 December 2024
700,229,477
—
Annual Report | 2025 33 |
Number of Price per
Shares issued
Date
shares share
Private placement
20 January 2025
40,
000,000
1.00
Employee share purchase
4 March 2025
2,733,844
0.9138
Private placement
10 April 2025
52,250,
000
1.20
Private placement
8 July 2025
41,200,
000
1.25
Employee share purchase
2 September 2025
1,629,232
1.0072
Warrant exercise
12 October 2025
19,470
,726
1.00
Private placement
9 November 2025
83,
678,032
0.90
Private placement
17 December 2025
27
,433,079
0.90
Shares issued in 2025
268,394,913
Subscription rights exercised
5 June 2025
200,
000
0.50
Subscription rights exercised
5 June 2025
167
,000
0.915
Subscription rights exercised
1 September 2025
280
,000
0.50
Subscription rights exercised
1 September 2025
125,
000
0.915
Subscription rights exercised in 2025
772,000
Private placement
20 February 2024
46,
693,777
1.25
Convertible loan conversion
29 February 2024
2,917,808
0.525
Employee share purchase
6 March 2024
4,206,097
0.50
Convertible loan conversion
6 April 2024
2,932,289
0.525
Private placement
13 May 2024
54,
775,545
1.55
Convertible loan conversion
24 May 2024
12,439,9
21
0.525
Convertible loan conversion
24 July 2024
2,091,063
0.525
Employee share purchase
31 August 2024
2,216,074
1.13
Private placement
27 September 2024
61,
790,320
1.00
Private placement
24 October 2024
13,209
,680
1.00
Convertible loan conversion
10 November 2024
3,003,131
0.525
Shares issued in 2024
206,275,705
Subscription rights exercised
29 February 2024
2,000,000
0.50
Subscription rights exercised
31 August 2024
16,000
0.95
Subscription rights exercised in 2024
2,016,000
On 4 February 2026, the Company announced the issuance of 6,480,000 subscription rights to certain of its
U.S. employees. The grants were made under the Company’s 2025 Subscription Rights Incentive Plan.
On 19 February 2026, the Company announced the issuance of 4,500,000 subscription rights to certain of its
U.S. employees. The grants were made under the Company’s 2025 Subscription Rights Incentive Plan.
On 6 March 2026, the Company announced the issuance of 1,909,313 ordinary shares at an average
subscription price of NOK 0.6387 per share to employees and contractors in the Company who participated in
the Company’s 2025 Employee Share Purchase Plan. The ESPP was approved by the EGM on 8 August 2025.
On 9 March 2026, the Board of Directors resolved to issue 794,000 shares at a subscription price of NOK 0.50
to employees of the Company who have exercised incentive subscription rights granted in accordance with the
Company’s 2023 Subscription Rights Incentive Plan.
34 | Annual Report | 2025
On 5 April 2026, the Company announced a Convertible Note agreement with select investors in the amount of
NOK 60 million. Issuance of the convertible notes and the associated warrants is subject to approval by AGM on
15 May 2026.
1 January - 1 January -
Number of subscription rights 31 December 2025 31 December 2024
Subscription rights opening balance
55,176,079
48,190,903
Grant of incentive subscription rights
62,632,311
11,972,200
Terminated, forfeited and expired subscription rights
(2,769,362)
(2,971,024)
Exercise of subscription rights
(772,000)
(2,016,000)
Subscription rights closing balance
114,267,028
55,176,079
Subscription
Date
rights
Price
Vesting
Expiration
Board members
8 August 2025
21,
000,000
1.376
40% at 2
026 A
GM, 30% after
8 August 2030
2 years and 30% after 3 years
Employees
3 February 2025
80,000
0.969
50% per year
14 May 2029
6 May 2025
90
,000
1.253
50% per year
14 May 2029
15 August 2025
385,000
1.329
50% per year
8 August 2030
1 September 2025
30,687
,311
1.316
25% after 1 year, remaining 75% 8 August 2030
equally over the next 12 quarters
26 September 2025
7,890,000
1.183
1/16 each quarter for 4 years
8 August 2030
Consultants
26 September 2025
2,500,000
1.183
1/16 each quarter for 4 years
8 August 2030
Grants of subscription rights in 2025 62,632,311
Subscription
Date
rights
Price
Vesting
Expiration
Employees
24 April 2024
202,200
1.264
50% per year
24 May 2028
20 August 2024
340
,000
1.386
50% per year
14 May 2029
20 August 2024
8,760,000
1.386
10% after 1 year, 20% after 2 years, 14 May 2029
70% after 3 years
24 September 2024
160,
000
1.098
50% per year
14 May 2029
11 November 2024
210,
000
50% per year
14 May 2029
0.940
Consultants
20 August 2024
2,300,000
1.386
10% after 1 year, 20% after 2 years, 14 May 2029
70% after 3 years
Grants of subscription rights in 2024
11,972,200
Annual Report | 2025 35 |
21. Shares and subscription rights
At the end of 2025 there were 969,396,390 shares in the Company, versus 700,229,477 at the end of 2024. At
the end of 2025 there were 11,558 registered shareholders (2024: 12,818).
Ensurge is not aware of any shareholding agreements between shareholders.
Top 20 shareholders as of
31 December 2025
Shares
Percent
The Bank of New York Mellon
62,619,884
6.5%
Skandinaviska Enskilda Banken AB
54,199,689
5.6%
Morgan Stanley & Co Intl Plc
51,903,123
5.4%
BNP Paribas
43,115,149
4.4%
Alden AS
40,666,666
4.2%
UBS AG
39,081,995
4.0%
Andreas Holding AS
35,866,072
3.7%
Bank Pictet & Cie (Europe)AG
31,114,630
3.2%
Nordnet Bank AB
28,284,446
2.9%
Goldman Sachs International
26,381,062
2.7%
Haadem Invest AS
21,828,554
2.3%
Jaco Invest AS
17,079,555
1.8%
Arne Hellestø AS
13,200,000
1.4%
Songa Capital AS
12,801,200
1.3%
RTTM Holding AS
12,300,000
1.3%
J.P. Morgan Securities LLC
12,120,912
1.3%
Karl A Haraldsen 1 AS
12,000,000
1.2%
UBS Switzerland AG
11,222,134
1.2%
J.P. Morgan SE
11,196,541
1.2%
Ragnvald Gabrielsen AS
11,195,658
1.2%
Total 20 largest shareholders
548,177,270
56.5 %
Total other shareholders
421,219,120
43.5 %
Total Shares outstanding
969,396,390
100.0%
Shares and subscription rights held by primary insiders and Incentive
close relations at 31 December 2025 Shares subscription rights
Alexander Munch-Thore, Chairman
1,000,000
13,000,000
Thomas Ramm, Board Member
6,729,256
8,000,000
Nina Riibe, Board Member
100,
000
2,000,000
Morten Opstad, Deputy Board Member
209
,604
2,000,000
Terje Rogne, Former Board Member
320
,000
16,469,177
Victoire de Margerie, Former Board Member
—
100,000
Shauna McIntyre, CEO/CFO
113,
666
30,687,311
Arvind Kamath, EVP Technology Development
540,841
10,499,999
Lars Eikeland, Former CEO/CFO
6,115,488
10,300,000
Mark Newman, Former Interim CEO, Former Board Member
—
100,000
Total
15,128,855
93,156,487
36 | Annual Report | 2025
Subscription rights
2025
2024
Weighted average Number of Weighted average Number of
exercise price, subscription exercise price, subscription
NOK rights NOK rights
Total at 1 January
1.34
55,
176,079
1.59
48,
190,903
Granted
1.31
62,632,31
1
1.37
6
2,632,311
Forfeited
2.18
(1,574,244)
0.54
(1,475,143)
Exercised
0.66
(772,000)
0.50
(2,016,000)
Expired
19.92
(1,195,118)
11.32
(1,495,881)
Total at 31 December
0.97
114,267,028
1.34
55,176,079
Number of exercisable subscription rights 42,208,974
at 31 December 2025 (included in total)
Subscription rights outstanding at 31 December 2025
Number of Weighted average
Holder subscription rights exercise price, NOK
Shauna McIntyre, CEO/CFO
30,68
7,311
1.32
Lars Eikeland, Former CEO/CFO
10,300
,000
0.83
Mark Newman, Former CEO
100,000
12.50
Arvind Kamath, EVP Technology Development
10,499
,999
0.87
Employees and contractors
62,679,718
1.10
Total
114,267,028
0.97
Annual Report | 2025 37 |
Value of subscription rights and Grants in Grants in Grants in Grants in Grants in
assumptions upon grant 2025 2024 2023 2022 2021
Value of subscription right at grant date,
0.37-0.89
0.94-1.386
0.40-4.30
0.50-28.40
24.75-34.20
NOK per subscription right
Share price, NOK per share
1.16-1.35
0.51-2.07
0.098-4.64
2.25-11.24
2.25-10.44
Exercise price, NOK per share
1.18 - 1.38
0.94-1.39
0.50-0.92
12.50-31.50
6.75-38.25
Expected annual volatility
72-96%
102-116%
155-182%
0-257%
235-236%
Duration, years
1.25-4.75
4.1-4.5
4.1-5.0
4.1-5.0
4.1-4.8
Expected dividend
—
—
—
—
—
Risk-free interest rate, government bonds
3.48-3.88%
2.28-3.92%
2.31-3.84%
0.90-3.35%
0.26-0.81%
Value of subscription rights and Grants in Grants in Grants in Grants in Grants in
assumptions on 31 December 2025 2025 2024 2023 2022 2021
Value of subscription right at
31 December 2025, NOK per subscription
0.37-0.89
0.63-.098
0.42-.076
1.30-28.41
28.23-30.02
right
Share price, NOK per share
0.85
0.85
0.85
0.85
0.85
Exercise price, NOK per share
1.18 - 1.38
0.94-1.39
0.50-0.92
12.50-31.51
29.25-35.11
Expected annual volatility
72-96%
109-116%
164-177%
0-257%
235-236%
Duration, years
1.40-3.37
0.17-1.40
1.40-2.40
0.42-1.39
0.42
Expected dividend
—
—
—
—
—
Risk-free interest rate, government bonds
3.48-3.88%
2.28-3.92%
2.47-3.84%
0.90-2.22%
0.32-0.81%
Number of outstanding subscription
62,532,311
10,485,600
40,801,376
225,522
222,219
rights at 31 December 2025
There were subscription rights exercised in 2024 and 2025.
22. Current and long-term debt
In September 2019, the subsidiary in the U.S., Ensurge Micropower, Inc., closed an equipment term loan facility
with Utica for USD 13.2 million secured by select fixed assets (see Note 11).
On 7 November 2022, the Company consolidated and re-amortized the Master Lease Agreement and three
amendments with Utica. In connection with the new arrangement, the Company has pledged additional
collateral to secure the amended payment terms. In addition to the existing collateral pledge, its R2R
production line equipment and sheet-line tools, Ensurge has pledged all remaining unsecured equipment
located in the San Jose, California facility. Further, Utica has taken a first security position in certain of Ensurge
Micropower ASA’s intellectual property.
At 31 December 2025, the current portion of the loan principal of USD 2,298 thousand and the long-term
portion of the principal of USD 1,354 thousand is recorded as Long-term Debt in the Consolidated Statements
of Financial Position. The interest rate for the financing is 24% in 2024 and 20% in 2025. The table below
discloses principal payment obligations as well as interest payments for the Company.
The Company entered into an equipment lease agreement in October 2024 with Gekko Financial LLC. At
31 December 2025, the current portion of the loan is USD 16 thousand. The long-term portion of the loan of
USD 81 thousand is recorded as Long-term Debt in the Consolidated Statement for Financial Position. The
interest rate is 13.12%.
The Company entered into a lease agreement in November 2016 relating to its U.S. headquarters in San
Jose, California. The lease in San Jose expires in September 2028. The building element of the lease
agreement is classified as a lease liability. As a part of the relocation of Ensurge’s U.S. headquarters in 2017,
a USD 1,600 thousand Letter of Credit was issued by Ensurge Micropower ASA to the landlord. The restricted
cash of USD 1,600 thousand securing the Letter of Credit is included in the Company’s cash and cash
equivalents. Ensurge Micropower ASA, in addition, entered into a Tenancy Guarantee with the landlord.
The guarantee was given to secure payment of the lease rent. The initial guarantee liability amounted to
USD 5,000 thousand and reduces on an annual basis of USD 500 thousand per year commencing with the
38 | Annual Report | 2025
second lease year until the liability reaches zero dollars. As of 31 December 2025, the guarantee liability
amounted to USD 1,000 thousand.
The San Jose, California lease is reflected under this caption and the table below. In addition, see Note 25.
The interest rate for the financing is 17%. The table below disclosures principal payment obligations for the
Company.
Reconciliation of liabilities arising from financing activities
Non-cash changes
Amounts in Cash Other
USD 1,000
31 December 2024
flows
Additions
changes
31 December 2025
Interest-bearing
5,514
(1,863)
—
—
3,652
debt
Lease liabilities
7,848
(1,799)
—
—
6,049
Convertible debt
—
—
—
—
—
13,362
(3,662)
—
—
9,700
Changes in debt
Amounts in USD 1,000
Short term debt
Long term debt
Total
Principal balance as of 1 January 2024
1,863
3,652
5,514
Principal payments
(1,863)
—
(1,863)
Reclass from long term to short term
2,298
(2,298)
—
Principal balance as of 31 December 2024
2,298
1,354
3,652
Maturity schedule — liabilities
Amounts in USD 1,000
31 December 2025
Principal and interest due
Carrying 1–2 2–3 3–4
value
Within 1 year
years years years
Q1
Q2
Q3
Q4
Principal obligations
3,652
540
563
586
1,308
610
21
24
due
Interest payments
—
143
120
97
70
72
5
2
Lease payments
6,049
591
591
591
2,447
608
1,875
—
Total to be paid
1,274
1,275
1,275
3,825
1,291
1,901
26
Annual Report | 2025 39 |
23. Trade and other payables
Amounts in USD 1,000
31 December 2025
31 December 2024
Trade payables
637
327
Public duties, withheld taxes and social security
28
9
taxes due
Share-based liability (subscription rights),
13
12
employer´s tax
Accrued holiday pay and other accrued salary
829
664
Other accrued expenses
447
799
Total
2,076
1,507
Of this, payables to related parties (Note 10)
312
80
Total payables and accruals are denominated in currencies as shown below:
Amounts in USD 1,000
31 December 2025
31 December 2024
Denominated in NOK
249
108
Denominated in JPY
81
 —
Denominated in USD
1,746
1,399
Total
2,076
1,507
24. Deferred income tax
Deferred income tax assets and liabilities are offset when the Company has a right to offset current tax assets
against current tax liabilities and when the deferred income taxes relate to the same fiscal authority. The offset
amounts are as follows:
Charged to
Amounts in USD 1,000
31 December 2024
profit/loss
Equity
31 December 2025
Deferred income tax asset
Fixed and intangible assets
892
(56)
—
837
Other accruals
2,538
(674)
—
1,864
R&D credits
2,928
679
—
3,607
Tax loss carried forward outside
3,481
(844)
—
2,637
Norway
Tax loss carried forward Norway
69,841
8,654
—
78,495
Calculated deferred tax asset
79,
681
4,766
—
84,446
22% (2024: 22%)
Impairment of deferred tax asset
(79,681)
(4,766)
—
(84,446)
Deferred tax in the balance
—
—
—
—
sheet
The Equity column includes effects of currency translation.
The Company has not recognized the tax asset as there is uncertainty relating to future taxable income for
utilization of the tax loss carried forward, and the taxable loss on intangible assets. There is no expiration date
on the tax loss carried forward. No tax item has been recorded directly to equity.
40 | Annual Report | 2025
The unrecognized deferred tax asset is calculated by applying the local tax rates in Norway and the U.S. These
tax rates are 22 and 22 percent respectively (2024: 22 and 22).
25. Guarantees
As a part of the relocation of Ensurge’s U.S. headquarters in 2017, a USD 1,600 thousand Letter of Credit
was issued by Ensurge Micropower ASA to the landlord and is included in the Company’s cash balance in
Note 19 as restricted cash. Ensurge Micropower ASA has in addition entered into a Tenancy Guaranty with the
landlord. The Guaranty is given to secure payment of the lease rent. The initial Guaranty liability amounted
to USD 5,000 thousand and reduces on an annual basis of USD 500 thousand per year commencing with
the second lease year until the liability reaches zero dollars. As at 31 December 2025, the Guaranty liability
amounted to USD 1,000 thousand.
26. Events after the balance sheet date
On 23 January 2026, the Company announced its decision to terminate trading of its securities on the U.S.
OTC market, effective 11 March 2026. The Company’s shares will remain listed on the Oslo Stock Exchange.
The termination of trading applies to the Company’s American Depositary Receipts (ADRs) and F-shares on the
OTCQB Venture Market.
On 3 February 2026, the Company announced a strategic restructuring to sharpen its focus on product-
led execution and acceleration of the commercialization of its solid-state lithium microbattery technology.
As part of this restructuring, the Company reduced its workforce to align resources with product validation
priorities and extend operational runway. The restructuring is expected to result in annualized cost savings of
approximately USD 2 million.
On 4 February 2026, the Company announced the issuance of 6,480,000 subscription rights to certain of its
U.S. employees. The grants were made under the Company’s 2025 Subscription Rights Incentive Plan.
On 19 February 2026, the Company announced the issuance of 4,500,000 subscription rights to certain of its
U.S. employees. The grants were made under the Company’s 2025 Subscription Rights Incentive Plan.
On 6 March 2026, the Company announced the issuance of 1,909,313 ordinary shares at an average
subscription price of NOK 0.6387 per share to employees and contractors in the Company who participated in
the Company’s 2025 Employee Share Purchase Plan. The ESPP was approved by the EGM on 8 August 2025.
On 9 March 2026, the Board of Directors resolved to issue 794,000 shares at a subscription price of NOK 0.50
to employees of the Company who have exercised incentive subscription rights granted in accordance with the
Company’s 2023 Subscription Rights Incentive Plan.
On 5 April 2026 the Company announced a Convertible Note agreement with select investors for a minimum of
NOK 60 million. The conversion price is NOK 1 per share, the interest rate is 10% (paid in shares at conversion).
One (1) warrant (Nw. Frittstående tegningsrett) will be granted free of charge to the Lenders for every NOK five
(5) allocated in the Convertible Loan. Issuance of the convertible notes and the associated warrants is subject
to approval at the 15 May 2026 AGM. If approved, the maturity date is 31 August 2027, if not, the loan is due
15 June 2026.
Annual Report | 2025 41 |
27. Subsidiaries
Details of the Group’s subsidiaries at the end of the reporting period are as follows.
Proportion of ownership
Place of interest and voting
incorporation power held by the group
Name of subsidiary
Principal activity
and operation 31 December 2025
Research & Development,
Ensurge Micropower Inc. Manufacturing and
USA
100%
Marketing services
Thin Film Electronics KK
Dormant
Japan
100%
TFE Holding Owning shares in Ensurge
USA
100%
Micropower Inc.
28. Contractual commitment
Ensurge has no significant contractual commitments related to equipment for the new roll-based production
line at the San Jose site.
29. Litigation
The Company and its subsidiaries were not involved in any litigation or legal action as of 31 December 2025 and
are not involved in any litigation or legal action as of the date of this report.
42 | Annual Report | 2025
Ensurge Micropower ASA
Annual Financial Statements 2025
Profitandlossstatement
Amounts in NOK1,000 Note 2025 2024
Salesrevenue 4 — —
Total revenue — —
Salaries and other benefits 5,6 (15,730) (10,742)
Services(external) (12,962) (10,038)
Services(fromsubsidiaries) 7,8 (154,384) (180,266)
Otheroperatingexpenses 8 (3,451) (6,415)
Amortizationofintangibleassets&
negativegoodwill
— —
Operating profit (loss) (186,526) (207,461)
Impairmentinvestmentinsubsidiary 9 (4,431) (4,074)
Interest income 1,373 8,084
Interest expense (260) (1,969)
Changeinfairvalueofderivative
liability
— 4,561
Otherfinancialincome(costs) 12,084 (7,058)
Net financial items 8,766 (455)
Profit (loss) before income tax (177,761) (207,916)
Income tax expense 10 — —
Profit (loss) for the year (177,761) (207,916)
The notes on pages 45 to 54areanintegralpartoftheseannualfinancialstatements.
Annual Report | 2025 43 |
Balance sheet
Amounts in NOK1,000 Note 31 December 2025 31 December 2024
ASSETS
Non-current assets
Intangible assets 12 139,630 46,775
Total non-current assets 139,630 46,775
Current assets
Tradeandotherreceivables 14 952 538
Cashandbankdeposits 15 74,929 38,487
Total current assets 75,881 39,025
Total assets 215,512 85,800
EQUITY
Share capital 16,17 484,698 350,115
Otherpaid-incapital 243,988 126,885
Total paid-in equity 728,687 477,000
Retainedprofit/uncoveredlosses (669,571) (511,498)
Total equity 18 59,116 (34,498)
LIABILITIES
Current liabilities
Accounts payable 2,903 1,018
Withheld tax and public duties payable 305 230
Debttogroupcompanies 9,20 151,420 118,368
Otherpayablesandaccruals 1,768 682
Total liabilities 156,395 120,297
Total equity and liabilities 215,512 85,800
The notes on pages 45 to 54areanintegralpartoftheseannualfinancialstatements.
TheBoardofDirectorsofEnsurgeMicropowerASA,Oslo,Norway,9April2026
AlexanderMunch-Thore
Chairman
Thomas Ramm
Board Member
Nina Riibe
Board Member
Shauna McIntyre
CEO/CFO
44 | Annual Report | 2025
Cashflowstatement
Amounts in NOK1,000 Note 2025 2024
Cash flows from operating activities
Profit(loss)beforeincometax (177,761) (207,916)
-Share-basedremuneration 18 7,956 4,473
-Changeinworkingcapitalandotheritems 44,258 45,098
Net cash from operating activities (125,546) (158,346)
Cash flows from investing activities
Capitalizeddevelopmentexpenses 12 (92,855) (46,775)
Net cash from investing activities (92,855) (46,775)
Cash flows from financing activities
Proceedsfromissuanceofshares 16,18 254,844 205,741
Net cash from financing activities 254,844 205,741
Net change in cash and bank deposits 36,443 620
Cashandbankdepositsatthebeginningof
the year
38,487 37,867
Cash and bank deposits at the end of the
year*
15 74,929 38,487
TheCompanyhadnobankdraftfacilitiesattheendof2025or2024.
The notes on pages 45 to 54areanintegralpartoftheseannualfinancialstatements.
*SeeNote15forrestrictedamount.
Annual Report | 2025 45 |
Notes to the Annual Financial
Statements Ensurge Micropower ASA
1.Informationaboutthe
Company
EnsurgeMicropowerASA(“Ensurge”or“theThin
FilmElectronicsASA(“Ensurge”or“theCompany”)
wasfoundedon22December2005andwas
renamedtoEnsurgeMicropowerASA.SeeNote27
of the Consolidated Financial Statements for list of
subsidiaries.
Ensurgedevelopshigh-performing,flexible
and safe energy storage solutions for wearable
devices,connectedsensors,andotherhighgrowth
applications.
The Company is a public limited liability company
incorporatedanddomiciledinNorway.Theaddressof
itsregisteredofficeisKongensgate6,Oslo,Norway.
TheCompany’sshareswereadmittedtolistingat
theOsloAxesson30January2008andtothe
OsloBørson27February2015.On24March2015
Ensurge’sAmericanDepositoryReceipts(ADRs)
andsharescommencedtradingintheUnitedStates
onOTCQXInternational.On23June2020theOTC
tradingwastransferredtotheOTCQBVentureMarket.
On23January2026,theCompanyannouncedits
decision to terminate trading of its securities on the
U.S.OTCmarket,effective11March2026.
Theseannualfinancialstatementsfortheparent
companywereresolvedbytheCompany’sBoardof
Directorson9April2026.
Going concern
TheBoardconfirmsthefinancialstatementsofthe
Group,aswellastheparentcompany,havebeen
preparedunderthegoingconcernassumption.
During2025,Ensurgeannouncedmultiplefinancing
roundstofundoperations.On10April2025,the
Companyannouncedaprivateplacementraising
grossproceedsofNOK60million,throughthe
issuanceof50millionnewsharesatNOK1.20per
share.
On8July2025,theCompanyannouncedaprivate
placementraisinggrossproceedsofNOK50million,
throughtheissuanceof40millionnewshares
atNOK1.25pershare.On12October2025,
approximately19.5millionwarrantsgrantedto
investorsintheprivateplacementannouncedon
20January2025wereexercisedatNOK1.00per
share,raisingapproximatelyNOK19.5million.On
6November2025,theCompanyannouncedaprivate
placementraisinggrossproceedsofNOK100million
throughtheissuanceof111.1millionnewsharesat
NOK0.90pershare.
On5April2026theCompanyenteredintoa
ConvertibleNoteagreementwithselectinvestorsfor
aminimumofNOK60million.TheConvertibleNote
requiresapprovalbytheAnnualGeneralMeeting
(AGM)scheduledon15May2026,andsubjectto
thisapprovaltheCompanyhassufficientcashto
fundoperationsintoQ32026.SeeNote26inthe
ConsolidatedFinancialStatements.However,funding
isnotsecuredforthenext12months,andamaterial
uncertainty exists as to whether the Company and
groupwillcontinueasagoingconcern.TheCompany
and group are dependent on successfully raising
additionalfundsasplanned.
TheBoardmonitorsthefinancialpositionclosely
andreceivesfrequentreportsandforecastson
expenditureandcashflow.Toaddressthefunding
requirementsofthegroup,theBoardhasundertaken
thefollowinginitiatives:
• TheCompanywillcontinuetoseekadditionalfunds
frompartnershipfunding,externalfinancingofnew
productionequipment,andtheinvestormarketina
timely manner;
• Continuetomonitorthegroup’songoingworking
capitalrequirementsandminimumexpenditure
commitments; and
• The Board will continue its focus on maintaining an
appropriatelevelofcorporateoverheadthatisinline
withthegroup’savailablecashresources.
Despitethematerialuncertaintyastowhetherthe
group will be able to successfully raise funds as
planned,theBoardhasconcludedthattheCompany
is not in a situation where there is no realistic
alternativetocontinueasgoingconcernandhence
itisappropriatetopreparetheannualfinancial
statementsonthegoingconcernbasis.
46 | Annual Report | 2025
2.Accountingpolicies
Theseannualfinancialstatementshavebeenprepared
in accordance with the Norwegian accounting act
1998andgenerallyacceptedaccountingprinciplesin
Norway.Theprincipalaccountingpoliciesappliedin
thepreparationoftheseannualfinancialstatements
aresetoutbelow.Thesepolicieshavebeenapplied
consistently.Thefinancialstatementshavebeen
preparedusingthehistoricalcostconvention.
Principal criteria for valuation and
classification of assets and liabilities
Assetsforlastingownershiporusehavebeenclassified
asfixedassets.Otherassetshavebeenclassified
ascurrentassets.Receivableswhichareduewithin
twelvemonthshavebeenclassifiedascurrentassets.
Correspondingcriteriahavebeenappliedwhen
classifyingshort-termandlong-termdebt.
Currentassetshavebeenvaluedatthelowerofcost
andfairvalue.Otherlong-termdebtandshort-termdebt
havebeenvaluedatfacevalue.
Assets and liabilities denominated in
foreign currency
Monetaryitemsinforeigncurrencyhavebeen
convertedattheexchangerateonthebalancesheet
date.
Shares in subsidiaries
Investmentinsubsidiarieshasbeenvaluedatcostin
theparentcompany.Incaseofimpairment,whichis
nottemporary,theinvestmenthasbeenwrittendown
tofairvalueifmandatedaccordingtoGAAP.
Revenue
Revenuecomprisesthefairvalueoftheconsideration
receivedorreceivableforthesaleofgoodsand
servicesintheordinarycourseofthegroup’s
activities.Revenueisshownnetofvalue-addedtax,
returns,rebatesanddiscountsandaftereliminating
saleswithinthegroup.
EnsurgeMicropowerASArecognizesrevenuewhen
theamountofrevenuecanbereliablymeasured,itis
probablethatfutureeconomicbenefitswillflowto
theentityandwhenthespecificcriteriahavebeen
metforeachofthegroup’sactivities,asdescribed
below.
(a) Sales of goods
TheCompanyhadzerosalesin2025and2024.
Salesofgoodsarerecognizedwhentherisksand
rewardsofownershiparetransferredtothecustomer,
the costs incurred in respect of the transaction can
bemeasuredreliably,andEnsurgeretainsneither
continuingmanagerialinvolvementtothedegree
usuallyassociatedwithownershipnoreffective
controloverthegoodssold.
(b) Rendering of services
TheCompanyprovidesengineeringandsupport
servicestostrategiccustomersandpartners.Revenue
fromservicesisrecognizedwhen,orinthesame
periodas,thegrouphasprovidedtheservices.
(c) Technology access revenue
TheGroupgrantstechnologyaccessrightsto
strategiccustomersandpartners,i.e.,therightto
workwithEnsurgeanditstechnologytodevelop
bespokeprintedproductsandsystems.Revenue
from granting technology access rights is generally
recognizedonastraight-linebasisoverthe
period or contract term the technology access is
granted.However,revenuefromtechnologyaccess
agreementsthatinvolveanupfrontlump-sum
paymentthatisnottiedtoanyfuturedeliveriesfrom
Ensurgeisrecognizedatthetimetheagreementis
enteredinto.
Government grants
Governmentgrantsarerecognizedwhenthereis
reasonableassurancethatthegrantwillbereceived,
andtheconditionswillbecompliedwith.Grants
whicharerelatedtospecificdevelopmentprograms
withcommercialend-objectivesarerecognizedas
otheroperatingrevenueovertheperiodnecessary
tomatchthemwiththerelatedcosts,forwhichthey
areintendedtocompensate,onasystematicbasis.
Grantsorothercontributionsintheformoftaxcredit
arecreditedagainstcosts.
Intangible assets
ReferenceismadetoNote2.6intheConsolidated
FinancialStatements.
Receivables
Accountsreceivableandotherreceivableshavebeen
recordedatfacevalueafteraccrualsforexpected
losseshavebeendeducted.Accrualsforlosseshave
beenmadebasedonanindividualassessmentof
eachreceivable.
Annual Report | 2025 47 |
Cash and bank deposits
Cashandbankdepositsincludecash,bankdeposits
andcashequivalentswithaduedatelessthanthree
monthsfromacquisition.
Cash flow statement
Thecashflowstatementispreparedinaccordance
withtheindirectmethod.
Costs
Inprinciple,costofsalesandotherexpensesare
recognizedinthesameperiodastherevenueto
whichtheyrelate.Ininstanceswherethereisnoclear
connectionbetweentheexpenseandrevenue,the
apportionmentisestimated.
Share-based remuneration
The Company may issue independent subscription rights
toemployeesandindividualconsultantsperforming
similarworkandaccountsforthesetransactionsunder
theprovisionsofNRS15Aandgenerallyaccepted
accountingprinciplesinNorway.Twotypesofexpenses
arerecognizedrelatedtograntofsubscriptionrights:
(i)Notionalcostofsubscriptionrightsisrecognized
attimeofgrantandcalculatedbasedontheBlack-
Scholesmodel(sharepriceattimeofgrant,exercise
price,expectedvolatility,durationandrisk-freeinterest
rate).The2025SubscriptionRightsIncentivePlanvests
subscriptionrightsin16equalquarterlyinstallments
overfouryears.Eachsubscriptionrightisfullyvested
48monthsafterthegrantdate.Certaingrantsunder
the2025SubscriptionRightsIncentivePlanwere
issuedwith50%ofthesubscriptionrightsvestingon
theone-yearanniversaryofthedateofgrantandthe
remaining50%ofthesubscriptionrightsvestingon
thetwo-yearanniversaryofthedateofgrant.Certain
grantsunderthe2025SubscriptionRightsIncentive
Planwereissuedwith25%ofthesubscriptionrights
vestingontheone-yearanniversaryofthedateofgrant
andtheremaining75%ofthesubscriptionrightsvesting
evenlyoverthenextthreeyears.Thenotionalcostof
subscriptionrightsasshare-basedremunerationis
expensedbuttheequityeffectisnilbecausethecontra
itemisanotionalequityinjectionofequalamount.
(ii)Employer’staxexpenseisaccruedbasedonthenet
presentvalueofthesubscriptionrightasanoptionon
thebalancesheetdate.Thevaluevarieswiththeshare
priceandmayentailanetreversalofcosts.
Whentheparenthasanobligationtosettletheshare-
based payment transaction with the subsidiaries’
employeesbyprovidingtheparent’sownequity
instruments,thisisaccountedforasanincreasein
equityandacorrespondingincreaseininvestmentin
subsidiaries.
Tax on profit
Tax cost has been matched to the reported result
beforetax.Taxrelatedtoequitytransactionshas
beenchargedtoequity.Thetaxcostconsistsof
payable tax (tax on the directly taxable income for
theyear)andchangeinnetdeferredtax.Thetaxcost
is split into tax on ordinary result and result from
extraordinaryitemsaccordingtothetaxbase.Net
deferredtaxbenefitisheldinthebalancesheetonly
iffuturebenefitcanbejustified.
Consolidated items
Insignificantitemshavebeencombinedorincluded
insimilaritemsinordertosimplifythestatements.
Lineswhicharezerooraboutzerohavebeenomitted
except where it has been deemed necessary to
emphasizethattheitemiszero.
Estimates and judgmental assessments
The preparation of the annual accounts in accordance
with the generally accepted accounting principles
requiresthatthemanagementmakeestimatesand
assumptionsthataffecttheincomestatementand
thevaluationofassetsandliabilities.Estimates
andrelatedassumptionshavebeenbasedonthe
management’sbestknowledgeofpastandrecent
events,experienceandotherfactorswhichare
consideredreasonableunderthecircumstances.
Estimates and underlying assumptions are subject to
continuousevaluation.
3.Significantevents,going
concern,eventsafterthe
balancesheetdate,financial
risk
Significant events
ReferenceismadetoNote26intheConsolidated
FinancialStatements.
Financial risk factors
ReferenceismadetoNote4.2intheConsolidated
FinancialStatements.
48 | Annual Report | 2025
4.Salesrevenue
Therewasnosalesrevenuefromexternalcustomersfor2025or2024.
Nowarrantycosts,penaltiesorotherlosseswererelatedtosalesrevenuein2025or2024.
5.Salariesandotherbenefits
Amounts in NOK1,000 2025 2024
Salaries 7,595 4,998
Social security costs 144 135
Share-basedcompensation(subscriptionrights),
notional salary cost
7,956 4,473
Pensioncontribution 35 —
Otherpersonnelrelatedexpenses,including
recruiting costs
— 1,137
Total 15,730 10,742
Averagenumberofemployeesfortheyear — —
Numberofemployees31December — —
TheCEOisemployedbytheU.S.subsidiarycompany.ExpensesarecrosschargedtotheParentcompany.Atthe
endoftheyeartherewasonefull-timeconsultant.(2024:1full-timeconsultant).
The Companyhasonlydefinedcontributionpensionplans.Contributionsareexpensedandpaidwhenearned.
Compensation to senior management
Amounts in NOK 1,000 2025 2024
Salary 6,555 4,998
Pensioncontribution 35 —
Bonus 1,039 —
Employeestockpurchase — 1,137
Share-basedcompensation 7,956 1,282
Total senior management compensation 15,586 7,416
Informationaccordingtotheaccountingact§§7-31band7-32(1)isprovidedintheRemunerationReport2025.
Remuneration to the Board of Directors
ReferenceismadetoNote8intheConsolidatedFinancialStatements.
6.Statementonmanagementremunerationpolicy
ReferenceismadetoNote7intheConsolidatedFinancialStatements.
Annual Report | 2025 49 |
7.Relatedpartytransactions
a) Transactions with related parties
Amounts in NOK1,000 2025 2024
Sales,marketing,R&Dandmanufacturingservices
fromEnsurgeMicropowerInc.
157,261 180,266
Intercompany interest income on loan to Ensurge
MicropowerInc.
— (6,538)
PurchaseofservicesfromAcapulcoAdvisorsAS 2,256 1,210
PurchaseofservicesfromAdmanihaAS 593 2,353
PurchaseofservicesfromLarsEikeland 4,752 6,134
PurchasesofservicesfromlawfirmRæderBing
advokatfirmaAS
5,270 2,694
In2025,EnsurgerecordedNOK2,256thousandforadvisoryservicesfromAcapulcoAdvisorsAS,acompany
ownedbyStåleBjørnstad,aconsultantandashareholderofEnsurge.Thiscontractendedon16January2026.
In2025,EnsurgerecordedNOK593thousandrespectivelyforconsultingservicesfromAdmanihaAS,a
companyownedbyTerjeRogne,aformerboardmemberofEnsurge.Thiscontractendedpriortothisreporting
period.
In2025,EnsurgerecordedNOK4,752thousandforCEOandCFOconsultingservicesprovidedbyLarsEikeland.
Mr.EikelandservedasinterimCEOfromJanuary2024toAugust2025andasCFOfromSeptember2024to
February2026.On3February2026,theCompanyannouncedthatMr.EikelandwassteppingdownasCFOand
willcontinueasanunpaidadvisortotheCompanystartinginMarch2026forcontinuedvestingofpreviously
grantedequity.
In2025,EnsurgerecordedNOK5,270thousandforlegalservicesprovidedbylawfirmRæderBing
advokatfirmaAS,inwhichMortenOpstad,adeputyboardmemberofEnsurge,isapartner.Mr.Opstad’srole
changedpriortothisreportingperiodfromboardmembertodeputyboardmember.
b) Year-end balances arising from sales/purchases of goods/services with related
parties
Amounts in NOK1,000 2025 2024
Payableto(from)EnsurgeMicropowerInc. 151,420 118,368
PayabletoAcapulcoAdvisorsAS 364 —
PayabletoLarsEikeland 1,486 555
PayabletolawfirmRæderBingadvokatfirma
AS
1,746 355
50 | Annual Report | 2025
8.Otheroperatingexpenses
Amounts in NOK1,000 2025 2024
Premises,supplies 633 1,047
Salesandmarketing 645 1,164
Bad debt — —
Otherexpenses 2,174 4,204
Sum 3,451 6,415
EnsurgepaysrentforpremisesinOslo(Norway)onamonthtomonthbasis.Themonthlyrentis
NOK11thousandpermonth.
EnsurgeMicropowerASAhasnotenteredintoanyotherleaseagreements.
Remuneration to the auditor (ex VAT)
Amounts in NOK1,000 2025 2024
Audit 1,496 1,670
Otherassuranceservices 336 466
Otherservices* 55 52
Total 1,887 2,188
*Relatestotechnicalpreparationoftaxreturnwithmandatoryforms.
9.Investmentinsubsidiaries
Theinvestmentsareheldatthelowerofcostandfairvalueinthebalancesheetin2025.
Amounts in NOK1,000 Percent holding Percent of votes Book value
EnsurgeMicropowerInc.—CA,USA
At31December2025 100% 100%
Accumulated cost 340,440
Accumulated impairment charge (340,440)
Net book value at 31 December 2025 —
EnsurgeMicropowerInc.—CA,USA
At31December2024 100% 100%
Accumulated cost 336,010
Accumulated impairment charge (336,010)
Net book value at 31 December 2024 —
ThelocalcurrencyofEnsurgeMicropowerInc.isUSD.ThenetincomeinUSDin2025wasUSD6,890thousand
comparedtoUSD5,590thousandin2024.Totalequityat31December2025wasUSD6,766thousand(2024:
USD(666)thousand).Theshareswerefullyimpairedasof31December2019.Theprovisionwasmainly
triggeredbytheimpairmentofplant,propertyandequipmentintheU.S.companyasaresultofthecorporate
restructuring(pleaserefertoNote11intheConsolidatedFinancialStatements).
ThinFilmElectronicsKK(Tokyo,Japan),isa100%ownedsubsidiary,whichwasfullywrittendownin2016,asall
activityintheJapaneselegalentityhadceased.
Annual Report | 2025 51 |
TFEHolding(NV,USA),isa100%ownedsubsidiary,ofwhichtheonlyactivityisholdingsharesinEnsurge
MicropowerInc.Netbookvalueiszeroinboth2025and2024.
Guarantees provided to subsidiaries
AsapartoftherelocationofEnsurge’sU.S.headquartersin2017aUSD1,600thousandLetterofCredithas
beenissuedbyEnsurgeMicropowerASAtothelandlord.EnsurgeMicropowerASAhasinadditionenteredintoa
TenancyGuarantywiththelandlord.Theguarantyisgiventosecurepaymentoftheleaserent.
TheinitialGuarantyliabilityamountedtoUSD5,000thousandandreducesonanannualbasisof
USD500thousandperyearcommencingwiththesecondleaseyearuntiltheliabilityreacheszerodollars.At
31December2025,theGuarantyliabilityamountedtoUSD1,000thousand.
10.Incometaxexpense
ThetaxontheCompany’sprofitbeforetaxdiffersfromthetheoreticalamountthatwouldariseusingthe
weightedaveragetaxrateapplicabletoprofitsoftheconsolidatedentitiesasfollows:
Amounts in NOK1,000 2025 2024
Profit(loss)beforetax (177,761) (207,916)
Tax (tax income) calculated at corporate tax rate (39,107) (45,742)
Permanentdifferences (604) (2,103)
Changeindeferredtaxassetnotrecognizedonthe
balance sheet
39,712 47,844
Tax charge — —
Corporate tax rate 22% 22%
11.Property,plantandequipment
Currentfacilitiesarerentedwithfurnitureincluded.Minorcomputingandcommunicationsequipmenthavebeen
expensed.
12.Intangibleassets
Amounts in NOK1,000
Purchased
intellectual
property
Negative
goodwill
Capitalized
microbattery
development
costs
Capitalized
NFC
SpeedTap
™
development
costs Total
Amortizationperiod,years(linear) 13-16 5 10
Accumulatedcosts31December2025 15,880 (2,925) 139,630 12,744 165,330
Amortizationat31December2025 (15,880) 2,925 — (12,744) (25,699)
Net book value 31 December 2025 — — 139,630 — 139,630
Accumulatedcosts31December2024 15,880 (2,925) 46,775 12,744 72,475
Amortizationat31December2024 (15,880) 2,925 — (12,744) (25,699)
Net book value 31 December 2024 — — 46,775 — 46,775
52 | Annual Report | 2025
In2024,theCompanyreportedsignificantprogressonimportanttechnologymilestonesrelatingtothefirst
prototypesolid-statelithiummicrobatterieswithcapacitiesrangingfrom1.2–6.5mAh.TheCompanyidentified
andbegancapitalizingqualifiedresearchanddevelopmentcostsinQ32024.
FromDecember2025theCompanyceasedtocapitalizefurtherR&Dcostsonthebatteryproject,basedon
anassessmentthattheprojecthastransitionedoutofthedevelopmentphasethatsupportedcapitalization
underaccountingstandardsandintoaphaseprimarilyfocusedonexecution,refinement,andoperational
optimization.Totalcapitalizeddevelopmentcoststhrough31December2025amounttoNOK139,630thousand
(2024:NOK46,775thousand).
Goingforward,researchanddevelopmentexpenseswillbeexpensedasincurreduntiltheCompanydetermines
thatcapitalizationcriteriaareagainmet.
TheCompanyintendstobeginamortizationoftheintangibleassetoveraten-yearperioduponfinalizationof
themicrobatterydevelopmentandcommencementofcommercialproduction.
Purchased intellectual property
Thepurchasedintellectualpropertyrelatestolicensingofcertainpatents.Theportfolioisreviewedfor
impairmentannuallybycomparingthebookvaluetothefairmarketvalueatthepatentlevel.In2019the
remainingunamortizedbalancewasimpairedinfullastheCompanyreviseditsstrategywherebythefuture
valueofthesepatentsisuncertain.
13.Deferredincometax
DeferredincometaxassetsandliabilitiesareoffsetwhentheCompanyhasarighttooffsetcurrenttaxassets
againstcurrenttaxliabilitiesandwhenthedeferredincometaxesrelatetothesamefiscalauthority.
Theoffsetamountsareasfollows:
Amounts in NOK 1,000 31 December 2025 31 December 2024
DeferredincometaxassetIntangibleasset (953) (1,395)
Tax loss carried forward (791,159) (751,005)
Calculated deferred tax asset (792,112) (752,400)
Impairment of deferred tax asset (792,112) 752,400
Deferred tax asset in the balance sheet — —
TheCompanyhasnotrecognizedthetaxassetasthereisuncertaintyrelatingtofuturetaxableincomefor
utilizationofthetaxlosscarriedforward,andthetaxablelossonintangibleassets.Thereisnoexpirationdate
onthetaxlosscarriedforward.Notaxitemhasbeenrecordeddirectlytoequity.
TheunrecognizeddeferredtaxassetiscalculatedbyapplyingthelocaltaxratesinNorwaywithtaxrate22%
(2024:22%).
Annual Report | 2025 53 |
14.Tradeandotherreceivables
Amounts in NOK1,000 31 December 2025 31 December 2024
Customerreceivables — 1,233
IntercompanyreceivablefromEnsurge
MicropowerInc.
— —
Otherreceivables,prepayments 952 538
Less:provisionforimpairmentofreceivables — (1,233)
Receivables – net 952 538
Allcustomerreceivablesareduewithinoneyearandbookvalueapproximatesfairvalue.
ThetotalamountoftradeandotherreceivablesinNOKis952thousand(2024:NOK538thousand).Ofother
receivables,NOK952thousandwerenotpastdueasof31December.
TheCompanyassessesimpairmentriskonanindividualbasis.
15.Cashandbankdeposits
Amounts in NOK1,000 31 December 2025 31 December 2024
Bankdepositsexcludingrestrictedcash 58,533 18,335
DepositforLetterofCredit(restricted) 16,271 19,039
Depositforwithheldtax(restricted) 126 71
Depositforwarrantexercises,sharesnotyet
registered (restricted)
— 1,041
Total 74,929 38,487
AsapartoftherelocationofEnsurgeMicropowerInc.’sU.S.headquartersin2017aUSD1,600thousandLetter
ofCreditwasissuedtothelandlord.
Payablewithheldtaxamountsat31December2025totalNOK126thousand.
16.Sharecapital
ReferenceismadetoNote20intheConsolidatedFinancialStatements.
17.Shareholdersandsubscriptionrights
ReferenceismadetoNote21intheConsolidatedFinancialStatements.
54 | Annual Report | 2025
18.Equity
Amounts in NOK1,000
Share
capital
Other
paid-in
capital
Uncovered
loss Total
Balance at 1 January 2025 350,115 126,886 (511,498) (34,498)
Transferofvestedshare-based
compensation *
(19,688) 19,688 —
Privateplacement(January,April,July,
NovemberandDecember2025)
132,016 122,320 254,336
EmployeeSharePurchasePlan 2,182 1,961 4,143
Share rights exercise 386 122 508
Share-basedcompensation 12,387 12,387
Comprehensiveincome (177,761) (177,761)
Balance at 31 December 2025 484,698 243,989 (669,571) 59,116
Balance at 1 January 2024 245,969 3,332 (306,983) (57,682)
Transferofvestedshare-based
compensation *
(3,402) 3,402 —
Privateplacement(February,May,July,
September,OctoberandNovember
2024)
99,927 117,076 217,003
EmployeeSharePurchasePlan 3,211 1,328 4,539
Share rights exercise 1,008 7 1,015
Share-basedcompensation 8,543 8,543
Comprehensiveincome (207,916) (207,916)
Balance at 31 December 2024 350,115 126,886 (511,498) (34,498)
*Share-basedcompensationrecognizedforvestedsubscriptionrightshasbeenmovedtouncoveredloss.
19.Warrantliability
ReferenceismadetoNote14intheConsolidatedFinancialStatements.
20.Contingentliabilities
ReferenceismadetoNote25intheConsolidatedFinancialStatements.
Annual Report | 2025 55 |
Corporate Social Responsibility
(CSR) Statement
TheEnsurgeMicropowerASAGrouprecognizesthatit
hasimportantobligationsregarding1)theconditions
withinitsfacilitiesandorganization,relatingto,
interalia,socialandemployeematters,equal
opportunitiesandanti-discrimination,2)itsimpact
ontheenvironmentandtherelationshipsitmaintains
withthecommunitiesinwhichitoperates,and3)
respectforhumanrights,anti-corruptionandanti-
briberymatters.Assuch,itadherestopoliciesrelated
totheseobligationsandstrivestoachievegoalsthat
engendersafety,health,fairness,diversity,integrity,
compliance,andsustainability.
The Company’s business model
TheobjectiveoftheCompanyshallbeEnergizing
Innovation
™
withultrathin,flexible,andsafeenergy
storagesolutionsforwearabledevices,connected
sensors,andbeyond.TheCompanybelievesthat
Ensurge’sinnovativesolid-statelithiumbattery(SSLB)
technologycouldbeuniquelypositionedtoenablethe
productionofpowerful,lightweight,andcost-effective
rechargeablebatteriesfordiverseapplications.
Socialandemployeematters,
equalopportunities,andanti-
discrimination
Policies and objectives
Ensurgepromotesequalityandnon-discrimination,
fairness,andethicalbehavior.TheCompanyaims
toofferapleasant,well-equipped,andrisk-free
workenvironment.Itmaintainsfairandbalanced
employment practices and complies with all
applicablelaborlawsapplicabletothecountries,
regions,cities,andtownsinwhichitoperates.Ensurge
encourages and expects similar commitments from its
customers,partners,suppliers,andothervendorswith
whomtheCompanyworks.
Ensurge’sobjectivesaretomaintainasecure,safe,
andhealthyworkenvironmentforallemployees
of the Company and to continue to be a globally
diversecompanythatstronglydistancesitselffrom
anyformofdiscrimination.Ensurgemakesevery
reasonableefforttosecureahealthy,safe,andlawful
workenvironment,andtheCompanycomplieswith
allapplicablelaws,rules,andregulationsconcerning
occupationalhealth,safety,andenvironmental
protection.TheCompany’spoliciesprohibit
discriminationagainstemployees,shareholders,
directors,customers,partners,suppliers,andother
vendorsonaccountofgender,race,sexualorientation,
religion,disability,nationality,politicalopinion,and
socialorethnicorigin.Employeesareprovidedwith
anEmployeeHandbookoutliningcorporatepolicy
andreceiveregulartrainingssuchasharassment
prevention,discrimination,andemploymentlaw
matters.Workplacediversityatalllevelsishighly
encouragedandmonitored.Allpersonsshallbe
treated with dignity and respect and are encouraged
toassistincreatingaworkenvironmentfreefromany
formofdiscrimination.Ensurgeconductsquarterly
reviewswithitsemploymentattorneytoverifyall
employmentandlaborlawsarebeingenforced.The
Companyholdssemiannualemployeesurveysto
provideananonymousfeedbackmechanismaswell
asananonymoussuggestionboxwhichischecked
daily.Managementreviewsallemployeefeedbackand
createsaplantoaddressanypertinentinformation.
Necessaryconditionsforasafeandhealthywork
environmentshallbeprovidedforallemployeesofthe
Company.
AtEnsurgeMicropower,Inc.(U.S.subsidiary),all
employeesarerequiredtocompleteasafetytraining
coursewithintheirfirstmonthofemployment.
Ensurgehasasafetycommitteeinplacewhichmeets
monthlytoreviewanysafetyhazards,closecalls,
andpreventablemeasuresinhighriskareas.We
haveaprocessinplacetoreportworkplaceinjuries
andprovidesafetytrainingforallnewemployees.
The Company records the number of safety incidents
perquarterandreportstomanagement.Ensurge
reportssafetyincidentstotheOccupationalHealth
andSafetyAdministrationannually.Jobrelated
internalandexternaltrainingstakeplaceregularlyand
completionofthesetrainingsisrecordedandverified
bymanagement.IncompliancewiththeSafeDrinking
WaterandToxicEnforcementActof1986oftheState
ofCalifornia,commonlyreferredtoasProposition65,
EnsurgeMicropower,Inc.alsoinformsemployeesof
theon-sitepresenceofanyknownchemicalknown
tocausecancerorreproductivetoxicity.Ensurgeis
56 | Annual Report | 2025
committedtofullycomplyingwithallapplicablelaws
regardingequalemploymentopportunities.Employees
whobelievetheyhavebeensubjectedtoanyformof
unlawful discrimination may submit a complaint to
theirmanager,anymemberofthemanagementteam,
and/orHumanResources.TheCompanyencourages
all employees to immediately report incidents of
harassmentorotherconductprohibitedbyitsanti-
harassmentpolicysothatcomplaintscanberesolved
inafairandtimelymanner.
EnvironmentalImpact
Policies and objectives
EnsurgerequiresthatallsubsidiariesoftheEnsurge
Groupfollowallcurrentenvironmentallawsand
regulations for the jurisdictions in which they
resideandoperate.Ensurgeroutinelyevaluates
theenvironmentalimpactofitsproduction—and
manufacturing—relatedactivities,withparticular
emphasisonthepotentialrisksregardingpresentand
futureoperations.Ensurgeoperatesitsproduction
facilityandlaboratoriesinSanJose,California.
Ensurgestrivestomonitorwasteproduction,such
aschemicalsandelectronicsmaterials,toevaluate
whereandhowtheCompanycanimprove—such
asusingfewerchemicals,leveragingalternative
materials,and/ormaximizetheusageofcurrent
materials.Ensurgerecognizestheimpactthat
hazardouswastecanhaveontheenvironment
andtakeseveryreasonableprecautiontodiscard
andrecyclewasteaccordingtofederal,state,and
regionallawsandregulations.IntheSanJose,
Californiafacility,Ensurgepartnerswithalicensed
EnvironmentalServicesproviderandstrictguidelines
arefollowedforthestorageanddisposalofhazardous
material.RegularauditsbytheStateofCaliforniatake
placeandauditreportsarereviewedandrecordedby
ManagementitsEnvironmentalServicesprovider.The
StateofCaliforniaalsotracksanyEnsurgehazardous
materialshipmentstothefinaldisposal/incineration
sitetoensureoverallcompliance.
Humanrights,anti-corruption
andanti-bribery
Policies and objectives
ItisimportantthatEnsurgestaffmembersdo
notplacethemselvesinsituationswherebytheir
fidelitycanbeunderminedorinwhichtheymaybe
vulnerabletoexternalpressurescontrarytoEnsurge’s
ortheirownintegrity.Itiscommunicatedand
expectedthatallemployeesdonotaccept,eitherfor
themselvesoronbehalfofothers,gifts,fees,services
orotherbenefitswhichcouldinfluencethewaythey
discharge their duties or are intended to exert such
influencebythegiver.Ensurge’sobjectivesareto
systematizeandfurtherimproveinternaltrainingand
educationasitrelatestoethicsandanti-corruption
compliance.Ensurge’sEthicalGuidelinesarebasedon
respect and fairness in all aspects of the Company’s
businessdealings.Wedemandandexpectthatour
employees—ateveryleveloftheorganization—
adhere to applicable laws and regulations in the
countrieswherewedobusiness.Ensurgehasaclear
stanceoncorruption.
Employees must always comply with applicable
anti-briberylaws;andeachmanagerandemployeeis
responsible for compliance within his or her area of
authority,andmustreportanysuspectedviolationto
HR,corporatemanagement,andincertaincases,the
localauthorities.TheEmployeehandbookprovided
toallemployeesatthestartofemploymentreviews
workplaceconductandresources.TheCompany
conducts regular trainings which comply with local
lawsandregulations.Ensurgehasanopendoor
policyforreportingworkplaceissuesandconflictsof
interest.Therehavebeennoreportedcasesofhuman
rights,anti-corruptionandanti-briberyincidents.
Annual Report | 2025 57 |
Responsibility Statement
TheBoardandtheCEOhavetodayreviewedand
approvedthisreportoftheBoardofDirectorsaswell
astheannualfinancialstatementsfortheEnsurge
MicropowerASAGroupandparentcompanyasof
31December2025.Theconsolidatedannualfinancial
statementshavebeenpreparedinaccordance
withIFRSasadoptedbytheEUandtheadditional
requirementsintheNorwegianaccountingact.The
annualfinancialstatementsfortheparentcompany
havebeenpreparedinaccordancewiththeNorwegian
accounting act and generally accepted accounting
principlesinNorway.Thenotesareanintegralpartof
therespectivefinancialstatements.Thereportofthe
BoardofDirectorshasbeenpreparedinaccordance
with the Norwegian accounting act and generally
acceptedaccountingprinciplesinNorway.
Weconfirmthat,tothebestofourknowledge,the
informationpresentedinthefinancialstatements
givesatrueandfairviewofthegroup’sandthe
parentcompany’sassets,liabilities,financialposition
andresultfortheperiodviewedintheirentirety,and
thatthereportfromtheBoardofDirectorsgivesa
trueandfairviewofthedevelopment,performance,
andfinancialpositionofthegroupandtheparent
company,andincludesadescriptionoftheprincipal
risksanduncertaintieswhichthegroupandthe
parentcompanyarefacing.
TheBoardofDirectorsofEnsurgeMicropowerASA,Oslo,Norway,9April2026
AlexanderMunch-Thore
Chairman
Thomas Ramm
Board Member
Nina Riibe
Board Member
Shauna McIntyre
CEO/CFO
58 | Annual Report | 2025
Independent Auditor’s Report
Deloitte AS
Dronning Eufemias gate 14
Postboks 221
NO-0103 Oslo
Norway
+47 23 27 90 00
www.deloitte.no
Deloitte AS and Deloitte Advokatfirma AS are the Norwegian affiliates of Deloitte NSE LLP, a member firm of Deloitte Touche Tohmatsu Limited, a
UK private company limited by guarantee (
“DTTL”). DTTL and each of its member firms are legally separate and independent entities. DTTL and
Deloitte NSE LLP do not provide services to clients. Please see www.deloitte.com/about to learn more about our global network of member firms.
Deloitte Norway conducts business through two legally separate and independent limited liability companies; Deloitte AS, providing audit,
consulting, financial advisory and risk management services, and Deloitte Advokatfirma AS, providing tax and legal services.
Registrert i Foretaksregisteret
Medlemmer av Den norske Revisorforening
Organisasjonsnummer: 980 211 282
To the General Meeting of Ensurge Micropower ASA
INDEPENDENT AUDITOR’S REPORT
Report on the Audit of the Financial Statements
Opinion
We have audited the financial statements of Ensurge Micropower ASA, which comprise:
The financial statements of the parent company Ensurge Micropower ASA (the Company), which
comprise the balance sheet as at 31 December 2025, the profit and loss statement, and cash flow
statement for the year then ended, and notes to the financial statements, including a summary of
significant accounting policies.
The consolidated financial statements of Ensurge Micropower ASA and its subsidiaries (the Group),
which comprise the consolidated statement of financial position as at 31 December 2025, the
consolidated statement of comprehensive income, the consolidated statement of changes in equity
and the consolidated cash flow statement for the year then ended, and notes to the financial
statements, including material accounting policy information.
In our opinion
the financial statements comply with applicable statutory requirements,
the financial statements of the Company give a true and fair view of the financial position of the
Company as at 31 December 2025, and its financial performance and its cash flows for the year then
ended in accordance with the Norwegian Accounting Act and accounting standards and practices
generally accepted in Norway, and
the consolidated financial statements of the Group give a true and fair view of the financial position of
the Group as at 31 December 2025, and its financial performance and its cash flows for the year then
ended in accordance with IFRS Accounting Standards as adopted by the EU.
Our opinion is consistent with our additional report to the Audit Committee.
Basis for Opinion
We conducted our audit in accordance with International Standards on Auditing (ISAs). Our responsibilities
under those standards are further described in the Auditor’s Responsibilities for the Audit of the Financial
Statements section of our report. We are independent of the Company and the Group as required by relevant
laws and regulations in Norway and the International Ethics Standards Board for Accountants’ International
Code of Ethics for Professional Accountants (including International Independence Standards) (IESBA Code)
as applicable to audits of financial statements of public interest entities, and we have fulfilled our other
ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have
obtained is sufficient and appropriate to provide a basis for our opinion.
To the best of our knowledge and belief, no prohibited non-audit services referred to in the Audit Regulation
(537/2014) Article 5.1 have been provided.
The Company shares were admitted to listing in January 2008. We have been the auditor since before the
Company were listed. We have been the auditor of Ensurge Micropower ASA for 18 years from the listing,
including the listing year.
Annual Report | 2025 59 |
Independent auditor’s report
Ensurge Micropower ASA
2
Material Uncertainty Related to Going Concern
We draw attention to note 2 in the financial statements of the group and Note 1 in the financial statements of
the parent and in the Board of Directors’ report. The Group and the parent are operating at a loss and
management estimate that the Group and the parent have funds to support operations into Q3 2026 after
entering into convertible note agreements in April 2026. As stated in note 26 the convertible notes require
approval by the annual general meeting. There is no assurance that management will be successful in raising
further funds. Failure to obtain funding would adversely affect the ability to continue as a going concern and
consequently the Group and the parent might enter into liquidation. As stated in Note 2 in the financial
statements of the Group and note 1 in the financial statements of the Company and in the Board of Directors’
report, the liquidity situation, along with other matters as set forth in the notes and the Board of Directors’
report, indicate that a material uncertainty exists that may cast significant doubt on the Group and
Company’s ability to continue as a going concern. Our opinion is not modified in respect of this matter.
Key Audit Matters
Key audit matters are those matters that, in our professional judgment, were of most significance in our audit
of the financial statements of 2025. These matters were addressed in the context of our audit of the financial
statements as a whole, and in forming our opinion thereon, and we do not provide a separate opinion on
these matters.
Except for the matter described in the Material Uncertainty Related to Going Concern section, we have
determined that there are no key audit matters to be communicated in our report.
Other Information
The Board of Directors and the Managing Director (management) are responsible for the information in the
Board of Directors’ report and the other information accompanying the financial statements. The other
information comprises information in the annual report, but does not include the financial statements and
our auditor’s report thereon. Our opinion on the financial statements does not cover the information in the
Board of Directors’ report nor the other information accompanying the financial statements.
In connection with our audit of the financial statements, our responsibility is to read the Board of Directors’
report and the other information accompanying the financial statements. The purpose is to consider if there is
material inconsistency between the Board of Directors’ report and the other information accompanying the
financial statements and the financial statements or our knowledge obtained in the audit, or whether the
Board of Directors’ report and the other information accompanying the financial statements otherwise
appear to be materially misstated. We are required to report if there is a material misstatement in the Board
of Directors’ report or the other information accompanying the financial statements. We have nothing to
report in this regard.
Based on our knowledge obtained in the audit, it is our opinion that the Board of Directors’ report
is consistent with the financial statements and
contains the information required by applicable statutory requirements.
Our statement on the Board of Directors’ report applies correspondingly to the statement on Corporate
Governance.
Responsibilities of Management for the Financial Statements
Management is responsible for the preparation of financial statements of the Company that give a true and
fair view in accordance with the Norwegian Accounting Act and accounting standards and practices generally
accepted in Norway, and for the preparation of the consolidated financial statements of the Group that give a
true and fair view in accordance with IFRS Accounting Standards as adopted by the EU. Management is
responsible for such internal control as management determines is necessary to enable the preparation of
financial statements that are free from material misstatement, whether due to fraud or error.
60 | Annual Report | 2025
Independent auditor’s report
Ensurge Micropower ASA
3
In preparing the financial statements, management is responsible for assessing the Company’s and the
Group's ability to continue as a going concern, disclosing, as applicable, matters related to going concern.
The financial statements of the Company use the going concern basis of accounting insofar as it is not likely
that the enterprise will cease operations. The financial statements of the Group use the going concern basis
of accounting unless management either intends to liquidate the Group or to cease operations, or has no
realistic alternative but to do so.
Auditor’s Responsibilities for the Audit of the Financial Statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are
free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes
our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit
conducted in accordance with ISAs will always detect a material misstatement when it exists. Misstatements
can arise from fraud or error and are considered material if, individually or in aggregate, they could reasonably
be expected to influence the economic decisions of users taken on the basis of these financial statements.
As part of an audit in accordance with ISAs, we exercise professional judgment and maintain professional
scepticism throughout the audit. We also:
identify and assess the risks of material misstatement of the financial statements, whether due to
fraud or error. We design and perform audit procedures responsive to those risks, and obtain audit
evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting
a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may
involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal
control.
obtain an understanding of internal control relevant to the audit in order to design audit procedures
that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the
effectiveness of the Company’s and the Group's internal control.
evaluate the appropriateness of accounting policies used and the reasonableness of accounting
estimates and related disclosures made by management.
conclude on the appropriateness of management’s use of the going concern basis of accounting,
and, based on the audit evidence obtained, whether a material uncertainty exists related to events or
conditions that may cast significant doubt on the Company’s and the Group's ability to continue as a
going concern. If we conclude that a material uncertainty exists, we are required to draw attention in
our auditor’s report to the related disclosures in the financial statements or, if such disclosures are
inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to
the date of our auditor’s report. However, future events or conditions may cause the Company and
the Group to cease to continue as a going concern.
evaluate the overall presentation, structure and content of the financial statements, including the
disclosures, and whether the financial statements represent the underlying transactions and events
in a manner that achieves a true and fair view.
obtain sufficient appropriate audit evidence regarding the financial information of the entities or
business activities within the Group to express an opinion on the consolidated financial statements.
We are responsible for the direction, supervision and performance of the group audit. We remain
solely responsible for our audit opinion.
We communicate with the Board of Directors regarding, among other matters, the planned scope and timing
of the audit and significant audit findings, including any significant deficiencies in internal control that we
identify during our audit.
We also provide the Audit Committee with a statement that we have complied with relevant ethical
requirements regarding independence, and to communicate with them all relationships and other matters
that may reasonably be thought to bear on our independence, and where applicable, related safeguards.
Annual Report | 2025 61 |
Independent auditor’s report
Ensurge Micropower ASA
4
From the matters communicated with the Board of Directors, we determine those matters that were of most
significance in the audit of the financial statements of the current period and are therefore the key audit
matters. We describe these matters in our auditor’s report unless law or regulation precludes public
disclosure about the matter or when, in extremely rare circumstances, we determine that a matter should not
be communicated in our report because the adverse consequences of doing so would reasonably be
expected to outweigh the public interest benefits of such communication.
Report on Other Legal and Regulatory Requirements
Report on Compliance with Requirement on European Single Electronic Format (ESEF)
Opinion
As part of the audit of the financial statements of Ensurge Micropower ASA, we have performed an assurance
engagement to obtain reasonable assurance about whether the financial statements included in the annual
report, with the file name 5493007QXMCG0WPKFC96-2025-12-31-1-en.zip, have been prepared, in all
material respects, in compliance with the requirements of the Commission Delegated Regulation (EU)
2019/815 on the European Single Electronic Format (ESEF Regulation) and regulation pursuant to Section 5-5
of the Norwegian Securities Trading Act, which includes requirements related to the preparation of the annual
report in XHTML format and iXBRL tagging of the consolidated financial statements.
In our opinion, the financial statements, included in the annual report, have been prepared, in all material
respects, in compliance with the ESEF regulation.
Management’s Responsibilities
Management is responsible for the preparation of the annual report in compliance with the ESEF regulation.
This responsibility comprises an adequate process and such internal control as management determines is
necessary.
Auditor’s Responsibilities
Our responsibility, based on audit evidence obtained, is to express an opinion on whether, in all material
respects, the financial statements included in the annual report have been prepared in compliance with
ESEF. We conduct our work in compliance with the International Standard for Assurance Engagements (ISAE)
3000 – “Assurance engagements other than audits or reviews of historical financial information”. The
standard requires us to plan and perform procedures to obtain reasonable assurance about whether the
financial statements included in the annual report have been prepared in compliance with the ESEF
Regulation.
As part of our work, we have performed procedures to obtain an understanding of the Company’s processes
for preparing the financial statements in compliance with the ESEF Regulation. We examine whether the
financial statements are presented in XHTML-format. We evaluate the completeness and accuracy of the
iXBRL tagging of the consolidated financial statements and assess management’s use of judgement. Our
procedures include reconciliation of the iXBRL tagged data with the audited financial statements in human-
readable format. We believe that the evidence we have obtained is sufficient and appropriate to provide a
basis for our opinion.
Oslo, 9 April 2026
Deloitte AS
Lars Atle Lauvsnes
State Authorised Public Accountant
(electronically signed)
62 | Annual Report | 2025
Independent auditor's report
Name Date
Lauvsnes, Lars Atle 2026-04-09
Identification
Lauvsnes, Lars Atle
This document contains electronic signatures using EU-compliant PAdES - PDF
Advanced Electronic Signatures (Regulation (EU) No 910/2014 (eIDAS))
Annual Report | 2025 63 |
CorporateGovernance
ResolvedbytheBoardofDirectorsofEnsurge
MicropowerASA(the“Company”or“Ensurge”)on
9April2026.Thestatementoutlinesthepositionofthe
Company in relation to the recommendations contained
intheNorwegianCodeofPracticeforCorporate
Governancedated28August2025(“theCode”).The
Codeisavailableatwww.nues.noandfromEuronext
OsloBørs.Inthefollowing,theBoardofDirectorswill
address each section of the Code and explain the
areas,ifany,wheretheCompanydoesnotfullycomply
withtherecommendationsandunderlyingreasons.
1. Implementation and reporting on
Corporate Governance
TheCompanyseekstocreatesustainedshareholder
valuefortheshareholdersinasustainablemanner,
whiletakingintoaccountfinancial,socialand
environmentalconsiderations.TheCompanymakes
everyreasonableefforttocomplywiththeword
andintentofthelaws,rulesandregulationsinthe
countriesandmarketsinwhichitoperates.Ensurge
is not aware of being in breach of any such statutory
laws,rulesorregulations.TheCompanypaysdue
respecttothenormsofthevariousstakeholders
inthebusiness.Inadditiontotheshareholders,the
Companyconsidersitsemployees,Ensurge’sbusiness
partners,thesocietyingeneralandtheauthoritiesas
stakeholders.Ensurgeiscommittedtomaintainahigh
standardofcorporategovernance,beagoodcorporate
citizenanddemonstrateintegrityandhighethical
standardsinallitsbusinessdealings.
TheEnsurgeGrouppresentlyhas33ordinaryfull-
timeemployees,twopart-timeemployees,anda
smallnumberofconsultantsonsite.TheBoardof
Directorsbelievesthat,inthepresentorganization,the
Boardandmanagementhavemonitoringandcontrol
systems in place that generally ensure insight into and
controlovertheactivities,althoughconsistentwith
thephilosophyofcontinuousimprovement,theBoard
andmanagementaremakingandintendtomake
improvementstothelegalandfinancialfunctionsthat
are essential to the performance of these monitoring
andcontrolsystems.(Note:Inthisreview,thenoun
“themanagement”includesallpersonsconducting
managerialfunctions,whetheremployedorotherwise
contracted).
InaseparatedocumenttheBoardhasresolvedethical
guidelinesthatapplytoallemployees,consultants
andcontractorsaswellastheelectedboardmembers.
The ethical guidelines also incorporate the Company’s
guidelinesoncorporatesocialresponsibility.
2. Ensurge’s business
TheobjectivesoftheCompanyshallbeEnergizing
Innovation
™
withultrathin,flexible,andsafeenergy
storagesolutionsforwearabledevices,connected
sensors,andbeyond.
ThedescriptionoftheCompany’sbusiness,as
containedintheArticlesofAssociation,was,at
the2022AGM,updatedandgivenamoreprecise
descriptiontocoversuchobjectives.
TheCompanybelievesthatEnsurge’sinnovative
solid-statelithiumbattery(SSLB)technologycould
beuniquelypositionedtoenabletheproductionof
powerful,lightweight,andcost-effectiverechargeable
batteriesfordiverseapplications.TheCompanyis
currentlyfocusedonrealizingtheseobjectives,which
maybecarriedoutinfullinternally,orinwholeorin
partexternallythroughcollaborativeeffortswithone
or more of the Company’s ecosystem and commercial
partners.
The Company’s business goals and principal strategies
aredefinedinthebusinessplansthataredeveloped
andproposedbymanagementandreviewed,modified
asappropriate,andadoptedbytheBoardofDirectors.
Theplansarereviewedandrevisedperiodically,and
whenneeded.
3. Equity and dividends
TheBoardisawareofandacknowledgestheequity
requirementsanddutyofactioninconnectionwithloss
ofequity,assetoutintheNorwegianPublicLimited
CompaniesAct(the“PLCA”).Inthepast,theCompany
hasneededtoraiseequityonseveraloccasionsto
funditsoperationsandworkingcapitalrequirements.
The Board has proposed to the general meeting only
reasonableauthorizationsforshareissues,generally
limitedto10%oftheCompany’ssharecapital.Such
boardauthorizationshaveexplicitlystatedthetypeand
purposesoftransactionsinwhichtheauthorizations
maybeapplied.Asofthegeneralmeeting(s)tobeheld
in2026,anyproposedauthorizationstoissueshares
shallbeconsideredandvotedseparatelybyeachtype
andpurposeofsuchshareissues.
64 | Annual Report | 2025
TheBoardauthorizationstoissueshareshave
beenvaliduntilthenextannualgeneralmeeting,as
recommendedbytheCode.Theproposalshavebeen
approvedbytheshareholders.
TheCompanyhasinplaceanauthorizationtothe
Boardtoacquireownsharesupto10percentofthe
Company’sshares,asofthedateoftheAugust2025
EGM,foramaximumpriceofNOK1,000pershare.The
Boardwasauthorizedtodecideuponthemannerand
termsoftheacquisition,disposition,transferandsale
ofitsownshares.Thelengthoftheauthorizationis
limitedto30June2026.
Ensurgehasnotyetdeclaredorpaidanydividendson
itsshares.TheCompanydoesnotanticipatepayingany
cashdividendsonitssharesinthenextfewyears.
Ensurgeintendstoretainfutureearnings,ifany,to
financeoperationsandtheexpansionofitsbusiness.
Anyfuturedeterminationtopaydividendswilldepend
ontheCompany’sfinancialcondition,resultsof
operationandcapitalrequirements.
4. Equal treatment of shareholders and
transactions with close associates
TheCompanyplacesgreatemphasisonensuringequal
treatmentofitsshareholders.TheCompanyhasone
classofshares.Therearenotradingrestrictionsor
limitationsrelatingonlytonon-residentsofNorway
undertheArticlesofAssociationoftheCompany.
Eachsharecarriesonevote.Therearenorestrictions
onvotingrightsoftheshares.Intheauthorizations
to issue shares to raise additional capital for the
Company,wheretheexistingshareholdershave
resolvedtowaivethepreemptiverighttosubscribe
forshares,therationalefordoingsohasandshallbe
presented as part of the decision material presented
tothegeneralmeeting.Ifandwhensuchtransactions
areconducted,hereunderwhenresolvedbytheBoard
pursuanttoauthorizationsfromthegeneralmeeting,
thejustificationandreasonbehindthewaiverof
preemptiverightswillalsobeincludedintheminutes
of such resolution and in the announcements to the
market.Allrelatedpartytransactionsineffectare
enteredintoonanarm’slengthbasis.Anyfuture
related party transactions shall be subject to an
independentthird-partyvaluationwheneverrequired
unlessthetransactionbylawrequiresshareholder
approval.TheCompanytakeslegalandfinancialadvice
onthesematterswhenrelevant.MembersoftheBoard
and the management are obliged to notify the Board if
theyhaveanymaterialdirectorindirectinterestinany
transactionenteredintobytheCompany.
5. Shares and negotiability
Allsharesarefreelyassignable.TheArticlesof
Association do not contain any restrictions on
negotiabilityoftheshares.
6. General meetings
Theannualgeneralmeetingofshareholders,the
Company’shighestdecision-makingbody,providesa
forum for shareholders to raise issues with the Board
assuchandwiththeindividualboardmembers.Tothe
maximumdegreepossible,allmembersoftheBoard
shallattendelectronicallyorin-personatthegeneral
meeting.TheCompany’sauditorsshallalsoattendthe
annualgeneralmeeting.TheBoardproposesaperson
tochairthemeeting,whoisthenapprovedbyasimple
majorityofthevotescastatthegeneralmeeting.
Notice of a meeting of the shareholders shall be sent
in a timely manner and the Company shall issue the
noticeanddocumentsforageneralmeeting,including
theproxyform,nolaterthan21daysbeforethedateof
thegeneralmeeting.Foreignresidentswillreceivethe
noticeanddocumentsinEnglish.Whenappropriate,
thedocumentswillbemadeavailableatthe
Company’swebsiteandnotsenttotheshareholders.
TheBoardofDirectorsendeavorstoprovide
comprehensiveinformationinrelationtoeachagenda
iteminordertofacilitateproductivediscussionand
informedresolutionsatthemeeting.Thenotice
willalsoprovideinformationontheprocedures
shareholdersmustobserveinordertoparticipatein
andvoteatthegeneralmeeting.
TheBoardofDirectorsmaychoosewhethertohold
a general meeting as a physical meeting or as an
electronicmeeting,pursuanttothePLCA.Shareholders
whoareunabletoattendthemeetingwillbeprovided
theoptiontovotebyproxyinfavororagainsteach
oftheBoard’sproposals.Ifageneralmeetingisheld
asaphysicalmeeting,shareholdershavearightto
attendbyelectronicmeans,unlesstheBoardfinds
thatthereissufficientcauseforittorefusetoallow
this.Thenoticeshallcontainaproxyformaswellas
informationoftheprocedureforproxyrepresentation.
Atthemeeting,votesshallbecastseparatelyoneach
subjectandforeachoffice/candidateintheelections.
Consequently,theproxyformshall,totheextent
possible,facilitateseparatevotinginstructionson
eachsubjectandoneachoffice/candidateinelections.
Thenotice,aswellastheCompany’swebsite,will
setouttherightsthatshareholdershavetopropose
resolutionsinrespectofmatterstobedealtwithatthe
generalmeeting.
ThegeneralmeetinghasincludedinSection7ofthe
Company’s Articles of Association that documents
whichhavebeenmadeavailableinatimelymanner
on the website of the Company and which deal with
Annual Report | 2025 65 |
mattersthataretobehandledatthegeneralmeeting,
neednotbesenttotheCompany’sshareholders.
AllreportswillbeissuedontheEuronextOsloBørs
marketplace(oslobors.noandnewsweb.no)withinthe
EuronextOsloStockExchange.Thereportsandother
pertinentinformationarealsoavailableatensurge.com.
7. Nomination committee
UndertheArticlesofAssociation,Ensurgehas
anominationcommitteethatiselectedbythe
annualgeneralmeetingforatermoftwoyears.The
nominationcommitteeshallhavethreemembers,
includingaChair.
The Company’s guidelines for the nomination
committeeasresolvedbytheCompany’sGeneral
Meetingstatethatnoexecutivepersonnelorboard
members in the Company should be a member of the
nominationcommittee.
Thenominationcommitteeshallprepareandpresent
proposals to the annual general meeting in respect of
thefollowingmatters:
• ProposecandidatesforelectiontotheBoardof
Directors,
• Proposetheremunerationtobepaidtotheboard
members,
• Proposecandidatesforelectiontothenomination
committee,and
• Proposetheremunerationtobepaidtothe
nominationcommitteemembers,allofwhichshallbe
resolvedbytheannualgeneralmeeting.
• VerifiesBoardcompositionmeetsallguidelinesin
regardstoage,genderandeducation.
TheCompanyprovidesinformationonitswebsite
aboutthecompositionofthenominationcommittee
and how the shareholders of the Company can submit
proposalstothecommittee,includingdeadlinesfor
suchsubmission.
8. Board of Directors; composition and
independence
TheBoardacknowledgestheCode’srecommendation
that the majority of the members of the Board of
DirectorsshallbeindependentoftheCompany’s
management and material business contacts and that
at least two of the members of the Board should be
independentoftheCompany’smainshareholder(s).
Allboardmembersarerequiredtomakedecisions
objectivelyinthebestinterestoftheCompany,and
the presence of independent directors is intended
toensurethatadditionalindependentadviceand
judgmentisbroughttobear.ThecurrentBoardmeets
theindependencecriteriaoftheCode.TheBoard
meetsthestatutorygenderrequirementsfortheBoard.
Boardmembersstandforelectioneverytwoyears.The
BoardbelievesthatitisbeneficialfortheCompany
and its shareholders that board members also are
shareholders in the Company and encourages each
memberoftheBoardofDirectorstoholdsharesinthe
Company.
TheBoardpaysattentiontoensurethatownership
shallnotinanywayaffectorinterferewithproper
performanceofthefiduciaryduties,whichtheBoard
and the management owe the Company and all
shareholders.
Asandwhenappropriate,theBoardtakesindependent
advicewithrespecttoitsprocedures,corporate
governanceandothercompliancematters.
9. The work of the Board of Directors
Thedivisionofdutiesandresponsibilitybetweenthe
CEOandtheBoardofDirectorsisbasedonapplicable
lawsandwell-establishedpractices,whichhavebeen
formalizedinwritingthroughaboardinstructionin
accordancewiththePLCAasresolvedbytheBoardof
Directors.
The Board instruction also sets out the number of
scheduledboardmeetingsperyearandthevarious
routinesinconnectionwiththeboard’sworkand
meetings.TheBoardinstructionsstatethatin
situations when the Chair is not impartial or not
operative,themostseniorboardmembershallchair
the Board until a deputy Chair has been elected by and
amongtheboardmemberspresent.
TheBoardofDirectorsshallevaluateitsperformance
andexpertiseannually.Moreover,theBoardwill
produceanannualplanforitswork,withparticular
emphasisonobjectives,strategyandimplementation.
TheBoardofDirectorsisresponsibleforfinancial
reporting and sustainability reporting in accordance
withapplicablelawsandregulations.
Any and all related party transactions shall be subject
toanindependentthird-partyvaluationwhenever
requiredunlessthetransactionbylawrequires
shareholderapproval.TheCompanytakeslegaland
financialadviceonthesematterswhenrelevant,
to ensure that the Company is made aware of any
possibleconflictsofinterestandtoensurethatany
suchtransactionsarehandledinasufficientlythorough
manner.TheCompanyhasarelatedpartiespolicyin
place.
WithacompactBoardofonlythreemembers,there
hasnotbeenanyneedforsubcommitteestodate.The
futureneedforanysub-committeeswillbeconsidered
at a minimum annually in connection with the annual
reviewoftheCompany’scorporategovernance.
66 | Annual Report | 2025
Ensurgeisnotobligedtohaveaseparateaudit
committeeandinviewofthesmallnumberofBoard
members,theCompany’sAuditCommitteeconsistsof
allboardmemberswhoarenotalsoexecutivesorhave
similarrolesintheCompany.TheBoardinstruction
includesaninstructionfortheauditcommittee.
10. Risk management and internal control
TheBoardofDirectorshasadoptedinternalrules
andguidelinesregarding,amongstotherthings,risk
managementandinternalcontrol,whichrulesand
guidelinestakeintoaccounttheextentandnatureof
theCompany’sactivitiesaswellastheCompany’s
corporatevaluesandethicalguidelines,includingthe
corporatesocialresponsibility.TheBoardofDirectors
shallcarryoutanannualreviewoftheCompany’smost
importantareasofexposuretoriskanditsinternal
controlarrangements.
InviewofthesizeoftheCompanyandthenumberof
boardmembers,theBoardhaschosentoelectthefull
Board(exceptanyboardmemberswhoholdexecutive
positions)toconstitutetheauditcommittee.Theaudit
committeepoliciesandactivitiesarecompliantwith
thePLCA.
TheBoardofDirectorshasadoptedaninsidermanual
withancillarydocumentsintendedtoensurethat,
amongotherthings,tradingintheCompany’sshares
byboardmembers,executivesand/oremployees,
includingcloserelationstotheaforementioned,are
conducted in accordance with applicable laws and
regulations.
Internal control and risk management of
financial reporting
Ensurgepublishesfourinterimfinancialstatementsin
additiontotheordinaryannualfinancialstatements.
Thefinancialstatementsshallsatisfylegaland
regulatoryrequirementsandbepreparedinaccordance
with the adopted accounting policies and be published
accordingtothescheduleadoptedbytheBoard.
Closingofaccounts,financialreportingandkeyrisks
analysisareprovidedmonthlytotheBoardofDirectors.
Ensurgehasestablishedaseriesofriskassessment
and control measures in connection with the
preparationoffinancialstatements.Inconnection
withsubsidiaries’closingofaccounts,internalreview
meetingsareheldbymanagement.Inaddition,
managementidentifiesandproposesriskfactors
andmeasureslinkedtoimportantaccountingitems
orotherfactorswhicharereviewed,discussed,and
sometimesmodifiedinconjunctionwiththeBoard.
The Board also has at least one separate meeting with
theexternalauditortoreviewsuchriskfactorsand
measuresandconductspreparatoryreviewsofinterim
financialstatementsandannualfinancialstatements.
11. Remuneration of the Board of
Directors
A reasonable cash remuneration to the board members
fortheirservicesfromtheAGMin2024untiltheAGM
in2025wasproposedandresolvedatthe2024AGM.
Boardremunerationfortheperiodfromthe2025AGM
untilthe2026AGMwasproposedandresolvedatthe
August2025EGM.
Thenominationcommitteewillproposeboard
remuneration for the period between the annual
generalmeetingsof2026and2027.
TheBoardacknowledgesthatgrantsofsubscription
rightstomembersoftheBoardofDirectorsare
incontradictiontotheCorporateGovernance
recommendations,butremainsoftheviewthatithas
been in the Company and shareholders’ mutual best
interesttomakethesegrantsinordertosecureand
retaintheservicesofboardmemberswithinternational
experience.
RæderBingadvokatfirmaAS,inwhichMortenOpstad
isapartner,renderslegalservicestotheCompany.
AboardmemberperformingworkfortheCompany
beyond the board duty shall ensure that such
arrangementsdonotinanywayaffectorinterferewith
properperformanceofthefiduciarydutiesasaboard
member.Moreover,theBoard(withouttheparticipation
oftheinterestedmember)shallapprovetheterms
andconditionsofanysucharrangements.Adequate
detailsshallbedisclosedinEnsurge’sannualfinancial
statements.
12. Remuneration of executive personnel
Salaryandotherremunerationtotheexecutive
personnel in the Company is determined pursuant
totheCompany’sexecutiveremunerationpolicy,
asapprovedbythe2021AGM,amendedatthe
14March2023EGMandupdatedatthe2025AGM.
Theexecutiveremunerationpolicyispubliclyavailable
ontheCompany’swebsite.
Theexecutiveremunerationpolicyseekstoalign
theinterestsoftheCompany’sexecutivesandits
shareholders,andtocontinuouslyimprovesustainable
performance.Furthermore,thepolicyisdesignedto
aligntheinterestsoftheCompanyanditsexecutives
to ensure its contribution to the Company’s
commercialstrategy,long-terminterestsandfinancial
viability.
OnanannualbasistheCompany’scompensation
committeeshallreviewthetermsoftheexecutive
remunerationpolicy,todetermineifanyrevisions
Annual Report | 2025 67 |
arenecessary.Whererevisionsarerequired,the
compensationcommitteeshallmakeproposalsto
theBoardwhich,ifsignificantandsubjecttoBoard
approval,areproposedbytheBoardtotheannual
generalmeetingforapproval.Intheabsenceofany
significantrevisions,theexecutiveremuneration
policy shall be presented and explained by the Board
totheannualgeneralmeetingeveryfouryearsat
minimum.Ateachannualgeneralmeeting,theBoard
shallpresentaremunerationreportfortheprevious
financialyear.
Intheeventofsignificantchangestotheexecutive
remunerationpolicy,thesemustbedescribedand
explainedinthepolicydocument.Thepolicyshall
describeandexplainhowtheshareholders’viewson
theguidelines,thegeneralmeeting’svoteandthe
salaryreportssincethepreviousvoteonthepolicy
havebeentakenintoaccount.
13. Information and communications
TheBoardofDirectorsplacesgreatemphasisonthe
relationship and communication with the shareholders
andmarketparticipants.Theprimarychannelsfor
communicationaretheinterimreports,theannual
reportandtheassociatedfinancialstatements.
Ensurge also issues other notices to the shareholders
whennecessaryorappropriate.Thegeneralmeeting
ofshareholdersprovidesaforumfortheshareholders
to raise issues with the Board as such and the
individualboardmembers.Allreportsareissuedand
distributed according to the rules and practices at
themarketplace(s)whereEnsurgesharesarelisted.
The Company shall in due course publish an annual
financialcalendarforthefollowingyear;settingforth
thedatesformajoreventssuchasitsannualgeneral
meeting,publicationofinterimreports,anyscheduled
publicpresentation,anydividendpaymentdate(if
applicable),etc.Thereportsandotherpertinent
informationarealsoavailableontheCompany’s
website,ensurge.com.
The Board places emphasis on the fact that information
fromtheCompanyprovidesmarketparticipantswith
accurate,clear,relevant,andtimelyinformation,so
thatshareholdersandotherinvestorscanmakewell-
founded decisions regarding the purchase and sale of
sharesbasedonequalinformation.
TheBoardofDirectorshasadoptedthefollowing
policies:
• Policyforreportingoffinancialandotherinformation
andinvestorrelations;
• Policyforcontactwithshareholdersoutsidegeneral
meeting; and
• Policyforinformationmanagementinunusual
situationsattractingorlikelytoattractmediaorother
externalinterest.
ThefinancialreportingofEnsurgeisbelievedtobefully
compliantwithapplicablelawsandregulations,and
theCompanyretainstheservicesofaninternationally
recognizedauditortoreviewitsaccounts,policiesand
procedures.Asoftheinterimfinancialinformation
forthethirdquarter2007,Ensurgehaspreparedits
consolidatedfinancialreportsinaccordancewithIFRS.
Thecurrentinformationpracticesareadequateunder
currentrules.
14. Take-overs
Therearenotake-overdefensemechanismsin
place.TheBoardwillendeavorthatshareholder
valueismaximizedandthatallshareholdersare
treatedequally.TheBoardshallotherwiseensurefull
compliancewithSection14oftheCode.
15. Auditor
The Company’s auditor is fully independent of the
Company.
TheBoardmeetswiththeauditortoreviewtheannual
financialstatementsandsustainabilityreporting
beforefinalizingandpublicationoftheannualfinancial
statements.
Atleastonceayear,theBoard,togetherwiththe
auditor,conductsareviewoftheCompany’sinternal
systemsforinternalcontrolandriskmanagement
relatedtofinancialandsustainabilityreporting.
IncasetheCompanyshouldwishtoobtainnon-audit
servicesfromtheauditor,theamendedAuditorsAct
inNorwayrequirestheBoardofDirectorstoconsider
andconfirminadvancethattheserviceisnotbelieved
to be prohibited under the Auditors Act and that any
suchnon-auditserviceisofanatureandlevelthat
willnotaffecttheauditor’sindependenceinrespectof
theirstatutoryauditoftheCompany’sannualfinancial
statements.Inthismanner,theBoardmustpre-
approveanysuchnon-auditservicesfromtheauditor.
TheBoardofDirectorsshallotherwiseensurefull
compliancewithSection15oftheCode.
68 | Annual Report | 2025
Articles of Association
§1 The name of the Company
The name of the Company is Ensurge Micropower
ASA.TheCompanyisapubliclimitedcompany.
§2 The Company’s business
The Company’s business shall encompass the
development,manufacturing,andsalesofsolid-state
microbatteries.TheCompany’sbusinessshallalso
includethedevelopmentofservicesrelatedtosolid-
statemicrobatteriesandthemaximizationofthe
valueoftheCompany’sroll-to-rollfacilityinSanJose,
California.TheCompany’sobjectivesmaybecarried
out in full internally or in whole or in part externally
throughcollaborativeeffortswithoneormoreofthe
Company’secosystemandcommercialpartners.The
Company’s business may be carried out directly by
theCompanyand/orthroughsubsidiarycompanies.
The Company may hold ownership positions in
companieswithsimilaractivities.
§3 Registered office
TheregisteredofficeoftheCompanyissituatedin
Oslo.
§4 The Company’s share capital
TheCompany’ssharecapitalisNOK486,049,851.50
dividedinto972,099,703shareseachhavingapar
valueofNOK0.50.
§5 The Company’s governance
The Company’s board of directors shall consist
offromthreetoninemembers,asdecidedbythe
generalmeeting.Theboardmaygrantpowersof
procuration.
§6 The general meeting
The ordinary general meeting shall consider and
decide:
1 Adoptionoftheannualfinancialstatementand
reportoftheboardofdirectors,includingthe
declarationofadividend.
2 Election of chairman and members of the
nominationcommittee,anddeterminationof
remuneration to the members of the nomination
committee.
3 Anyotherbusinessrequiredbythelawsorthe
articles of association to be transacted by the
generalmeeting.
The general meetings of the Company shall as a
generalrulebeconductedintheNorwegianlanguage.
However,theboardofdirectorsmaydecidethatthe
Englishlanguageshallbeused.
§7 Exemption from requirements to submit
documents with notice of general meeting
Documentswhichtimelyhavebeenmadeavailable
ontheInternetsiteoftheCompany,andwhichdeal
withmattersthataretobehandledatthegeneral
meeting,donotneedtobesenttotheCompany’s
shareholders.
§8 Registration for general meeting
Ashareholderwhowishestoattendthegeneral
meeting,inpersonorbyproxy,shallnotifyits
attendancetotheCompanynolaterthantwodays
priortothegeneralmeeting.Iftheshareholderdoes
notnotifytheCompanyofitsattendanceinatimely
manner,theCompanymaydenytheshareholder
accesstothegeneralmeeting.
§9 Nomination committee
a EnsurgeMicropowerASAshallhavea
nominationcommittee.Thenomination
committeeshallhavethreemembers,including
achairman.Membersofthenomination
committeeshallbeelectedbytheAGMfora
termoftwoyears.
a Thenominationcommitteeshall:
- ProposecandidatesforelectiontotheBoard
ofDirectors
- Proposetheremunerationtobepaidtothe
Board members
- Proposecandidatesforelectiontothe
nominationcommittee
- Proposetheremunerationtobepaidtothe
nominationcommitteemembers
a Themandateofthenominationcommitteeshall
beresolvedbytheAGM.
§10 Relation to the Norwegian public limited
companies act
Reference is also made to the legislation concerning
publiclimitedcompaniesinforceattherelevanttime.
Annual Report | 2025 69 |
BoardofDirectors
Alexander Munch-Thore Alexander holds degrees
fromtheUniversityofVirginia,theMcCombsSchool
ofBusinessattheUniversityofTexas,andHarvard
BusinessSchool.HehasservedasCIOofAstrup
Fearnley,partneratKistefosVCandFirstSecurities,and
executivechairmanofWatrium.From2019to2023,he
ledtherestructuringofNorwegianAirShuttle,including
theacquisitionofWiderøe.Heisco-founderandCFOof
SpennGroup,andsince2018,hasservedasindustrial
advisortoEQT.
Thomas RammFounderofIgnisASA,whereheled
thecompanyfromtechnologydevelopmenttoglobal
commercializationandanexittoFinisar/Coherent.
Currently,heservesasChairmanofthepubliclytraded
SmartopticsGroupASAandisactivelyinvolvedin
venturessuchasEtainandApini,aswellasthrough
CoretechCapital.Hebringsstrongexperiencein
executingadvancedtechnologies,industrialscaling,and
governance.
Alexander Munch-Thore
Chairman
Thomas Ramm
Board Member
70 | Annual Report | 2025
Morten OpstadhasservedontheEnsurgeboard
since2006,includingasChairfrom2006–2023.
HeisapartnerinAdvokatfirmaetRæderASinOslo,
Norway.Mortenhasbeenalegalandstrategic
advisortomultiplesuccessfulcompaniesinthe
technology sector and has guided growth from early
entrepreneurialstagestostockexchangelistings.He
currentlyservesasboardchairofIDEXBiometrics
ASA,listedonOsloBørsandNasdaq.Mr.Opstadholds
alegaldegree(Cand.Jur.)fromtheUniversityofOslo
andwasadmittedtotheNorwegianBarAssociationin
1986.HeisaNorwegiancitizenandresidesinOslo.
Morten Opstad
Deputy Board Member
Nina Riibehasbeenactivelyinvolvedinmanagement,
boardandchairmanpositionswithinprivate
companiesandorganizationsformorethantwo
decades.Ms.Riibeiscurrentlychairmanforamedia
agencyandaboardmemberforatechstartup,which
hasreachedaturnoverof100MNOKinthreeyears.
Ms.Riibeholdsa“siviløkonom”degreeinBusiness
andAdministrationfromKarlstadUniversityand
NorwegianSchoolofEconomics(NHH).Furthermore
shehastakenNHH’sboardprogramonamaster’s
level.
SheisCEOofEcona,anemployeeorganizationfor
mastereconomistsinNorway,andtheorganization
hashada30%growthinmembersinthreeyears.
She has almost two decades of experience from
thecommunicationindustryandhavegainedgood
understandingofthepowerincommunication,in-
depthknowledgeofpoliticalprocessesandpolitical
influence.
Nina Riibe
Board Member
Annual Report | 2025 71 |
ExecutiveManagement
Shauna McIntyre isanaccomplishedCEOwithaprovenrecordofdriving
growthandinnovationinbothFortune100andemergingcompanies,
fromindustrialsettingstoSiliconValley.Shehasledhighlytechnical
businessestomarketleadershipincompetitiveindustries,revitalized
organizations,andtransformedoperationstodeliversustainableresults.
ShealsositsontheBoardofDirectorsofLithiaMotors(Fortune#124),
oneofthefastest-growingcompaniesintheFortune500,whereshe
chairstheCompensationCommittee.
BeforejoiningEnsurge,ShaunawasDeputyCEOofNorthvoltNorth
AmericaandCEOofCuberg,Northvolt’shigh-performancebattery
subsidiary.Previously,shewasCEOofSensePhotonics,whereshe
scaledanindustrialsensortechnologybusiness,positioneditformarket
adoption,andledasuccessfulexittoanindustryleader.Earlierinher
career,sheguidedGoogle’sexpansionintoconsumerelectronicsand
repositioneda$1BindustrialplatformatHoneywell.
ShaunaholdsanMBAfromHarvardBusinessSchoolandanMSandBS
inMechanicalEngineeringfromUCBerkeleyandUCLA,respectively.A
dualU.S.-U.K.citizenandfluentinmultiplelanguages,shehaslivedin
fourcountriesandhasconductedbusinessacrossmorethanadozen.
Shauna McIntyre
Chief Executive Officer &
Chief Financial Officer
Dr. Asma Sharafiisaclean-energyexecutiveandtechnologyleader
withdeepexpertiseinadvancedbatterysystems,productstrategy,and
commercialization.AsChiefTechnologyOfficer,sheleadsstrategic
customerengagements,technology-to-marketexecution,andpartner
ecosystemstoacceleratetheadoptionofsolid-statemicrobatteries
acrossmedical,industrial,andconsumerapplications.
AsmabringsoveradecadeofexperiencespanningR&D,manufacturing
scale-up,andglobalpartnerships.Previously,sheservedasCEOof
PowerCoUS,wheresheledtheindustrializationofnext-generation
batterytechnologyandmanagedcross-functionalprogramsinvolving
OEMs,suppliers,andresearchpartners.Sheisrecognizedforbridging
deeptechnicalrigorwithcommercialstrategytobringbreakthrough
energytechnologiesfromlabtomarket.
Asma Sharafi
Chief Technology Officer
72 | Annual Report | 2025
Matt Cattersonisamanufacturingleaderinadvancedbattery
technologieswithover15yearsofexperiencescalingcomplex
manufacturingoperations.PriortojoiningEnsurge,heservedasVice
PresidentofManufacturingatQuantumScape,whereheledproduction,
facilities,equipment,automation,quality,andlogisticswhileoverseeing
morethan$250Minoperatingbudgetand$100M+incapitalprograms.
Heplayedakeyroleintransitioningthecompanyfromdevelopment
operations toward scalable production and supporting the technology
transferinitiativewithVolkswagen’sPowerCo.
Earlierinhiscareer,MattheldseniorleadershiprolesatPanasonic
EnergyofNorthAmericainsideTesla’sGigafactoryNevada,wherehe
helpedscaleoneoftheworld’slargestlithium-ionbatterymanufacturing
operationsandleda$225Mconversionof13productionlinesto
next-generationcelltechnology.AtEnsurge,Mattleadsoperations
with a focus on disciplined execution and transitioning the company’s
micro-batterytechnologyintoscalablecommercialmanufacturing.
Matt Catterson
Chief Operating Officer
Dr. Arvind KamathjoinedEnsurgeinJanuary2014fromKovio,Inc.,
whereheservedasSr.Director,TechnologyDevelopment.AtEnsurge,he
hasbuiltandledseveralteamsintheareasoftechnologydevelopment,
engineering,andoperations.Mostrecently,hewasresponsiblefor
theflexiblesubstrateroll-to-rollPDPS(PrintedDopantPolysilicon)
manufacturingscale-upandledthedevelopmentofaglobalenabling
ecosystem.AtKovio,Dr.Kamathledmaterialsandprocessdevelopment
andintegrationofarevolutionaryprintedelectronicsplatformbased
onsiliconink,fromfeasibilitytoqualificationandyieldenhancement.
PriortoKovio,heworkedatLSILogicinvariousmanagerialand
specialistroles,includingprocessengineering,groupmanagement,R&D
operations,SRAMintegrationandyieldenhancement.Dr.Kamathearned
aB.TechdegreeinMetallurgicalEngineeringfromtheIndianInstituteof
Technology,ChennaiandaPh.D.inMaterialsScienceandEngineering
fromthemicroelectronicsprogramatTheUniversityofTexas-Austin.
Dr. Arvind Kamath
EVP Technology Development
Annual Report
2025
Ensurge Micropower ASA