(Amounts in NOK 1 000) | Note | 2024 | 2023 |
| Continuing operations | |||
Payroll and related expenses | 3.2, 6.1 | ||
Depreciation and amortization | 4.1, 4.2 | ||
Other operating expenses | 3.1, 3.3, 3.6 | ||
Total operationg expenses | |||
Operating profit (loss) | ( | ( | |
| Finance income and finance expenses | |||
Finance income | 5.5 | ||
Finance expenses | 5.5 | ||
Net currency gains (loss) | 5.5 | ( | |
Net finance income (expenses) | |||
Net profit before income tax from continuing operations | ( | ( | |
Tax expense | 7.1 | ( | |
Loss for the year from continuing operations | ( | ( | |
| Discontinued operations | |||
Loss after tax from discontinued operations | 3.7 | ( | |
Loss for the year | ( | ( |
(Amounts in NOK 1 000) | Note | 2024 | 2023 |
Loss for the year | ( | ( | |
Other comprehensive income (loss), net of income tax that may be reclassified to profit and loss in subsequent periods | |||
Translation effects | ( | ||
Other comprehensive income (loss), net of income tax not to be reclassified to profit and loss in subsequent periods | |||
Remeasurement gains (losses) on defined benefit plans | ( | ||
Total comprehensive income (loss) for the year | ( | ( | |
Loss for the year attributable to owners of the parent | ( | ( | |
Total comprehensive income (loss) for the year attributable to owners of the parent | ( | ( | |
| Earnings (loss) per share (continuing operations) | |||
Basic and diluted earnings (loss) per share | 5.6 | ( | ( |
(Amounts in NOK 1 000) | Note | 2024 | 2023 |
| ASSETS | |||
| Non-current assets | |||
Property, plant and equipment | 4.1 | ||
Right-of-use-assets | |||
Intangible assets | 4.2 | ||
Total non-current assets | |||
| Current assets | |||
Other current receivables and prepayment | 3.4 | ||
Cash and cash equivalents | 5.2 | ||
Total current assets | |||
TOTAL ASSETS |
(Amounts in NOK 1 000) | Note | 2024 | 2023 |
| EQUITY AND LIABILITIES | |||
| Equity | |||
Share capital | 5.4 | ||
Share premium | |||
Other paid in capital | |||
Retained earnings | ( | ( | |
Total equity | |||
| Liabilities | |||
| Non-current liabilities | |||
Deffered tax liabilities | |||
Lease liabilities - long term | |||
Total non-current liabilities | |||
| Current liabilities | |||
Trade payable | 5.3 | ||
Tax payable | 5.3 | ||
Social security and other taxes | 5.3 | ||
Lease liability | 5.3 | ||
Other current liabilities | 3.5, 5.3 | ||
Total current liabilities | |||
Total liabilites | |||
TOTAL EQUITY AND LIABILITIES |
| Other paid in | Accumulated | Translation | Remeasurement | |||||
(Amounts in NOK 1 000) | Note | Share capital | Share premium | capital | losses | effects | gains (losses) | Total equity |
Balance at 1.1.2023 | ( | |||||||
Loss for the year | ( | ( | ||||||
Other comprehensive income (loss) for the year, net of income tax | ( | ( | ( | |||||
Total comprehensive income for the year | ( | ( | ( | ( | ||||
Reclassification | ( | |||||||
Recognition of share based payments - RSUs | 3.2, 6.2 | |||||||
Issue of ordinary shares | 5.4 | |||||||
Issue of ordinary shares under share options and RSUs | 5.4 | |||||||
Transaction costs | ( | ( | ||||||
Balance at 31.12.2023 | ( | |||||||
Loss for the year | ( | ( | ||||||
Recognition of share based payments - RSUs | 3.2, 6.2 | |||||||
Issue of ordinary shares | 5.4 | |||||||
Transaction costs | ( | ( | ||||||
Balance at 31.12.2024 | ( |
(Amounts in NOK 1 000) | Note | 2024 | 2023 |
| Cash flows from operating activities | |||
Loss before income tax from continuing operations | ( | ( | |
Loss before income tax from discontinued operations | 3.7 | ( | |
Loss before income tax | ( | ( | |
| Adjustments for: | |||
Interest paid | |||
Interest received | ( | ( | |
Finance income from discontinued operations | ( | ||
Share based payment expenses | |||
Taxes paid | ( | ||
Depreciation and amortization | |||
Currency (gains) losses not related to operating activities (unrealised) | ( | ||
Changes in trade payables | 5.3 | ||
Changes in net working capital | ( | ||
Net cash flows from operating activities | ( | ( |
(Amounts in NOK 1 000) | Note | 2024 | 2023 |
| Cash flows from investment activities | |||
Payments for fixed assets | ( | ||
Cash acquired through business combination | |||
Interest received | |||
Net cash flow from investment activities | |||
| Cash flows from financing activities | |||
Gross proceeds from equity issue | 5.4 | ||
Transaction costs | ( | ( | |
Payment of principle portion of lease liabilities | ( | ( | |
Interest paid | ( | ||
Net cash flow from investment activities | ( | ||
Effects of exchange rate changes on cash and cash equivalents | |||
Net change in cash and cash equivalents | ( | ||
Cash and cash equivalents at the beginning of the period | |||
Cash and cash equivalents at the end of the period |
(Amounts in NOK 1 000) | Note | 2024 | 2023 |
Reasearch and development costs | 3 309 | 945 | |
| Government grants | 3.3 | (7 156) | (41) |
Transactions with related parties | 1 411 | 1 013 | |
Other administrative costs | 29 071 | 1 571 | |
Total other operating expenses | 26 634 | 3 487 |
(Amounts in NOK 1 000) | Note | 2024 | 2023 |
Salaries and bonus | 6.2 | 9 862 | 1 527 |
Social Security tax | 1 630 | 207 | |
| Pension expense | 6.1 | 591 | 116 |
| Share-based payment employees | 6.2 | 2 807 | 1 212 |
Accrued employer's social security on share based payment | 910 | 121 | |
Other | 736 | 299 | |
| Government grants | 3.3 | (1 620) | (138) |
Total payroll and related expenses | 14 916 | 3 342 | |
Average number of full-time equivalent employees | 8.5 | 1.5 |
(Amounts in NOK 1 000) | Note | 2024 | 2023 |
| Government grants have been recognised in the income | |||
statement as a reduction for the related expenses with the following amounts: | |||
Payroll and related expenses | 1 620 | 138 | |
| Other operating expenses | 3.1 | 7 156 | 41 |
Total | 8 777 | 179 | |
| Grants receivable are detailed as follows: | |||
| Grants from SkatteFUNN | 3.4 | 3 631 | 179 |
Grants from The Research Council of Norway | 345 | - | |
Grants from Innovation Norway | 4 800 | - | |
Total 31.12. | 8 777 | 179 |
(Amounts in NOK 1 000) | Note | 2024 | 2023 |
Government grants | 3.3 | 3 656 | 179 |
Refundable VAT | 1 686 | 488 | |
Prepaid expenses | 577 | 426 | |
Rental deposits | 70 | 70 | |
Other receivables | 533 | 2 417 | |
Other current receivables and prepayments 31.12 | 6 523 | 3 579 |
(Amounts in NOK 1 000) | 2024 | 2023 |
Unpaid duties and charges | - | 1 131 |
Unpaid vacation pay | 967 | 358 |
| Accrued social security related to outstanding non exercised | ||
options, PSUs and RSUs | 173 | 121 |
Other accrued costs | 4 980 | 734 |
Other current liabilities 31.12 | 6 120 | 2 343 |
| Fees to auditors for the year ended 31 December: | ||
(Amounts in NOK 1 000) | 2024 | 2023 |
Audit fee | 545 | 660 |
Attestation services | 185 | 116 |
Non-audit services | - | - |
Auditors fee 31.12 | 730 | 776 |
| Cash flows generated from discontinued operations are as follows: | ||
(Amounts in NOK 1 000) | 2024 | 2023 |
Net cash flows from operating activities | - | (24 131) |
Net cash flows from investing activities | - | - |
Net cash flows from financing activities | - | (159) |
Cash flows from discontinued operations | - | (24 290) |
| The result of the discontinued operation for the year are presented below: | ||
| For the year ended 31 December | ||
(Amounts in NOK 1 000) | 2024 | 2023 |
Revenues | - | 4 108 |
Cash flows from discontinued operations | - | 4 108 |
Payroll and related expenses | - | 10 490 |
Depreciation and impairment | - | 386 |
Other operating expenses | - | 19 752 |
Total operating expenses | - | 30 628 |
Operating profit (loss) | - | (26 520) |
| Finance income and finance expenses | ||
Finance income | - | 3 969 |
Finance expenses | - | - |
Net currency gains (loss) | - | 1 550 |
Net finance income (expenses) | - | 5 520 |
Loss before income tax | - | (21 000) |
Income tax | - | - |
Loss for the year from dicontinued operations | - | (21 000) |
| Earnings (loss) per share (discontinued operations) | ||
Basic and diluted earnings (loss) per share | - | (0.12) |
| Laboratory | Office | Permanent | Furniture and | ||
| (Amounts in NOK 1 000) | equipment | equipment | building fixtures | fittings | Total |
Cost of 01.01.2023 | 3 975 | 1 445 | 4 027 | 1 408 | 10 855 |
Additions in the year | 1 118 | 69 | 1 187 | ||
Disposals in the year | (334) | (1 340) | (4 027) | (1 408) | (7 109) |
Cost at 31.12.2023 | 4 759 | 174 | - | - | 4 933 |
| Additions in the year | |||||
| Disposals in the year | |||||
Cost at 31.12.2024 | 4 759 | 174 | - | - | 4 933 |
Accumulated depreciations 01.01.2023 | 3 737 | 1 303 | 4 027 | 1 408 | 10 475 |
Depreciations in the year | 186 | 145 | 331 | ||
Impairment in the year | - | ||||
Disposals in the year | (139) | (1 306) | (4 027) | (1 408) | (6 881) |
Accumulated depreciation at 31.12.2023 | 3 784 | 142 | - | - | 3 925 |
Depreciations in the year | 373 | 21 | 393 | ||
Disposals in the year | - | ||||
Accumulated depreciation at 31.12.2024 | 373 | 21 | - | - | 393 |
Net carrying amount at 31.12.2023 | 975 | 32 | - | - | 1 008 |
Net carrying amount at 31.12.2024 | 603 | 11 | - | - | 614 |
Estimated useful life | 3–5 years | 2–3 years | 2–5 years | 3–5 years | |
Depreciation method | straight-line | straight-line | straight-line | straight-line |
| Patents, | ||||
| licenses, | ||||
(Amounts in NOK 1 000) | Technology | domains, etc. | Goodwill | Total |
Cost of 01.01.2023 | - | - | - | - |
Acquired through business combinations | 247 265 | - | 37 216 | 284 481 |
Disposals in the year | - | - | - | - |
Cost at 31.12.2023 | 247 265 | - | 37 216 | 284 481 |
Additions in the year | - | 140 | - | - |
Disposals in the year | - | - | - | - |
Cost at 31.12.2024 | 247 265 | 140 | 37 216 | 284 481 |
Accumulated depreciations 01.01.2023 | - | - | - | - |
Depreciations in the year | - | - | - | - |
Impairment in the year | - | - | - | - |
Disposals in the year | - | - | - | - |
Accumulated depreciation at 31.12.2023 | - | - | - | - |
Depreciations in the year | 1 580 | 1 | - | 1 581 |
Impairment in the year | - | - | - | - |
Disposals in the year | - | - | - | - |
Accumulated depreciation at 31.12.2024 | 1 580 | 1 | - | 1 581 |
Net carrying amount at 31.12.2023 | 247 265 | - | 37 216 | 284 481 |
Net carrying amount at 31.12.2024 | 245 685 | 138 | 37 216 | 283 039 |
(Amounts in NOK 1 000) | 2024 | 2023 |
Employee withholding tax, restricted | 569 | 482 |
Variable interest rate bank accounts | 122 819 | 41 284 |
Cash and cash equivalents 31.12 | 123 389 | 41 767 |
| Less than 3 | 3 to 12 | |||
(Amounts in NOK 1 000) | On demand | months | months | Total |
Accounts payable | 15 230 | 15 230 | ||
Unpaid duties and charges | 949 | 165 | 1 114 | |
Unpaid vacation pay | 967 | 967 | ||
Accrued social security related to outstanding non exercised options, PSUs and RSUs 1 | 1 031 | 1 031 | ||
Lease liabilities | 113 | 323 | 437 | |
Other accrued costs | 139 | 2 348 | 1 635 | 4 122 |
Current liabilities 31.12 | 139 | 18 640 | 4 121 | 22 900 |
| Less than 3 | 3 to 12 | |||
(Amounts in NOK 1 000) | On demand | months | months | Total |
Accounts payable | 2 146 | (43) | 2 103 | |
Unpaid duties and charges | 768 | 768 | ||
Unpaid vacation pay | 358 | 358 | ||
Accrued social security related to outstanding non exercised options, PSUs and RSUs 1 | 121 | 121 | ||
Lease liabilities | - | |||
Other accrued costs | 1 097 | 1 097 | ||
Current liabilities 31.12 | - | 4 131 | 315 | 4 446 |
Note | 2024 | 2023 | |
Ordinary shares at beginning of the period | 233 539 006 | 116 035 298 | |
Issue of ordinary shares 1 | 45 632 920 | 116 769 503 | |
Issue of ordinary shares under RSUs | 6.2 | 1 320 469 | 734 205 |
Ordinary shares at the end of the period | 280 492 395 | 233 539 006 |
| Number | Percentage of | ||
| Shareholder | of shares | total shares | |
1 | SCATEC INNOVATION AS | 59 152 376 | 21.09% |
2 | ROHT INVEST AS | 11 794 640 | 4.20% |
3 | BRENNEBU AS | 10 532 567 | 3.76% |
4 | NORTH ENERGY ASA | 8 000 000 | 2.85% |
5 | THORIUM FOUNDATION | 6 849 880 | 2.44% |
6 | BERGFALD HOLDING AS | 6 200 000 | 2.21% |
7 | Nordnet Bank AB | 4 781 223 | 1.70% |
8 | ASMYR | 4 300 000 | 1.53% |
9 | DNB Markets Aksjehandel/-analyse | 4 257 792 | 1.52% |
10 | NORDNET LIVSFORSIKRING AS | 3 753 278 | 1.34% |
11 | SCATEC INVEST IV AS | 3 165 920 | 1.13% |
12 | OLILI AS | 2 900 000 | 1.03% |
13 | Danske Bank A/S | 2 119 544 | 0.76% |
14 | SCIENCONS AS | 2 000 000 | 0.71% |
15 | SKY HIGH RISK AS | 1 815 781 | 0.65% |
16 | BÆKKELAGET HOLDING AS | 1 538 543 | 0.55% |
17 | OPEDAL | 1 485 880 | 0.53% |
18 | ARNE HELLESTØ AS | 1 416 021 | 0.50% |
19 | MIDDELBOE AS | 1 405 758 | 0.50% |
20 | Saxo Bank A/S | 1 179 523 | 0.42% |
Total shares for top 20 shareholders | 138 648 726 | 49.43% | |
Total shares for other 14 040 shareholders | 141 843 669 | 50.57% | |
Total shares for 14 060 shareholders | 280 492 395 | 100.00% |
(Amounts in NOK 1 000) | Note | 2024 | 2023 |
| Finance income | |||
Interest income on tax repaid | 54 | - | |
| Interest incom on bank deposit | 5.2 | 1 395 | 2 019 |
Other finans income | 9 | - | |
Currency gains | 242 | 104 | |
Total finance income | 1 700 | 2 123 | |
| Finance expenses | |||
Interest expense leasing | 98 | - | |
Other fees, charges | 3 | 169 | |
Currency loss | 306 | 354 | |
Total finance expense | 407 | 523 | |
Net finance income (expenses) | 1 293 | 1 600 |
(Amounts in NOK 1 000, except number of shares) | Note | 2024 | 2023 |
Loss for the period (NOKm) | (42.2) | (29.0) | |
Average number of outstanding shares during (in mill) | 235 793 352 | 174 787 152 | |
Earnings (loss) per share in NOK - basic and diluted | (0.18) | (0.15) |
(Amounts in NOK 1 000) | 2024 | 2023 |
Short term employment benefits | 6 716 | 3 227 |
Post-employment pension | 412 | 116 |
Termination benefits | - | - |
Total compensation of key management personnel of the group in cash | 7 127 | 3 343 |
Imputed share based payment expense | 2 407 | - |
Total compensation of key management personnel of the group expense | 9 535 | 3 343 |
| Employed with | ||||
| Current position | the Company | Number of | Number of | |
| Name | within the Company | since | shares 2024 | shares 2023 |
| Current management | ||||
Jasper Kurth | Chief Executive Officer | 01.08.2024 | 400 000 | - |
Brede Ellingsæter | Chief Financial and Operating Ofifcer | 01.06.2024 | 400 000 | - |
| Executive Vice President Business | ||||
| Alf Bjørseth | Development | 01.07.2023 | 447 855 | 47 855 |
Sindre Hassfjell | Cheif Technology Officer | 01.07.2023 | 80 000 | - |
Astrid Liland | Executive Vice President HSEQ | 01.01.2024 | - | - |
Total compensation of key management personnel of the group expense | 1 327 855 | 47 855 |
| Total number of | Remuneration | Number of | Total number of | |||||
| RSUs outstanding | for the period | Allocation | Remuneration for | RSUs granted | Market price | Number of RSUs | RSUs outstanding | |
| 31 December | 2024–2025 | between | the period 2024- | for the period | on grant date | exercised or | 31 December | |
| Name | 2023 | in NOK | cash and RSUs | 2025 in cash | 2024–2025 | in NOK | settled in 2024 | 2024 |
Ludvik Sandnes 1 | 486 489 | 350 000 | 100% RSU | - | 401 938 | 0.87 | (486 489) | 401 938 |
John Andersen 2 | 416 990 | 300 000 | 100% RSU | - | 344 518 | 0.87 | (416 990) | 344 518 |
Mimi Berdal 3 | 416 990 | 300 000 | 100% RSU | - | 344 518 | 0.87 | (416 990) | 344 518 |
Total | 1 320 469 | 950 000 | - | 1 090 974 | (1 320 469) | 1 090 974 |
2024 | 2023 | |||||
| Weighted average | Weighted average | Weighted average | Weighted average | |||
| Numbers | exercise price | fair value | Numbers | exercise price | fair value | |
| RSUs outstanding | of RSUs | in NOK | in NOK | of RSUs | in NOK | in NOK |
Balance at 01.01 | 1 320 469 | 0.20 | 0.72 | 72 315 | 0.20 | 21.59 |
Granted during the year | 1 090 974 | 0.20 | 0.87 | 2 054 673 | 0.20 | 0.79 |
Exercised or settled during the year | (1 320 469) | 0.20 | 0.72 | (797 252) | 0.20 | 2.76 |
Forfeited | - | (9 267) | 0.20 | 14.28 | ||
Balance at 31.12. | 1 090 974 | 0.20 | 0.87 | 1 320 469 | 0.20 | 0.72 |
Hereof vested RSUs | - | 0.20 | 0.87 | - | 0.20 | 0.72 |
| Total number | ||||
| of options | ||||
| Number of | Weighted average | Number of | outstanding | |
| options granted | exercise price | options exercised | 31 December | |
| Name | in 2024 | in NOK | or settled in 2024 | 2024 |
Jasper Kurth | 3 600 000 | 1.118 | - | 3 600 000 |
Brede Ellingsæter | 3 100 000 | 1.002 | - | 3 100 000 |
| Alf Bjørseth | ||||
Sindre Hassfjell | 2 700 000 | 1.082 | - | 2 700 000 |
Astrid Liland | 2 100 000 | 1.082 | - | 2 100 000 |
Total | 11 500 000 | 1.07 | - | 11 500 000 |
| 2024 | ||
| Weighted average | ||
| Numbers of | exercise price | |
| RSUs outstanding | options | in NOK |
Balance at 01.01. | - | - |
Granted during the year | 11 500 000 | 1.07 |
Forfeited | - | |
Balance at 31.12. | 11 500 000 | 1.07 |
| Boards of | Audit | Nomination | |
| (Amounts in NOK 1 000, exclusive of social security) | directors | committee | committee |
Chair | 350 | 30 | |
Member | 300 | 25 |
| Boards of | Audit | Nomination | |
| (Amounts in NOK 1 000, exclusive of social security) | directors | committee | committee |
Ludvik Sandnes | Chair | Chair | |
John Andersen | Member | Member | |
Mimi Berdal | Member | Member | |
Didrik Leikvang | Chair | ||
Jørn Aage Johansen | Member | ||
Jon Magne Asmyr | Member |
| Remuneration to the board of directors for the 12 month period | Shares held by the board | |||||
| from AGM to AGM the following year | of directors at year end | |||||
| Board fee and fees for | Number of shares as | |||||
| (Amounts in NOK 1 000, | Served since/ | committee work | of 31.12 | |||
| except number of shares) | period on the board | 2023 | 2024 | 2024 | 2023 | |
| Current board | ||||||
Ludvik Sandnes | June 2023 | 350 | 350 | 486 489 | 100 000 | |
John Andersen 1 | June 2023 | 300 | 300 | 62 318 296 | 61 908 494 | |
Mimi Berdal | June 2023 | 300 | 300 | 416 990 | - | |
| Former members of the board | ||||||
Jon Magne Asmyr | January 2023–June 2023 | 500 | 4 300 000 | 4 300 000 | ||
Tina Bønsdorff | January 2023–June 2023 | 165 | 234 781 | - | ||
Total | 1 615 | 950 | 67 756 556 | 66 308 494 | ||
| 1 | Close associates of John Andersen, Scatec Innovation AS and Scatec Invest IV AS, controls in total 62 318 296 shares as per 31.12.2024. |
(Amounts in NOK 1 000) | 2024 | 2023 |
Net profit before income tax from continuing operations | (42 638) | (5 560) |
Net profit before income tax from discontinued operations | - | (21 000) |
Net profit before income tax | (42 638) | (26 561) |
Non-deductible expenses | 2 873 | 234 |
Non-taxable income | (3 710) | (2 354) |
Share issue costs | (9 726) | (319) |
Effect of tax loss carried forward not recognised | 52 942 | 47 641 |
Change in temporary differences | 2 212 | (18 641) |
Basis for tax calculation | 1 953 | - |
Income tax expense | (430) | - |
(Amounts in NOK 1 000) | 2024 | 2023 |
Expected tax expense | (9 380) | (5 843) |
Non-deductible expenses | 632 | 52 |
Non-taxable income | (816) | (518) |
Share issue costs | (2 140) | (70) |
Change in deferred tax assets not recognised | 11 274 | 6 380 |
Income tax expense | (430) - |
(Amounts in NOK 1 000) | 2024 | 2023 |
Tax losses carried forward | 666 500 | 655 346 |
Property, plant and equipment | 168 | 224 |
Liabilities | 265 | 65 |
Intangible assets | (54 051) | (54 398) |
Deferred tax assets, net | 612 882 | 601 237 |
| Reconsiliation to statement of financial position | ||
Deferred tax assets, net | 612 882 | 601 237 |
Deferred tax assets, not recognised in statement of financial position | (666 916) | (655 701) |
Deferred tax assets (liability) - recognised in statement of financial position | (54 034) | (54 464) |
| Book value | % Equity interest | |||
Name | Country of incorporation | (in NOK 1000) | 2024 | 2023 |
TM Technologies AS | Norway | 234 707 | 100% | 100% |
| Purchases | |||
| (included in other operating expenses) | |||
(Amounts in NOK 1 000) | Note | 2024 | 2023 |
Subsidiary - TM Technologies AS | - | - | |
Purchase of professional services from Scatec Innovation AS | 1 411 | 1 013 | |
| Purchases | |||
| (included in other operating expenses) | |||
(Amounts in NOK 1 000) | Note | 2024 | 2023 |
Subsidiary - TM Technologies AS | - | - |
| Book value at | Post acquisition | ||
30 June 2023 | Adjustments | balance | |
| Assets | |||
Property, plant and equipment | 30 | 1 118 | 1 148 |
Research and development | 821 | 246 444 | 247 265 |
Goodwill | - | 37 216 | 37 216 |
Other current assets | 680 | - | 680 |
Cash and cash equivalents | 4 257 | - | 4 257 |
Total assets | 5 788 | 284 778 | 290 566 |
| Equity and liabilities | |||
Share capital | 152 | - | 152 |
Share premium reserve | 6 457 | - | 6 457 |
Other equity | (2 216) | 230 314 | 228 098 |
Deferred tax liabilities | - | 54 464 | 54 464 |
Trade payables | 160 | - | 160 |
Other current liabilities | 1 235 | - | 1 235 |
Total aquity and liabilities | 5 788 | 284 778 | 290 566 |