공고 • Aug 22
Norsk Renewables AS Announces resignation of Christine Mork as Chief financial officer Norsk Renewables AS announced that Chief financial officer, Christine Mork, has informed the CEO and board of directors of Norsk Renewables that she has decided to resign from her position as CFO in order to pursue opportunities outside of the Company. Christine will continue to support the Company throughout the notice period. New Risk • Apr 07
New major risk - Shareholder dilution The company's shareholders have been substantially diluted in the past year. Increase in shares outstanding: 163% This is considered a major risk. Shareholder dilution occurs when there is an increase in the number of shares on issue that is not proportionally distributed between all shareholders. Often due to the company raising equity capital or some options being converted into stock. All else being equal, if there are more shares outstanding then each existing share will be entitled to a lower proportion of the company's total earnings, thus reducing earnings per share (EPS). While dilution might not always result in lower EPS (like if the company is using the capital to fund an EPS accretive acquisition) in a lot cases it does, along with lower dividends per share and less voting power at shareholder meetings. Currently, the following risks have been identified for the company: Major Risks Share price has been highly volatile over the past 3 months (87% average daily change). Earnings are forecast to decline by an average of 23% per year for the foreseeable future. Shareholders have been substantially diluted in the past year (163% increase in shares outstanding). Market cap is less than US$10m (€6.43m market cap, or US$6.97m). Minor Risks Currently unprofitable and not forecast to become profitable over next 3 years (kr132m net loss in 3 years). Revenue is less than US$5m (kr16m revenue, or US$1.4m). 공고 • Feb 27
Norsk Renewables AS to Report Q4, 2023 Results on Mar 21, 2024 Norsk Renewables AS announced that they will report Q4, 2023 results on Mar 21, 2024 New Risk • Feb 18
New major risk - Shareholder dilution The company's shareholders have been substantially diluted in the past year. Increase in shares outstanding: 163% This is considered a major risk. Shareholder dilution occurs when there is an increase in the number of shares on issue that is not proportionally distributed between all shareholders. Often due to the company raising equity capital or some options being converted into stock. All else being equal, if there are more shares outstanding then each existing share will be entitled to a lower proportion of the company's total earnings, thus reducing earnings per share (EPS). While dilution might not always result in lower EPS (like if the company is using the capital to fund an EPS accretive acquisition) in a lot cases it does, along with lower dividends per share and less voting power at shareholder meetings. Currently, the following risks have been identified for the company: Major Risks Share price has been highly volatile over the past 3 months (28% average weekly change). Earnings are forecast to decline by an average of 24% per year for the foreseeable future. Shareholders have been substantially diluted in the past year (163% increase in shares outstanding). Revenue is less than US$1m (kr9.3m revenue, or US$884k). Market cap is less than US$10m (€6.88m market cap, or US$7.41m). Minor Risk Currently unprofitable and not forecast to become profitable over next 2 years (kr87m net loss in 2 years). 공고 • Feb 14
Norsk Renewables AS announced that it expects to receive NOK 45 million in funding from Valinor As Norsk Renewables AS announced a private placement of minimum of 100,000,000 common shares and maximum of 150,000,000 common shares at an issue price of NOK 0.30 per share for the minimum gross proceeds of NOK 30,000,000 and maximum gross proceeds of NOK 45,000,000 on February 13, 2024. The transaction will include participation from new investor Valinor As for NOK 30,000,000. Reported Earnings • Nov 30
Third quarter 2023 earnings released: kr0.24 loss per share (vs kr0.33 loss in 3Q 2022) Third quarter 2023 results: kr0.24 loss per share (improved from kr0.33 loss in 3Q 2022). Net loss: kr18.0m (loss narrowed 28% from 3Q 2022). Revenue is forecast to grow 99% p.a. on average during the next 3 years, compared to a 10% growth forecast for the Renewable Energy industry in Germany. New Risk • Oct 19
New major risk - Market cap size The company's market capitalization is less than US$10m. Market cap: €9.26m (US$9.79m) This is considered a major risk. Companies with a small market capitalization are most likely businesses that have not yet released a product to market or are simply a very small company without a wide reach. Either way, risk is elevated with these companies because there is a chance the product may not come to fruition or the company's addressable market or demand may not be as large as expected. In addition, if the company's size is the main factor, it is less likely to have many investors and analysts following it and scrutinizing its performance and outlook. Currently, the following risks have been identified for the company: Major Risks Less than 1 year of cash runway based on free cash flow trend (-kr33m free cash flow). Share price has been highly volatile over the past 3 months (20% average weekly change). Earnings are forecast to decline by an average of 19% per year for the foreseeable future. Market cap is less than US$10m (€9.26m market cap, or US$9.79m). Minor Risks Currently unprofitable and not forecast to become profitable over next 2 years (kr83m net loss in 2 years). Revenue is less than US$5m (kr13m revenue, or US$1.2m). Reported Earnings • Aug 31
Second quarter 2023 earnings released Second quarter 2023 results: Revenue: kr5.71m (flat on 2Q 2022). Net loss: kr6.26m (down 461% from profit in 2Q 2022). Revenue is forecast to grow 88% p.a. on average during the next 3 years, compared to a 6.3% growth forecast for the Renewable Energy industry in Germany. 공고 • Aug 03
Norsk Solar Appoints Christine Mork as New Chief Financial Officer Norsk Solar announced the appointment of Christine Mork as its new Chief Financial Officer (CFO), effective 1st of August 2023. With a distinguished career in financial management and a passion for sustainable development, Christine brings invaluable expertise and leadership to the Norsk Solar team. The company have gotten to know Christine these last months while she has acted in the role as a hired consultant. As CFO, Christine will play a pivotal role in guiding Norsk Solar`s financial strategy and bolstering its position as a player in the rapidly expanding renewable energy market. Her experience in financial planning, analysis, and capital management will be instrumental in driving Norsk Solar`s continued growth and success. Norsk Solar has an interesting pipeline of renewable energy projects, providing sustainable solutions to a wide range of clients with a focus on emerging countries. With her vast international experience, the appointment will be important for the company`s journey, developing the position as a salient contributor in the renewable energy industry. Reported Earnings • Jun 14
First quarter 2023 earnings released First quarter 2023 results: Revenue: kr2.02m (up 14% from 1Q 2022). Net loss: kr15.9m (loss widened 4.4% from 1Q 2022). Revenue is forecast to grow 90% p.a. on average during the next 3 years, compared to a 4.0% growth forecast for the Renewable Energy industry in Germany. Breakeven Date Change • May 23
No longer forecast to breakeven The analyst covering Norsk Solar no longer expects the company to break even during the foreseeable future. The company was expected to make a profit of kr23.6m in 2025. New forecast suggests the company will make a loss of kr72.0m in 2025. 공고 • May 23
Norsk Solar AS Announces Resignation of Joakim Brønner Johnsen from the Board Norsk Solar AS announced Joakim Brønner Johnsen resigns from the board due to new and extended role with his current employer. 공고 • May 19
Norsk Solar Announces CEO Changes Norsk Solar announced that Øyvind L. Vesterdal will be stepping down as CEO, effective 16 May 2023. He will be succeeded by Torbjørn Elliot Kirkeby-Garstad, who will take over as CEO on the same day. Øyvind Laugen Vesterdal, co-founder of Norsk Solar and the company's third largest shareholder, has been CEO in Norsk Solar since its establishment and has played an essential role in developing the company. Vesterdal has decided to step down and pass the reins to Torbjørn Elliot Kirkeby-Garstad. Kirkeby-Garstad brings with him 16 years of experience operating as an industrial renewable investor in the power industry. He has done successful industrial renewable investments in a wide range of emerging markets and is well-positioned to lead the company into its next phase of growth. Øyvind remains in an advisory role with the company until end of August 2023 to assist with the transition. Reported Earnings • Mar 24
Full year 2022 earnings released: kr0.70 loss per share (vs kr0.46 loss in FY 2021) Full year 2022 results: kr0.70 loss per share (further deteriorated from kr0.46 loss in FY 2021). Net loss: kr52.4m (loss widened 51% from FY 2021). Breakeven Date Change • Dec 31
Forecast to breakeven in 2025 The analyst covering Norsk Solar expects the company to break even for the first time. New forecast suggests the company will make a profit of kr40.0m in 2025. Average annual earnings growth of 26% is required to achieve expected profit on schedule. Reported Earnings • Dec 01
Third quarter 2022 earnings released Third quarter 2022 results: Revenue: kr10.1m (up 200% from 3Q 2021). Net loss: kr24.9m (loss widened 133% from 3Q 2021). Revenue is forecast to grow 95% p.a. on average during the next 3 years, compared to a 5.2% growth forecast for the Renewable Energy industry in Germany. Board Change • Nov 16
No independent directors There are 4 new directors who have joined the board in the last 3 years. Of these new board members, none were independent directors. The company's board is composed of: 4 new directors. 1 experienced director. No highly experienced directors. No independent directors (5 non-independent directors). Director Nils Skaset is the most experienced director on the board, commencing their role in 2020. The following issues are considered to be risks according to the Simply Wall St Risk Model: Lack of independent directors. Lack of experienced directors. Reported Earnings • Sep 01
Second quarter 2022 earnings released Second quarter 2022 results: Net income: kr1.73m (up kr1.73m from 2Q 2021). Over the next year, revenue is forecast to grow 54% compared to a 10.0% decline forecast for the Renewable Energy industry in Germany. Reported Earnings • Jun 15
First quarter 2022 earnings released First quarter 2022 results: Net loss: kr29.9m (flat on 1Q 2021). Over the next year, revenue is expected to shrink by 4.0% compared to a 27% decline forecast for the industry in Germany. Board Change • Jun 01
No independent directors There are 4 new directors who have joined the board in the last 3 years. Of these new board members, none were independent directors. The company's board is composed of: 4 new directors. 1 experienced director. No highly experienced directors. No independent directors (5 non-independent directors). Director Nils Skaset is the most experienced director on the board, commencing their role in 2020. The following issues are considered to be risks according to the Simply Wall St Risk Model: Lack of independent directors. Lack of experienced directors.