New Risk • Mar 27
New minor risk - Financial data availability The company's latest financial reports are more than 6 months old. Last reported fiscal period ended June 2025. This is considered a minor risk. If the company has not reported its earnings on time, it may have been delayed due to audit problems or it may be finding it difficult to reconcile its accounts. Currently, the following risks have been identified for the company: Major Risks Earnings have declined by 90% per year over the past 5 years. Shareholders have been substantially diluted in the past year (276% increase in shares outstanding). Market cap is less than US$10m (kr69.6m market cap, or US$7.14m). Minor Risk Latest financial reports are more than 6 months old (reported June 2025 fiscal period end). 공시 • Dec 30
Energeia AS, Annual General Meeting, May 19, 2026 Energeia AS, Annual General Meeting, May 19, 2026. 공시 • Sep 26
Energeia AS has completed a Follow-on Equity Offering in the amount of NOK 31 million. Energeia AS has completed a Follow-on Equity Offering in the amount of NOK 31 million.
Security Name: Ordinary Shares
Security Type: Common Stock
Securities Offered: 1,033,333,333
Price\Range: NOK 0.03
Transaction Features: Rights Offering Reported Earnings • Sep 09
First half 2025 earnings released First half 2025 results: Revenue: kr30.4m (down 9.7% from 1H 2024). Net loss: kr22.2m (loss widened 250% from 1H 2024). 공시 • Aug 26
Energeia AS has filed a Follow-on Equity Offering in the amount of NOK 31 million. Energeia AS has filed a Follow-on Equity Offering in the amount of NOK 31 million.
Security Name: Ordinary Shares
Security Type: Common Stock
Securities Offered: 1,033,333,333
Price\Range: NOK 0.03
Transaction Features: Rights Offering New Risk • Aug 21
New major risk - Market cap size The company's market capitalization is less than US$10m. Market cap: kr101.1m (US$9.93m) 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 Share price has been highly volatile over the past 3 months (39% average weekly change). Earnings have declined by 105% per year over the past 5 years. Shareholders have been substantially diluted in the past year (over 9x increase in shares outstanding). Market cap is less than US$10m (kr101.1m market cap, or US$9.93m). New Risk • Jun 12
New major risk - Revenue and earnings growth Earnings have declined by 105% per year over the past 5 years. This is considered a major risk. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. If profits are declining over an extended period, then in most cases the share price will decline over time unless the company can turn around its fortunes. A trend of falling earnings can be very difficult to turn around. If the company is well already established it may also be a sign the company has matured and is in decline. In addition, if the company pays dividends it will also likely need to reduce or cut them, striking a dual blow to total shareholder returns. Currently, the following risks have been identified for the company: Major Risks Share price has been highly volatile over the past 3 months (32% average weekly change). Earnings have declined by 105% per year over the past 5 years. Shareholders have been substantially diluted in the past year (over 8x increase in shares outstanding). Market cap is less than US$10m (kr53.7m market cap, or US$5.38m). Reported Earnings • May 15
Full year 2024 earnings released Full year 2024 results: Revenue: kr67.6m (down 2.7% from FY 2023). Net loss: kr36.0m (loss widened 119% from FY 2023). Revenue is forecast to grow 10% p.a. on average during the next 2 years, compared to a 14% growth forecast for the Renewable Energy industry in Norway. New Risk • Mar 09
New major risk - Shareholder dilution The company's shareholders have been substantially diluted in the past year. Increase in shares outstanding: 338% 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 (34% average weekly change). Earnings are forecast to decline by an average of 1.9% per year for the foreseeable future. Shareholders have been substantially diluted in the past year (338% increase in shares outstanding). Market cap is less than US$10m (kr58.6m market cap, or US$5.40m). Minor Risk Currently unprofitable and not forecast to become profitable over next 2 years (kr15m net loss in 2 years). 공시 • Mar 01
Energeia AS announced that it expects to receive NOK 20 million in funding Energeia AS announced a private placement of 400,000,000 new shares at a price of NOK 0.05 per share for the gross proceeds of NOK 20,000,000 on February 27, 2025. The transaction will include participation from Obligo Nordic Climate Impact Fund III AB and Eidsiva Vekst AS. The transaction has been approved by the shareholders of the company. New Risk • Jan 13
New major risk - Share price stability The company's share price has been highly volatile over the past 3 months. It is more volatile than 90% of Norwegian stocks, typically moving 14% a week. This is considered a major risk. Share price volatility increases the risk of potential losses in the short-term as the stock tends to have larger drops in price more frequently than other stocks. It may also indicate the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. 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 (-kr36m free cash flow). Share price has been highly volatile over the past 3 months (14% average weekly change). Earnings are forecast to decline by an average of 1.9% per year for the foreseeable future. Market cap is less than US$10m (kr94.8m market cap, or US$8.26m). Minor Risk Currently unprofitable and not forecast to become profitable over next 2 years (kr15m net loss in 2 years). Reported Earnings • Nov 14
Third quarter 2024 earnings: Revenues exceed analyst expectations Third quarter 2024 results: Revenue: kr19.0m (up 14% from 3Q 2023). Net loss: kr2.37m (loss narrowed 69% from 3Q 2023). Revenue exceeded analyst estimates by 3.6%. Major Estimate Revision • Nov 06
Consensus estimates of losses per share improve by 14% The consensus outlook for earnings per share (EPS) in fiscal year 2024 has improved. 2024 revenue forecast increased from kr68.2m to kr69.9m. EPS estimate increased from -kr0.14 per share to -kr0.12 per share. Renewable Energy industry in Norway expected to see average net income growth of 7.2% next year. Consensus price target down from kr2.25 to kr1.95. Share price was steady at kr0.75 over the past week. New Risk • Nov 05
New major risk - Revenue and earnings growth Earnings have declined by 118% per year over the past 5 years. This is considered a major risk. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. If profits are declining over an extended period, then in most cases the share price will decline over time unless the company can turn around its fortunes. A trend of falling earnings can be very difficult to turn around. If the company is well already established it may also be a sign the company has matured and is in decline. In addition, if the company pays dividends it will also likely need to reduce or cut them, striking a dual blow to total shareholder returns. Currently, the following risks have been identified for the company: Major Risks Debt is not well covered by operating cash flow (currently running at an operating cash loss). Earnings have declined by 118% per year over the past 5 years. Market cap is less than US$10m (kr89.4m market cap, or US$8.16m). Reported Earnings • Aug 23
Second quarter 2024 earnings: Revenues miss analyst expectations Second quarter 2024 results: Revenue: kr21.0m (down 2.9% from 2Q 2023). Net loss: kr229.0k (loss narrowed 62% from 2Q 2023). Revenue missed analyst estimates by 4.9%. Revenue is forecast to grow 11% p.a. on average during the next 3 years, compared to a 18% growth forecast for the Renewable Energy industry in Norway. Price Target Changed • Aug 16
Price target decreased by 15% to kr2.25 Down from kr2.65, the current price target is an average from 2 analysts. New target price is 154% above last closing price of kr0.89. Stock is down 48% over the past year. The company is forecast to post a net loss per share of kr0.14 next year compared to a net loss per share of kr0.14 last year. Major Estimate Revision • May 29
Consensus revenue estimates decrease by 14%, EPS upgraded The consensus outlook for fiscal year 2024 has been updated. 2024 revenue forecast fell from kr81.1m to kr69.6m. EPS estimate increased from -kr0.18 to -kr0.14 per share. Renewable Energy industry in Norway expected to see average net income growth of 24% next year. Consensus price target down from kr2.65 to kr2.50. Share price was steady at kr0.99 over the past week. Reported Earnings • May 23
First quarter 2024 earnings: Revenues miss analyst expectations First quarter 2024 results: Revenue: kr13.3m (down 19% from 1Q 2023). Net loss: kr6.11m (loss widened 115% from 1Q 2023). Revenue is forecast to grow 18% p.a. on average during the next 3 years, compared to a 24% growth forecast for the Renewable Energy industry in Norway. New Risk • May 23
New minor risk - Financial position The company has a high level of debt. Net debt to equity ratio: 48% This is considered a minor risk. Having a high level of debt increases the company's balance sheet risk. The company has a higher interest repayment burden, leading to the need to allocate a greater amount of its earnings towards servicing the debt, potentially limiting growth options or shareholder distributions. It can also increase the risk of bankruptcy if business conditions deteriorate enough that the company can no longer meet its debt obligations. Currently, the following risks have been identified for the company: Minor Risks High level of debt (48% net debt to equity). Share price has been volatile over the past 3 months (9.9% average weekly change). Market cap is less than US$100m (kr116.1m market cap, or US$10.9m). Price Target Changed • May 17
Price target increased by 10% to kr2.65 Up from kr2.40, the current price target is an average from 2 analysts. New target price is 135% above last closing price of kr1.13. Stock is down 43% over the past year. The company is forecast to post earnings per share of kr0.05 next year compared to a net loss per share of kr0.14 last year. 공시 • Mar 23
Energeia AS to Report Fiscal Year 2023 Final Results on Apr 17, 2024 Energeia AS announced that they will report fiscal year 2023 final results on Apr 17, 2024 Reported Earnings • Mar 07
Full year 2023 earnings released: kr0.16 loss per share (vs kr0.032 profit in FY 2022) Full year 2023 results: kr0.16 loss per share (down from kr0.032 profit in FY 2022). Revenue: kr71.1m (down 8.7% from FY 2022). Net loss: kr19.4m (down kr23.1m from profit in FY 2022). Revenue is forecast to grow 8.4% p.a. on average during the next 3 years, compared to a 23% growth forecast for the Renewable Energy industry in Norway. New Risk • Mar 04
New major risk - Revenue and earnings growth Earnings are forecast to decline by an average of 29% per year for the foreseeable future. This is considered a major risk. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. If profits are expected to decline, then in most cases the share price will decline over time as well. In addition, if the company pays dividends it will also likely need to reduce or cut them, striking a dual blow to total shareholder returns. Currently, the following risks have been identified for the company: Major Risk Earnings are forecast to decline by an average of 29% per year for the foreseeable future. Minor Risk Market cap is less than US$100m (kr148.1m market cap, or US$14.1m). Price Target Changed • Mar 04
Price target decreased by 13% to kr2.40 Down from kr2.75, the current price target is an average from 2 analysts. New target price is 92% above last closing price of kr1.25. Stock is down 31% over the past year. The company is forecast to post earnings per share of kr0.11 for next year compared to kr0.032 last year. Price Target Changed • Dec 12
Price target decreased by 16% to kr2.30 Down from kr2.75, the current price target is provided by 1 analyst. New target price is 33% above last closing price of kr1.74. Stock is down 44% over the past year. The company is forecast to post a net loss per share of kr0.06 compared to earnings per share of kr0.032 last year. New Risk • Oct 28
New major risk - Share price stability The company's share price has been highly volatile over the past 3 months. It is more volatile than 90% of Norwegian stocks, typically moving 11% a week. This is considered a major risk. Share price volatility increases the risk of potential losses in the short-term as the stock tends to have larger drops in price more frequently than other stocks. It may also indicate the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. Currently, the following risks have been identified for the company: Major Risk Share price has been highly volatile over the past 3 months (11% average weekly change). Minor Risk Market cap is less than US$100m (kr127.3m market cap, or US$11.4m). 공시 • Oct 18
Energeia AS Announces Executive Appointments Energeia AS has strengthened the project development team in Norway in order to ensure a successful execution of the significant Solar PV power plant project portfolio currently under development in Norway. Elisabeth Dragseth has been employed full time as Head of Group Accounting (norsk: Konsernregnskapssjef). Dragseth has long experience from auditing, accounting, system implementation and financial reporting. She has a master's degree in auditing and accounting from Oslo MET and holds a certification as State Authorized Public Accountant (norsk: Statsautorisert revisor). Former employers include KPMG, Aberia and Norlandia Health Care Group. Start date 1 October 2023. Jørgen Kocbach Bølling has been employed full time as Head of Concessions and Environment (norsk: Ansvarlig konsesjoner og miljø). Bølling has extensive experience on the matter of energy concessions from his 14 years as senior advisor in NVE and now most recent as head of solar power and district heating (norsk: fagleder solenergi og fjernvarme). Other experiences include managing director of Schulerudgaarden, senior advisor in Sweco, sales manager in SGP Varmeteknikk and consultant in Naturvernforbundet. Bølling holds a degree as Siv. Agric. from UMB and university candidate in environmental technology from Høgskolen i Hedemark. Start date 1 January 2024. Major Estimate Revision • Aug 31
Consensus EPS estimates upgraded to kr0.06 loss The consensus outlook for fiscal year 2023 has been updated. 2023 losses forecast to reduce from -kr0.07 to -kr0.06 per share. Revenue forecast steady at kr76.8m. Renewable Energy industry in Norway expected to see average net income growth of 13% next year. Consensus price target down from kr2.85 to kr2.75. Share price was steady at kr1.59 over the past week. Reported Earnings • Aug 27
Second quarter 2023 earnings: EPS in line with analyst expectations despite revenue beat Second quarter 2023 results: kr0.005 loss per share (down from kr0.029 profit in 2Q 2022). Revenue: kr21.7m (up 369% from 2Q 2022). Net loss: kr605.0k (down 154% from profit in 2Q 2022). Revenue is forecast to grow 17% p.a. on average during the next 3 years, compared to a 22% growth forecast for the Renewable Energy industry in Norway.