Announcement • Jun 27
Norcod AS has completed a Follow-on Equity Offering in the amount of NOK 3.8817 million. Norcod AS has completed a Follow-on Equity Offering in the amount of NOK 3.8817 million.
Security Name: Shares
Security Type: Common Stock
Securities Offered: 388,170
Price\Range: NOK 10
Transaction Features: Rights Offering Reported Earnings • Jun 19
First quarter 2026 earnings released First quarter 2026 results: Revenue: kr30.8m (down 84% from 1Q 2025). Net loss: kr18.5m (loss narrowed 63% from 1Q 2025). Over the last 3 years on average, earnings per share has increased by 38% per year but the company’s share price has fallen by 30% per year, which means it is significantly lagging earnings. New Risk • Jun 07
New major risk - Shareholder dilution The company's shareholders have been substantially diluted in the past year. Increase in shares outstanding: 37% 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 Earnings have declined by 28% per year over the past 5 years. Shareholders have been substantially diluted in the past year (37% increase in shares outstanding). Minor Risks Share price has been volatile over the past 3 months (8.4% average weekly change). Market cap is less than US$100m (€72.6m market cap, or US$83.7m). New Risk • May 27
New major risk - Shareholder dilution The company's shareholders have been substantially diluted in the past year. Increase in shares outstanding: 37% 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 Earnings have declined by 28% per year over the past 5 years. Shareholders have been substantially diluted in the past year (37% increase in shares outstanding). Minor Risk Market cap is less than US$100m (€79.6m market cap, or US$92.6m). Reported Earnings • Feb 28
Full year 2025 earnings released Full year 2025 results: Revenue: kr444.4m (up 12% from FY 2024). Net loss: kr227.5m (loss narrowed 3.2% from FY 2024). Announcement • Dec 22
Norcod AS, Annual General Meeting, Jun 10, 2026 Norcod AS, Annual General Meeting, Jun 10, 2026. Reported Earnings • Nov 16
Third quarter 2025 earnings released Third quarter 2025 results: Revenue: kr36.8m (down 47% from 3Q 2024). Net loss: kr71.5m (loss narrowed 13% from 3Q 2024). New Risk • Oct 09
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of German stocks, typically moving 9.0% a week. This is considered a minor risk. Share price volatility indicates 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. It also 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. 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 (-kr148m free cash flow). Earnings have declined by 36% per year over the past 5 years. Shareholders have been substantially diluted in the past year (32% increase in shares outstanding). Minor Risks Share price has been volatile over the past 3 months (9.0% average weekly change). Market cap is less than US$100m (€79.2m market cap, or US$91.5m). Reported Earnings • Aug 28
Second quarter 2025 earnings released Second quarter 2025 results: Revenue: kr91.3m (up 6.2% from 2Q 2024). Net loss: kr52.0m (loss narrowed 9.1% from 2Q 2024). Reported Earnings • Jun 03
Full year 2024 earnings released: kr5.85 loss per share (vs kr10.54 loss in FY 2023) Full year 2024 results: kr5.85 loss per share (improved from kr10.54 loss in FY 2023). Revenue: kr397.2m (up 47% from FY 2023). Net loss: kr235.0m (loss narrowed 4.5% from FY 2023). New Risk • Apr 14
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 German stocks, typically moving 17% 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 Share price has been highly volatile over the past 3 months (17% average weekly change). Earnings have declined by 46% per year over the past 5 years. Shareholders have been substantially diluted in the past year (31% increase in shares outstanding). Announcement • Apr 05
Norcod AS has completed a Follow-on Equity Offering in the amount of NOK 19.999992 million. Norcod AS has completed a Follow-on Equity Offering in the amount of NOK 19.999992 million.
Security Name: Shares
Security Type: Common Stock
Securities Offered: 1,666,666
Price\Range: NOK 12
Transaction Features: Regulation S; Rights Offering; Rule 144A Announcement • Mar 22
Norcod AS has filed a Follow-on Equity Offering in the amount of NOK 19.999992 million. Norcod AS has filed a Follow-on Equity Offering in the amount of NOK 19.999992 million.
Security Name: Shares
Security Type: Common Stock
Securities Offered: 1,666,666
Price\Range: NOK 12
Transaction Features: Rights Offering New Risk • Mar 02
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 German stocks, typically moving 12% 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 (-kr201m free cash flow). Share price has been highly volatile over the past 3 months (12% average weekly change). Earnings have declined by 46% per year over the past 5 years. Shareholders have been substantially diluted in the past year (49% increase in shares outstanding). Minor Risk Market cap is less than US$100m (€44.8m market cap, or US$46.4m). Reported Earnings • Feb 15
Full year 2024 earnings released Full year 2024 results: Revenue: kr397.2m (up 47% from FY 2023). Net loss: kr233.8m (loss narrowed 5.0% from FY 2023). Announcement • Jan 22
Norcod AS, Annual General Meeting, Jun 18, 2025 Norcod AS, Annual General Meeting, Jun 18, 2025. New Risk • Jan 16
New major risk - Shareholder dilution The company's shareholders have been substantially diluted in the past year. Increase in shares outstanding: 49% 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 Less than 1 year of cash runway based on free cash flow trend (-kr163m free cash flow). Earnings have declined by 54% per year over the past 5 years. Shareholders have been substantially diluted in the past year (49% increase in shares outstanding). Minor Risks Share price has been volatile over the past 3 months (7.5% average weekly change). Market cap is less than US$100m (€56.3m market cap, or US$58.0m). Reported Earnings • Nov 17
Third quarter 2024 earnings released Third quarter 2024 results: Revenue: kr68.9m (up 222% from 3Q 2023). Net loss: kr82.1m (loss widened 101% from 3Q 2023). Announcement • Sep 11
Norcod AS Announces Appoints Stian Vollan-Hansen as new Chief Financial Officer, Effective December 1, 2024 Norcod AS appointed Stian Vollan-Hansen as its new Chief Financial Officer (CFO) from 1 December 2024. Vollan-Hansen (34) is based in Trondheim and brings with him valuable experience from financial management and business development through nine years in various positions at Entro, a leading energy consultancy agency, most recently as CFO. Vollan-Hansen holds a master’s degree in economics from NTNU Business School and has gained broad experience in financial planning, reporting, M&A activities, strategy, and business development. Trym Are Sivertsen will serve as Norcod’s interim CFO until Vollan-Hansen assumes the role of CFO from 1 December 2024. Announcement • Aug 22
Norcod AS Reports Consolidated Impairment of Intangible Assets for the Second Quarter Ended June 30, 2024 Norcod AS reported consolidated impairment of intangible assets for the second quarter ended June 30, 2024. For the quarter, the company reported impairment of intangible assets of NOK 502,000. Reported Earnings • Aug 21
Second quarter 2024 earnings released Second quarter 2024 results: Revenue: kr86.0m (up 118% from 2Q 2023). Net loss: kr57.2m (loss widened 9.6% from 2Q 2023). Reported Earnings • Jun 07
First quarter 2024 earnings released First quarter 2024 results: Revenue: kr118.5m (down 5.3% from 1Q 2023). Net loss: kr55.0m (loss widened 29% from 1Q 2023). Announcement • Apr 06
Norcod AS has completed a Follow-on Equity Offering in the amount of NOK 2.505876 million. Norcod AS has completed a Follow-on Equity Offering in the amount of NOK 2.505876 million.
Security Name: Shares
Security Type: Common Stock
Securities Offered: 208,823
Price\Range: NOK 12
Transaction Features: Rights Offering Announcement • Apr 03
Norcod AS Announces Resignation of Arne Kristian Hoset as CFO Norcod AS announced that Arne Kristian Hoset has decided to resign as CFO to take on a new position in another company and industry. He will remain in his current role until the end of June, ensuring a smooth and efficient transition for Norcod. The Company has initiated a process to recruit Hoset's replacement. Board Change • Apr 02
No independent directors Following the recent departure of a director, there are no independent directors on the board. The company's board is composed of: No independent directors. 5 non-independent directors. Chairman Renate Larsen was the last director to join the board, commencing their role in 2022. The company's lack of independent directors is a risk according to the Simply Wall St Risk Model. 
