New Risk • Jul 14
New major risk - Market cap size The company's market capitalization is less than US$10m. Market cap: kr44.3m (US$4.37m) 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 (-US$11m free cash flow). Share price has been highly volatile over the past 3 months (31% average weekly change). Shareholders have been substantially diluted in the past year (42% increase in shares outstanding). Market cap is less than US$10m (kr44.3m market cap, or US$4.37m). Minor Risk Currently unprofitable and not forecast to become profitable next year (US$3.0m net loss next year). Announcement • May 23
Argeo ASA Announces Resignation of Inger Berg Ørstavik from the Board of Directors Argeo ASA announced that Inger Berg Ørstavik, who has expressed her wish to resign from the board at the annual general meeting, is not replaced for the time being, to its AGM to be held on 12 June 2025. New Risk • May 16
New major risk - Financial position The company has less than a year of cash runway based on its current free cash flow trend. Free cash flow: -US$11m This is considered a major risk. With less than a year's worth of cash, the company will need to raise capital or take on debt unless its cash flows improve. This would dilute existing shareholders or increase balance sheet risk. 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 (-US$11m free cash flow). Shareholders have been substantially diluted in the past year (42% increase in shares outstanding). Minor Risks Currently unprofitable and not forecast to become profitable next year (US$3.0m net loss next year). Share price has been volatile over the past 3 months (12% average weekly change). Market cap is less than US$100m (kr176.9m market cap, or US$17.0m). Reported Earnings • May 16
First quarter 2025 earnings released: US$0.09 loss per share (vs US$0.051 profit in 1Q 2024) First quarter 2025 results: US$0.09 loss per share (down from US$0.051 profit in 1Q 2024). Revenue: US$11.5m (up 21% from 1Q 2024). Net loss: US$4.20m (down 312% from profit in 1Q 2024). Revenue is forecast to grow 12% p.a. on average during the next 2 years, compared to a 13% growth forecast for the Construction industry in Norway. Over the last 3 years on average, earnings per share has fallen by 23% per year but the company’s share price has fallen by 51% per year, which means it is performing significantly worse than earnings. New Risk • Apr 18
New major risk - Shareholder dilution The company's shareholders have been substantially diluted in the past year. Increase in shares outstanding: 50% 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 (14% average weekly change). Shareholders have been substantially diluted in the past year (50% increase in shares outstanding). Minor Risk Market cap is less than US$100m (kr248.9m market cap, or US$23.8m). Announcement • Apr 04
Argeo ASA Announces CEO Changes The Board of Directors of Argeo ASA has appointed Jan P. Grimnes to serve as interim CEO of the Company following a decision that the present CEO, Trond F. Crantz, will step down as chief executive effective immediately in order to dedicate his time and focus differently. The board will initiate a structured process to identify the next permanent CEO of Argeo. New Risk • Mar 07
New major risk - Revenue and earnings growth Earnings have declined by 57% 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 (13% average weekly change). Earnings have declined by 57% per year over the past 5 years. Shareholders have been substantially diluted in the past year (38% increase in shares outstanding). Minor Risk Market cap is less than US$100m (kr365.1m market cap, or US$33.7m). New Risk • Mar 04
New major risk - Shareholder dilution The company's shareholders have been substantially diluted in the past year. Increase in shares outstanding: 64% 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 (13% average weekly change). Shareholders have been substantially diluted in the past year (64% increase in shares outstanding). Minor Risk Market cap is less than US$100m (kr403.6m market cap, or US$36.1m). Reported Earnings • Feb 28
Full year 2024 earnings released: US$0.16 loss per share (vs US$0.82 loss in FY 2023) Full year 2024 results: US$0.16 loss per share (improved from US$0.82 loss in FY 2023). Revenue: US$53.5m (up 428% from FY 2023). Net loss: US$6.94m (loss narrowed 59% from FY 2023). Revenue is forecast to grow 22% p.a. on average during the next 2 years, compared to a 16% growth forecast for the Construction industry in Norway. Over the last 3 years on average, earnings per share has increased by 21% per year but the company’s share price has fallen by 39% per year, which means it is significantly lagging earnings. New Risk • Feb 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 (-US$30m free cash flow). Share price has been highly volatile over the past 3 months (14% average weekly change). Minor Risks Shareholders have been diluted in the past year (15% increase in shares outstanding). Market cap is less than US$100m (kr353.6m market cap, or US$31.4m). Announcement • Dec 12
Argeo ASA, Annual General Meeting, May 22, 2025 Argeo ASA, Annual General Meeting, May 22, 2025. Announcement • Dec 06
Argeo ASA Announces Resignation of Peter Hooper from Board of Directors Mr. Peter Hooper, the shareholder elected representative of Shearwater GeoServices Holdings AS, has formally tendered his resignation from the Board of Directors of Argeo ASA, effective as of 3 December 2024. Mr. Hooper’s resignation came as a natural consequence of Shearwater's block sale of shares in Argeo announced through a stock exchange notification on 28 November 2024, pursuant to which Shearwater informed its decision to divest its shareholding in Argeo in order to reallocate capital toward initiatives more closely aligned with Shearwater's core business focus. upcoming Mr. Hooper's resignation, the board composition of Argeo remains compliant with applicable laws and the articles of association. Reported Earnings • Sep 02
Second quarter 2024 earnings: EPS and revenues miss analyst expectations Second quarter 2024 results: US$0.021 loss per share (improved from US$0.17 loss in 2Q 2023). Revenue: US$15.7m (up US$14.3m from 2Q 2023). Net loss: US$911.0k (loss narrowed 66% from 2Q 2023). Revenue missed analyst estimates by 26%. Earnings per share (EPS) were also behind analyst expectations. Revenue is forecast to grow 27% p.a. on average during the next 3 years, compared to a 22% growth forecast for the Construction industry in Norway. Over the last 3 years on average, earnings per share has fallen by 21% per year but the company’s share price has fallen by 36% per year, which means it is performing significantly worse than earnings. Recent Insider Transactions • Jul 31
Chief Executive Officer recently sold kr412k worth of stock On the 29th of July, Trond Crantz sold around 30k shares on-market at roughly kr13.72 per share. This transaction amounted to less than 1% of their direct individual holding at the time of the trade. This was the largest sale by an insider in the last 3 months. Despite the recent sale, Trond has been a net buyer over the last 12 months, purchasing a net total of kr2.8m worth of shares. Reported Earnings • May 26
First quarter 2024 earnings: EPS exceeds analyst expectations First quarter 2024 results: EPS: US$0.01 (up from US$0.029 loss in 1Q 2023). Revenue: US$9.47m (up 301% from 1Q 2023). Net income: US$1.99m (up US$4.16m from 1Q 2023). Profit margin: 21% (up from net loss in 1Q 2023). The move to profitability was driven by higher revenue. Revenue was in line with analyst estimates. Earnings per share (EPS) exceeded analyst estimates. Revenue is forecast to grow 35% p.a. on average during the next 3 years, compared to a 19% growth forecast for the Construction industry in Norway. Over the last 3 years on average, earnings per share has fallen by 27% per year whereas the company’s share price has fallen by 29% per year. Announcement • Apr 12
Argeo AS has completed a Follow-on Equity Offering in the amount of NOK 30.25 million. Argeo AS has completed a Follow-on Equity Offering in the amount of NOK 30.25 million.
Security Name: Ordinary Shares
Security Type: Common Stock
Securities Offered: 11,000,000
Price\Range: NOK 2.75
Transaction Features: Regulation S; Rights Offering; Rule 144A Reported Earnings • Feb 25
Full year 2023 earnings released: kr1.16 loss per share (vs kr1.49 loss in FY 2022) Full year 2023 results: kr1.16 loss per share. Revenue: kr128.5m (up 283% from FY 2022). Net loss: kr109.1m (loss widened 43% from FY 2022). Recent Insider Transactions • Nov 29
Chief Executive Officer recently bought kr3.2m worth of stock On the 24th of November, Trond Crantz bought around 1m shares on-market at roughly kr3.16 per share. This transaction amounted to 27% of their direct individual holding at the time of the trade. This was the largest purchase by an insider in the last 3 months. This was Trond's only on-market trade for the last 12 months. Reported Earnings • Nov 17
Third quarter 2023 earnings released: kr0.34 loss per share (vs kr0.51 loss in 3Q 2022) Third quarter 2023 results: kr0.34 loss per share. Revenue: kr49.3m (up 468% from 3Q 2022). Net loss: kr31.6m (loss widened 22% from 3Q 2022). Reported Earnings • Sep 01
Second quarter 2023 earnings released: kr0.36 loss per share (vs kr0.35 loss in 2Q 2022) Second quarter 2023 results: kr0.36 loss per share (further deteriorated from kr0.35 loss in 2Q 2022). Revenue: kr25.4m (up 173% from 2Q 2022). Net loss: kr27.8m (loss widened 88% from 2Q 2022). New Risk • Jun 22
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 45% 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 (-kr183m free cash flow). Share price has been highly volatile over the past 3 months (45% average weekly change). Earnings have declined by 104% per year over the past 5 years. Shareholders have been substantially diluted in the past year (79% increase in shares outstanding). Minor Risks Revenue is less than US$5m (kr51m revenue, or US$4.8m). Market cap is less than US$100m (kr281.7m market cap, or US$26.5m). Reported Earnings • May 14
First quarter 2023 earnings released First quarter 2023 results: Revenue: kr24.7m (up 257% from 1Q 2022). Net loss: kr22.8m (loss widened 132% from 1Q 2022). Reported Earnings • Mar 17
Full year 2022 earnings released Full year 2022 results: Revenue: kr33.6m (up 112% from FY 2021). Net loss: kr52.2m (loss widened 188% from FY 2021). Reported Earnings • Nov 18
Third quarter 2022 earnings released Third quarter 2022 results: Net loss: kr22.3m (loss widened 249% from 3Q 2021). Board Change • Nov 16
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. Board Member Heidi Holm 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. Reported Earnings • Sep 09
Second quarter 2022 earnings released Second quarter 2022 results: Revenue: kr9.29m (down 14% from 2Q 2021). Net loss: kr14.8m (loss widened kr12.9m from 2Q 2021). Reported Earnings • May 20
First quarter 2022 earnings released First quarter 2022 results: Revenue: kr6.91m (up kr5.77m from 1Q 2021). Net loss: kr9.81m (loss widened 415% from 1Q 2021). Board Change • Apr 27
No independent directors No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 4 experienced directors. No highly experienced directors. No independent directors (4 non-independent directors). was the last director to join the board, commencing their role in . The following issues are considered to be risks according to the Simply Wall St Risk Model: Lack of independent directors. Insufficient board refreshment. Reported Earnings • Mar 02
Full year 2021 earnings: Revenues in line with analyst expectations Full year 2021 results: Revenue: kr15.8m (up 23% from FY 2020). Net loss: kr18.1m (down kr20.1m from profit in FY 2020). Revenue was in line with analyst estimates. Recent Insider Transactions • Nov 13
Insider recently bought kr81k worth of stock On the 10th of November, Elisabeth Andenaes bought around 10k shares on-market at roughly kr8.39 per share. This was the largest purchase by an insider in the last 3 months. This was the only on-market transaction from insiders over the last 12 months.