New Risk • Apr 13
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: -kr20m 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 (-kr20m free cash flow). Share price has been highly volatile over the past 3 months (11% average weekly change). Shareholders have been substantially diluted in the past year (32% increase in shares outstanding). Minor Risks Revenue is less than US$5m (kr18m revenue, or US$1.9m). Market cap is less than US$100m (kr128.3m market cap, or US$13.5m). New Risk • Feb 25
New major risk - Market cap size The company's market capitalization is less than US$10m. Market cap: kr89.5m (US$9.37m) 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 Shareholders have been substantially diluted in the past year (32% increase in shares outstanding). Market cap is less than US$10m (kr89.5m market cap, or US$9.37m). Minor Risks Latest financial reports are more than 6 months old (reported December 2024 fiscal period end). Share price has been volatile over the past 3 months (9.6% average weekly change). Revenue is less than US$5m (kr16m revenue, or US$1.7m). Announcement • Jan 21
Norwegian Block Exchange Launches Trading of Tokenized Gold and Silver in Partnership with FI Finest Investment Gmbh Norwegian Block Exchange (NBX) announced the successful launch of trading tokenized gold and silver, a significant expansion of its digital asset offering. This new feature is the result of a strategic partnership with FI finest investment GmbH, enabling NBX users to trade secure, fully-backed digital representations of physical gold and silver. The introduction of tokenized precious metals expands the NBX offering to its users into Real World Assets, a new digital asset class, combining the security and reliability of physical gold and silver with the efficiency and accessibility of digital token trading. The tokens represent direct ownership of the underlying physical metals held in LBMA-certified secure vaults by Pro Aurum in Germany. The tokens are redeemable down to 1 gram bars. The partnership leverages FI finest investment GmbH's expertise in tokenization of precious metals, storage and verification with NBX's robust and secure digital trading platform. The new tokenized gold and silver trading is available to all NBX platform users starting today. Trading pairs now live on NBX: fGLD/NOK and fSLVR/NOK fGLD/EUR and fSLVR/EUR. New Risk • Dec 23
New major risk - Market cap size The company's market capitalization is less than US$10m. Market cap: kr97.1m (US$9.65m) 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 (11% average weekly change). Earnings have declined by 5.5% per year over the past 5 years. Shareholders have been substantially diluted in the past year (91% increase in shares outstanding). Market cap is less than US$10m (kr97.1m market cap, or US$9.65m). Minor Risks Latest financial reports are more than 6 months old (reported December 2024 fiscal period end). Revenue is less than US$5m (kr16m revenue, or US$1.6m). New Risk • Oct 27
New minor risk - Financial data availability The company's latest financial reports are more than 6 months old. Last reported fiscal period ended December 2024. 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 Share price has been highly volatile over the past 3 months (12% average weekly change). Earnings have declined by 5.5% per year over the past 5 years. Shareholders have been substantially diluted in the past year (72% increase in shares outstanding). Minor Risks Latest financial reports are more than 6 months old (reported December 2024 fiscal period end). Revenue is less than US$5m (kr16m revenue, or US$1.6m). Market cap is less than US$100m (kr105.7m market cap, or US$10.6m). New Risk • Aug 08
New major risk - Market cap size The company's market capitalization is less than US$10m. Market cap: kr100.4m (US$9.75m) 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 (40% average weekly change). Earnings have declined by 5.5% per year over the past 5 years. Shareholders have been substantially diluted in the past year (71% increase in shares outstanding). Market cap is less than US$10m (kr100.4m market cap, or US$9.75m). Minor Risk Revenue is less than US$5m (kr16m revenue, or US$1.6m). Reported Earnings • Apr 13
Full year 2024 earnings released Full year 2024 results: Revenue: kr18.0m (up kr15.5m from FY 2023). Net loss: kr23.2m (loss widened 1.6% from FY 2023). New Risk • Apr 08
New minor risk - Financial data availability The company's latest financial reports are more than 6 months old. Last reported fiscal period ended June 2024. 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 Share price has been highly volatile over the past 3 months (14% average weekly change). Earnings have declined by 9.0% per year over the past 5 years. Shareholders have been substantially diluted in the past year (201% increase in shares outstanding). Revenue is less than US$1m (kr3.9m revenue, or US$354k). Market cap is less than US$10m (kr44.0m market cap, or US$4.01m). Minor Risk Latest financial reports are more than 6 months old (reported June 2024 fiscal period end). Announcement • Jan 18
Norwegian Block Exchange AS, Annual General Meeting, Jun 12, 2025 Norwegian Block Exchange AS, Annual General Meeting, Jun 12, 2025. Announcement • Dec 11
Norwegian Block Exchange AS has completed a Follow-on Equity Offering in the amount of NOK 17.577 million. Norwegian Block Exchange AS has completed a Follow-on Equity Offering in the amount of NOK 17.577 million.
Security Name: Shares
Security Type: Common Stock
Securities Offered: 31,481,481
Price\Range: NOK 0.27
Security Name: Shares
Security Type: Common Stock
Securities Offered: 33,618,519
Price\Range: NOK 0.27
Transaction Features: Regulation S; Rights Offering Announcement • Nov 19
Norwegian Block Exchange AS has filed a Follow-on Equity Offering in the amount of NOK 17 million. Norwegian Block Exchange AS has filed a Follow-on Equity Offering in the amount of NOK 17 million.
Security Name: Shares
Security Type: Common Stock
Securities Offered: 37,037,037
Price\Range: NOK 0.27
Security Name: Shares
Security Type: Common Stock
Securities Offered: 25,925,926
Price\Range: NOK 0.27
Transaction Features: Rights Offering Reported Earnings • Sep 26
First half 2024 earnings released: kr0.07 loss per share (vs kr0.16 loss in 1H 2023) First half 2024 results: kr0.07 loss per share (improved from kr0.16 loss in 1H 2023). Net loss: kr9.66m (loss narrowed 13% from 1H 2023). Announcement • Sep 13
Norwegian Block Exchange AS Appoints Nicolai Lunde as Chief Financial Officer, Effective September 16, 2024 Norwegian Block Exchange AS announced the appointment of Nicolai Lunde as Chief Financial Officer (CFO), effective September 16, 2024. Nicolai Lunde will assume the role of CFO at NBX, where he will play a pivotal role in the company's strategic plan to evolve into a digital asset bank. This transition aims to bridge the gap between traditional finance and the rapidly growing cryptocurrency sector, positioning NBX at the forefront of financial innovation in the Nordics. Nicolai joins NBX from his previous position at Kistefos AS. His extensive experience includes serving as a Board Member at Morrow Bank ASA, where he was part of the Audit and Risk Committee. Prior to joining Kistefos, Nicolai worked as Head of Analysis in Bank Norwegian focusing on Risk Management and Operative improvements. His previous experience includes Consultancy in EY as Internal Auditor for the Financial Services Risk Management division and Analyst & Advisory roles in Nordea. Mr. Lunde holds a Master of Science in Corporate Finance from Cass Business School and a Master of Arts in Business & Finance from Heriot-Watt University. New Risk • Jun 28
New major risk - Shareholder dilution The company's shareholders have been substantially diluted in the past year. Increase in shares outstanding: 101% 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 (16% average weekly change). Earnings have declined by 20% per year over the past 5 years. Shareholders have been substantially diluted in the past year (101% increase in shares outstanding). Revenue is less than US$1m (kr2.5m revenue, or US$234k). Market cap is less than US$10m (kr92.9m market cap, or US$8.73m). Reported Earnings • May 02
Full year 2023 earnings released Full year 2023 results: Net loss: kr22.9m (loss narrowed 36% from FY 2022). Announcement • Apr 19
Norwegian Block Exchange AS has completed a Follow-on Equity Offering in the amount of NOK 2.52 million. Norwegian Block Exchange AS has completed a Follow-on Equity Offering in the amount of NOK 2.52 million.
Security Name: Shares
Security Type: Common Stock
Securities Offered: 4,200,000
Price\Range: NOK 0.6
Transaction Features: Rights Offering New Risk • Mar 06
New minor risk - Shareholder dilution The company's shareholders have been diluted in the past year. Increase in shares outstanding: 31% This is considered a minor 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 (12% average weekly change). Earnings have declined by 28% per year over the past 5 years. Revenue is less than US$1m (kr1.9m revenue, or US$184k). Market cap is less than US$10m (kr73.2m market cap, or US$6.94m). Minor Risk Shareholders have been diluted in the past year (31% increase in shares outstanding). Announcement • Mar 05
Norwegian Block Exchange AS announced that it expects to receive NOK 12.6 million in funding Norwegian Block Exchange AS announced a private placement of 21,000,000 common shares at the price of NOK 0.60 per share for gross proceeds of NOK 12,600,000 on March 4, 2024. The transaction will include participation from four investors including Vegard Kristiansen for 16,666,666 shares. The offer shares will be issued by, and are subject to, a resolution by the company's extraordinary general meeting to be held on or about March 20, 2024. The transaction has been approved by the board of directors of the company. Reported Earnings • Oct 16
First half 2023 earnings released: kr0.16 loss per share (vs kr0.27 loss in 1H 2022) First half 2023 results: kr0.16 loss per share (improved from kr0.27 loss in 1H 2022). Net loss: kr11.1m (loss narrowed 41% from 1H 2022). Announcement • Feb 14
Norwegian Block Exchange AS Launches Digital Asset Custody Solution Norwegian Block Exchange AS, launched institutional digital asset custody. The custody solution can be tailored to meet the needs of the customer. With the NBX Custody solution the customer can implement governance rules that comply with regulatory requirements and internal policies, such as whitelisting of addresses and smart-contract interaction, transfer amount and co-signing. The custody solution can also be white-labeled allowing financial institutions, e.g banks or wealth managers to offer their customers an insured digital asset custody solution, combined with NBX’s crypto-compliance-as-service it is an out of the box solution for corporations that want to offer their customers a secure and compliant digital custody solution. Digital asset custody is a business area that is expected to have exponential growth in the coming years, with the emergence of metaverse and web3. Board Change • Jan 30
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. 3 non-independent directors. Chairman Nils Sundling 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. 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. 4 non-independent directors. Chairman Nils Sundling 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. Announcement • Oct 21
Norwegian Block Exchange AS announced a financing transaction Norwegian Block Exchange AS announced a private placement of convertible loan on October 20, 2022. Announcement • Oct 01
Norwegian Block Exchange AS Announces Resignation of Torstein Thinn as Chief Financial Officer Norwegian Block Exchange AS informed that Chief Financial Officer Torstein Thinn resigns in order to pursue a career opportunity with a different company. Mr. Thinn will remain with NBX until the end of 2022 as part of the management group and support the transition to a new CFO. Announcement • Sep 22
Norwegian Block Exchange AS announced that it expects to receive NOK 20.375 million in funding Norwegian Block Exchange AS announced a private placement of 8,150,000 new shares at a commitment price of NOK 2.5 per share for gross proceeds of NOK 20,400,000 on September 21, 2022. In addition to shares, the investors will receive warrants on 50% of committed volume with a duration of 2 years and a strike price of NOK 4,5. The issuance of new shares and warrants are subject to General assembly and subscription stocks will be available after formal approval. Announcement • Jul 06
Finanstilsynet Grants E-money License to Norwegian Block Exchange AS Norwegian Block Exchange AS granted an e-money license from Finanstilsynet, the Norwegian Financial Supervisory Authority. The license opens a wide range of opportunities for NBX and is further evidence of the company’s ability to meet regulatory standards. The e-money license allows NBX to move into products and services currently offered by traditional financial institutions. It also paves way for easier collaboration with traditional finance, placing the company in the same regulatory category as other financial institutions. An e-money license is a requirement for any company seeking to process payments and issue e-money. Companies holding this license are governed by the same standards for compliance, funding and governance as other financial institutions. Announcement • May 12
Norwegian Block Exchange AS to Report Fiscal Year 2022 Final Results on Apr 27, 2023 Norwegian Block Exchange AS announced that they will report fiscal year 2022 final results on Apr 27, 2023 Announcement • May 04
Norwegian Block Exchange AS Announces Board Changes Norwegian Block Exchange AS at its AGM held on April 25, 2022 announced that Bjørn Kjos resigns as chairman of the board and is elected as member of the board. Nils Kristian Sundling is elected as chairman of the board. 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. Announcement • Apr 27
Norwegian Block Exchange as Approves Appointment of Nils Sundling as Chairman of the Board Norwegian Block Exchange AS at its extraordinary general meeting held on April 25, 2022 approved appointment of Nils Sundling as Chairman of the board. 
