Announcement • May 22
Fjord Defence Group ASA has filed a Follow-on Equity Offering. Fjord Defence Group ASA has filed a Follow-on Equity Offering.
Security Name: Ordinary Shares
Security Type: Common Stock
Price\Range: NOK 15.05
Transaction Features: Subsequent Direct Listing Reported Earnings • May 22
First quarter 2026 earnings released: kr0.85 loss per share (vs kr1.32 loss in 1Q 2025) First quarter 2026 results: kr0.85 loss per share. Net loss: kr48.7m (loss widened 93% from 1Q 2025). Revenue is forecast to grow 53% p.a. on average during the next 3 years, compared to a 12% growth forecast for the Aerospace & Defense industry in Europe. Announcement • May 22
Fjord Defence Group ASA has completed a Follow-on Equity Offering in the amount of NOK 81.499994 million. Fjord Defence Group ASA has completed a Follow-on Equity Offering in the amount of NOK 81.499994 million.
Security Name: Ordinary Shares
Security Type: Common Stock
Securities Offered: 5,415,282
Price\Range: NOK 15.05
Transaction Features: Subsequent Direct Listing Breakeven Date Change • Mar 09
Forecast breakeven date moved forward to 2027 The analyst covering Fjord Defence Group previously expected the company to break even in 2028. New forecast suggests losses will reduce by 56% to 2026. The company is expected to make a profit of kr16.2m in 2027. Average annual earnings growth of 99% is required to achieve expected profit on schedule. Announcement • Feb 26
Fjord Defence Group ASA (OB:DFENS) completed the acquisition of Scanfiber Composites A/S. Fjord Defence Group ASA (OB:DFENS) entered into an agreement to acquire Scanfiber Composites A/S for DKK 260 million on November 26, 2025. A cash consideration of DKK 208 million will be paid by Fjord Defence Group ASA. The consideration consists of common equity of Fjord Defence Group ASA having a value of DKK 52 million to be issued for common equity of Scanfiber Composites A/S. As part of consideration, DKK 260 million is paid towards common equity of Scanfiber Composites A/S. The Cash Consideration will be funded with approximately DKK 96.2 million in new long term bank financing approximately DKK 15.7 million in excess cash from Fjord Defence Group ASA balance sheet, approximately DKK 96.2 million in net proceeds from the Private Placement. The transaction is subject to certain mandatory regulatory approvals including approval under the Danish Act on War Materials and FDI approval in the UK, approval of the issuance of the Consideration Shares and the Offer Shares by an extraordinary general meeting of the Fjord Defence Group ASA expected to be held on or about December 18, 2025 or by the Fjord Defence Group ASA board of directors and Financial Supervisory Authority of Norway. The transaction is expected to close in January 2026. Wikborg Rein Advokatfirma As acted as legal advisor for Fjord Defence Group ASA.
Fjord Defence Group ASA (OB:DFENS) completed the acquisition of Scanfiber Composites A/S on February 25, 2026. Announcement • Jan 24
Fjord Defence Group ASA has completed a Follow-on Equity Offering in the amount of NOK 24.999996 million. Fjord Defence Group ASA has completed a Follow-on Equity Offering in the amount of NOK 24.999996 million.
Security Name: Ordinary Shares
Security Type: Common Stock
Securities Offered: 2,083,333
Price\Range: NOK 12
Transaction Features: Rights Offering Announcement • Dec 23
Fjord Defence Group ASA, Annual General Meeting, May 21, 2026 Fjord Defence Group ASA, Annual General Meeting, May 21, 2026. Reported Earnings • Nov 29
Third quarter 2025 earnings released: kr1.42 loss per share (vs kr2.36 loss in 3Q 2024) Third quarter 2025 results: kr1.42 loss per share (improved from kr2.36 loss in 3Q 2024). Net loss: kr36.9m (loss narrowed 14% from 3Q 2024). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 86 percentage points per year, which is a significant difference in performance. Announcement • Nov 28
Fjord Defence Group ASA has filed a Follow-on Equity Offering in the amount of NOK 24.999996 million. Fjord Defence Group ASA has filed a Follow-on Equity Offering in the amount of NOK 24.999996 million.
Security Name: Ordinary Shares
Security Type: Common Stock
Securities Offered: 2,083,333
Price\Range: NOK 12
Transaction Features: Rights Offering Announcement • Nov 27
Fjord Defence Group ASA has completed a Follow-on Equity Offering in the amount of NOK 159.999996 million. Fjord Defence Group ASA has completed a Follow-on Equity Offering in the amount of NOK 159.999996 million.
Security Name: Ordinary Shares
Security Type: Common Stock
Securities Offered: 13,333,333
Price\Range: NOK 12
Transaction Features: Subsequent Direct Listing New Risk • Sep 24
New major risk - Market cap size The company's market capitalization is less than US$10m. Market cap: kr47.4m (US$4.77m) 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). Shareholders have been substantially diluted in the past year (114% increase in shares outstanding). Revenue is less than US$1m. Market cap is less than US$10m (kr47.4m market cap, or US$4.77m). Announcement • Sep 24
Fjord Defence Group ASA has filed a Follow-on Equity Offering in the amount of NOK 9.999994 million. Fjord Defence Group ASA has filed a Follow-on Equity Offering in the amount of NOK 9.999994 million.
Security Name: Shares
Security Type: Common Stock
Securities Offered: 1,041,666
Price\Range: NOK 9.6
Transaction Features: Rights Offering Board Change • Sep 01
Insufficient new directors No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 3 experienced directors. No highly experienced directors. Independent Director Ketil Skorstad was the last director to join the board, commencing their role in 2022. The company’s insufficient board refreshment is considered a risk according to the Simply Wall St Risk Model. New Risk • Jun 24
New major risk - Shareholder dilution The company's shareholders have been substantially diluted in the past year. Increase in shares outstanding: 112% 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 (19% average weekly change). Shareholders have been substantially diluted in the past year (112% increase in shares outstanding). Revenue is less than US$1m (US$197k revenue). Minor Risk Market cap is less than US$100m (kr605.8m market cap, or US$60.1m). New Risk • May 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 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). Revenue is less than US$1m (US$197k revenue). Minor Risk Market cap is less than US$100m (kr267.6m market cap, or US$26.3m). Announcement • May 28
Aquila Holdings ASA (OB:AQUIL) agreed to acquire 99% stake in Fjord Defence AS from As Saturn, Cubic Invest AS, GKI AS and others for approximately NOK 165 million. Aquila Holdings ASA (OB:AQUIL) agreed to acquire 99% stake in Fjord Defence AS from As Saturn, Cubic Invest AS, GKI AS and others for approximately NOK 165 million on May 27, 2025. The Purchase Price will be settled by Aquila as follows: Approx. NOK 30 million of the Purchase Price will be settled in cash (the “Cash Consideration”), to be financed partly by drawing on the Company's new term loan and partly through the Private Placement as further discussed below; and the remaining part of the Purchase Price of approx. NOK 140 million will be settled by the Company issuing 173,195,552 new shares (the “Consideration Shares”) to the sellers at a subscription price of NOK 0.80 per Consideration Share (equal to the Offer price, as defined below), to be increased to a total of 175,187,968 Consideration Shares upon agreement with the remaining minority shareholders of Fjord Defence. The Consideration Shares will be issued on a separate temporary ISIN pending approval by the Financial Supervisory Authority of Norway (the “NFSA”) and publication of a prospectus (the “Prospectus”) in accordance with the EU Prospectus Regulation (2017/1129) on prospectuses for securities and ancillary regulations, as implemented under Norwegian law (the “EU Prospectus Regulation”). The shareholders owning the remaining 1% of Fjord Defence will be given the opportunity to sell their shares to Aquila on identical terms as the other sellers prior to completion of the Acquisition. The Private Placement comprises the conditional allocation of 75,000,000 new shares in the Company (the “Offer Shares”), at a fixed subscription price of NOK 0.80 per Offer Share (the “Offer Price”), raising gross proceeds to the Company of NOK 60 million. The net proceeds from the Private Placement will be used to partly finance the Cash Consideration of the Purchase Price in the Acquisition, settlement of the shareholder loan in Fjord Defence (NOK 9 million), as well as for working capital and general corporate purposes. In connection with the Acquisition, Aquila has secured three new debt facilities from Nordea, comprising a NOK 25 million term loan; an up to NOK 30 million M&A loan; and a NOK 30 million (20 + 10) overdraft facility. As part of the repositioning, the Company's board of directors (the “Board”) will propose to change the name of Aquila to “Fjord Defence Group ASA”, and Fjord Defence founder, chairman, and shareholder Jon Asbjørn Bø will be appointed CEO of the Company. Wikborg Rein Advokatfirma As acted as legal advisor to Aquila Holdings. Announcement • May 23
Aquila Holdings ASA Approves the Election of Nomination Committee The Annual General Meeting of Aquila Holdings ASA was held on 22 May 2025. In accordance with the recommendation from the nomination committee, the general meeting made the following resolution: The nomination committee consists of the following persons: Fredrik Sneve, chairperson; Gunerius Pettersen, member. The members are elected for the period until the annual general meeting in 2027. Reported Earnings • May 09
First quarter 2025 earnings released: US$0.01 loss per share (vs US$0.01 loss in 1Q 2024) First quarter 2025 results: US$0.01 loss per share (in line with 1Q 2024). Net loss: US$2.00m (loss narrowed 5.9% from 1Q 2024). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 104 percentage points per year, which is a significant difference in performance. Reported Earnings • Apr 10
Full year 2024 earnings released: US$0.049 loss per share (vs US$0.036 loss in FY 2023) Full year 2024 results: US$0.049 loss per share (further deteriorated from US$0.036 loss in FY 2023). Revenue: US$2.14m (down 73% from FY 2023). Net loss: US$10.7m (loss widened 33% from FY 2023). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 102 percentage points per year, which is a significant difference in performance. New Risk • Mar 04
New major risk - Market cap size The company's market capitalization is less than US$10m. Market cap: kr109.6m (US$9.78m) 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$842k free cash flow). Market cap is less than US$10m (kr109.6m market cap, or US$9.78m). Minor Risks Share price has been volatile over the past 3 months (7.3% average weekly change). Revenue is less than US$5m (US$2.1m revenue). Reported Earnings • Feb 21
Full year 2024 earnings released: US$0.05 loss per share (vs US$0.036 loss in FY 2023) Full year 2024 results: US$0.05 loss per share (further deteriorated from US$0.036 loss in FY 2023). Revenue: US$1.41m (down 82% from FY 2023). Net loss: US$10.7m (loss widened 33% from FY 2023). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 98 percentage points per year, which is a significant difference in performance. New Risk • Jan 31
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 Norwegian stocks, typically moving 7.4% 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: Minor Risks Share price has been volatile over the past 3 months (7.4% average weekly change). Revenue is less than US$5m (US$4.8m revenue). Market cap is less than US$100m (kr136.8m market cap, or US$12.1m). Announcement • Jan 28
An undisclosed buyer acquired Arbaflame AS from Aquila Holdings ASA (OB:AQUIL) for NOK 4.5 million. An undisclosed buyer acquired Arbaflame AS from Aquila Holdings ASA (OB:AQUIL) for NOK 4.5 million on January 27, 2025. A cash consideration of NOK 4.5 million will be paid by the buyer. As part of consideration, NOK 4.5 million is paid towards common equity of Arbaflame AS.
An undisclosed buyer completed the acquisition of Arbaflame AS from Aquila Holdings ASA (OB:AQUIL) on January 27, 2025. Announcement • Dec 23
Aquila Holdings ASA, Annual General Meeting, May 22, 2025 Aquila Holdings ASA, Annual General Meeting, May 22, 2025. Reported Earnings • Nov 08
Third quarter 2024 earnings released Third quarter 2024 results: Net loss: US$4.00m (loss widened 451% from 3Q 2023). Reported Earnings • Aug 23
Second quarter 2024 earnings released: US$0.01 loss per share (vs US$0.02 loss in 2Q 2023) Second quarter 2024 results: US$0.01 loss per share (improved from US$0.02 loss in 2Q 2023). Net loss: US$1.41m (loss narrowed 61% from 2Q 2023). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 81 percentage points per year, which is a significant difference in performance. New Risk • Aug 20
New minor risk - Shareholder dilution The company's shareholders have been diluted in the past year. Increase in shares outstanding: 4.5% 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: Minor Risks Shareholders have been diluted in the past year (4.5% increase in shares outstanding). Market cap is less than US$100m (kr164.8m market cap, or US$15.6m). Reported Earnings • Apr 22
Full year 2023 earnings released: US$0.036 loss per share (vs US$0.006 profit in FY 2022) Full year 2023 results: US$0.036 loss per share (down from US$0.006 profit in FY 2022). Net loss: US$8.09m (down US$9.48m from profit in FY 2022). Over the last 3 years on average, earnings per share has increased by 110% per year but the company’s share price has fallen by 44% per year, which means it is significantly lagging earnings. Reported Earnings • Feb 25
Full year 2023 earnings released: US$0.04 loss per share (vs US$0.006 profit in FY 2022) Full year 2023 results: US$0.04 loss per share (down from US$0.006 profit in FY 2022). Net loss: US$8.09m (down US$9.48m from profit in FY 2022). Over the last 3 years on average, earnings per share has increased by 110% per year but the company’s share price has fallen by 39% per year, which means it is significantly lagging earnings. Announcement • Dec 19
Aquila Holdings ASA to Report Q4, 2023 Results on Feb 22, 2024 Aquila Holdings ASA announced that they will report Q4, 2023 results on Feb 22, 2024 Reported Earnings • Nov 09
Third quarter 2023 earnings released: US$0.003 loss per share (vs US$0.02 loss in 3Q 2022) Third quarter 2023 results: US$0.003 loss per share (improved from US$0.02 loss in 3Q 2022). Net loss: US$726.0k (loss narrowed 81% from 3Q 2022). Over the last 3 years on average, earnings per share has increased by 150% per year but the company’s share price has fallen by 43% per year, which means it is significantly lagging earnings. Reported Earnings • Aug 23
Second quarter 2023 earnings released Second quarter 2023 results: Net loss: US$3.67m (loss narrowed 9.3% from 2Q 2022). Over the last 3 years on average, earnings per share has increased by 169% per year but the company’s share price has fallen by 47% per year, which means it is significantly lagging earnings. Reported Earnings • May 10
First quarter 2023 earnings released First quarter 2023 results: Revenue: US$3.72m (up US$3.63m from 1Q 2022). Net loss: US$412.0k (down 109% from profit in 1Q 2022). Over the last 3 years on average, earnings per share has increased by 137% per year but the company’s share price has fallen by 54% per year, which means it is significantly lagging earnings. Reported Earnings • Feb 22
Full year 2022 earnings released: EPS: US$0.01 (vs US$0.11 in FY 2021) Full year 2022 results: EPS: US$0.01 (down from US$0.11 in FY 2021). Net income: US$1.40m (down 90% from FY 2021). Over the last 3 years on average, earnings per share has increased by 120% per year but the company’s share price has fallen by 46% per year, which means it is significantly lagging earnings. 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. Director Ketil Skorstad 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 • Aug 25
Second quarter 2022 earnings released: US$0.02 loss per share (vs US$0.35 profit in 2Q 2021) Second quarter 2022 results: US$0.02 loss per share (down from US$0.35 profit in 2Q 2021). Net loss: US$4.04m (down 127% from profit in 2Q 2021). Reported Earnings • May 12
First quarter 2022 earnings released: EPS: US$0.02 (vs US$1.10 loss in 1Q 2021) First quarter 2022 results: EPS: US$0.02 (up from US$1.10 loss in 1Q 2021). Revenue: US$759.0k (flat on 1Q 2021). Net income: US$4.39m (up US$11.0m from 1Q 2021). Board Change • Apr 27
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. Board Member Torstein Sanness was the last director to join the board, commencing their role in 2021. The company's lack of independent directors is a risk according to the Simply Wall St Risk Model. Reported Earnings • Apr 13
Full year 2021 earnings released Full year 2021 results: Net income: US$13.9m (up US$17.1m from FY 2020). Reported Earnings • Feb 25
Full year 2021 earnings: Revenues and EPS in line with analyst expectations Full year 2021 results: EPS: US$0.06 (up from US$0.53 loss in FY 2020). Revenue: US$15.8m (down 83% from FY 2020). Net income: US$13.9m (up US$17.1m from FY 2020). Profit margin: 88% (up from net loss in FY 2020). Revenue was in line with analyst estimates. Reported Earnings • Nov 15
Third quarter 2021 earnings released: US$0.02 loss per share (vs US$0.60 profit in 3Q 2020) The company reported a poor third quarter result with weaker earnings, revenues and control over costs. Third quarter 2021 results: Revenue: US$8.99m (down 74% from 3Q 2020). Net loss: US$3.31m (down 198% from profit in 3Q 2020). Valuation Update With 7 Day Price Move • Nov 10
Investor sentiment improved over the past week After last week's 18% share price gain to kr1.43, the stock trades at a trailing P/E ratio of 11.6x. Average trailing P/E is 5x in the Energy Services industry in Norway. Total loss to shareholders of 74% over the past year. Recent Insider Transactions • Sep 01
Chair of the Board recently bought kr201k worth of stock On the 31st of August, Bjorn Gronlie bought around 134k shares on-market at roughly kr1.50 per share. This was the largest purchase by an insider in the last 3 months. This was Bjorn's only on-market trade for the last 12 months. Reported Earnings • Aug 27
Second quarter 2021 earnings released: EPS US$0.35 (vs US$0.80 loss in 2Q 2020) Second quarter 2021 results: Revenue: US$432.0k (down 97% from 2Q 2020). Net income: US$15.0m (up US$20.0m from 2Q 2020). Reported Earnings • May 28
First quarter 2021 earnings released: US$0.11 loss per share (vs US$0.12 profit in 1Q 2020) The company reported a poor first quarter result with weaker earnings, revenues and control over costs. First quarter 2021 results: Revenue: US$766.0k (down 98% from 1Q 2020). Net loss: US$6.57m (down 195% from profit in 1Q 2020). Reported Earnings • Feb 26
Full year 2020 earnings released: US$0.053 loss per share (vs US$1.34 loss in FY 2019) The company reported a solid full year result with reduced losses, improved revenues and improved control over expenses. Full year 2020 results: Revenue: US$92.8m (up 33% from FY 2019). Net loss: US$3.13m (loss narrowed 93% from FY 2019). Is New 90 Day High Low • Feb 17
New 90-day low: kr0.39 The company is down 36% from its price of kr0.61 on 19 November 2020. The Norwegian market is up 12% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Energy Services industry, which is up 19% over the same period. Is New 90 Day High Low • Jan 14
New 90-day low: kr0.44 The company is down 23% from its price of kr0.57 on 16 October 2020. The Norwegian market is up 15% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Energy Services industry, which is up 40% over the same period. Reported Earnings • Dec 03
Third quarter 2020 earnings released: EPS US$0.06 The company reported a strong third quarter result with improved earnings, revenues and profit margins. Third quarter 2020 results: Revenue: US$35.0m (up US$34.1m from 3Q 2019). Net income: US$3.40m (up US$7.03m from 3Q 2019). Profit margin: 9.7% (up from net loss in 3Q 2019). The move to profitability was driven by higher revenue. Is New 90 Day High Low • Nov 24
New 90-day high: kr0.73 The company is up 8.0% from its price of kr0.68 on 25 August 2020. The Norwegian market is up 4.0% over the last 90 days, indicating the company outperformed over that time. However, it underperformed the Energy Services industry, which is up 17% over the same period. Is New 90 Day High Low • Oct 29
New 90-day low: kr0.50 The company is down 50% from its price of kr1.00 on 30 July 2020. The Norwegian market is down 3.0% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Energy Services industry, which is down 15% over the same period. Is New 90 Day High Low • Oct 12
New 90-day low: kr0.56 The company is down 18% from its price of kr0.69 on 14 July 2020. The Norwegian market is up 6.0% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Energy Services industry, which is up 7.0% over the same period. Is New 90 Day High Low • Sep 26
New 90-day low: kr0.59 The company is down 26% from its price of kr0.80 on 26 June 2020. The Norwegian market is up 6.0% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Energy Services industry, which is down 2.0% over the same period. 
