Announcement • Jun 28
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 15
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 Risks Share price has been highly volatile over the past 3 months (11% average weekly change). 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 (kr788.4m market cap, or US$82.9m). 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 (11% average weekly change). Market cap is less than US$100m (kr792.3m 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 Risks Share price has been volatile over the past 3 months (11% average weekly change). Market cap is less than US$100m (kr898.7m market cap, or US$96.9m). Announcement • May 15
Norcod AS has completed a Follow-on Equity Offering in the amount of NOK 85.08577 million. Norcod AS has completed a Follow-on Equity Offering in the amount of NOK 85.08577 million.
Security Name: Shares
Security Type: Common Stock
Securities Offered: 8,508,577
Price\Range: NOK 10
Transaction Features: Subsequent Direct Listing Announcement • May 13
Norcod AS has filed a Follow-on Equity Offering in the amount of NOK 100 million. Norcod AS has filed a Follow-on Equity Offering in the amount of NOK 100 million.
Security Name: Shares
Security Type: Common Stock
Securities Offered: 10,000,000
Price\Range: NOK 10
Transaction Features: Subsequent Direct Listing Reported Earnings • Mar 01
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 15
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 08
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 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 (-kr148m free cash flow). Share price has been highly volatile over the past 3 months (12% average weekly change). 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). 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). New Risk • Aug 28
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: -kr148m 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 (-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 (10% average weekly change). Market cap is less than US$100m (kr766.4m market cap, or US$76.1m). 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). Over the last 3 years on average, earnings per share has remained flat but the company’s share price has fallen by 45% per year, which means it is significantly lagging earnings. 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 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 (10.0% average weekly change). Market cap is less than US$100m (kr656.5m market cap, or US$57.7m). 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. Reported Earnings • Feb 16
Full year 2023 earnings released Full year 2023 results: Revenue: kr269.4m (up 58% from FY 2022). Net loss: kr249.2m (loss narrowed 16% from FY 2022). Reported Earnings • Nov 10
Third quarter 2023 earnings released Third quarter 2023 results: Revenue: kr21.4m (up kr19.9m from 3Q 2022). Net loss: kr40.8m (loss widened kr35.9m from 3Q 2022). New Risk • Aug 29
New major risk - Shareholder dilution The company's shareholders have been substantially diluted in the past year. Increase in shares outstanding: 58% 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 (-kr250m free cash flow). Share price has been highly volatile over the past 3 months (12% average weekly change). Shareholders have been substantially diluted in the past year (58% increase in shares outstanding). New Risk • Jun 20
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 Risks Less than 1 year of cash runway based on free cash flow trend (-kr223m free cash flow). Share price has been highly volatile over the past 3 months (11% average weekly change). Minor Risks Shareholders have been diluted in the past year (33% increase in shares outstanding). Market cap is less than US$100m (kr799.1m market cap, or US$74.8m). Announcement • Jun 15
Norcod AS (OB:NCOD) entered into share purchase agreement to acquire Kråkøy Slakteri AS and TN Kråkøy Eiendom AS. Norcod AS (OB:NCOD) entered into share purchase agreement to acquire Kråkøy Slakteri AS and TN Kråkøy Eiendom AS on June 14, 2023. The consideration will be paid in cash and common stock of Norcod. 577,639 shares will be issued as part of consideration. The transaction is expected to complete on July 4, 2023. Reported Earnings • Jun 02
First quarter 2023 earnings released First quarter 2023 results: Revenue: kr125.1m (up 71% from 1Q 2022). Net loss: kr42.8m (loss narrowed 7.9% from 1Q 2022). Reported Earnings • Mar 04
Full year 2022 earnings released Full year 2022 results: Revenue: kr170.5m (up 135% from FY 2021). Net loss: kr237.3m (loss widened 216% from FY 2021). Announcement • Jan 10
Norcod AS Announces Executive Changes Norcod AS has appointed Arne Kristian Hoset as its new chief financial officer (CFO). Hoset, 37, is based in Trondheim and brings long-term financial management experience to the role from seven years in various positions at audit and advisory firm EY and more than six years at the listed international companies Q-Free and Toyota. He will take up his new role during March 2023. Current CFO Kia Zadegan will continue in the role of Chief Operating Officer (COO), a position he was appointed to in November 2022. Zadegan has been serving as acting CFO until the appointment of his successor. Hoset is a state authorized public auditor and brings expertise in financial reporting, IFRS, general compliance, and M&A activities to his new role. Hoset holds a Master's degree in Economics and Business Administration from the Norwegian School of Economics (NHH) and a Master's degree in Auditing and accounting from BI Norwegian Business School. He is excited to join a company with such a strong commitment to sustainability and high-quality products. Recent Insider Transactions • Jan 01
Chief Executive Officer recently bought kr861k worth of stock On the 29th of December, Christian Riber bought around 15k shares on-market at roughly kr57.37 per share. This transaction amounted to 31% of their direct individual holding at the time of the trade. This was the largest purchase by an insider in the last 3 months. Christian has been a buyer over the last 12 months, purchasing a net total of kr1.8m worth in shares. Recent Insider Transactions • Dec 10
Director recently bought kr60k worth of stock On the 8th of December, Trine Danielsen bought around 1k shares on-market at roughly kr59.86 per share. This trade did not impact their existing holding. In the last 3 months, there was an even bigger purchase from another insider worth kr125k. Insiders have collectively bought kr25m more in shares than they have sold in the last 12 months. Recent Insider Transactions • Nov 16
Chairman recently bought kr125k worth of stock On the 11th of November, Jan Solbak bought around 2k shares on-market at roughly kr62.28 per share. This transaction amounted to less than 1% 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 Jan's only on-market trade for the last 12 months. 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 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. Recent Insider Transactions • Nov 13
Chairman recently bought kr125k worth of stock On the 11th of November, Jan Solbak bought around 2k shares on-market at roughly kr62.28 per share. This transaction amounted to less than 1% 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 Jan's only on-market trade for the last 12 months. Reported Earnings • Jun 05
First quarter 2022 earnings released First quarter 2022 results: Revenue: kr73.4m (up kr61.6m from 1Q 2021). Net loss: kr46.4m (down kr47.6m from profit in 1Q 2021). Announcement • May 24
Norcod AS Approves Board Elections Norcod AS announced that at its AGM held on 23 May 2022, the board has therefore resolved to propose that the general meeting resolves following new board: Jan Severin Sølbæk; Anders Bjerno; Peter Buhl; Trine Danielsen; Renate Larsen. Recent Insider Transactions • May 13
Chief Executive Officer recently bought kr952k worth of stock On the 11th of May, Christian Riber bought around 12k shares on-market at roughly kr81.10 per share. In the last 3 months, there was an even bigger purchase from another insider worth kr4.0m. Christian has been a buyer over the last 12 months, purchasing a net total of kr1.1m worth in shares. 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. 6 non-independent directors. Director Peter Buhl 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. Recent Insider Transactions • Sep 10
Chief Sustainability Officer recently sold kr69k worth of stock On the 7th of September, Hilde Storhaug sold around 500 shares on-market at roughly kr138 per share. This was the largest sale by an insider in the last 3 months. Despite this recent sale, insiders have collectively bought kr5.4m more than they sold in the last 12 months. Recent Insider Transactions • Jun 20
Director recently bought kr3.7m worth of stock On the 18th of June, Anders Bjerno bought around 40k shares on-market at roughly kr92.50 per share. This was the largest purchase by an insider in the last 3 months. Insiders have collectively bought kr5.4m more in shares than they have sold in the last 12 months. Announcement • Jun 19
Artha Kapitalforvaltning A/S acquired an unknown stake in Norcod AS from Isfjord Norway As Artha Kapitalforvaltning A/S acquired an unknown stake in Norcod AS from Isfjord Norway As on June 18, 2021.
Artha Kapitalforvaltning A/S completed the acquisition of an unknown stake in Norcod AS from Isfjord Norway As on June 18, 2021. Recent Insider Transactions • May 28
Chief Executive Officer recently bought kr111k worth of stock On the 26th of May, Christian Riber bought around 1k shares on-market at roughly kr111 per share. In the last 3 months, they made an even bigger purchase worth kr246k. Christian has been a buyer over the last 12 months, purchasing a net total of kr357k worth in shares. Recent Insider Transactions • Mar 23
Chief Executive Officer recently bought kr246k worth of stock On the 19th of March, Christian Riber bought around 2k shares on-market at roughly kr123 per share. In the last 3 months, there was an even bigger purchase from another insider worth kr1.0m. This was Christian's only on-market trade for the last 12 months. Recent Insider Transactions • Feb 27
Director recently bought kr1.0m worth of stock On the 25th of February, Jan Solbak bought around 9k shares on-market at roughly kr120 per share. This was the largest purchase by an insider in the last 3 months. Insiders have collectively bought kr1.3m more in shares than they have sold in the last 12 months. Recent Insider Transactions • Oct 29
Insider recently bought kr184k worth of stock On the 21st of October, Lotte Skyum Severin Sølbæk bought around 4k shares on-market at roughly kr48.83 per share. This was the largest purchase by an insider in the last 3 months. Insiders have collectively bought kr259k more in shares than they have sold in the last 12 months. 
