Announcement • Jul 08
EAM Solar AS has completed a Follow-on Equity Offering in the amount of NOK 55 million. EAM Solar AS has completed a Follow-on Equity Offering in the amount of NOK 55 million.
Security Name: Ordinary Shares
Security Type: Common Stock
Securities Offered: 80,000,000
Price\Range: NOK 0.5
Security Name: Ordinary Shares
Security Type: Common Stock
Securities Offered: 30,000,000
Price\Range: NOK 0.5
Transaction Features: Rights Offering Valuation Update With 7 Day Price Move • Jun 16
Investor sentiment deteriorates as stock falls 35% After last week's 35% share price decline to kr2.07, the stock trades at a trailing P/E ratio of 2.8x. Average trailing P/E is 22x in the Renewable Energy industry in Europe. Total loss to shareholders of 74% over the past three years. Announcement • May 27
EAM Solar ASA has filed a Follow-on Equity Offering in the amount of NOK 55 million. EAM Solar ASA has filed a Follow-on Equity Offering in the amount of NOK 55 million.
Security Name: Ordinary Shares
Security Type: Common Stock
Securities Offered: 110,000,000
Price\Range: NOK 0.5
Transaction Features: Rights Offering Valuation Update With 7 Day Price Move • May 25
Investor sentiment improves as stock rises 16% After last week's 16% share price gain to kr2.08, the stock trades at a trailing P/E ratio of 2.9x. Average trailing P/E is 22x in the Renewable Energy industry in Europe. Total loss to shareholders of 73% over the past three years. Valuation Update With 7 Day Price Move • Apr 22
Investor sentiment deteriorates as stock falls 20% After last week's 20% share price decline to kr1.97, the stock trades at a trailing P/E ratio of 2.7x. Average trailing P/E is 23x in the Renewable Energy industry in Europe. Total loss to shareholders of 76% over the past three years. Reported Earnings • Apr 17
First quarter 2026 earnings released: EPS: €0.097 (vs €0.045 loss in 1Q 2025) First quarter 2026 results: EPS: €0.097 (up from €0.045 loss in 1Q 2025). Net income: €1.97m (up €2.32m from 1Q 2025). Reported Earnings • Jan 30
Full year 2025 earnings released: €0.05 loss per share (vs €0.99 loss in FY 2024) Full year 2025 results: €0.05 loss per share (improved from €0.99 loss in FY 2024). Revenue: €1.22m (down 19% from FY 2024). Net loss: €1.02m (loss narrowed 22% from FY 2024). Announcement • Dec 15
EAM Solar ASA, Annual General Meeting, Jun 04, 2026 EAM Solar ASA, Annual General Meeting, Jun 04, 2026. Announcement • Oct 28
EAM Solar ASA has completed a Follow-on Equity Offering in the amount of NOK 20 million. EAM Solar ASA has completed a Follow-on Equity Offering in the amount of NOK 20 million.
Security Name: Shares
Security Type: Common Stock
Securities Offered: 20,000,000
Price\Range: NOK 1
Transaction Features: Rights Offering Announcement • Oct 02
EAM Solar ASA, Annual General Meeting, Oct 01, 2025 EAM Solar ASA, Annual General Meeting, Oct 01, 2025, at 10:00 W. Europe Standard Time. Location: karenslystalle 10, 0278oslo., Norway Announcement • Sep 18
EAM Solar ASA has filed a Follow-on Equity Offering in the amount of NOK 20 million. EAM Solar ASA has filed a Follow-on Equity Offering in the amount of NOK 20 million.
Security Name: Shares
Security Type: Common Stock
Securities Offered: 20,000,000
Price\Range: NOK 1
Transaction Features: Rights Offering Reported Earnings • Sep 11
Second quarter 2025 earnings released: €0.018 loss per share (vs €2.25 loss in 2Q 2024) Second quarter 2025 results: €0.018 loss per share (improved from €2.25 loss in 2Q 2024). Revenue: €362.8k (up 20% from 2Q 2024). Net loss: €136.4k (loss narrowed 82% from 2Q 2024). Announcement • Jun 20
EAM Solar AS Announces Italian Court Rejects All Applications EAM Solar AS announced on 17 June 2025, took place the hearing before the Italian Supreme Court in relation to the appeals against the Appeal Court of Milan's decision of 4 July 2024. EAM has been informed that all appeals have been rejected. Those of the implicated and of EAM. The decision of 4 July 2024 is now final. So far, no grounds for the decision have been made. Such grounds are expected in around 60 days. The Milan criminal proceedings which began with arrests in 2014 have now concluded. Igor Akhmerov has been found liable for the crime contained in charge. Mr. Akhmerov, Marco Giorgi, Aveleos SA and Avelar Management have been held liable for the crime contained incharge. EAM is disappointed in the Supreme Court's decision not to reinstate the 2019 decision. The 2019 decision in EAM's favor, along with the 2021 Supreme Court annulment of the first appeal, has long given the company the justification to believe that it had been a victim of contractual fraud. While EAM still believes such, the company recognizes the judgement of the Italian courts. Notwithstanding the decision of the Supreme Court, EAM has made plans for such an outcome. One thing is clear: the Feed-in tariffs attached to power plants purchased by EAM in 2014 were obtained with fraud. People who sold these assets to EAM have been found liable for the frauds and sentenced to pay the Italian State. The company has been presented with a number of possible legal options which may now begin since the criminal process has concluded. EAM will work with its Italian civil counsels to determine which of, and when, these next processes shall begin. In the meantime, EAM will continue operating its 4 solar power plants with Feed-in Tariffs in Italy and pursuing the amounts awarded in other venues. EAM will revert to the market in the future once it has more information to share. In the meantime, E AM will continue operating its 4 solar Power plants with Feed-in Tariff in Italy and pursuing the amounts award in other venues. EAM is revert to the market in the Future once it has more information to Share. New Risk • Jun 18
New major risk - Market cap size The company's market capitalization is less than US$10m. Market cap: kr45.7m (US$4.58m) 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 (31% average weekly change). Earnings have declined by 16% per year over the past 5 years. Shareholders have been substantially diluted in the past year (over 21x increase in shares outstanding). Market cap is less than US$10m (kr45.7m market cap, or US$4.58m). Minor Risk Revenue is less than US$5m (€1.5m revenue, or US$1.8m). Reported Earnings • Jun 05
First quarter 2025 earnings released First quarter 2025 results: Revenue: €232.9k (up 11% from 1Q 2024). Net loss: €347.3k (down 232% from profit in 1Q 2024). Over the last 3 years on average, earnings per share has increased by 43% per year but the company’s share price has fallen by 50% per year, which means it is significantly lagging earnings. Buy Or Sell Opportunity • May 12
Now 28% overvalued after recent price rise Over the last 90 days, the stock has risen 808% to kr1.12. The fair value is estimated to be kr0.87, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has declined by 6.7% over the last 3 years. Earnings per share has grown by 48%. Buy Or Sell Opportunity • Mar 10
Now 54% overvalued after recent price rise Over the last 90 days, the stock has risen 786% to kr1.40. The fair value is estimated to be kr0.91, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has declined by 6.7% over the last 3 years. Earnings per share has grown by 48%. Reported Earnings • Mar 02
Full year 2024 earnings released: €0.26 loss per share (vs €0.18 loss in FY 2023) Full year 2024 results: €0.26 loss per share (further deteriorated from €0.18 loss in FY 2023). Revenue: €1.28m (up 29% from FY 2023). Net loss: €1.79m (loss widened 48% from FY 2023). Announcement • Feb 07
EAM Solar ASA Announces CEO Changes EAM Solar ASA announced that following the end of the management agreement between EAM Solar AS and Energeia AS, the Board of directors are establishing an independent internal organization for the EAM Solar group. The management agreement will end, by the latest, in May 2025. The Board has employed Erik Brandon Reisenfeld as new CEO of EAM Solar AS. Erik replaces Christian Hagemann who was appointed by the manager Energeia AS under the management agreement. Erik Reisenfeld is a qualified solicitor in England and Wales. Erik has acted as EAM’s internal legal counsel since September 2017 under the management agreement being an employee in Energeia AS, and has consequently detailed knowledge of all legal processes the company is involved in. Given the importance of the ongoing legal processes for the business of the company, the board of EAM believes Erik Reisenfeld’s knowledge and skillset will serve the company well. Announcement • Feb 06
EAM Solar ASA Hires Gloria Gallorini as Head of Administration EAM Solar ASA announced that Following the end of the management agreement between EAM Solar AS and Energeia AS, the Board of directors are establishing an independent internal organization for the EAM Solar group. The management agreement will end, by the latest, in May 2025. The the company has hired Gloria Gallorini as head of administration. Gloria has been working with EAM Solar as an employee in Energeia AS under the management agreement since 2014. Gloria is an Italian citizen with detailed knowledge of the administrative procedures relating to the operation of the company’s four solar PV power plants in operation in Italy. Announcement • Jan 03
EAM Solar ASA, Annual General Meeting, May 21, 2025 EAM Solar ASA, Annual General Meeting, May 21, 2025. New Risk • Nov 21
New major risk - Shareholder dilution The company's shareholders have been substantially diluted in the past year. Over 21x increase in shares outstanding. 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 (75% average weekly change). Earnings have declined by 24% per year over the past 5 years. Shareholders have been substantially diluted in the past year (over 21x increase in shares outstanding). Market cap is less than US$10m (kr25.9m market cap, or US$2.34m). Minor Risk Revenue is less than US$5m (€1.3m revenue, or US$1.3m). Reported Earnings • Oct 25
Third quarter 2024 earnings released: EPS: €0.03 (vs €0.12 loss in 3Q 2023) Third quarter 2024 results: EPS: €0.03 (up from €0.12 loss in 3Q 2023). Revenue: €414.6k (up 25% from 3Q 2023). Net income: €199.5k (up €1.03m from 3Q 2023). Profit margin: 48% (up from net loss in 3Q 2023). Over the last 3 years on average, earnings per share has increased by 41% per year but the company’s share price has fallen by 39% per year, which means it is significantly lagging earnings. Announcement • Oct 15
Nordnet Livsforsikring AS and Nordnet Pensionsförsäkring AB acquired 5.61% stake in EAM Solar ASA (OB:EAM). Nordnet Livsforsikring AS and Nordnet Pensionsförsäkring AB acquired 5.61% stake in EAM Solar ASA (OB:EAM) on October 14, 2024.
Nordnet Livsforsikring AS and Nordnet Pensionsförsäkring AB completed the acquisition of 5.61% stake in EAM Solar ASA (OB:EAM) on October 14, 2024. Reported Earnings • Aug 30
Second quarter 2024 earnings released: €0.11 loss per share (vs €0.051 loss in 2Q 2023) Second quarter 2024 results: €0.11 loss per share (further deteriorated from €0.051 loss in 2Q 2023). Revenue: €303.5k (up 24% from 2Q 2023). Net loss: €770.7k (loss widened 119% from 2Q 2023). Over the last 3 years on average, earnings per share has increased by 31% per year but the company’s share price has fallen by 43% per year, which means it is significantly lagging earnings. Board Change • Jun 13
Less than half of directors are independent Following the recent departure of a director, there is only 1 independent director on the board. The company's board is composed of: 1 independent director. 2 non-independent directors. Independent Non-Executive Director Pål Hvammen was the last independent director to join the board, commencing their role in 2019. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. Reported Earnings • May 26
First quarter 2024 earnings released: EPS: €0.04 (vs €0.075 in 1Q 2023) First quarter 2024 results: EPS: €0.04 (down from €0.075 in 1Q 2023). Revenue: €210.5k (flat on 1Q 2023). Net income: €262.5k (down 49% from 1Q 2023). Over the last 3 years on average, earnings per share has increased by 29% per year but the company’s share price has only increased by 2% per year, which means it is significantly lagging earnings growth. Announcement • May 11
EAM Solar ASA Elects Elisabeth Dragseth as New Member of the Board EAM Solar ASA at the EGM held on May 10, 2024, elected Elisabeth Dragseth as new member of the board. Announcement • Mar 09
EAM Solar ASA Announces Legal Status Update on Criminal Appeal Court of Milan Postpones Next Hearing to May 2024 EAM Solar ASA announced that 5 March 2024, was the first of two scheduled hearings for final arguments before the Fifth Section of the Court of Appeal of Milan in relation to the ongoing criminal case brought by the Italian State for subsidy fraud, and for contractual fraud against EAM Solar ASA. The company has been informed that the second hearing has been postponed from the 20 March until 16 May 2024. are also informed that the Appeal Court intends to issue its ruling on this same date, after the conclusion of this hearing. Reported Earnings • Mar 07
Full year 2023 earnings released: €0.19 loss per share (vs €0.32 loss in FY 2022) Full year 2023 results: €0.19 loss per share (improved from €0.32 loss in FY 2022). Revenue: €992.7k (down 19% from FY 2022). Net loss: €1.28m (loss narrowed 42% from FY 2022). Over the last 3 years on average, earnings per share has increased by 13% per year but the company’s share price has increased by 19% per year, which means it is tracking significantly ahead of earnings growth. Announcement • Mar 01
EAM Solar ASA Receives the Milan Chamber of Arbitration's Final Decision in Case Concerning Payment Obligations Between EAM Solar ASA and Aveleos SA EAM Solar ASA received the Milan Chamber of Arbitration's (CAM) final decision in the ongoing arbitration case concerning payment obligations between EAM Solar ASA and Aveleos SA under the share purchase agreement of 2013. The arbitration court decided to award both parties the right to receive payments under the SPA, including calculated interest up until 29 February 2024, and allocated these as follows: EAM Solar ASA/EAM Solar Italy Holding Srl. was granted the right to receive a payment from Aveleos of approximately EUR 4,024,418 in damages for breach of the representations and warranties up to a liability cap. Aveleos SA was granted the right to received a payment from EAM Solar ASA/Eam Solar Italy Holding Srl. of approximately EUR 1,084,605 representing the net set-off for the various contractual claims and obligations between the parties in accordance with the SPA. The conclusion of CAM's decision in the arbitration proceedings is a net amount in favour of EAM Solar ASA/E AM Solar Italy Holding Srl. the company of approximately of EUR 2,939,814. Although immediately payable, the company do not expect, based on previous experience, Aveleos SA, or its shareholders Enovos Luxembourg SA and the Renova Group, to honour any payment obligations without further legal proceedings. The CAM decision may be appealed by both parties to the civil Court of Milan. The arbitration court decided not to consider any merits relating to the ongoing criminal proceedings against directors of Aveleos SA for fraud against the State of Italy nor EAM Solar ASA in their decision. New Risk • Feb 05
New major risk - Market cap size The company's market capitalization is less than US$10m. Market cap: kr103.8m (US$9.71m) 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 (-€543k free cash flow). Share price has been highly volatile over the past 3 months (21% average weekly change). Earnings have declined by 24% per year over the past 5 years. Market cap is less than US$10m (kr103.8m market cap, or US$9.71m). Minor Risk Revenue is less than US$5m (€1.0m revenue, or US$1.1m). Reported Earnings • Nov 15
Third quarter 2023 earnings released: €0.12 loss per share (vs €0.005 profit in 3Q 2022) Third quarter 2023 results: €0.12 loss per share (down from €0.005 profit in 3Q 2022). Revenue: €332.7k (down 3.4% from 3Q 2022). Net loss: €827.2k (down €864.3k from profit in 3Q 2022). Over the last 3 years on average, earnings per share has fallen by 13% per year whereas the company’s share price has fallen by 11% per year. New Risk • Nov 15
New major risk - Revenue and earnings growth Earnings have declined by 24% 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 Less than 1 year of cash runway based on free cash flow trend (-€1.3m free cash flow). Share price has been highly volatile over the past 3 months (16% average weekly change). Earnings have declined by 24% per year over the past 5 years. Market cap is less than US$10m (kr63.7m market cap, or US$5.90m). Minor Risk Revenue is less than US$5m (€1.0m revenue, or US$1.1m). New Risk • Aug 17
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: -€1.5m 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 (-€1.5m free cash flow). Share price has been highly volatile over the past 3 months (17% average weekly change). Market cap is less than US$10m (kr57.6m market cap, or US$5.45m). Minor Risk Revenue is less than US$5m (€1.0m revenue, or US$1.1m). Reported Earnings • Aug 17
Second quarter 2023 earnings released: €0.05 loss per share (vs €0.06 profit in 2Q 2022) Second quarter 2023 results: €0.05 loss per share (down from €0.06 profit in 2Q 2022). Revenue: €245.4k (down 30% from 2Q 2022). Net loss: €351.4k (down 186% from profit in 2Q 2022). Over the last 3 years on average, earnings per share has fallen by 32% per year but the company’s share price has only fallen by 13% per year, which means it has not declined as severely as earnings. Announcement • Aug 09
EAM Solar ASA Provides Legal Status Update EAM Solar ASA announced that on 6 October 2021, the Supreme Court of Italy decided to Annual the 20th of January 2021 judgment of acquittal by the Milan Criminal Court of Appeal in the subsidy fraud case against the State of Italy and contractual fraud against EAM Solar ASA. The Supreme Court sent the criminal case back to a different chamber of the Milan Appeal Court for a new appeal consideration with the requirement that the new court proceedings must proceed with a complete review of the evidence, making correct application of the principles of law and the rules of logic as formulated in the Supreme Court decision. EAM Solar ASA is informed that the Fifth Section of the Court of Appeal of Milan has scheduled the appeal hearing in the criminal proceedings for 30 November 2023. A final decision in this criminal appeal proceeding is expected in 2024. Reported Earnings • May 24
First quarter 2023 earnings released: EPS: €0.07 (vs €0.13 loss in 1Q 2022) First quarter 2023 results: EPS: €0.07 (up from €0.13 loss in 1Q 2022). Revenue: €208.8k (down 32% from 1Q 2022). Net income: €511.5k (up €1.41m from 1Q 2022). Over the last 3 years on average, earnings per share has fallen by 57% per year but the company’s share price has only fallen by 25% per year, which means it has not declined as severely as earnings. Reported Earnings • Mar 04
Full year 2022 earnings released: €0.20 loss per share (vs €0.55 loss in FY 2021) Full year 2022 results: €0.20 loss per share (improved from €0.55 loss in FY 2021). Revenue: €1.22m (down 8.4% from FY 2021). Net loss: €1.34m (loss narrowed 65% from FY 2021). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 45 percentage points per year, which is a significant difference in performance. Reported Earnings • Nov 20
Third quarter 2022 earnings released: EPS: €0.01 (vs €0.11 loss in 3Q 2021) Third quarter 2022 results: EPS: €0.01 (up from €0.11 loss in 3Q 2021). Revenue: €344.3k (down 11% from 3Q 2021). Net income: €37.1k (up €811.6k from 3Q 2021). Profit margin: 11% (up from net loss in 3Q 2021). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 63 percentage points per year, which is a significant difference in performance. Board Change • Nov 16
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. 2 experienced directors. 1 highly experienced director. Independent Non-Executive Director Pål Hvammen was the last director to join the board, commencing their role in 2019. The company’s insufficient board refreshment is considered a risk according to the Simply Wall St Risk Model. Reported Earnings • Aug 18
Second quarter 2022 earnings released: EPS: €0.06 (vs €0.045 loss in 2Q 2021) Second quarter 2022 results: EPS: €0.06 (up from €0.045 loss in 2Q 2021). Revenue: €350.2k (down 8.2% from 2Q 2021). Net income: €409.4k (up €718.9k from 2Q 2021). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 57 percentage points per year, which is a significant difference in performance. Board Change • Jun 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. 2 experienced directors. 1 highly experienced director. Independent Non-Executive Director Pål Hvammen was the last director to join the board, commencing their role in 2019. The company’s insufficient board refreshment is considered a risk according to the Simply Wall St Risk Model. Reported Earnings • May 25
First quarter 2022 earnings: Revenues exceed analysts expectations while EPS lags behind First quarter 2022 results: €0.13 loss per share (up from €0.20 loss in 1Q 2021). Revenue: €306.3k (up 18% from 1Q 2021). Net loss: €900.2k (loss narrowed 34% from 1Q 2021). Revenue exceeded analyst estimates by 63%. Earnings per share (EPS) missed analyst estimates by 7,687%. Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 42 percentage points per year, which is a significant difference in performance. Board Change • May 02
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. 2 experienced directors. 1 highly experienced director. Independent Non-Executive Director Pål Hvammen was the last director to join the board, commencing their role in 2019. The company’s insufficient board refreshment is considered a risk according to the Simply Wall St Risk Model. Reported Earnings • Mar 03
Full year 2021 earnings: EPS and revenues exceed analyst expectations Full year 2021 results: €0.55 loss per share (down from €0.025 loss in FY 2020). Revenue: €1.33m (up 4.9% from FY 2020). Net loss: €3.77m (loss widened €3.60m from FY 2020). Revenue exceeded analyst estimates by 63%. Earnings per share (EPS) also surpassed analyst estimates by 7,687%. Over the last 3 years on average, earnings per share has fallen by 46% per year but the company’s share price has only fallen by 36% per year, which means it has not declined as severely as earnings. Reported Earnings • Nov 17
Third quarter 2021 earnings released: €0.11 loss per share (vs €0.14 profit in 3Q 2020) The company reported a soft third quarter result with weaker earnings and weaker control over costs, although revenues improved. Third quarter 2021 results: Revenue: €388.4k (up 8.8% from 3Q 2020). Net loss: €774.5k (down 181% from profit in 3Q 2020). 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. Reported Earnings • Aug 18
Second quarter 2021 earnings released: €0.05 loss per share (vs €0.14 loss in 2Q 2020) The company reported a decent second quarter result with reduced losses and improved control over expenses, although revenues were weaker. Second quarter 2021 results: Revenue: €381.6k (down 1.7% from 2Q 2020). Net loss: €309.5k (loss narrowed 67% from 2Q 2020). Over the last 3 years on average, earnings per share has increased by 60% per year but the company’s share price has fallen by 32% per year, which means it is significantly lagging earnings. Reported Earnings • May 21
First quarter 2021 earnings released: €0.20 loss per share (vs €0.21 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: €260.6k (down 12% from 1Q 2020). Net loss: €1.35m (down 193% from profit in 1Q 2020). Over the last 3 years on average, earnings per share has increased by 96% per year but the company’s share price has fallen by 33% per year, which means it is significantly lagging earnings. Reported Earnings • Apr 26
Full year 2020 earnings released: €0.025 loss per share (vs €0.034 loss in FY 2019) The company reported a soft full year result with weaker revenues and control over costs, although losses reduced. Full year 2020 results: Revenue: €1.27m (down 60% from FY 2019). Net loss: €173.0k (loss narrowed 27% from FY 2019). Over the last 3 years on average, earnings per share has increased by 119% per year but the company’s share price has fallen by 32% per year, which means it is significantly lagging earnings. Reported Earnings • Mar 03
Full year 2020 earnings released: €0.03 loss per share (vs €0.034 loss in FY 2019) The company reported a soft full year result with weaker revenues and control over costs, although losses reduced. Full year 2020 results: Revenue: €1.27m (down 60% from FY 2019). Net loss: €180.0k (loss narrowed 24% from FY 2019). Over the last 3 years on average, earnings per share has increased by 119% per year but the company’s share price has fallen by 33% per year, which means it is significantly lagging earnings. Is New 90 Day High Low • Feb 15
New 90-day low: kr9.30 The company is down 28% from its price of kr13.00 on 17 November 2020. The Norwegian market is up 12% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Renewable Energy industry, which is up 17% over the same period. Valuation Update With 7 Day Price Move • Jan 28
Investor sentiment deteriorated over the past week After last week's 18% share price decline to €9.36, the stock is trading at a trailing P/E ratio of 7.2x, down from the previous P/E ratio of 8.8x. This compares to an average P/E of 36x in the Renewable Energy industry in Europe. Total return to shareholders over the past three years is a loss of 73%. Is New 90 Day High Low • Jan 21
New 90-day low: kr11.35 The company is down 25% from its price of kr15.15 on 23 October 2020. The Norwegian market is up 19% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Renewable Energy industry, which is up 32% over the same period. Valuation Update With 7 Day Price Move • Dec 29
Investor sentiment improved over the past week After last week's 17% share price gain to €15.95, the stock is trading at a trailing P/E ratio of 12.1x, up from the previous P/E ratio of 10.4x. This compares to an average P/E of 33x in the Renewable Energy industry in Europe. Total return to shareholders over the past three years is a loss of 54%. Reported Earnings • Nov 19
Third quarter 2020 earnings released: EPS €0.14 Third quarter 2020 results: Revenue: €356.9k (down 54% from 3Q 2019). Net income: €961.0k (down 39% from 3Q 2019). Over the last 3 years on average, earnings per share has increased by 119% per year but the company’s share price has fallen by 25% per year, which means it is significantly lagging earnings. Valuation Update With 7 Day Price Move • Nov 11
Market bids up stock over the past week After last week's 16% share price gain to €14.75, the stock is trading at a trailing P/E ratio of 6.3x, up from the previous P/E ratio of 5.5x. This compares to an average P/E of 28x in the Renewable Energy industry in Europe. Total return to shareholders over the past three years is a loss of 54%. Is New 90 Day High Low • Oct 30
New 90-day low: kr11.80 The company is down 7.0% from its price of kr12.65 on 31 July 2020. The Norwegian market is down 2.0% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Renewable Energy industry, which is up 4.0% over the same period. Valuation Update With 7 Day Price Move • Oct 30
Market pulls back on stock over the past week After last week's 22% share price decline to €11.80, the stock is trading at a trailing P/E ratio of 4.9x, down from the previous P/E ratio of 6.3x. This compares to an average P/E of 25x in the Renewable Energy industry in Europe. Total return to shareholders over the past three years is a loss of 63%. Is New 90 Day High Low • Oct 14
New 90-day high: kr16.30 The company is up 24% from its price of kr13.10 on 16 July 2020. The Norwegian market is up 4.0% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Renewable Energy industry, which is up 11% over the same period. Valuation Update With 7 Day Price Move • Oct 14
Market bids up stock over the past week After last week's 30% share price gain to €16.30, the stock is trading at a trailing P/E ratio of 6.9x, up from the previous P/E ratio of 5.3x. This compares to an average P/E of 28x in the Renewable Energy industry in Europe. Total return to shareholders over the past three years is a loss of 52%. 
