New Risk • Mar 04
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: -kr23m 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 (-kr23m free cash flow). Earnings have declined by 11% per year over the past 5 years. Shareholders have been substantially diluted in the past year (over 143x increase in shares outstanding). Revenue is less than US$1m (kr1.1m revenue, or US$116k). Market cap is less than US$10m (kr34.3m market cap, or US$3.54m). Recent Insider Transactions • Jan 16
Chief Investment Director recently bought kr173k worth of stock On the 13th of January, Svend Larsen bought around 100k shares on-market at roughly kr1.73 per share. This transaction amounted to 4.0% of their direct individual holding at the time of the trade. This was the largest purchase by an insider in the last 3 months. Insiders have collectively bought kr803k more in shares than they have sold in the last 12 months. Buy Or Sell Opportunity • Oct 15
Now 7,518% overvalued after recent price rise Over the last 90 days, the stock has risen 13,168% to kr2.03. The fair value is estimated to be kr0.027, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has declined by 61% over the last 3 years. Earnings per share has grown by 32%. New Risk • May 30
New major risk - Negative shareholders equity The company has negative equity. Total equity: -kr1.9m This is considered a major risk. Being in negative equity means that the company's liabilities exceed its assets, meaning it owes more to creditors than it has in owned assets. While this doesn't mean the company is about to collapse, in the long-term, this is unsustainable. The company may have issues meeting financial obligations, is at risk of becoming insolvent and may have difficulty raising capital, especially more debt, if needed. Currently, the following risks have been identified for the company: Major Risks Share price has been highly volatile over the past 3 months (42% average weekly change). Negative equity (-kr1.9m). Earnings have declined by 27% per year over the past 5 years. Shareholders have been substantially diluted in the past year (over 51x increase in shares outstanding). Revenue is less than US$1m. Market cap is less than US$10m (kr31.9m market cap, or US$3.15m). Announcement • May 08
Nordic Financials ASA has filed a Follow-on Equity Offering in the amount of NOK 30 million. Nordic Financials ASA has filed a Follow-on Equity Offering in the amount of NOK 30 million.
Security Name: Shares
Security Type: Common Stock
Securities Offered: 1,333,333,333
Price\Range: NOK 0.015
Security Name: Shares
Security Type: Common Stock
Securities Offered: 666,666,667
Price\Range: NOK 0.015
Transaction Features: Rights Offering New Risk • Apr 17
New major risk - Shareholder dilution The company's shareholders have been substantially diluted in the past year. Over 51x 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 (46% average weekly change). Earnings have declined by 27% per year over the past 5 years. Shareholders have been substantially diluted in the past year (over 51x increase in shares outstanding). Revenue is less than US$1m. Market cap is less than US$10m (kr38.5m market cap, or US$3.68m). Announcement • Apr 03
Nordic Financials ASA has completed a Follow-on Equity Offering in the amount of NOK 10 million. Nordic Financials ASA has completed a Follow-on Equity Offering in the amount of NOK 10 million.
Security Name: Preference Shares
Security Type: Common Stock
Securities Offered: 1,000,000,000
Price\Range: NOK 0.01
Transaction Features: Rights Offering New Risk • Mar 02
New major risk - Revenue size The company makes less than US$1m in revenue. This is considered a major risk. Companies with a small amount of revenue 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 (45% average weekly change). Earnings have declined by 27% per year over the past 5 years. Revenue is less than US$1m. Market cap is less than US$10m (kr6.00m market cap, or US$532.3k). Announcement • Dec 19
Aega ASA, Annual General Meeting, May 28, 2025 Aega ASA, Annual General Meeting, May 28, 2025. Announcement • Dec 03
Aega ASA Terminates Employment Contract of Nils P. Skaset as CEO Aega ASA announced that to further ensure that costs, which under current organisation are unsustainable in the long term, are reduced, the board has decided to terminate the employment contract of CEO Nils P. Skaset. According to the terms of the employment agreement, Skaset will remain employed with the company until the end of February 2025 and is entitled to severance pay for 12 months. The board views this measure as necessary given the company's financial situation and wishes to allow the company, after any potential share issuance, to freely organise the company's operations, including the appointment of the management. Announcement • Dec 02
Aega ASA has filed a Follow-on Equity Offering in the amount of NOK 10 million. Aega ASA has filed a Follow-on Equity Offering in the amount of NOK 10 million.
Security Name: Preference Shares
Security Type: Common Stock
Securities Offered: 1,000,000,000
Price\Range: NOK 0.01
Transaction Features: Rights Offering Reported Earnings • Dec 01
Third quarter 2024 earnings released Third quarter 2024 results: Revenue: €1.00m (down 12% from 3Q 2023). Net loss: €500.7k (down €523.4k from profit in 3Q 2023). Recent Insider Transactions • Oct 22
Chief Executive Officer recently sold kr170k worth of stock On the 18th of October, Nils Skaset sold around 100k shares on-market at roughly kr1.70 per share. This transaction amounted to 34% of their direct individual holding at the time of the trade. This was the largest sale by an insider in the last 3 months. This was Nils' only on-market trade for the last 12 months. Board Change • Sep 26
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 Jan Harto was the last director to join the board, commencing their role in 2020. The company’s insufficient board refreshment is considered a risk according to the Simply Wall St Risk Model. Reported Earnings • Sep 01
Second quarter 2024 earnings released Second quarter 2024 results: Revenue: €991.1k (up 7.9% from 2Q 2023). Net loss: €61.5k (loss narrowed 91% from 2Q 2023). Over the last 3 years on average, earnings per share has fallen by 29% per year but the company’s share price has fallen by 37% per year, which means it is performing significantly worse than earnings. Reported Earnings • Jun 04
First quarter 2024 earnings released First quarter 2024 results: Revenue: €693.0k (down 4.0% from 1Q 2023). Net loss: €679.5k (loss widened 32% from 1Q 2023). New Risk • Mar 04
New minor risk - Shareholder dilution The company's shareholders have been diluted in the past year. Increase in shares outstanding: 5.9% 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 Earnings have declined by 41% per year over the past 5 years. Market cap is less than US$10m (kr52.3m market cap, or US$4.98m). Minor Risks Share price has been volatile over the past 3 months (9.0% average weekly change). Shareholders have been diluted in the past year (5.9% increase in shares outstanding). Revenue is less than US$5m (€3.4m revenue, or US$3.7m). Reported Earnings • Mar 01
Full year 2023 earnings released Full year 2023 results: Revenue: €3.38m (up 28% from FY 2022). Net loss: €1.69m (loss narrowed 14% from FY 2022). Over the last 3 years on average, earnings per share has fallen by 34% per year but the company’s share price has only fallen by 29% per year, which means it has not declined as severely as earnings. Reported Earnings • Dec 01
Third quarter 2023 earnings released: EPS: €0.001 (vs €0.004 loss in 3Q 2022) Third quarter 2023 results: EPS: €0.001 (up from €0.004 loss in 3Q 2022). Revenue: €1.14m (up 50% from 3Q 2022). Net income: €22.7k (up €113.6k from 3Q 2022). Profit margin: 2.0% (up from net loss in 3Q 2022). Over the last 3 years on average, earnings per share has fallen by 44% per year whereas the company’s share price has fallen by 43% per year. New Risk • Nov 30
New major risk - Share price stability The company's share price has been highly volatile over the past 3 months. It is more volatile than 90% of Norwegian stocks, typically moving 14% a week. This is considered a major risk. Share price volatility increases the risk of potential losses in the short-term as the stock tends to have larger drops in price more frequently than other stocks. It may also indicate the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. Currently, the following risks have been identified for the company: Major Risks Share price has been highly volatile over the past 3 months (14% average weekly change). Earnings have declined by 12% per year over the past 5 years. Market cap is less than US$10m (kr51.6m market cap, or US$4.78m). Minor Risk Revenue is less than US$5m (€3.0m revenue, or US$3.2m). Reported Earnings • Sep 03
Second quarter 2023 earnings released Second quarter 2023 results: Revenue: €918.9k (up 27% from 2Q 2022). Net loss: €698.1k (loss widened 12% from 2Q 2022). New Risk • Aug 30
New minor risk - Shareholder dilution The company's shareholders have been diluted in the past year. Increase in shares outstanding: 8.0% 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 Earnings have declined by 2.8% per year over the past 5 years. Market cap is less than US$10m (kr45.6m market cap, or US$4.30m). Minor Risks Share price has been volatile over the past 3 months (8.0% average weekly change). Shareholders have been diluted in the past year (8.0% increase in shares outstanding). Revenue is less than US$5m (€2.8m revenue, or US$3.0m). New Risk • Aug 13
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 7.8% 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: Major Risks Earnings have declined by 2.8% per year over the past 5 years. Market cap is less than US$10m (kr47.8m market cap, or US$4.59m). Minor Risks Share price has been volatile over the past 3 months (7.8% average weekly change). Revenue is less than US$5m (€2.8m revenue, or US$3.0m). Reported Earnings • Jun 01
First quarter 2023 earnings released First quarter 2023 results: Revenue: €722.1k (up 21% from 1Q 2022). Net loss: €516.6k (loss narrowed 58% from 1Q 2022). Over the last 3 years on average, earnings per share has fallen by 62% per year but the company’s share price has only fallen by 14% per year, which means it has not declined as severely as earnings. Reported Earnings • Mar 04
Full year 2022 earnings released: €0.04 loss per share (vs €0.005 loss in FY 2021) Full year 2022 results: €0.04 loss per share (further deteriorated from €0.005 loss in FY 2021). Revenue: €2.64m (up 43% from FY 2021). Net loss: €2.43m (loss widened €2.13m from FY 2021). Over the last 3 years on average, earnings per share has fallen by 50% 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. Board Change • Feb 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. Director Jan Harto was the last director to join the board, commencing their role in 2020. The company’s insufficient board refreshment is considered a risk according to the Simply Wall St Risk Model. Reported Earnings • Dec 01
Third quarter 2022 earnings released: €0.001 loss per share (vs €0.02 loss in 3Q 2021) Third quarter 2022 results: €0.001 loss per share (improved from €0.02 loss in 3Q 2021). Revenue: €755.3k (up 15% from 3Q 2021). Net loss: €90.9k (loss narrowed 90% from 3Q 2021). Over the last 3 years on average, earnings per share has fallen by 41% per year but the company’s share price has only fallen by 6% per year, which means it has not declined as severely as earnings. Reported Earnings • Sep 05
Second quarter 2022 earnings released: €0.01 loss per share (vs €0.03 profit in 2Q 2021) Second quarter 2022 results: €0.01 loss per share (down from €0.03 profit in 2Q 2021). Revenue: €726.7k (up 42% from 2Q 2021). Net loss: €622.6k (down 149% from profit in 2Q 2021). Over the last 3 years on average, earnings per share has fallen by 48% per year but the company’s share price has only fallen by 4% per year, which means it has not declined as severely as earnings. Reported Earnings • Jun 04
First quarter 2022 earnings released First quarter 2022 results: Revenue: €596.4k (up 213% from 1Q 2021). Net loss: €1.22m (loss widened 218% from 1Q 2021). Reported Earnings • Feb 27
Full year 2021 earnings: Revenues and EPS in line with analyst expectations Full year 2021 results: €0.004 loss per share (vs €0.004 loss in FY 2020). Revenue: €1.84m (up 176% from FY 2020). Net loss: €161.4k (loss narrowed 14% from FY 2020). Revenue was in line with analyst estimates. Over the last 3 years on average, earnings per share has fallen by 16% per year but the company’s share price has increased by 9% per year, which means it is well ahead of earnings. Reported Earnings • Dec 01
Third quarter 2021 earnings: Revenues and EPS in line with analyst expectations Third quarter 2021 results: €0.02 loss per share (down from €0.002 loss in 3Q 2020). Revenue: €658.5k (up 137% from 3Q 2020). Net loss: €940.9k (loss widened €858.8k from 3Q 2020). Revenue was in line with analyst estimates. Over the last 3 years on average, earnings per share has increased by 39% per year but the company’s share price has only increased by 21% per year, which means it is significantly lagging earnings growth. Valuation Update With 7 Day Price Move • Sep 28
Investor sentiment improved over the past week After last week's 25% share price gain to kr2.93, the stock trades at a trailing P/E ratio of 44.4x. Average trailing P/E is 33x in the Renewable Energy industry in Europe. Total returns to shareholders of 253% over the past three years. Valuation Update With 7 Day Price Move • Sep 07
Investor sentiment improved over the past week After last week's 18% share price gain to kr2.58, the stock trades at a trailing P/E ratio of 42.9x. Average trailing P/E is 32x in the Renewable Energy industry in Europe. Total returns to shareholders of 211% over the past three years. Reported Earnings • Sep 02
Second quarter 2021 earnings released: EPS €0.03 (vs €0.006 loss in 2Q 2020) Second quarter 2021 results: Revenue: €510.1k (up 144% from 2Q 2020). Net income: €1.27m (up €1.57m from 2Q 2020). Over the last 3 years on average, earnings per share has increased by 70% per year but the company’s share price has only increased by 33% per year, which means it is significantly lagging earnings growth. Reported Earnings • May 29
First quarter 2021 earnings released: €0.008 loss per share (vs €0.015 profit in 1Q 2020) First quarter 2021 results: Net loss: €383.6k (down 154% from profit in 1Q 2020). Over the last 3 years on average, earnings per share has increased by 67% per year but the company’s share price has only increased by 38% per year, which means it is significantly lagging earnings growth. Is New 90 Day High Low • Feb 23
New 90-day low: kr2.64 The company is down 8.0% from its price of kr2.86 on 25 November 2020. The Norwegian market is up 9.0% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Renewable Energy industry, which is up 12% over the same period. Announcement • Jan 16
Aega ASA Announces Appointment of Ingebrikt Bjørkhaug as Chief Financial Officer Aega ASA has appointed Ingebrikt Bjørkhaug as the company’s chief financial officer. the company is an experienced finance manager who has held CFO roles for both Gabler and Convene Group (formerly Melin Group) in the past. He has also spent several years at EY’s transaction advisory services business. Bjørkhaug will join Aega on 1 April 2021. Reported Earnings • Dec 04
Third quarter 2020 earnings released: €0.002 loss per share The company reported a solid third quarter result with reduced losses and improved revenues and control over expenses. Third quarter 2020 results: Revenue: €278.1k (up 261% from 3Q 2019). Net loss: €82.1k (loss narrowed 74% from 3Q 2019). Over the last 3 years on average, earnings per share has increased by 67% per year whereas the company’s share price has increased by 72% per year. Is New 90 Day High Low • Nov 25
New 90-day high: kr2.86 The company is up 138% from its price of kr1.20 on 27 August 2020. The Norwegian market is up 7.0% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Renewable Energy industry, which is up 7.0% over the same period. Announcement • Nov 18
Aega ASA (OB:AEGA) signed a mutually binding offer to acquire Two Solar Parks of 2 MW. Aega ASA (OB:AEGA) signed a mutually binding offer to acquire Two Solar Parks of 2 MW on November 16, 2020. The transaction is subject to customary closing conditions. The final share purchase agreement is expected to be signed on December 1, 2020. The transaction is expected to be completed on December 18, 2020. Is New 90 Day High Low • Oct 19
New 90-day high: kr2.36 The company is up 90% from its price of kr1.24 on 21 July 2020. The Norwegian market is up 3.0% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Renewable Energy industry, which is up 9.0% over the same period. Is New 90 Day High Low • Sep 19
New 90-day high: kr1.44 The company is up 18% from its price of kr1.22 on 19 June 2020. The Norwegian market is up 7.0% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Renewable Energy industry, which is up 10.0% over the same period.