Revenue at COMROD AS reached NOK 1.0bn in 2025

COMROD AS, a Norwegian limited company, reported revenue of NOK 1.0bn for FY2025, up 31.8% from NOK 797m. Net profit rose to NOK 248m from NOK 157m, and the operating margin widened to 28.0% from 26.6%. The cash line went the other way. Cash stood at NOK 145k at the end of FY2025, against NOK 10.5m a year earlier, a fall of 98.6%. Equity grew to NOK 657m, but the equity ratio eased to 62.7% from 67.4%.

Growth usually costs cash before it brings any in: customers pay weeks after delivery, stock is bought ahead of sales and new capacity is paid up front, while profit is booked at the sale. The accounts do not show which of these absorbed the cash. In October 2026 the register recorded a new chief executive, a new chair of the board and new board members, some of whom also sit on boards at another watched company. I would not read that as a verdict. I would watch the cash line, because profit that does not turn into cash has to be financed by someone.