EXPRO NORWAY AS returned to profit but still owes more than it owns

EXPRO NORWAY AS, an Aksjeselskap based in Tananger, grew revenue by 12.6% to NOK 731m in 2025. Net profit came in at NOK 37.6m, against a net loss of NOK 208m a year earlier. The turnaround sits below the operating line, which stayed negative at NOK -118m, a margin of -16.1%. Total assets fell to NOK 2.7bn from NOK 6.0bn, and cash dropped to NOK 48.3m from NOK 132m. Equity ended at NOK -1.5bn, so the equity ratio is -57.8%.

Equity turns negative when accumulated losses exceed everything the owners put in. Companies stay in that state when a parent or lenders keep funding them. Here, the operating loss shows the core business did not pay for itself in 2025, so the net profit must come from items further down the income statement. The accounts do not say which. I would not treat one profitable year as a base for planning. It narrows the equity gap, which moved by NOK 38.7m over the year, but one year does not close it.