LITRA NOR AS grew revenue by 1,778.8% and still lost money, with thin equity

LITRA NOR AS, a Norwegian limited company based in Tiller, reported revenue of NOK 116m for FY2025, against NOK 6.2m a year earlier. The growth did not turn into profit. The operating loss widened to NOK 9.3m from NOK 1.7m, and the net loss came to NOK 7.8m. The operating margin improved to -8.0% from -27.2%, because sales grew faster than the loss. Cash rose to NOK 9.5m from NOK 1.2m, so the company ended the year with more money in the bank than it began with.

Equity stands at NOK 2.9m against total assets of NOK 38.8m, an equity ratio of 7.6%. Growth this fast is usually funded by suppliers and lenders rather than owners, which thins the cushion. Repeating a loss of NOK 7.8m would exceed the whole of that equity. The accounts do not say how the cash increase was financed. I would watch whether the loss narrows before the balance sheet has to absorb another year like this one.