NORSK Elektra Optikk AS grew revenue but the operating loss widened and equity fell by nearly half

NORSK Elektra Optikk AS, an Oslo-based limited company, grew revenue 21.1% to NOK 164m in FY2025, up from NOK 136m. The growth did not reach the result. The operating margin moved to -11.7% from -0.8%, a drop of 10.9 pp. Net profit of NOK 668k in FY2024 became a net loss of NOK 45.7m. Equity fell to NOK 60.4m from NOK 106m, and the equity ratio dropped to 30.9% from 52.9%.

Margins usually shrink during growth when new business is won on price, or when staff and overhead arrive before the revenue that pays for them. The accounts do not show which case applies here. The operating loss is smaller than the net loss, so items below the operating line also weigh on the result. Cash held at NOK 13.1m, almost unchanged from NOK 13.5m. I would watch whether the margin recovers before the equity buffer thins further. This year the company bought growth, and the bill was larger than the growth.