OSLO TAXIBUSS AS grew revenue 41.6% and kept the same loss margin

OSLO TAXIBUSS AS, an Oslo company, grew revenue 41.6% to NOK 434m in 2025, up from NOK 307m. Profit went the other way. The operating loss widened to NOK 12.6m from NOK 7.9m, and the net loss to NOK 23.9m from NOK 16.8m. The net margin was -5.5%, the same as the year before. The median of 5 comparable companies earned 1.9%, which leaves a gap of 7.4 pp. An extra NOK 128m of sales left the margin exactly where it was.

A margin this far below peers usually comes from weaker prices, higher cost per unit, a less profitable mix of work, or an investment phase the others have already finished. The accounts do not say which applies here. The balance sheet leaves little room to wait: equity of NOK 15.0m covers 5.2% of total assets of NOK 289m, and cash is NOK 4.7m. The company also has a new chief executive and new board members. I would watch whether the margin moves before the equity does. Growth at this margin is still a loss, only a larger one.