NOS Nova (HRGI) Q4 2025 earnings summary

Executive summary

• 2025 marked a transformational year with strategic restructuring, cost reductions, and a shift in project focus following challenging market conditions and limited investor traction in the first half of the year.

• The Barents Blue Ammonia Project was divested in June 2025, with NOS Nova focusing on the Gismarvik CO2 Hub Project and acquiring NOS Technology AS to strengthen engineering capabilities.

• A new majority shareholder, NOS Group AS, took control, leading to a new Board and CEO, and the company was renamed NOS Nova AS in December 2025.

Financial highlights

• Group income rose to NOK 8.2 million in 2025, mainly from paid studies and NOS Technology revenues, up from NOK 4.0 million in 2024.

• Operating loss reduced to NOK 46.0 million from NOK 115.4 million year-over-year due to significant cost reductions.

• Net loss narrowed to NOK 48.9 million from NOK 109.8 million in 2024.

• Cash and equivalents at year-end were NOK 18.7 million, down from NOK 82.3 million in 2024.

• No income tax was recognized in either period.

Outlook and guidance

• 2026 focus is on integrating NOS Technology, commercial development, and value creation from technology and partnerships.

• NOS Technology is expected to generate a cash surplus, supporting further growth in both innovation and engineering divisions.

• The Gismarvik CO2 Hub remains a core project, while the Polaris project is on hold and its license expires in May 2026.