olivLaw · European equity research
Ensurge Micropower ASA ENSU.OL
Norway · Euronext Oslo Børs · ISIN NO0013186460 · Vertical: Listed companies from Norway
Ensurge Micropower develops thin-film solid-state microbatteries for miniature electronics, including edge-AI devices. In 2025 the company reported revenue of only 25 thousand USD, and its annual report warns of a material uncertainty about going-concern, which makes funding decisive.
At the close of 06 Nov 2026, Ensurge Micropower ASA (ENSU.OL) stock was 0.54 NOK (−1.82% on the day), with beta 0.08, 52-week range 0.54–0.93 NOK.
Data as of · AI analysis dated · Source: ESEF annual reports and closing prices, computed by olivLaw.
Price history
Loading chart…
Technical reading
- RSI (14)
- 36.8
- weak (30–45)
- Bollinger (20, 2)
- 0.55 – 0.60
- below the lower band · %B -0.12 · band width 9.9%
- SMA 50 / 200
- 0.59 / 0.66
- downtrend (price < SMA50 < SMA200)
- MACD (12, 26, 9)
- -0.01 / -0.01
- MACD below signal
Indicators describe past prices; on their own they do not predict direction. On our history the RSI ≤ 40 filter added no return (see the signals methodology).
Performance
| Company | EURO STOXX 50 | vs EURO STOXX 50 | Vertical median | |
|---|---|---|---|---|
| 1 month | −7.5% | −0.6% | −6.9 pp | — |
| 3 months | −17.6% | −4.2% | −13.4 pp | — |
| 6 months | −20.5% | +4.3% | −24.8 pp | — |
| Year to date | −36.7% | +7.5% | −44.2 pp | — |
| 1 year | −45.8% | +9.9% | −55.8 pp | −4.7% |
| 3 years | +8.0% | +49.8% | −41.8 pp | +12.7% |
| 5 years | −98.4% | +42.8% | −141.2 pp | — |
Price returns, dividends excluded.
Quarterly results
ESEF annual reports carry no quarters: the results are annual (below).
E/P over time
the price (USD) and the reports are in different currencies
E/P = trailing-12-month diluted EPS / price at quarter end. E/P is the inverse of P/E and stays defined when earnings are negative.
Fiscal years
| Fiscal year | 2023 | 2024 | 2025 |
|---|---|---|---|
| Revenue | 138.0 k | 61.0 k | 25.0 k |
| Revenue YoY | unavailable | −55.8% | −59.0% |
| Net income | -16.9 m | -12.9 m | -10.8 m |
| Net income YoY | unavailable | unavailable | unavailable |
| Diluted EPS | -0.07 | -0.02 | -0.01 |
| Diluted EPS YoY | unavailable | unavailable | unavailable |
| net % | -12,249.3% | -21,183.6% | -43,200.0% |
| Free cash flow | -13.0 m | -9.8 m | -7.0 m |
Balance sheet & financial health
Fiscal year 2025 · 31 Dec 2025
- Cash
- 7.9 m USD
- Financial debt
- 3.7 m USD
- Net debt
- -4.3 m USD
- Equity
- 12.0 m USD
- Total assets
- 23.8 m USD
- Debt / equity
- 0.30x
- Current ratio
- 1.33x
- ROE
- unavailable
- ROA
- -61.4%
- FCF margin
- -27,812.0%
Financial statements (source on every figure)
Revenue and net income (USD)
Margins
Income statement · USD
| Line | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|
| Revenue | 138.0 k | 61.0 k | 25.0 k | esef· 21 Oct 2026verified |
| Operating income | -13.7 m | -10.9 m | -9.6 m | esef· 21 Oct 2026verified |
| Pre-tax income | -16.9 m | -12.9 m | -10.7 m | esef· 21 Oct 2026verified |
| Income tax | 0 | 2.0 k | 63.0 k | esef· 21 Oct 2026verified |
| Net income | -16.9 m | -12.9 m | -10.8 m | esef· 21 Oct 2026verified |
| Diluted EPS | -0.07 | -0.02 | -0.01 | esef· 21 Oct 2026verified |
Balance sheet · USD
| Line | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|
| Cash | 3.8 m | 4.1 m | 7.9 m | esef· 21 Oct 2026verified |
| Receivables | 863.0 k | 787.0 k | 594.0 k | esef· 21 Oct 2026verified |
| Current assets | 4.7 m | 4.9 m | 8.5 m | esef· 21 Oct 2026verified |
| Property, plant & equipment, net | 1.9 m | 1.6 m | 1.5 m | esef· 21 Oct 2026verified |
| Intangibles (excl. goodwill) | 0 | 4.3 m | 13.3 m | esef· 21 Oct 2026verified |
| Total assets | 7.1 m | 11.4 m | 23.8 m | esef· 21 Oct 2026verified |
| Accounts payable | 1.7 m | 1.5 m | 2.1 m | esef· 21 Oct 2026verified |
| Short-term debt | 1.4 m | 1.9 m | 2.3 m | esef· 21 Oct 2026verified |
| Long-term debt | 5.4 m | 3.7 m | 1.4 m | esef· 21 Oct 2026verified |
| Current liabilities | 6.1 m | 5.2 m | 6.4 m | esef· 21 Oct 2026verified |
| Equity | -12.3 m | -3.5 m | 12.0 m | esef· 21 Oct 2026verified |
| Shares outstanding at year end | 241.5 m | 646.1 m | — | esef· 21 Oct 2026derived |
Cash flow · USD
| Line | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|
| Operating cash flow | -12.7 m | -9.5 m | -6.5 m | esef· 21 Oct 2026verified |
| Capex | 247.0 k | 276.0 k | 479.0 k | esef· 21 Oct 2026verified |
| Free cash flow | -13.0 m ≈ | -9.8 m ≈ | -7.0 m ≈ | esef· 21 Oct 2026derived |
| Investing cash flow | -168.0 k | -4.4 m | -9.3 m | esef· 21 Oct 2026verified |
| Financing cash flow | 11.7 m | 14.2 m | 19.6 m | esef· 21 Oct 2026verified |
≈ computed by olivLaw from the reported lines of the same year: Operating cash flow − Capex.
Computed indicators
Growth
Profitability
Returns
Balance sheet
Liquidity
Cash
Efficiency
Market and valuation
1 indicators that do not apply to the sector.
Valuation
olivLaw classification
- indicators available: 3 of at least 6
- score weight coverage: 20.8% of at least 60%
- valuation methods computed: 0 of at least 1
A scoring methodology on indicators and valuation, not investment advice.
Closing price
06 Nov 2026Source: olivLaw, closing series
Market cap: unavailable
Price and reporting are in different currencies; market indicators are unavailable.
Key indicators
Coverage and freshness
Score by group
21% · Insufficient data
Estimated value range
unavailable — no valuation method could be computed
Valuation assumptions are editorial choices, not measured; beta is not measured.
Valuation methods
- DCF (discounted cash flow)unavailable · input data missing
- Peers: EV/EBITDAunavailable · input data missing
- Peers: P/Eunavailable · the base of the ratio is not positive
- Dividend discount (DDM)unavailable · the company pays no dividend: a dividend model needs an explicit initiation assumption
no valuation method could be computed
Assumptions (illustrative, editorial)
- Risk-free rate
- 4.3%
- Equity risk premium
- 5.0%
- Beta (default)
- 1.00
- Cost of equity
- 9.3%
- Terminal growth
- 2.5%
Factor scorecard
Insufficient data
Minimum-evidence gate: indicators available: 3 of at least 6; score weight coverage: 20.8% of at least 60%; valuation methods computed: 0 of at least 1
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | -282.1% | 0 (vs peers) | 50% |
| Net margin · Quality | -43,200.0% | 0 (vs peers) | 30% |
| FCF conversion · Quality | unavailable | unavailable | — |
| Revenue CAGR 3Y · Growth | unavailable | unavailable | — |
| EPS CAGR 3Y · Growth | unavailable | unavailable | — |
| Net debt / EBITDA · Balance sheet | unavailable | unavailable | — |
| Interest coverage · Balance sheet | unavailable | unavailable | — |
| Current ratio · Balance sheet | 1.3x | 44 (on a fixed band) | 20% |
| P/E (TTM) · Valuation | unavailable | unavailable | — |
| EV/EBITDA · Valuation | unavailable | unavailable | — |
| FCF yield · Valuation | unavailable | unavailable | — |
| Shareholder yield (distributions) · Returns | unavailable | unavailable | — |
| Payout ratio (FCF) · Returns | unavailable | unavailable | — |
Factors without a value were dropped; the remaining weights were renormalised.
Score groups
- Balance sheet· partial44/100 · 1/3 factors with a value
- Growth· partialunavailable · 0/2 factors with a value
- Quality0/100 · 2/3 factors with a value
- Returns· partialunavailable · 0/2 factors with a value
- Valuation· partialunavailable · 0/3 factors with a value
A «partial» group is computed from under half of its weight or from one factor: it is not a full assessment of the group.
Memo
ENSURGE MICROPOWER ASA (ENSU.OL). Latest full fiscal year: 2025; data up to 2025-12-31.
Figures computed from the financial statements: revenue 25.0 k USD in 2025; YoY growth -59.0%; net margin -43,200.0%; ROE -252.4%.
Valuation cannot be computed from the available data.
Insufficient data for a verdict (indicators available: 3 of at least 6; score weight coverage: 20.8% of at least 60%; valuation methods computed: 0 of at least 1).
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
No signal among the computed factors. That is not an absence of risk: factors without data were not assessed, and business risks (margins, inventory, demand) are in the source-based analysis.
What contradicts it
- ROIC: -282.1%
- Net margin: -43,200.0%
Not assessed (insufficient data or a ratio without meaning): FCF conversion, Revenue CAGR 3Y, EPS CAGR 3Y, Net debt / EBITDA, Interest coverage, P/E (TTM), EV/EBITDA, FCF yield, Shareholder yield (distributions), Payout ratio (FCF).
Versus the vertical median
Listed companies from Norway · same country · compared with 39 companies
Multiples and returns vs the median
Price rebased to 100 (monthly, 5 years)
Companies in the vertical
| Market cap | P/E | ROE | Net margin | Revenue YoY | 1A / 3A | |
|---|---|---|---|---|---|---|
| AKER.OLAker Asa | 79.8 bn | 20.3 | 7.9% | 21.4% | +42.5% | +36% / +59% |
| AFG.OLAf Gruppen Asa | 21.5 bn | 19.8 | 39.7% | 3.4% | +4.4% | +8% / +69% |
| ELK.OLElkem Asa | 19.2 bn | 39.3 | 1.9% | 2.7% | −15.7% | +10% / +73% |
| ATEA.OLAtea Asa | 18.5 bn | 21.4 | 19.7% | 2.3% | +8.1% | +11% / +36% |
| AKSO.OLAker Solutions Asa | 17.4 bn | 6.8 | 22.5% | 4.1% | +19.2% | +18% / −12% |
| AUSS.OLAustevoll Seafood Asa | 16.6 bn | 37.1 | 1.6% | 1.1% | +11.1% | −7% / +10% |
| BRG.OLBorregaard Asa | 15.6 bn | 25.1 | 11.4% | 8.0% | +1.3% | −18% / −9% |
| BONHR.OLBonheur ASA | 11.2 bn | 7.8 | 17.1% | 11.4% | −10.8% | +17% / +44% |
| AFK.OLArendals Fossekompani Asa | 10.3 bn | — | -2.3% | -3.1% | −14.9% | +39% / +31% |
| B2I.OLB2 Impact Asa | 8.8 bn | 14.3 | 11.0% | 16.4% | +2.6% | +40% / +238% |
| AKVA.OLAkva Group Asa | 5.7 bn | 31.2 | 13.7% | 4.2% | +24.4% | +74% / +152% |
| ELMRA.OLElmera Group Asa | 5.1 bn | 32.0 | 10.5% | 1.3% | −0.9% | +32% / +98% |
| BOUV.OLBouvet Asa | 5.0 bn | 14.2 | 80.7% | 9.2% | −0.2% | −19% / −16% |
| CLOUD.OLCloudberry Clean Energy Asa | 4.0 bn | 61.9 | 1.3% | 13.1% | +34.0% | −5% / +29% |
| ABG.OLAbg Sundal Collier Holding Asa | 3.6 bn | 10.7 | 34.9% | 16.8% | +12.4% | −13% / +20% |
| ANDF.OLAndfjord Salmon Group As | 2.2 bn | — | -5.7% | -12,770.4% | +328.9% | −18% / −11% |
| BMA.OLByggma Asa | 1.6 bn | — | -25.3% | -11.9% | −2.5% | +61% / +15% |
| APR.OLAppear Asa | 1.4 bn | 10.5 | 30.1% | 16.1% | +32.3% | −53% / unavailable |
| AZT.OLArcticzymes Technologies Asa | 1.1 bn | 108.9 | 2.9% | 8.6% | +7.9% | −8% / −48% |
| CAPSL.OLCapsol Technologies Asa | 884.6 m | — | -89.4% | -114.8% | −25.0% | −33% / −66% |
| BOR.OLBorgestad Asa | 553.2 m | 36.1 | 2.1% | 1.4% | −3.0% | −7% / +41% |
| ARR.OLArribatec Group Asa | 234.6 m | 4.8 | 22.1% | 9.3% | +15.7% | −33% / −55% |
| DELIA.OLDellia Group Asa | 73.5 m | 1.5 | 22.6% | 7.7% | +140.0% | −62% / unavailable |
| ABTEC.OLAqua Bio Technology Asa | 11.1 m | 0.1 | — | 7,297.7% | −87.2% | −82% / −97% |
| AGLX.OLAgilyx Asa | — | — | -182.4% | -12,189.3% | +20.3% | −40% / −41% |
1- and 3-year price returns: for ENSU.OL from daily closes (the same as the performance table), for the other companies from month-end closes.
olivLaw engine forecast
The world engine ran after the company's latest material disclosure. Probabilities are of TOUCHING a level within the horizon (not closing there) and sit next to the random walk (p_rw), the no-information benchmark.
The engine has no published run for this company yet.
Valuation scenarios (editable assumptions)
Illustrative scenarios
Scenarios are not available. input data missing
AI analysis
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
In brief
Ensurge Micropower develops thin-film solid-state microbatteries for miniature electronics, including edge-AI devices. In 2025 the company reported revenue of only 25 thousand USD, and its annual report warns of a material uncertainty about going-concern, which makes funding decisive.1
SWOT
Strengths
- The thin-film solid-state platform targets a capacity segment considered underserved and rests on a substantial intellectual property portfolio.
- The leadership team was strengthened with executives experienced in scaling battery production and developing solid-state technologies.
- The company cut non-strategic spending and reorganized its team around product development, which could improve execution discipline.
Weaknesses
- Revenue is almost nonexistent, and the company depends entirely on external funding to continue its operations.
- The annual report highlights a material uncertainty about going-concern because funding for the next twelve months is not secured.
- Production is still at prototype stage, with consistency, yield and repeatability issues that remain unresolved.
Opportunities
- If platform validation succeeds, design wins with customers in consumer electronics, health technology and defense could emerge.
- Technology licensing could open a business model complementary to in-house production, depending on the status of patents.
- The partnership with Corning could accelerate materials development and integration into final products.
Threats
- If funding does not materialize, the company could be forced to scale back activities or change its development plans.
- Delays in product qualification at customers could postpone revenue and increase pressure on liquidity.
- Trade restrictions and geopolitical tensions could raise the cost of imported equipment and materials.
Risks
- Going-concernhigh
The annual report warns that funding for the next twelve months is not secured, creating a material uncertainty about continuing as a going concern.1
- Technical validationhigh
Consistency of material composition and new modes of yield loss could lengthen learning cycles and slow the production ramp.1
- Dependence on external fundinghigh
With little revenue, liquidity becomes a strain, and the company could struggle to pay employees and suppliers if it cannot secure financing.1
- Supply chainmedium
Components and materials come from a limited number of suppliers, including in Asia, and disruptions could affect access to critical equipment and materials.1
- Talent retentionmedium
Success depends on attracting and keeping key employees, and competition for talent in this field is intense.1
Investment thesis
What would need to be true (bull case)
- If platform validation succeeds and customers move to design contracts, the company could capture a market described as large and growing quickly.
- A leadership team with experience scaling battery production could reduce execution risk in the commercialization phase.
- An extensive patent portfolio and a strategic partnership could support both proprietary products and licensing models.
What would break the thesis
- Revenue is almost nonexistent, and without additional funding the company could be forced to reduce its activities.
- The technology remains at prototype stage, and yield and consistency problems could delay commercialization by years.
- Dilution from repeated share issues and convertible instruments could significantly affect existing shareholders.
What to watch
- General meeting approval of the convertible note15 May 2026
- Signing of first design contracts with commercial customers2026
- Platform validation results and pilot production yieldnext annual report
- Update on twelve-month funding and going-concern assumptionQ3 2026
Products, market & competition
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
The business
Ensurge Micropower ASA, listed on Oslo Børs, develops a thin-film solid-state battery platform aimed at capacities of 1–100 mAh, a range the company says is largely underserved by conventional technologies.1 In 2025 the company moved from a process- and manufacturing-centric organization to a product-led operating model focused on platform validation and customer-driven development.1 Revenue remains minimal, and the company depends on funding through share issues and convertible instruments.1
Operations are based mainly at the San Jose, California facility, where the company maintains ISO 9001:2015 certification for developing, manufacturing and selling solid-state batteries.1 At year end the company had 33 full-time employees and two part-time employees, supplemented by specialists.1
The intellectual property portfolio includes close to 100 international patents and 18 pending patent applications, which the company says support both its manufacturing model and potential licensing.1
Segments
Edge-AI and wearable applications
The company targets miniature electronic devices, including medical wearables, hearing technologies, industrial sensors and defense systems, where artificial intelligence increasingly moves onto devices.1 Discussions with customers in consumer electronics, health technology and defense are in progress, but they are not presented as recurring revenue.1
Market context
Management estimates that micro-scale energy storage is growing at more than 22 percent annually over the coming decade, driven by edge-AI devices, medical wearables and connected industrial systems.1 The company states that conventional lithium-ion batteries are often too large or rigid for many of these applications, while existing microcells typically offer limited capacity.1
Growth depends however on platform validation and product qualification timelines at customers, and delays could postpone sales; management notes such delays are generally outside its control.1
Trends
- Growing demand for compact edge energytailwind
Moving artificial intelligence from cloud into devices increases the need for batteries that deliver more energy in very small spaces, which could favor the company's technology if validation succeeds.1
- Rising customer interestmixed
The company reports growing interest from companies across several industries, but this has not yet translated into significant revenue contracts.1
- Supply chains and geopoliticsheadwind
Geopolitical tensions, trade restrictions and reliance on concentrated suppliers, including in Asia, could raise material costs and delay production scale-up.1
- Equity and convertible financingmixed
Early-stage battery companies rely on repeated share issues; Ensurge raised several private placements in 2025, and its new convertible note requires general meeting approval.1
Competitive position
The annual report does not explicitly name direct competitors. It does compare its platform with lithium-ion pouch and coin cells, which are usually too large or rigid, and with existing microcells that offer limited capacity.1
The stated advantage combines intellectual property in microbatteries with management experience in large-scale battery manufacturing, which the company argues gives it an edge over alternative solutions.1
- Lithium-ion pouch and coin cell makers
The company describes these conventional solutions as too large or rigid for many miniature devices, making them the main alternative for customers.
- Low-capacity microcell suppliers
The company describes these products as offering only limited capacity, leaving room for its thin-film platform.
- Strategic materials partners
The company formed a strategic partnership with Corning Incorporated in 2025, so this party is better seen as a partner than a rival.
- Automotive solid-state battery developers
The report cites management experience from companies working on solid-state batteries but does not present these firms as direct rivals.
News & filings
In the press
No news in our archive over the last 180 days.
Annual reports (ESEF)
- Annual report 202521 Oct 2026
- Annual report 202408 May 2025
Sources
- [1] Annual report, fiscal year ended 2025-12-31 (ESEF) · SEC / Ensurge Micropower ASA · 31 Dec 2025
Figures computed by olivLaw from ESEF annual reports and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.