olivLaw · European equity research
Otovo ASA OTOVO.OL
Norway · Euronext Oslo Børs · ISIN NO0013721613 · Vertical: Listed companies from Norway
Otovo ASA runs a platform for distributed energy services serving residential and commercial customers in Europe and the United States, having shifted in 2025 from an installation marketplace to a service and membership-based model. The company reported a large loss and thin cash, so its going-concern position depends on executing the strategy and on access to capital, as shown by the NOK 395 million loss and NOK 54 million cash at 31 December 2025.
At the close of 06 Nov 2026, Otovo ASA (OTOVO.OL) stock was 8.36 NOK (+0.48% on the day), with market capitalisation 2.5 bn NOK, beta -0.36, 52-week range 1.56–17.26 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)
- 43.7
- weak (30–45)
- Bollinger (20, 2)
- 7.29 – 9.70
- in the lower half of the band · %B 0.44 · band width 28.4%
- SMA 50 / 200
- 9.75 / 11.27
- downtrend (price < SMA50 < SMA200)
- MACD (12, 26, 9)
- -0.44 / -0.54
- MACD above 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 | −12.6% | −0.6% | −11.9 pp | — |
| 3 months | −26.7% | −4.2% | −22.5 pp | — |
| 6 months | −24.7% | +4.3% | −29.0 pp | — |
| Year to date | −20.4% | +7.5% | −27.9 pp | — |
| 1 year | +4.5% | +9.9% | −5.4 pp | −4.7% |
| 3 years | −74.9% | +49.8% | −124.7 pp | +12.7% |
| 5 years | −96.3% | +42.8% | −139.2 pp | — |
Price returns, dividends excluded.
Quarterly results
ESEF annual reports carry no quarters: the results are annual (below).
E/P over time
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 | 996.2 m | 710.1 m | 567.3 m |
| Revenue YoY | unavailable | −28.7% | −20.1% |
| Net income | -384.8 m | -372.6 m | -395.4 m |
| Net income YoY | unavailable | unavailable | unavailable |
| Diluted EPS | -2.43 | -1.34 | -1.31 |
| Diluted EPS YoY | unavailable | unavailable | unavailable |
| net % | -38.6% | -52.5% | -69.7% |
| Free cash flow | -573.2 m | -527.3 m | -291.5 m |
Balance sheet & financial health
Fiscal year 2025 · 31 Dec 2025
- Cash
- 54.0 m NOK
- Financial debt
- 20.2 m NOK
- Net debt
- -33.8 m NOK
- Equity
- 280.8 m NOK
- Total assets
- 486.7 m NOK
- Debt / equity
- 0.07x
- Current ratio
- 1.16x
- ROE
- -104.4%
- ROA
- -49.4%
- FCF margin
- -51.4%
Financial statements (source on every figure)
Revenue and net income (NOK)
Margins
Income statement · NOK
| Line | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|
| Revenue | 996.2 m | 710.1 m | 567.3 m | esef· 21 Oct 2026verified |
| Operating income | -399.5 m | -398.0 m | -392.3 m | esef· 21 Oct 2026verified |
| Interest expense | 29.2 m | 35.9 m | 19.4 m | esef· 21 Oct 2026verified |
| Pre-tax income | -389.8 m | -361.6 m | -403.7 m | esef· 21 Oct 2026verified |
| Income tax | -5.0 m | 73.0 k | 351.0 k | esef· 21 Oct 2026verified |
| Net income | -384.8 m | -372.6 m | -395.4 m | esef· 21 Oct 2026verified |
| Diluted EPS | -2.43 | -1.34 | -1.31 | esef· 21 Oct 2026verified |
Balance sheet · NOK
| Line | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|
| Cash | 582.7 m | 183.1 m | 54.0 m | esef· 21 Oct 2026verified |
| Inventories | 1.1 m | 1.3 m | 5.8 m | esef· 21 Oct 2026verified |
| Current assets | 734.0 m | 289.1 m | 172.4 m | esef· 21 Oct 2026verified |
| Property, plant & equipment, net | 344.1 m | 514.4 m | 31.4 m | esef· 21 Oct 2026verified |
| Goodwill | 164.6 m | 169.6 m | 124.5 m | esef· 21 Oct 2026verified |
| Intangibles (excl. goodwill) | 83.7 m | 90.5 m | 65.5 m | esef· 21 Oct 2026verified |
| Total assets | 1.4 bn | 1.1 bn | 486.7 m | esef· 21 Oct 2026verified |
| Long-term debt | 235.4 m | 460.2 m | 20.2 m | esef· 21 Oct 2026verified |
| Current liabilities | 239.2 m | 149.0 m | 149.2 m | esef· 21 Oct 2026verified |
| Equity | 850.1 m | 476.5 m | 280.8 m | esef· 21 Oct 2026verified |
| Shares outstanding at year end | 158.3 m | 278.1 m | 301.8 m | esef· 21 Oct 2026derived |
Cash flow · NOK
| Line | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|
| Operating cash flow | -203.8 m | -400.1 m | -266.5 m | esef· 21 Oct 2026verified |
| Capex | 369.4 m | 127.2 m | 25.0 m | esef· 21 Oct 2026verified |
| Free cash flow | -573.2 m ≈ | -527.3 m ≈ | -291.5 m ≈ | esef· 21 Oct 2026derived |
| Investing cash flow | -166.1 m | -213.3 m | 560.5 m | esef· 21 Oct 2026verified |
| Financing cash flow | 750.1 m | 212.1 m | -425.2 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: 5 of at least 6
- score weight coverage: 35.4% 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: 2.5 bn NOK
Key indicators
Coverage and freshness
Score by group
35% · Insufficient data
Estimated value range
unavailable — no valuation assumptions for the reporting currency
Valuation assumptions are editorial choices, not measured; beta is not measured.
Valuation methods
Assumptions (illustrative, editorial)
- Risk-free rate
- 6.5%
- Equity risk premium
- 6.0%
- Beta (default)
- 1.00
- Cost of equity
- 12.5%
- Terminal growth
- 3.0%
Factor scorecard
Insufficient data
Minimum-evidence gate: indicators available: 5 of at least 6; score weight coverage: 35.4% of at least 60%; valuation methods computed: 0 of at least 1
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | -65.9% | 5 (vs peers) | 29% |
| Net margin · Quality | -69.7% | 18 (vs peers) | 18% |
| 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 | -20.2x | 0 (on a fixed band) | 18% |
| Current ratio · Balance sheet | 1.2x | 30 (on a fixed band) | 12% |
| P/E (TTM) · Valuation | unavailable | unavailable | — |
| EV/EBITDA · Valuation | unavailable | unavailable | — |
| FCF yield · Valuation | -11.6% | 0 (on a fixed band) | 24% |
| 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 sheet12/100 · 2/3 factors with a value
- Growth· partialunavailable · 0/2 factors with a value
- Quality10/100 · 2/3 factors with a value
- Returns· partialunavailable · 0/2 factors with a value
- Valuation· partial0/100 · 1/3 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
OTOVO ASA (OTOVO.OL). Latest full fiscal year: 2025; data up to 2025-12-31.
Figures computed from the financial statements: revenue 567.3 m NOK in 2025; YoY growth -20.1%; net margin -69.7%; ROE -104.4%.
Valuation cannot be computed from the available data.
Insufficient data for a verdict (indicators available: 5 of at least 6; score weight coverage: 35.4% 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: -65.9%
- Net margin: -69.7%
- Interest coverage: -20.2x
- Current ratio: 1.2x
- FCF yield: -11.6%
Not assessed (insufficient data or a ratio without meaning): FCF conversion, Revenue CAGR 3Y, EPS CAGR 3Y, Net debt / EBITDA, P/E (TTM), EV/EBITDA, 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% |
| OTOVO.OLOtovo Asa | 2.5 bn | — | -104.4% | -69.7% | −20.1% | +23% / −76% |
| 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% |
1- and 3-year price returns: for OTOVO.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
Illustrative: not forecasts and without probabilities. Each case is one coherent set of assumptions, computed on today's figures.
Estimated price (NOK)
| Estimated price | Bear | Base | Bull |
|---|---|---|---|
| 1 years | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable |
| 3 years | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable |
| 5 years | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable |
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
Otovo ASA runs a platform for distributed energy services serving residential and commercial customers in Europe and the United States, having shifted in 2025 from an installation marketplace to a service and membership-based model. The company reported a large loss and thin cash, so its going-concern position depends on executing the strategy and on access to capital, as shown by the NOK 395 million loss and NOK 54 million cash at 31 December 2025 1.
SWOT
Strengths
- The company has its own software platform for customer management and system monitoring, which supports the service model 1.
- The installed base of energy systems offers potential for recurring revenue through memberships and upgrades 1.
- The move to a less capital-intensive model has reduced exposure to financed assets on the balance sheet 1.
Weaknesses
- The company reported a large loss in 2025, and its year-end cash position was limited 1.
- The annual report states that material uncertainty exists that may cast doubt on the group's ability to continue as a going concern 1.
- The company still relies on third-party installers for certain activities, which limits control over costs and quality 1.
Opportunities
- Growing services and memberships could produce more stable revenue if scaling succeeds 1.
- Expansion into the United States after the Onvis combination opens a new market for energy services 1.
- Partnerships with equipment makers and selective acquisitions of service companies could accelerate growth 1.
Risks
- Going concernhigh
The annual report indicates material uncertainty about the group's ability to continue as a going concern, which depends on meeting operational and financial targets and on maintaining access to capital 1.
- Liquidityhigh
The cash position is sensitive to operating performance and access to capital markets. A deterioration in these factors could affect the ability to meet financial obligations 1.
- Financial regulation riskmedium
Supervisory authorities could conclude that the subscription model requires a financial licence, which could have a material effect on costs and operations 1.
- Tax and leasing classificationmedium
The distinction between operating and financial leasing may be complex and open to interpretation. Changes in tax rules or reclassification of agreements could affect results 1.
- Execution of the service modelmedium
Scaling service operations, integrating acquired businesses and entering new markets carry execution risk that may affect revenue and margins 1.
Investment thesis
What would need to be true (bull case)
- If the shift to recurring services succeeds, the company could build more predictable revenue from its installed base and depend less on new installations 1.
- The Onvis combination and entry into the United States could open an additional market for the energy service platform 1.
- The private placement completed in March 2026 strengthened the liquidity position, which could provide time to execute the strategy 1.
What would break the thesis
- The large 2025 loss and limited cash show a thin safety margin, and the company could depend on new financing if execution is delayed 1.
- Material uncertainty about going concern suggests the strategy may not be enough to stabilise the business 1.
- High interest rates and energy price volatility could reduce demand for upfront investments, affecting even the service outlook 1.
What to watch
- Development of cash position and any additional financingQ1 2027
- Share of revenue from services and memberships in total revenue2027
- Evolution of government support schemes in Europe2027
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
Otovo operates a platform for distributed energy services focused on servicing and optimising energy systems already installed at customers. According to the 2025 annual report, after a strategic repositioning in 2025 the group has moved to a less capital-intensive, service-led model 1. Revenue is organised in three areas: monitoring, maintenance and repair services, recurring memberships, and sales of upgrades. New installations continue only selectively, usually with third-party financing and continuous sale agreements 1.
The business model has shifted from a marketplace originating solar and battery installations to one emphasising services, memberships and upgrades. Customer pricing for installations is generally based on offers from third-party installers, with a margin retained by the group 1. The company uses proprietary software for customer management and system monitoring 1. Expansion into the United States came through the combination with Onvis, Inc. in December 2025 1.
On the capital side, the company sold its continental subscription portfolio in Q1 2025 and reduced its balance sheet exposure to financed assets. The board noted the group is not currently in a position to pay dividends 1.
Segments
Services
Services cover monitoring, maintenance and repair of installed solar, inverter and battery systems. The company is building in-house service capacity, which may give it more control over quality and customer relationships 1.
Recurring memberships
Memberships are service agreements providing monitoring and ongoing support. This area is central to reducing reliance on new installations, since it can generate more predictable revenue 1.
Upgrade sales
This category includes additional products and equipment such as battery systems and related hardware. The company aims to raise revenue per customer through upgrades and related services 1.
Market context
The company operates in Europe and, since 2025, in the United States, in residential and commercial solar and battery storage. The annual report notes that the Middle East conflict has increased volatility in oil and gas prices, and that interest rates and inflation remain elevated in several markets, which may reduce household purchasing power and the affordability of upfront investments 1.
Demand for solar and battery installations has historically been influenced by government incentive schemes such as tax credits, subsidies and VAT reductions. Changes to these schemes may affect demand, particularly for upfront purchase models 1.
Trends
- Shift to recurring servicestailwind
The company is moving its activity toward services, memberships and upgrades, which could stabilise revenue and reduce capital needs. However, scaling services and integrating acquired businesses carry execution risk 1.
- Government support for energytailwind
The European Union and national governments continue to offer financial incentives and simplify rules for solar and battery adoption. If these policies persist, demand for the company's services could remain solid 1.
- Financing and energy cost pressureheadwind
Elevated interest rates and energy price swings may reduce demand for upfront solar and battery investment, particularly if these conditions persist 1.
- Supply chain constraintsmixed
Disruption to shipping routes, trade restrictions and cost volatility may affect availability and pricing of components, and adjustments could raise costs or delay deliveries 1.
Competitive position
The annual report does not provide a detailed competitor analysis, so competitors cannot be identified from the supplied sources. The company describes its model by comparison with marketplace and digital service platforms, which points to competition among installers and energy service providers 1.
Competitive pressure could come from local installers serving the same customers and from platforms that manage system monitoring. The company states that building in-house service capacity and memberships may support its position 1.
- Local solar installers and service providers
Local companies that install and maintain solar systems in Otovo's markets may compete for the same residential and commercial customers.
- Battery and inverter equipment suppliers
Component makers may offer direct services, which could change the company's relationship with customers in the upgrade segment.
- Digital energy service platforms
Platforms offering monitoring and consumption optimisation may compete for subscription and recurring service revenue.
- US residential solar service operators
Following the Onvis combination the company enters the US market and will meet local providers of solar and battery service.
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 202421 Oct 2026
Sources
- [1] Annual report, fiscal year ended 2025-12-31 (ESEF) · SEC / Otovo 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.