olivLaw · European equity research
Electromagnetic Geoservices ASA VOIM.OL
Norway · Euronext Oslo Børs · ISIN NO0010358484 · Vertical: Listed companies from Norway
Electromagnetic Geoservices ASA (EMGS) has been the market leader in controlled-source electromagnetic (CSEM) imaging for the oil and gas industry. After a transaction completed in April 2026, the company no longer has active operations, and its board is evaluating strategic alternatives, so its future remains uncertain.
At the close of 06 Nov 2026, Electromagnetic Geoservices ASA (VOIM.OL) stock was 0.12 NOK (+9.09% on the day), with beta 0.81, 52-week range 0.10–0.73 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)
- 28.8
- oversold (≤ 30)
- Bollinger (20, 2)
- 0.07 – 0.37
- in the lower half of the band · %B 0.17 · band width 137.6%
- SMA 50 / 200
- 0.28 / 0.29
- downtrend (price < SMA50 < SMA200)
- MACD (12, 26, 9)
- -0.05 / -0.04
- 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 | −57.6% | −0.6% | −56.9 pp | — |
| 3 months | −70.6% | −4.2% | −66.4 pp | — |
| 6 months | −45.2% | +4.3% | −49.5 pp | — |
| Year to date | −52.0% | +7.5% | −59.5 pp | — |
| 1 year | −52.0% | +9.9% | −61.9 pp | −4.7% |
| 3 years | −94.7% | +49.8% | −144.5 pp | +12.7% |
| 5 years | −91.5% | +42.8% | −134.4 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 | 767.0 k | 1.5 m | 19.7 m |
| Revenue YoY | unavailable | +91.3% | +1,240.1% |
| Net income | -8.2 m | 2.8 m | -14.3 m |
| Net income YoY | unavailable | unavailable | −605.5% |
| Diluted EPS | -0.06 | 0.02 | -0.11 |
| Diluted EPS YoY | unavailable | unavailable | −650.0% |
| net % | -1,066.2% | 192.2% | -72.5% |
| Free cash flow | 4.0 m | 9.0 m | 39.0 k |
Balance sheet & financial health
Fiscal year 2025 · 31 Dec 2025
- Cash
- 3.1 m USD
- Financial debt
- 19.8 m USD
- Net debt
- 16.7 m USD
- Equity
- -10.8 m USD
- Total assets
- 10.6 m USD
- Debt / equity
- unavailable
- Current ratio
- 5.40x
- ROE
- unavailable
- ROA
- -70.6%
- FCF margin
- 0.2%
Financial statements (source on every figure)
Revenue and net income (USD)
Margins
Income statement · USD
| Line | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|
| Revenue | 767.0 k | 1.5 m | 19.7 m | esef· 21 Oct 2026verified |
| Operating income | -6.1 m | 5.6 m | -10.6 m | esef· 21 Oct 2026verified |
| Pre-tax income | -8.2 m | 3.3 m | -13.0 m | esef· 21 Oct 2026verified |
| Income tax | -21.0 k | 503.0 k | 1.3 m | esef· 21 Oct 2026verified |
| Net income | -8.2 m | 2.8 m | -14.3 m | esef· 21 Oct 2026verified |
| Diluted EPS | -0.06 | 0.02 | -0.11 | esef· 21 Oct 2026verified |
Balance sheet · USD
| Line | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|
| Cash | 10.3 m | 9.1 m | 3.1 m | esef· 21 Oct 2026verified |
| Inventories | 4.0 m | 3.4 m | 350.0 k | esef· 21 Oct 2026verified |
| Current assets | 15.8 m | 16.5 m | 7.6 m | esef· 21 Oct 2026verified |
| Total assets | 27.8 m | 29.8 m | 10.6 m | esef· 21 Oct 2026verified |
| Short-term debt | 0 | 19.7 m | 0 | esef· 21 Oct 2026verified |
| Long-term debt | 19.6 m | 0 | 19.8 m | esef· 21 Oct 2026verified |
| Current liabilities | 7.4 m | 26.3 m | 1.4 m | esef· 21 Oct 2026verified |
| Total liabilities | 27.2 m | 26.4 m | 21.4 m | esef· 21 Oct 2026verified |
| Equity | 601.0 k | 3.4 m | -10.8 m | esef· 21 Oct 2026verified |
| Shares outstanding at year end | 136.3 m | 141.0 m | 129.6 m | esef· 21 Oct 2026derived |
Cash flow · USD
| Line | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|
| Operating cash flow | 5.0 m | 9.1 m | 1.2 m | esef· 21 Oct 2026verified |
| Capex | 946.0 k | 171.0 k | 1.1 m | esef· 21 Oct 2026verified |
| Free cash flow | 4.0 m ≈ | 9.0 m ≈ | 39.0 k ≈ | esef· 21 Oct 2026derived |
| Investing cash flow | -946.0 k | -5.1 m | -2.3 m | esef· 21 Oct 2026verified |
| Financing cash flow | -5.2 m | -5.2 m | -4.8 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: 2 of at least 6
- score weight coverage: 10.4% 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: unavailable
Price and reporting are in different currencies; market indicators are unavailable.
Key indicators
Coverage and freshness
Score by group
10% · 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: 2 of at least 6; score weight coverage: 10.4% of at least 60%; valuation methods computed: 0 of at least 1
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | unavailable | unavailable | — |
| Net margin · Quality | -72.5% | 18 (vs peers) | 60% |
| 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 | 5.4x | 100 (on a fixed band) | 40% |
| 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· partial100/100 · 1/3 factors with a value
- Growth· partialunavailable · 0/2 factors with a value
- Quality· partial18/100 · 1/3 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
ELECTROMAGNETIC GEOSERVICES ASA (VOIM.OL). Latest full fiscal year: 2025; data up to 2025-12-31.
Figures computed from the financial statements: revenue 19.7 m USD in 2025; YoY growth 1,240.1%; net margin -72.5%.
Valuation cannot be computed from the available data.
Insufficient data for a verdict (indicators available: 2 of at least 6; score weight coverage: 10.4% 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
- Current ratio: 5.4x
What contradicts it
- Net margin: -72.5%
Not assessed (insufficient data or a ratio without meaning): ROIC, 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 VOIM.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
Electromagnetic Geoservices ASA (EMGS) has been the market leader in controlled-source electromagnetic (CSEM) imaging for the oil and gas industry. After a transaction completed in April 2026, the company no longer has active operations, and its board is evaluating strategic alternatives, so its future remains uncertain 1.
SWOT
Strengths
- The company holds a recognised market-leader position in CSEM imaging and a multi-client data library built over time 1.
- Clients are generally large companies with good credit histories, which lowers the risk of non-payment 1.
- The company has adopted a low-cost structure, which could allow it to adapt to a lower level of activity 1.
Weaknesses
- Group equity is negative, and the net loss for 2025 widened from the profit of the prior year 1.
- Cash fell significantly, and the company depends on external financing or restructuring of its debt 1.
- Research investment has been halted, which could weaken technological competitiveness over the long term 1.
Opportunities
- The board is evaluating new investments, acquisitions or business combinations, which could represent a new direction 1.
- If a new project or external financing is secured, operations could potentially resume 1.
- Restructuring the EMGS03 bond could improve the capital structure and financial flexibility 1.
Risks
- Going concern uncertaintyhigh
The report flags a material uncertainty that may cast significant doubt on the group's ability to continue as a going concern 1.
- EMGS03 convertible bondhigh
The convertible bond carries a floating rate and matures in 2030, and resolving it is a key factor for the future 1.
- Currency exposuremedium
Revenues are almost entirely in USD, but part of the costs are in other currencies, creating exposure to exchange rates 1.
- No active operationshigh
After the transaction, the company has no active business operations, and its future depends on alternatives not yet defined 1.
- Asset impairmentsmedium
Impairments were recorded on long-term assets, including the multi-client library and several data sources 1.
Investment thesis
What would need to be true (bull case)
- If the company identifies a credible investment opportunity, operations could be restarted on a new basis, drawing on its accumulated CSEM imaging experience 1.
- A successful restructuring of the convertible debt could ease financial pressure and open room for new projects 1.
- Its market-leader position in CSEM and high-quality client base could attract partners if a new strategic direction emerges 1.
What would break the thesis
- If no new opportunity or financing is found, the company could remain without commercial activity and with an increasingly fragile financial position 1.
- Negative equity and recent losses could limit access to external financing 1.
- Reduced investment in the oil and gas industry could keep demand for CSEM services low 1.
What to watch
- Outcome of the strategic alternatives evaluation and any announced investments or acquisitions2026
- Resolution of the EMGS03 bond, through restructuring or conversion2026
- Trend in cash and equity in quarterly reportingQ1 2027
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
EMGS is the market leader in controlled-source electromagnetic (CSEM) imaging, a method used to assess hydrocarbon deposits. The company's articles cover activities linked to the exploration, development and production of hydrocarbons, as well as investments in maritime industries 1. The annual report confirms that the company incurred no research and development costs in 2025 or 2024, after a major cut in investment following the industry downturn and its 2020 move to a low-cost setup 1.
The net loss for 2025 was 14.3 million USD, compared with a net profit in 2024, and cash fell by 6.0 million USD to year-end 2025 1. Group equity was negative at the end of 2025, pointing to a fragile financial position 1.
The annual report notes that the transaction was completed on 28 April 2026, and the company no longer has active business operations. The board has initiated an evaluation of strategic alternatives, which could include new investments, acquisitions or business combinations, but no definitive decision has been taken 1.
Segments
CSEM imaging for oil and gas
The core activity was controlled-source electromagnetic imaging, used by major oil and gas clients to evaluate hydrocarbon deposits 1. Its multi-client data library carried a low book value at the end of 2025 after impairment 1.
Multi-client library
The carrying value of the multi-client library fell by 2.0 million USD from the end of 2024 and stood at 1.6 million USD on 31 December 2025 1. In 2025 the library was also impaired as part of long-term asset write-downs 1.
Discontinued operations
After the transaction completed in April 2026, the company no longer runs operational activities, and its main segment no longer generates revenue 1.
Market context
EMGS's clients are mainly large international, national and independent oil and gas companies, generally with sound credit histories 1. About 98% of group sales revenues in 2025 were denominated in USD, while about 64% of costs were in USD, creating currency exposure on costs in other currencies 1.
The report describes the industry as highly technical, with continuously evolving requirements for acquiring and processing electromagnetic data, which led the company to cut research spending 1. Demand remains sensitive to the investment cycle of the oil and gas industry 1.
Trends
- Lower exploration investmentheadwind
Reduced investment by the oil and gas industry has limited demand for CSEM services, and the company moved to a low-cost setup from 2020 1. If this trend persists, revenues could remain under pressure 1.
- Capital structure consolidationmixed
Restructuring or conversion of the EMGS03 bond debt is cited as one of the factors that could affect the company's going concern 1. The outcome could directly shape the company's financial position 1.
- Evolving technical requirementsheadwind
The industry demands electromagnetic data acquisition and processing methods that keep changing, which calls for constant research spending, yet the company has cut these costs 1. Technological pressure could favour operators with greater resources 1.
- Interest in strategic alternativesmixed
The board is considering new investments, acquisitions or business combinations, which could open a new direction if suitable opportunities arise 1. Whether these options materialise remains highly uncertain 1.
Competitive position
The supplied sources do not explicitly identify EMGS's competitors. The annual report mentions only its market-leader position in CSEM, without naming other operators in the field 1.
The competitive advantage described by the company rests on its CSEM experience and data library, but reduced research investment and falling activity could limit this position over time 1.
- Not identified in source
The annual report does not name direct competitors, so no operator from the same industry can be indicated.
- Alternative CSEM providers
The source gives no details on other providers of electromagnetic imaging services.
- Geophysical service providers
The sources contain no information on other geophysical service providers for oil and gas.
- Other exploration solutions
The source does not describe other exploration methods that could compete with CSEM.
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 / Electromagnetic Geoservices 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.