Dune Analytics AS

Org. no. 921400349 · Oslo · AS

Not financial advice. The index, rank, signals and advice are rule-based indications from the latest filed annual accounts. They are not a credit rating, an assessment of management or a recommendation to buy, sell or do business with the company. Read more

Key facts

Employees – Not registered in the Central Coordinating Register
Operating revenue · 2025 15.9 MUSD Medium
Net profit · 2025 −9.9 MUSD
Equity · 2025 45.3 MUSD
Founded 2018 8 years in operation
Quick check · fiscal year 2025

Is the company run well?

Five key figures against companies in the Morning class Medium in the same sector. Green is better than most, amber about like the industry and red weaker than most.

  • Profitability · operating margin −89.3% Weaker than the industry Industry: 6.0%
  • Returns · return on assets −17.7% Weaker than the industry Industry: 11.3%
  • Solidity · equity ratio 83.7% Better than the industry Industry: 30.4%
  • Liquidity · current ratio 5.87 Better than the industry Industry: 1.16
  • Growth · revenue growth 87.7% Better than the industry Industry: 7.7%

The mark comes from the company's place among comparable companies (percentile): green from 60, amber from 40, red below 40. Negative equity, an operating loss and a current ratio under 1 pull it down regardless. Methodology

Score · fiscal year 2025

51of 100

How to read this: the company is ahead of 50 % of companies in the Morning class Medium in the same sector in 2025. What does this mean?

Rank in the Morning class Medium: 419 of 832 · What are Morning company classes?
Place in the whole sector: 3,693 of 7,319 · Informasjon og kommunikasjon

Profile

Elephant · Steward

Lower profitability, high resilience

Position against comparable companies in 2025, not a verdict on the company. Based on profitability 4 and resilience 71 out of 100 among companies in the Morning class Medium in the same sector in 2025. Methodology

Against the sector

Dune Analytics AS is at the median for companies in the Morning class Medium in the same sector in 2025.

Median score 51 among 832 companies.

Against companies in the Morning class Medium in the same sector in 2025: operating margin −89.3% (median 6.0%) and equity ratio 83.7% (median 30.4%).

Source: Register of Company Accounts and Central Coordinating RegisterFetched 8 November 2026Report an issue
Development

How it has gone · 2023–2025

Revenue rose by 291 % from 2023 to 2025, to 15.9 MUSD. The operating margin rose from −366.2% in 2023 to −89.3% in 2025. The equity ratio fell from 96.4% in 2023 to 83.7% in 2025.

Score · 2025 51 +10 points since 2023 (better)
Operating revenue · 2025 15.9 MUSD +291% since 2023 (better)
Net profit · 2025 −9.9 MUSD from −7.5 MUSD in 2023 (weaker)
Operating margin · 2025 −89.3% +276.9 pp since 2023 (better)
Equity ratio · 2025 83.7% −12.7 pp since 2023 (weaker)
Current ratio · 2025 5.87 −21.05 since 2023 (weaker)

Amounts in the reporting currency. The full year-by-year table is further down under «Details». See every figure year by year

Accounts in short

Key figure202320242025
Operating revenue4.1 MUSD8.5 MUSD15.9 MUSD
Operating profit−14.9 MUSD−10.7 MUSD−14.2 MUSD
Net profit−7.5 MUSD−8.8 MUSD−9.9 MUSD
Total assets66.3 MUSD62.3 MUSD54.1 MUSD
Equity64.0 MUSD55.2 MUSD45.3 MUSD
Total liabilities2.4 MUSD7.0 MUSD8.8 MUSD

From the Brønnøysund Register Centre, in the company's reporting currency (USD). See every figure year by year

From the Central Coordinating Register

Org. no.
921400349
Legal form
AS
Sector
Informasjon og kommunikasjon (62.100)
Purpose
Utvikling og kommersialisering av programvare.
Morning company class
Medium
Employees
0–4 (not registered) Payroll costs in the accounts: 1.4 MUSD (2025).
Founded
4 September 2018 8 years in operation
Share capital
0.05 MNOK
Business address
Møllergata 6, 0179 OSLO
Municipality
Oslo rank 63–220 of 357 in Norway
Latest accounts filed
2025
VAT registered
Yes
LEI
1595JHLPRU45QGG2DJ15 renews 20 November 2027
The company's business municipality, Oslo. The map shows the municipality, not the address. Map source: Kartverket (CC BY 4.0).

Source: Central Coordinating Register, Brønnøysund Register Centre. The employee count is reported by the company and may be older than the accounts. See the company at the Brønnøysund Register Centre

Summary analysis

Dune Analytics AS has a score of 51 for 2025, rank 3,693 of 7,319 in the sector.

Strongest: Liquidity: percentile 98 against peers, current ratio 5.87 against a median of 1.16. Solidity: percentile 97 against peers, equity ratio 83.7% against a median of 30.4%.

Weakest: Profitability: percentile 4 against peers, operating margin −89.3% against a median of 6.0%. Consistency: percentile 8 against peers.

Worth a closer look

Written by fixed rules from the figures. Describes the figures, does not explain causes. Not investment or financial advice. How the summary is made

Indications · 2025

Worth a closer look

  • critical

    The operating result does not cover the financial costs. How will the debt be serviced, and what do the lenders say?

    Based on: Interest coverage (times) −42.4 (median 7.3); Financial costs as a share of debt 3.8% (median 1.4%).

  • watch

    The company made a loss before tax. Are these one-off items or a pattern?

    Based on: Profit margin −62.3% (median 6.6%).

  • watch

    The operating margin is lower than at three in four companies in the sector. Where do costs differ from competitors?

    Based on: Operating margin −89.3% (median 6.0%).

Indications based on the latest annual accounts from open data. Not investment or financial advice.

Financial costs were 3.8% of the debt in 2025. The policy rate averaged 4.30 % the same year. This is a plain description of what the debt cost, not a model of interest sensitivity.

See interest rates, prices and exchange rates for the sector

Data quality

  • watch Reports in a currency other than NOK
Stress test · 2026

Scenario analysis: the sector's weakest year

We have no accounts for 2026, the sector's weakest year, for this company.

The sector's weakest year was 2026, with a median operating margin of 4.1%. Based on the 8 fiscal years we have. The analysis grows as more years are fetched or imported. Methodology

Components · 2025

What the score is made of

Profitability4 weight 40%
Solidity97 weight 20%
Liquidity98 weight 5%
Growth97 weight 25%
Consistency8 weight 10%

Three goals: profitability 40%, growth 25%, resilience 35%. Why these weights?

Durability: 48 (average over 3 years)

Index version 3. Data completeness 100%: the share of the weights that had data.

Key figures · 2025

The numbers behind the score

The numbers behind the score · 2025
MeasureCompanyMedianAhead of
Operating revenue165 MNOK107 MNOK
Operating margin −89.3% 6.0% 1 %
Profit margin −62.3% 6.6% shown, not part of the index
Return on assets −17.7% 11.3% 6 %
Equity ratio 83.7% 30.4% 97 %
Debt-to-equity 0.19 2.20 97 %
Current ratio 5.87 1.16 98 %
Revenue growth 87.7% 7.7% 96 %

The median and “ahead of” refer to companies in the Morning class Medium in the same sector in 2025. The bar shows the share of companies the figure is ahead of.

With an index of 51, Dune Analytics AS does better than 50% of companies in the Morning class Medium in the same sector (832 companies) in 2025.

Over time

Score 2023–2025

CompanyMedian0255075100202320242025
  • Dune Analytics AS
  • Median: companies in the Morning class Medium in the same sector
Working capital and debt · 2025

Working capital and debt

Working capital and debt · 2025
MeasureCompanyMedianHigher than
Working capital
Receivable days
All current receivables, including those on group companies, in days of revenue.
141 days 96 days 66 %
Inventory and other current assets, days
Current assets other than receivables and bank deposits, that is inventory and short-term investments, in days of revenue.
904 days 0 days 100 %
Net working capital to revenue
Current assets less bank deposits less current liabilities, divided by revenue. Negative: short-term debt funds the operations.
231.1% −6.4% 99 %
Cash share of current assets
How much of the short-term buffer is bank deposits and cash.
11.7% 25.4% 36 %
Debt and interest burden
Interest coverage (times)
Operating result divided by all financial costs. Below 1: operations do not cover the cost of the debt.
−42.4 7.3 4 %
Financial costs as a share of debt
All financial costs (interest, currency losses and other) divided by all debt, interest-free debt included. Not an interest rate.
3.8% 1.4% 70 %
Long-term share of debt
Long-term debt as a share of all debt. A low share means more falls due within a year.
– 12.3% not compared

The operating result is negative, so the interest coverage is negative: operations cover none of the financial costs.

Net working capital (current assets less bank deposits less current liabilities): 36.8 MUSD.

Of the financial costs of 0.3 MUSD, 0.0 MUSD is reported as interest costs in the accounts.

The median and the bar refer to companies in the Morning class Medium in the same sector in 2025. The bar shows the share of the group with a lower figure: higher is not always better, long receivable days tie up capital, for example. These figures do not count in the score.

Our calculations Returns and quality · 2025

Returns, debt against earnings and quality

Returns, debt against earnings and quality · 2025
MeasureCompanyMedianHigher than
Returns
Return on equity (ROE)
Net result over the average of equity at the start and end of the year (the end alone when last year is missing). Not calculated with negative equity.
−19.7% 25.7% 13 %
Return on capital employed (ROCE)
Operating result over capital employed, that is total assets less current liabilities. The return regardless of how the company is financed.
−31.3% 21.1% 9 %
Net margin
Net result over revenue. The first part of the DuPont split of return on equity.
−62.3% 5.4% 2 %
Asset turnover (revenue over assets)
Revenue over total assets: how many kroner of revenue each krone of assets gives. The second part of the DuPont split.
0.29 1.55 9 %
Equity multiplier
Total assets over equity: 4 means three quarters is financed with debt. The third part of the DuPont split.
1.19 3.20 3 %
Debt and financing
Net debt in times operating result
Long-term liabilities less cash, over the operating result: roughly how many years the business must earn to repay the debt. A negative figure means more cash than long-term debt. Rough, because the accounts do not split out interest-bearing debt. Only calculated when the operating result is positive.
– −0.2 not compared
Fixed-asset cover
Equity plus long-term liabilities over fixed assets (total assets less current assets). Below 1: fixed assets are partly financed with short-term debt.
– 1.23 not compared
Quick ratio (without inventory)
Cash plus receivables over current liabilities. Like the current ratio but without inventory and short-term investments.
1.38 1.12 68 %
Quality and resilience
Effective tax rate
Tax expense over profit before tax, only when the profit is positive. Far from 22% points to one-off items, tax losses carried forward or group contributions.
– 22.0% not compared
Operating leverage
Percentage change in operating result over percentage change in revenue from last year. 3 means a 1% fall in revenue gives a 3% fall in operating result. Only calculated when revenue moved at least 2% and last year's operating result was positive.
– 1.6 not compared
Payroll costs over revenue
Payroll costs (with employer's contribution and pension) over revenue. Shows how much of revenue is a fixed cost in a service business.
8.5% 34.6% 11 %
Revenue safety margin
How far revenue can fall before the operating result is zero, assuming payroll is fixed and all other costs follow revenue. A calculation, not a measurement: depreciation and rent are also fixed, so reality is lower.
– 23.5% not compared
Cash runway (months)
Cash over the operating loss per month, only for years with a loss. Assumes the loss continues unchanged and no new financing arrives. Capped at 120 months.
5 mo. 11 mo. 34 %

DuPont on the closing balance: net margin −62.3% × asset turnover 0.29 × multiplier 1.19 = −21.9% of equity at the end of the year. The return on equity above uses average equity and can differ slightly.

The operating result is not positive, so net debt over operating result and the safety margin are not calculated.

The median and the bar are for companies in the Morning class Medium in the same sector in 2025. The bar shows the share of the group with a lower figure: high is not always good. The figures are our own calculations from the annual accounts and do not count in the score. Open data has no depreciation, so no EBITDA, and the accounts do not split out interest-bearing debt. How we calculate

The industry or the company: what drove the result?

In 2025 the operating margin of Dune Analytics AS rose by 37.4 percentage points. Comparable companies rose by a median 0.0 points. So the company did 37.3 points better than the industry, for reasons of its own.

Over 2 year-to-year changes Dune Analytics AS moved the same way as comparable companies 1 times. About 0% of the changes in operating margin were common to the industry; the rest was the company's own.

The operating margin of Dune Analytics AS against comparable companies, year by year
YearThe companyComparable (median) Change, companyChange, industryThe company's own
2024−126.6%6.0% +239.6 percentage points +1.1 percentage points +238.5 percentage points
2025−89.3%6.0% +37.4 percentage points +0.0 percentage points +37.3 percentage points

Comparable companies are those in the same industry and Morning company class. Their change shows what hit the whole industry, the sector drivers below included. The rest is the company's own: contracts, costs, one-off items or operations. The share is approximate, and we claim no cause.

The company and its sector's drivers

Prices, rate and currency that shape the sector's year, year by year beside the operating margin of Dune Analytics AS. The figures stand side by side; we claim no cause.

Service prices: information and communication (indeks (2021 = 100))

Service prices: information and communication rose 4.0% in 2025; the operating margin of Dune Analytics AS rose 37.4 percentage points.

Service prices: information and communication per year and the operating margin of Dune Analytics AS
Measure202120222023202420252026
Service prices: information and communication, annual average100.0103.3108.7112.2116.7120.0 (so far)
Change from the year before–+3.2%+5.3%+3.2%+4.0%+2.8%
The company's operating margin––−366.2%−126.6%−89.3%–

Source: SSB (14335, CC BY 4.0). Source

Turnover index: information and communication (indeks (2021 = 100))

Turnover index: information and communication rose 4.6% in 2025; the operating margin of Dune Analytics AS rose 37.4 percentage points.

Turnover index: information and communication per year and the operating margin of Dune Analytics AS
Measure202120222023202420252026
Turnover index: information and communication, annual average99.6111.4126.4128.3134.2141.3 (so far)
Change from the year before+14.7%+11.8%+13.5%+1.5%+4.6%+5.3%
The company's operating margin––−366.2%−126.6%−89.3%–

Source: SSB (13863, CC BY 4.0). Source

USD/NOK (kr)

USD/NOK fell 3.3% in 2025; the operating margin of Dune Analytics AS rose 37.4 percentage points.

USD/NOK per year and the operating margin of Dune Analytics AS
Measure202120222023202420252026
USD/NOK, annual average8.599.6110.5610.7510.399.54 (so far)
Change from the year before−8.8%+11.9%+9.9%+1.7%−3.3%−8.2%
The company's operating margin––−366.2%−126.6%−89.3%–

Source: Norges Bank (EXR, NLOD 2.0). Source

Policy rate (prosent)

Policy rate fell 0.20 percentage points in 2025; the operating margin of Dune Analytics AS rose 37.4 percentage points.

Policy rate per year and the operating margin of Dune Analytics AS
Measure202120222023202420252026
Policy rate, annual average0.081.323.544.504.304.17 (so far)
Change from the year before−0.28 percentage points+1.24 percentage points+2.22 percentage points+0.96 percentage points−0.20 percentage points−0.12 percentage points
The company's operating margin––−366.2%−126.6%−89.3%–

Source: Norges Bank (IR, NLOD 2.0). Source

Consumer price index (indeks (2025 = 100))

Consumer price index rose 3.0% in 2025; the operating margin of Dune Analytics AS rose 37.4 percentage points.

Consumer price index per year and the operating margin of Dune Analytics AS
Measure202120222023202420252026
Consumer price index, annual average84.389.294.197.0100.0103.0 (so far)
Change from the year before+3.5%+5.8%+5.5%+3.2%+3.0%+3.0%
The company's operating margin––−366.2%−126.6%−89.3%–

Source: SSB (14710, CC BY 4.0). Source

Wage index: IT services (indeks)

Wage index: IT services rose 4.4% in 2025; the operating margin of Dune Analytics AS rose 37.4 percentage points.

Wage index: IT services per year and the operating margin of Dune Analytics AS
Measure202120222023202420252026
Wage index: IT services, annual average84.987.892.397.3101.5105.4 (so far)
Change from the year before+4.9%+3.5%+5.1%+5.4%+4.4%+3.8%
The company's operating margin––−366.2%−126.6%−89.3%–

Source: SSB (12314, CC BY 4.0). Source

We show the drivers and the margin side by side and claim no cause. Sensitivity per company is not computed until we have at least 10 years of accounts per company: with three years such figures are false precision.

Analysis · 2025

What the numbers say

Dune Analytics AS had an operating margin of −89.3% and an equity ratio of 83.7% in 2025, and ranks 3,693 of 7,319 in Informasjon og kommunikasjon.

From 2024 to 2025: the operating margin rose from −126.6% to −89.3% and revenue grew by 88%.

This text is generated automatically from the 2025 accounts.

Estimated value · 2025

Three simple methods

Our calculations

Suggested price: about 120 MUSD

The mean of the 1 methods below (P/E, EV/EBIT and P/B with listed multiples and a size adjustment), rounded to two significant figures. It is a calculation, not a bid or a valuation. Fewer than three methods gave a figure, so the mean is weaker than it looks.
That is about 12.64 USD per share, on 9,494,426 shares in the shareholder register.

One method gives a figure: 124 MUSD.

MethodInputMultipleListed basisEstimate
P/E Net profit (mean 2023–2025): −8.7 MUSD 18.0 – not meaningful
EV/EBIT Operating profit (mean 2023–2025): −13.3 MUSD 14.9 – not meaningful
P/B Equity: 45.3 MUSD 3.6 163 MUSD 124 MUSD

The listed basis is the value at listed multiples. The estimate is lowered for size: a small-company premium of 2% on the cost of equity gives a value 24% lower. No separate marketability discount is applied, because the premium already allows for the company being small and unlisted.

The multiples are from the listed industry that matches the NACE code (62): Computer Services.

Not financial advice. The value range is a rough model estimate from listed-company multiples, not a valuation, a price target or a price offer. The actual value may differ greatly. Read more

A mechanical estimate from public accounts, not advice. A mechanical estimate from public accounts with listed multiples and fixed adjustments. Not a valuation and not advice to buy or sell. See the calculation

Our calculations

Figures you will not find in any register

We calculated these figures ourselves from the accounts and registers we have read. The company has not reported them and the Brønnøysund Register Centre does not publish them. They are indications and are not part of the index. How we calculate

Equity paid out or paid in
Equity moved as the result implied in 2025.
Calculated as retained earnings at the start of the year + net result − retained earnings at the end of the year. What remains is dividends and group contributions, plus transfers to other items and corrections of earlier years. It is not a dividend figure. The accounts are under IFRS or in a currency other than kroner, so translation differences and other direct entries to equity are in the figure. Read it as a rough indication.
Owners and leadership aged 60 or older
No sign of a near generation change in the ages.
  • The chair is under 60.
  • 0 of 2 on the board are 60 or older.
Age is this year minus the birth year in the registers and can be a year off. It says something about age, not about anyone planning to step down.

Not financial advice. The index, rank, signals and advice are rule-based indications from the latest filed annual accounts. They are not a credit rating, an assessment of management or a recommendation to buy, sell or do business with the company. Read more

2025

Questions and answers

How profitable is Dune Analytics AS?

The operating margin was −89.3% in 2025, against a median of 6.0% among companies in the Morning class Medium in the same sector. Return on assets was −17.7%. The company made a loss before tax.

How solid is Dune Analytics AS?

The equity ratio was 83.7% in 2025 (median 30.4%). Debt-to-equity was 0.19 (median 2.20).

What is the liquidity of Dune Analytics AS like?

The current ratio was 5.87 in 2025 (median 1.16).

How does Dune Analytics AS compare in Informasjon og kommunikasjon?

Dune Analytics AS ranks 3,693 of 7,319 in Informasjon og kommunikasjon for 2025. Among companies in the Morning class Medium it is number 419 of 832. Revenue changed by 87.7% from the year before.

2025

Competitors

The 8 closest competitors in the same line of business, placed in the same matrix as the sector page: profitability up, resilience to the right. These are the companies the competitor analysis and the strategy report compare with.

Autodesk Norway Operations AS: 67 / 84EG Retail AS: 56 / 35Ørn Software AS: 41 / 50Arribatec Norge AS: 73 / 28Dune Analytics AS: 4 / 71Drofus AS: 75 / 90Attensi AS: 5 / 45Spond AS: 3 / 61Tind Technologies AS: 12 / 3000252550507575100100Resilience, percentile against peers →↑ Profitability, percentile against peers

CompanyProfileOperating revenueOperating marginScore
Autodesk Norway Operations AS · same municipality Lion 197 MNOK 6.2% 81
EG Retail AS Cheetah 183 MNOK 11.6% 39
Ørn Software AS Beaver 181 MNOK 6.2% 49
Arribatec Norge AS · same municipality Cheetah 166 MNOK 13.1% 57
Dune Analytics AS (this company) Elephant 165 MNOK −89.3% 51
Drofus AS · same municipality Lion 156 MNOK 22.0% 84
Attensi AS · same municipality Beaver 142 MNOK −63.6% 31
Spond AS · same municipality Elephant 138 MNOK −24.4% 32
Tind Technologies AS · same municipality Beaver 33 MNOK −18.6% 24

The selection is the closest in revenue within the same industry code. When you order, you can swap competitors. Order competitor analysis

Ownership and roles

Loading roles …

Source: Central Coordinating Register, fetched 3 November 2026. Only names are shown.

Parent company
Parent does not consolidate the company

Source: GLEIF (Global Legal Entity Identifier Foundation), fetched 29 October 2026. The parent is the one the company itself reported to GLEIF.

Shareholders (2025)

Number of shareholders
40
Largest owner
15.3% · top three 34.0%
Split
companies 41% · private persons 1% · foreign 11%
  • Tøyen Hodling AS · 36.5%
  • Left Join Lateral AS · 36.5%
  • USV 2021, LP (USA) · 7.9%
  • DRAGONFLY INTERNATIONAL HOLDING LIM (VG) · 5.2%
  • HASHED VENTURE FUND I (KR) · 2.3%
  • MULTICOIN OPPORTUNITIES FUND I, LP (USA) · 1.9%
  • SEMANTIC VENTURES I LP (United Kingdom) · 1.9%
  • Alameda Ventures LIMITED (SC) · 1.2%
  • MULTICOIN VENTURE FUND II, LP (USA) · 1.1%
  • COINBASE GLOBAL, INC. (USA) · 0.8%
  • 18 private persons · 0.7%

The company is new in the shareholder register in 2025.

The owners' shares do not add up to the company's total number of shares in the source.

Source: the Norwegian Tax Administration's shareholder register as of 2025. Figures may be older than today's ownership. Private persons are not shown by name.

Error in the data?

Do you see an error in the figures or in how the company is mapped (sector, holding, group)? Let us know. Corrections require documentation.

Report an issue

Is this your company? Suggest changes or add information

Figures last fetched 8 November 2026.

Details

Year by year · 2023–2025

Key figure202320242025Trend
Index405251
Rank4,2933,2963,693
Operating margin−366.2%−126.6%−89.3%
Return on assets−4.1%−9.9%−17.7%
Equity ratio96.4%88.7%83.7%
Current ratio26.918.495.87
Revenue growth–108.2%87.7%

Accounts

From the Brønnøysund Register Centre, in the company's reporting currency (USD). Revenue in NOK is converted from USD at the mean rate for the accounting period 1 January 2025–31 December 2025: 10.3912 (norges_bank). Balance-sheet amounts use the rate on the balance-sheet date. Ratios and growth are computed in USD. Exchange rates at Norges Bank

Key figure202320242025
Operating revenue4.1 MUSD8.5 MUSD15.9 MUSD
Operating profit−14.9 MUSD−10.7 MUSD−14.2 MUSD
Profit before tax−7.5 MUSD−8.8 MUSD−9.9 MUSD
Tax expense–0.0 MUSD–
Net profit−7.5 MUSD−8.8 MUSD−9.9 MUSD
Financial expenses4.8 MUSD2.6 MUSD0.3 MUSD
Total assets66.3 MUSD62.3 MUSD54.1 MUSD
Current assets64.2 MUSD59.8 MUSD51.6 MUSD
Equity64.0 MUSD55.2 MUSD45.3 MUSD
Retained earnings−7.8 MUSD−16.5 MUSD−26.5 MUSD
Total liabilities2.4 MUSD7.0 MUSD8.8 MUSD
Current liabilities2.4 MUSD7.0 MUSD8.8 MUSD

Source: Brønnøysund Register Centre (Register of Company Accounts), fetched 8 November 2026, accounts id 7075489.

News and announcements

From official sources: the Brønnøysund Register Centre, Oslo Børs NewsWeb and public agencies. We show the title, date and a link to the source. The link to a company, sector or municipality is automatic and may be wrong. Report a wrong link