E-THOR ENERGY SOLUTION AS
Score · fiscal year 2025
26of 100
How to read this: the company is ahead of 17 % of small companies in the same sector in 2025. What does this mean?
Rank: 1,342 of 1,571 · Kraft og energi
Profile
Beaver · Builder
Lower profitability, lower solidity
Position against comparable companies in 2025, not a verdict on the company. Based on profitability 16 and solidity 0 out of 100 among small companies in the same sector in 2025. Methodology
Against the sector
E-THOR ENERGY SOLUTION AS is 23 points below the median for small companies in the same sector in 2025.
Median score 49 among 1,302 companies.
Against small companies in the same sector in 2025: operating margin −41.4% (median 10.9%) and equity ratio −177.5% (median 38.2%).
The numbers behind the score
| Measure | Company | Median |
|---|---|---|
| Operating revenue | 9 MNOK | 2 MNOK |
| Operating margin | −41.4% | 10.9% |
| Profit margin | −51.7% | 2.1% |
| Return on assets | −29.1% | 0.4% |
| Equity ratio | −177.5% | 38.2% |
| Debt-to-equity | – | 1.06 |
| Current ratio | 0.59 | 1.67 |
| Revenue growth | 107.8% | 0.8% |
The median and “ahead of” refer to small companies in the same sector in 2025. The bar shows the share of companies the figure is ahead of.
With an index of 26, E-THOR ENERGY SOLUTION AS does better than 17% of small companies in the same sector (1,315 companies) in 2025.
Score 2023–2025
- E-THOR ENERGY SOLUTION AS
- Median: small companies in the same sector
E-THOR ENERGY SOLUTION AS has a score of 26 for 2025, rank 1,342 of 1,571 in the sector.
Strongest: Growth: percentile 93 against peers, revenue growth 107.8% against a median of 0.8%.
Weakest: Solidity: percentile 0 against peers, equity ratio −177.5% against a median of 38.2%. Profitability: percentile 16 against peers, operating margin −41.4% against a median of 10.9%.
Worth a closer look
- Equity is negative. How will it be rebuilt, and what do lenders and the auditor say about going concern? Based on: equity ratio −177.5% (median 38.2%).
- Consider strengthening liquidity: current liabilities are 1.7 times current assets. Based on: current ratio 0.59 (median 1.67).
- The company made a loss before tax. Are these one-off items or a pattern? Based on: profit margin −51.7% (median 2.1%).
- What lies behind weak solidity, and will it last?
Written by fixed rules from the figures. Describes the figures, does not explain causes. Not investment or financial advice. How the summary is made
What the numbers say
E-THOR ENERGY SOLUTION AS had an operating margin of −41.4% and an equity ratio of −177.5% in 2025, and ranks 1,342 of 1,571 in Kraft og energi.
From 2024 to 2025: the operating margin rose from −198.5% to −41.4% and the equity ratio rose from −247.4% to −177.5%.
E-THOR ENERGY SOLUTION AS did weaker than the sector in 2025, the sector's weakest year.
This text is generated automatically from the 2025 accounts.
Three simple methods
| Method | Multiple | Estimate |
|---|---|---|
| P/E | 10.0 | not meaningful |
| EV/EBIT | 8.0 | not meaningful |
| P/B | 1.0 | not meaningful |
A mechanical estimate from public accounts, not advice. Mechanical estimate from public accounts with fixed multiples. Not a valuation and not advice to buy or sell. The multiples are provisional default values and must be adjusted per sector before the figures are used for anything. See the calculation
Worth a closer look
- critical
Equity is negative. How will it be rebuilt, and what do lenders and the auditor say about going concern?
Based on: Equity ratio −177.5% (median 38.2%).
- watch
Consider strengthening liquidity: current liabilities are 1.7 times current assets.
Based on: Current ratio 0.59 (median 1.67).
- watch
The company made a loss before tax. Are these one-off items or a pattern?
Based on: Profit margin −51.7% (median 2.1%).
- 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 −41.4% (median 10.9%).
- watch
Strong growth with weak liquidity. Is the growth financed, or does it tie up capital the company does not have?
Based on: Revenue growth 107.8% (median 0.8%); Current ratio 0.59 (median 1.67).
Indications based on the latest annual accounts from open data. Not investment or financial advice.
Financial costs were 5.6% 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.
Data quality
- critical Negative equity
Scenario analysis: the sector's weakest year
The operating margin was −41.4% in 2025 (sector median 12.6%), and the equity ratio −177.5%. The company had a loss before tax that year. In the other years the operating margin averaged −52,040.7%.
The sector's weakest year was 2025, with a median operating margin of 12.6%. Based on the 5 fiscal years we have. The analysis grows as more years are fetched or imported. Methodology
What the score is made of
| Profitability | 16 | weight 30% |
|---|---|---|
| Solidity | 0 | weight 25% |
| Liquidity | 20 | weight 15% |
| Growth | 93 | weight 15% |
| Consistency | 31 | weight 15% |
Durability: 18 (average over 3 years)
Index version 2. Data completeness 100%: the share of the weights that had data.
Questions and answers
How profitable is E-THOR ENERGY SOLUTION AS?
The operating margin was −41.4% in 2025, against a median of 10.9% among small companies in the same sector. Return on assets was −29.1%. The company made a loss before tax.
How solid is E-THOR ENERGY SOLUTION AS?
The equity ratio was −177.5% in 2025 (median 38.2%). Equity is negative, so liabilities exceed assets.
What is the liquidity of E-THOR ENERGY SOLUTION AS like?
The current ratio was 0.59 in 2025 (median 1.67). Current assets did not cover current liabilities.
How does E-THOR ENERGY SOLUTION AS compare in Kraft og energi?
E-THOR ENERGY SOLUTION AS ranks 1,342 of 1,571 in Kraft og energi for 2025. Among companies of the same size (small companies) it ranks 1,092 of 1,315. Revenue changed by 107.8% from the year before.
From the Central Coordinating Register
- Org. no.
- 929538528
- Legal form
- AS
- Sector
- Kraft og energi (35.150)
- Size tier
- small
- Employees
- 0–4 (not registered)
- Founded
- 27 June 2022 4 years in operation
- Share capital
- 0.03 MNOK
- Business address
- Dr. Palmstrøms vei 15, 9901 KIRKENES (SØR-VARANGER)
- Municipality
- Sør-Varanger rank 3–8 of 13 in KOSTRA group 8
- Latest accounts filed
- 2025
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
Ownership and roles
- Chief executive
- Yingxiang Zhao
- Chair of the board
- Pål Lund-Roland
- Board member
- Yingxiang Zhao
- Auditor
- ERNST & YOUNG AS
- Accountant
- FALEX FORVALTNING AS
Source: Central Coordinating Register, fetched 25 October 2026. Only names are shown.
Owners and shareholdings will appear here once the shareholder data extract is in place.
Coming · not built yet
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.
Figures last fetched 27 October 2026.
Year by year · 2023–2025
| Key figure | 2023 | 2024 | 2025 | Trend |
|---|---|---|---|---|
| Index | 7 | 22 | 26 | |
| Rank | 1,372 | 1,342 | 1,342 | |
| Operating margin | −103,882.9% | −198.5% | −41.4% | |
| Return on assets | −217.1% | −152.6% | −29.1% | |
| Equity ratio | −215.1% | −247.4% | −177.5% | |
| Current ratio | 0.97 | 0.53 | 0.59 | |
| Revenue growth | – | 84,883.9% | 107.8% |
Accounts
From the Brønnøysund Register Centre, in the company's reporting currency (NOK).
| Key figure | 2023 | 2024 | 2025 |
|---|---|---|---|
| Operating revenue | 0.0 MNOK | 4.4 MNOK | 9.1 MNOK |
| Operating profit | −5.3 MNOK | −8.6 MNOK | −3.7 MNOK |
| Profit before tax | −5.3 MNOK | −8.7 MNOK | −4.7 MNOK |
| Net profit | −5.3 MNOK | −8.7 MNOK | −4.7 MNOK |
| Financial expenses | 0.0 MNOK | 0.1 MNOK | 1.6 MNOK |
| Total assets | 2.5 MNOK | 5.6 MNOK | 10.5 MNOK |
| Current assets | 2.4 MNOK | 5.5 MNOK | 10.4 MNOK |
| Equity | −5.3 MNOK | −14.0 MNOK | −18.7 MNOK |
| Retained earnings | −5.3 MNOK | −14.0 MNOK | −18.7 MNOK |
| Total liabilities | 7.7 MNOK | 19.6 MNOK | 29.2 MNOK |
| Current liabilities | 2.4 MNOK | 10.3 MNOK | 17.6 MNOK |
Source: Brønnøysund Register Centre (Register of Company Accounts), fetched 27 October 2026, accounts id 6450367.
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