Casi 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
Accounts for 2025 are missing. The deadline was 31 July 2026. The Brønnøysund Register Centre does not publish when accounts arrived, only the latest year filed.
Key facts
Is the company run well?
Five key figures against companies in the Morning class Micro in the same sector. Green is better than most, amber about like the industry and red weaker than most.
- Profitability · operating margin −392.5% Weaker than the industry Industry: 4.9%
- Returns · return on assets −54.1% Weaker than the industry Industry: 6.6%
- Solidity · equity ratio 68.7% Better than the industry Industry: 26.0%
- Liquidity · current ratio 2.56 Better than the industry Industry: 1.12
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 2022
36of 100
How to read this: the company is ahead of 34 % of companies in the Morning class Micro in the same sector in 2022. What does this mean?
Rank in the Morning class Micro: 39 of 59 · What are Morning company classes?
Place in the whole sector: 60 of 93 · Informasjon og kommunikasjon
Profile
Elephant · Steward
Lower profitability, high resilience
Position against comparable companies in 2022, not a verdict on the company. Based on profitability 3 and resilience 87 out of 100 among companies in the Morning class Micro in the same sector in 2022. Methodology
Against the sector
Casi AS is 10 points below the median for companies in the Morning class Micro in the same sector in 2022.
Median score 46 among 59 companies.
Against companies in the Morning class Micro in the same sector in 2022: operating margin −392.5% (median 4.9%) and equity ratio 68.7% (median 26.0%).
How it has gone · 2022–2024
Revenue rose by 118 % from 2022 to 2024, to 18.1 MNOK. The operating margin rose from −392.5% in 2022 to −121.5% in 2024. The equity ratio fell from 68.7% in 2022 to 45.2% in 2024.
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 figure | 2022 | 2023 | 2024 |
|---|---|---|---|
| Operating revenue | 8.3 MNOK | 13.2 MNOK | 18.1 MNOK |
| Operating profit | −32.6 MNOK | −28.9 MNOK | −22.0 MNOK |
| Net profit | −33.0 MNOK | −32.2 MNOK | −28.7 MNOK |
| Total assets | 60.2 MNOK | 97.6 MNOK | 116.4 MNOK |
| Equity | 41.4 MNOK | 39.7 MNOK | 52.6 MNOK |
| Total liabilities | 18.8 MNOK | 58.0 MNOK | 63.8 MNOK |
From the Brønnøysund Register Centre, in the company's reporting currency (NOK). See every figure year by year
From the Central Coordinating Register
- Org. no.
- 930463515
- Legal form
- AS
- Sector
- Informasjon og kommunikasjon (62.100)
- Purpose
- Utvikle, eie og drifte programvarer, herunder nye mobilitetsløsninger og andre lignende teknologiløsninger, samt alt som naturlig relaterer seg til dette. I tillegg skal selskapet eie og investere i selskaper med liknende eller tilliggende formål.
- Morning company class
- Micro
- Employees
- 12 registered 10 September 2026
- Founded
- 11 October 2022 4 years in operation
- Share capital
- 0.22 MNOK
- Business address
- Nøstegaten 58, 5011 BERGEN
- Municipality
- Bergen rank 9 of 11 in KOSTRA group 12
- Latest accounts filed
- 2024
- VAT registered
- Yes
- LEI
- 894500ES9UEA29PQWM70 not renewed (lapsed)
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
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) −66.1 (median 3.7); Financial costs as a share of debt 2.6% (median 1.5%).
- watch
The company made a loss before tax. Are these one-off items or a pattern?
Based on: Profit margin −398.2% (median 2.2%).
- 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 −392.5% (median 4.9%).
- watch
Receivables equal far more days of revenue than at comparable companies. Do customers pay late, or are these loans to companies in the same group?
Based on: Receivable days 735 days (median 101 days).
Indications based on the latest annual accounts from open data. Not investment or financial advice.
Financial costs were 2.6% of the debt in 2022. The policy rate averaged 1.32 % 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 Extreme margin: check the figures
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
What the score is made of
| Profitability | 3 | weight 40% |
|---|---|---|
| Solidity | 88 | weight 20% |
| Liquidity | 84 | weight 5% |
| Growth | – | no data, left out |
| Consistency | – | no data, left out |
Three goals: profitability 40%, growth 25%, resilience 35%. Why these weights?
Index version 3. Data completeness 65%: the share of the weights that had data.
The numbers behind the score
| Measure | Company | Median |
|---|---|---|
| Operating revenue | 8 MNOK | 3 MNOK |
| Operating margin | −392.5% | 4.9% |
| Profit margin | −398.2% | 2.2% |
| Return on assets | −54.1% | 6.6% |
| Equity ratio | 68.7% | 26.0% |
| Debt-to-equity | 0.45 | 1.95 |
| Current ratio | 2.56 | 1.12 |
| Revenue growth | – | −53.8% |
| Revenue per employee | 0.69 MNOK | 0.69 MNOK |
The median and “ahead of” refer to companies in the Morning class Micro in the same sector in 2022. The bar shows the share of companies the figure is ahead of.
With an index of 36, Casi AS does better than 34% of companies in the Morning class Micro in the same sector (59 companies) in 2022.
Score 2022–2024
- Casi AS
- Median: companies in the Morning class Micro in the same sector
Working capital and debt
| Measure | Company | Median | |
|---|---|---|---|
| Working capital | |||
| Receivable days All current receivables, including those on group companies, in days of revenue. |
735 days | 101 days | |
| 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. |
0 days | 0 days | |
| Net working capital to revenue Current assets less bank deposits less current liabilities, divided by revenue. Negative: short-term debt funds the operations. |
119.2% | −11.0% | |
| Cash share of current assets How much of the short-term buffer is bank deposits and cash. |
4.2% | 27.9% | |
| 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. |
−66.1 | 3.7 | |
| 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. |
2.6% | 1.5% | |
| Long-term share of debt Long-term debt as a share of all debt. A low share means more falls due within a year. |
63.8% | 0.0% | |
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): 9.9 MNOK.
Of the financial costs of 0.5 MNOK, 0.4 MNOK is reported as interest costs in the accounts.
The median and the bar refer to companies in the Morning class Micro in the same sector in 2022. 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.
Returns, debt against earnings and quality
| Measure | Company | Median | |
|---|---|---|---|
| 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. |
−79.9% | 25.3% | |
| 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. |
−61.0% | 23.2% | |
| Net margin Net result over revenue. The first part of the DuPont split of return on equity. |
−398.2% | 2.2% | |
| 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. |
0.14 | 1.29 | |
| Equity multiplier Total assets over equity: 4 means three quarters is financed with debt. The third part of the DuPont split. |
1.45 | 2.95 | |
| 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. |
– | −0.6 | |
| 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. |
1.25 | 1.17 | |
| Quick ratio (without inventory) Cash plus receivables over current liabilities. Like the current ratio but without inventory and short-term investments. |
2.56 | 1.14 | |
| 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% | |
| 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. |
– | 3.0 | |
| 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. |
190.5% | 43.8% | |
| 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. |
– | 22.2% | |
| 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. |
0 mo. | 8 mo. | |
DuPont on the closing balance: net margin −398.2% × asset turnover 0.14 × multiplier 1.45 = −79.9% 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 Micro in the same sector in 2022. 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
What the numbers say
Casi AS had an operating margin of −392.5% and an equity ratio of 68.7% in 2022, and ranks 60 of 93 in Informasjon og kommunikasjon.
This text is generated automatically from the 2022 accounts.
Three simple methods
Suggested price: about 100 MNOK
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 462 NOK per share, on 216,447 shares in the shareholder register.
One method gives a figure: 101 MNOK.
| Method | Multiple | Estimate |
|---|---|---|
| P/E | 18.0 | not meaningful |
| EV/EBIT | 14.9 | not meaningful |
| P/B | 3.6 | 101 MNOK |
The listed basis is the value at listed multiples. The estimate is lowered for size: a small-company premium of 3% on the cost of equity gives a value 32% 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
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
- Personnel cost per employee
- 1.32 MNOK per employee in 2022
Payroll costs are 190% of revenue.
Payroll costs in the accounts divided by 12 employees in the business register. Payroll costs include employer's contribution and pension, so they are higher than wages. The employee count is a snapshot and can differ from the average over the accounting year. - Equity paid out or paid in
- 41.7 MNOK came into equity beyond the result in 2024.
Calculated as equity at the start of the year + net result − equity at the end of the year. What remains is dividends and group contributions, less new capital, plus other entries made directly to equity. It is not a dividend figure. - Self-financed growth
- Equity grew −72% from its own earnings in 2024.
Calculated as net result less what left equity, over equity at the start of the year. It is not growth as reported in the accounts. - Owners and leadership aged 60 or older
- One sign that a generation change may be coming.
- The chair is 60 or older.
- The managing director is under 60.
- 2 of 4 on the board are 60 or older.
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
Questions and answers
How profitable is Casi AS?
The operating margin was −392.5% in 2022, against a median of 4.9% among companies in the Morning class Micro in the same sector. Return on assets was −54.1%. The company made a loss before tax.
How solid is Casi AS?
The equity ratio was 68.7% in 2022 (median 26.0%). Debt-to-equity was 0.45 (median 1.95).
What is the liquidity of Casi AS like?
The current ratio was 2.56 in 2022 (median 1.12).
How does Casi AS compare in Informasjon og kommunikasjon?
Casi AS ranks 60 of 93 in Informasjon og kommunikasjon for 2022. Among companies in the Morning class Micro it is number 39 of 59.
Group structure · 2025
3 companies in the group according to the shareholder register for 2025. A company counts as a subsidiary when a Norwegian company owns more than half of its shares.
No owner holds more than half of the shares in Casi Group AS.
Casi Group AS has not filed group accounts in open data, so the group has no index of its own. Each company has its own accounts.
The group in figures
- Sectors
- Forretningsmessig tjenesteyting (2 companies), Informasjon og kommunikasjon (1 company) 3 of 3 companies in the tree have accounts with us. Sectors are sorted by the companies' own revenue, which includes sales between the group's companies.
- Employees in Norway
- 12 in all. Bergen 12 Registered employees in the Central Coordinating Register, by the municipality of the business address. Employees may work elsewhere.
- Loss
- 2 companies: Imove AS, Casi AS
- Changed 2024–2025
- 1 company joined the group: Imove AS. 1 company left.
A subsidiary with negative equity or a loss may be backed by the group, for example with group contributions or guarantees. It is an indication of what is worth asking about, not an assessment.
-
Casi Group AS
- Casi AS you are here
- Imove AS
Read the figures with care: a company in a group can look strong because of group contributions, or weak because dividends go up to the parent. The figures are indications, not the full picture.
Source: the Norwegian Tax Administration's shareholder register 2025 (majority owner with more than 50 % of the shares). Voting agreements and ownership through other countries are not included.
Ownership and roles
Loading roles …
Source: Central Coordinating Register, fetched 1 November 2026. Only names are shown.
- Parent company
- Parent does not consolidate the company
Source: GLEIF (Global Legal Entity Identifier Foundation), fetched 31 October 2026. The parent is the one the company itself reported to GLEIF.
Shareholders (2025)
- Number of shareholders
- 1 (one owner)
- Largest owner
- 100.0%
- Split
- companies 100% · private persons 0% · foreign 0%
- Owned from the same municipality
- 100%
- Group chain
-
Owned by: Casi Group AS (100%)
Ultimate owner: Casi Group AS
- Casi Group AS · 100.0%
The company is new in the shareholder register in 2025.
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.
Is this your company? Suggest changes or add information
Figures last fetched 5 November 2026.
Year by year · 2022–2024
| Key figure | 2022 | 2023 | 2024 | Trend |
|---|---|---|---|---|
| Index | 36 | 40 | 43 | |
| Rank | 60 | 4,288 | 4,528 | |
| Operating margin | −392.5% | −218.2% | −121.5% | |
| Return on assets | −54.1% | −29.2% | −18.5% | |
| Equity ratio | 68.7% | 40.6% | 45.2% | |
| Current ratio | 2.56 | 3.08 | 6.68 | |
| Revenue growth | – | 59.7% | 36.7% |
Accounts
From the Brønnøysund Register Centre, in the company's reporting currency (NOK).
| Key figure | 2022 | 2023 | 2024 |
|---|---|---|---|
| Operating revenue | 8.3 MNOK | 13.2 MNOK | 18.1 MNOK |
| Operating profit | −32.6 MNOK | −28.9 MNOK | −22.0 MNOK |
| Profit before tax | −33.0 MNOK | −32.2 MNOK | −28.7 MNOK |
| Tax expense | 0.0 MNOK | 0.0 MNOK | 0.0 MNOK |
| Net profit | −33.0 MNOK | −32.2 MNOK | −28.7 MNOK |
| Financial expenses | 0.5 MNOK | 3.7 MNOK | 7.1 MNOK |
| Total assets | 60.2 MNOK | 97.6 MNOK | 116.4 MNOK |
| Current assets | 17.4 MNOK | 47.7 MNOK | 71.9 MNOK |
| Equity | 41.4 MNOK | 39.7 MNOK | 52.6 MNOK |
| Retained earnings | – | – | – |
| Total liabilities | 18.8 MNOK | 58.0 MNOK | 63.8 MNOK |
| Current liabilities | 6.8 MNOK | 15.5 MNOK | 10.8 MNOK |
Source: Brønnøysund Register Centre (Register of Company Accounts), fetched 5 November 2026, accounts id 4449015.
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