Rankings Tech hardware & optics Ensurge Micropower
Ensurge Micropower
28
15070100
A view of the same findings, not a new score. How it works
The model found several serious problems. That does not mean the stock will fall.
Biggest deductions
- Funding and going concern−12
- Margin−10
- Dilution and convertible terms−10
Strengths
- Partners+2
- Cost reduction+1
Speculative profile
A penny stock under DKK 3. The asymmetry rating is separate from the Bjarvik score and is not a recommendation.
- Asymmetry (1–10)
- 2
- Price
- 0.38 DKK
- Market value
- DKK 379m
- Cash runway
- 3 months
- Cash / debt
- 16.3 / 75.5m NOK
- Dilution, 12 months
- +30%
Bull case
The development agreement with the large customer is signed, the Corning collaboration leads to qualification in wearables/medtech, and the relocation cuts burn by a third. If the market starts to price Ensurge as a future supplier of solid-state microbatteries, the market cap could go from NOK 0.55bn to NOK 2–3bn (4–5x), but only without an expensive rescue share issue first.
Bear case
The cash runs out around October 2026; a share issue far below NOK 1.00 triggers the ratchet in the convertible loans and dilutes massively. Without a customer deal the share could fall 50–80%, and if financing fails the going-concern risk is real.
Catalysts
- 1 Oct 2026Access to a new facility on Baytech Drive; the move is completed towards year-end (over USD 3.5m of annual savings).gradual globenewswire.com
- 11 Nov 2026Q3 2026 report: cash, financing and customer validationbinary stockanalysis.com
- Q4 2026Possible signing of a multi-phase development agreement with a large external customer ('in the final stage' at 31/7/2026)binary inderes.fi
- 31 Aug 2027Mandatory conversion of convertible loans of NOK 80m plus PIK interestgradual inderes.fi
Risk of going to zerohigh – cash until around October 2026, negative working capital, going concern flagged, and toxic convertible terms (full ratchet) mean the next financing hits current shareholders hard.
Next financingCash about NOK 16m at 30/6 plus NOK 20m in July vs a burn of about NOK 40m per quarter: the money lasts to about October 2026. The company itself says more capital is 'likely' needed. A new share issue or new convertible loans should be expected now or around the Q3 report (11/11/2026), and a share issue below NOK 1.00 triggers the ratchet in the convertible loans.
Warrants & convertiblesConvertible loans of NOK 80m (April and July 2026): conversion price NOK 1.00 (about 80m shares, +8%), 10% annual PIK interest paid in shares, mandatory conversion 31/8/2027 and a full ratchet with up to 100% downward adjustment of the conversion price on share issues below the price – at a share issue at e.g. NOK 0.50 it becomes about 160m shares or more. In addition 1 warrant per NOK 5 lent (about 16m warrants), strike not found.
Insiders, last 12 monthsNot systematically examined. There are reportable insider trades in 2026, but direction and amounts have not been checked. Insiders own about 5.4% according to stockanalysis.
Largest ownersMirabella Financial Services LLP subscribed the entire directed issue of up to 233m shares at NOK 0.90 in November 2025 (up to about 24%). Institutions own about 47% according to stockanalysis. Others not examined.
Circio check(1) Small market value: partly – DKK 379m is the largest of the four. (2) Hot theme: yes – solid-state batteries for wearables, medtech and AI data centres. (3) Upcoming milestones: yes – a development agreement with a large customer and customer validation in H2 2026. (4) Large partner: partly – Corning is a development partner, but not an owner or a customer with an order. (5) Funding for 2+ years: no – a few months of cash. (6) Price near the bottom: yes – −48% in a year and RSI 34, close to the 52-week low of 0.50.
Why this asymmetryA hot theme and a possible large customer deal give a real option, but the market cap is already high for a proof-of-concept company, cash is almost empty, and the ratchet terms mean a new share issue can dilute heavily. The downside is greater than the upside right now.
How the score is built
From 100 to 28, step by step: points off for the business, the price and the cracks, back for documented strengths, then three data adjustments.
Start
Score
Hover or select a step to see what drove it. Steps with findings open them below.
Key numbers
As of 3 Nov 2026. Analyst targets tend to be optimistic; read upside as a hint, not a forecast.
- Price
- 0.57 NOK
- Median analyst target
- –
- Upside to median
- –
- Analysts
- none
- Target range
- –
- 52-week change
- −51%
- P/E (trailing)
- n/a
- Forward P/E
- n/a
- PEG
- n/a
Findings
Every deduction and every plus, with its source. Open a step to read them.
Business
Is the company getting stronger, not just bigger? · 4 findings−28 of −30
- −10MarginOperating loss −USD 14.7m TTM on revenue of USD 0.18m; EBITDA −USD 4.4m in Q2 2026 alone. Losses every year 2021–2026.
- −7Quality of growthRevenue only USD 3,000 in Q2 2026 (154,000 in Q1); the company is still in 'proof of concept' with a target of over 250 cycles and has no date for first commercial delivery.
- −7Capital allocationShare issues every year (USD 14–26m a year in 2021–2025) since the Thin Film Electronics days; the share price has fallen from NOK 32 (2021) to 0.56, and the share count is now 972m with no commercial revenue.
- −4MoatSolid-state micro-batteries on steel foil are a field with large competitors (incl. TDK, Murata) and other startups; the technology has improved (4x better LiPON electrolyte, about 70% capacity after 200 cycles), but is not qualified at a customer.
Price
Today's multiples against the company's own history and its peers. · 2 findings−14 of −35
- −6Multiples vs own historyP/B 15.0 vs 6.8 at end-2025 (negative equity in 2021–2024), and EV about NOK 608m for a company with no revenue – high for a proof-of-concept company with a current ratio of 0.6.
- −8FCF yieldFree cash flow −USD 12.4m TTM (about −NOK 123m), about −22% of market value.
Cracks
Cash flow, customers, debt, insiders, guidance and what sits behind the headline numbers. · 3 findings−27 of −35
- −12Funding and going concernCash only USD 1.64m at 30/6/2026 vs a burn of about USD 4.4m per quarter; current ratio 0.6 and negative working capital. The company stated runway 'into the middle of H2 2026' and flagged going concern; new financing will 'likely be needed'.
- −10Dilution and convertible termsConvertible loans of NOK 80m (conversion price NOK 1.00, 10% PIK interest in shares, mandatory conversion 31/8/2027) with full ratchet protection of up to 100% downward adjustment of the price on lower share issues, plus warrants. On top, 233m shares at NOK 0.90 in November 2025 and +30% shares in a year.
- −5Commercial executionA multi-phase development agreement with a 'large external customer' has been under negotiation since March 2026 and was still not signed on 31/7/2026, even though it was described as 'in the final phase'.
Plus
Only documented strengths. · 2 findings+3 of +15
- +2PartnersJoint development with Corning (ceramic cathode), and cycle tests have been completed on Corning's equipment; ROHM is an ecosystem partner.
- +1Cost reductionRelocation agreements signed on 9/9/2026: from 96,000 to 32,000 square feet in San Jose, over USD 3.5m of annual savings (about 70% lower site costs) and the end of a USD 1m lease guarantee.
Caveats
What the score does not capture, or where the data is weak.
Penny analysis (Under DKK 3). The accounts are kept in USD (stockanalysis' financial pages are in USD m, the statistics page in NOK); penny amounts are converted to NOK at about 9.9 NOK/USD. Cash at 30/6 (USD 1.64m ≈ NOK 16m) is before the July tranche of NOK 20m in convertible loans. No stockanalysis forecast page (404 = no analysts). Number and strike of warrants tied to the convertible loans, insider trades in 2026 and the full owner list are not examined. Micro-batteries do not fit the list cleanly; chose 'Tech hardware & optics' as the nearest.
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