Rankings Machinery & automation Ocean GeoLoop
Ocean GeoLoop
38
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
- Margin−10
- Funding−9
- Governance and management−8
Strengths
- Order intake+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)
- 3
- Price
- 0.65 DKK
- Market value
- DKK 81m
- Cash runway
- 6 months
- Cash / debt
- 38.3 / 1.0m NOK
- Dilution, 12 months
- +187%
Bull case
COOL gets a pilot customer among data centres, the theme gives the stock a hype lift (daily turnover is already high), and Energi Teknikk delivers a small profit. With an EV of only about NOK 120–140m, a credible COOL contract could give a market cap of NOK 400–600m, i.e. 3–4x, if the financing happens at higher prices.
Bear case
COOL remains an idea with no customers, the cash runs out in H1 2027, and the conflict with the main shareholder makes it hard to raise money. Then comes another issue at NOK 0.2–0.5 with 50–100% dilution. Energi Teknikk could be squeezed by the resource rent tax and liquidity.
Catalysts
- 5 Nov 2026Q3 report: cash, burn and status of COOL and the new CEOgradual inderes.fi
- no date from the companyFirst pilot or customer contract for COOL (data center cooling)binary live.euronext.com
- no date from the companyAppointment of a new CEO and completion of the sale of Ocean TuniCell to Lifecare (binding agreement 31/8-2026)gradual inderes.fi
Risk of going to zeromedium – Energi Teknikk has real revenue and order backlog, but the group burns approx. 19m per quarter, cash lasts approx. 6 months, and management is unstable
Next financingCash of NOK 38.3m (30/6) lasts about 6 months with H1 free cash flow of -37.6m (18.8m per quarter). The sale of TuniCell to Lifecare and the scaling down of Captured reduce spending slightly, but COOL must be developed. New capital is expected around the turn of 2026/27, and with unstable management and a dominant main shareholder the terms are uncertain.
Warrants & convertiblesNo outstanding warrants or convertibles found. The bridge loan of NOK 11m (January 2026) was converted into 22.6m shares. Directed issue of 72m shares at DKK 0.50 (May 2026), 3.83m shares as underwriting commission and a subsequent issue of NOK 0.4m (June 2026). The share count has risen from approx. 53m (end of 2025) to 151.9m.
Insiders, last 12 monthsInsider trades have been reported in connection with the issue and the underwriting commission in May–June 2026 (amount and direction not confirmed). No specific insider sales found.
Largest ownersFounder Hans Gude Gudesen is the largest shareholder (over 50% according to Finansavisen before the May issue; insiders now own about 22% according to stockanalysis). Institutions about 4%. The rest is mainly private investors.
Circio check(1) Small market cap: yes, approx. DKK 81–99m. (2) Hot theme: yes, data center cooling (AI). (3) Upcoming milestones: partial, a COOL contract could change the picture, but there is no date. (4) Major partner: no. (5) Funding for 2+ years: no, approx. 6 months. (6) Price near the bottom: yes, −74% in a year and an issue at DKK 0.50 in May, but the stock has already risen approx. 90% from the issue price.
Why this asymmetryData centre cooling is a hot theme, and a contract could give a big price reaction from a small base. But the technology is undocumented, cash lasts half a year, management is in upheaval, and the stock has already risen sharply from the issue price of NOK 0.50. The most likely path is another dilutive issue.
How the score is built
From 100 to 38, 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 2 Nov 2026. Analyst targets tend to be optimistic; read upside as a hint, not a forecast.
- Price
- 0.70 NOK
- Median analyst target
- –
- Upside to median
- –
- Analysts
- none
- Target range
- –
- 52-week change
- −86%
- 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−25 of −30
- −10MarginThe gross margin is 22%, and the operating margin is −36% TTM: an operating loss of NOK 68m on revenue of 191m. Net income TTM is −123m incl. write-downs in H2 2025. EBITDA was −23m in H1 2026, and there have been losses every year.
- −5Quality of growthRevenue fell to NOK 93.1m in H1 2026 (106.8m the year before), and 91.5m came from the subsidiary Energi Teknikk, a hydropower contractor. The core CO2 capture business gives no revenue and is being scaled down, and the new cooling business area COOL has no revenue yet.
- −4MoatCOOL is built on a 'thermodynamically driven' technology invented by the founder, but no customers, MW or contracts are disclosed. Energi Teknikk has no particular moat. The company's original technology (ocean-based CO2 capture) was abandoned because the market was 'more challenging than expected'.
- −6Capital allocationThe stock cost NOK 21 in 2022, and in May 2026 NOK 36m was raised at NOK 0.50 (72m new shares), plus 22.6m shares to repay a bridge loan of 11m. The share count has almost tripled from about 53m to 152m in half a year, and the investments in CO2 capture (about 110m in capex 2021–25) are largely lost.
Price
Today's multiples against the company's own history and its peers. · 2 findings−8 of −35
- −4Multiples vs own historyP/B is 2.1 vs 1.2–1.8 in 2023–25, and EV/Sales is 0.75 vs 0.49 (2025) and 0.74 (2024). After the latest price rise the stock trades at the top of the range of recent years, even though the company is weaker.
- −4Peers and absolute levelEV of about NOK 120-143m for a contracting business with a 22% gross margin and a group loss plus a cooling technology with no customers. Contractors with a positive margin typically trade at 0.3-0.6x sales. FCF yield is -41%.
Cracks
Cash flow, customers, debt, insiders, guidance and what sits behind the headline numbers. · 4 findings−24 of −35
- −8Governance and managementThe entire board resigned in June 2026 after a conflict with main shareholder and founder Hans Gude Gudesen over strategy and corporate governance. A new board was elected 15/7, and CEO Viggo Iversen has chosen to step down. Management is thus unstable, and one shareholder has great power.
- −9FundingCash was NOK 38.3m at 30/6 vs free cash flow of -37.6m in H1, so it lasts about half a year. Liquidity in Energi Teknikk is described as strained, and the bank facilities were increased from 8 to 18m with a temporary facility guaranteed by the parent for 6.7m.
- −4Strategy changeThe company is switching from CO2 capture to data centre cooling, a hot theme, but without documented technology or customers. It is the third business idea (CO2 capture, TuniCell biomass, cooling), and TuniCell is now being sold to Lifecare. The switch may be more story than business.
- −3Regulation at the customersA proposed ground rent tax creates uncertainty among Energi Teknikk's customers in hydropower, who are postponing investments. That hits the only part of the group that has revenue.
Plus
Only documented strengths. · 1 finding+1 of +15
- +1Order intakeEnergi Teknikk had an order backlog of about NOK 82m at 30/6 and signed contracts worth NOK 40.3m in August 2026. Operating result in Energi Teknikk turned positive (0.8m vs -5.7m).
Caveats
What the score does not capture, or where the data is weak.
No analysts (forecast 404). Market cap checked: 151.94m shares × NOK 0.95 = NOK 144m ≈ DKK 99m, c. 22% above Nordnet's DKK 81m. The share count is confirmed: 147.35m registered 5/6-2026, plus 3.83m shares as underwriting commission and c. 0.8m from the subsequent issue. Nordnet probably uses an older share count, so the real market cap is c. DKK 99m. Stockanalysis' multiples are calculated at a price of 1.10 (29/9), so they are c. 15% higher than at 0.95. Revenue comes almost entirely from the subsidiary Energi Teknikk (ownership c. 67% based on the underwriting share; not confirmed). The details of the conflict with the main shareholder are behind a paywall. Industry: Energi Teknikk (hydropower equipment) and COOL (cooling) fit closest under Machinery & automation.
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