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Information about the group \u201cEnsurge Micropower ASA (\u201cEnsurge ASA\u201d, \u201cEnsurge\u201d or \u201cthe Company\u201d) was founded as Thin Film Electronics ASA (\u201cThinfilm\u201d) on 22 December 2005 and was renamed Ensurge Micropower ASA on 4 June 2021. Reference is made to Note 27 for a description of the subsidiaries consolidated into the parent company Ensurge Micropower ASA. The objectives of the Company are the commercialization, research, development and production of technology and products related to solid-state lithium batteries. These objectives may be carried out in full internally, or in whole or in part externally through collaborative efforts with one or more of the Company\u2019s ecosystem partners. The Company is a public limited liability company incorporated and domiciled in Norway. The address of its registered office is Kongens gate 6, Oslo, Norway. The Company\u2019s shares were admitted to listing at the Oslo Axess on 30 January 2008 and to the Oslo B\u00f8rs on 27 February 2015 and the shares trade under the symbol ENSU. On 24 March 2015 Ensurge\u2019s American Depository Receipts (ADRs) and shares commenced trading in the United States on OTCQX International. On 23 June 2020 the Company\u2019s OTC trading was transferred to OTCQB Venture Market. On 23 January 2026, the Company announced its decision to terminate trading of its securities on the U.S. OTC market, effective 11 March 2026. These group consolidated financial statements were resolved by the Board of Directors on 9 April 2026.", "dimensions": { "concept": "ifrs-full:DisclosureOfGeneralInformationAboutFinancialStatementsExplanatory", "language": "en", "entity": "scheme:5493007QXMCG0WPKFC96", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-212": { "value": "\u201cEnsurge Micropower ASA (\u201cEnsurge ASA\u201d, \u201cEnsurge\u201d or \u201cthe Company\u201d) was founded as Thin Film Electronics ASA (\u201cThinfilm\u201d) on 22 December 2005 and was renamed Ensurge Micropower ASA on 4 June 2021.", "dimensions": { "concept": "ifrs-full:ExplanationOfChangeInNameOfReportingEntityOrOtherMeansOfIdentificationFromEndOfPrecedingReportingPeriod", "language": "en", "entity": "scheme:5493007QXMCG0WPKFC96", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-3": { "value": "Ensurge Micropower ASA", "dimensions": { "concept": "ifrs-full:NameOfParentEntity", "language": "en", "entity": "scheme:5493007QXMCG0WPKFC96", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-207": { "value": "Ensurge Micropower ASA", "dimensions": { "concept": "ifrs-full:NameOfUltimateParentOfGroup", "language": "en", "entity": "scheme:5493007QXMCG0WPKFC96", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-4": { "value": "The objectives of the Company are the commercialization, research, development and production of technology and products related to solid-state lithium batteries.", "dimensions": { "concept": "ifrs-full:DescriptionOfNatureOfEntitysOperationsAndPrincipalActivities", "language": "en", "entity": "scheme:5493007QXMCG0WPKFC96", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-5": { "value": "public limited liability company", "dimensions": { "concept": "ifrs-full:LegalFormOfEntity", "language": "en", "entity": "scheme:5493007QXMCG0WPKFC96", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-6": { "value": "Norway", "dimensions": { "concept": "ifrs-full:CountryOfIncorporation", "language": "en", "entity": "scheme:5493007QXMCG0WPKFC96", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-211": { "value": "Norway", "dimensions": { "concept": "ifrs-full:PrincipalPlaceOfBusiness", "language": "en", "entity": "scheme:5493007QXMCG0WPKFC96", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-7": { "value": "Kongens gate 6, Oslo, Norway", "dimensions": { "concept": "ifrs-full:AddressOfRegisteredOfficeOfEntity", "language": "en", "entity": "scheme:5493007QXMCG0WPKFC96", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-208": { "value": "Norway", "dimensions": { "concept": "ifrs-full:DomicileOfEntity", "language": "en", "entity": "scheme:5493007QXMCG0WPKFC96", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-260": { "value": "
These group consolidated financial statements were
resolved by the Board of Directors on 9 April 2026.
", "dimensions": { "concept": "ifrs-full:DisclosureOfAuthorisationOfFinancialStatementsExplanatory", "language": "en", "entity": "scheme:5493007QXMCG0WPKFC96", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-213": { "value": "
2. Material accounting policies
The principal accounting policies applied in
the preparation of these consolidated financial
statements are set out below. These policies have
been consistently applied. For the purpose of
ease of reading, the terms \u201dbalance sheet\u201d and
\u201daccounting\u201d and variations of these have been used
interchangeably with the International Financial
Reporting Standards (IFRS
\u00ae
) terms \u201dstatement of
financial position\u201d and \u201drecognition\u201d.
2.1 Basis of preparation
The annual financial statements have been prepared
on a historical cost basis. The financial statements
of the group have been prepared in accordance with
IFRS as adopted by the European Union (EU) as well
as additional Norwegian reporting requirements
pursuant to the Norwegian Accounting Act. The
accounting policies adopted are consistent with those
of the previous financial year. IFRS is continuously
developed and recently published standards,
amendments and interpretations have been reviewed
and considered. None of the new standards,
amendments and interpretations that apply as of
1 January 2025 had any material impact on net result
or equity of Ensurge in 2025. Reference is made to
Note 2.20 for a description of changes in IFRS.
Going concern
The Board confirms that the financial statements of
the group, as well as the parent company, have been
prepared under the going concern assumption.
On 5 April 2026 the Company entered into a
Convertible Note agreement with select investors
for a minimum of NOK 60 million. The Convertible Note
requires approval by the Annual General Meeting (AGM)
scheduled on 15 May 2026, and subject to this approval
the Company has sufficient cash to fund operations
into Q3 2026 (see Note 26).
To continue to fund the Company\u2019s activities beyond
Q3 2026, the Company will seek additional funds
from the investor market and from partnership
funding. However, as funding is not secured for the
next 12 months, a material uncertainty exists as
to whether the Company and group will continue
as a going concern. The Company and group are
dependent to successfully raise funds as planned.
The Board monitors the financial position closely
and receives frequent reports and forecasts on
expenditure and cash flow. To address the funding
requirements of the group, the Board of Directors has
undertaken the following initiatives:
\u2022 The Company will continue to seek additional funds
from partnership funding, external financing of new
production equipment and the investor market in a
timely manner; and
\u2022 Continue to monitor the group\u2019s ongoing working capital requirements and minimum expenditure commitments; and \u2022 The Board will continue its focus on maintaining an appropriate level of corporate overhead that is in line with the group\u2019s available cash resources. The Company has prioritized raising sufficient funds to provide adequate time to demonstrate a series of technology and market development milestones. Despite the material uncertainty about whether the group will be able to successfully raise funds as planned, the Board has concluded that the Company is not in a situation where there is no realistic alternative to continue as a going concern and hence it is appropriate to prepare the financial statements on the going concern basis. 2.2 Consolidation Subsidiaries are all entities over which the group has control. Control is achieved when the group is exposed, or has rights, to variable returns from its involvement with the investee and has the ability to affect those returns through its power over the investee. Specifically, the group controls an investee if, and only if, the group has: \u2022 Power over the investee (i.e., existing rights that give it the current ability to direct the relevant activities of the investee) \u2022 Exposure, or rights, to variable returns from its involvement with the investee \u2022 The ability to use its power over the investee to affect its returns Generally, there is a presumption that a majority of voting rights results in control. To support this presumption and when the group has less than a majority of the voting or similar rights of an investee, the group considers all relevant facts and circumstances in assessing whether it has power over an investee, including: \u2022 The contractual arrangement(s) with the other vote holders of the investee \u2022 Rights arising from other contractual arrangements \u2022 The group\u2019s voting rights and potential voting rights 2.3 Foreign currency translation (a) Functional and presentation currency The consolidated financial statements are presented in U.S. dollar (USD). (b) Transactions and balances Foreign currency transactions are translated into the functional currency using the exchange rates prevailing at the dates of the transactions. Foreign exchange gains and losses resulting from the settlement of such transactions and from the translation at year-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognized in the income statement. (c) Group companies The individual financial statements of a subsidiary are prepared in the subsidiary\u2019s functional currency. In preparing the consolidated financial statements, the financial statements of foreign operations are translated using the exchange rates at year-end for statement of financial position items and monthly average exchange rates for statement of income items. Translation gains and losses are included in other comprehensive income as a separate component. The translation difference derived from each foreign subsidiary is reversed through the statement of income as part of the gain or loss arising from the divestment or liquidation of such a foreign operation. 2.4 Property, plant and equipment Property, plant and equipment is mainly comprised of construction in progress on the R2R line, laboratory test equipment, and office equipment. Property, plant and equipment are stated at historical cost less depreciation and impairment losses. Historical cost includes expenditure that is directly attributable to the acquisition of the items. Given the uncertainty related to its cash position and new strategy, the Company\u2019s fixed assets were fully impaired at 31 December 2019. Subsequent costs are included in the asset\u2019s carrying amount or recognized as a separate asset, as appropriate, only when it is probable that future economic benefits associated with the item will flow to the group and the cost of the item can be measured reliably. The carrying amount of the replaced part is derecognized. All other repairs and maintenance are charged to the income statement during the financial period in which they are incurred. Depreciation is calculated using the straight-line method as follows: \u2022 Laboratory equipment \u2014 5 years \u2022 Office equipment \u2014 3\u20135 years \u2022 Office furnishings and fittings \u2014 up to 12 years The assets\u2019 residual values and useful lives are reviewed, and adjusted if appropriate, at each balance sheet date. Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognized in the income statement. 2.5 Inventory Inventory, components and components under production are valued at the lower of cost and net realizable value after deduction of obsolescence. Net realizable value is estimated as the selling price less cost of completion and the cost necessary to make the sale. Costs are determined using the standard cost method. The FIFO principle is applied. Work in progress includes variable cost and non-variable cost which can be allocated to items based on normal capacity. Obsolete inventory is written down completely. 2.6 Intangible assets (a) Patents and licenses Acquired patents and licenses are stated at historical cost. Patents and licenses have a finite useful life and are carried at cost less accumulated amortization. Amortization is calculated using the straight-line method to allocate the cost of patents and licenses over their estimated useful lives. An asset\u2019s carrying amount is written down to its recoverable amount if the asset\u2019s carrying amount is greater than its estimated recoverable amount. In January 2014, Ensurge acquired an IP portfolio consisting of patents. These assets are initially recognized at fair value and subsequently measured at cost, less accumulated amortization and impairment losses. (b) Research and development Research costs are expensed as they are incurred. An intangible asset arising from development expenditure on an individual project is capitalized only when the group reliably can measure the expenditure and can demonstrate: \u2022 The technical feasibility of completing the intangible asset so that it will be available for use or sale \u2022 How the asset will generate future economic benefits \u2022 The group\u2019s ability to obtain resources to complete the project Development costs are amortized over the period of expected use of the asset. See Note 12. An asset\u2019s carrying amount is written down to its recoverable amount if the asset\u2019s carrying amount is greater than its estimated recoverable amount. 2.7 Impairment of assets Assets that have an indefinite useful life, for example goodwill, are not subject to amortization and are tested annually for impairment. Assets that are subject to amortization are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount may not be recoverable. An impairment loss is recognized for the amount by which the asset\u2019s carrying amount exceeds its recoverable amount. The recoverable amount is the higher of an asset\u2019s fair value, less costs of disposal and value in use. For the purposes of assessing impairment, assets are grouped at the lowest levels for which there are separately identifiable cash flows (cash-generating units). Non- financial assets other than goodwill are reviewed for possible reversal of any previous impairment at each reporting date. 2.8 Trade receivables and other receivables Trade receivables and other short-term receivables are measured at initial recognition at fair value and subsequently measured at amortized cost. Short-term receivables, which are due within three months, are normally not discounted. Impairment of receivables is evaluated on a case-by-case basis. The group writes off a trade receivable when there is information indicating that the debtor is in severe financial difficulty and there is no realistic prospect of recovery. 2.9 Cash and bank deposits Cash and bank deposits include cash in hand, deposits held at call with banks, other short-term highly liquid investments with original maturities of three months or less. Bank overdrafts are shown within borrowings in current liabilities on the balance sheet. 2.10 Share capital Ordinary shares are classified as equity. Incremental costs directly attributable to raising new equity are shown as a deduction to the equity, net of tax. 2.11 Trade payables The carrying amounts of trade and other payables are the same as their fair values, due to their short- term nature. 2.12 Deferred income tax Deferred income tax is recognized on temporary differences arising between the tax bases of assets and liabilities and their carrying amounts in the consolidated financial statements. However, the deferred income tax is not accounted for if it arises from initial recognition of an asset or a liability in a transaction other than a business combination that at the time of the transaction affects neither accounting, nor taxable profit or loss. Deferred income tax is determined using tax rates (and laws) that have been enacted or substantially enacted on the balance sheet date and are expected to apply when the related deferred income tax asset is realized, or the deferred income tax liability is settled. Deferred tax assets are recognized to the extent that it is probable that future taxable profit will be available against which the temporary differences can be utilized. Deferred tax liabilities are recognized for taxable temporary differences. 2.13 Employee remuneration Termination benefits are payable when employment is terminated by the group before the normal retirement date, or whenever an employee accepts voluntary redundancy in exchange for these benefits. The group recognizes termination benefits when it is demonstrably committed to either: terminating the employment of current employees according to a detailed formal plan without possibility of withdrawal; or providing termination benefits as a result of an offer made to encourage voluntary redundancy. Benefits falling due more than 12 months after the balance sheet date are discounted to present value. The Company only holds defined contribution pension plans. Contributions are expensed and paid when earned. 2.14 Revenue recognition Revenue is recognized at the amount that the Company expects to be entitled to and expects to collect under the contract. If a contract has multiple performance obligations, the transaction price is allocated to each performance obligation identified in the contract on a relative stand-alone selling price basis. Revenue is shown net of value-added tax, returns, rebates and discounts and after eliminating sales within the group. (a) Sales of goods Sales of goods were recognized when the performance obligation was satisfied, the costs incurred with respect to the transaction could be measured reliably, and Ensurge retained neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold. (b) Rendering of services The group provides engineering and support services to strategic customers and partners. 2.15 Government grants Government grants are recognized when there is reasonable assurance that the grant will be received, and the conditions will be complied with. Grants are recognized as other income over the period necessary to match them with the related costs, for which they are intended to compensate, on a systematic basis. 2.16 Financial liabilities (a) Borrowings Borrowings are initially recognized at cost and subsequently measured at amortized cost using the effective interest method. Amortized cost is calculated by considering any issue costs as well as discount or premium on settlement. Financial liabilities are presented as current if the liabilities are due to be settled within 12 months after the balance sheet date. (b) Leases All leases are recognized in the balance sheet as a right- of-use (\u201cROU\u201d) asset with a corresponding lease liability, except for short term assets in which the lease term is 12 months or less, or low value assets. ROU assets represent a right to use an underlying asset for the lease term and lease liabilities represent an obligation to make lease payments arising from the lease. Right-of-use assets are depreciated linearly over the lifetime of the related lease contract. The depreciation of ROU asset is recognized over the lease term, and interest expenses related to the lease liability are classified as financial items in the income statement. Right-of-use assets are tested for impairment in accordance with IAS 36. Ensurge determines if an arrangement is a lease at inception. Assets and liabilities arising from a lease are initially measured on a present value basis. Lease liabilities include the net present value of fixed payments, less any lease incentives. The Company\u2019s incremental borrowing rate based on the information available at commencement date is used in determining the present value of lease payments. Extension options are included when it, based on management\u2019s judgment, is reasonably certain to be exercised. ROU assets are measured at cost and include the amount of the initial measurement of lease liability, any lease payments made at or before the commencement date, less any lease incentives received, any initial direct costs, and restoration costs. Payments associated with short-term
leases and leases of low-value assets are recognized
on a straight-line basis as an expense in the income
statement. Short-term leases are leases with a lease
term of 12 months or less and low-value assets.
2.17 Share-based remuneration and
derivatives over own shares
(a) Share-based remuneration
Equity-settled share-based payments to employees
are measured at the fair value of the equity
instruments at grant date. The fair value of the
instruments is determined using a Black-Scholes
option pricing model. The fair value determined at
the grant date of the equity-settled share-based
payments is expensed on a straight-line basis over
the vesting period, based on the Group\u2019s estimate of
equity instruments that will eventually vest, with a
corresponding increase in equity. At the end of each
reporting period, the Group revises its estimate of the
number of equity instruments expected to vest.
For social security contribution related to equity
settled share-based payment transactions with
employees, a liability is recognized. The liability is
initially measured at the fair value of the liability. At
the end of each reporting period until the liability is
settled, and the date of settlement, the fair value of
the liability is remeasured, with any changes in fair
value recognized in profit or loss for the year.
(b) Derivatives over own shares
The warrants are derivatives over own shares and the
exercise price is denominated in Norwegian Kroner
(NOK), while the functional currency of the Company is
the U.S. Dollar. As a result of this difference in currencies,
the proceeds received by the Company varied based on
foreign exchange rates. Thus, the fixed for fixed criteria
in IAS 32.11 is not met. Further, the warrants were not
allocated pro rata to all existing owners of the same
class of own equity instruments and did not meet the
strict criteria for the rights issue exemption in IAS 32.11.
The February 2025 Warrants and August 2025 Warrants
were classified as derivative liabilities (scoped under
IFRS 9) and measured at fair value (in accordance
with IFRS 13) in the statement of financial position.
Any changes in fair value from period to period were
recorded as a non-cash gain or loss in the consolidated
statement comprehensive income. The December 2025
Warrants are classified as equity-settled share-based
payments under IFRS 2. There are 67,934,000 warrants
outstanding at 31 December 2025. See Note 14.
2.18 Cash flow statement
The cash flow statement is prepared in accordance
with the indirect method.
2.19 Segment information
Operating segments, according to IFRS 8, are reported
in a manner consistent with the internal reporting
provided to the chief operating decision-maker. The
chief operating decision-maker, who is responsible
for allocating resources, assessing performance and
making strategic decisions, has been identified as the
Chief Executive Officer (CEO). Based on Ensurge\u2019s
current deliveries, performance obligations, customer
characteristics and other information, it has been
assessed that Ensurge has only one operating
segment. Hence, primarily information according to
IFRS 8 paragraphs 32\u201334 is provided.
2.20 Changes in accounting principles
In 2025 new standards and amendments to existing
standards have become effective. This related to the
following standards:
\u2022 Lack of Exchangeability \u2014 Amendments to IAS 21
The adoption of these items did not have a significant
impact on the financial statements of the Group.
2.21 Approved standards and
interpretations not yet in effect
In addition to these standards, the following new
and revised IFRSs have been issued but were not
mandatory for annual reporting periods ending
on 31 December 2025. The Group will assess the
potential impact of these new and revised standards
in due course.
\u2022 Sale or Contribution of Assets between an Investor
and its Associate or Joint Venture \u2014 Amendments to
IFRS 10 and IAS 28
\u2022 Amendments to the Classification and Measurement
of Financial Instruments (Amendments to IFRS 9 and
IFRS 7)
\u2022 IFRS 18 Presentation and Disclosure in Financial
Statements
\u2022 IFRS 19 Subsidiaries without Public Accountability:
Disclosures
", "dimensions": { "concept": "ifrs-full:DisclosureOfMaterialAccountingPolicyInformationExplanatory", "language": "en", "entity": "scheme:5493007QXMCG0WPKFC96", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-290": { "value": "2.1 Basis of preparation The annual financial statements have been prepared on a historical cost basis. The financial statements of the group have been prepared in accordance with IFRS as adopted by the European Union (EU) as well as additional Norwegian reporting requirements pursuant to the Norwegian Accounting Act. The accounting policies adopted are consistent with those of the previous financial year. IFRS is continuously developed and recently published standards, amendments and interpretations have been reviewed and considered. None of the new standards, amendments and interpretations that apply as of 1 January 2025 had any material impact on net result or equity of Ensurge in 2025. Reference is made to Note 2.20 for a description of changes in IFRS. Going concern The Board confirms that the financial statements of the group, as well as the parent company, have been prepared under the going concern assumption. On 5 April 2026 the Company entered into a Convertible Note agreement with select investors for a minimum of NOK 60 million. The Convertible Note requires approval by the Annual General Meeting (AGM) scheduled on 15 May 2026, and subject to this approval the Company has sufficient cash to fund operations into Q3 2026 (see Note 26). To continue to fund the Company\u2019s activities beyond Q3 2026, the Company will seek additional funds from the investor market and from partnership funding. However, as funding is not secured for the next 12 months, a material uncertainty exists as to whether the Company and group will continue as a going concern. The Company and group are dependent to successfully raise funds as planned. The Board monitors the financial position closely and receives frequent reports and forecasts on expenditure and cash flow. To address the funding requirements of the group, the Board of Directors has undertaken the following initiatives: \u2022 The Company will continue to seek additional funds from partnership funding, external financing of new production equipment and the investor market in a timely manner; and \u2022 Continue to monitor the group\u2019s ongoing working capital requirements and minimum expenditure commitments; and \u2022 The Board will continue its focus on maintaining an appropriate level of corporate overhead that is in line with the group\u2019s available cash resources. The Company has prioritized raising sufficient funds to provide adequate time to demonstrate a series of technology and market development milestones. Despite the material uncertainty about whether the group will be able to successfully raise funds as planned, the Board has concluded that the Company is not in a situation where there is no realistic alternative to continue as a going concern and hence it is appropriate to prepare the financial statements on the going concern basis. ", "dimensions": { "concept": "ifrs-full:StatementOfIFRSCompliance", "language": "en", "entity": "scheme:5493007QXMCG0WPKFC96", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-215": { "value": "2.1 Basis of preparation The annual financial statements have been prepared on a historical cost basis. The financial statements of the group have been prepared in accordance with IFRS as adopted by the European Union (EU) as well as additional Norwegian reporting requirements pursuant to the Norwegian Accounting Act. The accounting policies adopted are consistent with those of the previous financial year. IFRS is continuously developed and recently published standards, amendments and interpretations have been reviewed and considered. None of the new standards, amendments and interpretations that apply as of 1 January 2025 had any material impact on net result or equity of Ensurge in 2025. Reference is made to Note 2.20 for a description of changes in IFRS. Going concern The Board confirms that the financial statements of the group, as well as the parent company, have been prepared under the going concern assumption. On 5 April 2026 the Company entered into a Convertible Note agreement with select investors for a minimum of NOK 60 million. The Convertible Note requires approval by the Annual General Meeting (AGM) scheduled on 15 May 2026, and subject to this approval the Company has sufficient cash to fund operations into Q3 2026 (see Note 26). To continue to fund the Company\u2019s activities beyond Q3 2026, the Company will seek additional funds from the investor market and from partnership funding. However, as funding is not secured for the next 12 months, a material uncertainty exists as to whether the Company and group will continue as a going concern. The Company and group are dependent to successfully raise funds as planned. The Board monitors the financial position closely and receives frequent reports and forecasts on expenditure and cash flow. To address the funding requirements of the group, the Board of Directors has undertaken the following initiatives: \u2022 The Company will continue to seek additional funds from partnership funding, external financing of new production equipment and the investor market in a timely manner; and
\u2022 Continue to monitor the group\u2019s ongoing working
capital requirements and minimum expenditure
commitments; and
\u2022 The Board will continue its focus on maintaining an
appropriate level of corporate overhead that is in line
with the group\u2019s available cash resources.
The Company has prioritized raising sufficient funds
to provide adequate time to demonstrate a series
of technology and market development milestones.
Despite the material uncertainty about whether the
group will be able to successfully raise funds as
planned, the Board has concluded that the Company
is not in a situation where there is no realistic
alternative to continue as a going concern and hence
it is appropriate to prepare the financial statements
on the going concern basis.
", "dimensions": { "concept": "ifrs-full:DisclosureOfBasisOfPreparationOfFinancialStatementsExplanatory", "language": "en", "entity": "scheme:5493007QXMCG0WPKFC96", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-259": { "value": "Going concern The Board confirms that the financial statements of the group, as well as the parent company, have been prepared under the going concern assumption. On 5 April 2026 the Company entered into a Convertible Note agreement with select investors for a minimum of NOK 60 million. The Convertible Note requires approval by the Annual General Meeting (AGM) scheduled on 15 May 2026, and subject to this approval the Company has sufficient cash to fund operations into Q3 2026 (see Note 26). To continue to fund the Company\u2019s activities beyond Q3 2026, the Company will seek additional funds from the investor market and from partnership funding. However, as funding is not secured for the next 12 months, a material uncertainty exists as to whether the Company and group will continue as a going concern. The Company and group are dependent to successfully raise funds as planned. The Board monitors the financial position closely and receives frequent reports and forecasts on expenditure and cash flow. To address the funding requirements of the group, the Board of Directors has undertaken the following initiatives: \u2022 The Company will continue to seek additional funds from partnership funding, external financing of new production equipment and the investor market in a timely manner; and \u2022 Continue to monitor the group\u2019s ongoing working capital requirements and minimum expenditure commitments; and \u2022 The Board will continue its focus on maintaining an appropriate level of corporate overhead that is in line with the group\u2019s available cash resources. The Company has prioritized raising sufficient funds to provide adequate time to demonstrate a series of technology and market development milestones. Despite the material uncertainty about whether the group will be able to successfully raise funds as planned, the Board has concluded that the Company is not in a situation where there is no realistic alternative to continue as a going concern and hence it is appropriate to prepare the financial statements on the going concern basis. ", "dimensions": { "concept": "ifrs-full:DisclosureOfGoingConcernExplanatory", "language": "en", "entity": "scheme:5493007QXMCG0WPKFC96", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-216": { "value": "
2.2 Consolidation
Subsidiaries are all entities over which the group
has control. Control is achieved when the group is
exposed, or has rights, to variable returns from its
involvement with the investee and has the ability
to affect those returns through its power over the
investee. Specifically, the group controls an investee
if, and only if, the group has:
\u2022 Power over the investee (i.e., existing rights that give
it the current ability to direct the relevant activities
of the investee)
\u2022 Exposure, or rights, to variable returns from its
involvement with the investee
\u2022 The ability to use its power over the investee to
affect its returns
Generally, there is a presumption that a majority
of voting rights results in control. To support this
presumption and when the group has less than
a majority of the voting or similar rights of an
investee, the group considers all relevant facts and
circumstances in assessing whether it has power over
an investee, including:
\u2022 The contractual arrangement(s) with the other vote
holders of the investee
\u2022 Rights arising from other contractual arrangements
\u2022 The group\u2019s voting rights and potential voting rights
", "dimensions": { "concept": "ifrs-full:DisclosureOfBasisOfConsolidationExplanatory", "language": "en", "entity": "scheme:5493007QXMCG0WPKFC96", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-218": { "value": "
2.3 Foreign currency translation
(a) Functional and presentation currency
The consolidated financial statements are presented
in U.S. dollar (USD).
(b) Transactions and balances
Foreign currency transactions are translated
into the functional currency using the exchange
rates prevailing at the dates of the transactions.
Foreign exchange gains and losses resulting from
the settlement of such transactions and from the
translation at year-end exchange rates of monetary
assets and liabilities denominated in foreign
currencies are recognized in the income statement.
(c) Group companies
The individual financial statements of a subsidiary
are prepared in the subsidiary\u2019s functional currency.
In preparing the consolidated financial statements,
the financial statements of foreign operations are
translated using the exchange rates at year-end for
statement of financial position items and monthly
average exchange rates for statement of income
items. Translation gains and losses are included
in other comprehensive income as a separate
component. The translation difference derived from
each foreign subsidiary is reversed through the
statement of income as part of the gain or loss arising
from the divestment or liquidation of such a foreign
operation.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForForeignCurrencyTranslationExplanatory", "language": "en", "entity": "scheme:5493007QXMCG0WPKFC96", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-261": { "value": "(a) Functional and presentation currency The consolidated financial statements are presented in U.S. dollar (USD). ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFunctionalCurrencyExplanatory", "language": "en", "entity": "scheme:5493007QXMCG0WPKFC96", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-217": { "value": "2.4 Property, plant and equipment Property, plant and equipment is mainly comprised of construction in progress on the R2R line, laboratory test equipment, and office equipment. Property, plant and equipment are stated at historical cost less depreciation and impairment losses. Historical cost includes expenditure that is directly attributable to the acquisition of the items. Given the uncertainty related to its cash position and new strategy, the Company\u2019s fixed assets were fully impaired at 31 December 2019. Subsequent costs are included in the asset\u2019s carrying amount or recognized as a separate asset, as appropriate, only when it is probable that future economic benefits associated with the item will flow to the group and the cost of the item can be measured reliably. The carrying amount of the replaced part is derecognized. All other repairs and maintenance are charged to the income statement during the financial period in which they are incurred. Depreciation is calculated using the straight-line method as follows: \u2022 Laboratory equipment \u2014 5 years \u2022 Office equipment \u2014 3\u20135 years \u2022 Office furnishings and fittings \u2014 up to 12 years The assets\u2019 residual values and useful lives are reviewed, and adjusted if appropriate, at each balance sheet date.
Gains and losses on disposals are determined by
comparing the proceeds with the carrying amount and
are recognized in the income statement.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForPropertyPlantAndEquipmentExplanatory", "language": "en", "entity": "scheme:5493007QXMCG0WPKFC96", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-219": { "value": "
Inventory, components and components under
production are valued at the lower of cost and net
realizable value after deduction of obsolescence. Net
realizable value is estimated as the selling price less
cost of completion and the cost necessary to make
the sale. Costs are determined using the standard
cost method. The FIFO principle is applied. Work in
progress includes variable cost and non-variable
cost which can be allocated to items based on
normal capacity. Obsolete inventory is written down
completely.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForMeasuringInventories", "language": "en", "entity": "scheme:5493007QXMCG0WPKFC96", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-220": { "value": "
2.6 Intangible assets
(a) Patents and licenses
Acquired patents and licenses are stated at historical
cost. Patents and licenses have a finite useful life and
are carried at cost less accumulated amortization.
Amortization is calculated using the straight-line
method to allocate the cost of patents and licenses
over their estimated useful lives. An asset\u2019s carrying
amount is written down to its recoverable amount
if the asset\u2019s carrying amount is greater than its
estimated recoverable amount. In January 2014,
Ensurge acquired an IP portfolio consisting of patents.
These assets are initially recognized at fair value and
subsequently measured at cost, less accumulated
amortization and impairment losses.
(b) Research and development
Research costs are expensed as they are incurred. An
intangible asset arising from development expenditure
on an individual project is capitalized only when the
group reliably can measure the expenditure and can
demonstrate:
\u2022 The technical feasibility of completing the intangible
asset so that it will be available for use or sale
\u2022 How the asset will generate future economic
benefits
\u2022 The group\u2019s ability to obtain resources to complete
the project
Development costs are amortized over the period of
expected use of the asset. See Note 12.
An asset\u2019s carrying amount is written down to its
recoverable amount if the asset\u2019s carrying amount is
greater than its estimated recoverable amount.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIntangibleAssetsOtherThanGoodwillExplanatory", "language": "en", "entity": "scheme:5493007QXMCG0WPKFC96", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-262": { "value": "2.6 Intangible assets (a) Patents and licenses Acquired patents and licenses are stated at historical cost. Patents and licenses have a finite useful life and are carried at cost less accumulated amortization. Amortization is calculated using the straight-line method to allocate the cost of patents and licenses over their estimated useful lives. An asset\u2019s carrying amount is written down to its recoverable amount if the asset\u2019s carrying amount is greater than its estimated recoverable amount. In January 2014, Ensurge acquired an IP portfolio consisting of patents. These assets are initially recognized at fair value and subsequently measured at cost, less accumulated amortization and impairment losses. (b) Research and development Research costs are expensed as they are incurred. An intangible asset arising from development expenditure on an individual project is capitalized only when the group reliably can measure the expenditure and can demonstrate: \u2022 The technical feasibility of completing the intangible asset so that it will be available for use or sale \u2022 How the asset will generate future economic benefits \u2022 The group\u2019s ability to obtain resources to complete the project Development costs are amortized over the period of expected use of the asset. See Note 12. An asset\u2019s carrying amount is written down to its recoverable amount if the asset\u2019s carrying amount is greater than its estimated recoverable amount. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIntangibleAssetsAndGoodwillExplanatory", "language": "en", "entity": "scheme:5493007QXMCG0WPKFC96", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-291": { "value": "(b) Research and development Research costs are expensed as they are incurred. An intangible asset arising from development expenditure on an individual project is capitalized only when the group reliably can measure the expenditure and can demonstrate: \u2022 The technical feasibility of completing the intangible asset so that it will be available for use or sale \u2022 How the asset will generate future economic benefits \u2022 The group\u2019s ability to obtain resources to complete the project Development costs are amortized over the period of expected use of the asset. See Note 12. An asset\u2019s carrying amount is written down to its recoverable amount if the asset\u2019s carrying amount is greater than its estimated recoverable amount. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForResearchAndDevelopmentExpenseExplanatory", "language": "en", "entity": "scheme:5493007QXMCG0WPKFC96", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-221": { "value": "
2.7 Impairment of assets
Assets that have an indefinite useful life, for example
goodwill, are not subject to amortization and are
tested annually for impairment. Assets that are
subject to amortization are reviewed for impairment
whenever events or changes in circumstances
indicate that the carrying amount may not be
recoverable. An impairment loss is recognized for the
amount by which the asset\u2019s carrying amount exceeds
its recoverable amount. The recoverable amount is the
higher of an asset\u2019s fair value, less costs of disposal
and value in use. For the purposes of assessing
impairment, assets are grouped at the lowest levels
for which there are separately identifiable cash flows
(cash-generating units). Non- financial assets other
than goodwill are reviewed for possible reversal of any
previous impairment at each reporting date.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfAssetsExplanatory", "language": "en", "entity": "scheme:5493007QXMCG0WPKFC96", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-222": { "value": "
2.8 Trade receivables and other
receivables
Trade receivables and other short-term receivables
are measured at initial recognition at fair value and
subsequently measured at amortized cost. Short-term
receivables, which are due within three months, are
normally not discounted. Impairment of receivables
is evaluated on a case-by-case basis. The group
writes off a trade receivable when there is information
indicating that the debtor is in severe financial
difficulty and there is no realistic prospect of recovery.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForTradeAndOtherReceivablesExplanatory", "language": "en", "entity": "scheme:5493007QXMCG0WPKFC96", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-223": { "value": "
2.9 Cash and bank deposits
Cash and bank deposits include cash in hand,
deposits held at call with banks, other short-term
highly liquid investments with original maturities of
three months or less. Bank overdrafts are shown
within borrowings in current liabilities on the balance
sheet.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyToDetermineComponentsOfCashAndCashEquivalents", "language": "en", "entity": "scheme:5493007QXMCG0WPKFC96", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-224": { "value": "
2.10 Share capital
Ordinary shares are classified as equity. Incremental
costs directly attributable to raising new equity are
shown as a deduction to the equity, net of tax.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIssuedCapitalExplanatory", "language": "en", "entity": "scheme:5493007QXMCG0WPKFC96", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-225": { "value": "
2.11 Trade payables
The carrying amounts of trade and other payables are
the same as their fair values, due to their short- term
nature.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForTradeAndOtherPayablesExplanatory", "language": "en", "entity": "scheme:5493007QXMCG0WPKFC96", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-229": { "value": "
2.12 Deferred income tax
Deferred income tax is recognized on temporary
differences arising between the tax bases of assets
and liabilities and their carrying amounts in the
consolidated financial statements. However, the
deferred income tax is not accounted for if it arises
from initial recognition of an asset or a liability in a
transaction other than a business combination that at
the time of the transaction affects neither accounting,
nor taxable profit or loss. Deferred income tax is
determined using tax rates (and laws) that have been
enacted or substantially enacted on the balance sheet
date and are expected to apply when the related
deferred income tax asset is realized, or the deferred
income tax liability is settled.
Deferred tax assets are recognized to the extent
that it is probable that future taxable profit will be
available against which the temporary differences can
be utilized. Deferred tax liabilities are recognized for
taxable temporary differences.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDeferredIncomeTaxExplanatory", "language": "en", "entity": "scheme:5493007QXMCG0WPKFC96", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-226": { "value": "
2.13 Employee remuneration
Termination benefits are payable when employment is
terminated by the group before the normal retirement
date, or whenever an employee accepts voluntary
redundancy in exchange for these benefits. The group
recognizes termination benefits when it is demonstrably
committed to either: terminating the employment of
current employees according to a detailed formal plan
without possibility of withdrawal; or providing termination
benefits as a result of an offer made to encourage
voluntary redundancy. Benefits falling due more than
12 months after the balance sheet date are discounted
to present value. The Company only holds defined
contribution pension plans. Contributions are expensed
and paid when earned.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForEmployeeBenefitsExplanatory", "language": "en", "entity": "scheme:5493007QXMCG0WPKFC96", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-230": { "value": "
2.14 Revenue recognition
Revenue is recognized at the amount that the
Company expects to be entitled to and expects to
collect under the contract. If a contract has multiple
performance obligations, the transaction price is
allocated to each performance obligation identified
in the contract on a relative stand-alone selling price
basis. Revenue is shown net of value-added tax,
returns, rebates and discounts and after eliminating
sales within the group.
(a) Sales of goods
Sales of goods were recognized when the
performance obligation was satisfied, the costs
incurred with respect to the transaction could be
measured reliably, and Ensurge retained neither
continuing managerial involvement to the degree
usually associated with ownership nor effective
control over the goods sold.
(b) Rendering of services
The group provides engineering and support services
to strategic customers and partners.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForRecognitionOfRevenue", "language": "en", "entity": "scheme:5493007QXMCG0WPKFC96", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-228": { "value": "
2.15 Government grants
Government grants are recognized when there is
reasonable assurance that the grant will be received,
and the conditions will be complied with. Grants are
recognized as other income over the period necessary
to match them with the related costs, for which they
are intended to compensate, on a systematic basis.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForGovernmentGrants", "language": "en", "entity": "scheme:5493007QXMCG0WPKFC96", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-227": { "value": "
2.16 Financial liabilities
(a) Borrowings
Borrowings are initially recognized at cost and
subsequently measured at amortized cost using
the effective interest method. Amortized cost is
calculated by considering any issue costs as well as
discount or premium on settlement. Financial liabilities
are presented as current if the liabilities are due to be
settled within 12 months after the balance sheet date.
(b) Leases
All leases are recognized in the balance sheet as a right-
of-use (\u201cROU\u201d) asset with a corresponding lease liability,
except for short term assets in which the lease term
is 12 months or less, or low value assets. ROU assets
represent a right to use an underlying asset for the lease
term and lease liabilities represent an obligation to make
lease payments arising from the lease. Right-of-use
assets are depreciated linearly over the lifetime of the
related lease contract. The depreciation of ROU asset is
recognized over the lease term, and interest expenses
related to the lease liability are classified as financial
items in the income statement. Right-of-use assets are
tested for impairment in accordance with IAS 36.
Ensurge determines if an arrangement is a lease at
inception. Assets and liabilities arising from a lease
are initially measured on a present value basis. Lease
liabilities include the net present value of fixed
payments, less any lease incentives. The Company\u2019s
incremental borrowing rate based on the information
available at commencement date is used in determining
the present value of lease payments. Extension options
are included when it, based on management\u2019s judgment,
is reasonably certain to be exercised. ROU assets are
measured at cost and include the amount of the initial
measurement of lease liability, any lease payments
made at or before the commencement date, less any
lease incentives received, any initial direct costs, and
restoration costs. Payments associated with short-term
leases and leases of low-value assets are recognized on a straight-line basis as an expense in the income statement. Short-term leases are leases with a lease term of 12 months or less and low-value assets. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialLiabilitiesExplanatory", "language": "en", "entity": "scheme:5493007QXMCG0WPKFC96", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-263": { "value": "(a) Borrowings Borrowings are initially recognized at cost and subsequently measured at amortized cost using the effective interest method. Amortized cost is calculated by considering any issue costs as well as discount or premium on settlement. Financial liabilities are presented as current if the liabilities are due to be settled within 12 months after the balance sheet date. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForBorrowingsExplanatory", "language": "en", "entity": "scheme:5493007QXMCG0WPKFC96", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-264": { "value": "(b) Leases All leases are recognized in the balance sheet as a right- of-use (\u201cROU\u201d) asset with a corresponding lease liability, except for short term assets in which the lease term is 12 months or less, or low value assets. ROU assets represent a right to use an underlying asset for the lease term and lease liabilities represent an obligation to make lease payments arising from the lease. Right-of-use assets are depreciated linearly over the lifetime of the related lease contract. The depreciation of ROU asset is recognized over the lease term, and interest expenses related to the lease liability are classified as financial items in the income statement. Right-of-use assets are tested for impairment in accordance with IAS 36. Ensurge determines if an arrangement is a lease at inception. Assets and liabilities arising from a lease are initially measured on a present value basis. Lease liabilities include the net present value of fixed payments, less any lease incentives. The Company\u2019s incremental borrowing rate based on the information available at commencement date is used in determining the present value of lease payments. Extension options are included when it, based on management\u2019s judgment, is reasonably certain to be exercised. ROU assets are measured at cost and include the amount of the initial measurement of lease liability, any lease payments made at or before the commencement date, less any lease incentives received, any initial direct costs, and restoration costs. Payments associated with short-term leases and leases of low-value assets are recognized on a straight-line basis as an expense in the income statement. Short-term leases are leases with a lease term of 12 months or less and low-value assets. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForLeasesExplanatory", "language": "en", "entity": "scheme:5493007QXMCG0WPKFC96", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-234": { "value": "2.17 Share-based remuneration and derivatives over own shares (a) Share-based remuneration Equity-settled share-based payments to employees are measured at the fair value of the equity instruments at grant date. The fair value of the instruments is determined using a Black-Scholes option pricing model. The fair value determined at the grant date of the equity-settled share-based payments is expensed on a straight-line basis over the vesting period, based on the Group\u2019s estimate of equity instruments that will eventually vest, with a corresponding increase in equity. At the end of each reporting period, the Group revises its estimate of the number of equity instruments expected to vest. For social security contribution related to equity settled share-based payment transactions with employees, a liability is recognized. The liability is initially measured at the fair value of the liability. At the end of each reporting period until the liability is settled, and the date of settlement, the fair value of the liability is remeasured, with any changes in fair value recognized in profit or loss for the year. (b) Derivatives over own shares The warrants are derivatives over own shares and the exercise price is denominated in Norwegian Kroner (NOK), while the functional currency of the Company is the U.S. Dollar. As a result of this difference in currencies, the proceeds received by the Company varied based on foreign exchange rates. Thus, the fixed for fixed criteria in IAS 32.11 is not met. Further, the warrants were not allocated pro rata to all existing owners of the same class of own equity instruments and did not meet the strict criteria for the rights issue exemption in IAS 32.11. The February 2025 Warrants and August 2025 Warrants were classified as derivative liabilities (scoped under IFRS 9) and measured at fair value (in accordance with IFRS 13) in the statement of financial position. Any changes in fair value from period to period were recorded as a non-cash gain or loss in the consolidated statement comprehensive income. The December 2025 Warrants are classified as equity-settled share-based payments under IFRS 2. There are 67,934,000 warrants outstanding at 31 December 2025. See Note 14. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForSharebasedPaymentTransactionsExplanatory", "language": "en", "entity": "scheme:5493007QXMCG0WPKFC96", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-268": { "value": "(b) Derivatives over own shares The warrants are derivatives over own shares and the exercise price is denominated in Norwegian Kroner (NOK), while the functional currency of the Company is the U.S. Dollar. As a result of this difference in currencies, the proceeds received by the Company varied based on foreign exchange rates. Thus, the fixed for fixed criteria in IAS 32.11 is not met. Further, the warrants were not allocated pro rata to all existing owners of the same class of own equity instruments and did not meet the strict criteria for the rights issue exemption in IAS 32.11. The February 2025 Warrants and August 2025 Warrants were classified as derivative liabilities (scoped under IFRS 9) and measured at fair value (in accordance with IFRS 13) in the statement of financial position. Any changes in fair value from period to period were recorded as a non-cash gain or loss in the consolidated statement comprehensive income. The December 2025 Warrants are classified as equity-settled share-based payments under IFRS 2. There are 67,934,000 warrants outstanding at 31 December 2025. See Note 14. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForWarrantsExplanatory", "language": "en", "entity": "scheme:5493007QXMCG0WPKFC96", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-267": { "value": "2.18 Cash flow statement The cash flow statement is prepared in accordance with the indirect method. ", "dimensions": { "concept": "ifrs-full:DisclosureOfCashFlowStatementExplanatory", "language": "en", "entity": "scheme:5493007QXMCG0WPKFC96", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-231": { "value": "2.18 Cash flow statement The cash flow statement is prepared in accordance with the indirect method. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForCashFlowsExplanatory", "language": "en", "entity": "scheme:5493007QXMCG0WPKFC96", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-233": { "value": "2.19 Segment information Operating segments, according to IFRS 8, are reported in a manner consistent with the internal reporting provided to the chief operating decision-maker. The chief operating decision-maker, who is responsible for allocating resources, assessing performance and making strategic decisions, has been identified as the Chief Executive Officer (CEO). Based on Ensurge\u2019s current deliveries, performance obligations, customer characteristics and other information, it has been assessed that Ensurge has only one operating segment. Hence, primarily information according to IFRS 8 paragraphs 32\u201334 is provided. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForSegmentReportingExplanatory", "language": "en", "entity": "scheme:5493007QXMCG0WPKFC96", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-265": { "value": "2.20 Changes in accounting principles In 2025 new standards and amendments to existing standards have become effective. This related to the following standards: \u2022 Lack of Exchangeability \u2014 Amendments to IAS 21 The adoption of these items did not have a significant impact on the financial statements of the Group. ", "dimensions": { "concept": "ifrs-full:DescriptionOfInitialApplicationOfStandardsOrInterpretations", "language": "en", "entity": "scheme:5493007QXMCG0WPKFC96", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-232": { "value": "2.20 Changes in accounting principles In 2025 new standards and amendments to existing standards have become effective. This related to the following standards: \u2022 Lack of Exchangeability \u2014 Amendments to IAS 21 The adoption of these items did not have a significant impact on the financial statements of the Group. 2.21 Approved standards and interpretations not yet in effect In addition to these standards, the following new and revised IFRSs have been issued but were not mandatory for annual reporting periods ending on 31 December 2025. The Group will assess the potential impact of these new and revised standards in due course. \u2022 Sale or Contribution of Assets between an Investor and its Associate or Joint Venture \u2014 Amendments to IFRS 10 and IAS 28 \u2022 Amendments to the Classification and Measurement of Financial Instruments (Amendments to IFRS 9 and IFRS 7) \u2022 IFRS 18 Presentation and Disclosure in Financial Statements \u2022 IFRS 19 Subsidiaries without Public Accountability: Disclosures", "dimensions": { "concept": "ifrs-full:DisclosureOfChangesInAccountingPoliciesExplanatory", "language": "en", "entity": "scheme:5493007QXMCG0WPKFC96", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-266": { "value": "2.21 Approved standards and interpretations not yet in effect In addition to these standards, the following new and revised IFRSs have been issued but were not mandatory for annual reporting periods ending on 31 December 2025. The Group will assess the potential impact of these new and revised standards in due course. \u2022 Sale or Contribution of Assets between an Investor and its Associate or Joint Venture \u2014 Amendments to IFRS 10 and IAS 28 \u2022 Amendments to the Classification and Measurement of Financial Instruments (Amendments to IFRS 9 and IFRS 7) \u2022 IFRS 18 Presentation and Disclosure in Financial Statements \u2022 IFRS 19 Subsidiaries without Public Accountability: Disclosures", "dimensions": { "concept": "ifrs-full:DescriptionOfExpectedImpactOfInitialApplicationOfNewStandardsOrInterpretations", "language": "en", "entity": "scheme:5493007QXMCG0WPKFC96", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-236": { "value": "
3. Segment information
Ensurge\u2019s business consists of sale of products, services
and development of electronic products and related
solutions. The CEO has determined that the group has
only one operating segment. Consequently, no additional
segment information is disclosed. Reference is made to
Notes 14 and 23 for entity-wide disclosures.
", "dimensions": { "concept": "ifrs-full:DisclosureOfEntitysReportableSegmentsExplanatory", "language": "en", "entity": "scheme:5493007QXMCG0WPKFC96", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-235": { "value": "
4. Capital management and
financial risk
4.1 Capital management
The group manages its capital to ensure that entities in
the group will be able to continue as a going concern.
The capital structure of the group consists of equity
and current and non-current interest-bearing liabilities.
The group is not subject to any externally imposed
capital requirements apart from the requirements
according to national laws and regulations for limited
liability companies. In September 2019, the Company\u2019s
subsidiary, Ensurge Micropower, Inc. closed an
equipment term loan facility with Utica Leaseco, LLC
(\u201cUtica\u201d) for USD 13.2 million secured by select fixed
assets (see Note 11). The terms of the Master Lease
Agreement and subsequent amendments are detailed in
Note 22. The outstanding balance at 31 December 2025
was USD 3,652 thousand. In October 2024, the
Company\u2019s subsidiary, Ensurge Micropower, Inc.
entered into an equipment lease agreement with
Gekko Financial LLC. The outstanding balance at
31 December 2025 was USD 81 thousand.
The Company is working on obtaining additional equity
funding. See Note 2.1 Going concern.
4.2 Financial risk factors
Ensurge is exposed to certain financial risks related to
exchange rates and interest level. These are, however,
insignificant compared to the business risk.
(a) Market risk factors
(i) Currency risk
The Group has the majority of its operations in the
USA. As of 31 December 2025, approximately 27%
of the Company\u2019s cash balance was denominated
in USD, in order to mitigate currency risk associated
with the increased value of the USD relative to NOK.
Management monitors this risk and will take the
appropriate actions to address it as the situation
requires.
(ii) Interest risk Ensurge Micropower, Inc., the U.S. operating subsidiary and global headquarters of the Ensurge Micropower Group, closed an equipment term loan facility with Utica for financing of USD 13.2 million, which funded in two tranches during the month of September 2019. The interest rate associated with this debt is fixed and therefore does not present the potential risk that would be associated with interest rate fluctuations. (b) Credit risk The Company has some credit risks relating to receivables. The loss on receivables has historically been low. In connection with the relocation of Ensurge\u2019s U.S. headquarters in 2017, a USD 1,600 thousand Letter of Credit was issued by Ensurge Micropower ASA to the landlord of the Junction Avenue facility located in San Jose, California. In addition, the Company entered into a Tenancy Guaranty with the landlord as additional security of the rent payments. The initial guaranty liability amounted to USD 5,000 thousand and reduces on an annual basis by USD 500 thousand per year, commencing with the second lease year until the liability reaches zero dollars. As of 31 December 2025, the guaranty liability amounted to USD 1,000 thousand. Apart from that, Ensurge has not issued additional material guarantees. (c) Liquidity risk Aside from the equipment term loan facility of USD 13.2 million closed in September 2019, and the equipment lease agreement closed in 2024, Ensurge does not have any other material interest-bearing debt. In addition, the Company has a continued obligation under a lease agreement signed in November 2016 relating to its U.S. headquarters in San Jose, California. The Company was able to raise equity financing in 2025 but is not yet cash generative and operates at a loss. There is uncertainty tied to the generation of future cash flow in connection with the Company\u2019s new business strategy. As described in Note 2.1 Basis of preparation, the Company is currently pursuing alternative forms of generating cash to meet its financial obligations. There is no assurance that the Company will be successful in raising funds. Failure to obtain future funding, when needed or on acceptable terms, would adversely affect its ability to continue as a going concern. 4.3 Fair value estimation The carrying amounts of trade and other receivables and payables are considered to be the same as their fair values, due to their short-term nature. Accounts payable and accrued liabilities with due date within 12 months have been recognized at carrying value. 4.4 Financial instruments Ensurge is not party to any transactions or financial instruments which are not recorded in the balance sheet or otherwise disclosed. ", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialRiskManagementExplanatory", "language": "en", "entity": "scheme:5493007QXMCG0WPKFC96", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-273": { "value": "4. Capital management and financial risk 4.1 Capital management The group manages its capital to ensure that entities in the group will be able to continue as a going concern. The capital structure of the group consists of equity and current and non-current interest-bearing liabilities. The group is not subject to any externally imposed capital requirements apart from the requirements according to national laws and regulations for limited liability companies. In September 2019, the Company\u2019s subsidiary, Ensurge Micropower, Inc. closed an equipment term loan facility with Utica Leaseco, LLC (\u201cUtica\u201d) for USD 13.2 million secured by select fixed assets (see Note 11). The terms of the Master Lease Agreement and subsequent amendments are detailed in Note 22. The outstanding balance at 31 December 2025 was USD 3,652 thousand. In October 2024, the Company\u2019s subsidiary, Ensurge Micropower, Inc. entered into an equipment lease agreement with Gekko Financial LLC. The outstanding balance at 31 December 2025 was USD 81 thousand. The Company is working on obtaining additional equity funding. See Note 2.1 Going concern. ", "dimensions": { "concept": "ifrs-full:DisclosureOfObjectivesPoliciesAndProcessesForManagingCapitalExplanatory", "language": "en", "entity": "scheme:5493007QXMCG0WPKFC96", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-272": { "value": "(a) Market risk factors (i) Currency risk The Group has the majority of its operations in the USA. As of 31 December 2025, approximately 27% of the Company\u2019s cash balance was denominated in USD, in order to mitigate currency risk associated with the increased value of the USD relative to NOK. Management monitors this risk and will take the appropriate actions to address it as the situation requires.
(ii) Interest risk
Ensurge Micropower, Inc., the U.S. operating
subsidiary and global headquarters of the Ensurge
Micropower Group, closed an equipment term loan
facility with Utica for financing of USD 13.2 million,
which funded in two tranches during the month of
September 2019. The interest rate associated with
this debt is fixed and therefore does not present
the potential risk that would be associated with
interest rate fluctuations.
", "dimensions": { "concept": "ifrs-full:DisclosureOfMarketRiskExplanatory", "language": "en", "entity": "scheme:5493007QXMCG0WPKFC96", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-269": { "value": "
(b) Credit risk
The Company has some credit risks relating to
receivables. The loss on receivables has historically
been low.
In connection with the relocation of Ensurge\u2019s U.S.
headquarters in 2017, a USD 1,600 thousand Letter
of Credit was issued by Ensurge Micropower ASA to
the landlord of the Junction Avenue facility located
in San Jose, California. In addition, the Company
entered into a Tenancy Guaranty with the landlord as
additional security of the rent payments. The initial
guaranty liability amounted to USD 5,000 thousand
and reduces on an annual basis by USD 500 thousand
per year, commencing with the second lease
year until the liability reaches zero dollars. As of
31 December 2025, the guaranty liability amounted to
USD 1,000 thousand. Apart from that, Ensurge has not
issued additional material guarantees.
", "dimensions": { "concept": "ifrs-full:DisclosureOfCreditRiskExplanatory", "language": "en", "entity": "scheme:5493007QXMCG0WPKFC96", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-270": { "value": "
(c) Liquidity risk
Aside from the equipment term loan facility of
USD 13.2 million closed in September 2019, and the
equipment lease agreement closed in 2024, Ensurge
does not have any other material interest-bearing debt.
In addition, the Company has a continued obligation
under a lease agreement signed in November 2016
relating to its U.S. headquarters in San Jose, California.
The Company was able to raise equity financing in 2025
but is not yet cash generative and operates at a loss.
There is uncertainty tied to the generation of future cash
flow in connection with the Company\u2019s new business
strategy. As described in Note 2.1 Basis of preparation,
the Company is currently pursuing alternative forms of
generating cash to meet its financial obligations. There
is no assurance that the Company will be successful
in raising funds. Failure to obtain future funding, when
needed or on acceptable terms, would adversely affect
its ability to continue as a going concern.
", "dimensions": { "concept": "ifrs-full:DisclosureOfLiquidityRiskExplanatory", "language": "en", "entity": "scheme:5493007QXMCG0WPKFC96", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-271": { "value": "4.3 Fair value estimation The carrying amounts of trade and other receivables and payables are considered to be the same as their fair values, due to their short-term nature. Accounts
payable and accrued liabilities with due date within
12 months have been recognized at carrying value.
", "dimensions": { "concept": "ifrs-full:DisclosureOfFairValueMeasurementExplanatory", "language": "en", "entity": "scheme:5493007QXMCG0WPKFC96", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-274": { "value": "
4.4 Financial instruments
Ensurge is not party to any transactions or financial
instruments which are not recorded in the balance
sheet or otherwise disclosed.
22. Current and long-term debt
In September 2019, the subsidiary in the U.S., Ensurge Micropower, Inc., closed an equipment term loan facility
with Utica for USD 13.2 million secured by select fixed assets (see Note 11).
On 7 November 2022, the Company consolidated and re-amortized the Master Lease Agreement and three
amendments with Utica. In connection with the new arrangement, the Company has pledged additional
collateral to secure the amended payment terms. In addition to the existing collateral pledge, its R2R
production line equipment and sheet-line tools, Ensurge has pledged all remaining unsecured equipment
located in the San Jose, California facility. Further, Utica has taken a first security position in certain of Ensurge
Micropower ASA\u2019s intellectual property.
At 31 December 2025, the current portion of the loan principal of USD 2,298 thousand and the long-term
portion of the principal of USD 1,354 thousand is recorded as Long-term Debt in the Consolidated Statements
of Financial Position. The interest rate for the financing is 24% in 2024 and 20% in 2025. The table below
discloses principal payment obligations as well as interest payments for the Company.
The Company entered into an equipment lease agreement in October 2024 with Gekko Financial LLC. At
31 December 2025, the current portion of the loan is USD 16 thousand. The long-term portion of the loan of
USD 81 thousand is recorded as Long-term Debt in the Consolidated Statement for Financial Position. The
interest rate is 13.12%.
The Company entered into a lease agreement in November 2016 relating to its U.S. headquarters in San
Jose, California. The lease in San Jose expires in September 2028. The building element of the lease
agreement is classified as a lease liability. As a part of the relocation of Ensurge\u2019s U.S. headquarters in 2017,
a USD 1,600 thousand Letter of Credit was issued by Ensurge Micropower ASA to the landlord. The restricted
cash of USD 1,600 thousand securing the Letter of Credit is included in the Company\u2019s cash and cash
equivalents. Ensurge Micropower ASA, in addition, entered into a Tenancy Guarantee with the landlord.
The guarantee was given to secure payment of the lease rent. The initial guarantee liability amounted to
USD 5,000 thousand and reduces on an annual basis of USD 500 thousand per year commencing with the
second lease year until the liability reaches zero dollars. As of 31 December 2025, the guarantee liability
amounted to USD 1,000 thousand.
The San Jose, California lease is reflected under this caption and the table below. In addition, see Note 25.
The interest rate for the financing is 17%. The table below disclosures principal payment obligations for the
Company.
Reconciliation of liabilities arising from financing activities
Non-cash changes
Amounts in Cash Other
USD 1,000
31 December 2024
flows
Additions
changes
31 December 2025
Interest-bearing\ue259
5,514
(1,863)
\u2014
\u2014
3,652\ue259
debt
Lease liabilities
7,848\ue259
(1,799)
\u2014
\u2014
6,049\ue259
Convertible debt
\u2014
\u2014
\u2014
\u2014
\u2014
13,362
(3,662)
\u2014
\u2014
9,700
Changes in debt
Amounts in USD 1,000
Short term debt
Long term debt
Total
Principal balance as of 1 January 2024
1,863\ue259
3,652
5,514\ue259
Principal payments
(1,863)
\u2014
(1,863)
Reclass from long term to short term
2,298\ue259
(2,298)
\u2014
Principal balance as of 31 December 2024
2,298
1,354
3,652
Maturity schedule \u2014 liabilities
Amounts in USD 1,000
31 December 2025
Principal and interest due
Carrying 1\u20132 2\u20133 3\u20134
value
Within 1 year
years years years
Q1
Q2
Q3
Q4
Principal obligations\ue259
3,652
540\ue259
563\ue259
586
1,308\ue259
610\ue259
21\ue259
24
due
Interest payments
\u2014
143\ue259
120\ue259
97
70\ue259
72\ue259
5
2
Lease payments
6,049\ue259
591\ue259
591\ue259
591\ue259
2,447
608
1,875\ue259
\u2014
Total to be paid
1,274
1,275
1,275
3,825
1,291
1,901
26
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:5493007QXMCG0WPKFC96", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-237": { "value": "
5. Critical accounting estimates
and judgments
The financial statements of the group have been
prepared based on the going concern assumption.
Estimates and judgments are continually evaluated and
are based on historical experience and other factors,
including expectations of future events that are believed
to be reasonable under the circumstances. Reference
is made to Note 2.1 Going concern. The Group makes
estimates and assumptions concerning the future. The
resulting accounting estimates will, by definition, rarely
equal the related actual results.
The estimates and assumptions in the financial
statements of the group mainly relate to share-based
compensation, warrants, deferred tax assets, accounting
for research and development, intangible assets,
property, plant and equipment and leases.
Share-based compensation
Ensurge estimates the fair value of options at the
grant date. As the subscription rights are structured
equal to an option, the Black-Scholes option pricing
model is used for valuing the share subscription
rights. The model uses the following parameters; the
exercise price, the life of the option, the current price
of the underlying shares, the expected volatility of
the share price, the dividends expected on the shares,
and the risk-free interest rate for the life of the option.
The cost of share-based remuneration is expensed
over the vesting period. Such estimates are updated
at the balance sheet date. Changes in this estimate
will impact the expensed cost of share-based
remuneration in the period. The variables, assumptions
and relevant theoretical foundations used in the
calculation of the fair value per share subscription
right is estimated according to the IFRS 2 standard.
Research and development
Research costs are expensed as incurred.
Development expenditure on an individual project
is recognized as an intangible asset only when
Ensurge can demonstrate the technical feasibility
of completing the intangible assets so that it will be
available for use or sale, the Company\u2019s intention and
capability of completing the development and realize
the asset, and the net future financial benefits of use
or sale. Determining whether an expense meets the
definition of a development cost requires judgment to
be applied. In 2024, the Company reported significant
progress on important technological milestones
relating to the first prototype solid-state lithium
microbatteries ranging from 1.2\u20136.5 mAh in capacity
leading to the capitalization of USD 8,849 thousand
in 2025. From December 2025 the Company ceased
to capitalize further R&D costs on the battery
project, based on an assessment that the project
has transitioned out of the development phase that
supported capitalization under accounting standards
and into a phase primarily focused on execution,
refinement, and operational optimization. See Note 12.
Lease
The Company entered into a lease agreement in
November 2016 relating to the property building of
its U.S. headquarters in San Jose, California. Ensurge
assesses whether the lease has been impaired by
applying the requirements in IAS 36 \u2014 Impairment
of assets. As of 31 December 2025, the book
value of the leased building is USD 0 thousand,
whereas the book value of the lease liability is
USD 6,049 thousand. See Note 13.
", "dimensions": { "concept": "ifrs-full:DisclosureOfAccountingJudgementsAndEstimatesExplanatory", "language": "en", "entity": "scheme:5493007QXMCG0WPKFC96", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-238": { "value": "
6. Revenue and other income
The breakdown of revenue and other income is as follows:
Amounts in USD 1,000
2025
2024
Sales of goods
\u2014
\u2014
Rendering of services, delivery of samples, technology\ue259
25
61
access revenue
Total revenue and other income
25
61
The Company recognized USD 25 thousand in sales revenue and other income in 2025 and USD 61 thousand
sales revenue and other income in 2024 from external customers from other countries. Revenue for services is
recognized as services are provided. Revenue for samples is recognized upon shipment of the samples.
Revenue for technology access is recognized according to the terms of the customer agreement.
No warranty costs, penalties or other losses were related to sales revenue in 2025 or 2024.
", "dimensions": { "concept": "ifrs-full:DisclosureOfRevenueExplanatory", "language": "en", "entity": "scheme:5493007QXMCG0WPKFC96", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-239": { "value": "
7. Salaries and other payroll costs
Amounts in USD 1,000
2025
2024
Salaries
6,967\ue259
5,312
Social security costs
521\ue259
415\ue259
Share-based compensation (subscription rights), notional
1,323
798\ue259
salary cost
Share-based compensation (subscription rights), accrued
\u2014
\u2014
employer\u00b4s tax
Pension contribution
231
\u2014
Other personnel related expenses, including recruiting\ue259
951\ue259
771\ue259
costs
Capitalized research and development
(5,554)
\u2014
Total
4,439
7,296
Average number of employees for the year (full-time\ue259
40
32
equivalent)
At the end of the year the group had 41 full-time employees, up from 36 at the end of 2024.
The Company has defined contribution pension plans. Contributions are expensed and paid when earned.
Compensation to senior management
Amounts in USD 1,000
2025
2024
Salary
1,082
790\ue259
Pension contribution
17\ue259
\u2014
Bonus
152\ue259
76\ue259
Employee share purchase
\u2014
115\ue259
Share-based compensation
588
260
Total senior management
1,839
1,240
Information according to the accounting act \u00a7\u00a77-31b and 7-32 (1) is provided in the Remuneration Report 2025.
8. Remuneration to the Board of Directors
Members of the Board of Directors were elected at the Extraordinary General Meeting on 8 August 2025 for a term
until the 2026 Annual General Meeting. The Company has no other obligation to remunerate the Board other than
the board remuneration as resolved at the AGM or EGM. The Company has not issued any advance payments or
loans to, or guarantees in favor of, any board member. See Note 21 for further information of shares and subscription
rights held at 31 December 2025.
Information according to the accounting act \u00a7\u00a77-31b and 7-32 (1) is provided in the Remuneration Report 2025.
", "dimensions": { "concept": "ifrs-full:DisclosureOfInformationAboutEmployeesExplanatory", "language": "en", "entity": "scheme:5493007QXMCG0WPKFC96", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-275": { "value": "7. Salaries and other payroll costs
Amounts in USD 1,000
2025
2024
Salaries
6,967\ue259
5,312
Social security costs
521\ue259
415\ue259
Share-based compensation (subscription rights), notional
1,323
798\ue259
salary cost
Share-based compensation (subscription rights), accrued
\u2014
\u2014
employer\u00b4s tax
Pension contribution
231
\u2014
Other personnel related expenses, including recruiting\ue259
951\ue259
771\ue259
costs
Capitalized research and development
(5,554)
\u2014
Total
4,439
7,296
Average number of employees for the year (full-time\ue259
40
32
equivalent)
At the end of the year the group had 41 full-time employees, up from 36 at the end of 2024. The Company has defined contribution pension plans. Contributions are expensed and paid when earned. Compensation to senior management
Amounts in USD 1,000
2025
2024
Salary
1,082
790\ue259
Pension contribution
17\ue259
\u2014
Bonus
152\ue259
76\ue259
Employee share purchase
\u2014
115\ue259
Share-based compensation
588
260
Total senior management
1,839
1,240
Information according to the accounting act \u00a7\u00a77-31b and 7-32 (1) is provided in the Remuneration Report 2025. ", "dimensions": { "concept": "ifrs-full:DisclosureOfEmployeeBenefitsExplanatory", "language": "en", "entity": "scheme:5493007QXMCG0WPKFC96", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-276": { "value": "8. Remuneration to the Board of Directors Members of the Board of Directors were elected at the Extraordinary General Meeting on 8 August 2025 for a term until the 2026 Annual General Meeting. The Company has no other obligation to remunerate the Board other than the board remuneration as resolved at the AGM or EGM. The Company has not issued any advance payments or loans to, or guarantees in favor of, any board member. See Note 21 for further information of shares and subscription rights held at 31 December 2025. Information according to the accounting act \u00a7\u00a77-31b and 7-32 (1) is provided in the Remuneration Report 2025.", "dimensions": { "concept": "ifrs-full:DisclosureOfInformationAboutKeyManagementPersonnelExplanatory", "language": "en", "entity": "scheme:5493007QXMCG0WPKFC96", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-240": { "value": "
9. Other operating expenses
Amounts in USD 1,000
2025
2024
Services
2,298\ue259
1,799\ue259
Premises, supplies
4,685
4,319\ue259
Sales and marketing
157\ue259
272\ue259
Other expenses
707\ue259
893\ue259
Capitalized Research and Development
(3,295)
(4,249)
Total
4,553
3,033
Ensurge has lease agreements for premises in the following locations:
Oslo (Norway): The Corporate headquarters are located at Kongens gate 6, Oslo. The Company currently pays
rent on a month-to-month basis. The monthly rent is NOK 7 thousand per month.
San Jose (California, U.S.): The Company entered into a lease agreement in November 2016 relating to the
property building of its Global headquarter at Junction Avenue in San Jose, CA. The lease in San Jose expires
in September 2028. The average annual lease amount in the period is USD 2,436 thousand. See Note 13 for
further description.
Only the lease agreement for the San Jose premises has a duration longer than twelve months.
", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherOperatingExpenseExplanatory", "language": "en", "entity": "scheme:5493007QXMCG0WPKFC96", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-241": { "value": "
10. Related party transactions
a) Transactions with related parties
Amounts in USD 1,000
2025
2024
Purchase of services from Acapulco Advisors AS
217\ue259
112
Purchase of services from Admaniha AS
57\ue259
219\ue259
Purchase of services from Lars Eikeland
563\ue259
571
Purchases of services from law firm R\u00e6der Bing\ue259
507
251
advokatfirma AS
In 2025, Ensurge recorded USD 217 thousand for advisory services from Acapulco Advisors AS, a company
owned by St\u00e5le Bj\u00f8rnstad, a consultant and a shareholder of Ensurge. This contract ended on 16 January 2026.
In 2025, Ensurge recorded USD 57 thousand respectively for consulting services from Admaniha AS, a company
owned by Terje Rogne, a former board member of Ensurge. This contract ended prior to this reporting period.
In 2025, Ensurge recorded USD 563 thousand for CEO and CFO consulting services provided by Lars Eikeland.
Mr. Eikeland served as interim CEO from January 2024 to August 2025 and as CFO from September 2024 to
February 2026. On 3 February 2026, the Company announced that Mr. Eikeland was stepping down as CFO and
will continue as an unpaid advisor to the Company starting in March 2026 for continued vesting of previously
granted equity.
In 2025, Ensurge recorded USD 507 thousand for legal services provided by law firm R\u00e6der Bing advokatfirma
AS, in which Morten Opstad, a deputy board member of Ensurge, is a partner. Mr. Opstad\u2019s role changed prior to
this reporting period from board member to deputy board member.
Transaction prices are based on what would be the prices for sale to third parties and are net of VAT.
b) Year-end balances arising from sales/purchases of goods/services with related
parties
Amounts in USD\ue25a1,000
2025
2024
Payable to Acapulco Advisors AS
35\ue259
\u2014
Payable to Lars Eikeland
143
49\ue259
Payable to law firm R\u00e6der Bing advokatfirma AS
168
31
c) Remuneration to the auditor
Amounts in USD 1,000
2025
2024
Audit
144
155
Other assurance services
32
43\ue259
Other services*
5
5
Total
182
204
*Relates to technical preparation of tax return with mandatory forms.
", "dimensions": { "concept": "ifrs-full:DisclosureOfRelatedPartyExplanatory", "language": "en", "entity": "scheme:5493007QXMCG0WPKFC96", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-277": { "value": "a) Transactions with related parties
Amounts in USD 1,000
2025
2024
Purchase of services from Acapulco Advisors AS
217\ue259
112
Purchase of services from Admaniha AS
57\ue259
219\ue259
Purchase of services from Lars Eikeland
563\ue259
571
Purchases of services from law firm R\u00e6der Bing\ue259
507
251
advokatfirma AS
In 2025, Ensurge recorded USD 217 thousand for advisory services from Acapulco Advisors AS, a company owned by St\u00e5le Bj\u00f8rnstad, a consultant and a shareholder of Ensurge. This contract ended on 16 January 2026. In 2025, Ensurge recorded USD 57 thousand respectively for consulting services from Admaniha AS, a company owned by Terje Rogne, a former board member of Ensurge. This contract ended prior to this reporting period. In 2025, Ensurge recorded USD 563 thousand for CEO and CFO consulting services provided by Lars Eikeland. Mr. Eikeland served as interim CEO from January 2024 to August 2025 and as CFO from September 2024 to February 2026. On 3 February 2026, the Company announced that Mr. Eikeland was stepping down as CFO and will continue as an unpaid advisor to the Company starting in March 2026 for continued vesting of previously granted equity. In 2025, Ensurge recorded USD 507 thousand for legal services provided by law firm R\u00e6der Bing advokatfirma AS, in which Morten Opstad, a deputy board member of Ensurge, is a partner. Mr. Opstad\u2019s role changed prior to this reporting period from board member to deputy board member. Transaction prices are based on what would be the prices for sale to third parties and are net of VAT. ", "dimensions": { "concept": "ifrs-full:DisclosureOfTransactionsBetweenRelatedPartiesExplanatory", "language": "en", "entity": "scheme:5493007QXMCG0WPKFC96", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-278": { "value": "b) Year-end balances arising from sales/purchases of goods/services with related parties
Amounts in USD\ue25a1,000
2025
2024
Payable to Acapulco Advisors AS
35\ue259
\u2014
Payable to Lars Eikeland
143
49\ue259
Payable to law firm R\u00e6der Bing advokatfirma AS
168
31
", "dimensions": { "concept": "ensurgemicropowerasa:DisclosureOfYearEndBalancesArisingFromSalesPurchasesOfGoodsServicesWithRelatedParties", "language": "en", "entity": "scheme:5493007QXMCG0WPKFC96", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-292": { "value": "c) Remuneration to the auditor
Amounts in USD 1,000
2025
2024
Audit
144
155
Other assurance services
32
43\ue259
Other services*
5
5
Total
182
204
*Relates to technical preparation of tax return with mandatory forms.", "dimensions": { "concept": "ifrs-full:DisclosureOfAuditorsRemunerationExplanatory", "language": "en", "entity": "scheme:5493007QXMCG0WPKFC96", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-279": { "value": "c) Remuneration to the auditor
Amounts in USD 1,000
2025
2024
Audit
144
155
Other assurance services
32
43\ue259
Other services*
5
5
Total
182
204
*Relates to technical preparation of tax return with mandatory forms.", "dimensions": { "concept": "ifrs-full:DisclosureOfExpensesExplanatory", "language": "en", "entity": "scheme:5493007QXMCG0WPKFC96", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-242": { "value": "
11. Property, plant and equipment
Laboratory and
Amounts in USD 1,000 production equipment
Useful life, years
5
2025
Accumulated cost on 1 January 2025
53,308\ue259
Additions
479
Sale / disposal of assets
\u2014
Accumulated cost 31 December 2025
53,787
Accumulated depreciation
Accumulated depreciation and impairments on 1 January 2025
(51,659)
Depreciation expenses
(656)
Sale / disposal of assets
\u2014
Accumulated depreciation and impairment 31 December 2025
(52,315)
Net book value 31 December 2025
1,473
2024
Accumulated cost on 1 January 2024
52,935\ue259
Additions
373\ue259
Sale / disposal of assets
\u2014
Accumulated cost 31 December 2024
53,308
Accumulated depreciation
Accumulated depreciation and impairments on 1 January 2024
(51,069)
Depreciation expenses
(590)
Sale / disposal of assets
\u2014
Accumulated depreciation and impairment 31 December 2024
(51,659)
Net book value 31 December 2024
1,649
All property, plant and equipment are based in San Jose, California.
Impairment
The Company revised its strategy in 2019, triggering an impairment test. Management views the R2R
technology, production facility and related assets as broadly applicable to multiple potential applications,
including for use in its strategy to develop and produce a new and innovative class of thin, safe solid-state
lithium batteries for wearable devices and connected sensors. As there is no observable market data on these
assets, management have not been able to find a reliable estimate on \u2018fair value less costs to sell\u2019. Due to these
uncertainties the assets, including certain intangible assets (see Note 12) and right-of-use assets (see Note 13)
were fully impaired as of 31 December 2019. If the revised strategy is successful, the Company may reverse
some or all of the impairment of production-related assets.
Assets pledged as security
The majority of production facility assets, including the R2R production facility, have been pledged to secure
borrowings of the group (see Note 22). The group is not allowed to pledge these assets as security for other
borrowings or to sell them to another entity.
", "dimensions": { "concept": "ifrs-full:DisclosureOfPropertyPlantAndEquipmentExplanatory", "language": "en", "entity": "scheme:5493007QXMCG0WPKFC96", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-280": { "value": "11. Property, plant and equipment
Laboratory and
Amounts in USD 1,000 production equipment
Useful life, years
5
2025
Accumulated cost on 1 January 2025
53,308\ue259
Additions
479
Sale / disposal of assets
\u2014
Accumulated cost 31 December 2025
53,787
Accumulated depreciation
Accumulated depreciation and impairments on 1 January 2025
(51,659)
Depreciation expenses
(656)
Sale / disposal of assets
\u2014
Accumulated depreciation and impairment 31 December 2025
(52,315)
Net book value 31 December 2025
1,473
2024
Accumulated cost on 1 January 2024
52,935\ue259
Additions
373\ue259
Sale / disposal of assets
\u2014
Accumulated cost 31 December 2024
53,308
Accumulated depreciation
Accumulated depreciation and impairments on 1 January 2024
(51,069)
Depreciation expenses
(590)
Sale / disposal of assets
\u2014
Accumulated depreciation and impairment 31 December 2024
(51,659)
Net book value 31 December 2024
1,649
All property, plant and equipment are based in San Jose, California. Impairment The Company revised its strategy in 2019, triggering an impairment test. Management views the R2R technology, production facility and related assets as broadly applicable to multiple potential applications, including for use in its strategy to develop and produce a new and innovative class of thin, safe solid-state lithium batteries for wearable devices and connected sensors. As there is no observable market data on these assets, management have not been able to find a reliable estimate on \u2018fair value less costs to sell\u2019. Due to these uncertainties the assets, including certain intangible assets (see Note 12) and right-of-use assets (see Note 13) were fully impaired as of 31 December 2019. If the revised strategy is successful, the Company may reverse some or all of the impairment of production-related assets. Assets pledged as security The majority of production facility assets, including the R2R production facility, have been pledged to secure borrowings of the group (see Note 22). The group is not allowed to pledge these assets as security for other borrowings or to sell them to another entity.", "dimensions": { "concept": "ifrs-full:DisclosureOfDepreciationAndAmortisationExpenseExplanatory", "language": "en", "entity": "scheme:5493007QXMCG0WPKFC96", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-293": { "value": "12. Intangible assets
Capitalized
Capitalized NFC
Purchased microbattery
SpeedTap
\u2122
intellectual development development
Amounts in USD 1,000 property costs
costs
Total
Amortization period, years (linear)
13\u201316
10
2025
Acquisition cost
Accumulated cost on 1 January 2025
1,791\ue259
4,309\ue259
1,630
7,730
Additions
\u2014
8,943\ue259
8,943
Accumulated cost
1,791
13,252
1,630
16,673
31 December 2025
Accumulated amortization and
impairment on 1 January 2025
(1,791)
\u2014
(1,630)
(3,421)
Amortization
\u2014
\u2014
\u2014
\u2014
Amortization and Impairment
(1,791)
\u2014
(1,630)
(3,421)
31 December 2025
Net book value 31 December 2025
\u2014
13,252
\u2014
13,252
2024
Acquisition cost
Accumulated cost on 1 January 2024
1,791
\u2014
1,630
3,421
Additions
\u2014
4,309\ue259
\u2014
4,309\ue259
Accumulated cost 31 December 2024
1,791
4,309
1,630
7,730
Accumulated amortization and
impairment on 1 January 2024
(1,791)
\u2014
(1,630)
(3,421)
Amortization
\u2014
\u2014
\u2014
\u2014
Amortization and Impairment 31
(1,791)
\u2014
(1,630)
(3,421)
December 2024
Net book value 31 December 2024
\u2014
4,309
\u2014
4,309
In 2024, the Company reported significant progress on important technology milestones relating to the first prototype solid-state lithium microbatteries with capacities ranging from 1.2\u20136.5 mAh. The Company identified and began capitalizing qualified research and development costs in Q3 2024. From December 2025 the Company ceased to capitalize further R&D costs on the battery project, based on an assessment that the project has transitioned out of the development phase that supported capitalization under accounting standards and into a phase primarily focused on execution, refinement, and operational optimization Total capitalized development costs through 31 December 2025 amount to USD 13,252 thousand (2024: USD 4,309 thousand). Going forward, research and development expenses will be expensed as incurred until the Company determines that capitalization criteria are again met. The Company intends to begin amortization of the intangible asset over a ten-year period upon finalization of the microbattery development and commencement of commercial production. Purchased intellectual property The purchased intellectual property relates to licensing of certain patents. The portfolio is reviewed for impairment annually by comparing the book value to the fair market value at the patent level. In 2019 the remaining unamortized balance was impaired in full as the Company revised its strategy whereby the future value of these patents is uncertain.", "dimensions": { "concept": "ifrs-full:DisclosureOfResearchAndDevelopmentExpenseExplanatory", "language": "en", "entity": "scheme:5493007QXMCG0WPKFC96", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-281": { "value": "12. Intangible assets
Capitalized
Capitalized NFC
Purchased microbattery
SpeedTap
\u2122
intellectual development development
Amounts in USD 1,000 property costs
costs
Total
Amortization period, years (linear)
13\u201316
10
2025
Acquisition cost
Accumulated cost on 1 January 2025
1,791\ue259
4,309\ue259
1,630
7,730
Additions
\u2014
8,943\ue259
8,943
Accumulated cost
1,791
13,252
1,630
16,673
31 December 2025
Accumulated amortization and
impairment on 1 January 2025
(1,791)
\u2014
(1,630)
(3,421)
Amortization
\u2014
\u2014
\u2014
\u2014
Amortization and Impairment
(1,791)
\u2014
(1,630)
(3,421)
31 December 2025
Net book value 31 December 2025
\u2014
13,252
\u2014
13,252
2024
Acquisition cost
Accumulated cost on 1 January 2024
1,791
\u2014
1,630
3,421
Additions
\u2014
4,309\ue259
\u2014
4,309\ue259
Accumulated cost 31 December 2024
1,791
4,309
1,630
7,730
Accumulated amortization and
impairment on 1 January 2024
(1,791)
\u2014
(1,630)
(3,421)
Amortization
\u2014
\u2014
\u2014
\u2014
Amortization and Impairment 31
(1,791)
\u2014
(1,630)
(3,421)
December 2024
Net book value 31 December 2024
\u2014
4,309
\u2014
4,309
In 2024, the Company reported significant progress on important technology milestones relating to the first prototype solid-state lithium microbatteries with capacities ranging from 1.2\u20136.5 mAh. The Company identified and began capitalizing qualified research and development costs in Q3 2024. From December 2025 the Company ceased to capitalize further R&D costs on the battery project, based on an assessment that the project has transitioned out of the development phase that supported capitalization under accounting standards and into a phase primarily focused on execution, refinement, and operational optimization Total capitalized development costs through 31 December 2025 amount to USD 13,252 thousand (2024: USD 4,309 thousand). Going forward, research and development expenses will be expensed as incurred until the Company determines that capitalization criteria are again met. The Company intends to begin amortization of the intangible asset over a ten-year period upon finalization of the microbattery development and commencement of commercial production. Purchased intellectual property The purchased intellectual property relates to licensing of certain patents. The portfolio is reviewed for impairment annually by comparing the book value to the fair market value at the patent level. In 2019 the remaining unamortized balance was impaired in full as the Company revised its strategy whereby the future value of these patents is uncertain.", "dimensions": { "concept": "ifrs-full:DisclosureOfIntangibleAssetsExplanatory", "language": "en", "entity": "scheme:5493007QXMCG0WPKFC96", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-243": { "value": "12. Intangible assets
Capitalized
Capitalized NFC
Purchased microbattery
SpeedTap
\u2122
intellectual development development
Amounts in USD 1,000 property costs
costs
Total
Amortization period, years (linear)
13\u201316
10
2025
Acquisition cost
Accumulated cost on 1 January 2025
1,791\ue259
4,309\ue259
1,630
7,730
Additions
\u2014
8,943\ue259
8,943
Accumulated cost
1,791
13,252
1,630
16,673
31 December 2025
Accumulated amortization and
impairment on 1 January 2025
(1,791)
\u2014
(1,630)
(3,421)
Amortization
\u2014
\u2014
\u2014
\u2014
Amortization and Impairment
(1,791)
\u2014
(1,630)
(3,421)
31 December 2025
Net book value 31 December 2025
\u2014
13,252
\u2014
13,252
2024
Acquisition cost
Accumulated cost on 1 January 2024
1,791
\u2014
1,630
3,421
Additions
\u2014
4,309\ue259
\u2014
4,309\ue259
Accumulated cost 31 December 2024
1,791
4,309
1,630
7,730
Accumulated amortization and
impairment on 1 January 2024
(1,791)
\u2014
(1,630)
(3,421)
Amortization
\u2014
\u2014
\u2014
\u2014
Amortization and Impairment 31
(1,791)
\u2014
(1,630)
(3,421)
December 2024
Net book value 31 December 2024
\u2014
4,309
\u2014
4,309
In 2024, the Company reported significant progress on important technology milestones relating to the first prototype solid-state lithium microbatteries with capacities ranging from 1.2\u20136.5 mAh. The Company identified and began capitalizing qualified research and development costs in Q3 2024. From December 2025 the Company ceased to capitalize further R&D costs on the battery project, based on an assessment that the project has transitioned out of the development phase that supported capitalization under accounting standards and into a phase primarily focused on execution, refinement, and operational optimization
Total capitalized development costs through 31 December 2025 amount to USD 13,252 thousand (2024:
USD 4,309 thousand).
Going forward, research and development expenses will be expensed as incurred until the Company determines
that capitalization criteria are again met.
The Company intends to begin amortization of the intangible asset over a ten-year period upon finalization of
the microbattery development and commencement of commercial production.
Purchased intellectual property
The purchased intellectual property relates to licensing of certain patents. The portfolio is reviewed for
impairment annually by comparing the book value to the fair market value at the patent level. In 2019 the
remaining unamortized balance was impaired in full as the Company revised its strategy whereby the future
value of these patents is uncertain.
", "dimensions": { "concept": "ifrs-full:DisclosureOfIntangibleAssetsAndGoodwillExplanatory", "language": "en", "entity": "scheme:5493007QXMCG0WPKFC96", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-282": { "value": "13. Leases The Company entered into a lease agreement in November 2016 relating to the building of its U.S. headquarters in San Jose, CA. The lease in San Jose expires in September 2028. Ensurge applies exemption for short term leases (12 months or less) and low value leases. The borrowing rate applied in discounting the nominal lease debt is 7.25%.
Lease liability
Amounts in USD 1,000
Short-term
Long-term
Total
Lease liability recognized at 1 January 2025
1,799
6,049
7,848\ue259
Lease payment (see note below)
(2,310)
\u2014
(2,310)
Interest expense
511\ue259
\u2014
511\ue259
Reclass from long term to short term
2,004
(2,004)
\u2014
Lease liability as of 31 December 2025
2,004
4,045
6,049
For maturity schedule of minimum lease payments, see Note 22. In the statement of cash flow, the principal portion of lease payments are included in line \u201cLease installments\u201d with an amount of USD 1,799 thousand, and interest portion of the payment are included in line \u201cInterest paid\u201d with an amount of USD 511 thousand. Both are presented as cash flow from financing activities.", "dimensions": { "concept": "ifrs-full:DisclosureOfQuantitativeInformationAboutRightofuseAssetsExplanatory", "language": "en", "entity": "scheme:5493007QXMCG0WPKFC96", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-244": { "value": "13. Leases The Company entered into a lease agreement in November 2016 relating to the building of its U.S. headquarters in San Jose, CA. The lease in San Jose expires in September 2028. Ensurge applies exemption for short term leases (12 months or less) and low value leases. The borrowing rate applied in discounting the nominal lease debt is 7.25%.
Lease liability
Amounts in USD 1,000
Short-term
Long-term
Total
Lease liability recognized at 1 January 2025
1,799
6,049
7,848\ue259
Lease payment (see note below)
(2,310)
\u2014
(2,310)
Interest expense
511\ue259
\u2014
511\ue259
Reclass from long term to short term
2,004
(2,004)
\u2014
Lease liability as of 31 December 2025
2,004
4,045
6,049
For maturity schedule of minimum lease payments, see Note 22. In the statement of cash flow, the principal portion of lease payments are included in line \u201cLease installments\u201d with an amount of USD 1,799 thousand, and interest portion of the payment are included in line \u201cInterest paid\u201d with an amount of USD 511 thousand. Both are presented as cash flow from financing activities.", "dimensions": { "concept": "ifrs-full:DisclosureOfLeasesExplanatory", "language": "en", "entity": "scheme:5493007QXMCG0WPKFC96", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-245": { "value": "
14. Warrants liability
On 11 February 2025, the EGM approved the issuance of 20,000,000 warrants (\u201cFebruary 2025 Warrants\u201d) to
the participants in the private placement completed on 20 January 2025. The February 2025 Warrants had an
exercise price of NOK 1.00 and expired on 10 October 2025. At the time of issue, the value of the February 2025
Warrants was determined to be USD 765 thousand based on the Black-Scholes valuation model.
On 8 August 2025, the EGM approved the issuance of 20,000,000 warrants (\u201cAugust 2025 Warrants\u201d) to the
participants in the private placement completed on 8 July 2025. The August 2025 Warrants had an exercise
price of NOK 1.50 and expired on 12 December 2025. At the time of issue, the value of the August 2025
Warrants was determined to be USD 293 thousand based on the Black-Scholes valuation model.
On 12 October 2025, 19,470,726 of the February 2025 Warrants were exercised at an exercise price of NOK 1.00,
resulting in the issuance of 19,470,726 new shares in the Company.
The August 2025 Warrants were not exercised within the expiration date and have therefore lapsed without any
rights for the holders.
On 3 November 2025, the Company announced that in accordance with the Investment Agreement with
Corning, the Company will issue 67,934,000 warrants (\u201cDecember 2025 Warrants\u201d) representing the NOK
equivalent of USD 10 million divided by the exercise price of NOK 1.50. The warrants will be exercisable between
4 December 2025 and 3 December 2027, provided that the Company and Corning maintain an active joint
development agreement or a subsequent commercial agreement. The December 2025 Warrants were approved
by the EGM held on 3 December 2025.
The exercise price of the warrants is denominated in Norwegian Kroner (NOK); however, the functional currency
of the Company is the U.S. Dollar. As a result of this difference in currencies, the proceeds that will be received
by the Company is not fixed and will vary based on foreign exchange rates. The February 2025 Warrants and
August 2025 Warrants were a derivative and were required to be recognized and measured at fair value at each
reporting period. Any changes in fair value from period to period was recorded as a non-cash gain or loss in
the consolidated statement of comprehensive income, in accordance with IFRS 13. Upon exercise, the holders
paid the Company the respective exercise price for each warrant exercised in exchange for one common
share of Ensurge Micropower ASA, the fair value at the date of exercise and the associated non-cash liability
was reclassified to share capital. The December 2025 Warrants are classified as equity-settled share-based
payments under IFRS 2. No expense has been recognized for 2025, as no services were rendered during the
year. There are no circumstances in which the Company would be required to pay any cash upon exercise or
expiry of the warrants.
A reconciliation of the change in fair values of the derivative is below:
Fair value of warrant liability
Amounts in USD 1,000
31 December 2025
31 December 2024
Opening balance
$\u2014
$\u2014
Warrants issued
1,058
\u2014
Warrants exercised
(745)
\u2014
Warrants expired
(314)
\u2014
Change in fair value of warrant liability\ue259
\u2014
\u2014
Ending balance
0
\u2014
Deferred loss
\u2014
\u2014
Warrants liability
0
\u2014
Joint Development Private Placement as approved on
Agreement
As of 31 December 2025
3 November 2025
8 August 2025
11 February 2025
Share price
NOK 0.853
NOK 0.853
NOK 0.853
Exercise price
NOK 1.50
NOK 1.50
NOK 1.00
Expected term (in years)
1.92\ue259
\u2014
\u2014
Expected share price volatility
\u2014
49.33%
74.55%
Annual rate of quarterly
\u2014
0.00%
0.00%
dividends
Risk-free interest rate
\u2014
0.00%
0.00%
Warrant expiration date
3 December 2027
12 December 2025
10 October 2025
", "dimensions": { "concept": "ensurgemicropowerasa:DisclosureOfWarrantsLiability", "language": "en", "entity": "scheme:5493007QXMCG0WPKFC96", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-247": { "value": "
15. Net financial items
Amounts in USD 1,000
2025
2024
Interest income
148\ue259
151\ue259
Interest expense
(1,466)
(2,325)
Net realized and unrealized currency gain/(loss)
306
(468)
Change in fair value of derivative liability
\u2014
657\ue259
Other expenses
(103)
(77)
Total
(1,115)
(2,062)
See Note 22 for interest expense.
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinanceIncomeExpenseExplanatory", "language": "en", "entity": "scheme:5493007QXMCG0WPKFC96", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-298": { "value": "15. Net financial items
Amounts in USD 1,000
2025
2024
Interest income
148\ue259
151\ue259
Interest expense
(1,466)
(2,325)
Net realized and unrealized currency gain/(loss)
306
(468)
Change in fair value of derivative liability
\u2014
657\ue259
Other expenses
(103)
(77)
Total
(1,115)
(2,062)
See Note 22 for interest expense.", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestExpenseExplanatory", "language": "en", "entity": "scheme:5493007QXMCG0WPKFC96", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-297": { "value": "15. Net financial items
Amounts in USD 1,000
2025
2024
Interest income
148\ue259
151\ue259
Interest expense
(1,466)
(2,325)
Net realized and unrealized currency gain/(loss)
306
(468)
Change in fair value of derivative liability
\u2014
657\ue259
Other expenses
(103)
(77)
Total
(1,115)
(2,062)
See Note 22 for interest expense.", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestIncomeExplanatory", "language": "en", "entity": "scheme:5493007QXMCG0WPKFC96", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-296": { "value": "15. Net financial items
Amounts in USD 1,000
2025
2024
Interest income
148\ue259
151\ue259
Interest expense
(1,466)
(2,325)
Net realized and unrealized currency gain/(loss)
306
(468)
Change in fair value of derivative liability
\u2014
657\ue259
Other expenses
(103)
(77)
Total
(1,115)
(2,062)
See Note 22 for interest expense.", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestIncomeExpenseExplanatory", "language": "en", "entity": "scheme:5493007QXMCG0WPKFC96", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-294": { "value": "15. Net financial items
Amounts in USD 1,000
2025
2024
Interest income
148\ue259
151\ue259
Interest expense
(1,466)
(2,325)
Net realized and unrealized currency gain/(loss)
306
(468)
Change in fair value of derivative liability
\u2014
657\ue259
Other expenses
(103)
(77)
Total
(1,115)
(2,062)
See Note 22 for interest expense.", "dimensions": { "concept": "ifrs-full:DisclosureOfFinanceCostExplanatory", "language": "en", "entity": "scheme:5493007QXMCG0WPKFC96", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-283": { "value": "15. Net financial items
Amounts in USD 1,000
2025
2024
Interest income
148\ue259
151\ue259
Interest expense
(1,466)
(2,325)
Net realized and unrealized currency gain/(loss)
306
(468)
Change in fair value of derivative liability
\u2014
657\ue259
Other expenses
(103)
(77)
Total
(1,115)
(2,062)
See Note 22 for interest expense.", "dimensions": { "concept": "ifrs-full:DisclosureOfFinanceIncomeExplanatory", "language": "en", "entity": "scheme:5493007QXMCG0WPKFC96", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-246": { "value": "
16. Income tax expense
The tax on the Group\u2019s profit before tax differs from the theoretical amount that would arise using the weighted
average tax rate applicable to profits of the consolidated entities as follows:
Amounts in USD 1,000
2025
2024
Profit (loss)\ue259before tax
(10,736)
(12,922)
Tax (tax income) calculated at domestic tax rate
(2,362)
(2,843)
22%\ue259(22%)
Effect of other tax rate in other countries
(782)
(660)
Share based compensation
78\ue259
(24)
Nondeductible interest
195\ue259
316\ue259
Other permanent differences
1,103
132\ue259
Research and Development Credit
(437)
(339)
Special deduction for foreign derived intangible\ue259
(72)
(107)
income
Change in deferred tax asset not recognized in the\ue259
2,315\ue259
3,588\ue259
balance sheet
Tax charge
27
38
24. Deferred income tax Deferred income tax assets and liabilities are offset when the Company has a right to offset current tax assets against current tax liabilities and when the deferred income taxes relate to the same fiscal authority. The offset amounts are as follows:
Charged to
Amounts in USD 1,000
31 December 2024
profit/loss
Equity
31 December 2025
Deferred income tax asset
Fixed and intangible assets
892\ue259
(56)
\u2014
837
Other accruals
2,538
(674)
\u2014
1,864\ue259
R&D credits
2,928
679\ue259
\u2014
3,607\ue259
Tax loss carried forward outside
3,481\ue259
(844)
\u2014
2,637\ue259
Norway
Tax loss carried forward Norway
69,841\ue259
8,654
\u2014
78,495
Calculated deferred tax asset
79,
681\ue259
4,766\ue259
\u2014
84,446\ue259
22% (2024: 22%)
Impairment of deferred tax asset
(79,681)
(4,766)
\u2014
(84,446)
Deferred tax in the balance
\u2014
\u2014
\u2014
\u2014
sheet
The Equity column includes effects of currency translation. The Company has not recognized the tax asset as there is uncertainty relating to future taxable income for utilization of the tax loss carried forward, and the taxable loss on intangible assets. There is no expiration date on the tax loss carried forward. No tax item has been recorded directly to equity. The unrecognized deferred tax asset is calculated by applying the local tax rates in Norway and the U.S. These tax rates are 22 and 22 percent respectively (2024: 22 and 22).", "dimensions": { "concept": "ifrs-full:DisclosureOfIncomeTaxExplanatory", "language": "en", "entity": "scheme:5493007QXMCG0WPKFC96", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-248": { "value": "
17. Profit (loss) per share
1 January \u2013 1 January \u2013
Amounts in USD 31 December 2025 31 December 2024
Profit (loss)\ue259attributable to equity holders of the
(10,800)
(12,922)
Company (USD\ue2591,000)
Average number of shares in issue\ue259*
814,
165,726\ue259
602,608,
654\ue259
Average diluted number of shares\ue259*
814,
165,726\ue259
602,608,654
Profit (loss) per share, basic *
(USD 0.01)
(USD 0.02)
When the period result is a loss, the loss per diluted number of shares shall not be reduced by the higher diluted
number of shares, but the diluted result per share equals the result per basic number of shares.
The diluted number of shares has been calculated by the treasury stock method. If the adjusted exercise price
of subscription rights exceeds the average share price in the period, the subscription rights are not counted as
being dilutive.
", "dimensions": { "concept": "ifrs-full:DisclosureOfEarningsPerShareExplanatory", "language": "en", "entity": "scheme:5493007QXMCG0WPKFC96", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-250": { "value": "
18. Trade and other receivables
Amounts in USD 1,000
31 December 2025
31 December 2024
Customer receivables
20
129\ue259
Other receivables, prepayments
574\ue259
767\ue259
Less: provision for impairment of receivables and\ue259
\u2014
(109)
prepayments
Receivables \u2013 net
594
787
Of other receivables, prepayments of USD 3,149 thousand (of which USD 2,866 thousand is impaired); (2024:
USD 2,510 thousand) relate to equipment for San Jose site not yet delivered. All receivables are due within one
year and book value approximates fair value.
Other non-current financial receivables of USD 574 thousand mostly relates to a security deposit held by Utica.
Total receivables are denominated in currencies as shown below.
Amounts in USD 1,000
31 December 2025
31 December 2024
Denominated in NOK
\u2014
\u2014
Denominated in USD
594\ue259
787\ue259
Total
594
787
The group writes off a trade receivable when there is information indicating that the debtor is in severe financial
difficulty and there is no realistic prospect of recovery.
", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherAssetsExplanatory", "language": "en", "entity": "scheme:5493007QXMCG0WPKFC96", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-285": { "value": "18. Trade and other receivables
Amounts in USD 1,000
31 December 2025
31 December 2024
Customer receivables
20
129\ue259
Other receivables, prepayments
574\ue259
767\ue259
Less: provision for impairment of receivables and\ue259
\u2014
(109)
prepayments
Receivables \u2013 net
594
787
Of other receivables, prepayments of USD 3,149 thousand (of which USD 2,866 thousand is impaired); (2024: USD 2,510 thousand) relate to equipment for San Jose site not yet delivered. All receivables are due within one year and book value approximates fair value. Other non-current financial receivables of USD 574 thousand mostly relates to a security deposit held by Utica. Total receivables are denominated in currencies as shown below.
Amounts in USD 1,000
31 December 2025
31 December 2024
Denominated in NOK
\u2014
\u2014
Denominated in USD
594\ue259
787\ue259
Total
594
787
The group writes off a trade receivable when there is information indicating that the debtor is in severe financial difficulty and there is no realistic prospect of recovery.", "dimensions": { "concept": "ifrs-full:DisclosureOfTradeAndOtherReceivablesExplanatory", "language": "en", "entity": "scheme:5493007QXMCG0WPKFC96", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-249": { "value": "
19. Cash and cash equivalents
Amounts in USD 1,000
31 December 2025
31 December 2024
Cash in bank excluding restricted cash
6,301\ue259
2,468\ue259
Deposit for Letter of Credit (restricted)
1,600\ue259
1,600\ue259
Deposit for withheld tax (restricted)
12\ue259
12\ue259
Total
7,913
4,081
Payable withheld tax amounts in Norway at 31 December 2025 were USD 0 thousand (2024: USD 0 thousand).
", "dimensions": { "concept": "ifrs-full:DisclosureOfCashAndCashEquivalentsExplanatory", "language": "en", "entity": "scheme:5493007QXMCG0WPKFC96", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-284": { "value": "19. Cash and cash equivalents
Amounts in USD 1,000
31 December 2025
31 December 2024
Cash in bank excluding restricted cash
6,301\ue259
2,468\ue259
Deposit for Letter of Credit (restricted)
1,600\ue259
1,600\ue259
Deposit for withheld tax (restricted)
12\ue259
12\ue259
Total
7,913
4,081
Payable withheld tax amounts in Norway at 31 December 2025 were USD 0 thousand (2024: USD 0 thousand).", "dimensions": { "concept": "ifrs-full:DisclosureOfRestrictedCashAndCashEquivalentsExplanatory", "language": "en", "entity": "scheme:5493007QXMCG0WPKFC96", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-251": { "value": "
20. Share capital, warrants and subscription rights
At the end of 2025, there were 969,396,390 shares in the Company, versus 700,229,477 shares at the end of
2024, each having a par value of NOK 0.50.
Number of shares
Number of warrants
Shares at 1 January 2025
700,229,477
\u2014
Shares issued
269,
166,913\ue259
\u2014
Shares at 31 December 2025
969,396,390
\u2014
Shares at 1 January 2024
491,937,779
\u2014
Shares issued
208,291,
698\ue259
\u2014
Shares at 31 December 2024
700,229,477
\u2014
Number of Price per
Shares issued
Date
shares share
Private placement
20 January 2025
40,
000,000\ue259
1.00
Employee share purchase
4 March 2025
2,733,844
0.9138\ue259
Private placement
10 April 2025
52,250,
000\ue259
1.20
Private placement
8 July 2025
41,200,
000\ue259
1.25\ue259
Employee share purchase
2 September 2025
1,629,232
1.0072\ue259
Warrant exercise
12 October 2025
19,470
,726\ue259
1.00\ue259
Private placement
9 November 2025
83,
678,032\ue259
0.90\ue259
Private placement
17 December 2025
27
,433,079\ue259
0.90
Shares issued in 2025
268,394,913
Subscription rights exercised
5 June 2025
200,
000\ue259
0.50\ue259
Subscription rights exercised
5 June 2025
167
,000\ue259
0.915
Subscription rights exercised
1 September 2025
280
,000
0.50\ue259
Subscription rights exercised
1 September 2025
125,
000\ue259
0.915\ue259
Subscription rights exercised in 2025
772,000
Private placement
20 February 2024
46,
693,777\ue259
1.25\ue259
Convertible loan conversion
29 February 2024
2,917,808\ue259
0.525\ue259
Employee share purchase
6 March 2024
4,206,097\ue259
0.50\ue259
Convertible loan conversion
6 April 2024
2,932,289\ue259
0.525\ue259
Private placement
13 May 2024
54,
775,545\ue259
1.55\ue259
Convertible loan conversion
24 May 2024
12,439,9
21\ue259
0.525\ue259
Convertible loan conversion
24 July 2024
2,091,063\ue259
0.525
Employee share purchase
31 August 2024
2,216,074\ue259
1.13\ue259
Private placement
27 September 2024
61,
790,320\ue259
1.00\ue259
Private placement
24 October 2024
13,209
,680\ue259
1.00\ue259
Convertible loan conversion
10 November 2024
3,003,131\ue259
0.525\ue259
Shares issued in 2024
206,275,705
Subscription rights exercised
29 February 2024
2,000,000\ue259
0.50\ue259
Subscription rights exercised
31 August 2024
16,000
0.95\ue259
Subscription rights exercised in 2024
2,016,000
On 4 February 2026, the Company announced the issuance of 6,480,000 subscription rights to certain of its
U.S. employees. The grants were made under the Company\u2019s 2025 Subscription Rights Incentive Plan.
On 19 February 2026, the Company announced the issuance of 4,500,000 subscription rights to certain of its
U.S. employees. The grants were made under the Company\u2019s 2025 Subscription Rights Incentive Plan.
On 6 March 2026, the Company announced the issuance of 1,909,313 ordinary shares at an average
subscription price of NOK 0.6387 per share to employees and contractors in the Company who participated in
the Company\u2019s 2025 Employee Share Purchase Plan. The ESPP was approved by the EGM on 8 August 2025.
On 9 March 2026, the Board of Directors resolved to issue 794,000 shares at a subscription price of NOK 0.50
to employees of the Company who have exercised incentive subscription rights granted in accordance with the
Company\u2019s 2023 Subscription Rights Incentive Plan.
On 5 April 2026, the Company announced a Convertible Note agreement with select investors in the amount of
NOK 60 million. Issuance of the convertible notes and the associated warrants is subject to approval by AGM on
15 May 2026.
1 January - 1 January -
Number of subscription rights 31 December 2025 31 December 2024
Subscription rights opening balance
55,176,079\ue259
48,190,903\ue259
Grant of incentive subscription rights\ue259
62,632,311\ue259
11,972,200
Terminated, forfeited and expired subscription rights
(2,769,362)
(2,971,024)
Exercise of subscription rights
(772,000)
(2,016,000)
Subscription rights closing balance
114,267,028
55,176,079
Subscription
Date
rights
Price
Vesting
Expiration
Board members
8 August 2025
21,
000,000\ue259
1.376\ue259
40% at 2
026 A
GM, 30% after
8 August 2030
2 years and 30% after 3 years
Employees
3 February 2025
80,000\ue259
0.969\ue259
50% per year
14 May 2029
6 May 2025
90
,000\ue259
1.253\ue259
50% per year
14 May 2029
15 August 2025
385,000\ue259
1.329\ue259
50% per year
8 August 2030
1 September 2025
30,687
,311\ue259
1.316\ue259
25% after 1 year, remaining 75%\ue259 8 August 2030
equally over the next 12 quarters
26 September 2025
7,890,000\ue259
1.183\ue259
1/16 each quarter for 4 years
8 August 2030
Consultants
26 September 2025
2,500,000\ue259
1.183\ue259
1/16 each quarter for 4 years
8 August 2030
Grants of subscription rights in 2025 62,632,311
Subscription
Date
rights
Price
Vesting
Expiration
Employees
24 April 2024
202,200\ue259
1.264\ue259
50% per year
24 May 2028
20 August 2024
340
,000\ue259
1.386\ue259
50% per year
14 May 2029
20 August 2024
8,760,000\ue259
1.386\ue259
10% after 1 year, 20% after 2 years,\ue259 14 May 2029
70% after 3 years
24 September 2024
160,
000\ue259
1.098\ue259
50% per year
14 May 2029
11 November 2024
210,
000\ue259
50% per year
14 May 2029
0.940\ue259
Consultants
20 August 2024
2,300,000\ue259
1.386\ue259
10% after 1 year, 20% after 2 years,\ue259 14 May 2029
70% after 3 years
Grants of subscription rights in 2024
11,972,200
", "dimensions": { "concept": "ifrs-full:DisclosureOfIssuedCapitalExplanatory", "language": "en", "entity": "scheme:5493007QXMCG0WPKFC96", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-286": { "value": "20. Share capital, warrants and subscription rights At the end of 2025, there were 969,396,390 shares in the Company, versus 700,229,477 shares at the end of 2024, each having a par value of NOK 0.50.
Number of shares
Number of warrants
Shares at 1 January 2025
700,229,477
\u2014
Shares issued
269,
166,913\ue259
\u2014
Shares at 31 December 2025
969,396,390
\u2014
Shares at 1 January 2024
491,937,779
\u2014
Shares issued
208,291,
698\ue259
\u2014
Shares at 31 December 2024
700,229,477
\u2014
Number of Price per
Shares issued
Date
shares share
Private placement
20 January 2025
40,
000,000\ue259
1.00
Employee share purchase
4 March 2025
2,733,844
0.9138\ue259
Private placement
10 April 2025
52,250,
000\ue259
1.20
Private placement
8 July 2025
41,200,
000\ue259
1.25\ue259
Employee share purchase
2 September 2025
1,629,232
1.0072\ue259
Warrant exercise
12 October 2025
19,470
,726\ue259
1.00\ue259
Private placement
9 November 2025
83,
678,032\ue259
0.90\ue259
Private placement
17 December 2025
27
,433,079\ue259
0.90
Shares issued in 2025
268,394,913
Subscription rights exercised
5 June 2025
200,
000\ue259
0.50\ue259
Subscription rights exercised
5 June 2025
167
,000\ue259
0.915
Subscription rights exercised
1 September 2025
280
,000
0.50\ue259
Subscription rights exercised
1 September 2025
125,
000\ue259
0.915\ue259
Subscription rights exercised in 2025
772,000
Private placement
20 February 2024
46,
693,777\ue259
1.25\ue259
Convertible loan conversion
29 February 2024
2,917,808\ue259
0.525\ue259
Employee share purchase
6 March 2024
4,206,097\ue259
0.50\ue259
Convertible loan conversion
6 April 2024
2,932,289\ue259
0.525\ue259
Private placement
13 May 2024
54,
775,545\ue259
1.55\ue259
Convertible loan conversion
24 May 2024
12,439,9
21\ue259
0.525\ue259
Convertible loan conversion
24 July 2024
2,091,063\ue259
0.525
Employee share purchase
31 August 2024
2,216,074\ue259
1.13\ue259
Private placement
27 September 2024
61,
790,320\ue259
1.00\ue259
Private placement
24 October 2024
13,209
,680\ue259
1.00\ue259
Convertible loan conversion
10 November 2024
3,003,131\ue259
0.525\ue259
Shares issued in 2024
206,275,705
Subscription rights exercised
29 February 2024
2,000,000\ue259
0.50\ue259
Subscription rights exercised
31 August 2024
16,000
0.95\ue259
Subscription rights exercised in 2024
2,016,000
On 4 February 2026, the Company announced the issuance of 6,480,000 subscription rights to certain of its U.S. employees. The grants were made under the Company\u2019s 2025 Subscription Rights Incentive Plan. On 19 February 2026, the Company announced the issuance of 4,500,000 subscription rights to certain of its U.S. employees. The grants were made under the Company\u2019s 2025 Subscription Rights Incentive Plan. On 6 March 2026, the Company announced the issuance of 1,909,313 ordinary shares at an average subscription price of NOK 0.6387 per share to employees and contractors in the Company who participated in the Company\u2019s 2025 Employee Share Purchase Plan. The ESPP was approved by the EGM on 8 August 2025. On 9 March 2026, the Board of Directors resolved to issue 794,000 shares at a subscription price of NOK 0.50 to employees of the Company who have exercised incentive subscription rights granted in accordance with the Company\u2019s 2023 Subscription Rights Incentive Plan. On 5 April 2026, the Company announced a Convertible Note agreement with select investors in the amount of NOK 60 million. Issuance of the convertible notes and the associated warrants is subject to approval by AGM on 15 May 2026.
1 January - 1 January -
Number of subscription rights 31 December 2025 31 December 2024
Subscription rights opening balance
55,176,079\ue259
48,190,903\ue259
Grant of incentive subscription rights\ue259
62,632,311\ue259
11,972,200
Terminated, forfeited and expired subscription rights
(2,769,362)
(2,971,024)
Exercise of subscription rights
(772,000)
(2,016,000)
Subscription rights closing balance
114,267,028
55,176,079
Subscription
Date
rights
Price
Vesting
Expiration
Board members
8 August 2025
21,
000,000\ue259
1.376\ue259
40% at 2
026 A
GM, 30% after
8 August 2030
2 years and 30% after 3 years
Employees
3 February 2025
80,000\ue259
0.969\ue259
50% per year
14 May 2029
6 May 2025
90
,000\ue259
1.253\ue259
50% per year
14 May 2029
15 August 2025
385,000\ue259
1.329\ue259
50% per year
8 August 2030
1 September 2025
30,687
,311\ue259
1.316\ue259
25% after 1 year, remaining 75%\ue259 8 August 2030
equally over the next 12 quarters
26 September 2025
7,890,000\ue259
1.183\ue259
1/16 each quarter for 4 years
8 August 2030
Consultants
26 September 2025
2,500,000\ue259
1.183\ue259
1/16 each quarter for 4 years
8 August 2030
Grants of subscription rights in 2025 62,632,311
Subscription
Date
rights
Price
Vesting
Expiration
Employees
24 April 2024
202,200\ue259
1.264\ue259
50% per year
24 May 2028
20 August 2024
340
,000\ue259
1.386\ue259
50% per year
14 May 2029
20 August 2024
8,760,000\ue259
1.386\ue259
10% after 1 year, 20% after 2 years,\ue259 14 May 2029
70% after 3 years
24 September 2024
160,
000\ue259
1.098\ue259
50% per year
14 May 2029
11 November 2024
210,
000\ue259
50% per year
14 May 2029
0.940\ue259
Consultants
20 August 2024
2,300,000\ue259
1.386\ue259
10% after 1 year, 20% after 2 years,\ue259 14 May 2029
70% after 3 years
Grants of subscription rights in 2024
11,972,200
", "dimensions": { "concept": "ifrs-full:DisclosureOfShareCapitalReservesAndOtherEquityInterestExplanatory", "language": "en", "entity": "scheme:5493007QXMCG0WPKFC96", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-252": { "value": "
21. Shares and subscription rights
At the end of 2025 there were 969,396,390 shares in the Company, versus 700,229,477 at the end of 2024. At
the end of 2025 there were 11,558 registered shareholders (2024: 12,818).
Ensurge is not aware of any shareholding agreements between shareholders.
Top 20 shareholders as of
31 December 2025
Shares
Percent
The Bank of New York Mellon
62,619,884
6.5%
Skandinaviska Enskilda Banken AB
54,199,689
5.6%
Morgan Stanley & Co Intl Plc
51,903,123
5.4%
BNP Paribas
43,115,149
4.4%
Alden AS
40,666,666
4.2%
UBS AG
39,081,995
4.0%
Andreas Holding AS
35,866,072
3.7%
Bank Pictet & Cie (Europe)\ue259AG
31,114,630
3.2%
Nordnet Bank AB
28,284,446
2.9%
Goldman Sachs International
26,381,062
2.7%
Haadem Invest AS
21,828,554
2.3%
Jaco Invest AS
17,079,555
1.8%
Arne Hellest\u00f8 AS
13,200,000
1.4%
Songa Capital AS
12,801,200
1.3%
RTTM Holding AS
12,300,000
1.3%
J.P. Morgan Securities LLC
12,120,912
1.3%
Karl A Haraldsen 1 AS
12,000,000
1.2%
UBS Switzerland AG
11,222,134
1.2%
J.P. Morgan SE
11,196,541
1.2%
Ragnvald Gabrielsen AS
11,195,658
1.2%
Total 20 largest shareholders
548,177,270
56.5 %
Total other shareholders
421,219,120
43.5 %
Total Shares outstanding
969,396,390
100.0%
Shares and subscription rights held by primary insiders and Incentive
close relations at 31 December 2025 Shares subscription rights
Alexander Munch-Thore, Chairman
1,000,000\ue259
13,000,000
Thomas Ramm, Board Member
6,729,256\ue259
8,000,000
Nina Riibe, Board Member
100,
000\ue259
2,000,000
Morten Opstad, Deputy Board Member
209
,604\ue259
2,000,000
Terje Rogne, Former Board Member
320
,000\ue259
16,469,177
Victoire de Margerie, Former Board Member
\u2014
100,000
Shauna McIntyre, CEO/CFO
113,
666\ue259
30,687,311
Arvind Kamath, EVP Technology Development\ue259
540,841
10,499,999
Lars Eikeland, Former CEO/CFO
6,115,488
10,300,000
Mark Newman, Former Interim CEO, Former Board Member
\u2014
100,000
Total
15,128,855
93,156,487
Subscription rights
2025
2024
Weighted average Number of Weighted average Number of
exercise price, subscription exercise price, subscription
NOK rights NOK rights
Total at 1 January
1.34
55,
176,079\ue259
1.59\ue259
48,
190,903\ue259
Granted
1.31
62,632,31
1\ue259
1.37\ue259
6
2,632,311\ue259
Forfeited
2.18
(1,574,244)
0.54\ue259
(1,475,143)
Exercised
0.66
(772,000)
0.50
(2,016,000)
Expired
19.92
(1,195,118)
11.32
(1,495,881)
Total at 31 December
0.97
114,267,028
1.34
55,176,079
Number of exercisable subscription rights 42,208,974
at 31 December 2025 (included in total)
Subscription rights outstanding at 31 December 2025
Number of Weighted average
Holder subscription rights exercise price, NOK
Shauna McIntyre, CEO/CFO
30,68
7,311\ue259
1.32\ue259
Lars Eikeland, Former CEO/CFO
10,300
,000\ue259
0.83\ue259
Mark Newman, Former CEO
100,000
12.50\ue259
Arvind Kamath, EVP Technology Development\ue259
10,499
,999\ue259
0.87\ue259
Employees and contractors
62,679,718
1.10
Total
114,267,028
0.97
Value of subscription rights and Grants in Grants in Grants in Grants in Grants in
assumptions upon grant 2025 2024 2023 2022 2021
Value of subscription right at grant date,\ue259
0.37-0.89
0.94-1.386
0.40-4.30
0.50-28.40
24.75-34.20
NOK per subscription right\ue259
Share price, NOK per share\ue259
1.16-1.35
0.51-2.07
0.098-4.64
2.25-11.24
2.25-10.44
Exercise price, NOK per share\ue259
1.18 - 1.38
0.94-1.39
0.50-0.92
12.50-31.50
6.75-38.25
Expected annual volatility\ue259
72-96%
102-116%
155-182%
0-257%
235-236%
Duration, years\ue259
1.25-4.75
4.1-4.5
4.1-5.0
4.1-5.0
4.1-4.8
Expected dividend\ue259
\u2014
\u2014
\u2014
\u2014
\u2014
Risk-free interest rate, government bonds\ue259
3.48-3.88%
2.28-3.92%
2.31-3.84%
0.90-3.35%
0.26-0.81%
Value of subscription rights and Grants in Grants in Grants in Grants in Grants in
assumptions on 31 December 2025 2025 2024 2023 2022 2021
Value of subscription right at\ue259
31 December 2025, NOK per subscription\ue259
0.37-0.89
0.63-.098
0.42-.076
1.30-28.41
28.23-30.02
right
Share price, NOK per share\ue259
0.85
0.85
0.85
0.85
0.85
Exercise price, NOK per share\ue259
1.18 - 1.38
0.94-1.39
0.50-0.92
12.50-31.51
29.25-35.11
Expected annual volatility\ue259
72-96%
109-116%
164-177%
0-257%
235-236%
Duration, years\ue259
1.40-3.37
0.17-1.40
1.40-2.40
0.42-1.39
0.42
Expected dividend
\u2014
\u2014
\u2014
\u2014
\u2014
Risk-free interest rate, government bonds
3.48-3.88%
2.28-3.92%
2.47-3.84%
0.90-2.22%
0.32-0.81%
Number of outstanding subscription
62,532,311
10,485,600
40,801,376
225,522
222,219
rights at 31 December 2025
There were subscription rights exercised in 2024 and 2025.
", "dimensions": { "concept": "ifrs-full:DisclosureOfSharebasedPaymentArrangementsExplanatory", "language": "en", "entity": "scheme:5493007QXMCG0WPKFC96", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-295": { "value": "22. Current and long-term debt In September 2019, the subsidiary in the U.S., Ensurge Micropower, Inc., closed an equipment term loan facility with Utica for USD 13.2 million secured by select fixed assets (see Note 11). On 7 November 2022, the Company consolidated and re-amortized the Master Lease Agreement and three amendments with Utica. In connection with the new arrangement, the Company has pledged additional collateral to secure the amended payment terms. In addition to the existing collateral pledge, its R2R production line equipment and sheet-line tools, Ensurge has pledged all remaining unsecured equipment located in the San Jose, California facility. Further, Utica has taken a first security position in certain of Ensurge Micropower ASA\u2019s intellectual property. At 31 December 2025, the current portion of the loan principal of USD 2,298 thousand and the long-term portion of the principal of USD 1,354 thousand is recorded as Long-term Debt in the Consolidated Statements of Financial Position. The interest rate for the financing is 24% in 2024 and 20% in 2025. The table below discloses principal payment obligations as well as interest payments for the Company. The Company entered into an equipment lease agreement in October 2024 with Gekko Financial LLC. At 31 December 2025, the current portion of the loan is USD 16 thousand. The long-term portion of the loan of USD 81 thousand is recorded as Long-term Debt in the Consolidated Statement for Financial Position. The interest rate is 13.12%. The Company entered into a lease agreement in November 2016 relating to its U.S. headquarters in San Jose, California. The lease in San Jose expires in September 2028. The building element of the lease agreement is classified as a lease liability. As a part of the relocation of Ensurge\u2019s U.S. headquarters in 2017, a USD 1,600 thousand Letter of Credit was issued by Ensurge Micropower ASA to the landlord. The restricted cash of USD 1,600 thousand securing the Letter of Credit is included in the Company\u2019s cash and cash equivalents. Ensurge Micropower ASA, in addition, entered into a Tenancy Guarantee with the landlord. The guarantee was given to secure payment of the lease rent. The initial guarantee liability amounted to USD 5,000 thousand and reduces on an annual basis of USD 500 thousand per year commencing with the second lease year until the liability reaches zero dollars. As of 31 December 2025, the guarantee liability amounted to USD 1,000 thousand. The San Jose, California lease is reflected under this caption and the table below. In addition, see Note 25. The interest rate for the financing is 17%. The table below disclosures principal payment obligations for the Company. Reconciliation of liabilities arising from financing activities
Non-cash changes
Amounts in Cash Other
USD 1,000
31 December 2024
flows
Additions
changes
31 December 2025
Interest-bearing\ue259
5,514
(1,863)
\u2014
\u2014
3,652\ue259
debt
Lease liabilities
7,848\ue259
(1,799)
\u2014
\u2014
6,049\ue259
Convertible debt
\u2014
\u2014
\u2014
\u2014
\u2014
13,362
(3,662)
\u2014
\u2014
9,700
Changes in debt
Amounts in USD 1,000
Short term debt
Long term debt
Total
Principal balance as of 1 January 2024
1,863\ue259
3,652
5,514\ue259
Principal payments
(1,863)
\u2014
(1,863)
Reclass from long term to short term
2,298\ue259
(2,298)
\u2014
Principal balance as of 31 December 2024
2,298
1,354
3,652
Maturity schedule \u2014 liabilities
Amounts in USD 1,000
31 December 2025
Principal and interest due
Carrying 1\u20132 2\u20133 3\u20134
value
Within 1 year
years years years
Q1
Q2
Q3
Q4
Principal obligations\ue259
3,652
540\ue259
563\ue259
586
1,308\ue259
610\ue259
21\ue259
24
due
Interest payments
\u2014
143\ue259
120\ue259
97
70\ue259
72\ue259
5
2
Lease payments
6,049\ue259
591\ue259
591\ue259
591\ue259
2,447
608
1,875\ue259
\u2014
Total to be paid
1,274
1,275
1,275
3,825
1,291
1,901
26
", "dimensions": { "concept": "ifrs-full:DisclosureOfBorrowingsExplanatory", "language": "en", "entity": "scheme:5493007QXMCG0WPKFC96", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-253": { "value": "Maturity schedule \u2014 liabilities
Amounts in USD 1,000
31 December 2025
Principal and interest due
Carrying 1\u20132 2\u20133 3\u20134
value
Within 1 year
years years years
Q1
Q2
Q3
Q4
Principal obligations\ue259
3,652
540\ue259
563\ue259
586
1,308\ue259
610\ue259
21\ue259
24
due
Interest payments
\u2014
143\ue259
120\ue259
97
70\ue259
72\ue259
5
2
Lease payments
6,049\ue259
591\ue259
591\ue259
591\ue259
2,447
608
1,875\ue259
\u2014
Total to be paid
1,274
1,275
1,275
3,825
1,291
1,901
26
23. Trade and other payables
Amounts in USD 1,000
31 December 2025
31 December 2024
Trade payables
637
327
Public duties, withheld taxes and social security\ue259
28
9
taxes due
Share-based liability (subscription rights),\ue259
13
12
employer\u00b4s tax
Accrued holiday pay and other accrued salary
829
664
Other accrued expenses
447
799
Total
2,076
1,507
Of this, payables to related parties (Note 10)
312
80
Total payables and accruals are denominated in currencies as shown below:
Amounts in USD 1,000
31 December 2025
31 December 2024
Denominated in NOK
249
108
Denominated in JPY
81
 \u2014
Denominated in USD
1,746
1,399
Total
2,076
1,507
", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherLiabilitiesExplanatory", "language": "en", "entity": "scheme:5493007QXMCG0WPKFC96", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-288": { "value": "23. Trade and other payables
Amounts in USD 1,000
31 December 2025
31 December 2024
Trade payables
637
327
Public duties, withheld taxes and social security\ue259
28
9
taxes due
Share-based liability (subscription rights),\ue259
13
12
employer\u00b4s tax
Accrued holiday pay and other accrued salary
829
664
Other accrued expenses
447
799
Total
2,076
1,507
Of this, payables to related parties (Note 10)
312
80
Total payables and accruals are denominated in currencies as shown below:
Amounts in USD 1,000
31 December 2025
31 December 2024
Denominated in NOK
249
108
Denominated in JPY
81
 \u2014
Denominated in USD
1,746
1,399
Total
2,076
1,507
", "dimensions": { "concept": "ifrs-full:DisclosureOfTradeAndOtherPayablesExplanatory", "language": "en", "entity": "scheme:5493007QXMCG0WPKFC96", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-287": { "value": "
24. Deferred income tax
Deferred income tax assets and liabilities are offset when the Company has a right to offset current tax assets
against current tax liabilities and when the deferred income taxes relate to the same fiscal authority. The offset
amounts are as follows:
Charged to
Amounts in USD 1,000
31 December 2024
profit/loss
Equity
31 December 2025
Deferred income tax asset
Fixed and intangible assets
892\ue259
(56)
\u2014
837
Other accruals
2,538
(674)
\u2014
1,864\ue259
R&D credits
2,928
679\ue259
\u2014
3,607\ue259
Tax loss carried forward outside
3,481\ue259
(844)
\u2014
2,637\ue259
Norway
Tax loss carried forward Norway
69,841\ue259
8,654
\u2014
78,495
Calculated deferred tax asset
79,
681\ue259
4,766\ue259
\u2014
84,446\ue259
22% (2024: 22%)
Impairment of deferred tax asset
(79,681)
(4,766)
\u2014
(84,446)
Deferred tax in the balance
\u2014
\u2014
\u2014
\u2014
sheet
The Equity column includes effects of currency translation.
The Company has not recognized the tax asset as there is uncertainty relating to future taxable income for
utilization of the tax loss carried forward, and the taxable loss on intangible assets. There is no expiration date
on the tax loss carried forward. No tax item has been recorded directly to equity.
The unrecognized deferred tax asset is calculated by applying the local tax rates in Norway and the U.S. These
tax rates are 22 and 22 percent respectively (2024: 22 and 22).
", "dimensions": { "concept": "ifrs-full:DisclosureOfDeferredTaxesExplanatory", "language": "en", "entity": "scheme:5493007QXMCG0WPKFC96", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-254": { "value": "
25. Guarantees
As a part of the relocation of Ensurge\u2019s U.S. headquarters in 2017, a USD 1,600 thousand Letter of Credit
was issued by Ensurge Micropower ASA to the landlord and is included in the Company\u2019s cash balance in
Note 19 as restricted cash. Ensurge Micropower ASA has in addition entered into a Tenancy Guaranty with the
landlord. The Guaranty is given to secure payment of the lease rent. The initial Guaranty liability amounted
to USD 5,000 thousand and reduces on an annual basis of USD 500 thousand per year commencing with
the second lease year until the liability reaches zero dollars. As at 31 December 2025, the Guaranty liability
amounted to USD 1,000 thousand.
", "dimensions": { "concept": "ensurgemicropowerasa:DisclosureOfGuarantees", "language": "en", "entity": "scheme:5493007QXMCG0WPKFC96", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-255": { "value": "
26. Events after the balance sheet date
On 23 January 2026, the Company announced its decision to terminate trading of its securities on the U.S.
OTC market, effective 11 March 2026. The Company\u2019s shares will remain listed on the Oslo Stock Exchange.
The termination of trading applies to the Company\u2019s American Depositary Receipts (ADRs) and F-shares on the
OTCQB Venture Market.
On 3 February 2026, the Company announced a strategic restructuring to sharpen its focus on product-
led execution and acceleration of the commercialization of its solid-state lithium microbattery technology.
As part of this restructuring, the Company reduced its workforce to align resources with product validation
priorities and extend operational runway. The restructuring is expected to result in annualized cost savings of
approximately USD 2 million.
On 4 February 2026, the Company announced the issuance of 6,480,000 subscription rights to certain of its
U.S. employees. The grants were made under the Company\u2019s 2025 Subscription Rights Incentive Plan.
On 19 February 2026, the Company announced the issuance of 4,500,000 subscription rights to certain of its
U.S. employees. The grants were made under the Company\u2019s 2025 Subscription Rights Incentive Plan.
On 6 March 2026, the Company announced the issuance of 1,909,313 ordinary shares at an average
subscription price of NOK 0.6387 per share to employees and contractors in the Company who participated in
the Company\u2019s 2025 Employee Share Purchase Plan. The ESPP was approved by the EGM on 8 August 2025.
On 9 March 2026, the Board of Directors resolved to issue 794,000 shares at a subscription price of NOK 0.50
to employees of the Company who have exercised incentive subscription rights granted in accordance with the
Company\u2019s 2023 Subscription Rights Incentive Plan.
On 5 April 2026 the Company announced a Convertible Note agreement with select investors for a minimum of
NOK 60 million. The conversion price is NOK 1 per share, the interest rate is 10% (paid in shares at conversion).
One (1) warrant (Nw. Frittst\u00e5ende tegningsrett) will be granted free of charge to the Lenders for every NOK five
(5) allocated in the Convertible Loan. Issuance of the convertible notes and the associated warrants is subject
to approval at the 15 May 2026 AGM. If approved, the maturity date is 31 August 2027, if not, the loan is due
15 June 2026.
", "dimensions": { "concept": "ifrs-full:DisclosureOfEventsAfterReportingPeriodExplanatory", "language": "en", "entity": "scheme:5493007QXMCG0WPKFC96", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-256": { "value": "
27. Subsidiaries
Details of the Group\u2019s subsidiaries at the end of the reporting period are as follows.
Proportion of ownership
Place of interest and voting
incorporation power held by the group
Name of subsidiary
Principal activity
and operation 31 December 2025
Research & Development,\ue259
Ensurge Micropower Inc. Manufacturing and
USA
100%
Marketing services
Thin Film Electronics KK
Dormant
Japan
100%
TFE Holding Owning shares in Ensurge
USA
100%
Micropower Inc.
", "dimensions": { "concept": "ifrs-full:DisclosureOfSignificantInvestmentsInSubsidiariesExplanatory", "language": "en", "entity": "scheme:5493007QXMCG0WPKFC96", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-257": { "value": "
28. Contractual commitment
Ensurge has no significant contractual commitments related to equipment for the new roll-based production
line at the San Jose site.
", "dimensions": { "concept": "ifrs-full:DisclosureOfCommitmentsAndContingentLiabilitiesExplanatory", "language": "en", "entity": "scheme:5493007QXMCG0WPKFC96", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-289": { "value": "28. Contractual commitment Ensurge has no significant contractual commitments related to equipment for the new roll-based production line at the San Jose site.", "dimensions": { "concept": "ifrs-full:DisclosureOfCommitmentsExplanatory", "language": "en", "entity": "scheme:5493007QXMCG0WPKFC96", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-258": { "value": "
29. Litigation
The Company and its subsidiaries were not involved in any litigation or legal action as of 31 December 2025 and
are not involved in any litigation or legal action as of the date of this report.
", "dimensions": { "concept": "ensurgemicropowerasa:DisclosureOfLitigation", "language": "en", "entity": "scheme:5493007QXMCG0WPKFC96", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } } } }