Cartesian AS
ASActiveOrg 830975012Tempevegen 22, 7031 TrondheimIndustrial product and fashion design activities· NACE 7411Est. 2023 · 3 years old9 employeeshttps://www.cartesian.no
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Overview
Cartesian AS is a Norwegian AS based in Trondheim, operating in the Industrial product and fashion design activities sector. Incorporated in 2023, the company has 9 employees and reported revenue of NOK 5.4m in its latest annual filing.
Revenue 2025
5.4M NOK
−21% vs 2024
EBITDA margin
−275.9 %
−18% vs 2024
Net profit 2025
-15.9M NOK
-17% vs 2024
Key ratios
See full ratios →Solidity ratioEquity ÷ Total assets × 100
61.7 %
AverageAround the average of companies in the same industry
20232025
Liquidity ratioCurrent assets ÷ Short-term debt
6.0×
StrongAmong the 30% highest rated companies in the industry
20232025
Return on assets (ROA)Net profit ÷ Total assets × 100
-53.8 %
Very weakAmong the 20% lowest rated companies in the industry
20232025
EBITDA — year on year
NOK millionsKey figures
Annual report 2025| Revenue | 5.4M NOK | -21% |
| EBITDA | -15M NOK | -18% |
| Net profit | -15.9M NOK | -17% |
| Total assets | 29.5M NOK | +193% |
| Equity | 18.2M NOK | +804% |
| Employees | 9 | — |
Company information
Legal name
CARTESIAN AS
Org number
830975012
Legal form
Aksjeselskap
NACE code
Founded
6 February 2023 · 3 years
Share capital
NOK 1,088,551
Employees
9 (FTE)
VAT registered
Yes
Audit selected
No
Last report
2025-12-31
Financial year
January – December
Signatory rights
Daglig leder og styrets leder i fellesskap.
Company purpose
Utvikling, produksjon, salg og integrasjon av termisk energilagringsløsninger, tilhørende tjenester, deltakelse i andre selskap, og enhver annen virksomhet forbundet med dette.
(no translation available)
Contact
Address
Tempevegen 22, 7031 Trondheim
Website
https://www.cartesian.no
Risika for professionals
Risika provides regulated workflow tools for finance, procurement and compliance teams that need monitoring, alerts and an API.
Financial development
In its most recent annual report (2025), Cartesian AS reported revenue of NOK 5.4m, a decrease of 21% on the year before. The figures on this page draw on 3 annual filings covering 2023 to 2025. The bottom line showed a net loss of NOK 15.9m, and the EBITDA margin stood at -275.9%.
At the end of 2025, equity financed 61.7% of the balance sheet, and current assets covered short-term debt 6 times.
Financials
Revenue
NOK thousandsEBITDA
NOK millionsIncome statement
NOK thousands| Item | 2025 | 2024 | 2023 |
|---|---|---|---|
| Revenue | 5,444 | 6,860 | 169 |
| Staff expenses | -10,442 | -8,000 | -1,445 |
| EBITDA | -15,021 | -12,742 | -2,688 |
| Depreciation & amort. | -1,160 | -1,132 | -263 |
| EBIT | -16,181 | -13,873 | -2,951 |
| Net financials | 320 | 360 | 25 |
| Profit before tax | -15,861 | -13,513 | -2,925 |
| Tax | -0 | -0 | -0 |
| Net profit | -15,861 | -13,513 | -2,925 |
Balance sheet
NOK thousands| Item | 2025 | 2024 | 2023 |
|---|---|---|---|
| Total assets | 29,471 | 10,056 | 21,409 |
| Equity | 18,177 | 2,011 | 15,475 |
| Long-term debt | 0 | 5,000 | 0 |
| Short-term debt | 4,294 | 3,045 | 5,935 |
| Total debt | 11,294 | 8,045 | 5,935 |
Financial ratios
5-year trendEBITDA margin
-275.9 %
20232025
Equity ratio
61.7 %
AverageAround the average of companies in the same industry
20232025
Return on equity
-87.3 %
Very weakAmong the 10% lowest rated companies in the industry
20232025
Net profit margin
-291.3 %
Very weakAmong the 10% lowest rated companies in the industry
20232025
Asset turnover
0.18×
AverageAround the average of companies in the same industry
20232025
Debt / equity
0.62×
AverageAround the average of companies in the same industry
20232025
Sector performance
27 of 28 ratios graded28 financial ratios from the latest filing, each graded against companies in the same industry.
Profitability
Gross marginVery weak
Among the 20% lowest rated companies in the industry
The gross result as a share of revenue — how much of the revenue is left after variable costs to cover the company's fixed costs.
Operating marginVery weak
Among the 10% lowest rated companies in the industry
EBIT as a share of revenue — the share of revenue remaining as earnings once all operating costs are covered. A key measure of earning power.
Net profit marginVery weak
Among the 10% lowest rated companies in the industry
The profit for the year as a share of revenue — the company's ability to turn revenue into profit.
Return on equity (ROE)Very weak
Among the 10% lowest rated companies in the industry
Net profit as a percentage of equity — the return the owners earned on their invested capital this year.
Return on assets (ROA)Very weak
Among the 20% lowest rated companies in the industry
Net profit as a percentage of total assets — the return generated on the capital employed.
Return on net assets (RONA)Very weak
Among the 10% lowest rated companies in the industry
Profit relative to net assets (total assets minus total debt) — the ability to generate earnings from the net asset base alone.
Basic earning power (BEP)Very weak
Among the 10% lowest rated companies in the industry
EBIT relative to total assets — the company's earning power before the effects of tax and financial leverage.
Capacity ratioWeak
Among the 40% lowest rated companies in the industry
Shows how strongly fixed costs weigh on the gross result — a high ratio means fixed costs take only a small bite out of the earnings from basic operations.
Liquidity
Current ratioStrong
Among the 30% highest rated companies in the industry
Current assets relative to short-term debt — the ability to settle short-term obligations with current assets alone. Around 150% is considered satisfactory from a credit perspective.
Quick ratioStrong
Among the 30% highest rated companies in the industry
Current assets excluding inventory relative to short-term debt — whether the most liquid assets alone can cover the short-term obligations. A value of 1 or above signals a healthy liquidity position.
Cash ratioVery strong
Among the 20% highest rated companies in the industry
Cash relative to short-term debt — the ability to repay short-term obligations with cash alone.
Current assets to equityAverage
Around the average of companies in the same industry
Current assets relative to equity — an indicator of the balance-sheet structure and of the company's short- and long-term financing. The healthy level is highly industry-dependent.
Fixed assets to long-term capitalAverage
Around the average of companies in the same industry
Fixed assets relative to long-term capital (equity plus long-term liabilities). Below 100% means the long-term capital finances more than just the fixed assets — a healthier liquidity position.
Cash conversion ratioWeak
Among the 40% lowest rated companies in the industry
Cash flow relative to profit — the ability to convert reported profits into accessible cash.
Debt & solvency
Solidity ratioAverage
Around the average of companies in the same industry
Equity as a share of total assets — the ability to absorb losses. Around 40% is considered satisfactory from a credit perspective.
Debt ratioAverage
Around the average of companies in the same industry
Total debt relative to the balance-sheet total — the share of the assets financed by debt rather than equity.
Debt to equityAverage
Around the average of companies in the same industry
Debt relative to equity — the company's leverage. A higher value means heavier reliance on debt financing.
Liabilities to equityAverage
Around the average of companies in the same industry
Total liabilities relative to equity — whether the company operates primarily on borrowed capital or on its own.
Income to debtVery weak
Among the 10% lowest rated companies in the industry
Profit relative to debt — the ability to create earnings while operating with debt.
EBITDA to debtVery weak
Among the 10% lowest rated companies in the industry
EBITDA relative to debt — how much operating earnings are available to service the debt.
Interest coverageVery weak
Among the 20% lowest rated companies in the industry
The ability to pay the interest on the company's debt out of its earnings.
Interest rate on debtWeak
Among the 40% lowest rated companies in the industry
Financial expenses relative to total liabilities — the effective interest rate the company pays on its debt.
Interest marginVery weak
Among the 10% lowest rated companies in the industry
The return on assets minus the interest rate on debt. Positive means the company benefits from operating with debt; negative means the debt makes it worse off.
Efficiency & development
Asset turnoverAverage
Around the average of companies in the same industry
Revenue relative to total assets — the ability to generate revenue from the asset base.
Equity to contributed capitalStrong
Among the 40% highest rated companies in the industry
Total equity relative to the capital the owners contributed — how the equity has developed from its starting point.
One-year change in equityVery strong
Among the 10% highest rated companies in the industry
The size of this year's increase or decrease in the company's equity.
One-year change in debtWeak
Among the 30% lowest rated companies in the industry
The size of this year's increase or decrease in the company's debt.
Inventory turnoverNot rated
Cannot be graded — the figures this ratio builds on are not available in the latest filing.
Revenue relative to inventory — how many times a year the inventory is sold and replaced. A low value can indicate weak sales or excess inventory.
Annual reports & filings
People & ownership
Management
Actively employed in the business| Name | Role | Member since |
|---|---|---|
| Current (1) | ||
FI Chief Executive Officer | Chief Executive Officer | 2023 |
Former (4)
LJ Observer | Observer | 2025 – 2025 |
BR Observer | Observer | 2025 – 2026 |
RB Observer | Observer | 2025 – 2025 |
RT Chief Executive Officer | Chief Executive Officer | 2023 – 2023 |
Board of directors
Non-executive oversight| Name | Role | Member since |
|---|---|---|
| Current (3) | ||
LJ Board of Directors | Board of Directors | 2025 |
AF Board of Directors | Board of Directors | 2024 |
AJ Chairman | Chairman | 2023 |
Former (4)
PE Board of Directors | Board of Directors | 2024 – 2025 |
SO Board of Directors | Board of Directors | 2024 – 2025 |
RB Board of Directors | Board of Directors | 2025 – 2025 |
RT Chairman | Chairman | 2023 – 2023 |
Shareholders
Active legal owners| Shareholder | Type | Ownership | Votes | Registered |
|---|---|---|---|---|
| Company | 34.83% | 34.83% | 2025 | |
| Company | 14.57% | 14.57% | 2025 | |
| Company | 10.17% | 10.17% | 2025 | |
| Company | 10.17% | 10.17% | 2025 | |
| Company | 9.19% | 9.19% | 2025 | |
| Company | 5.97% | 5.97% | 2025 | |
| Company | 5.25% | 5.25% | 2025 | |
| Company | 2.99% | 2.99% | 2025 | |
| Company | 2.99% | 2.99% | 2025 | |
| Company | 2.49% | 2.49% | 2025 | |
| Company | 1.31% | 1.31% | 2025 | |
| Company | 4.32% | 4.32% | 2023 |
Related companies
Company hierarchy
Sintef Venture Vi As34.83%Eviny Ventures As14.57%Cadenza As10.17%Altes As10.17%Nyhushaugen As9.19%Såkorn 1 Midt As5.97%Ystvika Holding As2.99%Devico Invest As2.99%Vårvind As2.49%Nirigar As1.31%
Cartesian AS (this company)Board network connections
Board members of Cartesian AS also hold positions in 118 other companies.
| Person | Role here | Other companies |
|---|---|---|
| Svein Olav Torø | Board of Directors | 33 companiesMany roles |
| Asle Jostein Hovda | Chairman | 28 companiesMany roles |
| Ronny Thomas Jenssen | Chief Executive Officer | 25 companiesMany roles |
| Bjørnar Reitan | Observer | 11 companiesMany roles |
| Lars Jacob Mjellem Sjaastad | Observer | 6 companiesMany roles |
| Arne Fredrik Lånke | Board of Directors | 6 companiesMany roles |
| Roald Brekkhus | Observer | 5 companies |
| Frode Iglebæk | Chief Executive Officer | 3 companies |
| Petter Egil Røkke | Board of Directors | 1 company |
Frequently asked questions
What is the Org number of Cartesian AS?
Cartesian AS is registered with Brønnøysundsregistrene under Org 830975012.
What is the revenue of Cartesian AS?
Cartesian AS reported revenue of NOK 5.4m in 2025.
How many employees does Cartesian AS have?
Cartesian AS employs 9 people as of the latest annual report.
Who is the CEO of Cartesian AS?
Frode Iglebæk is the CEO of Cartesian AS.
Who is the chairman of Cartesian AS?
Asle Jostein Hovda chairs the board of Cartesian AS.
Where is Cartesian AS headquartered?
Cartesian AS's registered address is Tempevegen 22.