Initial Force AS
ASActiveOrg 990340048Stiklestadveien 1, 7041 TrondheimAll other professional, scientific and technical activities n.e.c.· NACE 7499Est. 2006 · 20 years old20 employeeshttps://www.initialforce.com
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Overview
Initial Force AS is a Norwegian AS based in Trondheim, operating in the All other professional, scientific and technical activities n.e.c. sector. Incorporated in 2006, the company has 20 employees and reported revenue of NOK 36.5m in its latest annual filing.
Revenue 2024
36.5M NOK
+7% vs 2023
EBITDA margin
−7.9 %
−786% vs 2023
Net profit 2024
-6M NOK
-266% vs 2023
Key ratios
See full ratios →Solidity ratioEquity ÷ Total assets × 100
59.8 %
AverageAround the average of companies in the same industry
20202024
Liquidity ratioCurrent assets ÷ Short-term debt
0.9×
WeakAmong the 30% lowest rated companies in the industry
20202024
Return on assets (ROA)Net profit ÷ Total assets × 100
-17.1 %
Very weakAmong the 20% lowest rated companies in the industry
20202024
EBITDA — year on year
NOK thousandsKey figures
Annual report 2024| Revenue | 36.5M NOK | +7% |
| EBITDA | -2.9M NOK | -786% |
| Net profit | -6M NOK | -266% |
| Total assets | 35.1M NOK | +23% |
| Equity | 21M NOK | +18% |
| Employees | 20 | — |
Company information
Legal name
INITIAL FORCE AS
Org number
990340048
Legal form
Aksjeselskap
Founded
6 September 2006 · 20 years
Share capital
NOK 13,782,957
Employees
20 (FTE)
VAT registered
Yes
Audit selected
No
Last report
2024-12-31
Financial year
January – December
Signatory rights
To styremedlemmer i fellesskap. Daglig leder og styrets leder i fellesskap.
Company purpose
Salg og utvikling av digitale produkter og tjenester innen sportsteknologi, samt andre varer som naturlig er forbundet med dette. Videre skal selskapet investere i aksjer og i andre selskap på annen måte, og virksomheter som har sammenheng med dette.
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Contact
Address
Stiklestadveien 1, 7041 Trondheim
Phone
+47 73 50 93 85
Email
support@swingcatalyst.com
Website
https://www.initialforce.com
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 (2024), Initial Force AS reported revenue of NOK 36.5m, an increase of 7% on the year before. The figures on this page draw on 5 annual filings covering 2020 to 2024. The bottom line showed a net loss of NOK 6.0m, and the EBITDA margin stood at -7.9%.
At the end of 2024, equity financed 59.8% of the balance sheet, and current assets covered short-term debt 0.9 times.
Financials
Revenue
NOK millionsEBITDA
NOK thousandsIncome statement
NOK thousands| Item | 2024 | 2023 | 2022 | 2021 | 2020 |
|---|---|---|---|---|---|
| Revenue | 36,538 | 34,171 | 23,669 | 28,882 | 18,043 |
| Staff expenses | -11,367 | -10,651 | -6,998 | -4,445 | -0 |
| EBITDA | -2,891 | 421 | -1,211 | 3,825 | 1,813 |
| Depreciation & amort. | -2,897 | -2,298 | -2,238 | -1,811 | -1,702 |
| EBIT | -5,788 | -1,877 | -3,450 | 2,014 | 111 |
| Net financials | -211 | 237 | 329 | -292 | -85 |
| Profit before tax | -5,999 | -1,639 | -3,121 | 1,722 | 26 |
| Tax | -0 | -0 | -678 | 374 | -92 |
| Net profit | -5,999 | -1,639 | -2,443 | 1,348 | 119 |
Balance sheet
NOK thousands| Item | 2024 | 2023 | 2022 | 2021 | 2020 |
|---|---|---|---|---|---|
| Total assets | 35,101 | 28,600 | 33,869 | 32,347 | 27,061 |
| Equity | 21,001 | 17,869 | 26,091 | 21,877 | 18,990 |
| Long-term debt | 704 | 1,328 | 1,952 | 2,520 | 1,800 |
| Short-term debt | 13,396 | 9,402 | 5,826 | 7,950 | 6,272 |
| Total debt | 14,100 | 10,730 | 7,778 | 10,470 | 8,072 |
Financial ratios
5-year trendEBITDA margin
-7.9 %
20202024
Equity ratio
59.8 %
AverageAround the average of companies in the same industry
20202024
Return on equity
-28.6 %
Very weakAmong the 20% lowest rated companies in the industry
20202024
Net profit margin
-16.4 %
Very weakAmong the 20% lowest rated companies in the industry
20202024
Asset turnover
1.04×
AverageAround the average of companies in the same industry
20202024
Debt / equity
0.67×
AverageAround the average of companies in the same industry
20202024
Sector performance
28 of 28 ratios graded28 financial ratios from the latest filing, each graded against companies in the same industry.
Profitability
Gross marginVery weak
Among the 10% 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 20% 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 20% 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 20% 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 20% 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 20% 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 ratioWeak
Among the 30% lowest 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 ratioWeak
Among the 30% lowest 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 weak
Among the 20% lowest rated companies in the industry
Cash relative to short-term debt — the ability to repay short-term obligations with cash alone.
Current assets to equityVery strong
Among the 20% highest rated companies in the 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 capitalVery weak
Among the 20% lowest rated companies in the 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 30% 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 20% lowest rated companies in the industry
Profit relative to debt — the ability to create earnings while operating with debt.
EBITDA to debtWeak
Among the 30% lowest rated companies in the industry
EBITDA relative to debt — how much operating earnings are available to service the debt.
Interest coverageWeak
Among the 30% lowest rated companies in the industry
The ability to pay the interest on the company's debt out of its earnings.
Interest rate on debtVery weak
Among the 20% 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 20% 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.
Inventory turnoverWeak
Among the 30% lowest rated companies in the industry
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.
Equity to contributed capitalWeak
Among the 40% lowest 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 equityStrong
Among the 40% 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.
Annual reports & filings
- Annual report 2024Filed via Brønnøysundsregistrene · Period 2024-01-01 – 2024-12-31
- Annual report 2023Filed via Brønnøysundsregistrene · Period 2023-01-01 – 2023-12-31
- Annual report 2022Filed via Brønnøysundsregistrene · Period 2022-01-01 – 2022-12-31
- Annual report 2021Filed via Brønnøysundsregistrene · Period 2021-01-01 – 2021-12-31
- Annual report 2020Filed via Brønnøysundsregistrene · Period 2020-01-01 – 2020-12-31
People & ownership
Management
Actively employed in the business| Name | Role | Member since |
|---|---|---|
| Current (1) | ||
TC Chief Executive Officer | Chief Executive Officer | 2019 |
Former (1)
KS Observer | Observer | 2024 – 2026 |
Board of directors
Non-executive oversight| Name | Role | Member since |
|---|---|---|
| Current (4) | ||
KA Board of Directors | Board of Directors | 2022 |
SB Board of Directors | Board of Directors | 2023 |
TE Chairman | Chairman | 2024 |
LM Board of Directors | Board of Directors | 2024 |
Former (5)
KR Board of Directors | Board of Directors | 2020 – 2025 |
RS Board of Directors | Board of Directors | 2020 – 2024 |
KS Chairman | Chairman | 2020 – 2024 |
IE Board of Directors | Board of Directors | 2022 – 2024 |
MK Board of Directors | Board of Directors | 2020 – 2024 |
Shareholders
Active legal owners| Shareholder | Type | Ownership | Votes | Registered |
|---|---|---|---|---|
| Company | 37.61% | 37.61% | 2024 | |
| Company | 18.53% | 18.53% | 2024 | |
Berme Llc | Company | 7.25% | 7.25% | 2025 |
| Company | 6.26% | 6.26% | 2024 | |
| Company | 5.16% | 5.16% | 2024 | |
| Company | 4.13% | 4.13% | 2024 | |
| Company | 3.96% | 3.96% | 2024 | |
| Individual | 2.61% | 2.61% | 2024 | |
| Company | 2.16% | 2.16% | 2025 | |
| Individual | 2.03% | 2.03% | 2024 | |
| Company | 1.67% | 1.67% | 2024 | |
| Individual | 1.14% | 1.14% | 2024 | |
| Company | 1.11% | 1.11% | 2024 | |
| Company | 1.05% | 1.05% | 2024 | |
| Individual | 0.32% | 0.32% | 2024 | |
| Individual | 0.2% | 0.2% | 2024 | |
| Company | 27.4% | 27.4% | 2021 | |
Suzann Pettersen | Company | 2.16% | 2.16% | 2024 |
Berme Llc | Company | 7.25% | 7.25% | 2024 |
| Individual | 3.39% | 3.39% | 2020 |
Related companies
Company hierarchy
Jenssen & Co As37.6098%Lyng Gruppen As6.2552%Blue River Invest As18.5343%Bagøien As5.1603%Berme Llc7.25%Boddco As4.13%Vidvangen As3.96%Sp Management As2.16%Kafo Utvikling As1.67%Mcb Invest As1.11%Bai As1.05%Suzann Pettersen2.16%
Initial Force AS (this company)Board network connections
Board members of Initial Force AS also hold positions in 107 other companies.
| Person | Role here | Other companies |
|---|---|---|
| Sophie Bodd Jenssen | Board of Directors | 41 companiesMany roles |
| Ketil Stene Jansen | Observer | 15 companiesMany roles |
| Thor Egil Five | Chairman | 14 companiesMany roles |
| Rune Sørum | Board of Directors | 13 companiesMany roles |
| Kristian Rathe | Board of Directors | 8 companiesMany roles |
| Lars Michael Rinnan | Board of Directors | 7 companiesMany roles |
| Tom Christian Lindvåg | Chief Executive Officer | 4 companies |
| Kristoffer Aanerud Nielsen | Board of Directors | 4 companies |
| Irene Eilertsen | Board of Directors | 1 company |
Frequently asked questions
What is the Org number of Initial Force AS?
Initial Force AS is registered with Brønnøysundsregistrene under Org 990340048.
What is the revenue of Initial Force AS?
Initial Force AS reported revenue of NOK 36.5m in 2024.
How many employees does Initial Force AS have?
Initial Force AS employs 20 people as of the latest annual report.
Who is the CEO of Initial Force AS?
Tom Christian Lindvåg is the CEO of Initial Force AS, in role since 2019.
Who is the chairman of Initial Force AS?
Thor Egil Five chairs the board of Initial Force AS, in role since 2024.
Where is Initial Force AS headquartered?
Initial Force AS's registered address is Stiklestadveien 1.