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Ensurge Micropower ASA

ENMPF
5
Hardware, Equipment & Parts · Technology
Price
$0.10
+0.00 (+0.00%)
Market Cap
$388.8M
Exchange
Other OTC
Winston Score
5
Winston is worried
Weak fundamentals across most pillars.
Based on the IPO prospectus (annual filing). This score will refine automatically once the company reports its first quarters.
Data as of Sep 11, 2026 · filings through Jun 30, 2026

§How the score breaks down

Quality
Weak
Growth
Weak
Cash Flow
Weak
Stability
Mixed
Valuation
Data not available
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Share count rising — dilution

+1997.8% over 4y

The company has issued more shares over this period, which dilutes each existing shareholder’s stake.

Diluted shares outstanding: 155.2M (2021) → 3.26B (2025)

§Winston Score History

The full picture

Ensurge Micropower is a Norwegian technology company developing ultra-thin, flexible solid-state batteries. These tiny batteries are designed to power things like smart labels, wearable health patches, IoT sensors, and connected packaging. The company aims to be a leading supplier of microbatteries that can be embedded directly into thin, flexible devices.

Ensurge makes money by developing and eventually manufacturing these microbatteries for sale to device makers and packaging companies. The company is headquartered in Norway with operations in San Jose, California, and is still in a pre-revenue stage, which explains its deeply negative margins. Its potential moat lies in proprietary solid-state battery technology built on semiconductor manufacturing processes. The key risk is significant: the company must successfully scale from development to commercial mass production while managing cash burn, and widespread market adoption of flexible microbatteries remains uncertain.

Growth Profile

When traditional metrics don't capture the full picture, these are the signals growth stock investors use instead.

Revenue Growth

YoY Growth Rate

Revenue data limited

EPS Growth

-57.1% YoY

YoY Growth Rate

Earnings declining

R&D Spend

$-3M/ year

↑ Rising (+22% vs prior year)

>1,000% of revenue

Below sector average (15%)

R&D investment increasing — building for the future

Insider Activity

21.4%ownership

Insiders own a meaningful stake in the company

Cash Runway

~3 months

$4M cash & investments

Quarterly Free Cash Flow

→ Burn rate stable

Short runway — potential dilution ahead through share issuance

Cash watch

Ensurge Micropower ASA has less than a year of cash at its current burn rate. Growth investors should watch for potential share dilution from future fundraising — that directly reduces your ownership.

The Winston Score above measures business quality today. Growth stocks often score lower because they invest in the future rather than maximising current profits. These metrics show what matters most for evaluating that future.

Score breakdown

Every number that matters to educated investors.

Each metric is explained in plain language so you know exactly what you're looking at. Start your free trial now.

Quality

Profit per sale
Gross Margin
-51692.6%
Thin — -51692.6% gross margin
Profit after running costs
Operating Margin
-38492.4%
Losing money on operations — -38492.4%
Return on the money invested
ROCE
-50.2%
Weak — -50.2% return on capital

Negative ROIC means the business is losing money on every dollar invested in it.

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Growth

Sales growth
Sales YoY
-57.4%
Shrinking sales (-57.4% YoY)
Profit growth
EPS YoY
N/A
—
Data not available
How steady the profit is
EPS Consistency
N/A
Data not available

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Cash Flow

Profit that turns into cash
Cash Conversion
N/A
—
Data not available
Spare cash per sale
FCF Margin
-33040.4%
Burning cash (-33040.4%)

Free cash flow is negative. They are burning cash, not generating it.

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Stability

What it owes vs what it owns
Debt / Equity
0.64
Moderate — manageable debt (0.64)
Covers its interest
Interest Cover
N/A
Data not available

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Valuation

Price vs profit
P/E Ratio (TTM)
N/M
—
Negative earnings — P/E not meaningful
Cheaper or dearer next year
P/E vs Forward
N/A
not available
Data not available

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Dividends

Not applicable for this business.
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