Norwegian Block Exchange AS

NBX.OL

Financial - Capital Markets · Financial Services

Price

kr 0.51

-0.00 (-0.20%)

Market Cap

kr 120.2M

Exchange

Oslo Stock Exchange

Winston Score

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 Aug 23, 2026 · filings through Dec 31, 2025

How the score breaks down

Quality

Weak

Growth

Mixed

Cash Flow

Weak

Stability

Good

Valuation

Data not available

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Share count rising — dilution

+141.9% over 4y

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

Diluted shares outstanding: 97.3M (2021) → 235.4M (2025)

Winston Score History

The full picture

Norwegian Block Exchange (NBX) is a cryptocurrency exchange based in Norway. It lets people buy, sell, and store digital currencies like Bitcoin and Ethereum. The company targets retail investors and crypto traders in the Nordic region and is one of the few regulated crypto exchanges operating under Norwegian financial law.

NBX makes money by charging fees on trades and crypto transactions made through its platform. It operates primarily in Norway and the broader Nordic market, which is a small but relatively wealthy region. Its regulatory compliance is a potential competitive advantage, since it can legally serve customers that unregulated platforms cannot. However, the company is currently losing money — its operating margin is deeply negative — and it faces intense competition from large global crypto exchanges like Coinbase and Binance that have far more users and resources. The key risk is whether NBX can grow its trading volume enough to reach profitability before it runs out of capital.

Growth Profile

For growth stock investors

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

Revenue Growth

-34.4% YoY

YoY Growth Rate

Revenue declining

EPS Growth

+70.7% YoY

YoY Growth Rate

EPS growth accelerating

R&D Spend

kr 0/ year

0.0% of revenue

Below sector average (7%)

Research and development spending

Insider Activity

57.7%ownership

→ Flat

Insider ownership roughly steady over the past year

Cash Runway

~3 years

kr 31M cash & investments

Quarterly Free Cash Flow

↓ Burn rate worsening

kr 31M cash & investments at current burn rate

Revenue declining

Norwegian Block Exchange AS's revenue is actually shrinking. In a growth stock, that removes the core investment thesis. The low Winston Score here may be warranted — unless there's a turnaround story.

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.

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Quality

Profit per sale

Gross Margin

-47.0%

Thin — -47.0% gross margin

Profit after running costs

Operating Margin

-100.2%

Losing money on operations — -100.2%

Return on the money invested

ROCE

-19.5%

Weak — -19.5% 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

+29.4%

Fast-growing sales (+29.4% 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

-96.9%

Burning cash (-96.9%)

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

0.26

Conservative — low debt load (0.26)

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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