Ensurge Micropower ASA (ENMPY) AI Stock Analysis

• Market Cap: $71.76M
• Dividend Yield: N/A
• Average Volume (3M): 592.00
• Price to Earnings (P/E): ―
• Beta (1Y): 0.34
• Revenue Growth: -84.00%
• EPS Growth: 86.13%
• Country: US
• Employees: 37
• Sector: Technology
• Sector Strength: 88
• Industry: Hardware, Equipment & Parts
• EPS (TTM): -0.02
• Shares Outstanding: 242,349,090
• 10 Day Avg. Volume: 36
• 30 Day Avg. Volume: 592
• PEG Ratio: 0.16
• Price to Book (P/B): 5.46
• Price to Sales (P/S): 2621.27
• P/FCF Ratio: -7.93
• Enterprise Value/Market Cap: 0.98
• Enterprise Value/Revenue: 2.81K
• Enterprise Value/Gross Profit: -146.52
• Enterprise Value/Ebitda: -8.07
• 1Y Price Target: N/A
• Price Target Upside: N/A
• Rating Consensus: N/A
• Number of Analyst Covering: 0
• EPS Forecast (FY): N/A
• Revenue Forecast (FY): N/A

• Rating: 42 Neutral
• Price Target: $0.27 ▼(-29.47% Downside)
• Action: Reiterated Date: 02/27/26
• Date: Action: Reiterated 02/27/26

The score is held down primarily by very weak financial performance (minimal revenue scale, large losses, and ongoing cash burn) despite an improved equity position. Technicals add further pressure with price below key moving averages, and valuation offers limited support due to negative earnings and no dividend yield data.

Positive Factors

Balance-sheet improvement

Equity turning positive (~€12.0M in 2025) materially improves solvency and financial flexibility versus prior years. This reduces immediate bankruptcy risk, lengthens possible runway without emergency dilution, and gives management more optionality to pursue commercialization and partnerships over the medium term.

Small, focused team

A 37-person headcount indicates a lean organization able to limit fixed overhead and iterate products quickly. For a hardware-tech developer, a compact team helps preserve cash, accelerates coordination between R&D and production pilots, and supports focused commercialization efforts without the structural cost burden of larger peers.

Structural market fit

Targeting thin solid-state microbatteries for wearables/IoT aligns with durable, secular growth in miniaturized connected devices. If technical performance and manufacturability scale, the firm can exploit embedded, high-margin niches where small form-factor, safety, and longevity create persistent competitive demand.

Negative Factors

Persistent cash burn

Consistent negative operating and free cash flow forces ongoing external financing to sustain operations. Over the medium term this increases dilution risk, limits capital available for scale-up or manufacturing, and can delay commercialization even if the technology is promising, making execution risk material.

Minimal, volatile revenue

Very low and inconsistent revenue with deeply negative margins signals product-market fit and commercial traction have not been proven. Without predictable revenue growth, the company faces prolonged losses and uncertain path to profitability, impairing the ability to self-fund scale or validate long-term unit economics.

Elevated leverage vs equity

Debt exceeding equity with ongoing losses increases solvency and refinancing risk. Interest and principal obligations can crowd out R&D and capex, and restrictive covenants or higher funding costs may limit strategic flexibility, making long-term execution and scaling more difficult absent clear cash-flow improvement.

Ensurge Micropower ASA Business Overview & Revenue Model

Company Description

Ensurge Micropower ASA designs, develops, and produces ultrathin energy storage solutions for wearable devices, connected sensors, and other applications. Its solid-state lithium battery technology enables it to produce rechargeable batteries with high energy densities. The company was formerly known as Thin Film Electronics ASA and changed its name to Ensurge Micropower ASA in June 2021. Ensurge Micropower ASA was incorporated in 2005 and is headquartered in Oslo, Norway.

How the Company Makes Money

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Ensurge Micropower ASA Financial Statement Overview

Summary

Financial performance is very weak: income statement reflects extremely low/volatile revenue and deeply negative margins with ongoing net losses, while cash flow shows persistent operating and free-cash-flow burn. The main offset is a notable balance-sheet improvement in 2025 with equity turning positive, but leverage remains meaningful relative to the loss-making profile.

Income Statement

The income statement is very weak. Revenue remains extremely low and volatile (2025: 25k vs. 61k in 2024; negative growth continues), while profitability is deeply negative with large operating losses and net losses each year. 2025 margins are severely negative (gross, operating, and net), indicating costs are vastly out of line with the current revenue base; there is no visible path to profitability from the reported trajectory.

Balance Sheet

The balance sheet shows meaningful improvement versus prior years, but leverage remains a risk. Stockholders’ equity turned positive in 2025 (~12.0M) after being negative from 2020–2024, which improves financial flexibility and reduces solvency stress. However, debt is still sizable (~13.7M) and sits above equity (debt-to-equity ~1.14), and returns on equity are sharply negative in 2025 due to ongoing losses.

Cash Flow

Cash flow is pressured by persistent cash burn. Operating cash flow is negative across all years and worsened in 2025 versus 2024 (about -7.8M vs. -9.5M, still deeply negative), while free cash flow is also negative and deteriorated in 2025 (about -8.3M, with a steep negative growth rate). Losses are being matched by outflows rather than offset by cash generation, increasing funding dependence.

Breakdown	Dec 2025	Dec 2024	Dec 2023	Dec 2022	Dec 2021
Income Statement
Total Revenue	25.08K	61.00K	138.00K	0.00	0.00
Gross Profit	-12.96M	61.00K	138.00K	-394.29K	-45.77K
EBITDA	-8.99M	-10.01M	-12.94M	-19.98M	-18.82M
Net Income	-10.83M	-12.92M	-16.90M	-23.37M	-31.00M
Balance Sheet
Total Assets	23.81M	11.40M	7.09M	8.57M	10.37M
Cash, Cash Equivalents and Short-Term Investments	7.91M	2.47M	2.18M	3.32M	5.22M
Total Debt	13.75M	13.36M	16.28M	18.39M	21.88M
Total Liabilities	11.78M	14.87M	19.39M	24.82M	23.86M
Stockholders Equity	12.03M	-3.47M	-12.30M	-16.25M	-13.48M
Cash Flow
Free Cash Flow	-8.29M	-14.07M	-12.97M	-16.97M	-16.39M
Operating Cash Flow	-7.81M	-9.49M	-12.73M	-16.41M	-14.55M
Investing Cash Flow	-9.45M	-4.43M	-168.00K	-486.00K	-1.84M
Financing Cash Flow	21.10M	14.21M	11.72M	15.01M	17.45M

Ensurge Micropower ASA Technical Analysis

• Technical Analysis Sentiment: Negative
• Last Price: 0.38
• 50DMA: Negative
• 100DMA: Negative
• 200DMA: Negative
• MACD: Positive
• RSI: Neutral
• STOCH: Positive

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For ENMPY, the sentiment is Negative. The current price of 0.38 is above the 20-day moving average (MA) of 0.31, above the 50-day MA of 0.32, and below the 200-day MA of 0.42, indicating a bearish trend. The MACD of >-0.01 indicates Positive momentum. The RSI at 42.20 is Neutral, neither overbought nor oversold. The STOCH value of 4.92 is Positive, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for ENMPY.

Ensurge Micropower ASA Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
Sector *	61 Neutral	$37.18B	12.37	-10.20%	1.83%	8.50%	-7.62%
ELTK	54 Neutral	$61.78M	70.33	1.85%	2.16%	2.54%	-79.99%
CPSH	52 Neutral	$70.35M	110.94	2.42%	―	38.22%	70.68%
GNSS	49 Neutral	$85.45M	-29.74	-391.12%	―	69.76%	43.82%
ENMPY	42 Neutral	$71.76M	-6.07	629.50%	―	-84.00%	86.13%
LINK	41 Neutral	$47.57M	-62.24	-14.57%	―	-1.70%	17.13%