The market has been warming to Kaldvik for weeks, with the stock up roughly 35% over the past three months and closing today at NOK6.75. Yet the fresh earnings numbers highlight why this remains a high conviction risk story. The headline is simple. Kaldvik is still loss making on a trailing 12 month basis, with earnings from continuing operations deeply in the red, while revenue sits below €120m.

The core tension for investors is clear. The valuation points to a steep discount and strong revenue expectations, but the income statement and balance sheet still reflect significant strain.

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Q2 2026 Earnings Summary

• Revenue (TTM to Q2 2026): €95.536m vs. €118.794m (TTM to Q2 2025) (revenue lower year on year)
• Net Loss (TTM to Q2 2026): €75.182m vs. €44.988m (TTM to Q2 2025) (loss widened year on year)
• Basic EPS (TTM to Q2 2026): loss of €0.4668 per share vs. loss of €0.3543 per share (TTM to Q2 2025) (loss per share increased year on year)
• Earnings from Continuing Operations (TTM to Q2 2026): loss of €75.182m vs. loss of €44.627m (TTM to Q2 2025) (operating loss increased year on year)

Prefer clean charts over another wall of red ink and raw figures about Kaldvik? See the full visual breakdown of Kaldvik, with a clear look at its balance sheet strength and funding needs, in the company report for Kaldvik.

Kaldvik’s operational reset supports cautious optimism

Kaldvik’s bullish story hinges on better biology and more stable output. The 2025 generation is tracking materially cleaner than the 2024 cohort, with lower cumulative mortality and higher superior share already visible in early Q3 harvests. Q2 revenue of about €11.3m and an operational EBIT loss of €3.3m show the income statement is not there yet, but the harvest guidance of 17,000 tonnes for 2026 is maintained and partially price hedged. For an investor focused on operational repair, these trends broadly support a patient, improvement driven view.

Losses, leverage and liquidity keep the bear case alive

The bearish narrative around Kaldvik still has teeth. Revenue on a trailing 12 month basis is €95.536m and the net loss is €75.182m, with loss per share deeper year on year. Q2 brought another operational EBIT loss and year to date EBITDA is slightly negative. Net interest bearing debt increased by €13m, the company required a covenant waiver and equity ratio slipped to about 51%. Even with a €20m subordinated shareholder loan and lower liquidity covenant, the combination of low harvest volumes and higher costs keeps financial risk elevated.

After leverage, liquidity and a highly volatile share price, are these pressures isolated or pointing to deeper structural issues? Review the risk analysis for Kaldvik which shows 3 important warning signs

Stay Ahead With Kaldvik Insights

If Kaldvik’s mix of sharp losses and high revenue expectations has your attention, register for free with Simply Wall St and add it to a Watchlist to track price against fair value and watch how the story develops. If you already hold the stock, use the Portfolio Command Center to cut through market noise and keep on top of the most important updates to your holdings. For a broader view, turn to the Community to see how other investors are thinking about risks and potential catalysts. By surfacing those shifts early, you give yourself a better chance of spotting key changes before the wider market reacts.

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This article by Simply Wall St is general in nature. We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned.

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Disclaimer:This article represents the opinion of the author only. It does not represent the opinion of Webull, nor should it be viewed as an indication that Webull either agrees with or confirms the truthfulness or accuracy of the information. It should not be considered as investment advice from Webull or anyone else, nor should it be used as the basis of any investment decision.