Ensurge Micropower ASA – Q4 2025

23 Feb 2026 07:00 CET

CEO comment:
“The fourth quarter marked an important strategic shift for Ensurge. We
sharpened our focus on validating product performance, disciplined execution,
and efficient use of capital. By shifting from the company’s legacy focus on
process engineering to a product-led model and by strengthening our technical
depth, we are building a more credible path to commercialization and long-term
value creation.”

Operational highlights:

Strategic shift
During her first 100 days, CEO Shauna McIntyre conducted a comprehensive
operational review that identified opportunities to strengthen commercialization
through increased focus on product validation and more efficient resource
allocation. Customer feedback emphasized the need for validated product
performance and demonstrated technological capability. As a result, the company
has shifted from a process‑ and manufacturing‑driven approach to a leaner
product‑led model.

Corning partnership
Ensurge entered into a Joint Development Agreement with Corning to integrate
Corning’s Ribbon Ceramic cathode with Ensurge’s solid‑state microbattery
platform. Together, Ensurge and Corning aim to deliver an ultra‑high energy
density product line extension that powers high‑volume consumer, medical,
industrial, and defense applications. Corning’s contribution includes process
and manufacturing expertise as well as deep materials knowledge. Activities
under the agreement are progressing in accordance with the agreed scope and
framework.

Commercial development
The company continued engagement with leading companies in health, medical
devices, and industrial technology during Q4, and advanced negotiations with a
major medical device manufacturer regarding a multi‑year development program.
Ensurge also experienced consistent interest from leading companies across
industrial, consumer, sports, and entertainment sectors.

Organization
The company has strengthened its team with battery experts including a new CTO
and COO. Battery expertise is on track to represent more than 35% of the team,
up from below 10%. Ensurge has implemented industry‑standard, phase‑gated
product development processes as the foundation for disciplined customer
engagement and execution.

Financial highlights
- Operating expenses in Q4 2025: USD 3.3 million compared to USD 2.7 million in
Q4 2024, driven by personnel, facilities, equipment, materials and
discontinuation of R&D capitalization.
- Capitalization of R&D costs discontinued as of December 2025 in line with the
company’s current status. No impact on cash flow.
- Cost‑reduction initiatives exceeding USD 2 million annually have been
initiated across all business areas.

Outlook
Ensurge is focused on product validation and establishing the foundation for
commercial scale‑up. The company estimates its total addressable market at more
than USD 4 billion, with growth above 22% CAGR.

For further information, please contact: ir@ensurge.com

About Ensurge Micropower ASA
Ensurge Micropower develops ultra-thin, flexible solid-state lithium
microbatteries that enable next-generation electronic devices. The company's
proprietary platform is designed to deliver safe, high-performance energy
storage in space-constrained applications across medical devices, hearables,
wearables, industrial systems, and defense. Ensurge Micropower ASA is listed on
the Oslo Stock Exchange under the ticker ENSU.

More information:
Access the news on Oslo Bors NewsWeb site

666424_Ensurge_Q4_2025_Report.pdf
666424_Ensurge_Q4_2025_Presentation.pdf