NORDIC TECHNOLOGY (NTG) H2 2024 earnings summary

Executive summary

• NTG reported 2024 unaudited revenues of NOK 49.6 million, up from NOK 27.3 million in 2023, but posted a loss before tax of NOK 320.2 million, mainly due to NOK 231.5 million in depreciation, amortization, and write-downs.

• Consolidated revenues for 2H 2024 were NOK 26.9 million, up 77% year-over-year, mainly from Hammertech AS and MossHydro AS.

• Net operating loss for 2H 2024 was NOK 143.3 million, driven by higher write-downs and payroll expenses.

• The group is organized into sensor technology, nanomaterials technology, and clean technology, with majority ownership in five companies.

• Management is evaluating a strategic shift to focus on sensor technology for long-term growth.

Financial highlights

• Full-year 2024 revenue reached NOK 49.6 million; 2H 2024 revenue was NOK 26.9 million.

• Hammertech revenues doubled to NOK 22 million in 2024; secured significant orders in the US and Brazil.

• Wavetrain Systems advanced AI/ML solutions, expanded internationally, and is nearing system approval in the UK.

• CondAlign launched new products, established major client relationships, and is positioned for high-volume orders.

• MossHydro increased revenues to NOK 26.3 million with profitability and is in an exit process.

Outlook and guidance

• Management expects additional liquidity will be required for NTG and key subsidiaries to execute commercialization and growth strategies over the next 12 months.

• Capital raise transactions have commenced for CondAlign, Wavetrain Systems, and Hammertech.

• Wavetrain expects UK system approval by June 2025 and plans for commercial rollout and sales expansion in multiple countries.

• Hammertech is targeting large-scale deployments in the Middle East and North America, with ongoing pilots and volume agreements.

• CondAlign is focused on scaling sales, with a growing pipeline and high-volume RFQs from global clients.