Norway · Delayed Price · Currency is NOK Nekkar ASA Earnings Call Transcripts
Fiscal Year 2025
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Record Q4 revenue and strong order intake were offset by Techano project overruns and a SkyWalker impairment, resulting in a net loss. Major contract wins in Inteliwell and FiiZK support a positive outlook, with a robust balance sheet and reaffirmed 2027 growth targets.
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Q3 revenue fell 12% year-over-year to NOK 124 million, mainly due to Syncrolift's lower activity, while order intake reached NOK 117 million. Strong contract wins in Fisk and Intellilift, a robust NOK 740 million backlog, and a solid balance sheet support a positive outlook.
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Q2 revenue fell 7% year-over-year to NOK 139 million, with negative EBITDA due to Syncrolift delays and Techano cost overruns. Order intake and backlog remain strong, and the balance sheet is robust with no debt. Outlook is positive, especially in defense and aquaculture.
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Q1 revenue fell 27% year-over-year to NOK 111 million, with EBITDA at NOK -12 million, mainly due to project phasing and market entry costs. Order intake and backlog remain strong, and the group is debt-free with a robust cash position. Strategic growth targets NOK 2 billion revenue by 2027.
Fiscal Year 2024
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Revenue grew 45% to NOK 838 million in 2024, with strong cash flow and key contract wins in Syncrolift, FiiZK, and Intellilift. EBITDA margin remained healthy, and the balance sheet is robust with no debt and increased cash reserves. Outlook remains positive, targeting NOK 2 billion+ revenue by 2027.
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Q3 net profit nearly doubled year-over-year to NOK 42 million, driven by divestments and operational gains, while revenue declined 13% to NOK 140 million. Strong backlog, major contract wins, and the GlobeTech acquisition support a positive outlook and ambitious 2027 growth targets.
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Revenue grew 14% year-over-year in Q2 2024, with strong cash reserves and a robust order backlog. Portfolio expansion, including the Globetech acquisition and FiiZK divestments, positions the group for continued growth and improved margins, despite project-driven fluctuations.