BILLINGSTAD, NORWAY – Kitron reported record revenue of NOK1.8 billion ($177.3 million), compared to the NOK949 million ($92.8 million) for the same quarter last year.

For the full year, the company saw a 75% increase in revenue to reach NOK6.5 billion ($636.6 million), and for 2023 as a whole, Kitron expects revenues between NOK6.7 billion ($655.1 million) and NOK7.3 billion ($713.8 million).

“We are pleased to report positive quarter-over-quarter growth in 2022, thanks to the alleviation of supply constraints," said Kitron CEO Peter Nilsson. "This has allowed us to ramp up production and meet the surging demand from our clients, leading to improved operational efficiency and robust margins in the fourth quarter. Our diverse market sectors continue to experience strong demand, and we anticipate this positive trend to persist in 2023. We are seeing heightened activity among numerous customers, particularly in the defence sector, as they drive growth and expansion.”