STOCKHOLM – Note reported full-year revenue of SEK3.9 billion ($353 million), down 8% from 2023.

The company saw SEK1 billion ($92 million) in revenue for the fourth quarter, down 5% from the same quarter last year.

Gross profit was SEK148 million, with a gross margin of 14.5%.

"Growth in Sweden, NOTE’s largest market, was negative for the full year, but showed growth in the fourth quarter," said CEO Johannes Lind-Widestam. "Primarily, the Swedish market has been impacted by a few customers in the Greentech segment, which were previously in high growth, now facing major volume challenges on this weaker market. Meanwhile, Greentech is one segment offering huge potential once the market turns, with the ongoing transition to a more sustainable society. Defence is another sector in robust growth. Here too, our progress in recent years will mean continued growth ahead. For the Swedish market overall, we anticipate growth for the coming years.

"The UK market faced challenges, mainly late in the year, something we also expect to continue in early 2025. Our Chinese operation, which faced challenges through most of 2024, now looks like achieving gradual normalisation of sales volumes over the coming year. Our Estonian business also faced significant challenges in the year, but we anticipate a gradual return to growth in 2025."