STOCKHOLM, SWEDEN – Note closed 2025 with record quarterly profitability despite flat full-year sales, reporting fourth quarter revenue of approximately $95 million and an operating margin of 11.3%, its highest on record. Operating profit for the quarter rose to about $10.7 million, while profit after tax reached roughly $8.2 million.

For the full year, sales totaled approximately $362 million, with operating profit increasing to about $36 million and an adjusted operating margin of 10.1%, up from the prior year. Profit after tax rose to roughly $27 million, reflecting improved operational efficiency despite delays tied to defence-sector ramp-ups.

During the fourth quarter, Note completed its acquisition of UK-based EMS provider Kasdon, adding approximately $15 million in annual sales and strengthening its position in defence manufacturing. The company also completed a major expansion of its Torsby, Sweden facility, doubling production space to support future growth.

Note ended the year with an order backlog up 11% year-on-year on a like-for-like basis. Management expects defence-related delays to weigh on early 2026 but anticipates gradual improvement through the year. 

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