Nekkar (NKR) Q4 2025 earnings summary

Executive summary

• Q4 revenue reached NOK 197 million, up 9% year-over-year, driven by Techano Oceanlift and Intellilift, while Syncrolift saw lower revenue due to project phasing.

• Net loss of NOK 11 million in Q4, impacted by Techano cost overruns and a non-cash impairment for SkyWalker.

• Strong balance sheet with NOK 150 million in cash, NOK 98 million in treasury shares, and no debt.

• Order intake of NOK 122 million in Q4, with a backlog of NOK 678 million, providing visibility for coming quarters.

• Major contract wins in InteliWell and FiiZK support a positive outlook.

Financial highlights

• Full-year revenue at NOK 571 million, down 8% from 2024 due to lower Syncrolift project activity.

• Q4 EBITDA margin at 11.4%, with strong margins in Intellilift and Syncrolift offset by NOK 17 million Techano cost overruns.

• Net loss of NOK 35 million for the year, with EPS of NOK -0.11.

• CapEx for the year was NOK 9 million, down from NOK 23 million in 2024.

• Operational cash flow for the year was NOK 36 million, supporting a net cash position of NOK 150 million after NOK 64 million in share buybacks.

Outlook and guidance

• Revenue expected to remain above recent levels in 2025, with continued growth in most operating companies.

• EBITDA expected to improve as Techano legacy projects conclude.

• Syncrolift well positioned to benefit from growing defense spending and a NOK 7.5 billion tender pipeline.

• 2027 organic revenue target of NOK 1.5 billion reaffirmed, with confidence in ramping up production and revenue.

• InteliWell's major post-quarter agreement for drilling automation on 11 rigs is expected to drive future SaaS revenue.