Management report
In 2024, AS Airobot Technologies' total revenue amounted to €1,316,586 (2023: €1,523,663), representing a 13.6% decrease compared to 2023. The company recorded a loss of €248,916 for the year (2023: profit of €52,619).
The main reasons for the decline in sales revenue and operating loss were general economic uncertainty and reduced demand in the ventilation sector. Additionally, Airobot Technologies made strategic investments in expanding its product portfolio and preparing for international expansion, which temporarily increased costs.
In 2024, several resource-intensive development projects were carried out, resulting in the launch of the new Airobot V6 device, filling a crucial gap in the product range. The company also developed constant airflow technology for all existing devices and invested in additional innovation projects, which will be introduced in Q2 2025.
Furthermore, significant resources were allocated to expanding into foreign markets, including recruiting personnel and developing market entry strategies for the United Kingdom, the Netherlands, and Poland to ensure successful growth in 2025. In the final quarter of 2024, Airobot also initiated a brand renewal and modernization project, the results of which will be realized in Q1 2025.
Although these investments had a short-term impact on financial results, they are strategically essential for the company's long-term growth and market position.
Airobot Technologies does not foresee any significant environmental or social impacts from its business activities. The company's devices are energy-efficient, and their longevity helps reduce the ecological footprint. The ventilation equipment market is not seasonal but rather dependent on the overall economic environment and real estate development activity. In recent years, the market has been affected by a general downward trend.
Airobot actively continued development activities in 2024, leading to the introduction of new ventilation solutions, including Airobot V6 and the updated constant airflow technology. In 2025, further development efforts will continue, enhancing product efficiency.
Foreign exchange and interest rate risks do not have a significant impact on Airobot Technologies’ business, as most operations take place within the Eurozone, and the company has no major loan obligations.
Plans for the First Half of 2025
The first half of the year will focus on certification processes in the United Kingdom and the Netherlands, which are critical for the company's further international expansion. Additionally, Airobot will participate in several international trade fairs to strengthen its visibility and market position in key target regions.
The company will also launch a new website, along with an updated brand and marketing strategy, primarily targeting the UK, Dutch, and Polish markets. At the same time, Airobot will continue to actively seek new strategic partners and provide training to ensure high-quality product installation and support in these markets.
We expect export sales to grow significantly in 2025. The company will also continue its aggressive expansion into new export markets and deepen relationships with existing contacts from 2023, focusing on repeat sales in 14 export countries.
We will continue the development projects initiated in 2024, gradually bringing several innovations to market.
| Financial Ratios | |||||
| 2024 | 2023 | ||||
| Sales Revenue | 1 316 586 | 1 523 663 | |||
| Increase of revenue | -13,6% | 52% | |||
| Net profit (loss) | -248 072 | 52 619 | |||
| Net profit margin = Net Profit : Sales Revenue *100 | -18,8% | 3,5% | |||
| Working Capital = Current Assets - Current Liabilities | -60 068 | 201 039 | |||
| Return of Assets (ROA) = Net Profit : Assets *100 | -38,2% | 6,8% | |||
| Return of Equity (ROE) = Net Profit : Equity *100 | -124,8% | 11,8% | |||
| Financial Statements | |||||
| Statement of financial position | |||||
| (in Euros) | |||||
| 31.12.2024 | 31.12.2023 | ||||
| Assets | |||||
| Current assets | |||||
| Cash and cash equivalents | 36 528 | 318 211 | |||
| Receivables and prepayments | 118 442 | 37 269 | |||
| Inventories | 235 861 | 174 758 | |||
| Total current assets | 390 831 | 530 238 | |||
| Non-current assets | |||||
| Tangible fixed assets | 98 075 | 98 970 | |||
| Intangible assets | 160 794 | 146 864 | |||
| Total non-current assets | 258 869 | 245 834 | |||
| Total assets | 649 700 | 776 072 | |||
| Liabilities and equity | |||||
| Liabilities | |||||
| Current liabilities | |||||
| Short-term loans | 137 028 | 137 028 | |||
| Payables and prepayments | 313 870 | 192 171 | |||
| Total current liabilities | 450 898 | 329 199 | |||
| Non-current liabilities | |||||
| Long-term loans | 0 | 0 | |||
| Total non-current liabilities | 0 | 0 | |||
| Total liabilities | 450 898 | 329 199 | |||
| Equity | |||||
| Issued capital | 251 107 | 251 107 | |||
| Share premium | 593 136 | 764 308 | |||
| Other reserves | 2 631 | 230 751 | |||
| Retained earnings (loss) | -400 000 | -851 911 | |||
| Reporting period profit (loss) | -248 072 | 52 619 | |||
| Total equity | 198 802 | 446 873 | |||
| Total liabilities and equity | 649 700 | 776 072 | |||
| Income statement | |||||
| (in Euros) | |||||
| 2024 | 2023 | ||||
| Revenue | 1 316 586 | 1 523 663 | |||
| Other income | 369 | 1 390 | |||
| Raw materials and consumables used | -628 678 | -669 903 | |||
| Other operating expenses | -361 722 | -311 804 | |||
| Employee expenses | -492 901 | -440 373 | |||
| Depreciation and impairment loss (reversal) | -61 739 | -35 225 | |||
| Other expenses | -8 878 | -8 207 | |||
| Operating profit (loss) | -236 963 | 59 541 | |||
| Interest income | 15 | 25 | |||
| Interest expenses | -6 966 | -6 947 | |||
| Other financial income and expenses | -4 158 | 0 | |||
| Profit (loss) before tax | -248 072 | 52 619 | |||
| Reporting period profit (loss) | -248 072 | 52 619 | |||
| Statement of cash flows | |||||
| (in Euros) | |||||
| 2024 | 2023 | ||||
| Cash flows from operating activities | |||||
| Operating profit (loss) | -236 963 | 59 541 | |||
| Adjustments | |||||
| Depreciation and impairment loss (reversal) | 61 739 | 35 225 | |||
| Profit (loss) from sale of fixed assets | -369 | 0 | |||
| Total adjustments | 61 370 | 35 225 | |||
| Changes in receivables and prepayments | -81 174 | 15 226 | |||
| related to operating activities | |||||
| Changes in inventories | -61 103 | 15 056 | |||
| Changes in payables and prepayments | 114 733 | -784 | |||
| related to operating activities | |||||
| Interest received | 15 | 26 | |||
| Other cash flows from operating activities | -4 158 | 0 | |||
| Total cash flows from operating activities | -207 280 | 124 290 | |||
| Cash flows from investing activities | |||||
| Purchase of property, plant and equipment and | -74 772 | -188 517 | |||
| intangible assets | |||||
| Proceeds from the sale of tangible and intangible assets | 369 | 0 | |||
| Total cash flows from investing activities | -74 403 | -188 517 | |||
| Cash flows from financial activities | |||||
| Interest paid | 0 | -5 202 | |||
| Proceeds from issuing shares | 0 | 0 | |||
| Total cash flows from financial activities | 0 | -5 202 | |||
| Total cash flows | -281 683 | -69 429 | |||
| Cash and cash equivalents at beginning of period | 318 211 | 387 640 | |||
| Change in cash and cash equivalents | -281 683 | -69 429 | |||
| Cash and cash equivalents at end of period | 36 528 | 318 211 | |||
| Statement of changes in equity | |||||||
| (in Euros) | |||||||
| Issued capital | Share | Other | Retained | Total | |||
| premium | reserves | earnings (loss) | |||||
| 31.12.2023 | 251 107 | 764 308 | 230 751 | -799 293 | 466 874 | ||
| Reporting period profit | -248 072 | -248 072 | |||||
| (loss) | |||||||
| Other changes in equity | -171 172 | -228 120 | 399 292 | 0 | |||
| 31.12.2024 | 251 107 | 593 136 | 2 631 | -648 072 | 198 802 | ||
Airobot Technologies AS is an indoor climate technology and manufacturing company, distinct for its strong software and air analytics capabilities. Airobot's main product is innovative ventilation devices with demand-driven control algorithms, developed in collaboration with researchers from the University of Tartu and TalTech. The devices are developed, designed and produced in Estonia.
Additional information:
Heiki Aulik
Airobot Technologies AS
Management Board member
Ph: +372 528 3181
E-mail: heiki@airobothome.com