NCTE AG: Preliminary Figures 2025 – Investing in Technology Amid Continued Market Weakness

Revenue 2025 at EUR 3.6 million – market environment in core markets e-bike and agricultural technology remains challenging
Net loss of EUR –1.920 million reflects deliberately increased willingness to invest
R&D investments 2025 significantly increased year-on-year – foundation for future growth
Technological advancement and new product platforms on track
2026 as a year of stabilization – recovery in core markets expected

Oberhaching, April 21, 2026 – NCTE AG is publishing preliminary, unaudited financial figures for fiscal year 2025. The company reports revenue of EUR 3.6 million (prior year: EUR 4.0 million), EBITDA of EUR –1,640 thousand (prior year: EUR –1,022 thousand), and a net loss of EUR –1,920 thousand (prior year: EUR –1,293 thousand). Both revenue and EBITDA came in slightly above the most recently communicated guidance.

Market Environment 2025: Challenging in Core Markets – With Positive Counterpoints

Fiscal year 2025 was once again shaped by a difficult market environment. In particular, the two core markets that drive the majority of NCTE’s revenue – e-bike and agricultural technology – fell well short of their potential. The e-bike market showed no sustained recovery in 2025: excess inventory at dealers and manufacturers, combined with subdued consumer sentiment, noticeably dampened demand for sensor solutions. The global agricultural technology sector remained equally volatile – cautious investment by farmers and a slow market for new machinery kept demand at a low level.

At the same time, NCTE made headway in other areas: the Industry, Motorsport, global dealer business, and medical technology segments all developed stably compared to the prior year. In the agricultural segment, completed field tests, design-ins, and initial series orders from international customers confirmed the strategic importance of this market.

R&D Investment in 2025 Significantly Expanded – Foundation for Market Recovery

NCTE is sending a clear positive signal with its substantially increased investment in research and development. In 2025, R&D investment rose to EUR 757 thousand – representing approximately 21 percent of annual revenue and a multiple of the prior-year figure of EUR 153 thousand. These funds were deployed specifically to advance existing sensor platforms and to initiate and progress key innovation projects for the e-bike, agricultural technology, motorsport, and industrial markets.

The increased R&D investment reflects a deliberate strategic decision: NCTE is using the period of market weakness in a counter-cyclical manner to advance its technology and be ready with competitive, market-mature products when demand recovers. A portion of the development work has been capitalized accordingly and is reflected in EBITDA.

Statement from the CEO

“In 2025, we made a deliberate counter-cyclical investment – in technology, in platforms, in future markets. The higher net loss is the direct result of that decision. We are confident that it will put us in a significantly stronger position when the market recovers,” says Sebastian Müller, CEO of NCTE AG.

Outlook 2026: Stabilization on a Solid Foundation

For 2026, NCTE AG expects a challenging but gradually improving market environment. A broader recovery in the e-bike market is not anticipated before the second half of 2026; the agricultural technology market is expected to stabilize over the course of the year.

Order metrics are encouraging: the book-to-bill ratio for fiscal year 2025 was 1.24 (prior year: 0.91) – a clear signal that demand for NCTE sensor solutions is picking up again. The order backlog as of December 31, 2025 stands at EUR 3.3 million (prior year: EUR 3.0 million), providing a solid foundation for the current fiscal year. For 2026, NCTE expects stabilization at the earnings level alongside growing revenue, supported by a strengthened technology base and increasing international demand.

For fiscal year 2026, NCTE AG anticipates revenue of between EUR 4.4 million and EUR 5.4 million, and EBITDA of between EUR –0.4 million and EUR 0.25 million. It should be noted that the EBITDA guidance again includes capitalized development costs.

Note on Preliminary Figures

The figures for fiscal year 2025 contained in this release are based on preliminary, unaudited results. They may differ from the final figures in the audited annual financial statements. A definitive statement on the complete set of figures will be made only upon publication of the audited annual financial statements.

Forward-Looking Statements

This release contains certain forward-looking statements that involve risks and uncertainties and reflect NCTE’s assessment at the time of publication. Such forward-looking statements constitute neither promises nor guarantees, but are subject to numerous risks and uncertainties, many of which are beyond NCTE’s control and may cause actual results to differ materially from those contemplated in these forward-looking statements. NCTE expressly assumes no obligation to update or revise forward-looking statements in light of changed expectations or new events, conditions, or circumstances.