KebNi
Kebni AB (publ) is a Swedish technology company based in Kista, Stockholm, that develops, produces and sells stabilization-related products for navigation and satellite communications. Its business centers on technically advanced systems and components used in governmental, military and commercial applications worldwide through its group structure and subsidiaries.
Fiscal year 2025 · change from previous year
Development 2021–2025
Business
Share of revenueProducts and applications for satellite communication and antenna stabilization.
Sensor platforms used for inertial sensing, navigation and stabilization.
Systems and applications that support motion control and positioning.
Customer-linked development work and product improvement activities.
Customers
Kebni sells to governmental, military and commercial customers, with a significant part of the customer base operating in the defence industry. Its products are used where stable communication, navigation and sensing are needed, often in technically demanding and regulated environments. Customer relationships are typically project-based and involve close collaboration on specifications, approvals and delivery schedules.
Buy stabilization and satcom products for mission-critical communications and sensing.
Buy IMUs, antennas and related technologies for regulated defence applications.
Buy navigation and satcom solutions for industrial and mobility use cases.
Buy Kebni technology for incorporation into larger platforms and systems.
Strategy
Kebni’s strategy is to build standardized and scalable products in stabilised satellite antennas and IMUs while continuing product development in adjacent technologies. It is also expanding technical capabilities around dual-band satcom and unmanned-platform interfaces, which can broaden its addressable markets and strengthen its platform position.
Standardized products improve repeatability, manufacturing efficiency and market reach.
New use cases can widen the customer base and reduce dependence on one product line.
These markets fit the company’s technical capabilities and regulatory know-how.
Geography
Kebni is headquartered in Kista, Stockholm and serves customers across the world. The business is international in nature, with demand tied to global defence, satellite communications and unmanned-platform markets rather than a single domestic market. Geography matters because export controls, customer approvals, supply chains and delivery timing can differ materially by market.
Risks
Kebni faces execution risk from long sales cycles, phased deliveries and dependence on critical components and skilled personnel. Its defence-related customer base also creates exposure to export controls, regulatory approvals and compliance requirements, while product manufacturing adds supply-chain and production-interruption risk.
- Production interruptionsImpact: HighLikelihood: High
Advanced manufacturing depends on reliable equipment, components and skilled staff.
Exposure: Deliveries and customer commitments
- Supplier and component riskImpact: HighLikelihood: High
Products rely on multiple external suppliers and lead times can be volatile.
Exposure: Manufacturing continuity and delivery timing
- Liquidity pressure from phased deliveriesImpact: HighLikelihood: High
Long sales cycles and staged customer deliveries require forward planning.
Exposure: Working capital and financing needs
- Export control and regulatory complianceImpact: HighLikelihood: Medium
A large part of the customer base is in defence and subject to strict rules.
Exposure: Market access and shipment approvals
- IT system disruption and cybersecurityImpact: MediumLikelihood: Low
Operations depend on cloud-based business and information systems.
Exposure: Operational continuity and data security
Accounting
Judgemental itemsInternally funded R&D for IMUs and satcom can be capitalized, affecting profit timing and asset values.
Impact: Reported operating profit and intangible assets
Acquired goodwill has been fully amortized/impacted in prior periods, showing sensitivity to valuation judgments.
Impact: Earnings and balance-sheet carrying values
Provisions and reversals can materially change adjusted results without immediate cash impact.
Impact: Operating profit and cash-flow reconciliation
Payment terms, receivables and inventory assumptions affect liquidity and short-term financial presentation.
Impact: Cash flow and current assets
Manufacturing and office assets require depreciation and lease-related judgments under K3.
Impact: EBIT and asset carrying values
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Last updated: 24/09/2026