LumenRadio
LumenRadio is a Swedish technology company based in Gothenburg that develops wireless communication products for lighting control and building automation. Its portfolio combines end-user devices, OEM radio modules, and embedded software built around proprietary radio technology that replaces traditional control cabling for protocols such as DMX, DALI, BACnet, Modbus, and M-Bus.
Fiscal year 2025 · change from previous year
Development 2021–2025
Business
Share of revenueFinished wireless devices sold through distributors to replace control cabling in lighting and automation systems.
Pre-certified wireless modules integrated directly into customer products for lighting and building automation.
Licensing of wireless communication software for customers that want deeper customization and scale.
Proprietary wireless control technology and ecosystem products used especially in professional lighting.
Customers
LumenRadio sells to both end users and product manufacturers. End-user products are bought by lighting designers, installers, system integrators, property owners, and other buyers seeking faster installation and less cabling, while OEM modules and software are sold directly to industrial and building-technology manufacturers.
Buy finished end-user products for resale into lighting and automation projects.
Integrate radio modules or software into professional lighting products to remove control wiring.
Use wireless modules and software for HVAC, controls, metering and related systems.
Specify and install wireless products where reduced cabling and faster commissioning matter.
Adopt wireless control solutions to simplify installation and improve flexibility in buildings.
Strategy
LumenRadio’s strategy is to expand adoption of wireless control in markets that still rely heavily on cabling, especially lighting and building automation. It aims to deepen its distributor network, win more OEM designs, expand within existing OEM accounts, and selectively enter adjacent verticals where wireless can solve a clear operational problem.
Broader channel coverage increases reach into projects that need simple wireless replacement for control cables.
Embedding technology into customer products creates stickier design wins and longer-lived revenue relationships.
Upselling upgrades and new features can expand adoption within installed customer platforms.
New applications can extend the addressable market beyond lighting and building automation.
Geography
The company is headquartered in Gothenburg, Sweden, and also operates offices in Norway, Germany, the United States, and China. Its customer base is described as global, with sales reaching all continents through both distribution and direct OEM relationships.
Risks
The business depends on continued adoption of wireless alternatives to established cabling standards, so market acceptance and design-in success are central risks. It also faces execution, legal, and financial risks tied to international operations, customer concentration in technical niches, and the need to protect proprietary technology and patents.
- Slow market adoption of wireless controlImpact: HighLikelihood: Low
Many target applications still use traditional cabling, so conversion depends on customer willingness to change installed practices.
Exposure: Lighting control and building automation
- OEM design-win and customer concentration riskImpact: HighLikelihood: Low
Revenue depends on winning and retaining product-design positions with manufacturers and channel partners.
Exposure: OEM modules and software licensing
- Product reliability risk in mission-critical environmentsImpact: HighLikelihood: Low
Customers use the technology in lighting and building systems where failures can be costly and visible.
Exposure: Professional lighting and building automation
- International operational and currency riskImpact: MediumLikelihood: Low
The company operates across multiple countries and sells globally, creating exposure to local regulation and FX movements.
Exposure - Intellectual property and litigation riskImpact: Medium
The company relies on proprietary radio technology and patents, which can lead to disputes or enforcement costs.
Exposure
Accounting
Judgemental itemsDifferent timing rules may apply to hardware sales, embedded software and licensing arrangements.
Impact: Can shift revenue between periods and affect comparability
Acquisitions such as Wireless Solution and Radiocrafts add intangible assets that must be tested for impairment.
Impact: Potential non-cash write-downs if expected cash flows weaken
Office and vehicle leases create right-of-use assets and lease liabilities under IFRS 16.
Impact: Affects leverage, EBITDA-like measures and operating cash flow presentation
Operations and sales span several countries, so exchange rates can affect reported results and balance sheet values.
Impact: Creates volatility in revenue, expenses and equity translation reserves
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Last updated: 24/09/2026