NOTE
NOTE is a Swedish electronics manufacturing services company that produces printed circuit board assemblies, subassemblies and box-build products for industrial customers. The group operates a decentralized network of factories in Sweden, Finland, the UK, Estonia, Bulgaria and China, and serves customers across Europe and other international markets.
Fiscal year 2025 · change from previous year
Development 2020–2025
Business
Share of revenueManufacture of printed circuit board assemblies and related electronic builds.
Assembly of intermediate electronic modules used in larger systems.
Final assembly of complete electronic products and enclosures.
Design support, prototyping, test equipment and after-sales support.
Customer-specific logistics, sourcing and material flow management.
Customers
NOTE sells mainly to large industrial and technology customers that outsource electronics production and want a manufacturing partner embedded in their supply chain. Its end markets include industrial automation, security and defence, communications, medtech and greentech, with many customers operating across northern Europe or on a global basis.
Automation, control, infrastructure, energy and construction technology customers buying outsourced electronics production.
Defence and security customers buying high-reliability electronics and related assemblies.
Network, antenna and IoT customers buying electronics tied to telecom and connectivity equipment.
Medical technology customers buying electronics for diagnostics, treatment and X-ray systems.
Customers in the green technology transition, including EV-related electronics buyers.
Strategy
NOTE’s strategy centers on long-term customer relationships, high-mix electronics manufacturing and close-to-customer production across a decentralized factory network. The company is also expanding its defence exposure through the STI acquisition, while maintaining a focus on technical competence, delivery reliability and lifecycle support.
The STI acquisition broadens NOTE’s defence capabilities and customer base.
These segments value flexibility, technical competence and delivery precision.
Local production supports lead times, supply-chain resilience and customer retention.
Geography
Q1/2026NOTE’s manufacturing footprint is concentrated in Western Europe and the Rest of World, with factories in Sweden, Finland, the UK, Estonia, Bulgaria and China. The company reports that its production sites are placed close to major end markets and industrial clusters, which supports customer proximity, delivery reliability and supply-chain flexibility. Authoritative revenue-by-geography data provided in the prompt shows North America at 100% of reported revenue for Q1 2026.
Risks
NOTE is exposed to demand swings in customer end markets, especially in communication, medtech and EV-linked greentech where project timing and customer volumes can move sharply. As an EMS provider, it also faces working-capital intensity, supply-chain execution risk, and integration risk from acquisitions, while defence and industrial customers can be cyclical and project-driven.
- Customer concentration and volume volatilityImpact: HighLikelihood: High
A few large customers and project-based shipments can materially move sales.
Exposure: Largest 15 customers represented 49% of sales; no single customer above ~8%
- End-market demand weakness in communication and EV-related greentechImpact: HighLikelihood: High
Delayed 5G investments and customer production cuts reduce order flow.
Exposure: Communication and Greentech segments
- Working-capital and liquidity riskImpact: MediumLikelihood: Low
EMS operations require inventory, receivables and supplier financing.
Exposure: Inventory-heavy manufacturing and customer payment cycles
- Acquisition integration riskImpact: MediumLikelihood: Low
New sites and customers must be integrated into NOTE’s operating model.
Exposure: STI acquisition and defence expansion
- Geopolitical and supply-chain disruptionImpact: MediumLikelihood: Low
Multi-country manufacturing and global sourcing expose the group to disruption.
Exposure
Accounting
Judgemental itemsEMS contracts may recognize revenue at shipment, delivery or over time depending on terms.
Impact: Affects quarterly sales timing and comparability across segments
Acquisitions created significant goodwill that must be tested for impairment.
Impact: Could materially affect equity and reported earnings if assumptions weaken
Acquired customer relationships are amortized and can affect operating profit.
Impact: Impacts reported margins after acquisitions
Factory and office leases create right-of-use assets and lease liabilities.
Impact: Affects leverage, depreciation, interest expense and cash flow presentation
Inventory and receivables move with production schedules and customer demand.
Impact: Can cause large swings in operating cash flow
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Last updated: 24/09/2026