# NOTE

> Clarifo company profile — qualitative business description generated from
> the company's filings. Financial statements, charts and ratios are
> available on Clarifo (https://www.clarifo.com/en/companies/note).

## Overview

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.

## Products & services

• PCBAs and printed circuit board assemblies
• Subassemblies for electronic systems
• Box-build and complete product assembly
• Custom logistics and supply-chain services
• Design support, prototyping and after-sales support

- **PCBA and electronics assembly** (45%) — Manufacture of printed circuit board assemblies and related electronic builds.
- **Subassemblies** (20%) — Assembly of intermediate electronic modules used in larger systems.
- **Box build and complete products** (20%) — Final assembly of complete electronic products and enclosures.
- **Engineering and lifecycle services** (10%) — Design support, prototyping, test equipment and after-sales support.
- **Logistics and supply-chain services** (5%) — Customer-specific logistics, sourcing and material flow management.

- PCBAs and printed circuit board assemblies
- Subassemblies for electronic systems
- Box-build and complete product assembly
- Custom logistics and supply-chain services
- Design support, prototyping and after-sales support

## 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.

- **Industrial** (primary) — Automation, control, infrastructure, energy and construction technology customers buying outsourced electronics production.
- **Security & Defence** (primary) — Defence and security customers buying high-reliability electronics and related assemblies.
- **Communication** (secondary) — Network, antenna and IoT customers buying electronics tied to telecom and connectivity equipment.
- **Medtech** (secondary) — Medical technology customers buying electronics for diagnostics, treatment and X-ray systems.
- **Greentech** (secondary) — Customers in the green technology transition, including EV-related electronics buyers.

- Large industrial OEMs outsourcing electronics manufacturing
- Security and defence customers needing high-spec production
- Communication equipment makers, including 5G-related products
- Medtech customers in diagnostics, treatment and X-ray
- Greentech and EV customers with variable production volumes

## Geography

NOTE’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.

- **North America** (100%) — Authoritative revenue-by-geography data provided for Q1 2026.

- Factories in Sweden, Finland and the UK serve Western Europe customers
- Estonia, Bulgaria and China support near-market production for global clients
- Production is positioned close to end markets and industrial clusters
- Authoritative Q1 2026 revenue-by-geography: North America 100%
- Geographic footprint helps manage delivery times, costs and currency exposure

## 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.

- **Integrate and scale the defence platform** (short-term) — The STI acquisition broadens NOTE’s defence capabilities and customer base.
- **Grow in high-mix industrial and technology niches** (medium-term) — These segments value flexibility, technical competence and delivery precision.
- **Maintain close-to-customer manufacturing** (long-term) — Local production supports lead times, supply-chain resilience and customer retention.

- Deepen long-term partnerships with industrial OEM customers
- Expand defence exposure through the STI acquisition
- Use decentralized factories to stay close to customers
- Offer lifecycle services from design to after-sales
- Focus on high-mix, high-spec manufacturing and logistics

## 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 volatility** [high] — A few large customers and project-based shipments can materially move sales.
- **End-market demand weakness in communication and EV-related greentech** [high] — Delayed 5G investments and customer production cuts reduce order flow.
- **Working-capital and liquidity risk** [medium] — EMS operations require inventory, receivables and supplier financing.
- **Acquisition integration risk** [medium] — New sites and customers must be integrated into NOTE’s operating model.
- **Geopolitical and supply-chain disruption** [medium] — Multi-country manufacturing and global sourcing expose the group to disruption.

- Customer volume swings can quickly affect factory utilization
- 5G-related delays can postpone communication segment demand
- Single-customer concentration can create segment volatility
- Working-capital needs make liquidity management important
- Acquisition integration can affect execution and synergies

## Accounting

NOTE’s reporting is shaped by IFRS revenue recognition, acquisition accounting and impairment testing of goodwill and customer relationships. The business also has meaningful working-capital balances, lease assets and liabilities, and quarterly results can be affected by shipment timing, foreign-currency revaluations and non-recurring items.

- **IFRS revenue recognition** — Affects quarterly sales timing and comparability across segments
- **Goodwill impairment** — Could materially affect equity and reported earnings if assumptions weaken
- **Customer relationship intangibles** — Impacts reported margins after acquisitions
- **Lease accounting under IFRS 16** — Affects leverage, depreciation, interest expense and cash flow presentation
- **Working-capital seasonality** — Can cause large swings in operating cash flow

- Revenue timing can vary with shipment and project completion patterns
- Goodwill and customer relationships require annual impairment review
- Lease accounting affects reported assets, liabilities and EBITDA-like metrics
- Working-capital balances influence cash flow and period comparability
- Foreign-currency revaluations and non-recurring items affect operating profit

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*Last updated: 2026-08-11T04:04:54.980815+00:00*