Nasdaq CopenhagenIFRS · USD

ASETEK A/S

ASETEK A/S is a Denmark-based designer and developer of liquid cooling solutions for PCs and other high-performance computing applications, with an additional SimSports business focused on racing simulation hardware. The group sells through OEMs, system integrators, retailers, and online channels, and serves customers across Asia, the Americas, and Europe.

Kysy yhtiöstä
Liikevaihto41,5milj. USD
−21,0 %v/v
Liikevoitto (EBIT)−10,0milj. USD
+48,2 %v/v
EBIT-marginaali−24,0%
+12,6 %-yks.v/v
Nettotulos−10,9milj. USD
+54,3 %v/v
Vapaa kassavirta−6,7milj. USD
−1,4 %v/v

Tilikausi 2025 · muutos edellisvuodesta

Kehitys 2020–2025

−20020406080milj. USD2020: 73 milj. USD2020: EBIT 11 milj. USD20202021: 80 milj. USD2021: EBIT 0,78 milj. USD20212022: 51 milj. USD2022: EBIT −5,4 milj. USD20222023: 76 milj. USD2023: EBIT 9,4 milj. USD20232024: 53 milj. USD2024: EBIT −19 milj. USD20242025: 41 milj. USD2025: EBIT −10,0 milj. USD202541−10,0
LiikevaihtoLiikevoitto (EBIT)
Kysy Clarifolta: ASETEK A/S

Liiketoiminta

Osuus liikevaihdosta
Liquid Cooling85 %

PC liquid cooling products and related hardware sold to OEMs, system integrators, retailers, and online customers.

SimSports14 %

Racing simulation hardware and related products sold through the group’s SimSports activities.

Other / Lease Income1 %

Non-core revenue including office lease income and other small items.

Asiakkaat

Asetek sells primarily to PC hardware channels, including OEMs and system integrators that incorporate liquid cooling into complete systems, as well as retailers and online buyers. Its SimSports products are aimed at enthusiasts and sim-racing users who buy specialist hardware for gaming and training experiences.

OEMs and system integrators

Buy liquid cooling solutions to embed in finished PC systems and branded hardware offerings.

Retailers

Purchase cooling and SimSports products for resale through physical and online stores.

Online webstore customers

Individual buyers purchasing cooling and SimSports products directly from the company.

SimSports users

End users buying racing simulation equipment for gaming, practice, and enthusiast use.

Strategia

Asetek’s strategy centers on selling liquid cooling through established OEM and integrator relationships while maintaining direct exposure to retail and online channels. It also develops SimSports as a complementary product line, broadening the company beyond core cooling hardware and increasing its exposure to enthusiast-led end markets.

Strengthen OEM and system integrator salesLyhyt aikaväli

This channel remains the core route to market for liquid cooling hardware.

Expand SimSports positioningKeskipitkä aikaväli

A second product line can diversify revenue beyond cooling hardware.

Balance channel and regional exposureKeskipitkä aikaväli

Revenue concentration in Asia and Taiwan increases sensitivity to regional demand shifts.

Maantiede

Asetek reports revenue across Asia, Europe, and the Americas, with Asia as its largest market in the latest annual disclosure. Denmark is the company’s home base and the location of its largest non-current asset base, while sales are generated across several individual countries including Taiwan, Japan, China, the United States, and Singapore.

Riskit

Asetek faces demand concentration in a few channels and geographies, especially OEM/integrator customers and Asian markets such as Taiwan. The business is also exposed to product-cycle volatility, component and inventory management risk, and execution risk in SimSports, where new product adoption and channel development can be uneven.

Järjestetty vakavuuden mukaan
MatalaKohtalainenKorkeaMatalaKohtalainenKorkeaVaikutus →Todennäköisyys →Customer concentration in OEM and system integrators1Geographic concentration in Asia2Product-cycle and technology risk3Inventory and working-capital risk4
Vaikutus on riskin vakavuus ja todennäköisyys sen toteutumisen todennäköisyys lähivuosina, molemmat arvioitu yhtiön raporttien perusteella. Numerot vastaavat listaa.
  1. Customer concentration in OEM and system integratorsVaikutus: KorkeaTodennäköisyys: Korkea

    A large share of revenue comes from a limited set of channel partners that can change ordering patterns quickly.

    Kohdistuu: Liquid cooling

  2. Geographic concentration in AsiaVaikutus: KorkeaTodennäköisyys: Korkea

    Asia generated most reported revenue, so regional demand or trade disruption would have an outsized effect.

    KohdistuuTaiwanJapanChinaSingapore
  3. Product-cycle and technology riskVaikutus: KeskitasoTodennäköisyys: Kohtalainen

    Cooling and sim-racing products depend on continued consumer and OEM adoption of specific platforms.

    Kohdistuu: Liquid cooling and SimSports

  4. Inventory and working-capital riskVaikutus: KeskitasoTodennäköisyys: Kohtalainen

    Hardware businesses can face demand swings that leave excess stock or require write-downs.

    Kohdistuu: Hardware products

Kysy Clarifolta: ASETEK A/S

Kirjanpito

Harkinnanvaraiset erät
Capitalized development costs

The company capitalizes product development and then amortizes the balance, so judgment on useful life and recoverability affects earnings.

Vaikutus: Can shift spend between operating expense and intangible assets

Impairment of goodwill and intangibles

Goodwill and capitalized technologies must be tested for impairment when business performance changes.

Vaikutus: Potential non-cash charges to profit and equity

Revenue disaggregation by channel and geography

Sales are split across OEMs, retailers, webstore, and office lease income, which helps explain mix shifts.

Vaikutus: Important for understanding demand quality and concentration

Share-based compensation

Option grants and accelerated vesting create non-cash compensation expense and equity dilution.

Vaikutus: Affects personnel costs and diluted share count

Lease and equipment financing

The group carries lease-related liabilities and equipment financing, which affects leverage and finance costs.

Vaikutus: Impacts debt presentation and cash flow analysis

Samankaltaisia listattuja yhtiöitä

Julkisesti listattuja yhtiöitä, joilla on samankaltainen liiketoiminta.

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Päivitetty: 24.10.2026