Record revenue and strong growth across all markets

2024 was a landmark year for us. With revenue of $19 million, we delivered the strongest financial results in the company's history, representing growth of almost 70 percent on the previous year. The growth comes from all the markets we operate in: Norway, the United Kingdom, Ireland, Spain and the United States.

– We operate in a market with enormous potential, and we are still only at the beginning. Virtual fencing has long since established itself in Norwegian livestock production. Producers find that the technology makes a real difference in their everyday lives. By no longer having to put up and maintain physical fences, large grazing areas can be managed in an entirely different way. At the same time, livestock can graze more efficiently resulting in better gains & lowering input needs. Operations become simpler, more efficient and therefore more profitable. This is universal across the entire world market, says CEO Joachim Kähler.

Technology reaching new applications

Growth is not only about more producers, the technology is also being adopted in new contexts. In the U.S., goats fitted with Nofence collars are helping to keep vegetation down in urban areas and golf courses, keeping the natural area accessible for both visitors and local residents. These are examples of virtual fencing solving challenges well beyond traditional grazing practices.

Investing for the future

While revenue is at a record high, the accounts show a negative result of $2.5 million (NOK 26 million) in 2024. This is nonetheless a significant improvement from $6.5 million (NOK 69 million)  in the red the previous year, and reflects a deliberate strategic choice to invest heavily in product development, new markets and key hires within technology, product and management.

– Our goal is to help producers around the world manage their livestock more efficiently and sustainably. We are building brick by brick, and we can see the outlines of something truly significant, says Kähler.

He points to the timing being right for moving aggressively.

– Managing livestock on pasture effectively is also essential for helping restore soil fertility at scale. Helping producers find sustainable ways to improve pasture and soil health is key. This is an area where we want to be a major contributor.

Further growth in headcount is now being planned to meet demand.

– The reason for our growth is first and foremost that we have a solid product that is easy to use and makes an immediate difference for producers grazing livestock. It also comes down in large part to the people behind the technology. Our team consists of professionals driven by a desire to create sustainable solutions that make a difference for livestock producers. That gives us both great drive and a competitive advantage, says Kähler.