ZeroNorth Sees 'Line of Sight to Profitability' After Losses Widened in 2023

by Ship & Bunker News Team
Monday July 1, 2024

Maritime technology firm ZeroNorth saw its losses widen again in 2023, but expects to make a profit in the final three months of this year.

The firm saw a net loss of $36.8 million in 2023, up from a $32.8 million loss the previous year, it said in its annual report.

"The company remained in a high-growth phase throughout 2023, but saw full-time equivalent number and costs stabilise in Denmark as there was a strategic decision to focus on expansion in low-cost locations, enabling ZeroNorth to better support scaling operations and a growing global footprint whilst on the path towards profitability," the company said.

The firm had a full-time equivalent headcount of 249 staff in 2023, up from 162 the previous year, while FTE headcount in Denmark grew to 137 from 130 in 2022.

ZeroNorth sees the possibility of returning a profit in the near term, it said.

"The company is continuing to grow as per business plan, with line of sight to profitability by Q4 2024," the company said.

"We expect the result in 2024 to be between -$10 million to -$13 million."

The company acquired the bunker procurement platforms ClearLynx in January 2022 and Prosmar Bunkering in November 2022, as well as buying Singapore-based bunker software firm BTS in February 2023.

Ship & Bunker News Team
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