Results of Controlant’s Annual General Meeting - 5 May 2025

In 2024, Controlant navigated a complex operating environment and implemented foundational changes to position the company for long-term growth. The company reported total revenue of $80.6 million, comprising $23.4 million in core revenues and $57.2 million in deferred income from prior years recognized without cash effect. Operating expenses were reduced by approximately 30% year-on-year, with effects of those activities fully coming through in 2025. Total net loss of the year was $24.6 million. 

Controlant’s core business segments demonstrated good momentum, achieving over 50% growth in core revenues and continued acquisitions of new customers. The company’s strategic focus on Logistics Service Providers (LSPs) also yielded strong results, with LSP-related revenues tripling over the past two years. 

Strategic highlights for the year included the completion of a two-phase restructuring and cost optimization initiatives, significantly reducing the company’s cost base and improving operational agility. Controlant also launched new proprietary software solutions and initiated the pilot phase of the Saga Card, the first IoT-enabled unit-level tracking technology for pharmaceutical logistics. To support its long-term growth strategy and product innovation, the company raised $38 million in new capital during Q4 2024. 

“2024 was a defining year for Controlant — one in which we needed to make hard decisions to ensure long-term strength,” said Trausti Thormundsson, Co-CEO of Controlant. “Our core markets showed robust demand, and we emerged leaner, more focused, and better positioned for scaling. With a disciplined approach to growth and efficiency, we aim for profitability by the end of 2025 and remain confident in the value creation we can deliver for our customers and shareholders.” 

Outlook for 2025 

Looking ahead, management forecasts core revenues of $31–38 million in 2025, representing 30–60% year-on-year growth, and a significant improvement in operational EBITDA, aiming for -$6 to -$10 million for the year. The key operational milestone remains achieving monthly profitability by Q4 2025. Strategic priorities for the year include: continued revenue expansion and revenue diversification; tight cost control driving improved scalability; and increased commercial engagement with both existing and new customers. 

Election of new board members 

At the Annual General Meeting, shareholders confirmed the composition of Controlant’s Board of Directors. Søren Skou will continue as Chairman, with Ásthildur Otharsdóttir as Vice-Chairman and Steve Van Kuiken continuing as a board member. They are joined by two newly elected members: Michele Holcomb, who brings extensive experience in pharmaceutical strategy, R&D, and healthcare supply chains through senior leadership roles at Cardinal Health and Teva Pharmaceuticals; and Magnús Magnússon, a seasoned investor with over two decades’ experience in finance, investment, and business development, having founded and led multiple value-focused investment firms with an international scope. Kristín Fridgeirsdóttir, who served on the Board since 2020, did not seek re-election. The Company extends its sincere gratitude to Kristín for her significant contributions and dedicated service over the past years. 

The newly constituted Board brings together a strong combination of operational leadership, governance expertise, investment experience, and strategic insight to guide Controlant through its next phase of growth. 

About Controlant 

Controlant is a leader in real-time supply chain monitoring solutions, providing pharmaceutical companies and LSPs with actionable visibility across temperature-sensitive logistics. Through a unique blend of IoT technology, software, and managed services, Controlant supports global healthcare logistics with a focus on quality, compliance, and operational excellence. 

For further information, please contact ir@controlant.com