The equity and the net asset value of INVL Technology, a company that invests in IT businesses, were EUR 51.36 million at the end of March this year, or EUR 4.2767 per share. The figures decreased by 0.1% and 0.3%, respectively, from the start of the year.
The company had an unaudited net loss of EUR 0.079 million in the first quarter of 2025; in the same period last year it had a profit of EUR 0.279 million.
“The contracts that the businesses have signed and plan to sign allow us to expect growth this year, even despite negative effects from the change in the US dollar exchange rate,” says Kazimieras Tonkūnas, the Managing Partner of INVL Technology.
Performance of INVL Technology’s business holdings
INVL Technology’s portfolio companies had aggregated revenues of EUR 12.9 million in January-March 2025, which is 8.1% less than in the same period last year. Their gross profit increased 0.6% in the same period of comparison to EUR 4.3 million, while their aggregated EBITDA decreased 26.4% to EUR 0.8 million.
INVL Technology owns and manages the cybersecurity company NRD Cyber Security, the GovTech company NRD Companies, and the Baltic IT company Novian.
The consolidated revenue of NRD Cyber Security, which also owns NRD Bangladesh, increased 28.2% year-on-year in the first quarter to EUR 1.97 million. Its gross profit grew 25.2% compared to the same period of 2024 to EUR 1.09 million and its EBITDA rose 26.3% to EUR 0.33 million.
NRD Companies had consolidated revenue of EUR 2.73 million in the first quarter of 2025, 5.7% more than in same period last year. Its gross profit of EUR 1.24 million was 0.5% less than in the first quarter of 2024. The EBITDA of the NRD Companies group decreased 36.1% to EUR 0.18 million. Norway-based NRD Companies has the subsidiaries Norway Registers Development in Norway, with a branch in Lithuania, and NRD Systems and Etronika in Lithuania.
Novian had consolidated revenue of EUR 5.99 million in January-March this year and a gross profit of EUR 1.43 million – 27.0% and 17.5% less, respectively, than in the first quarter last year. The Novian group’s EBITDA decreased 51.0% in the same period of comparison to EUR 0.26 million. The group consists of Novian in Lithuania with the technology-area businesses Novian Technologies, Zissor in Norway, Novian Eesti in Estonia, Andmevara in Moldova, and Novian Rwanda in Rwanda, and the software services businesses Novian Systems and Novian Pro in Lithuania.
In mid-March last year, the company announced that it had signed an agreement with the Zurich branch of M&A intermediation service provider Corum Group’s Luxembourg-based unit Corum Group International, to advise and serve as M&A intermediary on the sale of the company’s portfolio of businesses.
INVL Technology, which is managed by INVL Asset Management, the leading alternative asset manager in the Baltics, is a closed-end investment company which must exit its investments no later than mid-July 2026 and distribute the money to shareholders.
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