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INVL Technology
Quarterly Report • Apr 30, 2025
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Quarterly Report
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| Company | INVL Technology |
|---|---|
| Legal Status | Special closed-end type private capital investment company INVL Technology |
| Company Code | 300893533 |
| Start of CEF Activities | 14-07-2016 |
| Period of Activity | 10 years (+ 2 years) |
| Management Company | INVL Asset Management UAB |
INVL Technology operates as a closed-end investment company (CEF) which invests in and develops European IT businesses. The company is headquartered in Vilnius and is listed on the Nasdaq Vilnius stock exchange.
INVL Technology owns 3 company groups: Novian (a Baltic IT company), NRD Companies (a GovTech company), and NRD Cyber Security (a cybersecurity company).
On 14 July 2016, the Bank of Lithuania granted INVL Technology a permit to operate as a CEF for 10 years with a possible extention for 2 more years.
Legal structure on 31 March 2025
| NET ASSET VALUE (NAV), EUR | 31-12-2024 | 31-03-2025 |
|---|---|---|
| NAV | 51,432,175 | 51,361,570 |
| NAV per share | 4.2896 | 4.2767 |
| KEY FIGURES OF INVL TECHNOLOGY, THOUSAND EUR | 3 months of 2024 | 3 months of 2025 |
| Change in the fair value of financial assets | 455 | 100 |
| Dividends, interest and other incomes | 84 | 77 |
| Operating expenses | (251) | (256) |
| Finance cost | (9) | - |
| Net profit (loss) | 279 | (79) |
| THOUSAND EUR | 31-12-2024 | 31-03-2025 |
| Financial assets value | 54,062 | 54,162 |
| Cash and cash equivalents | 1,391 | 1,128 |
| Loans | 3,095 | 3,169 |
| Total assets | 58,548 | 58,459 |
| Other liabilities | 7,116 | 7,097 |
| Equity | 51,432 | 51,362 |
| TOTAL EQUITY AND LIABILITIES | 58,548 | 58,459 |
| FINANCIAL ASSETS, THOUSAND EUR COMPANIES |
31-12-2024 | 31-03-2025 |
| NRD Cyber Security (includes NRD Bangladesh) | 17,782 | 18,091 |
| NRD Companies AS (includes ETRONIKA UAB, Norway Registers Development AS, NRD Systems UAB, Infobank Uganda) |
14,141 | 14,127 |
| Novian (includes Novian Technologies UAB, Novian Systems UAB, Novian Ees ti OÜ, Andmevara SRL, Zissor AS, Novian Pro UAB, Novian Rwanda Ltd) |
21,991 | 21,778 |
| FINtime | 148 | 166 |
| Total | 54,062 | 54,162 |
| CHANGE IN FAIR VALUE OF FINANCIAL ASSETS, THOUSAND EUR | ||
| Opening balance (01-01-2025) | 54,062 | |
| Revaluation after elimination of dividends | 100 | |
| Dividends awarded | - | |
| Closing balance (31-03-2025) | 54,162 |
DYNAMICS OF THE VALUE OF FINANCIAL ASSETS, THOUSAND EUR
| Total | 16,696 | (5,359) | 54,162 | 17.6% |
|---|---|---|---|---|
| FINtime | 253 | (39) | 166 | -2.9% |
| Software services area | 3,955 | (724) | 5,768 | 6.9% |
| Technology area | 6,691 | (2,909) | 16,930 | 15.1% |
| Of which | ||||
| Novian | 11,665 | (2,020) | 21,778 | 9.6% |
| NRD Companies | 2,870 | - | 14,127 | 21.3% |
| NRD Cyber Security | 1,908 | (3,300) | 18,091 | 37.3% |
| COMPANY | 31-12-20161 | Dividends (-)/ Investments (+) |
31-03-2025 | Internal rate of return2 |
1 The companies managed by INVL Technology are grouped according to the structure as of 31-03-2024, including the companies that were in the portfolio at that time. 2 Initial investment value – evaluation result of 31-12-2016 (INVL Technology as a closed-end investment company started operating on 14-07-2016); dividends paid during the period and additional investments made are evaluated.
Aggregated Indicators of INVL Technology managed companies, thous. EUR
| Thousand EUR | 3 months of 2021 | 3 months of 2022 | 3 months of 2023 | 3 months of 2024 | 3 months of 2025 |
|---|---|---|---|---|---|
| Revenue | 8,004 | 11,018 | 13,661 | 14,063 | 12,926 |
| Gross profit | 2,373 | 2,778 | 3,435 | 4,240 | 4,265 |
| EBITDA | 423 | 34 | 305 | 1,087 | 800 |
| EBIT | 66 | (290) | (63) | 690 | 416 |
| NET profit (loss) | (34) | (362) | (242) | 465 | 119 |
INVL Technology revenue by country
3 MONTHS OF 2024
3 MONTHS OF 2025
INVL Technology Portfolio Companies
NRD COMPANIES
NRD Companies is a global information technology and consulting group of companies specialized in governance and economic digital infrastructure development.
Key Profit (Loss) Items, thousand EUR
| NRD Companies3 | 3 months of 2024 | 3 months of 2025 |
|---|---|---|
| Revenue | 2,586 | 2,734 |
| Gross profit | 1,244 | 1,238 |
| EBITDA | 280 | 179 |
| EBIT | 202 | 99 |
| Net profit (Loss) | 155 | 5 |
Key Balance Sheet Items, thousand EUR
| NRD Companies3 | 31-12-2024 | 31-03-2025 |
|---|---|---|
| Tangible assets | 524 | 491 |
| Intangible assets | 193 | 171 |
| Other non-current assets | 486 | 503 |
| Current assets | 4,570 | 6,567 |
| Of which cash | 1,181 | 1,369 |
| Total assets | 5,773 | 7,732 |
| Equity | 2,728 | 2,788 |
| Non-current liabilities | 301 | 301 |
| Of which financial debt | 301 | 301 |
| Current liabilities | 2,744 | 4,643 |
| Of which financial debt | 214 | 162 |
| Total liabilities and equity | 5,773 | 7,732 |
3The unaudited consolidated results of NRD Companies group are presented. The audits of standalone financial statements for 2024 of group companies are in progress.
NRD Companies Group revenue by country
3 MONTHS OF 2024
3 MONTHS OF 2025
NOVIAN
Novian is a provider of software development and other IT services and solutions, Novian has delivered advanced projects for business and the public sector all around the world, in over 50 countries. Headquartered in Vilnius, Lithuania, the company has offices on the European and African continents –in the Baltic countries, Norway, Moldova and Rwanda– and more than 250 employees.
Key Profit (Loss) Items, thousand EUR
| Novian4 | 3 months of 2024 | 3 months of 2025 |
|---|---|---|
| Revenue | 8,204 | 5,991 |
| Gross profit | 1,735 | 1,431 |
| EBITDA | 529 | 259 |
| EBIT | 249 | (4) |
| Net profit (Loss) | (56) | (214) |
Key Balance Sheet Items, thousand EUR
| Novian4 | 31-12-2024 | 31-03-2025 |
|---|---|---|
| Tangible assets | 1,754 | 1,529 |
| Intangible assets | 6,855 | 6,846 |
| Other non-current assets | 855 | 840 |
| Current assets | 15,812 | 13,991 |
| Of which cash | 3,063 | 1,027 |
| Total assets | 25,276 | 23,206 |
| Equity | 8,158 | 7,978 |
| Non-current liabilities | 4,643 | 2,718 |
| Of which financial debt | 2,735 | 811 |
| Current liabilities | 12,475 | 12,510 |
| Of which financial debt | 4,098 | 5,622 |
| Total liabilities and equity | 25,276 | 23,206 |
4The Unaudited consolidated results of Novian group are presented. The audits of standalone financial statements for 2024 of the key group companies are in progress.
Novian group revenue by country
NRD CYBER SECURITY
NRD Cyber Security is a cybersecurity consulting, security incident response and technology implementation company. Through its activities, the company aims to create a secure digital environment for countries, governments, businesses, and citizens and have conducted projects of various scale and scope around the world.
Key Profit (Loss) Items, thousand EUR
| NRD Syber Security5 | 3 months of 2024 | 3 months of 2025 |
|---|---|---|
| Revenue | 1,537 | 1,971 |
| Gross profit | 870 | 1,089 |
| EBITDA | 259 | 327 |
| EBIT | 222 | 290 |
| Net profit (loss) | 231 | 296 |
Key Balance Sheet Items, thousand EUR
| NRD Syber Security5 | 31-12-2024 | 31-03-2025 |
|---|---|---|
| Tangible assets | 246 | 217 |
| Intangible assets | 11 | 9 |
| Other non-current assets | 90 | 89 |
| Current assets | 5,657 | 5,389 |
| Of which cash | 4,177 | 2,969 |
| Total assets | 6,004 | 5,704 |
| Equity | 1,420 | 1,833 |
| Non-current liabilities | 318 | 318 |
| Of which financial debt | 87 | 87 |
| Current liabilities | 4,266 | 3,553 |
| Of which financial debt | 65 | 49 |
| Total liabilities and equity | 6,004 | 5,704 |
5The unaudited consolidated results of NRD Cyber Security group are presented. The audits of standalone financial statements for 2024 of group companies are in progress.
NRD CS revenue by country
3 MONTHS OF 2024
