Hentet fra Substack av Sigbjørn Hovda (20 mai).
Cyviz: Building a Defence-Grade Tech Platform Under the Market’s Radar
With blue-chip clients, NATO-certified solutions, and growing software ambitions, Cyviz might be worth watching more closely.
While Pexip has been the talk of the town lately – thanks to its defence exposure and recent share price momentum – there’s another Oslo-listed player quietly building relevance in the very same space. Cyviz (ticker: CYVIZ) is hardly on anyone’s radar, but perhaps it should be.
What Makes Cyviz Interesting?
Cyviz provides secure, high-performance collaboration and control room solutions used by governments, defence agencies, and corporations around the world. Its Easy Platform powers everything from NATO-grade operations centres to corporate boardrooms – enabling secure data visualisation, decision-making, and remote management.
Cyviz has built long-standing relationships with major international clients like Microsoft and Accenture, helping them deploy advanced collaboration and visualisation solutions globally. In Norway, it is also well established as a trusted supplier to the oil and energy industry, with repeat business from key players such as Aker BP.
A significant milestone came in Q1 2025, when Cyviz secured a NATO-grade, Tempest-certifiable defence contract with a European government – validating its ability to meet some of the world’s most stringent security requirements. This builds on its track record with high-profile clients, including the U.S. Navy Warfare Development Command, Boeing, and Lockheed Martin.
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Key Financials at a Glance
(Rolling 12 months as of Q1 2025, unless otherwise stated)
Revenue (R12): NOK 624 million
EBITDA (R12): NOK 32 million
Gross Margin (R12): 50.5%
Order Intake (R12): NOK 641 million
Order Backlog (End of Q1 2025): NOK 338 million
Net Interest-Bearing Debt (End of Q1 2025): NOK 57.5 million
Cash and Cash Equivalents (End of Q1 2025): NOK 11.9 million
Equity Ratio (End of Q1 2025): 31.3%
Operating Cash Flow (Q1 2025): NOK -17.6 million
Market Cap: ~NOK 360 million
A Technology-First Business Model
Cyviz is working to shift from being a project-heavy hardware integrator to a more scalable, higher-margin software and platform provider. Their strategy is built on two pillars:
Cyviz Core Technology – a standardised hardware and software stack for audio-visual collaboration, increasingly sold through partners.
Software Management Platform – subscription-based tools that enable remote management, monitoring, and optimisation of AV spaces, including defence command rooms.
They are aiming to grow Annual Recurring Revenue (ARR) to 25% of total revenue by 2030, boosting both profitability and predictability.
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Why Is Cyviz Undercovered?
Despite delivering 27% revenue growth in Q1 2025, Cyviz remains firmly off the radar. It trades with low liquidity, very limited analyst coverage, and barely any media attention. Contrast that with the attention Pexip has received after being framed as a play on rising defence spending – showing how quickly market narratives can shift when a theme starts to gain traction.
Key Risks to Watch
Cash Flow & Liquidity: Cyviz posted negative operating cash flow of NOK -17.6 million in Q1 2025, partly due to working capital build-up for upcoming deliveries. Their liquidity remains tight, with only NOK 11.9 million in cash and NOK 64.9 million drawn on their credit facility.
Thin Trading Volume: With limited daily turnover, the stock’s low liquidity makes it challenging to build or exit larger positions without affecting the price.
Execution Risk: While the defence market is highly attractive, it comes with long sales cycles and high barriers to entry. Cyviz must continue converting pipeline into contracts while scaling profitably.
The Bigger Picture
With NATO modernisation picking up pace, defence budgets rising, and trusted clients like Microsoft, Accenture, and Aker BP already on board, Cyviz looks better positioned than the market seems to appreciate. Its technology is proven, its customer base is expanding, and its strategic shift towards recurring software revenue is starting to take hold.
The company is already generating over NOK 600 million in annual revenue – and if it delivers on its 25% EBITDA margin ambition, the earnings power of this business could look very different in just a few years.
While execution risks remain – particularly around cash management and scaling efficiently – the ingredients for a much more valuable and profitable platform business are already in place.
With the stock still flying under the radar, those prepared to look beyond today’s liquidity and visibility challenges might just be catching Cyviz before the rest of the market wakes up.
Link til originalartikkelen: Cyviz: Building a Defence-Grade Tech Platform Under the Market’s Radar
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