ZeroNorth achieves first operating profit in Dec with nearly USD 40 mil revenue in 2024

Technology company ZeroNorth on Thursday (30 February) said it achieved its first month of positive earnings before interest, taxes, depreciation, and amortisation (EBITDA) in December 2024, after four and a half years since its launch. 

The firm said the achievement comes on the back of significant growth, with the company reaching just under USD 40 million in annual recurring revenue (ARR) for the year, a 38% increase from 2023.

“This marks an important milestone for ZeroNorth, particularly at a time when rising interest rates have put increasing pressure on startups and scaleups to prioritise financial sustainability over top-line growth. Despite the challenging economic climate, ZeroNorth has managed to balance growth and profitability, showing its ability to adapt to changing financial conditions,” the company said.

Founded in 2020, ZeroNorth has rapidly become a leader in the maritime industry’s digital transformation, helping more than 230 shipping and energy companies navigate the energy transition with solutions that optimise fuel consumption and reduce emissions. 

ZeroNorth has scaled from a team of six to 600 employees across 10 global locations and completed six strategic acquisitions, including joining forces with Singapore-based Alpha Ori Technologies in February 2024. 

Powered by AI-driven technologies developed in-house, the company has built a unified platform with a significant impact on sustainability and efficiency for customers. In 2024 alone, it optimised 72,000 voyage legs by generating 1.5 million routes, reducing more than one million metric tonnes of CO2 emissions.

ZeroNorth expects to achieve positive EBITDA for the full year 2025, while continuing to execute its growth strategy.

Søren Meyer, CEO of ZeroNorth, said: “Achieving operating profit is an important milestone for ZeroNorth and a reflection of the dedication of our team and the trust of our customers. Reaching this point highlights our ability to build a sustainable business model while scaling rapidly.” 

“More importantly, it reflects the critical role of data and technology as the shipping industry tackles the complexities of the energy transition.”

“With this foundation, we are strongly positioned to accelerate our growth, and continue to enable our customers to make informed decisions, boost efficiency and cut emissions.”

Related: ZeroNorth and Singapore-based Alpha Ori Technologies close deal to merge

Photo credit: ZeroNorth
Published: 4 February, 2025