ZeroNorth net loss further deepens 57% on year to USD 65 million in FY 2024, liquidates subsidiary

Business

Published Wed, 2nd July 2025
by Admin

Losses impacted by amortisations, depreciations and impairment losses of USD 31.1 million, primarily related to joining forces with Alpha Ori Technologies.

Editor’s note: The following article was edited on 3 July SGT to rectify a mistake in ZeroNorth’s annual report; that the subsidiary of ZeroNorth is not Prosmar AS, it is Prosmar Bunkering AS.

Maritime technology solutions provider ZeroNorth A/S on Tuesday (1 July) posted a 57% on year increase in net loss for its financial year ended 31 December 2024 (FY 2024), partly weighted down from the acquisition of Singapore-based Alpha Ori Technologies Pte Ltd.

The company reported net loss of USD 65.1 million in FY 2024, higher than loss of USD 41.4 million recorded in FY 2023, according to financial statements seen by Manifold Times.

“The net loss for the year of USD 65.1 million was furthermore impacted by amortisations, depreciations and impairment losses of USD 31.1 million, primarily related to joining forces with Alpha Ori Technologies,” it stated,

Revenue in FY 2024 was USD 36.6 million, representing a 155% increase from revenue of USD 14.3 million in FY 2023.

“The Group delivered more than its prior year outlook for 2024, where recognised revenue demonstrated a year-over-year growth of 155%,” noted management.

“This growth indicates the increasing adoption of ZeroNorth’s technology and data-driven solutions within the maritime industry and contribution from the additional Alpha Ori Technologies revenue.”

ZeroNorth key operational and strategic developments (FY 2024)

In February 2024, ZeroNorth and Alpha Ori Technologies joined forces, creating a leading entity in maritime optimisation and accelerating the digital transformation of the shipping industry.
In April 2024, ZeroNorth acquired CMB.TECH’s FAST platform, which collects high-frequency data from sensors across Euronav’s fleet to improve ship reporting, voyage optimisation and overall vessel optimisation.
In April 2024, ZeroNorth launched a service to facilitate the integration of eBDN (electronic Bunker Delivery Notes) data between suppliers and buyers, enhancing transparency and accuracy.
In June 2024, ZeroNorth partnered with Hapag-Lloyd to introduce an advanced bunker procurement and planning solution.
In October 2024, ZeroNorth partnered with RightShip to further industry decarbonisation by integrating RightShip’s GHG 2.0 Rating and ZeroNorth’s CII Emissions Analytics solution.
In November 2024, ZeroNorth and Vitol initiated a digital bunkering trial at the Port of Rotterdam.
In December 2024, ZeroNorth A/S secured a USD 20 million credit facility from CIBC Innovation Banking

Liquidation of ZeroNorth Norway (formerly Prosmar Bunkering AS)

Moving forward, ZeroNorth stated it has decided to liquidate ZeroNorth Norway (formerly Prosmar Bunkering AS) by the end of June 2025 due to it being “committed to being a streamlined and efficient organisation”.

“This decision aligns with ZeroNorth’s strategy to consolidate operations into stronger regional hubs, reducing complexity and managing costs as the company scales its services effectively,” it explained.

“ZeroNorth acquired Prosmar Bunkering in Norway as part of its growth strategy. Liquidation is a further step in streamlining operations. All employees have been terminated by the end of February 2025. ZeroNorth Norway’s technology has been integrated into ZeroNorth’s broader suite of digital tools, and all intellectual property rights were transferred to ZeroNorth A/S in October 2023.”

Photo credit: ZeroNorth
Published: 2 July 2025

ZeroNorth net loss further deepens 57% on year to USD 65 million in FY 2024, liquidates subsidiary

Related Posts