During the second half of 2025, a great deal happened for the company. RMD won the Swedish Transport Administration’s procurement for precision positioning. With our PMU:C and integrated precision GPS, SOS Alarm and emergency services can access exact position data and respond more quickly to accidents and incidents in railway traffic, even in tunnels. This represents an important safety improvement for the industry and is significant for RMD’s market position.

Our camera system has also taken important steps during the year. The first test in Brazil was carried out by one of the world’s largest mining companies, Vale S.A. The test was conducted with stable connectivity and high image quality, both for on‑site personnel and for the group following the tests remotely. The customer has already requested two additional camera units to conduct parallel tests at multiple locations in the country, thereby shortening the evaluation period so that our product can become a standard solution for the Vale S.A. mining group.

The call‑off agreement for up to 25 cameras with VÄTE remains an important reference deal. Deliveries are made in line with the customer’s rollout plan and operational priorities, and the collaboration continues to develop.

Even after the end of the reporting period, developments have continued in a positive direction. Sweden’s largest freight train operator, Green Cargo, has signed a new agreement enabling additional camera orders as needed. The agreement secures TaaS revenues of at least 6 MSEK and is a clear example of how our recurring‑revenue business model is steadily strengthening.

Furthermore, a collaboration has been established between The Association of Swedish Train Operating Companies, Söderberg & Partners, and RMD within the framework of an expanded Risk Management Program. By integrating preventive safety technology into a structured risk process, our systems are positioned as part of a broader ecosystem where safety, economics, and insurance work together.

We have also received attention in trade and industry media for the clear economic benefits of our real‑time monitoring technology, which further strengthens awareness of the company and our solution in a broader market context.

Our assessment is that we are now approaching a phase where many processes can begin to materialize commercially. RMD is in a pure scale‑up situation. It is rarely a single event that changes a company’s trajectory — rather the sum of many steps in the right direction.

Period: July 1, 2025 – December 31, 2025

The company’s net revenue for the period amounted to 1,335 TSEK. Comparable sales for the same period the previous year amounted to 617 TSEK; other income consisted of consulting revenue from the Swedish Transport Administration.*

Operating profit (EBIT) for the period amounted to -3,972 TSEK.
EBIT after non‑recurring items for the period amounted to -3,722 TSEK.
EBITDA for the period amounted to -3,780 TSEK.
EBITDA after non‑recurring items for the period amounted to -3,530 TSEK.
Earnings per share for the period were -0.08 SEK.
Earnings per share after non‑recurring items were -0.07 SEK.
The company capitalized expenses of 4,326 (5,948) TSEK during the period.

Period: January 1, 2024 – December 31, 2024

The company’s net revenue for the period amounted to 2,652 TSEK. Comparable sales for the same period the previous year amounted to 617 TSEK; other income consisted of consulting revenue from the Swedish Transport Administration.*

Operating profit (EBIT) for the year amounted to -10,366 TSEK.
EBIT after non‑recurring items for the year amounted to -6,631 TSEK.

EBITDA for the year amounted to -10,153 TSEK.
EBITDA after non‑recurring items for the year amounted to -6,468 TSEK.

Earnings per share for the period were -0.20 SEK.
Earnings per share after non‑recurring items were -0.13 SEK.

The company capitalized expenses of 10,969 (13,048) TSEK during the period.

Significant events during the reporting period

• Demonstrated our technology at the Transportation Technology Center in the United States through a full‑scale derailment test
• Won the procurement for precision positioning services for the Swedish Transport Administration
• Signed an agreement with VÄTE Rail for 25 rear‑view cameras
• Expanded the team with a new employee working in marketing and communications
• Installed hot‑box detection systems in four locomotives used by SSAB’s switching operator VÄTE Trafik
• Had our camera system tested by a Class I railroad in Texas and a switching operator in Pittsburgh

Significant events after the end of the reporting period

• Signed a multi‑year call‑off agreement for rear‑view cameras with Green Cargo
• Delivered two rear‑view cameras to Green Cargo under the call‑off agreement
• Secured implementation of a concept for reduced insurance costs together with The Association of Swedish Train Operating Companies and Söderberg & Partners
• Test‑installed PMU:C on SJ’s X40 trains
• Sent additional rear‑view cameras for testing to the Class I railroad in Texas
• Expanded the team with another new employee working in sales and project management
• Received industry media attention for the economic benefits of our real‑time monitoring technology

Strong performance of RMD’s camera system

Stable growth and a secure revenue model

Looking back at 2024, the company’s revenues were primarily generated from consulting fees related to the Swedish Transport Administration’s “MAJ Project.” During 2025, the company’s revenues have been generated solely from our own products and services. Compared with the revenue from our products in 2024, we have quadrupled our TaaS revenue, which we view as exceptionally strong growth. We can also see that development costs are decreasing in line with rising revenues, which aligns with our budget and indicates that we now have a core portfolio ready for the market. As a technology‑heavy company, we have spent many years and significant resources on patents and development, but during the year we have taken this development into commercial sales.

TCC Conference and Tour, Pueblo, Colorado, USA delivers results

One of the year’s most notable events was our participation at TTC in Colorado. There, the company conducted a full‑scale derailment test that was highly successful. The demonstration worked as planned and showed the system’s capabilities in a real and demanding environment. Visitors — largely international decision‑makers in the rail industry — were able to see how the system displayed data and provided safety alerts in real time.

In connection with the test, we also presented on railway digitalization and the use of AI in these safety‑critical systems. Through our American partner, we have since received several concrete leads, both in derailment detection and regarding the camera system. The U.S. market is strategically important for the company, and we are now seeing the results of our efforts there.

Continued capital raising for increased production and sales

The company has raised capital during the year in line with the liquidity and business plan. With strong demand for both orders and deliveries of products and tests, we have identified the need for larger investments in serial production. The company will continue raising capital for new investments in the business, with the goal of achieving positive cash flow by the end of 2026.

Read the full report here (in Swedish)
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