Finance

Nordiq Products has a structured and growth-oriented financial strategy to secure the development of LiSa™. The company is focused on completing the technical development, obtaining regulatory approvals and commercializing the product towards rescue organizations, the defense sector, and the healthcare sector.

Our forecasts show expected revenue growth driven by direct sales to users, B2B partnerships with medical device suppliers, and future digital services.
The market for medical sensors and continuous monitoring of vital signs is growing rapidly, and Nordiq Products is well positioned to capitalize on this development.

Business model and revenue streams

Nordiq Products has a scalable business model with multiple revenue streams:

  • Direct sales to defense, ambulances, rescue services such as the Red Cross, etc.

  • B2B partnerships with medical device suppliers

  • Licensing the technology for integration into larger systems

Strategy and milestones

2025/26: Complete the R&D phase and design freeze

  • Complete Prototype v4 and run testing and data collection with it

  • Working towards Prototyp v5 and designfreeze.

  • Initiate clinical testing and process for regulatory approval according to MDR/FDA for CE marking.

  • Continuous work with users and customers, and partners in sales, marketing, and financing.

2026-2028: Market launch and pilot sales

  • Establish strategic partnerships with health and defense actors

  • Industrialization

  • Sell 500 units of LiSa™ in beach-head markets such as the Armed Forces and/or the Red Cross

2028+: Global expansion and further development

  • Developing the next generation of LiSa™

  • Exploring strategic collaborations and potential exit opportunities

  • Scale and secure new contracts with military units and civilian actors

Key revenue drivers

The main drivers of revenue growth include:

  • Sales of LiSa™ to rescue organizations, the defense sector and healthcare – including ambulances, special forces and first aid units.

  • B2B partnerships with medical device suppliers – enabling broader distribution and integration into existing systems.

  • “Recurring revenue” from sales of attachment patches for LiSa™ and equipment adapted for training and exercise.

  • Licensing of sensor technology to major players in the medical device industry.

  • Potential digital services – including data analytics, decision support and telemedicine integrations.

The costs are primarily related to product development, regulatory processes and commercialization. The team will grow moderately to support further development, but with an efficient resource-adjusted budget.

Financing

The objective of the ongoing share issue:

This share issue is crucial to finance the development of LiSa™ . We will, among other things, complete Prototype 4 which will have these improvements compared to the current Prototype 3:

  • Local data processing – Unlike v3, which requires connection to a PC via wire during field testing, v4 will have local processing, making it more user-friendly and independent.

  • Improved field testing – Data can be collected more efficiently under real-world conditions, without the need for external connection to a PC to run the algorithms.

  • Integrated algorithm update – V4 will include the latest algorithms and display monitoring from both optical and acoustic sensors in real time.

  • Closer to final product – The design will be more in line with the final version of LiSa™, giving a more professional impression to both users and investors.

Prototype v4 is a critical milestone that will give us a technological boost and strengthen our commercial position with potential customers, partners and investors. It also represents a necessary step before we move forward with regulatory approvals.

Debt

Nordiq Products has no interest-bearing debt, which gives the company great financial flexibility and reduces risk related to interest rate changes.

Public support

The company has received support from Innovation Norway, Skattefunn, the Research Council of Norway, and other public grants, which have helped to finance the development of LiSa™ and the company's technology, and which we see as a strong recognition of our project with LiSa™.


Your capital lasts longer

Nordiq Products has been approved for the second time for SkatteFUNN, a recognition of our innovation work and the potential of the technology we develop. Together with our IPN project (Innovation Project in Business), this means that Norwegian authorities , through the Research Council, support the development of LiSa™ based on strict selection criteria.

This means that 67% of our research and development costs are covered through public support:
The IPN project covers 48% of our R&D costs. This project has been running for several years, and has approximately 5.5 MNOK in funding remaining.
SkatteFUNN provides an additional 19% coverage of all R&D costs, without any requirement for repayment.

So for every 100 NOK Nordiq invests in the development of LiSa™, 67 NOK comes from Norwegian authorities, while only 33 NOK comes from our investors.
Your investment therefore has a lot of impact and provides immediate returns.

Efficient use of capital

Startups always involve risk, but Nordiq has an effective and targeted strategy for development:
Small but highly competent development team – We conduct R&D with only 2-3 engineers.
Proven technology – LiSa™ has moved beyond the concept stage. We know the technology works. The risk is reduced.
Focus on industrialization – We are preparing to approve LiSa™ for the market.

With solid public support, a cost-effective development model and a clear market opportunity, Nordiq is a uniquely attractive investment opportunity.

Capital structure and owners

Nordiq Products AS is a 100% privately owned company, with an ownership structure that reflects the company's strong founder and team focus. The company's capital structure consists exclusively of founders, employees and private investors, with no external institutional owners.

Cap Table – Current Ownership Structure

  • Founders and employees currently own 30% of the company, ensuring a strong long-term anchoring in the company's growth and strategy.

  • Private investors have invested in previous capital rounds and own the remaining 70% of the company.

  • The company has no debt or external institutional owners, which gives Nordiq full strategic autonomy and flexibility in decision-making processes.

With a solid ownership structure and an option program for a committed team, Nordiq Products ensures that all key people have direct ownership in the company, which strengthens both the pace of innovation and long-term value creation.
Owner Ownership share
Baam Holding AS (M. Hetling, CEO, Founder) 11,91%
Rakettmaskin AS (E. Sandal, Co-founder) 11,77%
Creacom Holding AS (E. Asbjørnslett, CFO, Co-founder) 8,27%
Arnin AS 8,13%
Planet 9 Venture AS 5,66%
Løset Holding AS (A. Løset, CMO) 4,93%
Haugland Group AS 4,25%
Lise Randeberg Holding AS (L. Randeberg, Scientific Advisor, Co-founder) 3,59%
Mawaro Invest AS 2,14%
Ingvaldstad Development AS (I. Grindheim, Board Member) 2,14%
Whitlock Digernes Invest AS 2,09%
Vegard Midjo (CBO) 2,03%
Total 12 largest investors: 66,91%
Of which employees/founders: 44.63% (+options)

Valuation

The current valuation of Nordiq Products of approximately 37.5 million NOK is based on estimated future revenue, the uniqueness of our technology, and market position, and is assessed in relation to comparable technology companies.

The company's technology represents a unique solution in field medicine, with the potential for great global market acceptance in both civilian and military applications.

Details of the Share Issue

The purpose of the issue is to strengthen the company's capital base to carry out development work.

The minimum investment requirement is set at NOK 42,170 (10 shares).

The subscription price is set at 4,217 ,- NOK per share, which implies a company value of 37,473,908 ,- NOK before the issue.

Risk

Investing in Nordiq Products involves risk, and there is no guarantee of profit or return of money. If unforeseen events or any of the risk factors below materialize, it could affect the company's results, liquidity and financial condition. Investors are responsible for assessing the risks themselves before investing.

Economic and financial risk

  • Dependence on commercial success – The Company's growth is dependent on achieving sales targets and regulatory milestones. Failure to meet these targets could result in delays, increased capital requirements and reduced liquidity.

  • Capital requirements until profitability – The company must secure sufficient capital to cover development costs until profitability is achieved.

Valuation risks

  • The valuation is based on discretionary assessments of the company's technology and market position. This involves uncertainty, and the assessments may be subject to discussion.

Market risk

  • Competition from established players – Companies such as Cosinus's C-Med Alpha and Sempulse offer alternative solutions, but none with LiSa™'s unique points of differentiation, such as respiration measurement and offline functionality.

  • Market changes – Technological, regulatory or economic changes may affect the demand for LiSa™.

Operational risk

  • Regulatory challenges – LiSa™ must obtain regulatory approvals to be sold in major markets. Delays in these processes could impact commercial launch.

  • Production scale and supply chain – The company's ability to scale production depends on the availability of components and production capacity.

  • Political and regulatory risk

  • Regulatory changes – Medical technology companies must adapt to increasingly stringent regulatory requirements, which can affect costs and market access.

Reputational risk

  • Trust from customers and partners – Technology failures or negative events can damage the company's reputation and weaken its market position.

  • Risk related to the marketability of shares

  • Low liquidity – Nordiq Products shares are not listed, which means that there may be limited opportunity for resale within a short time horizon.

  • Risks related to natural disasters and pandemics

  • Supply chain disruptions – Unforeseen events, such as pandemics or international conflicts, can affect production and distribution.

Although Nordiq Products actively works to mitigate these risks through strategic measures, investors should be aware of the potential challenges.