FOM Technologies – Navigating uncertainty, building the future
FOM Technologies, based in Denmark, specializes in advanced coating technology for research institutions, universities and industrial clients.
The company designs and manufactures slot-die coating machines used primarily in the development of functional materials such as solar cells, batteries, and printed electronics. These highly precise machines allow for the uniform application of thin films and FOM Technologies has positioned itself as a key enabler in industries that are expected to grow substantially in the coming decades, notably renewable energy and high-tech manufacturing.
After its IPO in 2020, FOM Technologies quickly became one of the fastest-growing companies on the First North Growth Market, increasing revenues from 7 MDKK in 2020 to 78 MDKK in 2023, while maintaining profitability throughout 2021–2023.
However, in 2024, FOM Technologies encountered significant challenges. Sales declined by more than 40% year-on-year, and in April 2025, management suspended the company’s financial guidance due to heightened geopolitical uncertainty. Despite its modest size, FOM Technologies has a strong global footprint, supplying equipment to highly regarded universities and several fortune 500 companies, both in the US and elsewhere.
The recent announcement of new US tariffs and a freeze on federal budgets forced many of FOM Technologies’ customers to postpone purchasing decisions, creating additional pressure on an already weakened market. Before the company decided to suspend its financial guidance for 2025, FOM Technologies aimed for 40 – 60 MDKK (2024: 52) in total income with an EBITDA between -15 and -5 MDKK (-15).
Even before the US tariffs were introduced, FOM Technologies was affected by a considerably weaker market. Due to higher interest rates and global economic uncertainty, key markets such as cleantech and the battery sector experienced a significant slowdown in investments. Lower order intake in the photovoltaic (solar cell research) segment and a slower energy storage market (batteries and fuel cells) resulted in negative growth for FOM Technologies.
Amid a broader shift in investor sentiment - where established business models and positive cash flows are increasingly prioritized over small-cap growth stories - FOM Technologies found itself at the center of the storm.
In response to the declining activity levels, management announced workforce and cost adjustments, aiming to better align the company’s operations with the current market reality. These changes, affecting approximately 40 full-time employees, are expected to have full effect by the second half of 2025.
Despite facing a more challenging and uncertain environment than in recent years, it is important to take a broader view. FOM Technologies has demonstrated both the capacity for profitable growth and the technical expertise to supply coating equipment to some of the most highly regarded academic and industrial institutions worldwide.
One thing is certain - market sentiment can turn faster than expected, and the challenges FOM Technologies’ customers are working to solve - in renewable energy, advanced materials, and high-tech manufacturing - remain as critical as ever.
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FOM Technologies är ett danskt företag specialiserat på utveckling och tillverkning av avancerade slot-die-beläggningsmaskiner och utrustning. Dessa maskiner möjliggör exakt och skalbar applicering av tunna filmer av funktionella material på olika substrat, vilket är avgörande inom forskning och industriella tillämpningar. Företagets teknologi används inom områden som batterielektroder, flexibla solceller och Power-to-X-teknologier.