Public Equity AM Profile · OSLO BØRS: TEKNA
Tekna Holding: qualified AM powder is the business; profit is still the open question.
Tekna makes spherical, high-purity metal powders using its induction plasma (ICP) technology and sells plasma systems. Its Materials business, powder for the AM industry, was 78% of FY2025 revenue. It reached positive EBITDA in Q3 and Q4 2025 and still reported a net loss for the year.
As of: 18 October 2026 (key metrics from the FY2025 annual report) · Profile: Full investor tearsheet · Rating: Not assigned
Company Signal Monitor
LAST VERIFIED / REVIEWED
2026-10-18 (FY2025 annual report)
NEXT CATALYST TO MONITOR
Materials order conversion, Systems orders expected in 1H 2026, and whether quarterly EBITDA stays positive.
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Quick research snapshot
AM exposure: High
Pure-play score: 4 / 5
Bottleneck score: 4 / 5
Evidence: Qualified
Financial materiality: Material
Main risk: Small scale, net losses and lumpy Systems revenue.
Research verdict: Tekna owns a qualified feedstock position (NADCAP-accredited powder) in a powder market where requalification is costly; scale and profitability are the constraints.
Investor read
Materials delivered record revenue of CAD27.8M (+4.9%) and a 53.2% contribution margin. Group revenue fell to CAD35.6M (37.2) because Systems revenue dropped to CAD7.8M.
Materials order intake reached a record CAD33.9M (23.5), and the Materials backlog rose 45.7%. Tekna says it was the first company in the world to receive NADCAP accreditation for metallic powder manufacturing.
Adjusted EBITDA improved to CAD-1.4M (-6.9) after a 29% headcount cut, and the company reached positive EBITDA in Q3 and Q4. The net loss was CAD-11.0M.
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