Annual report
2024
2
Paper has long been the ultimate tool for thinking
— helping us focus, process information, and bring
ideas to life without digital distractions. But tradi-
tional paper has limitations: It can’t be searched,
shared, or organized efficiently.
At reMarkable, we set out to solve this — bridging
the effortless clarity of paper with the convenience
of digital to create a new kind of productivity tool.
A bold vision:
Rethinking paper
The idea for reMarkable was born out of frustra-
tion. As a student at Harvard, Magnus Wanberg
found it easier to concentrate using paper
instead of a laptop, but quickly became over-
whelmed by stacks of notebooks. Standing over
boxes of handwritten notes, he had an idea:
What if there was a way to merge the best of
paper and digital?
In 2013, Magnus founded reMarkable, assembling
a small team to bring this vision to life. After three
years of dedicated research and development,
reMarkable launched its first product—a paper
tablet designed for note-taking, sketching, and
reading, offering an unparalleled writing experi-
ence in a distraction-free digital format.
A story of growth
and innovation
What started as a niche innovation quickly
became a global success story.
2017 – reMarkable 1 launched to international
acclaim, proving that digital paper could feel as
natural as the real thing.
2020 – reMarkable 2 made the paper tablet
mainstream, earning a spot on Time magazine’s
Best Inventions of the Year.
2022 – Over one million devices sold worldwide,
including major growth in third-party retail,
solidifying reMarkable as the category leader in
digital paper technology.
2023 – In 2023 we experienced significant
growth due to our expansion into retail, reach-
ing new customers all over the world which has
driven growth.
2024 – reMarkable Paper Pro introduced color,
reading light and more advances security features,
elevating digital paper even further, also towards
enterprise customers.
reMarkable story
2013 2017 2020 2022 2024
reMarkable
was founded
Launch of
reMarkable 1
Launch of
reMarkable 2
Over 1 M
reMarkable sold
Launch of
reMarkable Paper Pro
3
A sustainable,
distraction-free
alternative
While mainstream tech companies focus on
more notifications, apps, and digital noise,
reMarkable has followed a different path:
• Human-centric technology – Designed to help
people think better, free from distractions.
• A sustainable shift – Aiming to improve how
consumer technology operates while keeping
the essence of handwriting and sketching alive.
• A product ecosystem that scales – A seamless
customer experience across devices, empower-
ing professionals and thinkers worldwide.
A global
company with
Nordic roots
From its headquarters in Oslo, Norway, reMarkable
has grown into a leading consumer electronics
brand, with products sold in over 60 countries and
a team of 500+ employees.
With millions of users and a growing global foot-
print, reMarkable continues to challenge conven-
tions—proving that focus, creativity, and produc-
tivity gets better without digital distractions.
Better Paper.
Better Thinking.
reMarkable story
4
Revenues
Preliminary financial results for FY24 reflect a year of
strong performance with a successful launch of the Paper
Pro during the third quarter. Recording a topline growth
of 28% in combination with an EBITDA margin of 12% is a
strong result in a continued difficult consumer spending
environment and results from successful scaling of our
Indirect Sales channel as well as improvements made in
our own webstore.
EBITDA
In absolute terms, EBITDA improved by USD 15.1m year-
on-year as the topline and gross margin improvements
offset increases in the opex base.
Cash, Net Interest-Bearing Debt
and Covenants
The launch of rMPP has resulted in a significant strength-
ening of liquidity in 2H-2024. As at year-end we now have
a net cash position of USD 38.3m.
Gross margin
Gross margin has improved by 2 pp which is largely
related to increased subscription revenue, which
now represents a larger portion of the total operating
revenue.
Key figures FY24 FY23
Year-over-year change
Total revenues USD 434.3m USD 338.1m
28.4%
Gross margin 42.3% 40.3%
1.9 pp.
EBITDA USD 52.4m USD 37.6m
39.4%
EBITDA margin 12.2% 11.1%
1.0 pp.
Cash and Cash Equivalents
USD 111.5m USD 93.5m 19.3%
Net Interest-Bearing Debt
USD [38.3]m USD [44.2]m USD 6.0m
Financial KPI’s
USD 434.3m
USD 52.4m
12.2%
2 pp.
Total revenue
EBITDA Margin
Gross margin improvement
FY24
5
291
2022 2023 2024
338
568
200
500
300
100
600
1M
Robust top-line growth
Year over year.
Revenue growth
Devices sold (thousands)
Number of paying subscribers (thousands)
Continued volume growth on
the back of Paper Pro and the
expansion into Retail.
Strong growth in paying
subscribers.
266 MUSD
2022 2023 2024
1 M
3 M
5 M
338 MUSD
434 MUSD
514
2022 2023 2024
672
791
Finance
highlights
6
Launch of
reMarkable Paper Pro
In September, reMarkable again set the standard for the category with
reMarkable Paper Pro, a new generation tablet featuring the innovative
Canvas Color display technology.
The launch of reMarkable Paper Pro garnered widespread acclaim,
including awards such as CNN’s Top Consumer Tech Product of the
Year, Wall Street Journal’s Best Gift of 2024, and Forbes’ Best Writing
Tablet of 2024, cementing reMarkable’s position as the leading player
and innovator within the paper tablet category.
The overwhelmingly positive market response and strong sales figures
from the launch were significant contributors to the year.
7
68%
USD 30.8m
600k
Subscription revenues Subscription churn
2.1%
Paying subscriber base grew by 68% and ended the year close to 600k. Over 20% of the paying
subscribers are on an annual payment plan.
Subscription revenues have grown to USD
30.8m which represents 78% Year-on-Year
growth (note that part of the subscription
revenue growth results from IFRS treat-
ment of our Free-Trial-Period).
Record low subscription churn, averaging at
2.1% for the full year, which represents 11%
Year-on-Year improvement.
Subscription growth Users
Connect
Highlights
8
Wall Street Journal’s
Best Gift of 2024
CNN’s Top Consumer
Tech Product of the Year
Forbes’ Best Writing
Tablet of 2024
Certified by the
American Calm Tech
Institute
Market
Highlights
The majority of the growth in 2024 is attributed to
the successful launch of reMarkable Paper Pro, the
company's latest tablet, released in September.
The overwhelmingly positive market response and
strong sales figures from the autumn launch were
significant contributors to the year record results.
reMarkable has historically seen success selling
products through its own channels. In recent
years, we have scaled through third-party sales
channels globally. Amazon and Best Buy deliv-
ered particularly strong results, contributing
significantly to the growth in 2024.
In addition to strong sales figures for the newcomer
reMarkable Paper Pro, the fourth quarter also saw
robust demand for the reMarkable 2 tablet, driven
by successful sales campaigns.
In 2024, reMarkable expanded its global presence
with a launch in India and distribution through
leading electronics retailers in New Zealand, Aus-
tralia, the Netherlands, and Germany. The com-
pany's products are now available in more than
1,000 stores globally, in addition to reMarkable's
own online store and on Amazon.
The launch of reMarkable Paper Pro has gar-
nered widespread acclaim, including awards
such as CNN’s Top Consumer Tech Product of
the Year, Wall Street Journal’s Best Gift of 2024,
and Forbes’ Best Writing Tablet of 2024.
9
Throughout 2024 we grew by close to 20%, just
shy of 90 people. Albeit the growth was focused on
the Software element, we’ve seen a strengthening
of all areas in reMarkable over the last year.
In addition to creating a stronger team, we have
done a complete reorganization of our internal
structure.
We have left our legacy matrix organization be-
hind and moved into a functional organizational
structure which we believe will give even greater
speed and more customer value.
Even with large changes to both structure and way
of work, our employee engagement remains strong
and reMarkable remains a great place for work.
Growth in number of employes
Workplace satisfaction
80%
2023 2024
434
521
Employee and
work experience
10
Moving to a new campus was an
historical event for reMarkable
In February, 2024, reMarkable entered a new
area, as we moved to a brand new campus in
Majorstua in Oslo.
The focus when creating our new home was to
make a space that’s not only functional, but tells
a story about Better Thinking. A space so good
that our employees prefer to be there rather
than home.
We are proud to say that we succeed with our
vision with flying colours. It might, in fact, be true
that we now have what some voices in the media
calls Norway’s nicest campus!
11
Environmental and social impact
Product
reMarkable Paper Pro launched with significantly
improved repairability compared to reMarkable
2, 50% recycled cobalt in batteries and greater
longevity.
reMarkable Paper Pro has
estimated emissions on 58 kg
CO2e per device.
58
kg CO2e
per device
Supply Chain
Several site visits at key suppliers were focused
on sustainability challenges and solutions.
A set of Sustainability KPIs were introduced as
a trial to selected suppliers, and data gathering
has successfully been tested.
All direct suppliers signed our Supplier Code of
Conduct.
We have significantly increased the number of
suppliers with relevant data for Human Rights
and Decent Working Conditions risks.
12
Environmental and social impact
Refurbishment
Initiated repair and refurbishment operations
of reMarkable Paper Pro at EMS site.
Initiated refurbishment operations of reMarkable
PP Markers at CM site.
Increased focus of refurb of rM2 devices and
markers, with more frequent refurb batches.
Development with sales team of ecom portal
focusing on sale of refurbishment items.
Governance
reMarkable has set up the company to meet
requirements in the Corporate Sustainability
Reporting Directive (CSRD).
reMarkable has assessed our Double Materiality
Assessment in accordance with the require-
ments for CSRD.
The Product Sustainability Strategy and the
Circularity Strategy were both approved by the
Sustainability Steering Committee.
13
Forward Looking
Statements
The strong performance seen during the 2024
financial year was highlighted by the launch of
the Paper Pro. This launch was much anticipated
by our customers, and we are looking forward
to expanding our Paper Pro offering along with
other unique options for our customers.
Our expansion into different regions has grown
over the past two years through various part-
nerships, and we are excited to announce our
first formal new office based out of London. The
location is strategic area with regards to both
sales and talent recruitment, both of which are
deisgned to better reMarkable in new area’s.
During 2024, we have optimized our resources
and operations to adapt to evolving market con-
ditions and customer needs. While there is now
some uncertainty surrounding global trade - we
have a proven track record of navigating such
complexities. We are taking a range of measures
to navigate the current environment and lever-
aging our global supply chain and operational
flexibility to maintain stability and long-term
resilience.
1414
Directors’ report 15
Consolidated annual financial statements 26
Notes to the consolidated annual financial statement 33
Annual report 2024
reMarkable Invest Group
Contents
15
A Year of Growth and Transformation
2024 has been a strong year for reMarkable. The successful
launch of reMarkable Paper Pro marked a significant milestone,
expanding our product portfolio to better serve the diverse
needs of our customers. This year also reinforced our momen-
tum in third-party sales channels, as we strengthened partner-
ships that extended our reach to new customers and regions.
In parallel, we have laid the foundation for growth in the enter-
prise segment, investing in security enhancements and stra-
tegic partnerships. As our software and services continue to
evolve, we see significant opportunities ahead to help profes-
sionals and businesses think and work more effectively.
While there is uncertainty in the global trade landscape, reMark-
able has a proven track record of navigating complexity. In 2024,
we took proactive steps to optimize our operations and resourc-
es, ensuring that we remain well-positioned to manage external
challenges while maintaining stability and long-term resilience.
Leading the Paper Tablet Category
Our dual-product offering—reMarkable 2 and Paper Pro—con-
tinues to define the paper tablet category. Customer demand
remains strong, and in Q4 we recorded our strongest quarter to
date. The sustained appetite for our products underscores the
strength of our brand and the unique value we bring to the market.
As we move forward, we remain committed to our customers and
their satisfaction. Success in a competitive market requires not
only best-in-class products but also exceptional customer expe-
riences. This means relentlessly refining the end-to-end custom-
er journey—from product design to support—so that our users
love what we create and share their enthusiasm with others.
Expanding Our Financial Foundation
During 2024, reMarkable raised its profile in the public capital
markets, successfully completing the listing of our NOK 500m
bond on the Oslo Stock Exchange. This milestone reflects an
important step towards our longer-term ambition of a public
listing of reMarkable.
Empowering Our People
While we are proud of our achievements, our continued suc-
cess relies on our people. The dedication and ingenuity of our
employees drive everything we do, and I remain inspired by their
commitment to our mission. Moving forward, we will align our
teams more closely with our business strategy, ensuring that
our employees are empowered to create even greater value.
At the same time, our customers remain our ultimate focus. By
fostering a culture that prioritizes customer needs, embraces
innovation, and champions excellence, we can build on the
strong foundation laid before us and drive reMarkable’s next
phase of growth.
Thank you for your continued trust and support.
Best,
Phil Hess
Chief Executive Officer
reMarkable Invest AS (“the Company”) is the parent company
of the reMarkable Invest Group (referred to as “reMarkable”
or “the Group”), with reMarkable AS as its primary operating
entity. reMarkable AS is a Norwegian technology company that
develops, markets, and sells consumer electronics products
known as ‘paper tablets’ and associated accessories.
At the heart of reMarkable’s business strategy is a
commitment to developing electronic devices and services
that preserve the benefits of paper—enhancing focus,
memory, and creativity—while harnessing the advantages
of digital technology. Our core products, reMarkable 2 and
reMarkable Paper Pro, deliver a superior writing and reading
experience designed for those who seek distraction-free work
and deep thinking. This mission is encapsulated in our vision:
“Better thinking through technology.”
reMarkable’s products are available in over 50 countries, with
North America and Europe as its largest markets. While the
majority of sales are generated through reMarkable’s direct-
to-consumer web shop, retail partnerships and third-party
distribution channels are playing an increasingly important
role in expanding our global reach.
Production is primarily based in China and Vietnam, with
distribution managed through warehouses in Hong Kong,
Mexico the Netherlands, and the United States. This global
supply chain enables reMarkable to efficiently meet global
customer demand while maintaining operational flexibility.
Operations and locations
Directors’ report
Letter to stakeholders
16
Financial Performance
Revenue
Total revenue for 2024 amounted to USD [434] million, rep-
resenting a [28]% year-over-year increase. This strong top-
line growth was primarily driven by the successful launch of
reMarkable Paper Pro, which expanded our product offering
and attracted both existing and new customers. Additionally,
the continued scaling of retail partnerships made a significant
contribution to revenue growth, further strengthening our
presence in key markets.
Subscription Growth
Our subscription service, Connect, continued its impressive
annual recurring revenue (ARR) growth throughout 2024,
driven by strong free-to-paid conversion rates. Following
the launch of reMarkable Paper Pro, the free trial period was
adjusted from 12 months to 100 days, optimizing the balance
between user experience and conversion efficiency. Early
results indicate that customers continue to recognize and
appreciate the value Connect brings, resulting in healthy
retention rates and sustained growth in paid subscriptions.
Gross profit
Gross profit for 2024 amounted to USD [183]m, representing
a 37% increase from the USD [136]m achieved in 2023. On
a gross margin basis, the respective amounts were 42%
and 40%. The 2 pp. increase is mainly due to the work our
teams have done in improving our sourcing of goods and
manufacturing to decrease our hardware COGS.
EBITDA
EBITDA came in at a record high of USD [52]m, compared to
USD [38]m for 2023 (39% year-over-year growth). The strong
performance comes as a result of increased revenues in
combination with a relative reduction in general expenses as
a portion of revenue.
Cash flow from investments
Cash flow from investing activities of USD [(42)]m in 2024
versus USD [(25)]m in 2023, reflects reMarkable’s continued
commitment to innovate and create compelling user
experiences, and comprise primarily of investments into
Paper Pro and its Type Folio as well as investments into our
future product roadmap.
Financing activities
Net cash flow from financing activities of USD [(5)]m in 2024
versus USD [27]m in 2023 largely represents the interest
payments on the NOK 500m bond and utilization of our
supply chain financing agreement.
Liquidity
As at year-end 2024, the reMarkable Group held USD [111]
m in cash and equivalents, compared to USD [93]m for
2023. The improvement in liquidity is partly a result of the
strong operational results as well as normal working capital
fluctuations towards the end of the year.
reMarkable’s net cash position was USD [38]m at year-end
2024. In 2023 the comparable position was USD [44]m.
Equity
Equity at year-end amounted to USD [84]m, reflecting an
equity ratio of [27]% In 2023 equity came in at USD [57]m with
a corresponding equity ratio of [28]%. The [1] pp. year-over-
year decline is largely explained by the increase in short term
liabilities.
17
Input factors
As a provider of consumer electronics, reMarkable is
exposed to the possibility of global shortages of production
components. Global shortages may be due to a variety of
reasons, such as uncertain global trade or other geopolitical
events that have an adverse effect on operations.
Political, social or economic instability in Asia where the
Group's suppliers' manufacturers are located, or the imposition
of additional trade law provisions, regulations, duties, tariffs
and other charges affecting imports and exports, could cause
disruptions in trade or increase costs, including with regard to
exports to EU, UK or US.
To counter sourcing complexities, reMarkable has a dedicated
team that collaborates directly with suppliers throughout our
value chain and regularly takes strategic measures to ensure
access to critical input factors and priority with suppliers. The
latter may on a regular basis require us to maintain a significant
inventory of finished goods and critical longlead components,
which increases the Group’s working capital needs.
Liquidity risk
reMarkable manages its liquidity risk by regularly monitoring
its liquidity needs for working capital, and strategic
investments, both for short-term and long-term needs, and
periodically updates estimations through rolling forecasts.
The Group has previously issued a NOK 500m bond, which
strengthened the its capital base. Within this agreement,
reMarkable has access to additional sources of liquidity,
should it choose to tap the bond for additional lending. The
group also has access to a supply chain financing facility
should it be required.
As the Group continues to grow, fixed expenditure also
increases. With one primary revenue stream, there is an
inherent uncertainty in cash flow from operations which is
currently our main source of financing future growth. The
recurring revenue contribution from the Connect subscription
base partially offsets this but is as of yet at a limited scale.
The lead-time on paper tablet production means the Group
must place orders before future demand is known, and this
exposes the Group to the risk of future demand not aligning
with projections. The Group can manage this through a
combination of postponing inventory commitments, reducing
expenditures and managing working capital and carefully
monitoring and projecting its financial position as a central
part of our business planning cycle.
Market and credit risk
reMarkable’s revenue is affected by standard economic trends
and consumer purchase patterns, including seasonality, and
periods that typically involve discounted offers. The Group takes
this into account when projecting demand and securing supply.
The paper tablet category is experiencing an increasing
number of entrants and heightened competition. The Group
has anticipated this for some time and sees itself as well
positioned to maintain a leading role in this emerging product
category. In response to this new competitive environment,
reMarkable has initiated many cross-company efforts to both
strengthen the value proposition of its products and services
and increase its market penetration.
Credit risk
The risk of losses on receivables in our direct channel is
considered low, as the customer base is large and diverse and
the Group’s payment providers are well-established, reputable
companies which release funds continuously within 3-7 days
after customer purchase. The risk of losses from receivables
on web shop orders resides with the payment provider and is
reflected in the fees for their services.
reMarkable’s retail distributor agreements typically involve an
element of credit payment, but the Group assesses the risk
of losses on receivables to be low given that the majority of
our distributors are large, reputable counterparties who are
subject to regular credit checks. In addition reMarkable also
takes out credit insurance to mitigate default risk.
Foreign currency risk
The Group sells its products in multiple countries with pricing
in local currencies. While the majority of sales is in USD, the
largest exposures to foreign currency with respect to sales
and trade receivables consist of the EUR, GBP and, to a much
lesser extent, NOK. The Group’s expenditure commitments
and a large part of the cost base (disregarding inventory cost,
which is mainly denominated in USD) in foreign currency
going forward will generally be nominated in NOK. Therefore,
changes in the NOK/USD exchange rate have a direct impact
on the Group’s profitability as a stronger NOK will increase
the Group’s fixed cost base and vice versa. reMarkable has
short term contracts with retailers and distributors where
underlying sales also provide for foreign exchange terms. The
Group operates a policy to hedge part of the NOK exposure
which is updated on a quarterly basis.
The Group is also exposed to currency risks from its bond
being denominated in NOK, while the functional currency of
the companies in the Group being USD.
Financial risk
18
The work environment at reMarkable is considered to be good.
The Group has a Workplace Environment Committee (Nw.
AMU), an employee representative, and a safety representative,
as well as established routines for safeguarding and protecting
the rights and needs of its employees. Practices to make
sure the workplace is accessible and inclusive are regularly
implemented, communicated, and reviewed. Measures and
routines to ensure sound working conditions have been
initiated, as well as measures to preserve employee mental
health, motivation, and general well-being. Total sick leave in
2023 was 2.8% of total working hours. No workplace injuries
or accidents were reported. The Group has no known issues of
discrimination because of ethnicity, religion, beliefs, disability,
sexual orientation, gender identity, or gender expression.
reMarkable aims to have a workplace where there is full
equality between women and men and aims to ensure that
there is no discrimination based on gender in matters such
as pay, advancement, or recruitment. At the end of 2024,
the Group consisted of 35% women and 65% men. For more
information on this topic, we refer to our report on equality
that is published on our career page, remarkable.com/
careers. The report details our current gender equality status
on a set of parameters, an assessment of potential risks
for discrimination or obstacles to equality, as well as a look
at what we have done so far and plan to do in the future to
improve diversity and equality.
Requirements for acceptable working conditions at suppliers,
especially at the factory of the main supplier in China, are
emphasized in the negotiation processes and are written down
in the manufacturing service agreement. Suppliers shall comply
with reMarkable’s Supplier Code of Conduct. reMarkable's
Supplier Code of Conduct is based on The Responsible Business
Alliance (RBA) Code of Conduct which ensures that working
conditions and its supply chains are safe, that workers are
treated with respect and dignity, and that business operations
are environmentally responsible and conducted ethically. The
labor standards include freely chosen labor, no use of child
labor in any stage of manufacturing, working hours according
to local law, compensation paid to workers shall comply with
all applicable wage laws, humane treatment of workers and a
workplace free of harassment and unlawful discrimination.
reMarkable requires that our suppliers shall treat its
employees fairly and legally with regard to wages, benefits,
and working conditions, and not employ forced labor, and
no employee shall be compelled to work through force or
intimidation of any form. Our suppliers shall not employ
children (defined as age 15 or the minimum working age within
the applicable jurisdiction, whichever is older) to perform all
or part of the Services. Further they shall maintain a safe and
hygienic working environment and shall employ occupational
health and safety practices that prevent accidents and injury
in the course of work or as a result of the operation of its
facilities and equipment.
Work environment, equal opportunity,
and discrimination
19
Environmental and community responsibility
Maximizing positives, minimizing negatives
To reMarkable, better thinking involves acknowledging that
everything we do impacts the world around us. We strive to
maximize our positive impacts, while minimizing the negative
ones. Our impact reporting for 2025 will provide a status on
our work on implementing sustainability and some thoughts
on where we plan to continue our journey.
The consumer electronics space has seen some major
market trends in 2024. Some of the most notable are
geopolitics, the European Union’s (EU) role, transparency and
growing customer preferences towards sustainable brands.
Geopolitics are intensifying sustainability aspects’ role as a
key strategic and financial focus for all organizations. The EU
Commission signaled that the planned sustainability reporting
requirements were to be significantly simplified in 2025, but as
the changes were not known during 2024 we worked towards
ensuring CSRD compliance throughout the year. EU focus on
product durability and quality are still highly relevant.
Our customers, particularly younger generations, are showing
an increasing preference for sustainable brands with clearer
morals and values, but without compromising on convenience
and functionality. At the same time, supply chain transparency
is accelerated through a wide range of national regulations in
different markets, such as the Norwegian Transparency Act
and the US Uyghur Forced Labor Prevention Act.
We aim to be transparent on how we are impacting the
environment and societies around us as the impact on key
global issues will alter the world we live in - and we aim for
that to be a world with room for better thinking.
Sustainability governance
A new framework for sustainability management
As the EU has announced revising the Corporate Sustainability
Reporting Directive (CSRD), mandating companies to report
on their most important - or material - sustainability matters,
document their sustainable transformation, clear governance
and time-bound targets related to their material sustainability
areas. The CSRD greatly increases the expectations for how
companies should work and integrate sustainability areas
like climate, human rights and circular economy into their
business and value chain.
reMarkable has spent 2024 on working to be CSRD ready.
This is a demanding journey, requiring large efforts of our
entire organization. To start off on the right track, reMarkable
mapped the most material sustainability areas during the fall
of 2023 through a double materiality assessment (DMA). This
is, in all essence, a prioritization of sustainability areas going
ahead. The DMA was further updated in the fall of 2024 due to
some additional information. We are working in collaboration
with our business partners and suppliers to find the right
long-term solutions for our business and value chain.
Governance structure
In reMarkable, the Chief Executive Officer (CEO) is ultimately
responsible for the Group’s sustainability ambitions. The
implementation of sustainability throughout the Group is led
by a dedicated team reporting to the Chief Strategy Officer
(CSO). The sustainability team holds responsibility to develop
relevant strategies and policies, and implement these
together with the organization.
The execution and monitoring of the activities related to
sustainability is being conducted by the relevant functions
and departments within the organization. reMarkable strives
to integrate sustainability and responsibility into our business
practices.
In the financial years 2024 and 2023 reMarkable has mapped
the Group’s policies and procedures related to management
of our most important sustainability topics. We updated our
Supplier Code of Conduct, our Anti-Corruption Policy, and
our Code of Conduct was completed. We also shared our
findings of relevant impacts, risks and opportunities with the
management team and the Board of Directors.
Through 2025, we will continue improving our sustainability
governance and provide training for our employees to create
understanding of how sustainability can be implemented
into everyday work. Becoming aligned with the updated and
simplified CSRD framework, or the voluntary alternative
(VSME), will support reMarkable in meeting expectations of
our stakeholders. Based on the outcome of the suggested
changes from the EU Commission, we will continue to
prioritize this through 2025.
Our main impact
In 2023 and 2024, reMarkable gained valuable insights into our
most material impacts, risks and opportunities (IROs) through
an updated double materiality assessment. This process was
conducted with support from expert resources, and several
reMarkable functions - in accordance with the Corporate
Sustainability Reporting Directive (CSRD) framework. The
planned process was presented to the Board of Directors, and
the results were communicated to the Sustainability Steering
Committee in December 2024.
20
The double materiality assessment
The double materiality assessment was conducted in four
phases; understand, identify, evaluate and decide.
Understand: We gathered information to understand
reMarkable’s sustainability context, assessing reports from
industry experts on sustainability, reMarkable’s value chain,
peers and other relevant sources. This resulted in a list of
potential sustainability areas for further analysis.
Identify: Next, we described how reMarkable’s activities could
impact these sustainability areas, or how these sustainability
areas could present risks or opportunities to reMarkable.
Evaluate: In total, we established causal links for 95 different
impacts, risks and opportunities. This step makes it possible
to compare different sustainability topics against each
other, for example comparing the impact of pollution from
manufacturing on one side, to breaches of consumer privacy
on the other.
Decide: After giving each impact, risk or opportunity a
magnitude, we decided on a threshold for these to be
considered material, or not material. This process output was
an impact scoring, and finally resulted in identifying the most
material sustainability topics for reMarkable.
Some of the topics we identified as most material are climate
change mitigation, anti-corruption, resource use and circular
economy, information security, and human rights in our value
chain. Most of the impacts, risks and opportunities reMarkable
face as a Group, takes place throughout our value chain.
Circularity
We strive to minimize the lifetime impact of our products
and services, making everlasting products and services that
can pass through multiple life cycles, using recycled and
reused materials produced with renewable energy. Re-using
products is one of the most efficient methods to reduce the
environmental impact of a product.
Due to this, reMarkable is focusing on extending the lifetime
of our most impactful products. This is done either through
refurbishment or repair. Refurbishment would mean that
when a used device is returned from a customer, the device
is tested according to the same quality requirements as a
new device, re-packed and re-sold to another customer or
used as a replacement product. Products could also require
repair before they could be sold as a refurbished device. The
device is then repaired, and then follows the refurbishment
process. Products that are returned within our satisfaction
guarantee period or warranty period are eligible for repair and
refurbishment, and these are sold in selected geographical
markets. Through refurbishment and repair we are able
to extend the lifetime of our products. We maximize the
utilization of the product and minimize the environmental
footprint throughout the lifetime of the product.
One of the things we’ve learnt through is the importance of
designing for repairability from the bottom up, right from the
start. We’ve implemented significant upgrades to the design
of reMarkable Paper Pro, making it even easier to repair
and refurbish. A new mechanical locking system has been
added to the top and sides of the device, so it’s possible to
open and repair at our manufacturing partner’s assembly
site with significantly fewer components going to waste. As
a consequence, we have initiated repair operations with the
reMarkable Paper Pro devices, with two successful trial runs
performed in 2024. We have also been initiating refurbishment
operations of the reMarkable Paper Pro Markers, and two trial
runs have successfully been performed in preparation for
bigger batches.
With reMarkable 2 we conduct both refurbishment and
repair on the devices. We have also increased emphasis on
refurbishment of the reMarkable 2 markers, and done some
refurbishment on the rM2 TypeFolio.
Going ahead, we will continue to increase our efforts on
repairs and refurbishments to ensure increased longevity of
our products.
Product
Number of
units in 2023
Number of
units in 2024
reMarkable 2 (devices)
refurbished
18 957 13 041
reMarkable 2 (devices)
repaired
25 783 10 850
reMarkable 2 (Marker Plus)
refurbished
- 18 635
reMarkable 2 (Type Folio)
refurbished
- 1 120
Proper recycling of devices that are no longer in use is
an important step in ensuring that valuable materials are
recovered and recycled for a second use. reMarkable has
collaborated with a recycling partner to ensure that end of life
returns on our Generation 1 devices are properly handled and
recycled.
21
Other achievements related to circularity include:
• All packaging is 100% recyclable
• The Cobolt in the battery in reMarkable Paper Pro device
is 50% recycled
• Battery longevity of reMarkable Paper Pro: The device
battery retains 96% of the total capacity after being
charged 500 times, ensuring a long life cycle.
After our circularity strategy was approved by the Sustainability
Steering Committee in 2024, we have already started to work
to achieve the ambitious targets in the strategy. The targets
are related to products, services and business models, and
includes topics such as material usage, efficient repair and
refurbishment processes. This work will continue in 2025 and
beyond.
Social Impact
As a Group with a global value chain, it is critical to be aware
of the impact we have on the societies around us and workers
in our value chain activities. Therefore, we believe in close
collaboration with our suppliers and stakeholders. We work
with our suppliers to define goals and actions that support our
efforts towards sustainability, and have continuous dialogue
with them to provide support and feedback.
Supply chain
Monitoring our suppliers’ compliance with our rules can be
challenging because of the complexity of our supply chain
with many businesses in different locations at different
tiers or levels within our supply chain. Therefore, the level
of influence we can exert over businesses in our supply
chain varies significantly. We usually have the greatest level
of influence over our tier 1 suppliers, where we have direct
contractual agreements.
When we choose suppliers, through the Request for Proposal
(RFP) processes, potential suppliers are evaluated based
on their capabilities within sustainability, and sustainability
commitments are defined as part of our process. Sustainability
questions also make up between 5% and 10% of the scorecard
which we use to evaluate the overall performance of key global
suppliers every year, not included the absolute requirements
we use to screen all suppliers. We aim to work with suppliers
sharing our values and concerns for the future.
reMarkable is taking several steps to ensure that human rights
and decent working conditions are respected throughout the
supply chain, all the way down to raw material sub-suppliers.
In 2024, we have continued the work to ensure a systemized
and risk-based approach to our suppliers. After developing
our Supplier Code of Conduct, all key suppliers have signed
this, ensuring an equal playing field for our suppliers. This
covers issues including human rights, labour standards,
environmental management, and bribery and corruption. We
will continue the work to update and improve the code itself,
and our suppliers’ understanding of it in 2025. Suppliers not
accepting the Supplier Code of Conduct shall be disqualified
to participate in a RFx process.
All suppliers will have to go through an ESG Due Diligence Tool,
which identifies potential risks related to environmental, social
and/or governance aspects. All our current direct first tier
suppliers are also onboarded on this platform, which allows
us to efficiently monitor and collaborate with our suppliers on
improvement points. This tool requires annual updates from
the suppliers, ensuring our risk assessments are up to date.
Our work with suppliers in 2024 includes developing an annual
wheel to follow up on key impacts on the world and people. We
have addressed Sustainability KPIs that will be used to assess
sustainability performance in frequent business reviews with
our suppliers, and we have other sustainability data points
that are reported annually. These are linked to topics such
as Greenhouse Gas (GHG) emissions, energy usage, material
usage, human rights impact, decent working conditions,
business conduct and supplier management. We continue
to monitor compliance and promote improved performance
through our supplier performance reviews, focusing
particularly on high-risk and strategic suppliers in 2025.
Norwegian entities beyond certain thresholds need to comply
with the Norwegian Transparency Act. This is a legislation
that requires companies to assess the risk of contributing to
human rights violations and risk of violating decent working
conditions in the value chain. The responsibility includes the
entire value chain, to extraction of raw materials. This is one of
the reasons we request information on how our suppliers and
business partners work with fundamental human rights and
decent working conditions. Our suppliers are also requested
to share the same information from their supply chain. We use
that information to conduct risk assessments to identify and
mitigate potential and actual negative impact we can have
on these important areas. This is extensive work, and we are
constantly striving to improve our work in the area.
For 2024, we have changed the definition of first tier direct
suppliers, to all direct suppliers we have a direct contractual
relationship with. Based on that, we have sent information
requests to 25 suppliers. As this work for 2024 is continuing
until June 2025, so far ten out those 25 suppliers have
completed their survey, whilst four are in the process of
responding. Seven of our first tier suppliers have shared
relevant sub-suppliers in the supply chain, with the result of
close to 200 second tier suppliers being invited in the tool to
reply for 2024. We aim to significantly increase the numbers of
suppliers that have successfully submitted their input to the
tool in the first half of 2025, and trust our understanding of
human rights and decent working condition risks are better
compared to previous years. For the avoidance of doubt, we
expect our suppliers to be accountable for managing risk in
their operations and to understand that we expect them to hold
their own suppliers accountable to the same high standards.
Besides the aspects required by Norwegian law, we also
assess the risk in our value chain on corruption, political
stability, LGBTI rights and gender equality. Findings from our
work is published on reMarkable.com, and updated annually
1
.
22
KPI description 2023 2024
First tier direct suppliers signed Supplier
Code of Conduct (%)
100 100
First tier direct suppliers that have
completed information related to the
Norwegian Transparency Act (%)
100 40
We regularly undertake intensive on-site supplier audits,
which include an examination of written policies and
procedures, site inspections and discussions with managers
and employees. These provide us with a detailed insight into
how suppliers’ policies translate into action. During 2024, we
have had several site visits with key suppliers focusing on
ESG, including social impact. We have also held numerous
management meetings, and ESG is a topic in most business
reviews with suppliers. Our conversation with the suppliers
on the topic indicate a common agreement of the importance
of different sustainability topics, and even if the maturity on
sustainability differs between our suppliers, the commitment
to improving the impact on the world and people appears
to be present in all these meetings. We believe continuing
the cooperation with our suppliers in these areas will be
beneficial for reMarkable, our suppliers and the world.
We will continue to improve our work on this in 2025,
including conducting subsequent risk assessments on
social impacts. Based on these risk assessments, we will
make a plan on how to reduce the risks of our value chain
contributing to violation of fundamental human rights and
decent working conditions.
Climate change
Greenhouse gas emissions are another key impact the
consumer electronics industry has on the world. In
recognizing this, we have mapped our GHG emissions for
our organization's own operations and for our products.
We now have emissions data from 2021 until 2024, and are
gradually improving data quality and completeness of our
GHG inventory.
The results reflect an expanded scope of different emissions
categories included in the accounting 2024. We have
captured more of our relevant emissions categories and
data sources than in previous years
2
. In the report below,
reMarkable's offices in Oslo and our business travel, the
downstream transportation of products, the production of
products, the usage and end-of-life treatment of the sold
products is included
3
.
reMarkable does not have any scope 1 emissions, and the
scope 2 emissions related to energy usage in our Oslo office
is relatively minor (0.05% for location based accounting),
even if this has increased significantly compared to 2023. The
increase in scope 2 emissions are mostly due to reMarkable
moving to a bigger office space in 2024, and also had several
offices for parts of the year. Also, the increased number of
employees does also increase the scope 2 emissions. In
2024 we utilized five different office locations up until the
transition to our new headquarters in February, where we
have since utilized one single office location. The massive
increase in market based scope 2 emissions stems from the
same reasons, but also due to an increased emission factor
used to calculate the market based emissions. We expect
that our scope 2 emissions will reduce in 2025, and as part of
our work to reduce negative climate impact, we will also look
into reducing the energy used as well as whether we could
improve the percentage of renewable energy sources. Both
of these efforts will help us reducing our scope 2 emissions.
reMarkables main GHG emissions come from value chain
activities, scope 3, with purchased products and services
amounting to almost 75% of total emissions. The 43%
increase from 2023 to 2024 in scope 3 emission is due to an
increased amount of bought products, goods purchased due
to moving into the new office, methodological changes in the
emission factors used and inclusion of more relevant scope 3
emission categories. The emissions factors used for this year's
reporting are based on more primary data and product carbon
footprints performed on the accessories. These two aspects
combined entailed a higher emission for this category.
Upstream transportation and distribution has been estima-
ted for the first time in 2024, and these emissions represent
around 13% of reMarkables total emissions. Downstream
transportation and distribution, mainly consisting of air fre-
ight, represents 8% of the total emissions for 2024. This me-
ans that transportation and distribution in general accounts
for more than 20% of reMarkables emissions.
Also, our emissions from business travels were increased in
2024.
Even if we were expecting our GHG emissions significantly
to increase in 2024 compared to 2023, we acknowledge the
need to systematically reduce these going ahead. In order to
do so, we will use the data collected in 2024 as a baseline for
setting climate targets and work to reduce our GHG emissi-
ons in the coming years. We will also identify a relevant GHG
intensity KPI to measure our emissions that is taking reMar-
kables growth as a Group into account.
1
See https://remarkable.com/transparency-act for our Transparency Act report.
2
This analysis is based on the operational control aspect that defines what should be included in the carbon inventory, as well as in the different scopes.
3
The input data is based on internal and external data sources, converted into tonnes CO2-eq. The analysis is based on the Corporate Accounting and Reporting
Standard, developed by the Greenhouse Gas Protocol Initiative (GHG protocol). This is the most important standard for measuring GHG emissions and was the basis
for the ISO standard 14064-I.
23
GHG accounts 2022-2024
Scope Description
2022 2023
2024 % change
Scope 1
Scope 1 total - -
- -
Scope 2
Scope 2 total (location) 4.9 6.3 22.4 355%
Electricity - market 49.8 61.7 571.9 927%
Electricity - location 1.4 2.3 14.1 613%
District Heating - location 3.6 4.0 8.3 207%
Scope 3
Scope 3 total 26 433.3 40 122.7 57 342.6 43%
Purchased goods and services 19 528.8 34 975.5 42 848 23%
Fuel- and energy not included in scopes 1 and 2 2.3 2.9 11.9 312%
Waste generated in operations 6.6 9.0 9.2 1,36%
Business travels n/a 376.6 1 373.2 265%
Employee commuting 13.9 36.9 43.5 18%
Downstream transport 6 387.0 4 079.0 4 694.6 15%
Upstream transport - - 7 622.4 -
Upstream leased assets - - 71.4 -
Use of sold products 420.1 551.6 624.5 13%
End-of-life treatment of sold products 73.7 91.2 42.8 -53%
Sum All emissions scopes 1, 2 & 3 26 438.0 40 129.0 57 365.0 143%
24
In accordance with the Accounting Act § 3-3a, it is confirmed
that the financial statements have been prepared under the
assumption of going concern.
Going concern Allocation of net income
The net result for the year is taken in its allocated to
retained earnings in equity.
25
Oslo, Norway
April 10th, 2025
Anita Glad
Board member
Kevin Michael Thau
Board member
Vemund Sande
Board member
Magnus Haug Wanberg
Chair of the Board
Philip S. Hess
Chief executive ofcer
Marius Juul Møller
Board member
We confirm that, to the best of our knowledge, the financial
statements for the period from 1 January to 31 December 2024
have been prepared in accordance with applicable standards
and give a true and fair view of the Group’s assets, liabilities,
financial position and results of operations. We confirm that
the Board of Directors report provides a true and fair view of
the development and performance of the business and the
position of the group, together with a description of the key
risks and uncertainty factors that they are facing.
Declaration from the Board
26
Consolidated statement of comprehensive income 27
Consolidated statement of financial position 28
Consolidated statement of cash flows 31
Consolidated statement of changes in equity 32
Notes to the consolidated financial statements 33
reMarkable Invest AS
Consolidated annual financial statements For the years ended 31 December 2024
and 31 December 2023
Contents
27
Consolidated statement of
comprehensive income
Amounts in USD thousand Notes 2024 2023
Revenue from contracts with customers 3.2 434 304 338 078
Total operating income 434 304 338 078
Cost of Materials 6.1 (227 262) (176 017)
Employee benefit expenses 3.3 (53 531) (41 730)
Other operating expenses 3.4 (101 094) (82 719)
Depreciation and amortization 4.1, 4.2, 5.4 (14 998) (8 970)
Operating profit/(loss) 37 420 28 642
Financial income 2 763 1 538
Financial expenses (9 811) (3 559)
Other financial gains/(losses) 2 369 553
Net financial result 3.6 (4 680) (1 468)
Profit/(loss) before income tax 32 740 27 174
Income tax expense 3.5 (8 007) (6 635)
Profit/(loss) for the year 24 732 20 539
Net other comprehensive income/(loss) - -
Comprehensive profit/(loss) for the year 24 732 20 539
28
Consolidated statement of
financial position
ASSETS
Amounts in USD thousand Note 31 December 2024 31 December 2023
Non- current assets
Intangible assets
4.2 62 771 42 967
Property, plant and equipment 4.1 40 274 4 186
Net deferred tax assets 3.5 10 497
Other non-current financial assets 5.2 6 552 5 415
Total non-current assets 109 607 53 065
Current assets
Inventories 6.1 71 435 42 141
Trade receivables 6.2 12 729 9 758
Other current assets 8 734 5 453
Derivative financial assets 65 -
Cash and cash equivalents 6.3 111 450 93 452
Total current assets 204 414 150 804
Total assets 314 021 203 869
29
EQUITY AND LIABILITIES
Amounts in USD thousand Note 31 December 2024 31 December 2023
Equity
Share capital 5.8 305 305
Share premium 5.8 25 531 25 531
Retained earnings 53 749 29 017
Other equity 4 033 2 081
Total equity 83 618 56 934
Liabilities
Borrowings 5.3 43 177 47 748
Lease liabilities 5.4 24 464 -
Total non-current liabilities 67 641 47 748
Trade and other payables 6.4 50 311 32 842
Lease liabilities (current portion) 5.4 1 565 136
Borrowings 5.3 3 980 1 337
Current tax liabilities 3.5 7 612 4 476
Current provisions 6.5 1 405 2 090
Other current liabilities 6.4 97 889 58 306
Total current liabilities 162 762 99 187
Total liabilities 230 403 146 935
TOTAL EQUITY AND LIABILITIES 314 021 203 869
30
Anita Glad
Board member
Kevin Michael Thau
Board member
Vemund Sande
Board member
Magnus Haug Wanberg
Chair of the Board
Philip S. Hess
Chief executive ofcer
Marius Juul Møller
Board member
Oslo, Norway
April 10th, 2025
31
Amounts in USD thousand Notes 2024 2023
CASH FLOW FROM OPERATING ACTIVITIES
Profit/(loss) before income tax 32 740 27 174
Adjustments for:
Depreciation and amortization 4.1, 4.2, 5.4 14 998 8 970
Net financial income and expenses 3.6 7 049 1 669
Net foreign exchange differences (3 614) 2 857
Working capital changes
Decrease (increase) in inventories (29 294) (17 133)
Decrease/(increase) in trade receivables, contract assets
and prepayments
(6 252) (8 036)
Change in trade payables, contract liabilities and other
payables relating to operating activities
57 052 21 648
Change in provisions relating to operating activities (685) 1 217
Income tax paid (3 822) (732)
Interests received 2 763 1 538
Net cash flow from operating activities 70 934 39 172
CASH FLOW FROM INVESTMENT ACTIVITIES
Payments for intangible assets 4.2 (29 337) (23 863)
Receipts of deposits - 62
Payments of deposits (1 655) -
Payments for property, plant and equipment 4.1 (10 956) (1 490)
Net cash flow from investing activities (41 948) (25 291)
CASH FLOW FROM FINANCING ACTIVITIES
Payments of loans and borrowings 5.5 - (14 379)
Interests paid 5.5 (8 703) (1 980)
Cash receipt from borrowings 5.5 3 211 44 786
Payment of principal portion of lease liabilities 5.5 (1 776) (1 309)
Proceeds from issuance of shares 5.8 1 952 -
Group contribution - (115)
Net cash flow from financing activities (5 316) 27 003
Net increase/(decrease) in cash and cash equivalents 23 669 40 884
Cash and cash equivalents at the beginning of the period 93 452 52 568
Effects of exchange rate changes on cash and cash
equivalents1)
(5 672) -
Cash and cash equivalents at the end of the period 111 450 93 452
Consolidated statement of cash flows
1
The relatively large effects of exchange rate changes on cash and cash equivalents in 2024 are due to large cash amounts in foreign currencies combined with a
stronger USD. In 2023, these effects were not presented separately from other foreign exchange effects due to system limitations.
32
Consolidated statement of changes in equity
Amounts in USD thousand Share
capital
(section
5.8)
Share
premium
(section
5.8)
Retained
earnings
Other
equity
Total
equity
Balance at 1 January 2023 305 25 531 8 593 2 081 36 510
Profit/(loss) for the year - - 20 539 - 20 539
Group contribution - - (115) - (115)
Balance at 31 December 2023 305 25 531 29 017 2 081 56 934
Balance at 1 January 2024
305 25 531 29 017 2 081 56 934
Profit/(loss) for the year - - 24 732 - 24 732
Capital increase (unregistered) - - - 1 952 1 952
Balance at 31 December 2024 305 25 531 53 749 4 033 83 618
33
SECTION 1 – Group information and basis of preparation 34
1.1 Corporate information 35
1.2 Basis of preparation 35
1.3 New standards and interpretations adopted by the Group and other
changes in accounting policies 35
1.4 New standards and interpretations not yet adopted 36
1.5 Critical accounting judgements, estimates and assumptions 36
1.6 Group structure 36
1.7 Significant transactions and events during the reporting period 37
SECTION 2 – Summary of general accounting policies, estimates and judgements 38
2.1 Consolidated financial statements 39
2.2 Foreign currency 39
2.3 Statement of cash flows 39
2.4 Government grants 39
SECTION 3 – Results of the year 40
3.1 Segment information 41
3.2 Revenue from contracts with customers 41
3.3 Employee benefits 43
3.4 Other operating expenses 44
3.5 Income tax 45
3.6 Financial result 46
SECTION 4 – Invested capital 47
4.1 Property, plant and equipment 48
4.2 Intangible assets 49
SECTION 5 – Capital and debt structure 52
5.1 Financial instruments 53
5.2 Non-current financial assets 53
5.3 Borrowings 54
5.4 Leases 56
5.5 Reconciliation of cash flows from financing activities 58
5.6 Financial risks and capital management 58
5.7 Capital management 61
5.8 Share capital and ownership structure 62
SECTION 6 – Working capital 63
6.1 Inventories 64
6.2 Trade receivables 65
6.3 Cash and cash equivalents 66
6.4 Trade payables and other current liabilities 67
6.5 Provisions 67
SECTION 7 – Other d s 68
7.1 Related parties 69
7.2 Events after the reporting period 69
Appendix – Alternative Performance Measures (APM) 70
Notes to the consolidated
financial statements
34
Section 1.
Group information and basis of
preparation
This section includes information on corporate information, Group structure, basis of
preparation and an overview of general accounting policies and critical accounting
judgements and estimates in the Group.
35
1.1 Corporate information
1.2 Basis of preparation
1.3 New standards and interpretations adopted by
the Group and other changes in accounting policies
reMarkable Invest AS (“the Company”) is the parent Company in the reMarkable Invest Group (referred to as “reMarkable”,
“reMarkable Invest Group”), whose main subsidiary is reMarkable AS. reMarkable AS is the operating entity of the reMarkable
Invest Group and is a Norwegian Company that develops, markets, and sells consumer electronics products termed ‘paper
tablets’ and associated accessories.
As of 9 October 2024, reMarkable Invest AS’s bonds were listed on Oslo Stock Exchange. The volume of the issue is 500
thousand bonds with a nominal value of NOK 1 thousand.
The registered office of reMarkable Invest AS is located at Fridtjof Nansens vei 12 in Oslo, Norway. The Company was regis-
tered on 17 November 2021 and founded on 27 October 2021.
These consolidated financial statements of reMarkable Invest AS for the year ended 31 December 2024, and comparative
period for 31 December 2023, were authorized for issue in accordance with a resolution of the Board of directors on April 10th,
2025. These financial statements are to be approved by the Annual general meeting in June 3rd, 2025.
These consolidated financial statements have been prepared in accordance with the IFRS® Accounting Standards as adopted
by the European Union (EU). The consolidated financial statements are presented in USD and all amounts are rounded to the
nearest thousand, unless stated otherwise.
These consolidated financial statements have been prepared based on the going concern assumption. When preparing
financial statements, Management has made an assessment of the Group’s ability to continue as a going concern. There are
no material uncertainties related to events or conditions that may cast significant doubt upon the Group’s ability to continue
as a going concern.
These consolidated financial statements have been prepared following the historical cost basis, with no material exceptions.
The Company has applied certain amendments to the standards and interpretations that are effective for annual periods be-
ginning 1 January 2024.
Assessment has been made following IFRS Interpretations Committee’s (IFRIC®) agenda decision clarifying requirements of
IFRS 8.23 regarding disclosure of certain income and expense items. Considering that reMarkable Invest Group is operated as
a single segment (see note 3.1), it has been concluded that no changes are to be applied and disaggregation requirements are
met in the report of the Consolidated statement of comprehensive income.
In 2024, there are certain new disclosure requirements for supplier finance agreements in IFRS 7 and IAS 7. These are incor-
porated into the note disclosures in section 5.3.1.
None of the amendments and interpretations applied had impacts in the amounts recognized in the current or previous pe-
riods and are not expected to affect future periods.
36
1.5 Critical accounting judgements, estimates and
assumptions
1.6 Group structure
The preparation of financial statements in conformity with IFRS Accounting Standards requires the use of certain critical ac-
counting estimates. It also requires the management to exercise its judgement in the process of applying the Group’s account-
ing policies. Changes in assumptions may have a significant impact on the financial statements in the period the assumptions
change. Management believes the underlying assumptions are appropriate.
This note provides an overview of the areas that involved a higher degree of judgement or complexity, and of items which are
more likely to be materially adjusted due to estimates and assumptions turning out to be different when, and to the extent that,
the uncertainty is resolved. These areas are as follows:
• Capitalization of integrations and implementation costs incurred in the implementation of enterprise resource planning
(ERP), supply chain and customer management systems. See Note 4.2 for further details on this critical judgement.
• Capitalization of internally generated intangible assets. See Note 4.2 for further details on this critical judgement.
reMarkable Invest AS is the parent of the reMarkable Invest Group. The Company’s purpose and business consists of owning
shares in reMarkable AS, as well as issuing shares to reMarkable Employee Share Holding I AS (RESHI AS) through share issues
for employees.
At 31 December 2024, the reMarkable Invest Group is owned by reMarkable Holding AS, which is its immediate and ultimate
parent, holding 98% of its outstanding shares (and equal voting rights). reMarkable Holding AS also produces consolidated
financial statements. See Section 5.8 for further details.
The reMarkable Invest Group is comprised of the following companies:
Name of entity Place of business / country 2024 2023 Principal activitiesof incorporationreMarkable AS Norway 100 100 Operating company within the reMarkable Invest GroupreMarkable Operations LTD United Kingdom 100 - Currently no activitiesreMarkable Operations LLC United States of America 100 - Currently no activitiesreMarkable Operations B.V. Netherlands 100 - Currently no activities
1.4 New standards and interpretations not yet adopted
Certain new accounting standards, amendments to accounting standards and interpretations have been published that are not
mandatory for 31 December 2024 reporting periods and have not been early adopted by the Group.
Out of these standards, amendments or interpretations, only IFRS 18 ‘Presentation and Disclosure in Financial Statements’ is ex-
pected to have a material impact on the Company’s future reporting periods and foreseeable future transactions, as described below.
IFRS 18 ‘Presentation and Disclosure in Financial Statements’ (effective for annual periods beginning on or after 1 January 2027).
In April 2024, the IASB® issued IFRS 18, which replaces IAS 1 `Presentation of Financial Statements'. The new standard will be
effective for annual reporting periods beginning on or after 1 January 2027, with early adoption permitted. IFRS 18 introduces a
defined structure for the statement of profit or loss with new totals and subtotals, and in which all income and expenses should
be classified in one of the following categories: operating, investing, financing, income taxes and discontinued operations,
where the first three are new. IFRS 18 also requires disclosure of newly defined management-defined performance measures.
Additionally, IFRS 18 made narrow scope amendments to IAS 7 ‘Statements of Cash Flows’.
The management is currently assessing the detailed implications of applying IFRS 18 on the Group’s financial statements.
37
1.7 Significant transactions and events during the
reporting period
The main transactions and events in relation to the Group are the following ones:
Other than those noted above, the Group has presented the material information of its financial position, highlighting any ma-
terial changes, policies, judgements and estimates in the Group for the period presented.
Transactions and events Disclosure notesThe Group's bond issued in 2023 was listed on Oslo Børs during 2024 financial Sections 5.1 and 5.3year as part of the issuance agreement.At the beginning of 2024, the Group commenced the lease agreement for its Sections 4.1 and 5.4.2 to 5.4.4main headquarters in Oslo.
38
Section 2.
Summary of general accounting
policies, estimates and judgements
This section includes an overview of the general accounting policies, which are those
that do not relate to a specific line item in the financial statements, and it also in-
cludes reference to any significant judgements and estimates used when applying
the Group’s accounting policies.
39
2.1 Consolidated financial statements
2.2 Foreign currency
2.2.1 Functional currency
2.2.2 Foreign currency transactions
2.3 Statement of cash flows
2.4 Government grants
The consolidated financial statements of the Group include those of reMarkable Invest AS and reMarkable AS.
The reMarkable Invest Group presents its financial statements in USD, which is also the functional currency of the companies
within it.
Transactions in foreign currency are recorded, on initial recognition, at the spot rate at which the transaction qualifies for rec-
ognition under IFRS, unless applying average rates for the month would give a fair approximation to using the actual rates. For
monetary items, the difference between the spot exchange rate at a reporting date (or settlement date) and initial rate is recog-
nized in the consolidated statement of comprehensive income, at each reporting date and until the moment of the settlement.
Non-monetary items are translated using the rates at initial recognition.
The cash flow statement is prepared using the indirect method. The Company presents net changes in supply chain financing
facility under financing activities. The amount is the net of increases due to reclassification from trade payables to supply chain
financing liabilities and cash outflow to the lender.
Interests paid are presented in financing activities whereas those received are presented in operating activities.
The reMarkable Invest Group received nil in 2024 (2023: NOK 4 750 thousand, equivalent to USD 467 thousand) in government
grants for SkatteFUNN. The grants received in 2023 reduced capitalized development in the consolidated statement of finan-
cial position and were subsequently recognized to profit or loss through reduced depreciations.
Accounting judgements – determination of functional currency
Management has assessed the functional currency of reMarkable AS. Based on an analysis of its primary indicators (i.e., sales
and operating expenses), it is concluded that the dominating currency is USD. This is mainly supported by the degree of sales
denominated in USD with respect to other currencies, the competitive force of the US in these markets, and the vast majority
of production costs of inventory being nominated in USD.
For reMarkable Invest AS (holding Company in the Group) it is concluded that this Company has no activities of its own (other
than holding financing) and therefore it is regarded as an extension of its subsidiary, reMarkable AS.
The Group will reassess the functional currency of the Company when there is a change in events and conditions which
determine the primary economic environment assessment.
40
Section 3.
Results of the year
This section includes disclosures in relation to the financial performance of the
Group over the periods presented, including those relating to financing activities.
41
3.1 Segment information
3.2 Revenue from contracts with customers
reMarkable’s business is to develop, market, and sell consumer electronics products termed ‘paper tablets’, as well as associ-
ated accessories.
Operating segments are components of the Group regularly reviewed by the chief operating decision maker (“CODM”) to as-
sess performance and be able to allocate resources. The CODM in reMarkable is the board of directors. The reMarkable Invest
Group as a whole is operated as a single segment. See note 3.2 for a disaggregation of revenue based on the major class of
products in the Group.
In 2024, two of the Group’s customers each contributed more than 10% of the total revenue, with a combined total of USD 116
million. The first customer generated USD 70 million in revenue, while the second contributed USD 46 million. In contrast, in
2023, a single customer accounted for over 10% of the Group’s total revenue, amounting to USD 48 million.
Non-current assets held by the Group in Norway amounted to USD 85 million (2023: USD 40 million). Non-current assets
held by the Group outside Norway are mainly located in Hong-Kong and Vietnam and constitute production machinery.
Revenue by geography 2024 2023(Percentages)US 53 52Rest of the world 47 48Total 100 100Revenue by geography(Amounts in USD thousand)US 230 181 175 801Rest of the world 204 123 162 277Total 434 304 338 078
3.2.1 Ordinary activities of the Group
reMarkable Invest Group’s ordinary activities are to sell consumer electronics products termed ‘paper tablets’, associated ac-
cessories and subscriptions to its cloud-based solution, for value-added content and services, such as improved connectivity
and additional storage space.
The majority of revenue from contracts with customers arise from the sale of the reMarkable device and its accessories from
both the reMarkable website (directly to end-user) and through retailers and distributors.
Until Q3 2024, the Group’s sales of tablets included the right for users to access the subscription offering (Connect) for a
365-day period which was then replaced by a 100-day period, extended warranty period and extended return period. Services
mentioned other than access to cloud cannot be obtained separately from the purchase of a tablet. The decrease in the period
of Connect access included in the sales of tablets has reduced the portion of transaction price allocated to the service as well
as related contract liabilities.
The Group’s revenue can be disaggregated based on lines of product considering mainly the nature and uncertainties within
each of these categories.
42
Accounting policies
Identification of contracts with customers and performance obligations
The Group acts as a principal on the sale of its products to customers. Two performance obligations are broadly identified in the
Group: goods (mainly tablets and accessories) and access to cloud-based solutions (bundled or not with additional services).
Performance obligations for the sale of goods are satisfied at a point in time, mainly based on when risks are transferred to
customers, when there is right to payment, and physical delivery has been completed in accordance with contractual terms
(incoterms or otherwise stated). This means that the Group typically recognized revenue upon delivery to end customers, or
upon delivery in accordance with incoterms (typically DAP and DDP) to the retailers or distributors.
Services provided by the Group are satisfied linearly over the service period time, including those relating to extended war-
ranties (service-type warranties). For service performance obligations associated with the sale of tablets, the Group applies the
standard to its portfolio of performance obligations, as the Group reasonably expects that effects from applying the portfolio
approach would not differ materially from the application on a contract-by-contract basis.
Goods delivered by reMarkable are typically prepaid when sales are directly made to end customers, and it ranges between
10 to 30 days after invoice date for retailers and distributors.
Transaction price
Irrespective of the sales channel, the transaction price for the sale of goods includes a variable element from the expected
returns by customers (see Section 6.4 for further disclosures). When goods are sold with a right of return, the Group recognizes
a ‘refund liability’ within other current liabilities, with a corresponding decrease in revenue for the period. The right-of-return as-
set (‘return assets’) is recognized as ‘other current assets’ with a corresponding decrease in the ‘cost of materials’ of the Group.
For countries where taxes and duties on imports are included in the final price to customers, the Group has applied judge-
ment and concluded that it acts as an agent for such amounts and therefore presents revenue net from payments to tax au-
thorities. Judgement considered factors triggering the payment of the tax, risks held by reMarkable and the tax being based on
sales price of the good.
The Group typically incurs payments to its customers for placement services (physically or in its clients’ own sites, analogous
to slotting fees) as a reduction in revenue. Otherwise, the Group recognizes consideration to customers in the same way as
normal purchase of services and typically includes content creation and optimization.
The transaction price for the sale of goods and services in the Group also contains elements of variable consideration such
as sales bonuses, discounts and volume rebates, which are recognized as reductions of revenue based on the expected values,
but for which the Group considers no significant judgements or estimates are involved.
Allocation of transaction price to performance obligations
As indicated above, sales of tablets include some attached services. The Group estimates the value of the attached services
mainly by reference to their market prices when sold separately.
3.2.2 Revenue disaggregation
3.2.3 Contract liabilities
The Group’s contract liabilities mainly arise from the payment for the sale of tablets and accessories before control has been
transferred to the customers, and from Connect subscription services. Sales of goods are typically recognized within days, and
subscription services throughout the prepaid period (up to 12 months).
Return liabilities are not considered contract liabilities for the Group. These are classified on ‘trade payables and other cur-
rent liabilities’ (see Section 6.4).
Revenue by major class of products 2024 2023(Amounts in USD thousand)Sales of devices and accessories (point in time) 403 519 320 780Sale of subscriptions (over time) 30 785 17 298Total revenue from contracts with customers 434 304 338 078
43
The Group held the following contract liabilities, and the end of the periods presented:
The movement in contract liabilities during the period affecting revenue has been the following:
Additionally, all advances from customers for provision of goods, recognized as contract liabilities at 31 December 2023, have
been recognized as revenue during 2024.
Total contract liabilities 31 December 2024 31 December 2023(Amounts in USD thousand)Prepaid services 6 676 9 975Prepaid goods 1 668 876Total contract liabilities 8 344 10 851
Movement in prepaid services 2024 2023(Amounts in USD thousand)1 January 9 975 6 775Increase during the year due to new sales 11 653 9 975Decrease due to revenue from satisfaction of performance obligation (14 952) (6 775)31 December 6 676 9 975
Employee benefit expenses 2024 2023(Amounts in USD thousand)Salaries (incl. holiday pay, insurance and other working benefits) and 51 850 41 332bonusesPayroll tax 8 673 5 275Defined contribution pension costs 3 878 3 179Other benefits 1 263 1 302Total employee benefit expenses 65 663 51 088Capitalization of employee benefits (12 133) (9 358)Total employee benefits net of capitalizations 53 531 41 730
3.3 Employee benefits
The number of year-equivalent employed by the Group over the 2024 financial period has been 483 (2023: 431). The Group’s
remuneration to employees mainly includes salaries, bonuses, and other benefits.
Employee benefits for the periods presented in the financial statements are disaggregated as follows:
The capitalization of employee benefit expenses is mainly due to work performed by the Group’s employees developing new
products and software recognized as intangible assets. See section 4.2 for further disclosures. In the notes to the 2023 finan-
cial statements, an error caused the contribution pension costs in the table above to be overstated with USD 3 164 thousand
with a corresponding error in salaries. This has been corrected in the 2023 column.
44
3.3.2 Employee share purchase program
3.4.1 Fees to statutory auditors
reMarkable Holding AS (parent controlling reMarkable Invest AS) offers reMarkable AS’ employees the possibility to invest in
the reMarkable Invest AS through the purchase of shares in reMarkable Employee Share Holding I AS, which is a Company
controlled by reMarkable Holding AS and that owns shares in reMarkable Invest AS. See Section 5.8 for further information on
the Group’s ownership structure.
The purpose of the employee share program is to give employees the opportunity to participate in the value creation of re-
Markable AS. All employees of reMarkable AS and individuals who have signed employment with reMarkable AS are eligible to
invest. The employee’s investment is limited to a share of their annual salary. The employees have a vesting period of 3 years.
Until the vesting period is completed, reMarkable Holding AS has to different extents the right to repurchase the shares at the
lower of purchase price equal to the consideration paid by the employee or the current market value.
The subscription price is deemed to equal the fair value of the reMarkable Employee Share Holding I AS’ shares. Management
has analyzed whether there is any difference between the fair value of the shares and the subscription price, and it has been
concluded that this difference is expected to be negligible if any. Consequently, no employee benefits have been recognized.
The overall investment made by employees during 2024 and 2023 amounted to USD 2 million and nil, respectively. Invest-
ment made in 2024 is related to the share capital increase in reMarkable Invest AS that was fully subscribed by reMarkable
Employee Share Holding I AS. See note 5.8 for more information.
3.4 Other operating expenses
Other operating expenses incurred by the Group can be disaggregated as follows:
The total remuneration to the auditor for the periods presented in these financial statements has been the following:
Other operating expenses 2024 2023(Amounts in USD thousand)Selling and distribution services 64 107 57 430Audit, legal, and other consulting fees 20 933 14 909Software license fees and implementation costs 8 337 3 143Short-term and low values leases 3 439 4 338Others 4 278 2 899Total other operating expenses 101 094 82 719
Remuneration to auditors 2024 2023(Amounts in USD thousand)Statutory auditing 252 253Other certification services 5 8Tax advice 17 16Other non-auditing services 229 139Total remuneration to auditors 504 416
3.3.1 Pension schemes
The Group is required to have an occupational pension scheme for its employees in accordance with the Norwegian law on
required occupational pension. The Group’s pension scheme meets the requirements of that law. Employees covered by the
Group’s pension scheme amounted to 483 at 31 December 2024 (31 December 2023: 431).
45
Accounting policies
The income tax expense or credit for the period is the tax payable on the current period’s taxable income, based on the appli-
cable income tax rate, adjusted by changes in deferred tax assets and liabilities attributable to temporary differences and to
unused tax losses. Deferred taxes are calculated at 22% of the temporary differences between book value and tax values, in
addition to tax losses carried forward at the end of the accounting year.
The income tax rate has been determined by using tax rates (and laws) that have been enacted or substantively enacted
by the end of the reporting period and are expected to apply when the related deferred income tax assets are realized, or the
deferred income tax liabilities are settled.
3.5 Income tax
3.5.1 Income tax expense
The functional currency of the companies within the Group is USD while, under the Norwegian taxation system, taxes should
be calculated based on NOK being functional currency. Therefore, the fluctuation in the exchange rate between NOK and USD
has an effect on the effective tax rate of the Group.
Other operating expenses 2024 2023(Amounts in USD thousand)Current income tax 7 521 4 382Changes in deferred tax 486 2 253Tax cost in P&L 8 007 6 635Current income tax 7 612 4 382Tax payable 7 612 4 382Calculation of effective tax rateCalculated tax on profit before tax with 22% 7 201 5 978Tax effect of permanent differences 806 657Total calculated tax expense 8 007 6 635Effective tax rate 25 % 24 %
46
3.5.2 Reconciliation of deferred tax
Reconciliation of deferred tax 31 December 2024 31 December 2023(Amounts in USD thousand)Fixed assets 6 875 3 668Inventory (910) (958)Right-of-use asset 27 578 462Lease liabilities (26 029) (136)Provisions (7 141) (4 255)Recognized tax losses carried forward (419) (928)Other translation differences - (110)Net differences (46) (2 257)Not included in DTA - -Deferred tax asset base (46) (2 257)Deferred tax asset based on 22% (10) (497)
Net financial result 2024 2023(Amounts in USD thousand)Financial income 2 763 1 538Interest income on bank deposits 2 763 1 538Financial expenses (9 811) (3 559)Interests on borrowings (6 148) (3 147)Interests on lease liabilities (2 925) (60)Other financial expenses (738) (352)Net foreign currency gains (losses) 2 369 553Net financial result (4 680) (1 468)
The Group did not have any unrecognized tax losses carried forward at any of the reporting periods presented. The Group may
in the future offset these tax losses carried forward with taxable income from other subsidiaries in the Group.
The increase in the interests on borrowings is mainly due to the new borrowings entered into towards the end of 2023. The
increase in interest on lease liabilities is due to a new lease agreement entered into during 2024. See Sections 5.3 and 5.4 for
further disclosures.
3.6 Net financial result
47
Section 4.
Invested capital
This section includes disclosures in relation to the capital invested by the Group in
its tangible and intangible assets.
48
4.1 Property, plant and equipment
The Group’s property, plant and equipment (PPE) mainly consists of production machinery, and office equipment (including
those in relation to information technology such as laptops, servers and similar nature). Additionally, the Group also presents
right-of-use assets together with its PPE, which comprise its headquarter offices in Oslo.
The increase in machinery and equipment by the Group is mainly explained by the investment in the manufacturing facilities
where reMarkable goods are produced.
The increase in right-of-use assets is explained by the commencement of the lease agreement for the Group’s main headquar-
ters in Oslo. See Section 5.4.2 for more information.
The following table includes a reconciliation of the carrying amount of the property, plant and equipment held by the Group:
4.1.1 Classes of PPE assets held by the Group
4.1.2 Reconciliation of carrying amounts
Accounting policies
The Group initially recognizes its PPE at cost, and subsequent cost is accounted at initial cost minus accumulated depreciation
and impairments.
Property, plant and equipment Machinery and Leasehold Right-of-use Totalequipmentimprovementsassets(Amounts in USD thousand)Year ended 31 December 2023Opening book amount 2 468 1 113 2 029 5 610Additions 1 490 - - 1 490Depreciation charge (845) (565) (1 504) (2 914)Cost 4 441 1 861 3 371 9 673Accumulated depreciation and impairment (1 328) (1 313) (2 846) (5 487)Closing book amount 3 113 548 525 4 186Year ended 31 December 2024Additions 10 683 276 30 594 41 553Depreciation charge (1547) (378) (3541) (5466)Cost 15 124 2 137 33 965 51 226Accumulated depreciation and impairment (2875) (1691) (6387) (10953)Closing book amount 31 December 2024 12 249 446 27 578 40 274
49
Accounting estimates – useful lives and depreciation methods
The following depreciation methods and useful lives have been identified for each of the class of PPE assets identified in the Group:
The Group reviews useful life of its PPE assets at least at each period end, considering factors such as their obsolescence and
expected levels of wear and tear.
Machinery and Leasehold Right-of-useequipmentimprovementsassetsDepreciation method Straight-line Straight-line Straight-lineUseful life 3-5 years 3 years 10 years
4.2 Intangible assets
4.2.1 Classes of intangible assets held by the Group
The Group identifies the following major classes of assets based on their nature and use for the Group:
Own-developed technology Own-developed technology includes the development of technology related to tablets, products and services produced by the Group. This also includes im-provement of design and functionalities of existing products and new products.Software Software held by the Group is mainly comprised by the Group’s enterprise re-source planning systems, and other systems linked to design, production and analysis of the Group’s activities as well as integrations between them.This category also includes the Group’s own work made on software controlled by the Group.Patents and other rights Patents include the development of products or functionalities. This mainly comprises acquired patents. Other rights comprise online store development.
Accounting policies
The Group recognizes its intangible assets, initially at cost, and subsequently at cost, minus accumulated depreciation and
impairments.
50
4.2.2 Reconciliation of carrying amounts
The following table includes a reconciliation of the carrying amount of the intangible assets held by the Group:
The additions of USD 27.5 million during 2024 (2023: USD 16.5 million) in own-developed technology are related to the con-
tinuation of the ongoing development projects at 31 December 2023, which mainly related to development costs associated
with the improvements made on existing products and the development of new products, accessories and software. At the end
of the third quarter 2024, the Group completed development projects related to the new technology introduced in its newly
launched products and other projects.
Software additions in 2024 and 2023 primarily focused on the implementation of enterprise resource planning (ERP), supply
chain and customer management systems implementation. In 2023, the Group undertook significant system integrations to
ensure seamless data flow across these platforms and other internal systems. In 2024, efforts continued to refine the ERP sys-
tem, enhance supply chain integrations, and improve customer management solutions. At the beginning of the second quarter
of 2024, the Group had completed significant parts of these projects and began amortizing the related assets. Total expendi-
ture for these projects, excluding ongoing costs to access to the cloud systems, amounted to USD 3.5 million in 2024 (USD 7.2
million in 2023). Out of these amounts, the Group capitalized as part of its intangible assets USD 1.6 million (USD 5.4 million in
2023), which required the exercise of significant judgement by Management, as further described below.
Intangible assets Own-developed Software Patents and Totaltechnologyother rights(Amounts in USD thousand)At 1 January 2023Cost 34 014 1 564 1 176 36 754Accumulated amortization (11 411) (63) (120) (11 594)Opening book amount 22 603 1 501 1 056 25 160Additions 8 446 3 325 1 905 13 676Additions from internal development 8 032 2 155 - 10 187Amortization (5 647) (9) (400) (6 056)Cost 50 492 7 044 3 081 60 617Accumulated amortization (17 058) (72) (519) (17 650)Closing book amount 33 434 6 972 2 561 42 967Year ended 31 December 2024Additions 15 258 1 627 233 17 118Additions from internal development 12 219 - - 12 219Disposals (2 320) - - (2 320)Amortization on disposals 2 320 - - 2 320Amortization (8 214) (718) (601) (9 533)Cost 75 648 8 671 3 314 87 633Accumulated amortization (22 952) (790) (1 120) (24 862)Closing book amount 52 696 7 881 2 194 62 771
51
Critical accounting judgement – capitalization of integrations and implementation costs incurred in the implementation of
enterprise resource planning (ERP), supply chain and customer management systems.’
A significant amount of the Group’s software assets are cloud-based systems.
When capitalizing costs in relation to implementing software as a service system, the Group applies significant judgement to
specifically assess whether the code produced during customizations (i.e., actions leading to new or improved functionalities)
and integrations between systems is controlled by the Group, either through copyright over the code, or through ownership of
a copy over the code. Specifically, when the Group obtains ownership over a copy over the code, the Group considers decision
making over that copy, such as relevant decisions over updates or maintenance, and its ability to restrict others to access the
Group’s copy of the additional code.
Intangible assets resulting from capitalized expenditures in relation to software as a service system are expensed over the
contractual term of the SaaS arrangement and including any expected renewals until useful life of the developed assets are
completed.
Critical accounting judgement – capitalization of internally generated intangible assets
The Group exercises significant judgement when deciding on the capitalization of its development projects. The area of judge-
ment comes to assessing whether all the requirements as stated in IAS 38 have been met, particularly when differentiating
research from development phase, where the Group relies on its internal processes to document such conclusions. In deciding
the project phase, Management relies on each specific development project reaching a milestone in the development phase
where the technological feasibility and economic viability of the project is confirmed.
Accounting estimates – useful lives and amortization methods
The amortization method, and the useful lives of by class of intangible assets are the following:
Management reassesses at each financial year-end, or earlier if Management identifies any specific indications, the remaining
useful lives of its intangible assets. Specifically, for its software assets, Management considers technical, technological or
commercial obsolescence are the most relevant factors in determining useful life. For development, Management considers
the expected product life cycles independently and in relation to the industry.
Property, plant and equipment Own-developed Software Patents Other rightstechnologyDepreciation method Straight-line Straight-line Straight-line Straight-lineUseful life 3-5 years 7-8 years 10 years 5 years
52
Section 5.
Capital and debt structure
This section includes disclosures in relation to the capital and debt structure of the
Group, including the material items in relation to borrowings, and information about
the equity of the Group.
53
This section contains an overview of the Group’s financial assets and liabilities. Except for EUR/NOK put options, valued at USD
65 thousand at 31 December 2024 (31 December 2023: nil), none of the financial instruments held by the Group are measured
at fair value. The financial instruments’ amortized cost is considered to be a close approximation to their fair value.
Non-current financial assets consist of deposit for the lease of the office space in Oslo, Norway and amounted to USD 6 552
thousand at 31 December 2024 (31 December 2023: USD 5 346 thousand). See Section 5.4 for further information on leases.
Financial assets 31 December 2024 31 December 2023(Amounts in USD thousand)Financial assets at amortized cost:Other non-current financial assets 6 552 5 415Trade receivables 12 729 9 758Derivative financial assets 65 -Cash and cash equivalents 111 450 93 452Total financial assets 130 797 108 625
Financial assets 31 December 2024 31 December 2023(Amounts in USD thousand)Financial liabilities at amortized cost:Bonds 44 325 49 085Supply chain financing 2 832 -Lease liabilities 26 029 136Trade and other payables 50 311 32 842Total financial liabilities 123 497 82 063
5.1 Financial instruments
5.2 Non-current financial assets
54
The Group enters into borrowings to finance its operations. The main form of financing is through a bond issued in 2023, and
through its supply chain financing arrangement.
The following table disaggregates interest-bearing loans held by the Group:
Decrease in the outstanding liabilities (both current and non-current) from the bond is related to the strengthening of USD
against NOK during 2024.
5.3 Borrowings
Accounting policies
Borrowings are initially recognized at fair value, net of transaction costs incurred that are directly attributable to the issuance
of the financial liability. After initial recognition, borrowings are measured at amortized cost. Any difference between the net
proceeds and the redemption amount is recognized in profit or loss over the period of the borrowings using the effective inter-
est method.
Supply chain financing
The Group presents amounts held from its supply chain facilities as part of its borrowings. In deciding this presentation, the
Group considers the nature, commercial purpose and specific terms of the agreement.
For presentation in the statement of cash flows, see Section 2.3.
Overview of borrowings 31 December 2024 31 December 2023(Amounts in USD thousand)Non-currentBonds 43 177 47 748Total non-current borrowings 43 177 47 748CurrentBonds and other borrowings 1 148 1 337Supply chain financing 2 832 -Total current borrowings 3 980 1 337Total borrowings 47 157 49 085
55
5.3.1 Main terms and conditions
5.3.2 Compliance with covenants
5.3.3 Assets pledged as security for liabilities
Bond agreement
The bond was issued in October 2023, for a nominal amount of NOK 500 million, and accruing interests at 3 months NIBOR plus
7% margin. The Group does not pay any principal until maturity date (October 2027), and interest is paid quarterly.
Provided that the Group is in compliance with certain ratios in relation to net interest-bearing debt and EBITDA, the Group
has the possibility to issue up to additional NOK 500 million in bonds, subject to the same terms and conditions as the original
bond, but with separate issuance process to be followed.
The Group has the possibility to early repay its bond at any time, with certain compensations to bondholders for lost interest,
and the possibility to early repay up to 35% of the bond upon the Group’s equity becoming listed. These options are found to be
not closely related to the host contract, however it has been concluded that these options have negligible value for the Group
in the current circumstances.
The bondholders also have the possibility of early repayment of the bond due to change of control or unfavorable tax events.
These options are considered to be closely related to the host agreement and therefore they have not been separately recog-
nized by the Group.
Supply chain financing
In June 2022, the Group signed a supply chain financing agreement, which gave access to up to USD 20 million (increased to
USD 25 million by year-end 2022) of uncommitted credit facility for the settlement of invoices issued by its main suppliers. The
interest rate is determined by a 3.5% margin plus LIBOR (London Interbank Offered Rate). Credit term is up to 90 days after
the supplier’s invoices fall due. This agreement was updated during 2023 leaving terms mentioned substantially unchanged.
Margin was updated to 3.55% plus 3 months SOFR (Secured Overnight Financing Rate). There has been no change to the agree-
ment in the 2024 financial year.
A supply chain financing liability amounting to USD 2 832 thousand (31 December 2023: USD 0) is included in current bor-
rowings in the Group’s statement of financial position. The Group reclassifies liabilities from trade payables to supply chain
finance liabilities when the lender has paid the supplier. Payment due dates for factored payables are 60 days from invoicing
date. This is largely similar to the range of payment due dates for non-factored payables. Refer to note 5.5 for both cash and
non-cash changes in the supply chain financing liability.
The Group is subject to financial covenants for its borrowings, whose main characteristics are described further below.
All covenants were met throughout the reporting periods presented in these financial statements, and there are no indications
that the Group may have difficulties complying with the covenants in the foreseeable future.
Bond agreement
At year-end 2024, the Group is subject to the following financial covenants in relation to its bond:
• At all times, minimum liquidity of NOK 100 million (or its equivalent in other currencies). Liquidity includes cash and cash
equivalents; any unutilized and available amounts under SSRCF (super senior revolving credit facilities); and any credit of any
Group Company on any payment processing platform.
• EBITDA of no less than NOK 150 million (or its equivalent in other currencies) for each 12 month period ending at the end of
each quarter, or Leverage Ratio not greater than 4.0:1. Leverage ratio is defined as net interest bearing debt to EBITDA. Compli-
ance is measured at the end of each quarter.
Supply chain financing
The Group is also subject to financial covenants in its supply chain financing agreement. These financial covenants are similar
to those for the bond agreement (see above). There has been no change to the agreement in the 2024 financial year.
All assets of the Group are pledged for the outstanding bonds and other financing held at 31 December 2024. reMarkable AS,
which is the main subsidiary of the Group, is one of the guarantors of the bond issued by reMarkable Invest AS during 2023.
reMarkable Holding AS, which is the controlling entity over reMarkable Invest AS, is also a guarantor for the bond issued.
56
The Group’s leasing activities mainly relate to office buildings. Additionally, the Group also leases IT equipment, furniture, and
other small equipment.
5.4 Leases
5.4.1 Nature of lessee’s leasing activities
Accounting policies
Right-of-use assets
The right-of-use assets are initially measured at cost. Subsequently, right-of-use assets are measured at cost less accumulated
depreciation and impairments and adjusted for certain remeasurements of the lease liabilities. Depreciation of the right-of-use
asset is carried out using the straight-line method over the shorter of the lease term or the useful life of the underlying asset.
Lease liabilities
Lease liabilities are recognized at the lease commencement date. The lease liabilities are measured as the present value of
future lease payments, discounted by the Group’s incremental borrowing rate.
Lease liabilities are measured at amortized cost using the effective interest rate method.
Short-term and low value leases
Except for its office buildings, the Group concludes the rest of the leases to meet the low value threshold, for which the Group
elects to not account for right-of-use assets and lease liabilities.
Non-lease components
Non-lease components are separated from lease components in the Group and therefore not being considered in the estima-
tion of the right-of-use assets and lease liabilities.
5.4.2 Right-of-use assets
The Group’s right-of-use assets only pertain to its office buildings, and the reconciliation of its carrying values have been dis-
closed in Section 4.1.
At the beginning of 2024, the Group commenced a lease agreement for its main headquarters in Oslo. This lease has a
non-cancellable period of 10 years. Additionally, the lease agreement includes an extension option at reMarkable’s discretion.
57
5.4.3 Lease liabilities
5.4.4 Amounts recognized in the consolidated statement of comprehensive income
The potential future cash outflows from the extension option not reflected in the measurement of the lease liability amounts to
USD 12.8 million, on an undiscounted basis.
The Group’s lease liabilities and movements during the period are the following ones:
Total cash outflows for leases have been USD 8123 thousand for 2024 (2023: USD 5 709 thousand), including short-term and
low value leases.
Disclosures on the maturity of lease liabilities are provided in the table below:
Lease liabilities 2024 2023(Amounts in USD thousand)At 1 January 136 1 495Additions 30 444 55Interest expense 2 916 62Lease payments (4 684) (1 371)Currency effects (2 784) (105)31 December 26 029 136Current 1 565 136Non-current 24 464 -
Contractual maturities 31 December 2024 31 December 2023(Amounts in USD thousand)Less than 1 year 4 620 136Between 1 and 3 years 13 936 -Between 3 and 5 years 9 291 -More than 5 years 13 936 -Total contractual cash-flows 41 784 136Recognized as liabilities 41 784 136
2024 2023(Amounts in USD thousand)Interest expense (included in finance cost) 2 916 62Expense relating to short-term and low-value leases 3 439 4 338Expense relating to depreciation 3 541 1 504
58
5.5 Reconciliation of cash flows from financing
activities
5.6 Financial risks and capital management
Reconciliation of cash flow from financing Bonds Supply chain Lease liabilities Totalactivitiesfinancing(Amounts in USD thousand)Liabilities from financing activities at 1 - 14 379 1 495 15 874January 2023Cash outflows from payments of principal - (84 095) (1 309) (85 405)Interests paid - (1 918) (62) (1 980)Cash inflows from new borrowings 44 786 - - 44 786New leases - - 55 55Foreign exchange adjustments 2 962 - (105) 2 857Interest expense 1 337 3 853 62 5 252Other changes - 67 782 - 67 782Liabilities from financing activities at 31 December 2023 49 085 0 136 49 221Cash outflows from payments of principal - (21 154) (1 776) (22 930)Interests paid (5 416) (379) (2 908) (8 703)Cash inflows from new borrowings - - -New leases - - 30 444 30 444Foreign exchange adjustments (5 042) (758) (2 784) (8 584)Interest expense 5 698 436 2 916 9 050Other changes 24 687 - 24 687Liabilities from financing activities at 31 December 2024 44 325 2 832 26 028 73 184
Other changes in supply chain financing represent reclassification from trade payables to supply chain financing liability.
This section covers the risks to which the Group is exposed, and how the Group manages those risks. Primarily these are credit
risk, liquidity risk and market risk. For each type of risk identified, this note discloses or cross-references to information about
the Group’s exposures to the risk, how it arises; the Group’s objectives, policies, and processes for managing the risk and the
methods used to measure the risk. The Group’s senior management oversees the management of these risks.
59
Credit risk is the risk that one party to a financial instrument will cause a financial loss for the other party by failing to discharge
an obligation, leading to a financial loss. The Group is exposed to credit risk from its operating activities (primarily trade receiv-
ables) and from its financing activities, including deposits with banks and financial institutions, foreign exchange transactions
and other financial instruments.
Trade receivables
Credit risk is mainly concentrated in the Group’s trade receivables with customers, which consists of receivables towards re-
tailers and distributors.
reMarkable’s retail distributor agreements typically involve an element of credit payment, but the Group assesses the risk of
losses on receivables to be low on the back of only entering into agreements with players that have undergone a counterparty
check. In relation to an increased growth in the sales to retailers and distributors, the Group makes ongoing assessments of the
payment terms provided, the credit risk entailed, and any other instruments that can be used to mitigate risk. The Group’s trade
receivables are covered by credit insurance.
The Group follows up the ageing of the trade receivables with customers on an ongoing basis. Please refer to the ageing
overview provided in Section 6.2.1.
Cash and cash equivalents
The Group manages its exposure towards credit risks of individual banks by considering the amount of deposits that can be
held in a single bank, considering among other factors the credit rating of its banks. The Group is also exposed to credit risks
from its cash equivalents, which are amounts held in payment processor companies. The Group performs an individual analysis
of each agreement with payment processors and regularly follows-up credit ratings reports of such companies.
Other non-current assets
Other non-current assets relate to the deposits for office lease (see Section 5.2). These deposits are established in specific
bank accounts for such purpose and therefore is not exposed to individual credit risks of the lease provider.
Liquidity risk is the risk that the Group will encounter difficulty in meeting obligations associated with financial liabilities that
are settled by delivering cash or another financial asset.
The Group manages its liquidity risk by regularly monitoring its liquidity needs for working capital, and strategical invest-
ments, both for short-term and long-term needs, and periodically updates estimations through rolling forecasts. Additionally,
the Group has access to additional liquidity from its supply chain financing facility and additional tap issues to its bond (see
Section 5.3 for further details).
5.6.1 Credit risk
5.6.2 Liquidity risk
60
Contractual maturities of lease liabilities are disclosed in Section 5.4.3.
5.6.2.1 Contractual maturities for financial liabilities
Contractual maturities Less than one Between More than Totalyear one and three yearsthree years(Amounts in USD thousand)31 December 2024Bonds 5 238 54 596 - 59 835Supply chain financing 2 832 - - 2 832Trade and other payables 50 311 - - 50 311Other current liabilities 97 889 - - 97 889Total 156 270 54 596 - 210 86631 December 2023Bonds 5 852 11 703 49 153 66 708Trade and other payables 32 842 - - 32 842Other current liabilities 57 904 - - 57 904Total 96 597 11 703 49 153 157 453
Market risk for the Group is the risk that the future cash flows of a financial instrument will fluctuate because of changes in
market prices. Market risk for the Group comprises two types of risk: currency risk and interest rate risk.
Interest rate risk for the Group is the risk that future cash flows of a financial instrument will fluctuate because of changes in
market interest rates.
The Group is mainly exposed to interest rate risk from its interest-bearing debt, including the bond and the supply chain financ-
ing, as these instruments are exposed to changes in NIBOR. Part of the Group’s exposure to interest rates is compensated by
holdings of cash and cash equivalents. The Group does not use any derivatives to hedge against the variability on interest rates.
The following table demonstrates the sensitivity of the Group to a reasonably possible change in interest rates. With all other var-
iables held constant, the Group’s profit after tax and equity is affected through the impact on floating rate borrowings, as follows:
The table above does not illustrate the offsetting effects of the holdings of cash and cash equivalents by the Group.
5.6.3 Market risk
5.6.3.1 Interest rate risk
Sensitivity of changes in interest rates on borrowings 31 December 2024 31 December 2023(Amounts in USD thousand)Increase in interest rate of 1% (366) (383)Decrease in interest rate of 0.5% 183 192
61
Foreign currency risk is the risk that the future cash flows of a financial instrument will fluctuate because of changes in foreign
exchange rates.
The Group is exposed to currency risk in its financial assets and liabilities where the functional currency of the Group is
different to the currency in which the asset will be paid, or the liability discharged. The Group’s main policy in this respect is
to have a natural hedge, by which the Group matches, to the extent possible, inflows and outflows of the currency. In addition,
reMarkable holds put options in order to mitigate the risk of EUR/NOK fluctuations.
The Group sells its products in multiple countries with pricing in local currencies. While the majority of the sales are in USD,
the largest exposures to foreign currency with respect to sales and trade receivables consist of the EUR, GBP and, to a much
lesser extent, NOK. The Group’s expenditure commitments and a large part of the cost base (disregarding inventory cost, which
is mainly denominated in USD) in foreign currency going forward will generally be nominated in NOK. Therefore, changes in the
NOK/USD exchange rate have a direct impact on the Group’s profitability as a stronger NOK will increase the Group’s fixed cost
base and vice versa.
The Group is also exposed to currency risks from its bond being denominated in NOK (see Section 5.3), while the functional
currency of the companies in the Group being USD.
The following table presents the Group’s sensitivity to reasonably possible changes in exchange rates for the most material
currencies in the Group. The following table includes financial instruments at 31 December that are denominated in other cur-
rency than USD:
5.6.3.2 Foreign currency risk
Impact on equity and profit after taxSensitivity of changes in foreign currency rates 31 December 31 December 20242023(Amounts in USD thousand)10% increase in amount of USD per:NOK (6 368) 1 081EUR 3 794 (940)GBP 741 (8)10% decrease in amount of USD per:NOK 6 368 (1 081)EUR (3 794) 940GBP (741) 8
5.7 Capital management
The Group defines capital as equity. The Group’s main objective when managing capital is to ensure the ability of the Group to
continue as a going concern and to meet all requirements imposed by external financing agreements in the form of covenants.
See Section 5.3.1 for covenants to which the Group is subject to.
62
5.8 Share capital and ownership structure
reMarkable Invest AS presents the following ownership structure:
reMarkable Invest AS has only one type of share, with a nominal amount of NOK 0.35 per share. All shares have equal rights.
The evolution of the reMarkable Invest AS’ ownership is explained by the employee share program disclosed in Section 3.3.2.
reMarkable Holding AS controls reMarkable Employee Share Holding I AS by holding 100% of the issued class-A shares repre-
senting 67% of the voting rights.
Share capital increase
On 22 October 2024 an extraordinary General meeting of the Company has resolved to increase share capital by issuing 37
884 new shares, each with a nominal amount of NOK 0.35 per share. The new shares are issued at a subscription price of NOK
567.80 per share. Total subscription amount is NOK 21 511 thousand (equivalent to USD 1 952 thousand), of which NOK 21 497
thousand (equivalent to USD 1 951 thousand) is share premium. The capital increase was fully subscribed for by reMarkable
Employee Share Holding I AS.
Share capital increase was not registered per 31 December 2024 and therefore is presented under `Other equity' in the State-
ment of Changes in Equity and is not included in the table above. Registration took place at the beginning of 2025.
Ownership of reMarkable Invest AS by Company 31 December 2024 31 December 2023(Amounts in USD thousand)reMarkable Holding AS 7269 130 7 269 130 reMarkable Employee Share Holding I AS 148 150 148 150 Total shares 7417 280 7 417 280
63
Section 6.
Working capital
This section includes disclosures in relation to items considered part of the working
capital of the Group, typically with a short-term nature, and related to its operating
activities.
64
6.1 Inventories
Inventories held by the Group mainly consist of finished goods controlled by the Group, such as tablets, markers and other
accessories; and a certain security stock of key components necessary for its goods to be produced. The Group does not man-
ufacture its own products. These are produced by third parties often referred to as ‘electronic manufacturing services’ (EMS)
suppliers.
The following tables illustrate different classes of inventory held by the Group, and cost of materials:
Inventories 31 December 2024 31 December 2023(Amounts in USD thousand)Raw materials 29 549 7 426Work in progress 3 732 3 288Finished goods 38 155 31 427Total inventories 71 435 42 141
Cost of materials 2024 2023(Amounts in USD thousand)Purchase of materials 256 556 193 150Change in inventories (29294) (17 133)Total cost of materials 227 262 176 017
Accounting policies
Inventories are measured at cost, which for the Group is typically the purchase cost of its goods, transportation costs until the
point the goods are in the distribution centers of the Group; and non-refundable taxes such as customs duties.
Cost of inventory is assigned based on the weighted average cost formula.
Accounting judgements – inventory recognition
The Group recognizes reMarkable-specific inventory held by its electronic manufacturing suppliers and presents it as raw
materials. The Group has assessed that it has control over reMarkable-specific inventory and has considered several factors
such as low rotation, obsolescence risks, and the fact that EMS suppliers cannot redirect the inventories to alternative uses.
65
6.2 Trade receivables
Accounting policies
Trade receivables in the Group are measured at its amortized cost and reduced by the expected credit losses following the sim-
plified approach under IFRS 9. Therefore, the Group does not follow up changes in credit risk and recognize expected lifetime
losses at each reporting date.
The Group considers for its provision matrix its historical experience, adjusted by forward-looking information of its customers,
industry, and general economic environment.
Trade receivables 31 December 2024 31 December 2023(Amounts in USD thousand)Trade receivables 12 729 9 758Allowance for expected credit losses - -Total trade receivables 12 729 9 758
Ageing of trade receivables 31 December 2024 31 December 2023(Amounts in USD thousand)Not due 4 014 3 003Less than 30 days 6 418 7 26130-60 days (9) (538)61-90 days 646 21More than 90 days 1 660 11Total trade receivables 12 729 9 758
6.2.1 Ageing of trade receivables
The receivable due for more than 90 days is related to a single customer and the credit loss risk was considered low per 31
December 2024. The amounts were paid in early 2025.
66
6.3 Cash and cash equivalents
The Group’s cash and cash equivalents mainly consist of cash in bank and cash equivalents held in payment service providers
(PSPs), typically arising from sales through its web shop. Amounts held in PSPs can typically be transferred to the Group’s bank
accounts within days, at the Group’s sole discretion.
The Group’s cash and cash equivalents can be disaggregated as follows:
The Group also holds financing bank overdrafts in the form of supply chain financing. See specific disclosures in Section 5.3.
Accounting policies
Cash held in payment service providers are considered as cash equivalents by the Group when the Group can conclude that
there is insignificant risk of changes in value (including credit risk), no significant fees, and can readily be transformed into
known amounts of cash.
Cash and cash equivalents 31 December 2024 31 December 2023(Amounts in USD thousand)Cash at bank 98 080 80 234Restricted cash (payroll) 3 360 2 977Unrestricted cash 94 720 77 257Cash equivalents 13 370 13 218Total cash and cash equivalents 111 450 93 452
67
6.4 Trade payables and other current liabilities
6.5 Provisions
Accounting policies
The Group presents refund liabilities separately from contract liabilities included in Section 3.2.
Accounting estimates – estimated returns (refund liabilities)
The Group estimates returns on a continuous basis, considering historical experience (as long as it is representative of future
expectations) and current information about future trends. Specifically, overstock clauses, and return periods granted to final
customers are considered in estimating expected returns.
The Group estimates refund liabilities based on the expected value method for groups of contracts with similar characteristics,
which are mainly differentiated by sales channel. Specifically, the Group also considers any overstock clauses when estimating
refund liabilities from this revenue stream.
The conclusion on the volume of returns is a relevant input for the estimation of the right of return of inventories.
Accounting policies
Provisions for warranties
Provisions for warranties are measured based on Management’s best estimate at the end of each reporting period. The amount
of warranty provisions is based on an expected value model, where the Group uses historical information and current informa-
tion about known or detected defects. Warranty provisions are considered for the whole population of goods sold and subject
to warranty provisions, adjusting for known or expected cases affecting specific groups of goods (by series, production time, or
any other applicable grouping).
Trade, other payables and other current liabilities 31 December 2024 31 December 2023(Amounts in USD thousand)Trade and other payables 50 311 32 842Trade payables 50 311 32 821Other payables - 21Other current liabilities 97 889 58 306Contract liabilities (see Section 3.2) 8 344 10 851Refund liabilities 6 150 3 956Payroll tax and other statutory liabilities 6 842 5 251VAT payable 10 684 5 138Raw materials in consignment (Section 6.1) 29 549 7 423Other current liabilities 36 320 25 687Total trade, other payables, and other current liabilities 148 200 91 148
The Group’s provisions mainly relate to warranties over products sold, and other matters connected to its selling and produc-
tion activities.
Provisions in the Group at 31 December 2024 amounted to USD 1 405 thousand (2023: USD 2 052 thousand).
68
Section 7.
Other disclosures
This section includes disclosures in relation topics other than those covered in the
previous sections, including related parties and events after the reporting period.
69
7.1 Related parties
7.2 Events after the reporting period
The Board received no remuneration during the periods presented in the financial statements, however the chairman of the
Board is entitled to a bonus designed to address incentive misalignment through significant personal taxation depending on
the taxable valuation of reMarkable AS and reMarkable Holding AS. The bonus received in 2024 was USD 212 thousand (2023:
USD 189 thousand).
Key management personnel in the Group are comprised of the board of directors, and the executive management personnel. Ex-
ecutive management personnel include, among others, the chief executive officer, and other chief executives in finance, operations,
strategy, and others having similar authority and responsibility for planning, directing and controlling the activities of the Group.
The Group is not aware of any significant events after the end of the reporting period. In the subsequent period the United
States, which represents a significant portion of reMarkable’s historic and future sales has introduced several trade policies
which has increased reMarkable’s risk in selling within the region. ReMarkable is working to mitigate these risks as we have
in the past when similar policies have been implemented. reMarkable issued a public statement regarding tariffs on April 4th
2025 and will update our communication with Q1 reporting as indicated in the announcement.
Transactions and balances with related parties are presented in the tables below.
There have been no material transactions with any other related parties during the periods presented in these financial state-
ments. Transactions with reMarkable Operations LLC, reMarkable Operations B.V and reMarkable Operations Ltd are included
in the table, as these entities are insignificant and not consolidated per 31 December 2024.
Balance sheet items by related party 31 December 2024 31 December 2023Other current receivables with: 253 30reMarkable Employee Share Holding I AS 45 30reMarkable Operations LLC 173 -reMarkable Operations B.V 34 -reMarkable Operations Ltd 1 -Other current liabilities with: 128 143reMarkable Holding AS 128 143
Key management personnel (incl. CEO) 2024 2023(Amounts in USD thousand)Short-term employee benefits 5 939 3 130Total remuneration to key management personnel 5 939 3 130Remuneration to CEO 2024 2023(Amounts in USD thousand)Short-term employee benefits 558 600Total remuneration to CEO 558 600
7.1.1 Remuneration to key management personnel
7.1.2 Transactions and balances with related parties
70
Appendix – Alternative Performance Measures (APM)
reMarkable applies APMs to provide stakeholders with valuable insight when assessing financial performance.
Assessment of Alternative Performance Measures
The Group reports its financial results in accordance with accounting principles IFRS as issued by the IASB and as endorsed
by the EU.
Management believes that certain alternative performance measures (“APM”) provide both management and other users of
the financial statements with valuable insights when assessing the Group’s performance. The APMs used here are consistently
utilized in planning for and forecasting future periods, including assessment of financial covenants compliance.
Definitions
• Gross Margin is defined as total operating revenue less the cost of materials, PSP fees, inbound and outbound shipping
costs divided by the total operating revenue. The Group has chosen to present this metric as it assists users of the financial
statements to understand the entity’s profitability before operating expenses.
• EBITDA is defined as the profit /(loss) for the period before depreciation and amortization, net financial income (expenses)
and income tax expense. The Group has chosen to present this metric as it assists users of the financial statements to un-
derstand the overall picture of profit generation within the Group’s operating activity.
• EBITDA margin is defined as the profit/(loss) for the period before depreciation and amortization, net financial income (ex-
penses) and income tax expense divided by the total operating revenue. The Group has chosen to present this metric as it
assists users of the financial statements to understand the overall picture of profit generation within the Group’s operating
activity.
• Net Interest-Bearing Debt is defined as Interest-Bearing Debt less Cash and Cash Equivalents. The Group has chosen to
present this metric as it is a key covenant within the respective bond agreement.
1)
In addition, reMarkable has access to an undrawn, uncommitted supply chain facility of USD 25 million.
APM’s 2024 2023 Year-over-year change
(Amounts in USD thousand)
Gross margin 42.3% 40.3% 1.9 pp.
EBITDA 52 418 37 612 39.4%
EBITDA margin 12.1% 11.1% 0.9 pp.
Cash and cash equivalents
1)
111450 93 452 19.3%
Net Interest-Bearing Debt (38264) (44 231) 5 967
71
The table below sets forth reconciliation of Gross Margin, EBITDA and EBITDA Margin:
The table below sets forth reconciliation of Net interest-bearing debt:
2024 2023 Year-over-year
change
(Amounts in USD thousand)
Operating profit/(loss) 37 420 28 642
Depreciation and amortization 14 998 8 970
(a) EBITDA 52 418 37 612 39.4 %
(b) EBITDA Margin (a/d) 12.1 % 11.1 % 0.9 pp.
Other operating expenses 101 094 82 719
Employee benefit expenses 53 531 41 730
Outbound shipping expenses (presented as part of
other operating expenses)
(15 412) (17 046)
Payment Service Provider fees (presented as part
of other operating expenses)
(8 080) (8 625)
(c) Gross profit 183 550 136 389 34.6 %
(d) Total revenue 434 304 338 078
(e) Gross Margin (c/d) 42.3 % 40.3 % 1.9 pp.
2024 2023 Year-over-year
change
(Amounts in USD thousand)
(a) Cash and cash equivalents 111 450 93 452 19.3 %
Interest-bearing borrowings 47 157 49 085
Lease liabilties 26 029 136
(b) Total interest-bearing liabilities 73 186 49 221 48.7 %
Net interest-bearing debt (b - a) (38 264) (44 231) 5 967
72
Financial statements 2024
reMarkable Invest AS
Income statement 73
Balance sheet 74
Statement of cash flows 77
Notes to the financial statements 78
Contents
73
Income statement – reMarkable Invest AS
Amounts in NOK thousand Notes 2024 2023
Other operating expenses 1.2 1 924 167
Total operating expenses 1 924 167
Operating profit/(loss) (1 924) (167)
Other interest income 8 69 688 4 322
Other interest expenses 4 60 642 13 011
Other financial expenses 2 368 584
Net financial result 6 678 (9 273)
Profit/(loss) before income tax 4 754 (9 441)
Income tax expense 5 1 046 (2 077)
PROFIT/(LOSS) FOR THE YEAR 3 708 (7 364)
Attributable to:
Profit/(Loss) brought forward 6 3 708 (7 364)
Total 3 708 (7 364)
74
Balance sheet – reMarkable Invest AS
ASSETS
Amounts in NOK thousand Note 31 December 2024 31 December 2023
Non- current assets
Deferred tax asset 5 1 031 2 077
Investment in subsidiaries 7 223 519 223 519
Loan to group companies 8 490 000 490 000
Total non-current assets 714 550 715 596
Current assets
Receivables from group companies 8 6 910 30
Cash and cash equivalents 3 21 900 4 282
Other short-term receivables 373 40
Total current assets 29 183 4 352
TOTAL ASSETS 743 733 719 949
75
EQUITY AND LIABILITIES
Amounts in NOK thousand Note 31 December 2024 31 December 2023
Equity
Share capital 9 2 596 2 596
Share premium reserve 6 220 953 220 953
Other equity 21 511 -
Uncovered loss (3 656) (7 364)
Total equity 6 241 404 216 185
Liabilities
Bonds 4 489 317 486 300
Total non-current liabilities 489 317 486 300
Bonds 13 011 13 011
Trade payables 2 1 587
Other current liabilities - 2 865
Total current liabilities 13 013 17 463
Total liabilities 502 330 503 763
TOTAL EQUITY AND LIABILITIES 743 733 719 949
76
Anita Glad
Board member
Kevin Michael Thau
Board member
Vemund Sande
Board member
Magnus Haug Wanberg
Chair of the Board
Philip S. Hess
Chief executive ofcer
Marius Juul Møller
Board member
Oslo, Norway
April 10th, 2025
77
Statement of cash flows – reMarkable Invest AS
Amounts in NOK thousand Notes 2024 2023
CASH FLOW FROM OPERATING ACTIVITIES
Profit/(loss) before income tax 4 754 (9 441)
Change in accounts payable (1 585) 1 587
Change in other accruals (7 061) 16 168
Net cash flow from operating activities (3 893) 8 314
CASH FLOW FROM INVESTMENT ACTIVITIES
Payment of loan to reMarkable AS 8 - (490 000)
Net cash flow from investing activities - (490 000)
CASH FLOW FROM FINANCING ACTIVITIES
Proceeds from bond 4 - 500 000
Payment transaction costs bond 4 - (14 285)
Proceeds from issuance of shares 6, 9 21 511 -
Proceeds from group contributions - 234
Net cash flow from financing activities 21 511 485 950
Net increase/(decrease) in cash and cash equivalents 17 618 4 263
Cash and cash equivalents at the beginning of the period 4 282 19
Cash and cash equivalents at the end of the period 21 900 4 282
78
Notes to the financial statement – reMarkable Invest AS
1. Accounting principles
1.1. Functional currency, reporting currency and presentation currency
1.2. Tax
1.3. Borrowings
1.4. Classification and valuation of current assets
1.5. Subsidiaries and associated companies
1.6. Cash flow statement
The annual accounts have been prepared in conformity with the provisions of the Accounting Act and generally accepted ac-
counting principles in Norway.
reMarkable Invest AS has assessed that the company has no activities of its own (other than holding financing) and therefore
it is regarded as an extension of its subsidiary, reMarkable AS, where the dominating and functional currency is USD. Under the
Norwegian Accounting Act §3-4, the company has the availability to choose NOK as accounting currency and has therefore
decided to apply NOK as both accounting currency and presentation currency.
The tax charge in the profit and loss account consists of tax payable for the period and the change in deferred tax. Deferred tax
is calculated at the tax rate at 22 % on the basis of tax-reducing and tax-increasing temporary differences that exist between
accounting and tax values, and the tax loss carried forward at the end of the accounting year. Tax-increasing and tax-reducing
temporary differences that reverse or may reverse in the same period are set off and entered net. The net deferred tax receiva-
ble is entered on the balance sheet to the extent that it is likely that it can be utilized.
Borrowings are initially recognized at fair value, net of transaction costs incurred that are directly attributable to the issuance
of the financial liability. After initial recognition, borrowings are measured at amortized cost. Any difference between the net
proceeds and the redemption amount is recognized in profit or loss over the period of the borrowings using the effective inter-
est method.
Current assets and short-term liabilities consist normally of items that fall due for payment within one year of the balance sheet
date, as well as items related to the normal operating cycle. Current assets are valued at the lower of acquisition cost and fair
value. Short-term liabilities are recognized on the balance sheet at the nominal amount at the time of the transaction.
Subsidiaries are accounted for using the cost method in the company accounts. The investment is recognized at acquisition
cost for the shares unless a write-down has been necessary. A write-down to fair value is made when a fall in value is due to
reasons that cannot be expected to be temporary and such write-down must be considered as necessary in accordance with
good accounting practice. Write-downs are reversed when the basis for the write-down is no longer present. Dividends and
group contributions from subsidiaries are normally recognized to income in the accounting year, as allowed by the Norwegian
Accounting Act. For 2024, this option has not been utilized due to practical reasons, and no group contributions have been
recognized in the financial statements for 2024.
The cash flow statement has been prepared using the indirect method. Cash and cash equivalents consist of cash, bank depos-
its and other short-term, liquid investments.
79
2. Salary costs and audit fee
3. Cash and cash equivalents
4. Bond
reMarkable Invest AS did not have any salary costs or benefits in 2024 and there are no such obligations. The Board received
no remuneration during the periods presented in the financial statements.
The expensed audit fee for 2024 is NOK 1 532 thousand including VAT, of which NOK 1206 thousand represents other non-au-
diting services.
The company has no restricted bank deposits as of 31.12.2024.
4.1 Main terms and conditions in bond agreement
The bond was issued in October 2023, for a nominal amount of NOK 500 million, and accruing interests at 3 months NIBOR plus
7% margin. The company does not pay any principal until maturity date (October 2027), and interest is paid quarterly.
Provided that reMarkable Invest AS is in compliance with certain ratios in relation to net interest bearing debt and EBITDA,
reMarkable Invest AS has the possibility to issue up to additional NOK 500 million in bonds, subject to the same terms and
conditions as the original bond, but with separate issuance process to be followed.
reMarkable Invest AS has the possibility to early repay its bond at any time, with certain compensations to bondholders for lost
interest, and the possibility to early repay up to 35% of the bond upon the company’s equity becoming listed. These options are
found to be not closely related to the host contract. However, it has been concluded that these options have negligible value for
reMarkable Invest AS in the current circumstances.
The bondholders also have the possibility of early repayment of the bond due to change of control or unfavorable tax events.
These options are considered to be closely related to the host agreement and therefore they have not been separately recog-
nized by reMarkable Invest AS.
Overview of borrowings 2024 2023
(Amounts in NOK thousand)
Bonds 502 328 486 300
Total 502328 486 300
4.2 Compliance with covenants
At year-end 2024, reMarkable Invest AS is subject to the following financial covenants in relation to its bond:
• At all times, minimum liquidity of NOK 100 million (or its equivalent in other currencies). Liquidity includes cash and cash
equivalents, any unutilized and available amounts under SSRCF (super senior revolving credit facilities) and any credit on
any payment processing platform.
• EBITDA of no less than NOK 150 million (or its equivalent in other currencies) for each 12-month period ending at the end
of each quarter, or Leverage Ratio not greater than 4.0:1. Leverage ratio is defined as net interest-bearing debt to EBITDA.
Compliance is measured at the end of each quarter.
All covenants were met throughout the reporting periods presented in these financial statements, and there are no indications
that the company may have difficulties complying with the covenants in the foreseeable future.
80
4.3 Assets pledged as security for liabilities
All assets of reMarkable Invest AS are pledged for the outstanding bonds at 31 December 2024. reMarkable AS, the subsidiary
of the company, is one of the guarantors of the bond issued by reMarkable Invest AS during 2023. reMarkable Holding AS, which
is the controlling entity over reMarkable Invest AS, is also a guarantor for the bond issued.
5. Tax
This year's tax expense 2024 2023
(Amounts in NOK thousand)
Payable tax on this year's result - -
Changes in deferred tax asset 1 046 (2 077)
Tax expense in the income statement 1 046 (2 077)
Taxable income 2024 2023
(Amounts in NOK thousand)
Profit/(loss) before income tax 4 754 (9 441)
Permanent differences - -
Change in temporary differences - -
Change in loss carry-forwards (4 754) 9 441
Taxable income - -
Payable tax in the balance sheet 2024 2023
(Amounts in NOK thousand)
Payable tax on this year's result - -
Payable tax on group contribution - -
Tax payable in the balance sheet - -
Calculation of effective tax rate 2024 2023
(Amounts in NOK thousand)
Calculated tax on profit before tax with 22% 1 046 (2 077)
Tax effect of permanent differences - -
Total calculated tax expense 1 046 (2 077)
Effective tax rate 22 % 22 %
81
6. Equity
7. Subsidiaries
8. Related party transactions
See note 9 for more information on unregistered capital increase during 2024.
As of 28 December 2023, reMarkable Invest AS has an intercompany loan agreement with reMarkable AS for a nominal amount
of NOK 490 million. The interest rate is 14.12% p.a.
reMarkable Invest AS owns 100% of the shares in reMarkable AS, which gives reMarkable Invest AS 100% of the votes in the
company. reMarkable AS has its registered office in Oslo, Norway.
Liabilities to group companies 2024 2023
(Amounts in NOK thousand)
Other short-term liabilities within the group - 2 865
Total - 2 865
Receivables from group companies
Loan to group companies 490 000 490 000
Current receivables from group companies 6910 30
Total 496 910 490 030
Profit or loss items
Interest income from subsidiaries 69 391 40
Total 69 391 40
Amounts in NOK thousand Share
capital
Share
premium
Other
equity
Uncovered
loss
Total
equity
Balance at 1 January 2024
2 596 220 953 - (7 364) 216 185
Profit/(loss) for the year - - - 3 708 3 708
Capital increase (unregistered) - - 21 511 - 21 511
Balance at 31 December 2024 2 596 220 953 21 511 (3 656) 241 404
82
9. Share capital and ownership structure
Share capital increase
On 22 October 2024 an extraordinary General meeting of the company has resolved to increase share capital by issuing 37884
new shares, each with a nominal amount of NOK 0.35 per share. The new shares are issued at a subscription price of NOK
567.80 per share. Total subscription amount is NOK 21511 thousand, of which NOK 21497 thousand is share premium. The
capital increase was fully subscribed for by reMarkable Employee Share Holding I AS.
The share capital increase was not registered per 31 December 2024 and is therefore presented under ‘Other equity’ in the
balance sheet and is not included in the table above. Registration took place at the beginning of 2025.
Share capital in reMarkable Invest AS as of 31.12 Total Nominal amount Capitalised
Ordinary shares 7 417 280 0.35 2 596 048
Total 7 417 280 2596 048
Ownership in reMarkable Invest AS by company Ordinary shares Ownership % Share of votes %
reMarkable Holding AS 7 269 130 98 % 98 %
reMarkable Employee Sharing Holding I AS 148 150 2 % 2 %
Total 7 417 280 100 % 100 %
83
Risk management and internal control
Provisions in the articles of association
The Board places a high priority on managing risk, and has established routines and policies to limit overall risk exposure. The rules
and guidelines take into account the extent and nature of the company’s activities and the integration of stakeholder considerations
in the company’s value creation through its corporate values, ethical guidelines and corporate social responsibility policies.
The Board conducts an annual review of the company’s most important areas of risk exposure and its internal control arrangements.
reMarkable's risk management is based on the principle that risk assessment is an integral part of all business activities.
reMarkable is exposed to various risk factors of a financial and operational nature, which may affect business activities and the
company’s financial position. Management reports monthly to the Board of Directors on key operational developments, includ-
ing project risk assessments, and on financial performance. In addition, quarterly financial reports are prepared and distributed
to the financial market, in accordance with the Oslo Stock Exchange’s requirements.
Detailed information on the company’s operational and financial risks are included in the Annual Report.
A description of the equal opportunities and diversity policy applied in relation to the composition of the administrative, man-
agement and supervisory bodies are provided in the Board of Directors report.
There are not any provisions in the article of association of reMarkable Invest AS governing the appointment and replacement
of members of the executive board.
There are not any provisions in the articles of association of reMarkable Invest AS OR any authorizations permitting the execu-
tive board to decide that the enterprise shall repurchase or issue own shares
84
Auditor's report
85
Auditor's report
86
Auditor's report
87
Auditor's report
88
Auditor's report
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