Data sourced from SEC EDGAR filings and third-party price providers. Scores, valuations, and metrics are algorithmic estimates. This is not investment advice. See our Terms and Methodology.
Data sourced from SEC EDGAR filings and third-party price providers. Scores, valuations, and metrics are algorithmic estimates. This is not investment advice. See our Terms and Methodology.
NorCom Information Technology GmbH & Co. KGaA is a German technology company specializing in the development and implementation of big data and artificial intelligence solutions for international clients. Founded in 1989 and headquartered in Munich, it employs around 40 people and focuses on addressing challenges in handling large volumes of data, information governance, compliant data lifecycle management, and AI-driven analytics. The company's flagship offering, DaSense, is an AI platform that integrates artificial intelligence with data and document management, enabling analysis of documents, workflow automation, AI applications, and large language models for natural language processing. NorCom serves key sectors including GovTech for public administrations, Legal Tech for legal compliance, and industry applications, with additional capabilities in media solutions like NCPower for multimedia content production and broadcasting. Under CEO Viggo Nordbakk, it operates in computer programming, data processing, and related services, playing a niche role in Europe's AI and data management landscape.
The business is unprofitable at the operating level (-33.95% margin). The thesis depends entirely on whether and when it reaches sustainable profitability.
Revenue declined 28.0% YoY. Margins deteriorated 30.6pp alongside, both lines moving the wrong way.
ROIC dropped from -4.23% to -42.46%, capital efficiency is deteriorating. Negative free cash flow of -€315K. The business is consuming cash, not generating it.
Profitability & Returns
Revenue (TTM)
€6M
▼ -28.0% YoY
Net Income (TTM)
-€2M
▼ -554.6% YoY
Op. Margin
-33.95%
▼ -30.6pp YoY
ROIC
-42.46%
▼ -38.2pp YoY
Cash Flow & Balance Sheet
FCF (TTM)
-€315K
▼ -2.9% YoY
Op. Cash Flow (TTM)
€4K
▲ +101.4% YoY
Net Debt
€923K
Cash & Equiv.
€163K
3Y CAGR: -15.0%
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