Smart Buildings

LumenRadio’s 73% Growth in Building Controls Segment Reveals Strategic Shift in 2024

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This Research Note examines the wireless IoT business of LumenRadio AB, a Swedish public company listed on Nasdaq First North Growth market. We focus on the company’s 2024 financial highlights and business segment results, based on their Year-End Report 2024, published 26th February 2025. We previously covered the company IPO in 2022, and 2023 financial results. LumenRadio Profile Founded in 2008 LumenRadio is headquartered in Gothenburg, Sweden, with offices in Germany, USA and Norway. The company reported 2024 revenues of around $23 million with approximately 75 employees. LumenRadio currently offers wireless solutions in two business areas: Lighting & Smart Cities (L&SC) and Building & Infrastructure Control Systems (B&ICS). During 2024, the L&SC business area accounted for 58.1% of sales, while B&ICS accounted for 41.9%. 2024 Financial Highlights Net sales for the period amounted to SEK 244.6 million (252.5). This corresponds to a decrease of 3.1% compared to the previous year’s corresponding period. Organic sales decreased 16.4%. […]

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