NOTE
NOTE AB is a Swedish-listed EMS provider delivering PCBA, box build and testing for defense primes, aerospace firms and security customers, with operations in Sweden and the UK.
- Company typePublic
- Founded1999
- HeadquartersKista, Sweden
- Headcount1,001–5,000
- GTM typeB2B
- OfferingHardware or Manufacturing
What NOTE does
NOTE AB is a Sweden-headquartered, NASDAQ Stockholm-listed electronics manufacturing services (EMS) provider founded in 1999. The company delivers advanced printed circuit board assembly (PCBA), box build, and testing services, with a primary focus on defense, aerospace, security and intelligence customers and supplementary exposure to industrial and communications sectors. Its stated differentiators are multi-domain defense capabilities spanning air, land, cyber and marine applications, multi-jurisdiction production in Sweden and the United Kingdom (via the October 2025 acquisition of Surface Technology International, STI), and membership in the Swedish Security and Defence Industry Association (SOFF).
Revenue is generated through project-based, contract-priced EMS engagements with defense primes, OEMs, aerospace firms, and government-related end customers. Pricing is quote-based and tied to multi-year contracts rather than standardised list pricing; the company targets operating margins of 9.5% to 10.5%, achieving 10% for full-year 2025 and 11.4% in Q4 2025 on SEK 3.8 billion of full-year sales. Go-to-market is direct enterprise field sales, with strategic communications and earnings disclosure as the principal visibility channels; the SEK 900 million credit facility from Skandinaviska Enskilda Banken (SEB) supports a stated ambition of at least one acquisition per year, financed through debt rather than equity issuance.
NOTE firmographics
Firmographics- Name
- NOTE
- Legal name
- NOTE AB
- Website
- https://note.eu
- Company type
- Public
- Founded year
- 1999
- Operating status
- Operating
- Headcount range
- 1,001–5,000 employees
- Short description
- NOTE AB is a Swedish-listed EMS provider delivering PCBA, box build and testing for defense primes, aerospace firms and security customers, with operations in Sweden and the UK.
- Ownership category
- akta.pro rank
NOTE industry classification
Industry- Product category
- Electronics Manufacturing Services
- NAICS
- Printed Circuit Assembly (Electronic Assembly) Manufacturing (334418), Search, Detection, Navigation, Guidance, Aeronautical, and Nautical System and Instrument Manufacturing (334511)
- SIC
- Printed Circuit Boards (3672), Search, Detection, Navagation, Guidance, Aeronautical Sys (3812), Instruments For Meas & Testing Of Electricity & Elec Signals (3825)
- akta.pro primary industry
- PCB Assembly (PCBA/EMS) (HDAHAOAI)
- akta.pro secondary industries
- Test, Measurement & Calibration Equipment Manufacturing Services (ATE, DAQ, metrology electronics) (IMAGAGAH), Integrated Modular Avionics (IMA) & Avionics Computing Platforms (IMABAFAI)
Keywords
Where NOTE is headquartered
LocationHeadquarters
- HQ city
- Kista
- HQ country
- Sweden
- HQ region
- Europe
Offices3 records
Markets served
NOTE business model
Business model- GTM type
- B2B
- Offering type
- Hardware or Manufacturing
- Cost components
- Personnel, Operations, Supply Chain, Technology or R&D, Marketing or Sales, Infrastructure
Revenue model
- Electronics Manufacturing Services: EMS manufacturing services including PCBA, box build, and testing for defense, aerospace, security and intelligence sectors. Revenue generated through project-based manufacturing contracts with defense primes and OEMs.
Pricing tiers
| Model | Billing | Price |
|---|---|---|
| Other | Multi-year contract | Project-based custom pricing |
Go-to-market motion2 records
Distribution channels2 records
Marketing channels3 records
NOTE product offering
Product offeringCore offering
NOTE AB is an electronics manufacturing services (EMS) provider that delivers advanced printed circuit board assembly (PCBA), box build, and testing services for defense, aerospace, security, intelligence, industrial, and communications customers. Manufacturing is performed at company-owned facilities in Sweden and the UK, with the October 2025 acquisition of Surface Technology International (STI) adding UK defense-electronics capabilities and a platform for deeper relationships with European defense primes and OEMs.
Product overview
NOTE is an electronics manufacturing services (EMS) company that provides a comprehensive range of manufacturing capabilities including advanced printed circuit board assembly (PCBA), box build, and testing services. The company serves defense, aerospace, security, intelligence, and communications sectors, with recent acquisition of Surface Technology International (STI) enhancing its UK presence and defense electronics capabilities. NOTE operates as a unified EMS platform offering end-to-end manufacturing services rather than distinct modular products.
Differentiator
Problem solved
Functional benefit
Quantifiable outcome
- Operating margin improvement from 9% to 10% full-year 2025
- +3 more outcomes
Companies that use NOTE
Customer profileNamed customers4 records
Segments5 records
Ideal customer profiles4 records
NOTE technology and API
TechnologyTechnology focussed No
API detail
- Has API
- No
- API docs
- API detail
Core technology
AI maturity
App detail
Feature1 record
NOTE partnerships and signals
Strategic signalPartnerships
Two partnerships are on record, tiered core and minor.
- Swedish Security and Defence Industry Association (SOFF)coreNOTE joined SOFF to reinforce its commitment to the security and defence sector. Through this membership, NOTE contributes to industry dialogue on total defence, supply preparedness, and cybersecurity, strengthening its role in resilient and reliable defence-industrial supply chains in Sweden and Europe.
- Browne JacobsonminorBrowne Jacobson, a law firm, advised Rcapital on its exit of Surface Technology International (STI) electronics business to NOTE UK, providing legal, financial, and tax support for the complex transaction.
Scale indicators12 records
Recent moves5 records
Expansion highlights4 records
NOTE competitors and assessment
Company assessmentDirect peers
- Scanfil Oyj: Finland-headquartered listed EMS provider with European and Asian manufacturing sites, serving industrial, energy and aerospace/defense customers. Strongly comparable on EMS service offering and public-market profile.
- Kitron ASA: Norwegian-listed mid-tier EMS provider with a comparable product mix of PCBA, box build and testing across defense, aerospace, industrial and energy customers in Northern Europe. Closely comparable on size, public-company profile and Nordic customer base.
- Inission AB: Swedish-listed EMS company with Norrland-based production serving industrial, defense-adjacent and medtech customers. Closely comparable Scandinavian EMS competitor.
- Hanza Holding AB: Sweden-based EMS company offering PCBA, box build and subsystem manufacturing across industrial, medtech and defense-adjacent customers. Direct Swedish competitor with very similar business model and footprint.
- Cicor Technologies Ltd. Swiss EMS and microelectronics specialist with explicit aerospace and defense exposure, combining PCBA with higher-margin microelectronics assembly. Comparable on EMS-plus-defense business model.
- Neways Electronics International N.V. Netherlands-based listed EMS specialist offering PCBA, box build and testing for industrial, semiconductor and defense customers across Europe. Comparable continental European mid-tier EMS profile.
Others
- NCAB Group Holding AB: Sweden-listed PCB sourcing specialist that supplies PCBs (but not assembly services) into industrial, defense and aerospace customers across Europe. Closely linked PCB ecosystem peer upstream of NOTE's PCBA activity.
Broad incumbents
- AT&S Austria Technologie & Systemtechnik AG: Austrian-listed leader in PCB and substrate manufacturing (including IC substrates) supplying global aerospace, automotive and industrial OEMs. Larger-scale incumbent whose PCB/IC-substrate activity overlaps with NOTE's PCBA sourcing and end-market exposure.
- TT Electronics plc: UK-headquartered listed provider of electronic components and EMS solutions with a meaningful aerospace, defense and medical business. Larger and more diversified than NOTE but directly overlapping in UK defense electronics.
- Mercury Systems, Inc. US-listed defense electronics specialist delivering mission-critical subsystems to primes and the DoD. Adjacent in defense-electronics end market though vertically higher in stack, useful as a US-listed defense-electronics proxy comparable to NOTE/STI.
Market position
Strengths5 records
Weaknesses5 records
Competitive moat4 records
Key risks5 records
Key highlights6 records
Customer concentration
NOTE social profiles
Digital presenceNOTE financial estimates
Financial estimateRevenue estimate
Valuation estimate
NOTE leadership team
Management profileNumber of profiles
Profiles1 record
NOTE subsidiaries and ownership
Company hierarchySubsidiaries2 records
NOTE funding detail
Funding detailFunding overview
Funding rounds1 record
Investors1 record
Funding detail is available on the Subscription and Enterprise plan.Contact sales →
NOTE M&A and investment
M&A and investmentM&A7 records
Investments
M&A and investment is available on the Subscription and Enterprise plan.Contact sales →
Frequently asked questions about NOTE
What does NOTE do?
NOTE AB is an electronics manufacturing services (EMS) provider that delivers advanced printed circuit board assembly (PCBA), box build, and testing services for defense, aerospace, security, intelligence, industrial, and communications customers. Manufacturing is performed at company-owned facilities in Sweden and the UK, with the October 2025 acquisition of Surface Technology International (STI) adding UK defense-electronics capabilities and a platform for deeper relationships with European defense primes and OEMs.
Is NOTE a public or private company?
NOTE is a public company. It is classified as public and is currently operating.
When was NOTE founded?
NOTE was founded in 1999. It employs 1,001 to 5,000 people.
Where is NOTE based?
NOTE is headquartered in Kista, Sweden, in the Europe region.
How does NOTE make money?
One revenue line is on record: electronics Manufacturing Services.
Who are NOTE's main competitors?
Direct peers on record are Scanfil Oyj, Kitron ASA, Inission AB, Hanza Holding AB, Cicor Technologies Ltd. and Neways Electronics International N.V.. NCAB Group Holding AB is listed as an others. Broad incumbents are AT&S Austria Technologie & Systemtechnik AG, TT Electronics plc and Mercury Systems, Inc..
Does NOTE have an API?
No public API is recorded for NOTE.
What industry is NOTE in?
NOTE's product category is Electronics Manufacturing Services. Its primary akta.pro industry code is HDAHAOAI, PCB Assembly (PCBA/EMS), with a secondary code of IMAGAGAH, Test, Measurement & Calibration Equipment Manufacturing Services (ATE, DAQ, metrology electronics). Its NAICS code is 334418 and its SIC code is 3672.