14th of October, 2025 - Vilnius, Lithuania. NRD Companies, a global software development and consulting group of companies specializing in governance, economic digital infrastructure development, and subject matter consultancy services, announced its results for the first half of 2025. The group delivered a strong top-line performance, with consolidated revenue reaching €5.58 million, an increase of 11% compared to the same period in 2024. EBITDA (Earnings Before Interest, Taxes, Depreciation and Amortization) decreased by 4%; however, profitability strengthened considerably in the second quarter, with margins improving to 13% compared to 7% in the first quarter. Compared to Q2 2024, revenues advanced by 17% and EBITDA grew by 24%, underscoring both robust demand and the benefits of a diversified portfolio.
"Our performance in the first half of 2025 highlights the scalability of our solutions and the resilience of our business model," said Mindaugas Glodas, CEO of NRD Companies. "While we saw margin pressure in the first quarter, the rebound in the second confirms the efficiency of our operations and the growing global appetite for our products and services. With projects spanning Europe Africa, the Caribbean, Southeast and Asia we are increasingly positioned as a trusted partner in digital transformation."
Compared to the same period in 2024, revenues from Tax Administration and Government client segments recorded significant growth in the first half of 2025 demonstrating 33% and 43% representative increase. Revenues from Retail sector maintained its strong momentum, and revenues from Finance sector remained stable, while Registers business line showed some cyclical softness. This performance demonstrates the strength of NRD Companies' well-diversified client and business portfolio, where temporary slowdowns in certain segments are offset by growth in others.
During the first half of 2025 NRD Companies was carrying on 45 development and consultancy projects in 22 countries. This illustrate both the repeatability of NRD Companies' core platforms and the trust placed in the group by governments and international development institutions, reinforcing the company's pipeline and revenue.
In Lesotho, the group not only advanced an e-Invoicing and e-Filing platform with the Revenue Services Lesotho and African Development Bank, but also supported the Ministry of Information, Communications, Science, Technology & Innovation in developing national frameworks for broadband, data governance, and artificial intelligence - placing NRD Companies at the center of long-term policy and infrastructure modernization. In Zimbabwe, the group continued implementing a Virtual Fiscalization Data Management System for the Zimbabwe Revenue Authority, moving the country to a modern, data-driven tax infrastructure with real-time monitoring capability.
In the Caribbean, NRD Companies progressed with the Digital Civil Registry System in Belize to improve service delivery for citizens, while in Southeast Asia it successfully launched a nationwide Electronic Business Registration System in Lao PDR, simplifying business registration and enhancing the investment environment. In the European Union, NRD Companies began implementing the 'Mano Muitine' Customs Services Portal for the Customs Department under the Ministry of Finance of the Republic of Lithuania, a flagship national initiative to establish a modern, unified self-service platform for customs-related administrative services.
NRD Companies also strengthened its brand equity by contributing to leading global policy and knowledge-sharing platforms. In the first half of 2025, the group participated in the World Bank Global Digital Summit, the E-Governance Conference, and Digital Week Gibraltar, where it led discussions on resilient digital governance frameworks. Such recognition not only affirms NRD Companies' thought leadership, but also expands access to strategic markets and stakeholders.
NRD Companies also highlight financial results of 2024. It reports that consolidated revenue in 2024 amounted to EUR 10.0 million compared to €11.0 million in 2023. While total revenue declined by 9.3%, this was primarily due to reduced hardware sales, which are not part of the group's strategic focus.
Revenues from strategic activities - software development and consultancy - grew by 4%, and gross profit increased by 6%. EBITDA for the year reached €1.139 million, up 4% compared to normalized 2023 results once one-off cost capitalization was excluded. These results confirm the group's resilience and successful repositioning towards higher-value, scalable service lines.
About NRD Companies
NRD Companies is a global IT and consulting group specializing in governance and economic digital infrastructure development. Incorporated in Norway, headquartered in Lithuania and managed by INVL Technology, the group operates across GovTech and FinTech sectors, with a proven track record of delivering e-services platforms, tax administration systems, registry solutions, and digital policy advisory services. With nearly three decades of expertise, NRD Companies has implemented strategic projects on five continents and supports countries in achieving the UN SDGs through inclusive digital transformation.
The person authorized to provide additional information:
Kazimieras Tonkunas
INVL Technology Managing Partner
E-mail k.tonkunas@invltechnology.lt
