NAT Absolute Technologies Public Company Limited (SET: NAT) has released its full-year financial results for 2025, revealing a significant downturn in performance compared to its blockbuster 2024 fiscal year. The company’s net profit plummeted by 98%, falling from THB 168.18 million in 2024 to just THB 3.36 million in 2025.
The sharp decline in profitability was driven by a substantial contraction in the top line. Total revenue from the sale of goods and rendering of services dropped to THB 558.96 million, a 75.66% decrease from the THB 2.29 billion recorded the previous year. Management attributed this volatility to the company’s project-based business model, where revenue recognition is tied strictly to the timing of product deliveries and project completions.
A closer look at the revenue streams shows that equipment distribution was the hardest hit, falling 84.75% to THB 87.71 million. Revenue from system installation services also saw a steep decline of 74.93%, totaling THB 395.59 million. Despite the drop in volume, NAT maintained a stable gross profit margin of 14.17%, slightly higher than the 13.75% seen in 2024, as the company continued to prioritize project-specific margins.
On the expense side, NAT successfully reduced its total operating expenses by 30.28%, bringing them down to THB 78.59 million. Administrative expenses, in particular, fell by 36.38% due to lower sales-related incentives and fees. However, these savings were not enough to offset the massive revenue shortfall.
Looking forward, the company is positioning itself for a recovery. NAT established three new subsidiaries in October 2025—NAT Absolute, NAT X, and NAT Ventures—to drive organic and inorganic growth.
Furthermore, the company reported a backlog of THB 212.78 million as of December 31, 2025, which is expected to be recognized as revenue in the coming quarters. Investors will be monitoring whether these strategic expansions and the existing backlog can restore NAT to its former growth trajectory.
