A Danish furniture company has reported its eighth consecutive annual loss, recording a DKK 13.7 million deficit in 2024. Despite total losses of DKK 50 million over three years, CEO Ketil Årdal describes the year as "strong", emphasising the firm's long-term commitment to sustainability.
© Mater
Founded in 2006, Mater designs furniture from recycled materials like coffee grounds, sawdust, and electronic waste, using its own technology called Matek. The company is focused on circular production and reducing reliance on virgin materials.
Årdal explained that Mater is "not like other furniture companies", prioritising investment in green technology over short-term profit. 'If we quickly go after breaking even, we won't move anything,' he said.
Backed by private investors and lead shareholder Nordic Alpha Partners, Mater received a DKK 6 million capital injection in early 2025. Equity rose to DKK 12.1 million despite continued losses.
While no profit is expected in 2025 or 2026, Mater anticipates breaking even within two years. Revenue rose by up to 25%, and gross margins turned positive as production costs were cut, signs Årdal believes signal a turning point. 'We are delivering on the plan we have set,' he said.
Source: www.wood-supply.dk