Equity Research Lokotech: Important Pre-Order agreement in place

Lokotech Group AS (“Lokotech” or “the Company”) recently signed a framework agreement with a U.S.-based operator for the pre-order of a substantial number of its proprietary Scrypt miner, Hashblade.

The Company states that the framework agreement could generate gross revenues of USD 2–5 million, with the exact amount to be determined upon the due date of the second prepayment at the end of January/beginning of February 2025. In addition to the order size, the delivery timeline will also be finalized at a later stage.

The framework agreement supports our hypothesis that Hashblade sales could experience significant growth starting from commercialization, which we expect in early Q3 2025. Revenue from the framework agreement will be in addition to the previously communicated pre-sales of NOK 8–9 million, meaning that the majority of revenues from the Pre-order propably will be booked in 2026. The framework agreement therefore aligns well with our estimates of gross revenues from Hashblade sales in 2026, projected at approximately NOK 54 million, provided the Company secures the necessary financing for mass production and subsequent commercialization of Hashblade.

Read our Initial Equity Research report on Lokotech here.

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