Gothenburg Ecom AB, the company behind the beard care brand Odenson, continues its growth journey. The annual report for 2025 shows that turnover reached SEK 41.8 million, an increase of 98 percent from the previous year's SEK 21.1 million. As sales increased by 112 percent the year before, this means that the e-commerce retailer has now doubled its revenue for two years in a row.
As sales increase, so does profit. Operating profit for the year amounted to SEK 4.9 million, compared to SEK 2.1 million in 2024. This corresponds to an increase of almost 140 percent.
The increase is attributable to expanded marketing, more brands and sales in more markets, the board writes in the annual report.
From its base in Gothenburg, the products are now shipped to large parts of the world. By mixing sales in its own e-commerce stores with a presence on external marketplaces, the company has succeeded in building a customer base that extends from Sweden and Europe, further to North America and Oceania.
Problems with Accounting
But the rapid growth appears to have come at a price. While sales figures have pointed upwards, the machinery behind the scenes has creaked. As the year is summarized, it is clear that a lot of time has been spent on crisis management.
The reason was technical errors in the integrations that led to duplicated transactions, incorrect exchange rates and VAT ending up in the wrong countries. To rectify the situation, management was forced to reconstruct the entire accounting for 2024 and earlier.
The errors could not be corrected automatically but have been reviewed manually, transaction by transaction, with reconciliation of each account against external documentation.
The cleanup took a long time and resulted in the submission of both the annual report and income tax return being delayed. It also incurred direct costs of over SEK 116,000. According to the company, it has now implemented new, strict reconciliation procedures to prevent the same thing from happening again.
Strengthened Cash Flow and New CEO
Despite the accounting issues, the company leaves the year with a stable financial foundation. Cash flow increased from SEK 1.6 million to SEK 5.2 million, while solvency strengthened from 31 to 50 percent.
The company, which averaged 3.5 employees, has also secured some financing through its own management. A loan of SEK 210,000, at six percent interest, has been taken in from a company linked to a close relative of a board member.
The e-commerce retailer also has Techkungen in its portfolio, although that site currently appears to be down.
Now the company is building forward under new leadership. In August 2026, Alexander Nicklasson took over as CEO and Chairman of the Board. William Stockhaus and former CEO Daniel Nicklasson, who now resides outside the EEA, also sit on the board.
The change at the top coincided with the brand expanding its range. During 2026, hair care was launched as a new business area, to broaden the daily routine for customers.