KualKom grows revenue 5.4% to 891 million rubles, but loses 16% of its profit

Russian server hardware maker KualKom ended 2025 with revenue of 890.994 million rubles. A year earlier it was 845.574 million, a 5.4% increase. Net profit, however, fell 16.3%, from 29.335 million to 24.543 million rubles. TAdviser obtained the figures from the company's financial statements in September 2026.

Revenue gained 45.4 million rubles, while profit lost 4.8 million. The company sold more but earned less.

What the financial statements show

Key figures for 2025 compared with 2024:

• revenue: 890.994 million rubles versus 845.574 million (+5.4%);
• net profit: 24.543 million rubles versus 29.335 million (−16.3%);
• net margin: about 2.8% versus roughly 3.5% a year earlier (the editorial team's calculation);
• business profile: manufacturing of computers and peripheral equipment, and comprehensive IT equipment outfitting for businesses.

The company's revenue falls within the range of up to one billion rubles. It is a niche player, and its financial statements show what the market for servers and workstations looks like below the level of the large vendors.

Where the margin went

The gap between revenue and profit trends means that costs grew faster than sales. The portion of the material available to us contains no line-item breakdown, so the causes can only be guessed at. The usual suspects are a handful of factors: the cost of components purchased for assembly, personnel costs, interest on borrowed funds, and the tax burden. Which of them played the main role at KualKom, the statements do not show in this excerpt.

There is another reference point. If you compare the 5.4% growth with price dynamics in the country over the same period, revenue barely grew in real terms. For an equipment manufacturer, where components account for part of the price, this means a limited safety cushion.

The structure of the business also matters. Comprehensive IT outfitting for companies is a segment where price competition is fierce and margins are usually thinner than on in-house, value-added products. The share of each line of business in KualKom's revenue is unknown, so any link to the decline in profitability remains a hypothesis.

What to watch next

A single annual report is too little to draw conclusions about a trend. It only records that growth happened but did not translate into profit. Several things are worth tracking to assess the company:

• revenue structure: what brings in more, its own servers or supply and integration;
• cost of sales and selling expenses in the next financial statements, to identify the source of the pressure on margin;
• net margin for 2026: whether it returns to around 3.5% or keeps declining;
• debt load and the cost of borrowed money.

This data is also useful for buyers of server hardware from small Russian manufacturers. A profit of 24.5 million rubles on revenue of almost 900 million points to a modest financial buffer. When choosing a supplier, it is worth clarifying warranty and service terms, delivery times, and the spare-parts policy for the full service life of the equipment. For long-term projects, these points matter more than a price difference of a few percent.