Invisio’s pivot from consumer losses to defence contracts reshapes its growth path

- Should we shut down the company, or give it one more attempt?

That was the question Invisio’s chief executive, Lars Højgård Hansen, put to himself and the company’s investors in 2008.

At the time, the business relied on selling Bluetooth headsets to the consumer market - and struggled to do so. Year after year, it reported losses, despite investors injecting hundreds of millions of Danish kroner.

With the arrival of the iPhone in 2007, the consumer electronics market - including the headsets sold by Invisio - expanded rapidly. At the same time, however, prices fell sharply, Hansen recalls.

The company could not keep pace with that shift. Hansen instead turned to a smaller, established line of business: for several years, Invisio had supplied limited volumes of headsets to military customers. 

Exit

Invisio exited the consumer segment entirely and focused on headsets and hearing protection designed for combat environments. Annual revenue increased from below DKK 30 million to more than DKK 1 billion, alongside a move into sustained profitability.

- We were used to taking a bag under our arm, going out to a meeting and securing an order for three pallets. We then had to adapt to a sales cycle that could take three years. You could not push an order through - you had to wait for testing and approvals. It was extremely frustrating, Hansen says.

Today, Invisio’s portfolio is centred on communications-integrated systems. It supplies headsets for dismounted soldiers, alongside receiver and control units for vehicles and individual users.

Defence procurement requirements extend development and sales timelines. 

These pressures were compounded by the global financial crisis, followed by several years of continued losses. Hansen attributes the company’s survival during this period to the support of its owners.

Orders began to materialise in 2011 and 2012, initially from the Danish armed forces and shortly afterwards from the United States. Momentum then built steadily, with Invisio now supplying a broad range of NATO customers.

The company recorded its first profit in 2014.

Close to the user

Hansen describes the transition from consumer to military markets as mixed in complexity.

From a technical perspective, the core requirement - delivering audio - remained consistent. However, adapting systems to operational environments required substantial development. Equipment must withstand extreme temperatures, dust, vibration and water, and remain operable while users wear heavy gloves.

Close engagement with end users has therefore been central to product development.

- From day one, we have maintained close contact with users. What challenges do they face, and how can we help? We cannot sit at headquarters and assume we understand, he says.

This approach continues to inform newer products, including control units and vehicle intercom systems.

As Invisio has matured, long procurement timelines have become less of a constraint.

Such timelines remain structural within defence markets, but accumulated experience and a proven track record have eased execution. An extensive customer base also supports market access.

With a three-digit million Danish kroner profit in 2025, the company has strengthened its financial position. Combined with contracts that can run for five, 10 or 15 years, this provides stability and time for continued development.

Invisio is also expanding into adjacent segments with similar operational requirements. While defence accounts for 80 percent of revenue, customers now include police units, the United States Coast Guard and fire services.

A return to the consumer market is not under consideration.

- We are staying in the professional segment. There are still many new customers coming in, Hansen says.