fremverk Due Diligence

Run due diligence on fremverk: check compliance and get alerts when suppliers or ownership change.

Denmark · owned by fremverk (Denmark) · frem.sh · 11 vendors

fremforge (frem.sh) is an EU-sovereign CI/CD and Git platform product of fremverk, a Danish cloud consultancy. It provides hosted Git repositories, CI/CD pipelines, supply chain security, and enterprise access controls, all running exclusively on Deutsche Telekom's T Cloud Public infrastructure in Germany with no US-parented sub-processors. The platform targets regulated European organisations seeking GDPR-compliant, data-sovereign alternatives to US-based DevOps tooling such as GitHub.

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Last updated 2026-09-13 · revision 1

11 direct vendors, 73 subvendors

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Financials

Three-year financials

Financial Resilience Score: 6/10

fremverk ApS demonstrates strong profitability and liquidity metrics for its scale. In FY 2024/25, the company posted a net profit of DKK 1.28M on equity of DKK 2.17M, implying a return on equity above 55%. Return on assets of 28.0%, a solvency ratio of 47.3%, and a liquidity ratio of 200.7% all indicate a financially healthy small enterprise with ample short-term cushion and reinvestment capacity. The company is backed by parent Haul Holding ApS, providing ownership continuity typical of Danish founder-holding structures. However, resilience is materially constrained by the company's very small scale — a total balance sheet under DKK 5M and only 4 employees. Any single customer loss, delayed enterprise deal, or founder departure would materially move the business. The pivot into a product company (fremforge) competing with GitHub Enterprise and GitLab in the EU-sovereign niche is ambitious for a 4-person Danish ApS with ~DKK 4M in gross profit, and heavy dependency on third-party sub-processors (Deutsche Telekom T Cloud, Lettermint, Bunny CDN, Mollie) introduces supply-chain concentration risk. Both ROA and solvency ratios declined from FY24 to FY25 (from 33.2% to 28.0%, and 53.3% to 47.3% respectively), suggesting asset growth is outpacing earnings growth — though from a very strong base.

Key strengths: Strong return on assets of 28.0% in FY 2024/25, High liquidity ratio of 200.7% (current assets ~2x current liabilities), Solvency ratio of 47.3%, considered very good, Positive net profit of DKK 1.28M with implied ROE above 55%, Group backing from parent Haul Holding ApS, Regulatory tailwinds from EU digital-sovereignty demand (DORA, NIS2)

Risk factors: Very small scale — total assets under DKK 5M and only 4 employees, Revenue not disclosed due to abbreviated accounts regime, Product/market execution risk competing against GitHub Enterprise and GitLab, Heavy sub-processor dependency (Deutsche Telekom, Lettermint, Bunny CDN, Mollie), Declining solvency and ROA trend from FY24 to FY25, Customer concentration risk not disclosed but likely high given entity size, Founder-departure risk given small headcount

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