July -
- Net sales grew by 10.2 % to MSEK 36.0 (32.7)
- Annual recurring revenue (ARR) at the end of the quarter was MSEK 141.2, an increase of 3.5 % during the last 12 months
- ARR changed by MSEK -0.3* during the quarter
- EBITDA decreased to MSEK 12.2 (13.1)
- EBITDA margin decreased to 33.9 % (40.2 %)
- Operating profit (EBIT) decreased to MSEK 10.1 (11.3)
- Net income decreased to MSEK 8.0 (9.0)
- Cash flow from operating activities decreased to MSEK 1.8 (7.3)
* Exact number -266 KSEK
January -
- Net sales grew by 15.4 % to MSEK 108.9 (94.4)
- EBITDA increased to MSEK 33.5 (26.3)
- EBITDA margin increased to 30.7 % (27.9 %)
- Operating profit (EBIT) increased to MSEK 27.3 (21.0)
- Net income increased to MSEK 21.8 (16.6)
- Cash flow from operating activities increased to MSEK 22.5 (15.8)
CEO COMMENT
During the third quarter of 2023, net sales increased to 36.0 MSEK, representing a growth of 10.2 % during the last twelve months. Our Annual Recurring Revenue (ARR) amounted to 141.2 MSEK at the end of the period, representing a growth of 3.5 % during the last twelve months. Net revenue decreased slightly quarter over quarter because of lower one-offs and consulting revenue, which is typical for Q3. EBITDA decreased to 12.2 MSEK, representing a margin of 33.9 %. Higher personnel costs related to investments in the sales organisation explain the lower EBITDA margin. Personnel cost per employee is higher, which aligns with our strategy to build more seniority in our sales team. Excluding personnel costs, our OPEX remained roughly unchanged. Cash flow from operating activities decreased to 1.8 MSEK, mainly due to changes in net working capital.
As expected and previously communicated, ARR growth rates did not improve in the third quarter. We continue building the sales capacity needed to support our growth ambitions, and I’m happy with the progress made in the third quarter. Our new CRO joined in August to continue building the team and position
Although the general market conditions (i.e. macro) are challenging, we continue to see a strong opportunity for
Founder & CEO
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