SUMMARY OF THE REPORT
Third quarter:
- Subscription revenue increased by approximately 12% to KSEK 4,821 (4,288)
- MRR in September was KUSD 151 (141)
- EBIT was KSEK -3,618 (-2,321)
- EPS before dilution was
SEK -0.02 (-0.03) - Cash position was KSEK 20,783 (3,920)
Year to Date:
- Subscription revenue increased by approximately 14% to KSEK 13,637 (11,916)
- EBIT was KSEK -10,423 (-7,936)
- EPS before dilution was
SEK -0.06 (-0.09)
SIGNIFICANT EVENTS (Third quarter)
- Prepayment of 21 MSEK received during the quarter
Fredrik Hansson recruited as CPO- New Enterprise client in the financial sector signed
- Payment from warrants of 4 MSEK minus costs received (87.5% participation) and shares have been issued
SIGNIFICANT EVENTS (Year to Date)
- The funds from the issue of units was received in January and the bridge loan was repaid. Funds from warrants also received in the period totalling 15 MSEK before costs.
- Increased lead generation and renewal of largest client with a 2.5 year agreement
- Strengthening the team by recruitment of sales and engineering resources
SIGNIFICANT EVENTS AFTER THE QUARTER
- No significant events
Third quarter (3 months) | Year to date (9 months) | |||||||
KSEK | 2023 | 2022 | % | 2023 | 2022 | % | ||
Key Financials | ||||||||
Subscription revenue | 4,821 | 4,288 | 12% | 13,637 | 11,916 | 14% | ||
Professional services revenue | 133 | 206 | -36% | 1,087 | 1,613 | -33% | ||
Net sales | 4,953 | 4,495 | 10% | 14,724 | 13,530 | 9% | ||
Total revenue | 6,778 | 5,729 | 18% | 19,059 | 16,994 | 12% | ||
Costs | -8,852 | -6,680 | -33% | -25,009 | -20,907 | -20% | ||
EBITDA | -2,075 | -951 | -118% | -5,949 | -3,913 | -52% | ||
Dep / Am | -1,543 | -1,370 | -13% | -4,473 | -4,023 | -11% | ||
EBIT | -3,618 | -2,321 | -56% | -10,423 | -7,936 | -31% | ||
MRR (KUSD) | 151 | 141 | 7% | |||||
Cash position | 20,783 | 3,920 | 430% |
CEO COMMENTS
I am delighted to share with you the latest developments and achievements at
Successful Capital Raise through Warrants
Our recent efforts to secure additional funding through the subscription of warrants have proven to be successful. We have successfully raised 15 MSEK before costs from the unit issue and warrants. This influx of capital not only strengthens our financial position but also positions us to seize new opportunities and further enhance our operations. It underscores our commitment to strategic growth and building strong partnerships for expansion.
Impressive Sales Growth
Our sales team has continued to excel, resulting in an 12% increase in our sales figures and we are right now on an all time high MRR and we continue to grow. This accomplishment highlights their relentless dedication and commitment to delivering exceptional products and services to our valued clients. We are working diligently to improve our sales engine and strategy to convert our increased sales pipeline into signed deals and achieve our ambitious goals for the upcoming quarters. We are also glad to further improve the collaboration with AWS and have many potential conversations in the pipe based on this partnership.
Welcoming a New Chief Product Officer (CPO)
I am pleased to announce the addition of a new Chief Product Officer to our team. Our new CPO,
Client Prepayment Received
We have received a prepayment from one of our valued clients, further strengthening our financial position and enhancing our cash flow. This payment is a testament to the trust and confidence our clients have in our offerings, and we remain committed to delivering exceptional value to them.
Comprehensive strategic deep dive
We have spent a lot of time on extensive strategic work through deep diving into both historical data and future scenarios in order to create a clear plan for how to increase growth and reach break-even. This work was reinforced by research within our CTO's Executive MBA program. We are excited to implement the strategies outlined in this plan to achieve our financial goals.
Welcoming New Client Novogradac
We are thrilled to welcome among others our new client,
In conclusion, these achievements and developments reflect the dedication and hard work of our entire team. We remain committed to pursuing excellence in all aspects of our business and are enthusiastic about the future prospects of
Thank you for your dedication and commitment.
Sincerely,
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