Despite a solid Q4 report, in line with expectations, we are a bit more cautious on growth in the coming quarters because of the slowing economy. Therefore, we cut '23e-'24e sales by 7% and 1% respectively. That said, Briox navigated 2022 well, growing sales 40%, up from 38% growth in 2021, which we find positive. We have also cut expected opex as well, which mitigates the lower sales.
Well positioned for high growth and continued scaling
Looking ahead, we think Briox is well positioned to execute on its growth strategy. 2022 was a good year, with high growth (sales +40% y-o-y) while ending the year with the same number of employees as 2021 (28). Therefore, we are positive it will reach sustainable profitability as revenues catch up with its relatively fixed cost case. Up to 2025, we forecast a sales CAGR of 40%.
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