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Fortnox Q1 2023: Strong ARR Growth, Softer Transactions - Redeye

Redeye expects neutral or slightly positive revisions of our Base Case and estimates following Fortnox’s Q1 report. While sales and EBIT was somewhat below our expectations due to lower transaction revenue in the core offering, the net customer intake, Pengar and especially the ARR came in strong.

Redeye expects neutral or slightly positive revisions of our Base Case and estimates following Fortnox’s Q1 report. While sales and EBIT was somewhat below our expectations due to lower transaction revenue in the core offering, the net customer intake, Pengar and especially the ARR came in strong.
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