Q4'22 estimates
Swedish consumer confidence hit an all-time low in October 2022 and has since remained at all-time-low levels. Considering that Swedish consumers are very pessimistic, we believe that B2C-related volumes are likely to come down for Litium, and therefore variable sales should also come down. Therefore, we reduce our Q4'22 ARR and sales estimate by 7% and 15% respectively. It is difficult to assess any ongoing cloud migrations and the commensurate impact, but if the last quarter is a fair indicator, that figure should be around SEK 2m. Finally, Litium's cost base has some flexibility to it that can be utilised to decrease the cash burn of the business.
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