What to look for in Q3'23e
For Q3, we expect a reported ARR of SEK 73.8m and sales of SEK 16.4m. These figures imply y-o-y growth of 10% and 5%, respectively. We also anticipate an EBITDA of SEK 1.9m, which corresponds to a margin of ~12% and operating cash flow of SEK 3.2m. These estimates imply a cut to Q3 sales and EBITDA of 6% and 3%, respectively. B2C volumes are likely to take longer to recover to historical levels, likely sometime in 2024e.