Strong Q4 with a beat on all headline items...
Q4 saw OrderYOYO — as we expected — concluding '24 with a beat on all five guidance items (despite upgrading it four times prior to Q4). ARR grew by 22% y-o-y, beating our 19%, while revenues were 9% stronger (seeing 24% growth y-o-y). Despite the strong top line, a higher share of lower-margin hardware sales and a quicker-than-expected ramp-up of FTEs limited the adj. EBITDA beat somewhat, but the margin was still up 7pp y-o-y. Cash EBITDA grew to DKK 11.1m in Q4 (vs. DKK 3.6m in Q4'23).