Likely found trough in Algo amid tough conditions
Q3'23 was somewhat below our expectations on sales but in line on adj. EBITDA (2.3m in one-offs added back). While the Algo segment continued to be adversely impacted by overstocked OEMs, the Digital Identity segment stalled in terms of ARR. Currently, the Digital Identity segment has an ARR of SEK 17.8m, which is a relatively low base compared to the Algo segment. However, once the sales channels and partnerships are fully established, the company can benefit from scale in a more tangible fashion.
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