Q3'23 outcome
Sales came in at SEK 17.7m (-13% vs. ABGSCe 20.5m), implying a y-o-y decline of -6%. The company delivered an EBITDA of SEK -1.1m (vs. ABGSCe 0.9m), and an EBIT of SEK -7.3m (vs. ABGSCe -5.4m). The third quarter results were below what we had expected with respect to both sales and EBITDA. Algo royalties were weaker than we expected, explaining almost the entire deviation. The Digital Identity segment achieved an ARR of SEK 17.8m, implying no sequential growth but 10% y-o-y growth.