Q2'23 results
Qlosr’s Q2’23 revenue came in at SEK 165.6m (+6% vs ABGSCe SEK 156.5m), implying a y-o-y total growth rate of 33% and an organic growth rate of 20%. The gross margin amounted to 37.4%, which is lower than our estimated 43.5%. EBITDA was SEK 7.8m vs ABGSCe SEK 10.2m, corresponding to an EBITDA margin of 4.7%, which is 180bps lower than ABGSCe due to higher costs related to ongoing and delayed implementation projects and non-subscription projects.