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Qlosr: Delivers on growth as costs increase - ABG

Revenue +6% vs. ABGSCe, EBITDA -23% vs. ABGSCe
ACV growth of 3% q-o-q
Targets 15-20% org. growth over time


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.
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