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Qlosr: Impressive ACV growth bodes well for '23e - ABG

Sales -3% vs. ABGSCe
ACV growth of 7% q-o-q
Guides for SEK 650m 2023e revenue


Q1'23 results

Qlosr’s Q1’23 revenue came in at SEK 144m (-3% vs ABGSCe SEK 149m), implying a y-o-y total growth rate of 24% and an organic growth rate of ~5%. The gross margin amounted to 45.2%, which is lower than our estimated 49%. EBITDA was SEK 8.5m vs ABGSCe SEK 14m, corresponding to an EBITDA margin of 5.9%, which is 360bps lower than ABGSCe due to higher implementation costs.
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