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.