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SENASTE
Tempest Security reported Q4 net sales of SEK 94m (SEBe: 95m) and reported EBITDA of SEK -9m (SEBe: -7.8m). Adj. EBITDA came in at SEK -0,7m (SEBe: 3.7m), resulting in an adj. EBITDA margin of -1% (SEBe: 3.9%). The lower underlying result seems to be driven by upstart costs in the US and Denmark of SEK 2.7m and continued pandemic headwinds. Overall, the Q4 results imply mid-single digit earnings downgrades, but limited changes to our investment case.
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