Q1'23 in brief
Q1'23 sales were 19% below our estimates and the cash burn was ~94% higher than we anticipated. When adjusting for discontinued clients that Urb-it deemed unprofitable or non-strategic, volumes grew y-o-y by 54% and net sales by 82% y-o-y. The company maintained its positive contribution margin globally. The UK was positive in terms of the contribution margin for two out of three months and Spain was also positive in March '23 for the first time, which is a step in the right direction. From an accounting perspective, the company has become more transparent, as it is now breaking down gross profits into "Gross margin 1" and "Gross margin 2" in order to better display the cost structure of the business.
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