Revenue 3% below, EBITDAC DKK 1.7m below
Revenue was DKK 34.0, 3% below ABGSCe of DKK 35.0m. This corresponds to a decline of 31% y-o-y, but a sequential increase of 47% q-o-q. The gross margin was 71.3%, vs. ABGSCe of 70.5%. Total opex incl. capitalised development costs was DKK 43.2m, above ABGSCe of DKK 41.9m. As a result, EBITDAC was DKK -18.9m, DKK 1.7m below ABGSCe of DKK -17.2m. Cash burn in the quarter was DKK 27m, of which DKK 8m in working capital build. This was partially offset by issuance of short-term debt, i.e. cash position was flat at DKK 103m q-o-q. This was above our estimate of DKK 79m.
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