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Third party research

Qlosr: Potential to improve in 2024 - ABG

Qlosr Group

This is a third party research report and does not necessarily reflect our views or values

Download report (PDF)
'24e-'25e EBITDA cut by 36-19%
Continued hardware sales to dilute margins
'24e EV/EBITA ~9x


Q4 results

Q4 revenue and adj. EBITDA were ~7% below and ~60% below our estimates, respectively. This implies that Qlosr did not meet its targeted EBITDA margin of 7% for '23. Qlosr's embedded contract value did not support sufficient sales growth from its subscription business, and in order to meet the topline guidance, the company focused on generating hardware-related sales, which weighed on the margin and tied up capital. That said, the subscription business is still growing and has potential, but it may be progressing at a slower pace than we had originally anticipated.