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Third party research

Relesys: Entering '24 with strong momentum - ABG

Relesys

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

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37% y-o-y ARR growth with 118% NRR in Q4
Lifting '24e-'26e ARR by 6-8%, EBITDA largely unchanged
New FVR of DKK 3.3-9.0 (3.1-8.4)


37% y-o-y ARR growth with 118% NRR in Q4

Relesys delivered a strong Q4, seeing 37% y-o-y ARR growth to DKK 61.9m (+1% vs. ABGSCe), driven by impressive 118% NRR and new sales of 19%. Q4 revenues of DKK 15.9m and adj. EBITDA of DKK -3.2m were 7% and 16% better than we expected, respectively. FCF of DKK -2.9m (incl. leases) brought the cash position down to DKK 23.1m at YE'23 from DKK 31.3m the year before. The ongoing strategic review is expected to be completed during H1'24.
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