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Eksterne analyser

Briox: Maintaining a high growth rate in Q3 - ABG

Briox

Dette er en ekstern analyse og afspejler ikke nødvendigvis vores perspektiv eller værdier.

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ARR increased by 7% q-o-q and 55% y-o-y
Sales 5% below, and costs 5% higher vs. ABGSCe
Share is trading at 11x-8x EV/sales on '23e-'25e


Solid ARR growth of 7% q-o-q in Q3

Briox delivered a Q3 with continued ARR growth, up 7% q-o-q to SEK 17.1m. The ARR is now up 55% y-o-y, providing support for further sales growth in 2024e. Sales in Q3 were relatively in line with our expectations (SEK 3.02m, -5% vs. ABGSCe of SEK 3.18m) while opex was 5% above our expectations (SEK 9.9m vs. ABGSCe of SEK 9.4m). EBIT was SEK -6.4m vs. ABGSCe of SEK -6.2m. The FCF improved significantly to SEK -1.4m, supported by a positive working capital contribution of SEK 5.4m. Furthermore, the number of active licences increased by 10% q-o-q to 16,925 while the average monthly revenue per active licence decreased slightly to SEK 59 compared to SEK 61 last quarter. We think this comes as a natural consequence of the company focusing more on micro businesses. The jump in active licences was the second biggest quarterly increase ever for the company. It is encouraging to see growing interest for the company's products despite a softer economic environment.
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