Greater Than

The Group July – September 2023 (KSEK)

• Net sales 8 255 (3 917) +111%
• Operating result -4 654 (-12 724)
• Result for the period before tax -5 701 (-12 233)
• Earnings per share before and after dilution -0.38* (-1.00)

The Group January – September 2023 (KSEK)

• Net sales 18 680 (8 726) +114%
• Operating result -27 303 (-42 102)
• Result for the period before tax -26 600 (-40 954)
• Earnings per share before and after dilution -2.16* (-3.34)

* Earnings per share after tax, calculated on the result for the period and number of shares,12 624 171.

Summary of the third quarter

• Our gross margin now stands at 80%, an increase from 75% in Q2, which is a testament to our continously increasing efficiency in our operations.
• Net sales for the third quarter increased by 111% compared to the same period last year. Combined with an increase in number of users of 106%, we continue to see a strong commercial momentum in our markets. Net sales was positively impacted by additional service fees from customers of 1.5 MSEK in the quarter.
• The operating result improved by circa 8 MSEK vs Q3–2022, and circa 5 MSEK vs Q2–2023, showing progress of our strategic cost reduction activities whilst still growing revenue and the customer base. The operating result was also positively impacted by seasonal vacation effects in personnel costs (0.7 MSEK).
• Q3–2023 saw cash flow generation roughly in line with operating result, which is in line with our expectations.
• We maintain our outlook regarding length of cash runway, to at least end of 2024.

CEO Words

On the road to profitability

This is our eight consecutive quarter of growth. With increased revenue, an expanded customer base, and reduced costs, we are heading for profitability. Our gross margin now stands at 80%, an increase from 75% in Q2, which places us firmly at the higher end of the best practice benchmark for Software- as-a-Service (SaaS) companies.

Most importantly for us, customer satisfaction is high, and we are proud to enjoy long-term relationships with world-leading customers. While month-to-month contracts are not unusual for SaaS companies, at Greater Than we have been successful in agreeing long-term contracts of up to 24 months, equating to confirmed revenue for a significant period. Today, the value of our current contracts stands at more than 50 million SEK.

Our distribution channels continue to grow through our eco-system of successful customers and partners. In Q3, we onboarded Geotab, a global leader in connected transportation solutions, with over 3.7 million connected vehicles. This increased our distribution network by 36% from Q2 to 7.5 million connected vehicles. For Geotab’s customers, the partnership enables fleets globally to proactively identify collisions from their fleet data, having huge potential to reduce crashes and inform insurance purchasing.

During Q3 we also announced a three-way partnership with existing customer, ABAX, and new partner Eir, a fully digital insurance company. This will see the launch of a new data- driven insurance offer in Sweden during Q4, demonstrating how our data analytics is key to the development of innovative new digital products that meet the rapidly evolving requirements of the insurance industry.

We’re proud that our solutions continue to solve our customers’ problems, which are continuously changing. Across the industries in which we operate, we’re seeing an urgency for businesses to quantify, report on, and reduce their impact on the planet.

With that in mind, during Q4 we will focus our customer empowerment strategy on helping customers to utilize our data to increase sustainability transparency and fulfil new ESG reporting requirements. The purpose of our products has always been to convert GPS data into driver impact insights. Today, these insights are more valuable than ever to help businesses take a leading role in contributing to a sustainable future.

Liselott Johansson,
CEO, Greater Than