Greater Than

The Group July – September 2024 (KSEK)

• Net sales 9 282 (8 255) +12%
• Operating result 5 772 (-4 654) 
• Result for the period before tax 6 422 (-5 701) 
• Earnings per share before and after dilution 0.51* (-0.45)

The Group January – September 2024 (KSEK)

• Net sales 32 436 (18 680) +74%
• Operating result 3 791 (-27 303) 
• Result for the period before tax 5 069 (-26 600) 
• Earnings per share before and after dilution 0.40* (-2.11)

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

Summary of the third quarter 

• Net sales for Q3-2024 were 9.3 MSEK, compared to 8.3 MSEK in Q3-2023. Invoicing to the previous largest customer, remains a significant part of Q3-2024 net sales. Bearing in mind the state of legal proceedings, the company has made a further provision of 2.3 MSEK, which has reduced net sales.
• The operating result improved by approx. 10 MSEK compared to Q3-2023. This was driven by an increase in other one-off operating revenue, such as tax refunds and a continued decrease in costs. 
• We’ve been involved in a complex renegotiation and despite our best efforts to find a mutually agreeable resolution, we have been unable to reach a satisfactory agreement. As a result, we terminated the contract and commenced legal proceedings for IP infringements and breach of contract.
• In Q3-2024, the company’s cash flow was negatively and substantially impacted by the costs of legal proceedings and loss of revenue from the former customer. 
• The company raised 45 MSEK in growth capital, a strong commitment from our shareholders that enables us to continue develop our business. 
• In the following quarters we will see significantly lower revenue until the gap is filled by other customers.

CEO words

This hurts. But we will recover.

As mentioned in the Q2 report, we’ve been involved in a complex renegotiation of a major customer contract. We exhausted every opportunity to find a settlement on viable and mutually beneficial commercial terms, unfortunately without finding a solution that protects our interests. This is not a position we expected to be in, having enjoyed years of working closely with the customer, developing both superior solutions and valuable relationships.

We are safeguarding the financial value that belongs to us and our shareholders and therefore submitted a lawsuit for breach of contract totaling approximately NOK 182 million and we are in the process of filing a lawsuit for IP infringements.

With this, we are focusing on the positive momentum that we have built with existing customers, as well as through new opportunities in our pipeline. Companies that have not yet embraced technology and AI are predicted to do so soon. The strong tailwinds of AI adoption and ESG reporting continue, which we are ideally placed to capitalise from over the next few quarters. The big data market is forecast to grow from USD 220.2 billion in 2023 to USD 401.2 billion by 2028, with the shift driven by organizations recognizing the potential of harnessing vast amounts of information.

For this, we’ve strengthened our growth capital by SEK 45 million, which is explained in further detail within this report. This capital injection ensures we can continue to do what we love most, developing our customer base. It also demonstrates strong trust and commitment from our shareholders.

In Q3 2024, net sales stood at 9.3 MSEK, compared to 8.3 MSEK for Q3 2023 and with an operating result of 5.8 MSEK, driven by reduced operating costs and other non-recurring revenue.

The financials aside, this quarter has been challenging. The harsh fact is that we will see significantly lower revenue in the following quarters while the gap is filled by other customers. But we retain our focus on the future. We have strong credibility, world-leading technology and fantastic customers with whom there is huge potential for growth.

Liselott Johansson
CEO, Greater Than