Greater Than

The Group October – December 2024 (KSEK)

• Net sales 8 159 (9 590) -15%
• Operating result -5 674 (-4 169)
• EBIT -6 364 (-5 624)
• Earnings per share before and after dilution -0.52* (-0.34)

The Group January – December 2024 (KSEK)

• Net sales 40 595 (28 270) +44%
• Operating result -1 885 (-31 471)
• EBIT -1 296 (-32 224)
• Earnings per share before and after dilution -0.23** (-2.50)

* Earnings per share, calculated on the result for the period and the average number of shares for the period January - December, 13 674 171* and 12 896 712** shares.

Summary of the fourth quarter

• Net sales for Q4-2024 were 8.2 MSEK, including release of provision of 6,8 MSEK, compared to 9.6 MSEK in Q4-2023.
• EBIT for the quarter was -6.4 MSEK, a strong result given that this includes cost for litigation of approx. 2.2 MSEK. EBIT Q4-2023 was – 5.6 MSEK.
• Net sales for 2024 were 40.6 MSEK, up by 44% compared to 28.3 MSEK for 2023. The revenue would have seen an increase of approximately 15 MSEK, if our former largest customer had not disputed their contractual obligations. This dispute will now be settled in the district court of Stockholm.
• EBIT for 2024 was -1.3 MSEK, including cost for litigation of approx. 4 MSEK and a one-off income of approx. 7 MSEK, compared to an EBIT of – 32.2MSEK for 2023.
• The strong result for the full year is supported by continuous cost reductions and operational rationalizations.
• The Board of Directors recommends that no dividend be distributed for the financial year of 2024.

CEO Words

Growth remains solid while demand rides high

I’m proud to share that, during 2024, Greater Than’s net sales were 44% higher than 2023, with reduced costs of 10%.

2024 was the year we celebrated 20 years of our globally unique AI, and this coincided with momentum in the market reaching new heights. Demand for AI grew rapidly, with the market reported at 184 billion USD in 2024, an increase of nearly 50 billion compared to the previous year. And this growth is predicted to continue, with the market set to exceed 826 billion USD in 2030.¹

There is also swift growth within other, more specific, markets. From 2026, all new cars in Europe must be equipped with a camera-based Driver Monitoring System (DMS) to detect driver distraction. As such, the fleet management camera market is expected to surge in the coming years to 3.26 billion USD in 2029, at a compound annual growth rate of 10.2%². And, as camera providers compete to offer the best solutions, we are already seeing increasing demand for our risk intelligence from this section of the market.

This is evident in our new collaborations with Waylens and Smart Eye. Both companies are leaders in their fields, already using AI technology to offer the most innovative solutions. Yet both recognize the value of incorporating our AI into their solutions to benefit from new risk intelligence into driver safety. Read more about these collaborations within the report.

Some of our team started 2025 attending CES, described as the most powerful tech event in the world. AI was firmly in the spotlight for its role in revolutionizing the automotive industry, the driver experience in particular. Partnerships was also a key theme. In his keynote speech, Volvo Group’s President and CEO Martin Lundstedt observed that “Partnership is the new leadership.”

Partnership has always been integral to our growth strategy at Greater Than. I have shared frequently our approach to empowering and growing with customers. Yet unfortunately, not all partnerships end up where you wish. The first lawsuit against ABAX for breach of contract, totaling approximately 176 million SEK, is now work in progress. We have subsequently filed a second lawsuit for infringement of contractually regulated IP rights, amounting to over 650 million SEK. This is to safeguard the financial value that belongs to us and our shareholders. These litigations are now going through the legal system and will take time. Rest assured that our focus remains 100% on current and new customers.

In 2025, organizations will be obliged to pay more attention to tackling road injuries and harmful CO2 emissions caused by road transportation. And, since our AI-generated risk intelligence directly addresses these two challenges, we anticipate increasing demand for our services. To capitalize on this wave Greater Than has decided, with the help of an advisor, to evaluate strategic alliances to accelerate the value of our technology.

I look forward to unlocking new possibilities and continuing to facilitate the innovations of the future that will shape a safer, more sustainable world.

Liselott Johansson, CEO

¹ Statista, AI market size worldwide from 2020-2030, Published November 28, 2024
² Fleet Management Camera Global Market Report 2025