Ngenic Q4 2023: The strongest sales ever - Redeye

Redeye comments on Ngenic’s Q4 report, where Ngenic once again reported impressive net sales growth north of 100%, significantly beating our estimate. The adjusted sales figure of SEK18m was also the highest sales figure in Ngenic’s history. The gross margin was solid at 57%, and EBITDA improved significantly y-o-y but came in slightly short relative to our estimate due to slightly higher OPEX than expected. We are impressed by the sales growth and that the company is getting closer to EBITDA-positive territory. We are also pleased to see that recurring revenues grew 24% in the quarter.

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