Precise Biometrics: Algo recovery on the horizon - ABG

Sales SEK 19.2m, -7% vs. ABGSCe SEK 20.6m
EBITDA SEK -0.6m vs. ABGSCe SEK -0.4m
We anticipate slightly neg. cons. est. revisions


Q1'23 outcome

Sales came in at SEK 19.2m (-7% vs. ABGSCe 20.6m), implying a y-o-y decline of -32%. The company delivered an EBITDA of SEK -0.6m (vs. ABGSCe -0.4m), and an EBIT of SEK -6.9m (vs. ABGSCe -5.6m). The first quarter results were marginally below what we had expected with respect to sales, but in line on EBITDA thanks to continued, solid cost control. Algo royalties were better than we anticipated, whereas licences, support & maintenance sales were slightly below our expectations. The Digital Identity segment achieved an ARR of SEK 17.3m, implying a q-o-q growth rate of 7%, which is solid given present market conditions.

Länk till analysen i sin helhet: https://cr.abgsc.com/foretag/Precise-Biometrics/Equity-research/2023/5/precise-biometrics---algo-recovery-on-the-horizon/