Interim report January – June 2024
The Group April – June 2024 (KSEK)
- Net sales 12 236 (5 494) +123%
- Operating result 84 (-9 578)
- Result for the period before tax -592 (-8 128)
- Earnings per share before and after dilution -0.05* (-0.64)
The Group January – June 2024 (KSEK)
- Net sales 23 154 (10 425) +122%
- Operating result -1 979 (-22 649)
- Result for the period before tax -1 352 (-20 899)
- Earnings per share before and after dilution -0.11* (-1.66)
* Earnings per share after tax, calculated on the result for the period and the average number of shares for the period January - June, 12 624 171 shares.
Summary of the second quarter
- Net sales for the second quarter increased by 123% compared to the same period last year. Number of users increased by 47% vs the same period last year.
- The operating result improved by circa 9.5 MSEK vs Q2-2023, driven by an increase in revenue and decrease in costs.
- In Q2-2024, cash flow was negatively impacted by working capital movements, resulting in a decrease in cash balance of 9.5 MSEK in the period. As per issuance of this report, we have received additional cash inflows of 11 MSEK, which is driven by tax refunds and settlements of receivables.
CEO words
Growing with AI for good
We continue our journey of profitable growth, with net sales of 12.2 MSEK, an increase of 123% from Q2 2023 and with an operating result of +0.1 MSEK, an increase of 10 MSEK from this time last year. Our cost saving efforts have successfully reduced operating costs by 25% from last year, down to 14 MSEK and a reduction of approximately 1 MSEK from Q1 2024. The results of these efficiency initiatives will continue to be reflected over the coming periods.
We are currently renegotiating a customer contract, to settle differences in interpreting the pricing structure and use of Greater Than’s IP rights. This is a team we have enjoyed a long-term relationship with and therefore both parties are aiming for an amicable business solution. See our financial overview pages for more details.
Our customer empowerment strategy remains central to what we do. It’s important to us that our technology is embraced for its power to “do good” and we continue to passionately support our customers to develop market-leading products based on our AI insights into driver crash probability and climate impact, not only delivering valuable business opportunities but helping to reduce drivers’ negative impact on the planet. To understand why this is so important, let’s consider that:
Approximately 1.19 million people around the world are killed each year in road crashes, and a further 20-50 million people suffer non-fatal injuries1.
In addition to the human cost, the socio-economic cost of work-related crashes is substantial – and, for employers, there are many hidden costs of car crashes including lost working time, medical costs, legal and insurance costs and damage to reputation. In the US, crash costs typically comprise between 13-15% of a fleet’s total spending and cost companies around $54.7 billion per year2.
The transport sector is responsible for approximately one quarter of greenhouse gas emissions.
Greater Than’s technology predicts which drivers are most likely to crash next and why. It also calculates a driver’s climate impact and the influence a driver has on their own emissions. This knowledge is power. And it’s the solution for companies the world over who want to play their role in contributing to safer, more sustainable roads.
Not only that, but with new global ESG reporting regulations making it a legal obligation for companies to be transparent about, act and report on their social and environmental impact, the data we can generate with our patented, world-leading AI is more valuable than ever before.
Liselott Johansson CEO, Greater Than
1 World Health Organization
2 European Commission
This disclosure contains information that Greater Than is obliged to make public pursuant to the EU Market Abuse Regulation (EU nr 596/2014). The information was submitted for publication, through the agency of the contact person, on 14-08-2024 11:29 CET.
