Irisity AB (publ) reports a quarter of synergy, strategic refinement, and growth.
The CEO comments on the second quarter:
Irisity's past quarter has been marked by transformation and growth. Key changes include a rejuvenated executive team and optimized board, focusing on partnership-centric sales and AI/Machine Learning innovation.
Q2 revenue increased to 30.2 MSEK, with a healthy gross margin of 83.9%. New regional partners are paving the way for future expansion. Although investments during the period have temporarily reduced available cash, these are to be seen as integral to long-term value creation. Additionally, a shift towards a partner-first approach has been initiated with new COO Raziel Bareket.
The company forecasts net sales of 32-37 MSEK for Q3 and 37-42 MSEK for Q4, with a full-year prediction of 131-141 MSEK, and anticipates continued growth in MRR.
The quarter confirms Irisity's path towards robust growth, AI/ML innovation and a global expansion supported by regional partners.
Keven Marier
Key figures during the second quarter of 2023:
• Net sales 30.2 MSEK (31.9).
• Work performed for own account SEK 6.3 MSEK (5.3).
• Gross margin 83.9 percent (83.4).
• EBITDA 0.3 MSEK (1.2).
• Profit after tax -28.6 MSEK (-24.2).
• Cash and available credit lines at the end of the period SEK 10.9(*) million (50.4).
• MRR at the end of the quarter 4.5 MSEK (4.4) Q/Q.
(*) SEK 17.5 million has been added to liquid funds after the end of the period from the directed issue approved by the general meeting.
The full interim report is available at www.irisity.com
For further information:
Keven Marier, Irisity CEO Anna Anderström, Irisity CFO
Phone: +46 771 41 11 00 Phone: +46 709 10 81 08
E-mail: [email protected] E-mail: [email protected]
This information is information that Irisity AB (publ) is obliged to make public according to the EU's market abuse regulation. The information was submitted for publication, through the above contact persons, at 08:00 CET on 11 August 2023.
About Irisity
Irisity AB (publ) is a world-leader in AI-powered video analytics solutions for enhanced safety and security. As of October 13, 2021, Agent Vi is part of Irisity. Founded in 2006, Irisity has offices in Sweden (HQ), Israel, North and South America, UAE, Denmark, Japan and Singapore. The combined company is serving a network of integrators, distributors, and technology partners globally.
The Irisity AB (publ) share is listed on Nasdaq First North Growth Market, with the ticker IRIS, Certified Adviser: Erik Penser Bank AB +46 8 463 83 00 [email protected]
