Slight miss from lower sales and higher personnel costs... ... but ARR growth was strong at +57% y-o-y Establishing a leading position in the micro segment
Continued strong ARR growth, +57% y-o-y
Briox delivered a Q2 with continued strong ARR growth, +57% y-o-y to SEK 16m, still outpacing net sales, which is a lagging indicator of ARR. This provides support for an acceleration of sales growth in coming quarters. ARR of SEK 16m means that Briox should be able to generate SEK 16m in NTM sales, which would correspond to 57% growth. Sales in the quarter totalled SEK 2.8m (-9% vs. ABGSCe 3.1m), or 39% growth y-o-y. The number of new licences picked up in Q2, increasing by 959 to 15,444. The number of employees also increased in the quarter by 3, to 31, driving higher than expected personnel costs in Q2. One of the recruitments, the CRO, was already announced before the report. EBIT was still in line with expectations, owing to higher capitalised costs (SEK -6m vs. ABGSCe SEK -6m). Adjusted for capitalised costs, EBITDA was SEK -7.4m vs. ABGSCe -6.1m, explained by higher personnel costs of SEK 1.3m.