Greater Than: Interim report January - March 2023
The Group January - March 2023
Net sales 4 931 (2 269) +117%
Operating result -13 071 (-12 201)
Result for the period before tax -12 771 (-12 317)
Earnings per share before and after dilution -1.03* (-0.98)
* Earnings per share after tax, calculated on the result for the period and the average number of shares for the period January - March, 12 624 171 shares.
Customer empowerment key to success
It thrills me to report that Greater Than is in a position that it has never been in before. We have grown for the last six consecutive quarters and I am positive this trend will continue. We are firmly placed on a growth track with solid cost control.
We have in the past 12 months onboarded five global customers who, collectively, have 5.5 million connected vehicles, and with whom we are contracted to 5% conversion. An additional 5% penetration with these customers would see us break-even. Including our existing contracts and no additional sales, our runway at the end of 2023 will last us for almost the entirety of 2024.
By focusing our efforts on supporting our customers to solve their own problems, we have found the perfect formula in which everyone wins. We have secured trust from world-leading customers who come to us. Customers like ABAX, Solera-company eDriving, Stellantis Japan and Zurich, to name just a few.
Many companies today use the Jeff Bezos-coined term "customer obsessed" to demonstrate their commitment to customer experience. At Greater Than we like to think about "customer empowerment". In addition to being obsessed with our own customers, we are dedicated to empowering them too. This, in turn, helps them to strengthen their own customer obsession.
Our mission is to empower our customers with the most meaningful driver impact insights. They can use these insights in various ways to bring more value to their business. For example, as announced this quarter, our AI has enabled Stellantis Japan to enhance customer experience by delivering crash probability and climate impact feedback to its FIAT 500e customers. It has also enabled DKG Group in Australia to launch an entirely new behavior-based fleet insurance solution. These products couldn't have been developed without our AI.
Conditions remain challenging in the capital markets and share prices have reflected this, particularly in technology companies in the scale-up category. Yet amid market turmoil, Greater Than is in its strongest ever position. Our customers tell us they love and value working with us. They love our team, they love our passion, and they love our commitment. Equally, they value the fact that we can convert their GPS data into insights they never knew existed, enabling them to develop customer-centric products that will grow and endure.
Looking to the months and years ahead, our strategy remains the same. We will concentrate on customers with connected data, large customer volumes, and high distribution capacity. Business growth takes time, but with world-class companies recognizing the value of our AI to accelerate their own success, the growth we have seen in recent months looks to continue.
Liselott Johansson, CEO, Greater Than
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 03-05-2023 11:14 CET.