ARR of SEK 14.3m, up 52% y-o-y in Q1'23 Costs kept up with revenue growth We trim '23e EBITDA to SEK -13.7m (-12.0m)
Sales above ABGSCe, but so were costs
Briox delivered strong ARR growth of 52% y-o-y in Q1, bringing ARR to SEK 14.3m. With this, Briox is on track to deliver on our 2023e sales forecast of SEK 13m sales. Q1 sales of SEK 2.8m were 7% above ABGSCe of SEK 2.7m, but opex was also above expectations, SEK 9.3m vs. ABGSCe of SEK 8.7m. Due to slightly higher capitalisation of development costs, EBIT was SEK -5.5m vs. ABGSCe of SEK -5.9m, however. The number of licences rose by 746, to 14,485, while the average revenue per licence increased to SEK 65, up from SEK 59 last quarter. It also signed partnerships with four new bureaus, an acceleration from adding only one new partner in Q4'22 and Q3'22.