Revenues reached SEK 30.2m in the quarter, representing growth of -5% y/y and 10% q/q. MRR came in at SEK 4.5m, implying 2% growth q/q. EBITDA for Q2 was SEK 0.3m, suggesting a margin of 1%. The driving force behind the positive EBITDA was the gross margin hitting 83.9%. During Q2, the company forged two new strategic alliances, the first with Exanet, a surveillance company focusing on the Latin American markets, and the other with Mobius, a security company focused on the Middle East. To increase transparency, Irisity has presented full-year and quarterly guidance, the full-year guidance suggesting sales of SEK 131–141m. It anticipates sales of SEK 32–37m in Q3 and of SEK 37–42m in Q4.

We have confidence in Irisity’s technology, thanks to the technical validation it has received from several large players in the field. In Q4, the company signed two framework agreements with key players in the ecosystem. Moreover, interest in the industry for software investments that facilitate surveillance work is substantial. During 2022, Irisity had repeated problems with project delivery. We believe this was partly the result of winning larger and more complex projects for which it lacked the full delivery capacity. We consider the robust growth q/q and issued full-year guidance proof that Irisity can deliver.

Estimat raised to reflect new guidance