During December 2023, Irisity increased volumes with a UK customer that uses Milestone’s XProtect VMS (Video Management System) and has integrated Irisity’s open AI platform IRIS+ to reduce the number of false alarms caused by animals, among other things. The security operator has reported a substantial decrease in error messages over this period, reducing costs for the end-customer. Inivatech, the operator that carried out the installation, believes Irisity’s camera-compatible system enables easier deployment, allowing the use of existing cameras. The customer in question has been a client since 4Q(20), with initial volumes of six cameras. This is now 661 cameras.

Assuming revenues at SEK150–200 per camera, this business adds MRR of around SEK0.12m versus the existing base of SEK4.5m. Based on the guidance provided, we assess that MRR was SEK4.7m as of year-end 2023. We thus see the increase in MRR as a step in the right direction towards our growth projections.

Company showing better transparency