Equity research Adverty, Q2 2023: Strong performance above our expectation

Today, Adverty published its interim report for Q2 2023. Below is a compilation of our first impressions of the outcome, including deviations from our estimates.

• Net sales increased 207% in the quarter, amounting to SEK 8.2m. Our estimate was SEK 5.7m. The outcome was thus 43% of our expectations.
• In Q2 2023, the gross margin improved to 35.1% from 20.5% in Q2 2022. Our forecast was 35.6%. The gross profit of SEK 2.9m was above our estimate of SEK 2.1m.
• The EBITDA result improved to SEK minus 2.4m from SEK minus 5.9m in Q2 2022. Our estimate was SEK minus 4.3m.
• Earnings per share amounted to SEK minus 0.13, whereas our estimate was SEK minus 0.17.

The report was above our expectations. The company believes that the business is developing in line with the goal – to achieve a total turnover of SEK 50 million in 2023. We intend to provide an updated analysis of Adverty shortly. Read our latest research update here.

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