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First impression Risk Intelligence, Q1 2023: Again a mixed outcome in comparison to our estimates

16 May 2023

Equity Research Risk Intelligence

Today, Risk Intelligence published its interim report for the first quarter of 2023. Below is a compilation of our first impressions, including deviations from our estimates made after Q4 2022.

  • Total ARR (annual recurring revenue) was reported at DKK 17.3m, corresponding to an increase of 9.4%. The very important system ARR grew by 11.8% to DKK 15.8m. Net sales for the quarter amounted to DKK 5.1m, corresponding to a growth of 17.0%. Our estimated net sales was DKK 4.9m. The revenue was thus 4.9% better than our expectation.
  • Reported EBITDA amounted to DKK minus 1.6m. Our estimate was DKK minus 1.4m. The outcome was, therefore somewhat weaker than anticipated.
  • The EBIT result came in at DKK minus 2.2m. Our estimate was DKK minus 2.1m.
  • Earnings per share amounted to DKK minus 0.22. Our forecast was DKK minus 0.14.

The company’s guidance for ARR at the end of 2023 remains between 18.5-20.9 MDKK at a negative EBITDA result for the full year. NRR of 105% signals that the company continues to increase the recurring revenue from the existing customer base. We intend to provide an updated analysis of Risk Intelligence shortly. Read the last published research update here.


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First impression Risk Intelligence, Q1 2023: Again a mixed outcome in comparison to our estimates