Main menu button

First impression Risk Intelligence, Q2 2022: Strong growth in ARR. Decreased activity in Advisory services weighs down the first half year

17 Aug 2022

Today, Risk Intelligence published its interim report for the second quarter of 2022. Below is a compilation of our first impressions, including deviations from our estimates made after Q1 2022.

  • Total ARR was reported at DKK 16.87m, corresponding to an increase of 20 percent. System ARR grew by 23 percent to DKK 15.5m. Net sales for the quarter amounted to DKK 3.0 million, corresponding to a growth of 7.1 percent. Our estimate was DKK 3.7 million. The revenue was thus weaker than our expectations.
  • Reported EBITDA amounted to DKK minus 3.5 million. Our estimate was DKK minus 2.4 million. The outcome was, therefore, weaker than anticipated. While costs were slightly higher than our estimates, the deviation is to a larger extent explained by the lower revenues for the quarter.
  • Earnings before taxes for the period were DKK minus -4.5 million, compared to our estimate of DKK minus 3.8 million. Earnings per share amounted to DKK minus 0.40. Our forecast was DKK minus 0.3.

The revenue guidance from the company remains at DKK 21.5-23.5 million for the full year 2022.

We intend to provide an updated analysis on Risk Intelligence shortly. Read the last published research update here.


Carlsquare AB,, hereinafter referred to as Carlsquare, is engaged in corporate finance and equity research, publishing information on companies and including analyses. The information has been compiled from sources that Carlsquare deems reliable. However, Carlsquare cannot guarantee the accuracy of the information. Nothing written in the analysis should be considered a recommendation or solicitation to invest in any financial instrument, option, or the like. Opinions and conclusions expressed in the analysis are intended solely for the recipient.

The content may not be copied, reproduced, or distributed to any other person without the written consent of Carlsquare. Carlsquare shall not be liable for either direct or indirect damages caused by decisions made on the basis of information contained in this analysis. Investments in financial instruments offer the potential for appreciation and gains. All such investments are also subject to risks. The risks vary between different types of financial instruments and combinations thereof. Past performance should not be taken as an indication of future returns.

The analysis is not directed at U.S. Persons (as that term is defined in Regulation S under the United States Securities Act and interpreted in the United States Investment Companies Act of 1940), nor may it be disseminated to such persons. The analysis is not directed at natural or legal persons where the distribution of the analysis to such persons would involve or entail a risk of violation of Swedish or foreign laws or regulations.

The analysis is a so-called Assignment Analysis for which the analyzed Company has signed an agreement with Carlsquare for analysis coverage. The analyses are published on an ongoing basis during the contract period and for the usually fixed fee.

Carlsquare may or may not have a financial interest with respect to the subject matter of this analysis. Carlsquare values the assurance of objectivity and independence and has established procedures for managing conflicts of interest for this purpose.

The analysts Markus Augustsson, Fredrik Nilsson, and Lars Johanssen Öh do not own and may not own shares in the analyzed Company.

First impression Risk Intelligence, Q2 2022: Strong growth in ARR. Decreased activity in Advisory services weighs down the first half year