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First impression Risk Intelligence, Q4 2022: Mixed outcome in comparison to our adjusted estimates

22 Feb 2023

Equity research Risk Intelligence

Today, Risk Intelligence published its interim report for the fourth quarter of 2022. Below is a compilation of our first impressions, including deviations from our estimates made after Q3 2022. The company has introduced new accounting principles ahead of the publication of the Q4-report for which our estimate has been adjusted.

  • Total ARR was reported at DKK 17.3m, corresponding to an increase of 9%. System ARR grew by 10% to DKK 16.0m. Net sales for the quarter amounted to DKK 4.8 million, corresponding to a growth of 11%. Our adjusted estimate was DKK 4.6 million. The revenue was thus 4% better than our expectation.
  • Reported EBITDA amounted to DKK minus 2.5 million. Our adjusted estimate was DKK minus 0.8 million. The outcome was, therefore, weaker than anticipated. The difference is mainly explained by higher than expected other operating expenses.
  • Earnings before taxes for the period were DKK minus 4.8 million, compared to our estimate of DKK minus 2.5 million. Earnings per share amounted to DKK minus 0.33. Our forecast was DKK minus 0.15.

The company is guiding for an ARR of between 18.5-20.9 MDKK in 2023 to a negative EBITDA result.

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, Q4 2022: Mixed outcome in comparison to our adjusted estimates