Streamlining Irisity's global operations for profitability and growth.
The CEO comments on Q1 2024:
In Q1, we took significant steps towards profitability and growth. In the quarter, our growth initiatives included closing a large new transportation contract, expansion into AI use cases focused on industrial workplace safety thru the agreement to acquire of Ultinous Zrt, and the opening of sales office in Mexico. We also took steps to improve profitability announcing our operational and R&D streamlining initiative.
We have maintained a consistent net sales volume over the past 5 quarters above 27 MSEK and MRR of 4.4 MSEK. On a year over year basis, we improved Q1 net sales and EBITDA, however Q1 expenses were higher because of our increased investment in the sales organization to drive sales growth throughout 2024.
Key figures Q1 2024:
- Net sales MSEK 27.6 (27.5).
- Gross margin 82.7%, (83.8%).
- EBITDA MSEK -3.3 (-5.5)
- Result after tax MSEK -31.0 (-32.5)
- Cash and cash equivalents at the end of the period MSEK 15.2 (31.0)
- MRR at the end of the quarter amounted to MSEK 4.4 (4.4) Q/Q
The 2024 Q1 report is available at www.irisity.com
For further information:
Keven Marier, Irisity CEO Anna Forsberg, Irisity interim CFO
Phone: +46 771 41 11 00 Phone: +46 709 10 81 08
E-mail: keven.marier@irisity.com E-mail: anna.forsberg@irisity.com
This information is information that Irisity AB (publ) is obliged to make public according to the EU's market abuse regulation. The information was submitted for publication, through the above contact persons, at 08:00 CET on 23 May 2024.
About Irisity AB (publ):
Irisity's AI Open Platform enhances any camera and video management system by integrating advanced AI and video metadata management. Trusted in over 3,000 locations globally, Irisity's platform augments human decisions to improve safety, operational efficiency and organizational intelligence.
The Irisity AB (publ) share is listed on Nasdaq First North Growth Market, with the ticker IRIS, the Company's Certified Adviser is Carnegie Investment Bank AB (publ)
Sweden | USA | Israel | Singapore | UAE | Colombia | Brazil | Argentina | Australia | United Kingdom | Mexico
