Fewer licenses sold than expected
Briox’s Q3 sales were SEK 1.2m (-4% vs. ABGSCe), corresponding to y-o-y growth of 5%. However, as in the last three quarters, Briox has changed the way it recognises sales. By using the old measure, Q3 sales grew 19% y-o-y. Although sales were largely in line with our forecast, the number of licenses sold was 395 against our estimate of 700. In Q3’19, the number was 463, and we believe that one reason for the drop is that Briox’s sales efforts have been hampered by the pandemic. Opex was SEK -6.0m (-4% vs. ABGSCe), which in turn led to an EBIT of SEK -4.7m (vs. SEK -4.9m in Q3’19). Briox says that its churn remained low in the quarter, which is positive.
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