Q4 fell short of guidance Revenues for the quarter were SEK27.6m, implying growth of 121% Y/Y. This was short of guidance for SEK37–42m. The shortfall was the result of four factors: 1) a higher share of monthly recurring revenue contracts, 2) negative currency effects of around SEK 0.5m, 3) regulatory delays to Swedish municipality products, 4) delays in Europe and the Middle East owing to ongoing conflicts in the regions. One aspect of the report that stuck out was the company's record-high gross margin of 94.1%. EBITDA for the quarter came in at SEK-12.7m. This was weighed down by a negative non-cash flow impacting item of SEK 8.7m stemming from currency revaluation of a loan to Agent Vi.
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