Q2’20 details
Litium reported its Q2’20 figures today, which offered ARR of SEK 47m, +2.3% vs. ABGSCe, for a solid y-o-y growth of +22.4%, +2.7pp vs. ABGSCe, which is within Litium’s new financial target of growing ARR by 20-40% annually. Net sales were SEK 12m, -0.4% vs. ABGSCe, of which 96.7% were recurring, +1.4pp y-o-y. The gross margin, which has been known to fluctuate between quarters (an effect which will be mitigated as Litium grows) was strong at 74.0%, +2.0pp vs. ABGSCe. Litium also appears to have had good control over its operational costs during Q2, where Q2 opex amounted to SEK -16m, growing ~12% y-o-y, which was in line with our estimate as Litium expands its personnel base within sales and marketing, along with additional product development spending. Ultimately this yielded an EBITDA of SEK -2m, +45.2% vs. ABGSCe, and an EBIT of SEK -4m, +21.9% vs. ABGSCe.
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