Redeye notes that AVTECH's reported figures aligned with its pre-announced results. The figures were 11% and 9% below Redeye’s forecast for net sales and EBITDA, respectively. Despite this, AVTECH grew 43% y/y, driven by new sales over the last twelve months, even with an unfavourable USD/SEK exchange rate. Redeye estimates that approximately one-third of net sales is invoiced in USD. AVTECH also demonstrated significant operational leverage, achieving an EBITDA margin of 54% while investing in its organisation. The company has begun reporting SaaS metrics, which Redeye believes places it as operating at a different echelon. AVTECH reported a Rule of 40 (R40) score of 84% and an Annual Recurring Revenue (ARR) of SEK48.9m. Redeye anticipates reducing its Base Case by approximately SEK1, reflecting the lower-than-expected sales.
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