Altering our view on growth vs. profitability

EBITDA and FCF surprised positively in Q4. Much better profitability in '24e-'26e offsets weaker growth profile. A new equity issue increasingly unlikely; FVR of DKK 6-14.

Stronger profitability guidance than expected

'24e likely to see breakeven or positive EBITDA

Reports ARR and upgrades EBITDA guidance

Raising profitability estimates beyond '23e

Timing effects made Q3 look weak despite ARR in line with ABGSCe. Minor ARR revisions, but fewer hirings should raise profitability. No change to our positive long-term view despite worrying cash burn.

ARR in line, revenues and adj. EBITDA below

Decent Q3e despite seasonality headwinds

Q3e: 27% y-o-y ARR growth, adj. EBITDA of DKK -4.9m; Decent Q3e despite seasonality headwinds; still no signs of recovery; Limited estimate changes; FVR of DKK 4-13 (5-13)

Demand remains weak, but still many positives

Q2 numbers almost bang in line with our estimates (0-1% deviation). Still no signs of improving demand, but Q2 also had many positives. '23e-'25e adj. EBITDA up 2-5%, but cash burn still looks worrisome.

Q2 in line with our estimates

Q2e: likely a non-event

Q2e: 25.9% y-o-y ARR growth; expect reiterated guidance. Demand likely still weak, with few or no signs of improvement. Limited est. changes; FVR unchanged at DKK 6-13.

Decent Q1, FCF estimates largely unchanged

Decent Q1; ARR in line with ABGSCe, adj. EBITDA weaker. '23e-'25e ARR unchanged; 1-7% EBITDA cut on higher costs. FCF estimates largely unchanged; FVR reiterated at DKK 6-13.

A decent quarter; ~27% y-o-y ARR growth

Q1: no major surprises in sight

We expect 27% y-o-y Q1 ARR growth; likely reiterating guidance.

Cash burn trumps positive ARR guid. surprise

'23 guidance of 22-34% ARR growth was a positive surprise. Worsening cash burn in '23e-'25e; equity issue assumption intact.

Pos. '23 ARR guid. surprise; worrying cash flow