Accelerating Momentum: Irisity's Path to Sustained Profitability

                                                                                           Press release 2024-02-29

  
The CEO comments on the fourth quarter:

 

Through a transformative Q4, Irisity has demonstrated growth and advancement. Key developments include expanded sales hires in key regions such as the UK, US and Middle East, with a R&D focusing on market demand and personalized AI for customer specific use cases.

Our net revenue increased by 121% YoY to MSEK 27.6, while the gross margin reached high 94.1% (89.2%). The revenue came in below our guidance, influenced by stronger MMR contracts sale ratio, regulatory delays with municipals in Sweden, impact from the ongoing conflicts in Israel and Ukraine, and to negative currency effects.

To propel our growth trajectory, Irisity has agreed to acquire Ultinous Zrt, a Hungarian AI-based company renowned for its advanced AI-powered, edge-based Nvidia video analytics technology. This strategic acquisition aligns with our IRIS+(TM) AI Open Platform strategy, will increase our addressable market and has both revenue and cost synergies.

 

As an integral part of this acquisition, Irisity also intend to conduct a directed share issue of SEK 45M at 5 SEK per share to renowned tech investor and entrepreneur Gustav Andersson, solidifying our financial foundation

Keven Marier

Key figures during the Fourth Quarter of 2023:
**           Net sales MSEK 27.6 (12.5).
**           Gross margin 94.1%, (89.2%).
**           EBITDA MSEK -12.7 (-14.4)
**           Profit after tax MSEK -39.4 (-44.2)
**           Cash flow Q4 MSEK 10.7 (-0.1)

**           Cash at the end of the period MSEK 13.6 (17.6)

 

The full interim report is available at www.irisity.com
 

  
For further information:

Keven Marier, Irisity CEO                                    Anna Forsberg, Irisity interim CFO

Phone: [phone]                                    Phone: [phone]

E-mail: [e-mail]   E-mail: [e-mail]

 

This information is information that Irisity AB (publ) is obliged to make public according to the EU's market abuse regulation. The information was submitted for publication, through the above contact persons, at 08:00 CET on 29 February, 2024.

 

 

 

About Irisity AB (publ):

Irisity's AI Open Platform enhances any camera and video management system by integrating advanced AI and video metadata management. Trusted in over 3,000 locations globally, Irisity's platform augments human decisions to improve safety, operational efficiency and organizational intelligence.

 

The Irisity AB (publ) share is listed on Nasdaq First North Growth Market, with the ticker IRIS, the Company's Certified Adviser is Carnegie Investment Bank AB (publ)

 

Sweden | USA | Israel | Singapore | UAE | Colombia | Brazil | Argentina | Australia | United Kingdom

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