Greater Than: Interim report January - June 2023

The Group April - June 2023

Net sales 5 494 (2 540) +116% 

Operating result -9 578 (-17 177) 

Result for the period before tax -8 128 (-16 404) 

Earnings per share before and after dilution -0.75* (-1.34)

The Group January - June 2023

Net sales 10 425 (4 809) +117% 

Operating result -22 649 (-29 376) 

Result for the period before tax -20 899 (-28 719) 

Earnings per share before and after dilution -1.78* (-2.33) 

* Earnings per share after tax, calculated on the result for the period and the average number of shares for the period January - June, 12 624 171 shares.

Summary of the second quarter

• Net sales for the second quarter increased by 116% compared to the same period last year. Combined with an increase in number of users of 221%, we continue to see a strong commercial momentum in our markets.
• The operating result improved by circa 8 MSEK vs Q2-2022, and circa 3.5 MSEK vs Q1-2023, showing progress of our strategic cost reduction activities whilst still growing revenue and the customer base.
• Q2-2023 saw a strong improvement on cash flow, which is partly impacted by positive one-off working capital effects. Moving forward, we expect cash flow generation in line with operating results.
• Due to our positive commercial momentum, we now expect our current runway to last towards the end of 2024.

CEO Words

Seventh consecutive quarter of growth

I'm delighted to share that Greater Than remains on a strong trajectory, with seven consecutive quarters of growth. Importantly, as we scale, we do so in a cost-efficient manner, as reflected in our greatly improving gross margin and the fact that our current runway takes us to the end of 2024.

This favorable outlook is a result of our focused customer empowerment strategy, which sees us supporting our customers to develop market-leading products that grow their own customer bases.

Our partnership with DKG Group in Australia is an example of this. Using our AI, DKG have been able to launch Fuse Fleet, a dynamic insurance solution that rewards safe driving and enables accurate pricing of premiums. This product gives DKG the opportunity to revolutionize the connected vehicle market across Australia.

Similarly, in this quarter, ABAX has used our AI to deliver extra value to its fleet customers with the launch of new sustainability modules and an ESG certification package. eDriving has also started global deployments of its driver safety solution incorporating EcoDrive powered by Greater Than, expanding its fleet safety offer to incorporate sustainability and ESG management.

This quarter we have also started working with Duck Creek, a global insurance software company. Duck Creek can now provide seamless access to our AI to insurers of all sizes, and we look forward to nurturing the partnership to empower insurance companies globally.

Reflecting on recent activities, our strategy is clearly working. We continue to attract world-class customers with large volumes of connected data. And we continue to prove successful in solving our customers' problems with our AI for good. Therefore, looking ahead, we will stay focused on our strategy of customer empowerment. With valuable customers who love what we do for them, Greater Than's future remains bright.

Liselott Johansson,
CEO, Greater Than

This disclosure contains information that Greater Than is obliged to make public pursuant to the EU Market Abuse Regulation (EU nr 596/2014). The information was submitted for publication, through the agency of the contact person, on 24-08-2023 09:45 CET.