Equity Research Report on Irisity - Operating Leverage Emerges
Irisity AB ("Irisity" or "the Company") is a leading provider of AI-driven video analytics solutions, transforming traditional security cameras into intelligent detection systems. Operating in over 90 countries, the Company pursues a partner-driven go-to-market strategy underpinned by an ARR base equivalent to 60% of LTM sales. Following a two-year transformation into a leaner business with a sharper focus on cash conversion, Irisity has reset the cost base while returning to growth, bringing adj. EBITDA within reach of break-even in Q2-26. With a gross margin above 80%, a largely fixed OPEX-base and solid growth momentum ahead, we expect Irisity to reach break-even in FY2027, followed by a gradual improvement in profitability to an adj. EBITDA of SEK 13.5m in 2028. Applying an EV/S-multiple of 1.8x on our estimated net sales of SEK 100m for FY2026, we derive a potential present value of SEK 0.38 (0.31) per share in a Base scenario.
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This is a press release from Analyst Group regarding the publication of an analysis on Irisity. Readers may assume that Analyst Group has received compensation for making the commentary. The Company has not been given an opportunity to influence the parts where Analyst Group has had opinions about the Company, future valuation or anything else that could be considered a subjective assessment.