• Net sales 10 918 (4 931) +121%
• Operating result -2 062 (-13 071)
• Result for the period before tax -757 (-12 771)
• Earnings per share before and after dilution -0,16* (-0.98)

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

• Net sales for the first quarter increased by 121% compared to the same period last year. Combined with an increase in number of users of 88%, we continue on our journey to profitability. Net sales were positively impacted by additional service fees from customers of 2.3 MSEK in the quarter.
• The operating result improved by circa 11 MSEK vs Q1-2023, showing progress of our strategic cost reduction activities whilst still growing revenue and the customer base. The result was also ca 2 MSEK stronger than the latest financial quarter, Q4-2023.
• Q1-2024 saw cash flow generation in line with operating result.

CEO words

Growing in a profitable way

Greater Than had a strong start to 2024, with Q1 as our tenth consecutive quarter of growth, and an increased revenue of 121% from this time last year. With current trajectory we are extending our cash runway to the later part of 2025. The profitable growth is enabled by healthy unit economics, as gross margins exceed 83% for the quarter.

Our 20-year AI milestone is significant to this profitable growth. New tech companies invest a lot of time, money, and energy into training their AI to make it cost and energy efficient. We are already there. Our AI converts our customers' data into the insights they need at low cost, with high gross margin, in a very efficient way. This has enabled us to reduce the cost of our data storage, analysis and staff, while, at the same time, growing revenue and customer base. The reward of the efforts is an improved operating result by MSEK 11. Q1 2024 closing at -2 MSEK compared to -13 MSEK Q1 2023. 

There is no limit to our global scalability. Our solutions are 100% digital with no need for additional hardware. As such, they work in any country around the world and can be rolled out seamlessly in any market. Regardless of vehicle type, fuel type or geographical location, our AI converts driving data into harmonized, comparable driver impact insights used for anything from insurance pricing to ESG compliance. 

As we are already working with global players in the mobility industry, our focus is firmly placed on this global distribution network. Our passion for customer empowerment means that we relentlessly help our clients to use our AI to develop their own innovative products and lead the way in their respective industries.

One example is the recent launch of our white label ESG Compliance Solution that packages our existing products to help organizations measure, act and report on safety and sustainability to fulfil the mobility requirements of CSRD and other ESG regulations. Because it measures the driver influence on safety and sustainability, and harmonizes data from any source, our package is unlike anything on the market, and it enables our customers to offer their own ESG solutions.

Today, as we look to the year ahead, I feel confident about the outlook. Global ESG regulations are driving demand for our technology and this, combined with our scalability, efficiency, and customer empowerment strategy, places us in a strong position to continue the profitable growth journey.

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 15-05-2024 11:18 CET.