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ABAX CONTINUES TO GROW IN Q1

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31.5.2023, Larvik, Norway | ABAX Group announces its Q1 2023 results. The Q1 report is available on the company website at: https://www.abax.com

"We are very proud that despite tough times we can show an ARR of 746 MNOK with a continued growth of 4% compared to the previous year. This is due to the fact that we have opened new verticals while maintaining our topline sales. We can also see positive effects from our focus on optimising cash flow. With a very solid foundation, we now look forward to growing our business further in both existing and new markets with a focus on meeting our customers' needs to manage mobility data smartly and efficiently."

Morten Strand, CEO, ABAX Group AS

Q1 HIGHLIGHTS

  • Pro-Forma Revenue of 192,8 (181,1) MNOK, 6% growth year-over-year
  • Adjusted EBITDA of 77,7 (74,1) MNOK, 5% growth year-over-year
  • Annualised Repeatable Revenue (ARR) reached 746 MNOK, up 4% year-over-year
  • Our first quarter with full launch of our data-centric intelligence insurance offer in Norway – growing our leads funnel
  • ABAX core business showed resilience and ability to transform
  • Adjusted Operating Free Cash Flow of 55,9 MNOK (34,3), 63% growth year-over-year and highlights the result of rightsizing the company, maintaining topline growth and keeping a strong cash management focus

This information is information that ABAX Group AS is obliged to make public pursuant to the EU Market Abuse Regulation 596/2014. The information was submitted for publication, with contact persons set out above, at 07:30 CEST on the 31th of May 2023.

For more information please contact:

Morten Strand, CEO, ABAX Email: morten.strand@abax.no Phone: +47 415 35 316
John Ole Moe, CFO, ABAX Email: john.moe@abax.com Mobile: +47 95 26 87 01

ABAX is a mobility data company, redefining telematics.  Our mission is to enable business value from connected mobility data. Our solution is designed to help our customers manage all logistics for their mobile workforce in one place, and help track, manage and gain insights from all vehicles, machines, and tools. These insights help lower the total cost of mobility, improve sustainability and manage the mobile business smarter - to save time, resources, and money. We call it SMART MOBILITY

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We are very proud that despite tough times we can show an ARR of 746 MNOK with a continued growth of 4% compared to the previous year. This is due to the fact that we have opened new verticals while maintaining our topline sales. We can also see positive effects from our focus on optimising cash flow. With a very solid foundation, we now look forward to growing our business further in both existing and new markets with a focus on meeting our customers' needs to manage mobility data smartly and efficiently.
Morten Strand, CEO, ABAX