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ABAX SHOW STRONG GROWTH IN THE THIRD QUARTER (Q3)

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30.11.2023, Larvik, Norway | ABAX Group announces its Q3 2023 results. The Q3 report is available on the company website at: https://www.abax.com

Highlights Q3:

  • Operational Revenue of 197,7 (182,1) MNOK, 9% growth year-over-year 

  • Revenue growth across all key geographical market segments 

  • Adjusted EBITDA of 77,3 (66,7) MNOK, 16% growth year-over-year 

  • Annualized Recurring Revenue (ARR) at 784,4 MNOK, up 7% year-over-year 

  • Adjusted operating free cash flow of 31,6 (28,4) MNOK, up 11% year-over-year 


ABAX, a leading telematics IoT platform in Europe that offers connected mobility solutions for vehicle tracking, tool tracking, and equipment control, today announced its financial results for the third quarter ending September 30, 2023. The report shows positive growth in revenue across all key geographical market segments and operational revenue.

A stable subscription base results in increasing MRR which positively contributes to company revenue and cash generation. MRR has increased by 7% since September 2022.

The report also mentions the addition of Emma Dyga, an experienced SaaS leader, as the new CEO as of 1st of October, and the successful onboarding of John Håkansson as Chief Product Officer (CPO) from November 1st, a newly established position within the leadership team that underscores ABAX’ commitment to innovation and excellence.

– We are pleased with the progress that we have made in a somewhat difficult and uncertain macroeconomic environment. Our Telematics core business continues to perform well with growth in all our key territories.
Emma Dyga, CEO.

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 30th of November 2023.

For more information please contact:

Emma Dyga, CEO, ABAX
Email: emma.dyga@abax.com
Phone: +46 734390652

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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