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  • Net sales amounted to 12.4 MSEK (11.0), + 12%
  • Recurring revenues amounted to 10.9 MSEK (8.6), + 27%
  • SaaS ARR amounted to 23.6 MSEK (5.6), +321%
  • SaaS API Call Volumes 11.4 million (0.7), + 1,508%
  • Gross margin 58% (69)
  • EBITDA adjusted amounted to -20.0 MSEK (-12.5)
  • Earnings per share (*) amounted to -3.3 SEK (-3.7)


  • Net sales amounted to 32.7 MSEK (29.1), + 13%
  • Recurring revenues amounted to 28.7 MSEK (21.4), + 34%
  • SaaS ARR amounted to 23.6 MSEK, +151% compared with December 2021
  • SaaS API Call Volumes 11.4 million, + 280% compared with December 2021
  • Gross margin decreased to 66% (69)
  • EBITDA adjusted amounted to -60.2 MSEK (-42.9)
  • Earnings per share (*) amounted to -9.6 SEK (-7.8)


  • Artificial Solutions wins Microsoft’s Independent Software Vendor (ISV) Partner of the Year Award for 2022 – a recognition from having demonstrated strong customer focus and success by partnering deeply with Microsoft
  • Renewed SaaS agreement with A1 Bulgaria, a Telecommunications Provider controlled by América Móvil
  • Telefónica O2 presented its IVR solution created using Teneo during a webinar in July
  • Go live of a new solution for Large multinational US Tech company
  • Patrik Rosenberg appointed as Head of EMEA Sales
  • Industry first feature: Teneo can run our SaaS service end-to-end with encrypted data


  • First project gone live with one of the largest Healthcare Providers in the world
  • New Financial Targets announced to clarify business potential and future KPIs
  • Company has mandated a financial advisor to evaluate financing alternatives


(For definitions please see page 18)

JUL-SEP 2022 JUL-SEP 2021 JAN-SEP 2022 JAN–SEP 2021 JAN-DEC 2021
Net sales (MSEK) 12.4 11.0 32.7 29.1 38.9
Recurring revenues (MSEK) 10.9 8.6 28.7 21.4 30.2
SaaS ARR (MSEK) 23.6 5.6 23.6 5.6 9.4
SaaS API Call Volumes (Million) 11.4 0.7 11.4 0.7 3.0
Gross margin % 58% 69% 66% 69% 70%
Adjusted EBITDA (MSEK) -20.0 -12.5 -60.2 -42.9 -58.5
Earnings per share, SEK (*) -3.3 -3.7 -9.6 -7.8 -10.6
Cash flow from operating activities before financial items and taxation (MSEK) -19.0 -11.6 -60.5 -20.6 -38.2

(*) The Company completed a Reverse Stock Split of 10 to 1 in June, 2022. Historical share numbers have been adjusted to reflect the split.


Dear shareholders, colleagues, customers, and partners:

In the third quarter of 2022 our SaaS model delivered stellar results with an ARR growth of 321% and we were awarded the Swedish ISV (Independent Software Vendor) of the year by Microsoft for our third-generation platform that automates voice, messaging and chat reaching the largest volumes of any vendor.

The growth in our current SaaS customers signals a shift in competitive landscape

The story of our third quarter 2022 is one of continued growth in our existing customer base while our competitors are struggling to do the same. Many key references in the market for other technologies and approaches have been stopped in the last few quarters.  Why? What is going on?

As Customer Engagement data becomes more and more important to large companies, they are increasingly looking to choose a cloud provider and a trusted partner for this data. The business intelligence potential in customer interaction data that Teneo provides is changing the landscape. Using Teneo, you can now search for how many customers are asking about the ingredients in their meal plan or rebooking appointments. The data is already structured. The three competing platforms that are addressing this market are Amazon, Google, and Microsoft. We are of course part of the Microsoft stack.

When it comes to large (read high volume) implementations we are the choice for the Microsoft Account teams. This is how we won the Swedish ISV of the year in 2022 with Microsoft. There is a major shift happening in the market where the Contact Center has become a key strategy for customers and focus area of the three clouds (Microsoft, Amazon, and Google).

Customers that have embarked on this journey have started to grow their usage very quickly due to the clear ROI of not having humans be first line in customer communication. The ROI is based both on saved human cost as well as better Customer Satisfaction as customers do not have to wait to get service and Teneo was rated higher than a human operator in a survey done by one of our key customers. The structured Customer Engagement Data is icing on the cake. So, our existing customers are growing, and we expect this to continue – there is at least a twenty-time (20x) growth potential in API calls with our customers today. This alone will bring us to a cash flow positive from operations.

New Customers – a different behaviour

This new trend in the market with three competing strong cloud providers also means that the choice of a technology becomes more strategic. This means a longer and more involving sales-cycle. In our case we are three at the table - our implementation partner who stands to make large consulting revenues, Microsoft who are looking to get this piece into Azure and us. Our strategy is to focus on a few large customers and have therefore aligned a sales organization to this in EMEA under Patrik Rosenberg and in the US under Sean McIlrath. We will see the first wins in our renewed US focus during Q4.

Go-Lives, Growth and Gross-Margin

During the third quarter 2022 API call volumes in our SaaS platform increased 23% vs. Q2 2022 and has experienced a close to 4 times (4x) increase since December 2021. This also means the annual SaaS API call run rate volumes in September 2022 was 137 million and the resulting SaaS ARR in Q3 2022 amounted to 23.6 MSEK, equivalent to a growth of 18% vs. Q2 2022 and a growth of 150% since December 2021 and total ARR of 45.1 MSEK.

In the last days of the quarter, we had two large customers go-live with their solutions. One moved their solution to also receive calls in their main interactive voice response (IVR) and the other to provide a slim geo-positioning service on their general inquiry line (finding the right location for the user to direct the inquiry accordingly). We expect that these two developments will provide a substantial jump in API consumption. We now have over 70 use cases live in our customer base and we are continuously increasing the number of use cases, further growing our API call volumes and SaaS ARR.

We published a presentation during the third quarter 2022 analyzing what would happen when two large customers grow their usage of our platform. As they grow from current API call volumes towards their potential, our gross margin increases and rapidly goes to 90% and ends-up at 95% at higher API call volumes. This showcases the operational leverage in our revenue model, manifests why large customers are our targeted customer group and underpins the potential in and the value of our existing customer base. We can continue to grow with existing customers without spending as much as many of our competitors in marketing spend.  

The SaaS platform was launched in Q3 last year, so the history is still short but certainly this is proof of our technology and commercial model. Our gross margin decreases in the quarter, and this is a consequence of previously committed professional services which is being farmed out to consulting contractors with very little margin to us and large initial costs for SaaS customers that have yet not ramped up in terms of API call volumes. However, when they ramp up volumes the gross margin quickly increases with higher API call volumes.

New Financial Targets

Having analyzed our customers behaviors the last 18 months on the SaaS model, identified the significant potential for API call volumes increases in our existing customer base, the changing market requirements clearly favoring our generation 3 platform Teneo and taking into account the sales cycle in the current market environment we have identified and defined our financial targets which links closely to key operational performance metrics.

Our New Financial Targets – also highlighted in the table at the bottom of the page - are to reach:

  • >1 billion API calls during 2024
  • >200 MSEK in ARR during 2025
  • Cash flow positive from operations during 2024
  • A long-term EBITA margin exceeding 30% in a mature state   

The platform keeps getting better

As we continuously release new functionality in Teneo the platform delivers more value to our clients every month. One specific delivery this quarter which is key to growth in some customers is that we can now run our service end-to-end with encrypted data. This is an industry first and enables anyone to use a Cloud based solution, as a key. concern in SaaS is whether or not anyone can access the data other than the owner of the data. With this solution even heavily regulated industries can use Teneo SaaS as the data cannot be accessed by anyone else than it´s rightful owner. This is key for Healthcare and Telecommunications verticals but useful for all industry verticals.

Telefonica Webinar

Although I have mentioned this before I believe that Sarah’s Telefonica webinar below is worth repeating and a great summary. They had Generation two technology implemented already – and achieved this when moving to generation three with our Teneo platform. Teneo is today handling +900,000 calls per month for Telefonica. 

In the beginning of July 2022 Telefonica O2 in Germany presented their solution where they have built a bot that answers the phone. They illustrated very clearly how they have evolved from what most customers are using today – an IVR and a separate chatbot – to an omnichannel solution using natural language also on the phone. A link to the webinar is here: https://lnkd.in/esaXEB4h.

Per Ottosson, CEO

This disclosure contains information that Artificial Solutions International AB 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 17-10-2022 12:30 CET.

For further information, please contact:

Fredrik Törgren, CFO, Artificial Solutions
Telephone: +46 (0)70 355 08 29
e-Mail: fredrik.torgren@artificial-solutions.com

About Artificial Solutions

Artificial Solutions® (SSME:ASAI) is the leading specialist in Conversational AI. We enable communication with applications, websites and devices in everyday, humanlike natural language via voice, text, touch or gesture input.

Artificial Solutions’ advanced conversational AI Teneo®, allows business users and developers to create sophisticated, highly intelligent applications that run across 86 languages and dialects, multiple platforms and channels in record time. The ability to analyse and make use of the enormous quantities of conversational data is fully integrated within Teneo, delivering unprecedented levels of data insight that reveal what customers are truly thinking.

Artificial Solutions’ conversational AI technology makes it easy to implement a wide range of natural language applications such as virtual assistants, conversational bots, speech-based conversational UIs for smart devices and more. It is already used daily by millions of people across hundreds of private and public sector deployments worldwide. 

Artificial Solutions International is listed on Nasdaq First North Growth Market in Stockholm with short name ASAI. Erik Penser Bank is the Company’s Certified Adviser (www.penser.se, tel +46 (0) 8-463 83 00, e-post certifiedadviser@penser.se).

For more information, please visit www.artificial-solutions.com.