CEO Comments on 2023 full year results
Gothenburg, Sweden – April 24, 2024 – Irisity AB (publ), a leading provider of AI-powered video analytics software reports 2023 was a year of strong net sales growth, improved profitability and accelerated R&D innovation and product releases.
CEO Comments on 2023 full year results
Gothenburg, Sweden – April 24, 2024 – Irisity AB (publ), a leading provider of AI-powered video analytics software reports 2023 was a year of strong net sales growth, improved profitability and accelerated R&D innovation and product releases.
In 2023 we started the year with significant changes and end the year with record net sales which grew 34% YoY and improved EBITDA by 49%. We grew the company sales organization without increasing overall personnel costs thru optimizing our investments in other departments and roles. In second half of 2023, we improved profitability thru a focused effort on lowering our cost of goods sold (COGS) and increasing sales of software upgrade plans. Lastly, we reorganized our development teams to improve the speed and impact of customer innovation and product deliveries.
Looking ahead, we're enthusiastic about future opportunities and confident in Irisity's ability to navigate market uncertainties. The increasing global adoption of AI solutions for security and safety use-cases will enable our future growth and with strategic investments in our AI Open Platform, Irisity is uniquely positioned to continue to be a leading software provider.
Keven Marier
Key figures full year 2023:
• Net sales MSEK 117.6 (87.7).
• Gross margin 85.9%, (79.7%).
• EBITDA MSEK -16.4 (-32.0)
• Profit after tax MSEK -132.5 (-136.9)
• Cash and cash equivalents at the end of the period MSEK 13.6 (17.6)
The 2023 Annual Report is available at www.irisity.com
For further information:
Keven Marier, Irisity CEO Anna Forsberg, Irisity interim CFO
Phone: +46 771 41 11 00 Phone: +46 709 10 81 08
E-mail: keven.marier@irisity.com E-mail: anna.forsberg@irisity.com
This information is information that Irisity AB (publ) is obliged to make public according to the EU's market abuse regulation. The information was submitted for publication, through the above contact persons, at 08:00 CET on 24 April 2024.
About Irisity AB (publ):
Irisity's AI Open Platform enhances any camera and video management system by integrating advanced AI and video metadata management. Trusted in over 3,000 locations globally, Irisity's platform augments human decisions to improve safety, operational efficiency and organizational intelligence.
The Irisity AB (publ) share is listed on Nasdaq First North Growth Market, with the ticker IRIS, the Company’s Certified Adviser is Carnegie Investment Bank AB (publ)
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