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MSAB – Solid margins and increased profit

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Third Quarter

  • Net sales came in at 93.3 SEK (93.3) million (+3.4 percent in local currencies).
  • EBIT amounted to SEK 29.4 (19.9) million.
  • The EBIT margin was 31.5 (21.3) percent.
  • Profit after tax amounted to SEK 21.4 (19.1) million.
  • Earnings per share before/after dilution amounted to SEK 1.16 (1.03).
  • Cash flow from operating activities amounted to SEK -2.8 (13.5) million.

January - September

  • Net sales increased 8.8 percent to SEK 243.4 (223.7) million (+9.3 percent in local currencies).
  • EBIT amounted to SEK 32.6 (2.7) million.
  • The EBIT margin was 13.4 (1.2) percent.
  • Profit after tax amounted to SEK 23.3 (3.8) million.
  • Earnings per share before/after dilution amounted to SEK 1.26 (0.13).
  • Cash flow from operating activities amounted to SEK 4.8 (7.3) million.
  • Cash and cash equivalents and short-term investments at the end of the period amounted to SEK 49.0 (58.0) million.


Comments from the CEO


I am proud to report that MSAB delivers one of the strongest quarters in terms of earnings in the company’s history. This is despite many complex challenges in the global market brought about by the ongoing pandemic.

The performance in this quarter has been preceded by good results in previous quarters this year. The three main reasons for this have been:

  • We stick to our long-term strategy of being number 1 when it comes to extracting data
  • We quickly adapted to the new reality of the pandemic
  • We help our customers in their digitalisation journey

During the quarter, we delivered more workshops, webinars and released better solutions than ever before. With the latest version of XRY, we now support data extraction from more than 33,000 mobile devices.

MSAB always wants to be ahead of the development. To act rather than react. We have built up our business and our good reputation by seeing trends and adapting in a short time. We have been able to adapt quickly to the new conditions and find new ways to do business and reach customers. In this way, we have turned challenges into opportunities.

From the first day of the crisis, MSAB has not only been able to maintain but also increase our capacity in customer support and sales. This has enabled us to offer our customers outstanding value by 2020.

What has become apparent during this pandemic period is that law enforcement agencies and other government institutions have more limited opportunities to start new projects. The great needs and demand still remain, but it takes longer before decisions are made and projects are launched.

As long as the pandemic continues, the world will remain unpredictable and uncertain. Digital forensic companies have in some cases ended up in challenging situations and had to make important and strategic choices. At MSAB, we are proud of our values; values that we share with our customers. These values include vigorously supporting important law enforcement and public security efforts while guaranteeing integrity and legal certainty, even for a suspect.

MSAB has always been a value-driven company. In Hong Kong, during the third quarter, we became aware that our tools could be used in a way that was not in line with our values - and we took swift and decisive action to deal with the situation that arose - by winding down our operations in that region completely. .

Our main goal is still to ensure that our solutions ensure that law enforcement can keep pace with technological developments.

By meeting this goal, we are well aware that our technology can have a major impact in the markets in which we operate. For that reason, we choose to support the right organizations and do it the right way.

The pandemic's consequences for public operations and our customer base are difficult to assess. But a continued increase in demand for our products will be necessary if society's long-term ambition is to make law enforcement more efficient. MSAB will continue to be a world leader in digital forensics, not only by offering the best solutions, but because we have the most agile team and values that we are convinced will be crucial in the long term for success in this industry.

Stockholm, October 2020

Joel Bollö
Chief Executive Officer



MSAB in brief
MSAB is a world leader in mobile forensics technology with the aim of extracting and analysing data from confiscated mobile devices, mainly from mobile phones. The Company has its own sales offices and sales representatives in Europe, North America, South America, China, Australia, Singapore, Japan and Russia, and together with a number of distributors, covers most of the world. The proprietary products have become a de facto standard in the field and are used for securing evidence in more than 100 countries. These products are complemented by a wide range of training courses with the possibility of becoming certified in a forensically sound methodology. Customers are primarily law enforcement agencies, such as police, military and customs. MSAB is listed on NASDAQ Stockholm under the ticker symbol: MSAB B.


The information in this report is such that MSAB, Corporate ID number 556244-3050, is required to disclose in accordance with the EU’s Market Abuse Regulation. The information in this report was submitted for publication on 28 October, 2020 at 08:00 CEST.


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