Total order intake for Q1 2024 has increased by 54 percent compared to Q1 2023. However, net sales was down year-over-year, and the company's ARR was also down somewhat, both as a result of continued downsizing for some larger customers who don't have the same licensing needs as during the pandemic. The company's measures to reduce the cost base that were implemented at the end of 2023 are now yielding results in the form of 20 percent lower costs for Q1 2024 compared to Q1 2023.
The Quarter January - March 2024, The Group
- Net Sales amounted to SEK 4,710 thousand (5,122)
- Costs totaled SEK -11,615 thousand (-14,603)
- The operating loss before taxes was SEK -4,278 thousand (-6,593)
- Cash flow was SEK -890 thousand (15,647) and the equity/assets ratio at the end of the period was 7.3 (51.5) percent
Order intake during the quarter was higher than the corresponding level in Q1 2023 and increased by 54 percent to SEK 6,350 (4,129) thousand. Net sales decreased by 8 percent to SEK 4,710 (5,122) thousand compared to the previous year. The annual recurring revenue (ARR) decreased and amounted to SEK 16,044 (16,849) thousand compared to Q4 2023. The absolute majority of the revenue is still recurring software subscriptions. The gross margin remains at a high level, 97 (97) percent for the quarter. The order backlog, order intake that remains to be reported as revenue, increased to SEK 12,472 (10,895) thousand compared to Q4 2023.
The company's goals
XMReality's financial goal, to start generating positive cash flow by the end of 2024, remains.
Notable events during the period
- XMReality informed that the company's CFO, Lotta Ekerbring, has announced her intention to retire. Lotta Ekerbring has been CFO at XMReality since 2022 and will leave her position in the spring of 2024. Lotta will be replaced by Frida Finér, who, after hand-over, formally takes office on April 2.
- XMReality has changed Certified Adviser to Carnegie Investment Bank AB.
- XMReality has signed a new customer agreement with Kloppenberg, a subsidiary of Middleby Corporation.
- Sumitomo (SHI) Demag Plastics Machinery North America signs agreement with XMReality to strengthen its customer support.
- XMReality expands within NIBE through implementation at KNV Energietechnik GmbH, a NIBE-owned company.
Notable events after the period
- XMReality AB (pub) - update regarding the company's working capital needs.
- XMReality is implemented by the Amico Group of Companies, a manufacturer and global distributor of equipment in the hospital industry.
- The board of XMReality AB (publ) has decided to draw up a balance sheet for liquidation purposes. The decision has been taken for precautionary reasons, and the board expects the share capital to remain intact.
Link to the report website: https://www.xmreality.com/en/investors/reports-and-analyzes
The company's Certified Adviser is Carnergie Investment Bank AB (publ)
Email: certifiedadviser@carnegie.se
For more information, please contact:
Andreas Jonsson, CEO XMReality
Phone: +46 70 724 03 29
E-mail: andreas.jonsson@xmreality.com
About XMReality
XMReality AB (publ) develops and sells solutions that revolutionize knowledge transfer through so-called Augmented Reality (AR). The company is a market leader in remote guidance where you guide a person on site via AR to solve problems or prevent them from occurring. The product is used globally in more than 60 countries. Nestlé, Electrolux, Sidel and Heineken are examples of the more than 150 customers. XMReality is based in Linköping and in the U.S. and is listed on the Nasdaq First North Growth Market (ticker: XMR). For more information, visit: www.xmreality.com
This information is information that XMReality is obliged to make public pursuant to the EU Market Abuse Regulation. The information was submitted for publication, through the agency of the contact persons set out above, at 2024-04-22 08:30 CEST.
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