Greater Than (GREAT) Q4 2022 earnings summary

Executive summary

• Paying users grew by over 600% in 2022; management said the strategy is focused on customers with connected data, large volumes and broad distribution to support cost-efficient growth.

• Total group revenue excluding capitalized work rose to SEK 20.785m from SEK 16.715m, while the operating loss widened as the business scaled for market demand.

Financial highlights

• Group net sales were SEK 13.260m vs SEK 4.326m in 2021; total revenue including other operating revenue and capitalized work was SEK 23.661m vs SEK 19.391m.

• Operating loss was SEK 57.706m vs SEK 28.973m; net loss was SEK 55.942m vs SEK 29.660m.

• EPS was SEK -4.56 vs SEK -2.37; year-end cash was SEK 50.251m vs SEK 114.700m.

• Operating cash flow was negative SEK 59.940m; investing cash flow was negative SEK 2.938m and financing cash flow was negative SEK 1.571m.

Outlook and guidance

• Management said the business was well positioned for 2023 and able to continue executing its strategy, with a focus on cost-efficient growth and deeper penetration of existing customers.

• Management assessed funding as secured for at least 12 months from year-end based on available cash, the business plan and projected development plan.

• Most development projects in progress were expected to launch during 2023.