Interim report
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ARTIFICIAL SOLUTIONS ARTIFICIAL SOLUTIONS | QUARTERLY REPORT JANUARY TO MARCH 2021 QUARTERLY REPORT JANUARY TO MARCH 2021 IMPORTANT CUSTOMER WIN WITH NEW SAAS BUSINESS MODEL JANUARY TO MARCH 2021 Net sales amounted to 9.8 MSEK ( 15.3 ) Net sales adjusted * 1 amounted to 12.2 MSEK ( 12.9 ) Recurring revenues adjusted * amounted to 9.0 MSEK ( 7.7 ) Rolling 12 months recurring revenues adjusted * amounted to 34.7 MSEK ( 28.1 ) Usage revenues adjusted * amounted to 4.3 MSEK ( 1.5 ) Gross margin increased to 72 % ( 60 ) EBITDA adjusted amounted to -13.3 MSEK ( -25.1 ) Earnings per share amounted to -0.2 SEK ( -0.7 ) EVENTS DURING THE QUARTER Artificial Solutions recognized and selected as Microsoft Co - Sell Partner ISG nominated Artificial Solutions as a Leader in Intelligent Automation - Solutions and Services for Conversational Al Customers Banco BPM , Widiba and Monte dei Paschi in the banking industry extended their commitments with Teneo Artificial Solutions reduces annual operating run rate expenses from 178 MSEK to 105 MSEK - a 41 % decrease EVENTS AFTER THE QUARTER Strategically important SaaS deal with initial annual revenue value of 0.7 MSEK with large multinational US Tech company . Projected Year three ARR of 6.2 MSEK . Gartner highlighted Artificial Solutions as a Practical Innovator for Conversational AI Teneo Platform now supports 84 official languages - most covered languages in the market Appointment of Marie Angselius Schönbeck as Chief Communication and Impact Officer KEY FIGURES ( For definitions please see page 17 * for adjusted revenues clarification on pages 4-5 ) JAN - MAR JAN - MAR JAN - DEC MSEK 2021 2020 2020 Net sales adjusted * 12.2 12.9 46.8 Recurring revenues adjusted * 9.0 7.7 33.5 Rolling 12 months recurring revenues adjusted * 34.7 28.1 33.5 Usage revenues adjusted * 4.3 1.5 10.0 Net sales reported 9.8 15.3 53.8 Gross margin % Adjusted EBITDA 72 % 60 % 66 % -13.3 -25.1 -78.3 Earnings per share , SEK Cash flow from Operations -0.2 -0.7 -3.2 -15.5 -18.3 -75.9 1 The company has recalculated its Usage revenues to be aligned with the new SaaS model's " pay as you consume " principles . Please see pages 4-5 for adjusted revenues clarification .