Q3 2024 Sensys Gatso Group AB Earnings Call Transcript
Key Points
- Sensys Gatso Group AB (OSTO:SGG) secured 13 new contracts in the USA, significantly boosting their order intake.
- The company's recurring TRaaS revenue accounted for 70% of total revenue this quarter, indicating a strong and stable income stream.
- Sensys Gatso Group AB successfully raised EUR30 million through a bond issue, increasing their available cash position to SEK295 million.
- The company has a robust backlog of over SEK1 billion, providing solid revenue visibility for the future.
- Sensys Gatso Group AB entered the next phase of their relationship with their Saudi customer, signing new framework agreements for enforcement solutions.
- Total revenue for the quarter decreased by 10% compared to Q3 2023, primarily due to lower system sales.
- Unexpected legislative changes in Iowa led to a significant reduction in approved permits for automated speed enforcement systems.
- The Swedish contract rollout has been delayed, now expected to start in early 2025, affecting short-term revenue timelines.
- Gross margin slightly decreased to 37% this quarter, impacted by lower-margin system sales.
- EBITDA for the quarter dropped significantly to SEK12 million from SEK90 million in the previous year.
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(Operator Instructions)
Now, I will hand the conference over to speakers, CEO, Ivo Mönnink and CFO, Simon Mulder.
Please go ahead.
¶ -
Good morning and welcome to Sensys Gatso's market presentation of the third quarter of 2024. My name is Ivo Mönnink, I'm the CEO of Sensys Gatso and I will be presenting to you together with Simon Mulder, our CFO.
In this quarter presentation. I will provide you with an update on our business for the third quarter of 2024. We then follow up with a financial update by Simon and finally, I will finish this presentation with a summary and our outlook.
Let's now look at an update of our business. In this business update, I will take you through our order intake where we now year-to-date have 13 new contracts in the USA. Our backlog which includes SEK1 billion of large orders in our home markets, our recurring TRaaS revenue, which is 70% of total revenue, this quarter. Unexpected legislative changes in Iowa
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