Kvartalsrapport Q3 2023

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Interim Report Q3, 2023
Precise Biometrics AB (publ), corp. ID no. 556545-6596

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INTERIM REPORT FOR THE PERIOD JANUARY TO SEPTEMBER 2023 
 
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2023 2022 2023 2022 2022 Rolling
Amounts in SEK thousands unless otherwise stated July-Sept July-Sept Jan-Sept Jan-Sept Full-year 12 mth
Net sales 17 721 18 816 54 758 71 742 91 018 74 034
Net sales growth, % -5,8% 11,3% -23,7% -28,4% 9,2% -25,4%
EBITDA -1 088 -1 829 -2 281 3 132 1 147 -4 266
Gross margin, % 64,0% 63,2% 63,1% 73,6% 71,5% 63,2%
Operating profit/loss -7 280 -7 341 -21 037 -12 252 -20 016 -28 801
Operating margin, % -41,1% -39,0% -38,4% -17,1% -22,0% -38,9%
Cash flow from the operating activities -7 542 -7 028 -7 932 3 656 3 931 -7 657
Cash and cash equivalents 64 382 41 278 64 382 41 278 46 405
Annual Recurring Revenue* 17 755 N/A 17 755 N/A 16 190

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===== SIDA 6 =====

Interim Report Q3, 2023
Precise Biometrics AB (publ), corp. ID no. 556545-6596 
 
 
 
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Interim Report Q3, 2023
Precise Biometrics AB (publ), corp. ID no. 556545-6596

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===== SIDA 15 =====

To the Board of Precise Biometrics AB (publ) 
 
Introduction 
We have performed a general review of the summary of the financial interim report (interim report) for Precise Biometrics AB (publ) as of 
September 30, 2023, and the nine-month period that ended on that date. It is the responsibility of the Board and the CEO to prepare and 
present this interim report in accordance with IAS 34 and the Swedish Annual Accounts Act. It is our responsibility to express a conclusion on 
this interim report on the basis of our general review. 
 
The focus and scope of the summary review 
We have conducted our general review in accordance with the International Standard on Review Engagements ISRE 2410, General review of 
financial interim information conducted by the company’s elected auditors. A general review consists of making inquiries, in the first instance 
of persons who are responsible for financial issues and accounting issues, to conduct an analytical review, and to perform other general 
review measures. A general review has a different focus and is of a significantly smaller scope in comparison with the focus and scope of an 
audit in accordance with the International Standards on Auditing and otherwise generally accepted auditing standards.  
The review measures performed during a general review do not allow us to obtain a sufficient degree of certainty so as to be aware of all the 
important circumstances we would have identified if an audit were conducted. Therefore, the opinion we have expressed on the basis of a 
general review does not have the same degree of certainty as an opinion based on an audit. 
 
Conclusion 
On the basis of our general review, we have not found any circumstances that have given us reason to believe that the interim report has not 
in all material respects been prepared in accordance with IAS 34 and the Swedish Annual Accounts Act, and for the parent company in 
accordance with the Swedish Annual Accounts Act. 
 
Malmö, November 10, 2023 
Ernst & Young AB 
 
 
Martin Henriksson 
Authorized Public Accountant

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2023 2022 2023 2022 2022 Rolling
Amounts in SEK thousand Note July-Sept July-Sept Jan-Sept Jan-Sept Full-year 12 mth
Net sales 2,3 17 721 18 816 54 758 71 742 91 018 74 034
Cost of goods sold -6 371 -6 921 -20 208 -18 933 -25 982 -27 257
Gross profit 11 350 11 895 34 550 52 809 65 036 46 777
Marketing and sales expenses -7 064 -7 911 -20 701 -26 025 -34 796 -29 472
Administrative expenses -3 542 -4 998 -10 662 -15 948 -17 613 -12 327
R&D expenses -8 039 -6 735 -24 308 -25 474 -34 905 -33 739
Other operating income/expenses 13 408 83 2 386 2 262 -42
-18 630 -19 237 -55 587 -65 061 -85 052 -75 578
Operating profit/loss -7 280 -7 341 -21 037 -12 252 -20 016 -28 801
Finacial income/expenses 4 -506 -194 -664 -925 -3 453 -3 192
Profit/Loss before tax -7 786 -7 535 -21 701 -13 177 -23 470 -31 994
Tax 89 88 259 261 1 239 1 237
Profit/loss for the period attributable to parent company 
shareholders -7 697 -7 447 -21 442 -12 916 -22 230 -30 756
Earnings per share, remaining operations, SEK*
   - before dilution -0,10 -0,19 -0,27 -0,33 -0,48 -0,39
   - after dilution -0,10 -0,19 -0,27 -0,33 -0,48 -0,53
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
Profit/Loss for the period -7 697 -7 447 -21 442 -12 916 -22 230 -30 756
Other comprehensive income:
Items that may be reclassified to profit or loss
Changes in accumulated exchange rate differences -5 179 69 414 267 -78
Other comprehensive income for the period -5 179 69 414 267 -78
0
Profit/Loss total attributable to holders of participations in the 
parent company -7 702 -7 268 -21 373 -12 502 -21 963 -30 834

===== SIDA 17 =====

Amounts in SEK thousand
2023 2022 2022
ASSETS Note September September December
FIXED ASSETS
Material assets 7 217 9 822 9 090
Goodwill and immaterial assets 134 736 137 991 138 898
TOTAL FIXED ASSETS 141 953 147 813 147 988
CURRENT ASSETS
Inventories 467 311 311
Accounts receivable 9 461 10 940 11 478
Other current receivabels 4 279 43 687 3 643
Accruals and deferred income 2 817 3 478 3 397
Cash and cash equivalents 4,6 64 382 41 278 46 405
TOTAL CURRENT ASSETS 81 407 99 694 65 234
TOTAL ASSETS 223 360 247 507 213 222
EQUITY AND LIABILITIES
EQUITY
Equity 164 577 155 846 146 302
TOTAL EQUITY ATTRIBUTABLE TO PARENT 
COMPANY SHAREHOLDERS 164 577 155 846 146 302
LONG-TERM DEBT
Long term debt 6 24 232 39 482 25 350
TOTAL LONG-TERM DEBT 24 232 39 482 25 350
SHORT-TERM LIABILITIES
Short-term liabilities 4,6 34 551 52 179 41 570
Total Short-term liabilities 34 551 52 179 41 570
TOTAL EQUITY AND LIABILITIES 223 360 247 507 213 222

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2023 2022 2023 2022 2022 Rolling
Amounts in SEK thousand Note July-Sept July-Sept Jan-Sept Jan-Sept Full-year 12 mth
Cash flow from operating activities
Operating profit/loss -7 280 -7 341 -21 037 -12 252 -20 016 -28 801
Adjustments for items not included in cash flow 6 299 5 453 18 867 15 372 21 188 24 683
Interest payments, net -74 46 13 -86 -299 -200
Tax paid -2 -7 -12 -21 -21 -12
Cash flow from operating activities -1 057 -1 849 -2 169 3 013 852 -4 330
before changes in working capital
Cash flow from changes in working capital
Change in inventories 1 0 -156 237 237 -156
Change in current receivables 35 2 446 1 991 13 094 11 075 -29
Change in current liabilities -6 520 -7 625 -7 598 -12 688 -8 233 -3 143
-6 484 -5 179 -5 763 643 3 079 -3 327
Cash flow from operating activities -7 542 -7 028 -7 932 3 656 3 932 -7 657
Acquisition of subsidiaries 6 0 0 0 -8 268 -38 268 -30 000
Investment in fixed assets -811 72 -855 -183 -284 -956
Investment in intangible assets -2 163 -4 916 -11 177 -15 580 -21 456 -17 053
Cash flow from investing activities -2 974 -4 844 -12 032 -24 031 -60 008 -48 009
New share issue 0 0 49 523 0 44 319 93 842
Commission expenses -123 -1 253 -9 979 -1 383 -3 936 -12 532
Repurchase of own shares 0 0 0 0 -326 -326
Payment for sale/buy-back of options 0 159 0 156 156 0
Payment of lease liability -567 -468 -1 628 -1 395 -1 900 -2 133
Cash flow from financing activities -690 -1 562 37 917 -2 622 38 313 78 852
Total Cash flow -11 204 -13 434 17 954 -22 997 -17 765 23 186
Cash & cash equivalents at beginning of year 75 584 54 644 46 405 64 102 64 102 41 278
Exchange rate differences in cash & cash equivalents 1 68 23 173 67 -83
Cash & cash equivalents at end of period 1) 64 382 41 278 64 382 41 278 46 405 64 382

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Amounts in SEK thousand 2023 2022 2022 Rolling
Note Jan-Sept Jan-Sept Full-year 12 mth
Equity at start of period 146 302 128 053 128 053 155 846
Comprehensive income
Profit/loss for the period -21 442 -12 916 -22 230 -30 756
0
Other comprehensive income 0
Exchange differences 69 414 267 -78
Total other comprehensive income 69 414 267 -78
Total comprehensive income -21 373 -12 502 -21 963 -30 834
Transactions with shareholders
Stockoptions 5 0 156 156 0
LTI programme 5 105 105
New share issue 49 523 43 993 43 993 49 523
New issue cost -9 979 -3 853 -3 936 -10 062
Total transactions with shareholders 39 649 40 295 40 212 39 566
Equity end of period 164 577 155 846 146 302 164 578

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2023 2022 2023 2022 2022 Rolling
Amounts in SEK thousand  July-Sept July-Sept Jan-Sept Jan-Sept Full-year 12 mth
Segment 
Algo 
Royalty 4 062 1 932 11 637 19 227 21 150 13 559
Licenses, incl. support & maintenance 7 382 9 913 24 167 31 926 42 046 34 287
Other 1 191 1 174 3 096 3 284 4 634 4 446
Digital Identity 
Royalty 0 0 0 0 0 0
Licenses, incl. support & maintenance 4 449 4 843 13 296 13 998 15 954 15 252
Other* 636 956 2 561 3 308 7 236 6 489
Total 17 721 18 816 54 758 71 742 91 018 74 034
Timing of revenue recognition*
At point in time** 1 915 3 081 5 962 9 372 12 644 9 234
Over time** 15 806 15 735 48 796 62 370 78 354 64 780
Total 17 721 18 816 54 758 71 742 91 018 74 034
Region/Country
Europe 6 813 6 493 21 515 20 014 27 218 28 719
   - whereof Sweden 4 891 4 287 15 792 13 003 20 737 23 526
Asia 6 620 9 364 22 148 41 696 51 039 31 491
   - whereof China 352 4 114 2 799 11 840 15 364 6 323
   - whereof Taiwan 5 553 4 187 17 348 24 830 29 576 22 093
USA 4 287 2 959 11 094 10 031 12 762 13 825
Total 17 721 18 816 54 758 71 742 91 018 74 034

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Amounts in SEK thousand
Algo Digital 
Identity 
Total 
Segment Algo Digital 
Identity 
Total 
Segment
Net sales 12 635 5 086 17 721 13 018 5 798 18 816
Cost of goods sold -2 517 -3 854 -6 371 -2 330 -4 590 -6 920
Gross profit 10 118 1 232 11 350 10 687 1 208 11 896
Amounts in SEK thousand
Algo Digital 
Identity 
Total 
Segment Algo Digital 
Identity 
Total 
Segment
Net sales 38 900 15 858 54 758 54 437 17 305 71 742
Cost of goods sold -7 607 -12 601 -20 208 -7 167 -11 766 -18 933
Gross profit 31 293 3 257 34 550 47 270 5 539 52 809
Amounts in SEK thousand
Algo Digital 
Identity 
Total 
Segment Algo Digital 
Identity 
Total 
Segment
Net sales 67 829 23 189 91 018 52 293 21 742 74 034
Cost of goods sold -9 070 -16 913 -25 982 -9 511 -17 748 -27 257
Gross profit 58 759 6 277 65 036 42 782 3 995 46 777
Other information
2023 2022 2023 2022
Reconciliation profit/Loss July-Sept July-Sep Jan-Sep Jan-Sep
Full-year     
2022
Rolling      
12 mth
Segment profit/Loss 11 350 11 896 34 550 52 809 65 036 46 777
Marketing and sales expenses -7 064 -7 911 -20 701 -26 025 -34 796 -29 472
Administrative expenses -3 542 -4 998 -10 662 -15 948 -17 613 -12 327
R&D expenses -8 039 -6 735 -24 308 -25 474 -34 905 -33 739
Other operating income/expenses 13 408 83 2 386 2 262 -41
Finacial income/expenses -506 -194 -664 -925 -3 453 -3 192
Profit/Loss before tax -7 787 -7 535 -21 702 -13 177 -23 469 -31 994
Only net sales and product costs are allocated to each segment. Other costs are not allocated at segment level as these 
items relate to group operations
2023 2022
Jan-Sept Jan-Sept
2022 Rolling 
Full-year 12 mth
July-Sept July-Sept
2023 2022

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2023 2022 2023 2022 2022 Rolling
Amounts in SEK thousand Note Jul-Sep Jul-Sep Jan-Sep Jan-Sep Full year 12 mån 
Net sales 1 11 998 13 406 39 282 57 229 72 048 54 101
Cost of goods sold -6 907 -7 954 -24 153 -25 258 -33 203 -32 098
Gross profit 5 091 5 452 15 129 31 971 38 845 22 003
Marketing and sales expenses -4 842 -6 145 -14 330 -20 441 -27 356 -21 245
Administrative expenses -3 370 -4 011 -10 050 -12 769 -16 567 -13 848
R&D expenses -5 563 -4 238 -15 200 -16 510 -19 903 -18 593
Other operating income/expenses 28 394 46 2 365 2 287 -32
-13 747 -14 001 -39 534 -47 356 -61 539 -53 717
Operating profit/loss -8 656 -8 549 -24 405 -15 385 -22 694 -31 714
Financial income/expenses -454 -134 -493 -727 -3 196 -2 962
Group contributions received 0 0 0 0 6 045 6 045
Profit/loss before tax -9 110 -8 683 -24 898 -16 112 -19 845 -28 631
Tax 0 0 0 0 0 0
Profit/loss for the period -9 110 -8 683 -24 898 -16 112 -19 845 -28 631

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Amounts in SEK thousand
ASSETS Note September September December
Fixed assets
Fixed assets 2 194 3 127 2 869
Immaterial assets 34 072 40 540 40 009
Deferred tax assets 90 558 90 558 90 558
TOTAL FIXED ASSETS 126 824 134 226 133 436
CURRENT ASSETS
Inventories 311 311 311
Accounts receivable 6 823 7 921 6 603
Accounts receivable Group 1 114 0 2 161
Other receivables 8 960 43 811 8 917
Accruals and deferred income 2 314 3 170 2 971
Cash and cash equivalents 52 939 28 138 33 140
TOTAL CURRENT ASSETS 72 462 83 351 54 104
TOTAL ASSETS 199 286 217 577 187 540
EQUITY AND LIABILITIES
Restricted Equity
Share capital 23 539 11 879 14 254
Paid-in unregistered share capital 0 2 049 0
Statutory reserve 1 445 1 445 1 445
Reserve for development expenses 23 204 26 480 26 761
Total restricted equity 48 188 41 853 42 460
Unrestricted Equity
Share premium reserve 168 316 138 141 138 058
Retained earnings -39 498 -22 603 -23 210
Profit/loss for the year -24 899 -16 112 -19 845
Total non-restricted equity 103 919 99 426 95 003
Total Equity 152 107 141 279 137 463
LONG-TERM DEBT
Long term debt 17 330 29 383 16 789
TOTAL LONG-TERM DEBT 17 330 29 383 16 789
SHORT-TERM LIABILITIES
Short-term liabilities 29 849 46 915 33 288
Total Short-term liabilities 29 849 46 915 33 288
TOTAL EQUITY AND LIABILITIES 199 286 217 577 187 540

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2023 2022 2023 2022 2022 Rolling
Amounts in SEK thousands unless otherwise stated July-Sept July-Sept Jan-Sept Jan-Sept Full-year 12 mth
Net sales 17 721 18 816 54 758 71 742 91 018 74 034
Net sales growth, % -5,8% 11,3% -23,7% 28,4% 9,2% -25,4%
Gross margin, % 64,0% 63,2% 63,1% 73,6% 71,5% 63,2%
EBITDA -1 088 -1 829 -2 281 3 132 1 147 -4 266
Operating profit/loss -7 280 -7 341 -21 037 -12 252 -20 016 -28 801
Working capital * 56 825 72 441 56 825 72 441 33 498 56 825
Capital employed 164 576 155 846 164 576 155 846 146 302 164 576
Liquidity ratio, % 234,3% 190% 234,3% 190% 156,0% 234%
Equity/assets ratio, % 73,7% 63,0% 73,7% 63,0% 68,6% 73,7%
Earnings per share before dilution, SEK -0,10 -0,19 -0,27 -0,33 -0,47 -0,39
Earnings per share after dilution, SEK -0,10 -0,19 -0,27 -0,33 -0,47 -0,53
Equity per share, SEK 2,10 3,94 2,10 3,94 3,08 2,10
Number of shares (thousands) 78 464 39 596 78 464 39 596 47 513 78 464
Weighted avg. number of shares, adjusted for dilution effect 
(thousands) 78 464 39 596 61 269 39 596 41 304 57 649
Number of employees at the end of the period 28 28 28 28 30 28
Average number of employees during the period 30 29 31 30 30 31
Annual Recurring Revenue*** 17 755 - 17 755 - 16 190 -

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Amounts in SEK thousands 2023 2022 2023 2022 2022 Rolling
unless otherwise stated July-Sept July-Sept Jan-Sept Jan-Sept Full-year 12 mth
Net sales 17 721 18 816 54 758 71 742 91 018 74 034
Net sales growth, % -5,8% 11,3% -23,7% 28,4% 9,2% -25,4%
Gross profit 11 350 11 895 34 550 52 809 63 036 46 777
Net sales 17 721 18 816 54 758 71 742 91 018 74 034
Gross margin, % 64,0% 63,2% 63,1% 73,6% 71,5% 63,2%
Operating profit/loss -7 280 -7 341 -21 037 -12 252 -20 016 -28 801
Net sales 17 721 18 816 54 758 71 742 91 018 74 034
Operating margin, % -41,1% -39,0% -38,4% 17,1% -22,0% -38,9%
EBITDA -1 088 -1 829 -2 281 3 132 1 147 -4 266
Depreciation and amortization -6 192 -5 511 -18 756 -15 384 -21 163 -24 534
Operating profit/loss -7 280 -7 341 -21 037 -12 252 -20 016 -28 801
Current assets 81 407 99 694 81 407 99 694 65 234 46 947
Current liabilities excl. current liabilities EastCoast 
International* 24 582 27 254 24 582 27 254 31 736 29 064
Working capital 56 825 72 441 56 825 72 441 33 498 17 883
Sales expenses -7 064 -7 911 -20 701 -26 025 -34 796 -29 472
Administrative expenses -3 542 -4 998 -10 662 -15 948 -17 613 -12 327
R&D expenses -8 039 -6 735 -24 308 -25 474 -34 905 -33 739
Other operating income/expenses 13 408 83 2 386 2 262 -42
Total operating expenses -18 631 -19 236 -55 588 -65 061 -85 052 -75 580
Cost of goods and services sold -6 371 -6 921 -20 208 -18 933 -25 982 -27 257
Depreciation Cost of goods sold 5 087 4 842 15 339 12 251 16 935 20 023
Cost of goods and services sold excluding 
depreciation -1 284 -2 079 -4 869 -6 682 -9 047 -7 234
Operating expenses -18 631 -19 236 -55 588 -65 061 -85 052 -75 580
Depreciation Operating expenses 1 104 668 3 416 3 132 4 230 4 512
Operating costs excluding depreciation -17 527 -18 568 -52 172 -61 929 -80 823 -71 068
Balance sheet total 223 360 247 507 223 360 247 507 213 222 223 360
Non-interest-bearing liabilities * 58 783 91 661 58 783 91 661 66 930 58 783
Capital employed 164 576 155 846 164 576 155 846 146 302 164 576
Closing equity 164 577 155 846 164 577 155 846 146 302 164 577
Average equity 155 526 133 347 155 526 133 347 137 909 155 526
Current assets minus inventories 80 940 99 383 80 940 99 383 64 923 80 940
Current liabilities 34 551 52 179 34 551 52 179 41 570 34 551
Liquidity ratio, % 234% 190% 234% 190% 156% 234%
Equity 164 577 155 846 164 577 155 846 146 302 164 577
Total assets 223 360 247 507 223 360 247 507 213 222 223 360
Equity/assets ratio, % 73,7% 63,0% 73,7% 63,0% 68,6% 73,7%

===== SIDA 27 =====

2023 2022 2023 2022 2022 Rolling
Amounts in SEK thousand Note July-Sept July-Sept Jan-Sept Jan-Sept Full-year 12 mth
Net sales 2,3 17 721 18 819 54 758 71 742 91 018 74 034
Cost of goods and services sold excluding depreciation -1 283 -2 078 -4 869 -6 681 -9 047 -7 236
Operating costs excluding depreciation -17 526 -18 568 -52 171 -61 929 -80 824 -71 066
EBITDA -1 088 -1 827 -2 281 3 132 1 147 -4 267
Total depreciation -6 192 -5 512 -18 756 -15 384 -21 163 -24 534
Operating profit/loss -7 280 -7 339 -21 037 -12 252 -20 016 -28 801

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