Freja eID Group (FREJA) Investor Update summary

Key financial metrics

• Annual Recurring Revenue (ARR) for Freja eID reached 25.8 MSEK as of September 30, 2024, up 54% year-on-year and 7% from June 2024.

• Net sales for the segment in Q3 2024 were 6.3 MSEK, a 44% increase from Q3 2023 and 5% higher than Q2 2024.

• Subscription customers totaled 412 at the end of Q3 2024, up 28% year-on-year and 3% from June 2024.

• Registered users reached 1,196,000, a 27% increase from the previous year and 8% higher than June 2024.

Business highlights and strategic positioning

• Growth in ARR and revenue is attributed to larger deals and increased value delivered to customers.

• Unique features, such as support for users from 167 countries, drive competitive advantage.

• Freja eID is the only e-ID with government approval for foreign users, opening exclusive business opportunities.

Management commentary

• CEO highlights consistent quarter-on-quarter growth in both ARR and revenue.

• Larger deals and add-on orders are becoming more common due to enhanced customer value.

• The company’s unique government-approved solution for foreign users is a key differentiator.