Risk Intelligence (RISK) Q1 2025 earnings summary

Executive summary

• Achieved first positive EBITDA of DKK 255K since 2018, marking a strategic milestone and reflecting strong client renewals, upsell, and new maritime system clients.

• Recognised revenue grew 11% year-over-year to DKK 6,587K, while invoiced revenue declined 3% due to lower advisory activity.

• System ARR increased 17% to DKK 24,224K; total ARR up 18%; NRR at 120%; churn remained at 0%.

• Cost reduction of 8% year-over-year contributed to positive EBITDA.

• New commercial strategy with five defined business segments aims to drive growth and client satisfaction.

Financial highlights

• Recognised net sales: DKK 6,587K (+11% year-over-year); invoiced net sales: DKK 5,767K (-3%).

• Gross profit (SaaS): DKK 5,544K (+14%); gross margin (SaaS): 96.1% (up from 94.1%).

• EBITDA: DKK 255K (up from -DKK 912K); net loss: DKK -1,123K (improved from -DKK 1,806K).

• Cash flow from operations: DKK -1,703K (down from DKK 987K); cash at period end: DKK 1,636K.

• Total ARR grew by 18%, with system ARR up 17%.

Outlook and guidance

• 2025 guidance: ARR growth between 15%-30%, positive EBITDA, and net result around zero.

• 2025 System ARR expected at DKK 26.9M–30.4M.

• Growth expected from all five business segments, leveraging new segmentation.

• Confidence in guidance based on revenue/cost growth spread and recurring revenue model.