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Formpipe Software
Quarterly Report • Apr 29, 2025
3159_10-q_2025-04-29_e1c4941e-2dcc-47a3-b0ae-20a2d96a5f5f.pdf
Quarterly Report
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| 2025 | 2024 | Δ | |
|---|---|---|---|
| Net sales of SEK | 139 m | (125 m) | 11% |
| Recurring revenues of SEK | 112m | (102 m) | 10% |
| which corresponds to % of net sales | 80 % | (81 %) | |
| EBITDA SEK | 30 m | (21 m) | 41% |
| EBITDA margin | 22 % | (17 %) | |
| EBIT-adj | 13 m | 4 m | 187% |
| EBIT-adj margin | 9 % | (4 %) | |
| EBIT | 5 m | (4 m) | 1% |
| EBIT margin | 3 % | (4 %) | |
| Net profit SEK | 5 m | (2 m) | 188% |
| Net profit margin | 4 % | (1 %) | |
| EPS before dilution SEK | 0.09 | (0.03) | 187% |
| Cash flow from operating activities SEK | 29 m | (30 m) | -4% |
| ACV SEK | 11 m | (6 m) | 72% |
| ARR SEK | 451 m | (426 m) | 6% |
ACV SEK 11 m (6 m) ARR SEK 451 m (426 m)
| EPS before dilution SEK | 0.09 | (0.03) | 187% | ||
|---|---|---|---|---|---|
| Cash flow from operating activities SEK | 29 m | (30 m) | -4% | ||
| ACV SEK | 11 m | (6 m) | 72% | ||
| ARR SEK | 451 m | (426 m) | 6% | ||
| "Improvements in all "Continued positive |
|||||
| profitability trend" areas" |
|||||
| Magnus Svenningson, Christian Sundin, |
|||||
| CEO Formpipe | |||||
| Jan-Mar | |||||
| (SEK Million) | 2025 | 2024 | |||
| Net Sales | 139,1 | 124,9 | |||
| whereof recurring revenue | 111,7 | 101,9 | |||
| EBITDA | 30,2 | 21,3 | |||
| Margin, % | 21,6% | 17,0% | |||
| EBIT - excluding items affecting comparability | 12,8 | 4,5 | |||
| Margin, % | 9,1% | 3,6% | |||
| EBIT | 4,5 | 4,5 | |||
| Margin, % | 3,2% | 3,6% |
This is a translation of the original Swedish version. In the event of any discrepancies between
the two versions, the original Swedish version shall take precedence. The information was submitted for publication, at 08.15 CET 29 April 2025.
Good margin development.
We start the year with improved margins compared to both the previous year and quarter. The change work continues with a focus on organic sales growth and efficiency efforts. Sales-wise, the year has started well, especially for the Microsoft Dynamics business within the Lasernet business area and within the Public business area. At the group level, we see improvements in all areas. Net sales increased by 11 percent to SEK 139 million (125 million), EBIT increased to SEK 13 million (4 million) excluding onetime items, and ACV increased to SEK 11 million (6 million).
Lasernet Business Area
Lasernet has implemented personnel-related cost savings with the intended effect during the quarter. We see good development in turnover, which grows by 17 percent to SEK 61 million (52 million) and an EBIT that increased by 33 percent to SEK 8 million (6 million) excluding one-time costs. New business generates an increased ACV of SEK 8 million (5 million). This quarter, ACV is driven by continued good development of the Microsoft Dynamics business, however, Bank & Finance is weaker than expected. We see more and more signs that part of the good development in the Microsoft Dynamics business is a result of our repackaging and introduction of the freemium business model Essentials. We are creating new partner relationships that generate business, while our existing partners express that they are strengthening their offerings with the help of Essentials. We continue to explore new expansion opportunities regarding geography, business systems, and industries. We will start this expansion gradually in the coming quarters and continue our journey towards good profitability and growth. Lasernet plays a clear role among the many IT-systems used by larger companies with a complicated value chain or high demands on customer communication or regulatory compliance.
Public Business Area
We have now made significant progress in creating a unified organization, and we see concrete results from our joint technology development efforts in the form of a first installation at one of our municipalities, on a small scale but with real users. This is an important step forward as it validates that our new development process and technology stack work in harmony with our installed base and provide our customers with access to new features. Our customers are risk-aware and do not readily adopt untested technology. With this step behind us, it will be possible to increase the rollout pace and also add new functionality during the year. In
terms of figures, we increased turnover by 8 percent to SEK 78 million (72 million), and I especially want to highlight the margin improvement to SEK 12 million (5 million) EBIT excluding one-time items.
In Formpipe as a whole, we continue the work with our change journey and see that both our business areas have launched new business offerings, become more efficient, and improved margins. We see continued good opportunities for expansion within and outside the areas where Lasernet is currently active. Furthermore, Public has an interesting position in a market that, given the very turbulent developments in our vicinity and in the world, faces great challenges. Formpipe has the expertise and offerings that enable the public sector to manage and store its data under its own control, which increases both independence and robustness in their operations. The basic conditions for continued good development of our business areas are good despite a difficult external environment.
We continue to develop and simplify our group structure to achieve more independent subsidiaries and decentralized decision-making. The work involves ensuring that the legal structure reflects the operational one, meaning that personnel, contracts, etc., related to a specific business area should also belong to the same legal entity.
During the first months of the year, we have not only delivered improved results but also taken important steps forward in our long-term work. It is truly inspiring to see the strength and will within our team. I want to extend a warm thank you to all employees for your efforts – you are making a real difference. Now we continue the journey, together!
Magnus Svenningson, CEO Formpipe
Financial Information
January – March 2025
Net sales for the period increased by 11 % compared to previous year and totalled to SEK 139.1 million (124.9 million). Software revenue increased by 9 % from the previous year and totalled to SEK 112,9 million (103.2 million).
Total recurring revenue for the period increased by 10 % from the previous year and totalled to SEK 111.7 million (101.9 million), which is equivalent to 80 % of net sales (82 %). Exchange rate effects have affected net sales favourably by SEK 0.3 million in comparison with the previous year.
Revenue split, Jan - Mar 2025
Recurring revenue, rolling 12 m, mSEK
Annual recurring revenue (ARR), mSEK
January – March 2025
The operating costs for the period totalled to SEK 127.0 million (120.8 million). Personnel costs totalled to SEK 73.7 million (74.2 million). Selling expenses totalled to SEK 18.4 million (13.5 million). Other costs totalled to SEK 30.4 million (29.8 million). Exchange rate effects have increased expenses by SEK 0.4 million in comparison with the previous year.
Financial Information
Recurring revenues in relation to fixed operating costs, rolling 12 m, mSEK
January – March 2025
Operating profit before depreciation and amortization and items affecting comparability (EBITDA) totalled to SEK 30.2 million (21.3 million) with an EBITDA margin of 21.7 % (17.1 %). Operating profit (EBIT) excluding items affecting comparability totalled to SEK 12.8 million (4.5 million) with an adjusted operating margin of 9.2 % (3.6 %). EBIT amounted to SEK 4.5 million (4.5 million) with an operating margin of 3.2 % (3.6 %). Net profit totalled to SEK 5.1 million (1.8 million). Exchange rate effects have affected EBIT unfavourably by SEK 0.1 million in comparison with the previous year.
Sales and EBITDA margin, mSEK
Cash equivalents
Cash and cash equivalents at the end of the period amounted to SEK 51.2 million (54.6 million). The company's total bank overdraft facility amounts to SEK 50.0 million. At the end of the period it was not utilized (0.0 million). The total accessible funds therefore amount to SEK 101.2 million (104.6 million). 90% 95% 100% 105% 110%
The group had interest-bearing debt at the end of the period totalling to SEK 20.3 million (36.5 million), whereof SEK 10.3 million (16.5 million) refers to lease debts according to IFRS 16. 70% 75% 80% 85%
The group's net cash position thereby totalled to SEK 30.9 million (18.1 million), which corresponds to a net cash position of SEK 41.2 million (34.5 million) excluding IFRS 16-related debt. Recurring revenue / fixed operating costs, R12 %
Deferred tax asset
By the end of the period the group's deferred tax assets attributable to accumulated losses amounted to SEK 2.3 million (SEK 3.4 million).
Equity
Equity at the end of the period amounted to SEK 469.5 million (498.1 million), which was equivalent to SEK 8.65 (9.19) per outstanding share at the end of the period. Changes in the value of the Swedish krona compared to other currencies have changed the value of the group's net assets in foreign currencies by SEK -22.1 million (16.9 million) from the end of the year.
Equity ratio
The equity ratio at the end of the period was 58 % (59 %). 7% 8%
5% 6%
Cash flow from operating activities 4%
Cash flow from operating activities for the period totalled to SEK 28.6 million (29.9 million). 2% 3%
Investments and acquisitions 1%
Total investments for the period January – March amounted to SEK 13.2 million (14.6 million). 0%
Financial Information
- Investments in intangible assets totalled to SEK 13.3 million (14.2 million) and refer to capitalized product development costs.
- Investments in tangible and financial assets totalled to SEK 0.0 million (0.4 million).
- Acquisitions of subsidiaries amounted to SEK 0.0 million (- million).
Financing
During the period January – March the company amortized SEK 2.5 million (2.5 million).
The existing bank overdraft facility of SEK 50.0 million was unutilized at the end of the period (0.0 million). Leasing related liabilities amounted to SEK 10.3 million (16.5 million) at the end of the period. The group's interest-bearing debt at the end of the period was thereby SEK 20.3 million (36.5 million).
Market and Business Areas
Data and information are becoming more and more important for the financial development: they are the foundation for many new products and services, leading to productivity and efficiency gains in all sectors of the economy. Being able to harness the opportunities of digitalization has become one of the most important issues of our time. The benefits of being able to collect, verify, process, and present data are extensive.
Formpipe has a strong market position with stable, recurring, and profitable revenues, which enables growth through investments in new and existing markets as well as the development of new offerings.
Lasernet
Customer Communication Management (CCM) are tools and methods that companies use to manage communication processes with customers and suppliers. Lasernet operates within this market and helps organizations deliver relevant, timely, and accurate communication, leading to increased customer satisfaction.
Lasernet produces, customizes, formats, and distributes content from various systems and data sources to the format that best suits the company in its communication with customers or other business partners. Lasernet complements ERP systems and enables business documents to be delivered in exactly the format and layout desired. The ERP market is growing rapidly, driven by digital transformation, cloud-based solutions, and advanced technologies such as AI and IoT.
The Lasernet business area has two focus areas: ERP and Banking. In ERP, growth is largely driven by Microsoft's success with Dynamics and its clear focus on cloud solutions, where Lasernet is the leading solution for configuring business documents from the ERP system.
In 2024, Lasernet launched Essentials for Dynamics, a new product packaging where a freemium version is now offered to Dynamics customers to easily try Lasernet and then gradually increase their consumption towards a full Enterprise solution. In addition to Dynamics, Lasernet has customers in
several other ERP systems, such as Infor, IFS, and SAP.
The acquisition of Dictymatec in 2024 gives Lasernet an increased presence in the French, Spanish, and Latin American markets. Dictymatec also has experience with ERP systems such as SAP, which gives Formpipe the opportunity to better evaluate the possibilities within this ERP system.
In Banking, Lasernet has well-established partnerships with Temenos and is today a highly appreciated third-party solution for document management. In addition to Temenos, other system providers in Banking have shown interest in including Lasernet in their offerings, and Formpipe now also has cooperation agreements with Thought Machine and Mambu.
Q1 2025 (Lasernet)
Lasernet continues to grow strongly, with recurring revenue increasing by 16% to SEK 54 million (SEK 46 million), of which SaaS increased by 28% to SEK 36 million (SEK 28 million) for the quarter. SaaS growth continues and the graph below shows the development during Q1 over the past 5 years.
Lasernet SaaS Lasernet SaaS Growth %
Total revenue amounted to SEK 61 million (SEK 52 million) and the result (EBITDA) to SEK 13 million (SEK 11 million), with an EBITDA margin of 21% (21%).
Lasernet SaaS, MSEK
Market and Business Areas
Public
The Public business area provides mission-critical software for document and case management to the public sector in Sweden and Denmark with products such as Platina, W3D3, and Adoxa in Sweden, as well as Acadre, Adoxa, and TAS in Denmark.
Main trends in the public sector include increasing demands for efficiency and regulatory requirements such as NIS2 and GDPR, as well as an increased threat from cyberattacks and Sweden's accession to NATO. This drives the need for digitalization and automation to counteract cost increases.
The market is growing with increased needs for effective regulatory compliance and information security. Formpipe has a leading market position in Sweden and Denmark and is investing in new functions within digitalization, such as automation and AI.
The Swedish government promotes digitalization in the public sector to increase efficiency and improve accessibility. A report from the AI company Tendium shows that public organizations in Sweden have increased their IT expenditures by 25 percent over four years. The government has received proposals from Digg to improve the governance and coordination of digitalization efforts.
At the beginning of 2024, the business areas for the Danish and Swedish public sectors were merged into a common business area, Public. The merger provides increased clarity, focus, and synergies across national borders.
This allows Formpipe to better meet our customers' growing needs and focus on developing attractive offerings for the public sector, with a focus on efficiency, legislation, and data sovereignty. Thanks to a common organization, resources are freed up for customer dialogue, innovation, and product development.
The work continues to move Public from developing and selling a number of products to a product platform with more common functions. This provides advantages in the form of increased resources for the development of new functionality and the application of modern product development technologies.
Q1 2025 (Public)
During the first quarter, recurring revenues grew by 4% to SEK 57 million (SEK 55 million), of which SaaS grew by 18% to SEK 12 million (SEK 10 million). Below is the SaaS growth for Public during Q1 over the past 5 years.
The business area's total revenues amounted to SEK 78 million (SEK 73 million) and its result (EBITDA) amounted to SEK 23 million (SEK 17 million), with a margin of 30% (23%).
At the end of March, Public held its annual customer meeting with its Swedish customers. Over 200 participants listened to seminars on topics such as AI for the public sector and Long-Term Archive, see the image below.
Significant Events
Profit Warning for fourth quarter 2024
Formpipe issued a profit warning on January 20, 2025, announcing that the results for the fourth quarter for 2024 were expected to be lower than anticipated. The quarter was burdened by a one-time cost due to the cyber incident that occurred in the Danish operations during the fall. Together with costs for ongoing change projects, the quarter's results were negatively impacted. Formpipe simultaneously announced measures in the cost structure, primarily focused on the Lasernet business area.
CPO Departure
CPO Lina Elo will leave at the end of Q1 2025 and will be replaced by interim CPO Jesper Bruksner.
Nothing to report.
Employees
The number of employees at the end of the reporting period totalled to 262 persons (263 persons).
Risks and uncertainty factors
The significant risk and uncertainty factors for the group and the parent company, which include business and financial risks, are described in the annual report for the last financial year. During the period there have been no other changes in the risk and uncertainty factors for the group and the parent company.
Transactions with related parties
No related party transactions have occurred during the period.
Accounting policies
The group's financial reports are prepared in accordance with International Financial Reporting Standards (IFRS) in the way in which they have been adopted by the European Union, the Swedish Annual Accounts Act, RFR 1 Additional Accounting Regulations for Groups issued by the Swedish Financial Reporting Board and in accordance with the regulations that the Stockholm Stock Exchange stipulates for companies listed on Nasdaq Stockholm. Preparing financial reports in accordance with IFRS requires that the company management makes accounting evaluations and estimates and makes assumptions that affect the application of the accounting policies and the reported values of assets, liabilities, income and costs. The actual result can differ from these estimates and evaluations. This interim report has been prepared in accordance with IAS 34 Interim Financial Reporting and the Swedish Annual Accounts Act. The interim report covers pages 1-20 and the interim report on pages 1-9 is thus an integral part of this financial report. The most important accounting policies according to IFRS, which constitute the accounting standard for the preparation of this interim report, are stated in the company's most recently published annual report.
The financial reports of the parent company have been pre-pared in accordance with the Swedish Annual Accounts Act and RFR 2 Accounting for Legal Entities issued by the Swedish Financial Reporting Board. The same accounting policies and methods of calculation have been applied in the interim report and in the most recent annual report.
About Formpipe
Formpipe Software AB (publ) is a Swedish software company in the field of Content Services (previously Enterprise Content Management, ECM). Several thousand customers in more than 60 countries currently entrust us and our services. Our marketleading position gives us clear competitive advantages in the development and sale of software for effective and valuable information services. The Company focuses on products for document and records management, automation of information-intensive business processes, e-archives, data quality and smart management of customer communication.
Formpipe was founded in 2004 and has offices in Sweden, Denmark, United Kingdom, USA, France and Germany. The Formpipe share is listed on Nasdaq Stockholm.
Calendar for financial information
| April 29, 2025 | AGM 2025 |
|---|---|
| July 15, 2025 | Interim report Jan-Jun |
| October 24, 2025 | Interim report Jan-Sep |
This interim report has not been subjected to review by the company's auditors.
The Annual Report is available on Formpipe's website, www.formpipe.com.
The Annual General Meeting is held at the head office at Sveavägen 168, on April 29, 2025.
Financial information
Can be ordered from the below contact details. All financial information is published on www.formpipe.com immediately after being made public.
Contact information
Magnus Svenningson, Managing Director Telephone: +46 739 639 700 E-mail: [email protected]
Stockholm April 29, 2025
Formpipe Software AB The Board of Directors and the Managing Director
Formpipe Software AB (publ) Swedish company reg. no.: 556668-6605 Sveavägen 168 | Box 231 31 | 104 35 Stockholm T: +46 8 555 290 60 | F: +46 8 555 290 99 [email protected] | www.formpipe.se
| Financial Tables (SEK 000) Net Sales Other opertaing income Total income Sales expenses Other costs Personnel costs Capitalized work for own account Operating profit/loss before depreciation/amortization and non-comparative items (EBITDA) Items affecting comparability Depreciation/amortization Operating profit/loss (EBIT) Financial income and expenses Exchange rate differences Tax Net profit for the period Of which the following relates to: Parent company shareholders Other comprehensive income Translation differences Other comprehensive income for the period, net after tax |
Jan-Mar 2025 139 078 639 139 717 -18 391 -30 409 -73 677 12 912 30 152 -8 250 -17 391 4 511 -238 2 725 -1 911 |
2024 124 889 410 125 299 -13 549 -29 779 -74 203 13 551 21 319 - -16 865 4 454 -238 -2 689 243 |
|---|---|---|
| 5 088 | 1 769 | |
| 5 088 | 1 769 | |
| -22 089 | 16 884 | |
| -22 089 | 16 884 | |
| Total comprehensive income for the period | -17 002 | 18 653 |
| Of which the following relates to: | ||
| Parent company shareholders | -17 002 | 18 653 |
| EBITDA margin, % | 21,6% | 17,0% |
| EBIT margin, % Profit margin, % |
3,2% | 3,6% |
| 3,6% | 1,4% | |
| Earnings per share attributable to the parent company's shareholders during the period (SEK per share) | ||
| - before dilution | 0,09 | 0,03 |
| - after dilution | 0,09 | 0,03 |
| Average no. of shares before dilution, in 000 | 54 258 | 54 218 |
| Average no. of shares after dilution, in 000 | 54 258 | 54 218 |
| Financial Tables | ||||
|---|---|---|---|---|
| 31 Mar | 31 dec | |||
| (SEK 000) ASSETS |
2025 | 2024 | 2024 | |
| Non-current assets | ||||
| Intangible assets | ||||
| Capitalized expenditure | 167 360 | 170 911 | 172 571 | |
| Goodwill | 439 961 | 454 813 | 458 206 | |
| Other intangibel assets | 3 943 | 7 602 | 5 052 | |
| Intangible assets | 611 265 | 633 326 | 635 829 | |
| Tangible assets | ||||
| Other equipment & furnitures | 17 013 | 23 137 | 20 191 | |
| Tangibel assets | 17 013 | 23 137 | 20 191 | |
| Financial assets Other financial assets |
||||
| Other non-current receivables | 1 746 - |
1 843 1 148 |
1 846 209 |
|
| Financial assets | 1 746 | 2 992 | 2 055 | |
| Non-current receivables | ||||
| Deferred tax assets | 2 263 | 3 379 | 1 080 | |
| Non-current receivables | 2 263 | 3 379 | 1 080 | |
| Non-current assets | 632 287 | 662 833 | 659 155 | |
| Current assets (excl. cash equivalents) | ||||
| Current receivables | ||||
| Trade receivables | 89 848 | 80 462 | 110 517 | |
| Current tax assets | 7 948 | 7 980 | 7 311 | |
| Other receivables Prepaid costs and accrued income |
-1 32 936 |
5 43 617 |
3 30 760 |
|
| 130 732 | 132 064 | 148 590 | ||
| 54 569 | 46 523 | |||
| Cash equivalents | 51 171 | |||
| TOTAL ASSETS | 814 189 | 849 466 | 854 269 |
| 31 Mar | 31 dec | ||
|---|---|---|---|
| (SEK 000) | 2025 | 2024 | 2024 |
| EQUITY | |||
| Share capital | 5 426 | 5 422 | 5 426 |
| Other paid-in capital | 230 325 | 229 178 | 230 325 |
| Revaluation reserves | 43 213 | 66 873 | 65 302 |
| Retained earnings including profit for the year | 190 543 | 196 623 | 185 117 |
| Equity | 469 506 | 498 096 | 486 170 |
| LIABILITIES | |||
| Non-current liabilities | |||
| Liabilities to credit institutions | - | 10 000 | 2 500 |
| Deferred tax liabilities | 39 233 | 41 470 | 40 566 |
| Non-current leasing liabilities | 4 869 | 8 552 | 6 315 |
| Non-current liabilities | 44 102 | 60 021 | 49 381 |
| Current liabilities | |||
| Liabilities to credit institutions | 10 000 | 10 000 | 10 000 |
| Current leasing liabilities | 5 433 | 7 955 | 6 149 |
| 24 260 | 29 401 | 35 630 | |
| Trade liabilities | -0 | 0 | |
| Current tax liabilities | 1 226 | 14 576 | |
| Other liabilities | 11 192 | 9 346 | |
| Accrued expenses and deferred income | 248 469 | 234 645 | 252 362 |
| Current liabilities | 300 581 | 291 348 | 318 718 |
| Liabilities | 344 683 | 351 369 | 368 099 |
| TOTAL EQUITY AND LIABILITIES | 814 189 | 849 466 | 854 269 |
| Financial Tables | |||||
|---|---|---|---|---|---|
| Equity attributable to the parent company's shareholders | |||||
| Share | Other contributed |
Other | Profit/loss brought |
||
| (SEK 000) | capital | capital | reserves | forward | Total |
| Balance at January 1, 2023 | 5 422 | 229 178 | 49 989 | 194 854 | 479 443 |
| Comprehensive income | |||||
| Net profit for the period | - | - | - | 1 769 | 1 769 |
| Other comprehensive income items Total comprehensive income |
- - |
- - |
16 884 16 884 |
- 1 769 |
16 884 18 653 |
| Balance at June 30, 2023 | 5 422 | 229 178 | 66 873 | 196 623 | 498 096 |
| Balance at January 1, 2024 | 5 426 | 230 325 | 65 302 | 185 117 | 486 170 |
| Comprehensive income | |||||
| Net profit for the period | - | - | - | 5 088 | 5 088 |
| Other comprehensive income items | - | - | -22 089 | - | -22 089 |
| Total comprehensive income | - | - | -22 089 | 5 088 | -17 002 |
| Transaction with owners | - | - | 338 | 338 | |
| Incentive program regulated by equity instruments | - | ||||
| Total transaction with owners | - | - | - | 338 | 338 |
| (SEK 000) | Jan-Mar 2025 |
2024 |
|---|---|---|
| Cash flow from operating activities | ||
| Operating profit/loss (EBIT) | 4 511 | 4 454 |
| Items not affecting cash flow | ||
| - Depreciation | 17 391 | 16 865 |
| - Other items | 366 | 82 |
| Other items affecting liquidity | ||
| Interest revenue Interest expense |
268 -369 |
426 -708 |
| Realized currency effects | 3 685 | -2 876 |
| Income tax paid (-) / reimbursed (+) | -1 612 | 2 667 |
| Cash flow from operating activities | 24 240 | 20 909 |
| before working capital changes | ||
| Increase (-) / decrease (+) work in progress | -1 894 | -1 129 |
| Increase (-) / decrease (+) trade receivables Increase (-) / decrease (+) other current receivables |
16 580 -2 013 |
25 843 -3 512 |
| Increase (+) / decrease (-) trade payables | -10 734 | -7 876 |
| Increase (+) / decrease (-) current liabillities | 2 442 | -4 295 |
| Cash flow from changes in working capital | 4 381 | 9 031 |
| Cash flow from operating activities | 28 621 | 29 940 |
| Cash flow from investing activities | ||
| Investment in intangible assets | -13 264 | -14 177 |
| Investment in tangible assets | -184 | -636 |
| Investment in financial assets | 209 | 221 |
| Cash flow from investing activities | -13 239 | -14 592 |
| Cash flow from financing activities | ||
| Repayment of loans Repayment of leasing liabillities |
-2 500 | -2 500 |
| Cash flow from financing activities | -2 181 -4 681 |
-1 763 -4 263 |
| Chas flow for the period | 10 701 | 11 084 |
| -6 054 | 3 745 | |
| Currency translation differences for cash | ||
| Cash and cash equivalent at the beginning of the period | 46 524 | 39 740 |
| Q2 2023 Q3 2023 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 32 135 33 679 36 062 38 373 41 673 43 879 45 950 48 106 62 339 65 454 64 743 63 489 64 991 65 088 64 648 63 552 94 474 99 133 100 805 101 861 106 665 108 967 110 598 111 658 7 924 1 928 6 070 1 318 3 628 850 2 716 1 269 102 398 101 062 106 875 103 180 110 293 109 817 113 314 112 928 34 871 22 292 28 764 21 710 22 047 19 756 27 193 26 150 215 462 582 410 406 423 396 639 137 484 123 816 136 221 125 299 132 746 129 997 140 903 139 717 -16 340 -14 241 -15 413 -13 549 -15 709 -14 977 -17 015 -18 391 -30 480 -28 500 -32 569 -29 779 -32 975 -31 456 -34 328 -30 409 -75 321 -65 304 -72 319 -74 203 -72 469 -65 456 -77 718 -73 677 13 740 13 434 17 052 13 551 13 517 14 821 13 137 12 912 -108 401 -94 610 -103 249 -103 981 -107 636 -97 068 -115 924 -109 564 29 083 29 206 32 973 21 319 25 110 32 929 24 979 30 152 21,2% 23,6% 24,2% 17,0% 18,9% 25,3% 17,7% 21,6% - -1 465 - - - -6 061 -4 703 -8 250 -16 142 -16 153 -15 722 -16 865 -17 189 -17 259 -17 699 -17 391 12 941 11 588 17 251 4 454 7 921 9 610 2 577 4 511 |
Financial Tables | ||||
|---|---|---|---|---|---|
| (SEK 000) SaaS Support and maintenance Recurring revenue License Software revenues Deliveries Other income Total income Sales expenses Other costs Personnel costs Capitalized development costs Total operating expenses EBITDA % Items affecting comparability Depreciation/amortization EBIT |
|||||
| % 9,4% 9,4% 12,7% 3,6% 6,0% 7,4% 1,8% 3,2% |
| Financial Tables | ||||
|---|---|---|---|---|
| The group's segments are divided based on the customer groups they target. The segments are divided into Public, Lasernet, and Other and | ||||
| reflect the group's internal reporting and follow-up by group management. The Public segment finds its customers within the public sectors of Sweden and Denmark. The Lasernet segment gathers the group's offerings aimed at customers outside the public sector and is not tied to a specific geographical market. The Other segment includes the group's older products that are not included in any of the other segments as well as the group's overhead costs. |
||||
| Jan-Mar 2025 | ||||
| (SEK 000) | Public | Lasernet | Other | Group |
| SaaS | 11 973 | 36 133 | - | 48 106 |
| Support & Maintenance | 45 286 | 17 534 | 732 | 63 552 |
| Recurring revenue | 57 259 | 53 667 | 732 | 111 658 |
| License | 253 | 1 016 | - | 1 269 |
| Sofware revenue | 57 512 | 54 683 | 732 | 112 928 |
| Delivery | 20 011 | 6 138 | 1 | 26 150 |
| Other income | 96 | 356 | 187 | 639 |
| Total income | 77 619 | 61 177 | 920 | 139 717 |
| Sales expenses | -4 288 | -14 103 | - | -18 391 |
| Other costs | -15 933 | -11 573 | -2 903 | -30 409 |
| Personnel costs | -43 426 | -26 225 | -4 026 | -73 677 |
| Capitalized work for own account | 9 421 | 3 484 | 7 | 12 912 |
| EBITDA | 23 394 | 12 760 | -6 002 | 30 152 |
| % | 30,1% | 20,9% | -652,4% | 21,6% |
| Items affecting comparability | -2 507 | -4 336 | -1 408 | -8 250 |
| Depreciation/amortization | -11 826 | -5 129 | -436 | -17 391 |
| EBIT | 9 061 | 3 296 | -7 846 | 4 511 |
| % | 11,7% | 5,4% | -852,9% | 3,2% |
| jan-mar 2024 | ||||
| (SEK 000) | Public | Lasernet | Other | Koncern |
| SaaS | 10 157 | 28 216 | - | 38 373 |
| Support & Maintenance | 44 874 | 17 926 | 689 | 63 489 |
| Recurring revenue | 55 030 | 46 142 | 689 | 101 861 |
| License | 475 | 843 | - | 1 318 |
| Sofware revenue | 55 505 | 46 985 | 689 | 103 180 |
| Delivery | 16 970 | 4 740 | - | 21 710 |
| Other income | 180 | 230 | -0 | 410 |
| Net sales | 72 655 | 51 955 | 689 | 125 299 |
| Sales expenses | -3 741 | -9 809 | - | -13 549 |
| jan-mar 2024 | ||||
|---|---|---|---|---|
| (SEK 000) | Public | Lasernet | Other | Koncern |
| Support & Maintenance Recurring revenue |
44 874 55 030 |
17 926 46 142 |
689 689 |
63 489 101 861 |
| License | 475 | 843 | - | 1 318 |
| Sofware revenue | 55 505 | 46 985 | 689 | 103 180 |
| Delivery | 16 970 | 4 740 | - | 21 710 |
| Other income | 180 | 230 | -0 | 410 |
| Net sales | 72 655 | 51 955 | 689 | 125 299 |
| Sales expenses | -3 741 | -9 809 | - | -13 549 |
| Other costs | -17 134 | -9 043 | -3 603 | -29 779 |
| Personnel costs | -45 432 | -25 678 | -3 094 | -74 203 |
| Capitalized work for own account | 10 178 | 3 373 | - | 13 551 |
| EBITDA | 16 527 | 10 799 | -6 007 | 21 319 |
| % | 22,7% | 20,8% | -872,1% | 17,0% |
| Items affecting comparability | - | - | - | - |
| Depreciation/amortization | -11 196 | -5 085 | -583 | -16 865 |
| 5 331 | 5 713 | -6 591 | 4 454 | |
| EBIT | 7,3% | 11,0% | -956,7% | 3,6% |
| Financial Tables | ||||
|---|---|---|---|---|
| Jan-Mar 2025 | ||||
| (Mkr) | Public Lasernet | Other | Group | |
| ARR In - SaaS | 55,2 | 146,9 | - | 202,1 |
| ARR In - Support & Maint. | 181,1 | 72,6 | 3,1 | 256,8 |
| ARR In - FX | -6,0 | -13,4 | - | -19,4 |
| ARR - Acq. SaaS | - | - | - | - |
| ARR - Acq. Support & Maint. | - | - | - | - |
| ARR In - Acquired | - | - | - | - |
| ARR In* | 230,3 | 206,1 | 3,1 | 439,5 |
| ACV - SaaS | 0,7 | 7,9 | - | 8,6 |
| ACV - Support & Maintenance | 2,0 | -0,2 | 0,6 | 2,4 |
| ACV - Net | 2,7 | 7,7 | 0,6 | 11,0 |
| ARR Out - SaaS | 54,3 | 145,7 | - | 200,1 |
| ARR Out - Support & Maint. | 178,7 | 68,1 | 3,7 | 250,5 |
| ARR Out | 233,0 | 213,8 | 3,7 | 450,5 |
| jan-mar 2024 | ||||
| (Mkr) | Public Lasernet | Other | Koncern | |
| ARR In - SaaS | 50,3 | 109,4 | - | 159,6 |
| ARR In - Support & Maint. | 171,9 | 71,4 | 2,3 | 245,6 |
| ARR In - FX | 4,9 | 9,4 | - | 14,4 |
| ARR In | 227,0 | 190,3 | 2,3 | 419,6 |
| ACV - SaaS | 0,5 | 5,5 | - | 6,0 |
| 1,4 | -0,9 | -0,1 | 0,4 | |
| 1,9 | 4,6 | -0,1 | 6,4 | |
| ACV - Support & Maintenance | ||||
| ACV - Net | ||||
| ARR Out - SaaS ARR Out - Support & Maint. |
51,9 177,0 |
120,7 74,2 |
- 2,2 |
172,6 253,4 |
jan-mar 2024
| jan-mar 2024 | ||||||
|---|---|---|---|---|---|---|
| (Mkr) | Public Lasernet | Other | Koncern | |||
| ARR In - Support & Maint. | 171,9 | 71,4 | 2,3 | 245,6 | ||
| ARR In - FX | 4,9 | 9,4 | - | 14,4 | ||
| ARR In | 227,0 | 190,3 | 2,3 | 419,6 | ||
| ACV - SaaS | 0,5 | 5,5 | - | 6,0 | ||
| ACV - Support & Maintenance | 1,4 | -0,9 | -0,1 | 0,4 | ||
| ACV - Net | 1,9 | 4,6 | -0,1 | 6,4 | ||
| ARR Out - SaaS | 51,9 | 120,7 | - | 172,6 | ||
| ARR Out - Support & Maint. | 177,0 | 74,2 | 2,2 | 253,4 | ||
| ARR Out | 228,9 | 194,9 | 2,2 | 426,0 | ||
| 2021-01-01 | 2022-01-01 | 2023-01-01 | 2024-01-01 | 2025-01-01 | ||
| 2021-12-31 | 2022-12-31 | 2023-12-31 | 2024-12-31 | 2025-03-31 | ||
| Shares outstanding beginning of the period | 53 463 907 | 53 726 057 | 54 217 825 | 54 217 825 | 54 258 121 | |
| Share issue | 0 | 0 0 |
40 296 | 0 | ||
| Share issue from warrant programme | 262 150 | 252 800 | 0 | 0 | 0 | |
| 0 | 238 968 | 0 | 0 | 0 |
| 2021-01-01 | 2022-01-01 | 2023-01-01 | 2024-01-01 | 2025-01-01 | |
|---|---|---|---|---|---|
| 2021-12-31 | 2022-12-31 | 2023-12-31 | 2024-12-31 | 2025-03-31 | |
| Shares outstanding beginning of the period | 53 463 907 | 53 726 057 | 54 217 825 | 54 217 825 | 54 258 121 |
| Share issue | 0 | 0 | 0 | 40 296 | 0 |
| Share issue from warrant programme | 262 150 | 252 800 | 0 | 0 | 0 |
| 0 | 238 968 | 0 | 0 | 0 |
| Financial Tables | ||
|---|---|---|
| Jan-Mar | ||
| 2025 | 2024 | |
| Employees at end of period | 262 | 263 |
| Total income, SEK 000 | 139 717 | 125 299 |
| EBITDA, SEK 000 | 30 152 | 21 319 |
| EBIT, SEK 000 | 4 511 | 4 454 |
| Net profit for the period, SEK 000 | 5 088 | 1 769 |
| EBITDA margin, % | 21,6% | 17,0% |
| EBIT margin, % | 3,2% | 3,6% |
| Profit margin, % | 3,6% | 1,4% |
| Return on equity, %* | 4,2% | 7,1% |
| Return on working capital, %* | 5,4% | 9,7% |
| Equity ratio, % | 58% | 59% |
| Equity per outstanding share at the end of the period, SEK | 8,65 | 9,19 |
| Earnings per share - before dilution, SEK | 0,09 | 0,03 |
| Earnings per share - after dilution, SEK | 0,09 | 0,03 |
| Share price at the end of the period, SEK * Ratios including P&L measures are based on the most recent 12-month period |
26,10 | 29,30 |
| (SEK 000) | Jan-Mar 2025 |
2024 |
| Net sales | 40 971 | 38 814 |
| Other opertaing income | 283 | 289 |
| Total income | 41 255 | 39 103 |
| Operating expenses | ||
| -1 612 | -1 367 | |
| Sales expenses | ||
| Other costs | -19 236 | -16 322 |
| * Ratios including P&L measures are based on the most recent 12-month period | ||
|---|---|---|
| Jan-Mar | ||
| Net sales | 40 971 | 38 814 |
| Other opertaing income | 283 | 289 |
| Total income | 41 255 | 39 103 |
| Operating expenses | ||
| Sales expenses | -1 612 | -1 367 |
| Other costs | -19 236 | -16 322 |
| Personnel costs | -24 495 | -22 574 |
| Items affecting comparability | -2 457 | - |
| Depreciation/amortization | -3 829 | -2 509 |
| Total operating expenses | -51 629 | -42 771 |
| Operating profit/loss | -10 375 | -3 669 |
| - | - | |
| Result from participations in group companies | -5 663 | |
| Other financial items | 8 451 | |
| Tax | -466 | -154 |
| Net profit for the period | -2 389 | -9 486 |
| 31 Mar | 31 dec | ||
|---|---|---|---|
| (SEK 000) | 2025 | 2024 | 2024 |
| Intangible assets | 21 933 | 29 819 | 23 702 |
| Tangible assets | 2 364 | 1 224 | 2 558 |
| Financial assets | 345 213 | 346 391 | 345 422 |
| Deferred tax asset | - | 2 363 | - |
| Current assets (excl. cash equivalents) | 67 634 | 51 741 | 78 942 |
| Cash and bank balances | 43 925 | 51 205 | 41 913 |
| TOTAL ASSETS | 481 070 | 482 745 | 492 537 |
| Restricted equity | 23 117 | 23 112 | 23 117 |
| Non-restricted equity | 219 340 | 219 130 | 219 331 |
| Total equity | 242 457 | 242 242 | 242 448 |
| Long-term liabilities | 388 | 10 000 | 2 922 |
| Current liabilities | 238 225 | 230 503 | 247 167 |
| TOTAL EQUITY AND LIABILITIES | 481 070 | 482 745 | 492 537 |
| 31 dec | |||
|---|---|---|---|
| (SEK 000) | 2025 | 2024 | 2024 |
Definitions
Formpipe uses alternative key figures, also called APM (Alternative Performance Measures). Formpipe's APM's are calculated from the financial reports, which are prepared in accordance with applicable rules for financial reporting, where prepared figures are altered by adding or subtracting amounts from the presented numbers. Below the alternative performance measures, that Formpipe uses in published reports, are defined and described
Software revenue
The total of license revenue, revenue from SAAS and revenue from support and maintenance contracts.
Recurring revenue
Revenue of an annually recurring nature such as support and maintenance revenue and revenue from SAAS services regarding license agreements.
Annual recurring revenue (ARR)
Annual recurring revenue from all contracted agreements at the end of the period. Won contracts not yet generating revenue is included. Churned contracts still generating revenue is not included.
ARR IN
Initial value for the period's Annual recurring revenue. ARR won during the period is included in ARR IN.
Annual Contract Value (ACV)
Annual recurring revenue of the period's won (ACV +) and lost (ACV -) contracts (net).
ARR OUT
Closing value of the period's Annual recurring revenue, provided that all new/lost contracts (ACV) of the period have begun/ceased to be recognized.
FX effect
Revaluation of ARR IN to the closing balance exchange rates.
Fixed operating expenses
Other costs and personnel costs.
Operating expenses
Sales costs, other costs, personnel costs, capitalized development and depreciation.
EBITDA
Earnings before depreciation, amortization, acquisitionrelated costs and other items affecting comparability.
EBITDA-adj.
EBITDA exclusive capitalized work for own account.
Items affecting comparability
The item must be of a material nature to be reported separately and considered undesirable from the regular core operations and complicate the comparison. For example, acquisition-related items, restructuring-related items and write-downs.
EBIT
Operating profit/loss.
Operating margin before depreciation and amortization (EBITDA margin)
Earnings before depreciation, amortization, acquisitionrelated costs and other items affecting comparability as a percentage of total income.
Operating margin before depreciation and amortization (EBITDA-adj margin)
Earnings before capitalized work for own account, depreciation, amortization, acquisition-related costs and other items affecting comparability as a percentage of total income.
Operating margin (EBIT margin)
Operating profit/loss as a percentage of total income.
Profit margin
Net profit/loss after tax as a percentage of total income at the end of the period.
Earnings per share - before dilution
Net profit/loss after tax divided by the average number of shares during the period.
Earnings per share - after dilution
Net proft/loss after tax adjusted for dilution effects divided by the average number of shares after dilution during the period.
Equity per share
Equity at the end of the period divided by the number of shares at the end of the period.
Return on equity
Profit/loss after tax as a percentage of average equity.
Return on working capital
Operating profit/loss as a percentage of average working capital (balance sheet total less non-interest bearing liabilities and cash and bank balances).
Free cash flow
Cash flow from operating activities minus cash flow from investing activities excluding acquisitions.
Net interest-bearing debt
Interest bearing debts minus cash and cash equivalents.
Equity ratio
Equity as a percentage of the balance sheet total.
Ordering financial information
Financial information and other related corporate information is published on www.formpipe.se Information may also be ordered from: Formpipe, Box 23131, SE-104 35 Stockholm and on [email protected]
Contact person for investor relations CFO Sophie Reinius [email protected]