Are there any other Flowscape investors left on this forum? Let’s post an update on the situation after a long while.
The results published in February turned Flowscape profitable for the first time. The year 2024 (2025) in figures:
- Revenue: approx. 44M SEK
- EBITDA: +10.5M SEK
- EBIT: +2.2M SEK
- ARR: 37.5M SEK (+10% annual growth)
A lot has happened in the company over the past two years. The CEO changed at the beginning of Q4 2024, and he has clarified the business operations. The focus is now on the Nordics, and there has been investment in the in-house sales staff. There have been many changes at the management level; the previous CEO (the main owner) stayed on to lead product development. Product development has been more clearly centralized in Sweden. In my opinion, the company’s valuation has not kept pace with the improving key figures. The valuation is currently at an attractive level, and the share price is partly weighed down by “SaaS-phobia” and a decrease in the number of Swedish retail investors. However, a new record in ARR has been set every quarter, and now that the result is in the black, positive earnings will start accumulating faster. The Q1 report will be published at the end of May, so I believe the valuation will start to rise as the profit continues to grow. The company also remains debt-free, and the cash position is good. Last year, people joined the board who might also signal that the main owner wants to make an exit in the coming years.
Edit: Just before May Day, a significant new customer acquisition was also announced when the Norwegian equivalent of YLE, NRK, started using Flowscape’s products.