Yeah, and it was also stated on two separate occasions that the majority of the growth came from Aurora AEYE after some circumlocution. Of course, there’s other stuff in there too, but it would be total hair-splitting to try to estimate that, say, 25–50 TEUR is Lumo software stream. The reports are already long and complex enough as it is, which is why I settled on stating it was predominantly Aurora AEYE. From a modeling perspective, I don’t see much difference either, as it’s software revenue. One could argue that the growth in recurring revenue stream from the newer Lumo would be even more important from a life-cycle standpoint.
This is based on Himberg’s interview on Inderes TV after the Q3 release. I asked whether Aurora AEYE is setting sales records every quarter, and Himberg replied: “That is correct. So far, that has been the case, with each quarter always being bigger than the previous one.” So this is my view of sales, not revenue or invoicing. The same question was also asked on the call, with the same answer. According to Himberg, the fastest growth comes from existing customers adding cameras to ongoing contracts, and there is an estimated lag of about six months from sales to the invoiced revenue stream. That’s why I expect Q2–Q3 sales to show up in recurring revenue in Q4’26–Q1’27.
They did, but perhaps there was nothing else positive worth mentioning in that report. That is precisely why I asked about it on two occasions, specifically referring on the conference call to the fact that it was disclosed in Q1, but hasn’t been disclosed since.
My personal impression is that Q1 was the first “big” quarter for Aurora AEYE sales, which is why it was highlighted. Since then, the company has been very confident that once these are deployed and invoiced, the numbers will indeed improve. But these are my own interpretations, not things I could or would want to put into anyone else’s mouth.
This wasn’t directed at me, but I did ask about this on the call as well. So I asked about the development of recurring revenue, and they listed Aurora AEYE, Lumo, software, and every other possible change without actually answering the question. Then, when I asked regarding Aurora AEYE whether there was anything else here that would explain the change, the answer was no. So at the very least, it is confirmed that it isn’t, for instance, a new deal in the Software segment.