Smart Buildings

Flowscape Workplace Management Business & 2023 Financials Examined

In this Research Note, we examine the Swedish workplace management solutions vendor, Flowscape Technology AB, based on their year-end report for 2023, issued on 21st February 2024, Q4-2023 presentation, and subsequent announcements on changes in senior management. The firm is a small SaaS provider of digital workplace solutions for the hybrid office. The business concept was born out of a collaboration with a large Swedish real estate company Vasakronan in 2013. Since 2018, the company's shares have been traded on the Nasdaq First North Growth Market under the tag FLOWS. Headquartered in Stockholm, Flowscape has offices in the USA, UK and Bulgaria. Their main product, Flowmap, gives companies an overview of the office and enables them to quickly find rooms, desks, office equipment, and colleagues, as well as analyze the use of spaces. Flowscape also offers a communication tool for efficient geo-fence-specific communication to people in a building or within a designated area in the event of […]

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In this Research Note, we examine the Swedish workplace management solutions vendor, Flowscape Technology AB, based on their year-end report for 2023, issued on 21st February 2024, Q4-2023 presentation, and subsequent announcements on changes in senior management.

The firm is a small SaaS provider of digital workplace solutions for the hybrid office. The business concept was born out of a collaboration with a large Swedish real estate company Vasakronan in 2013.

Since 2018, the company's shares have been traded on the Nasdaq First North Growth Market under the tag FLOWS. Headquartered in Stockholm, Flowscape has offices in the USA, UK and Bulgaria.

Their main product, Flowmap, gives companies an overview of the office and enables them to quickly find rooms, desks, office equipment, and colleagues, as well as analyze the use of spaces. Flowscape also offers a communication tool for efficient geo-fence-specific communication to people in a building or within a designated area in the event of a crisis.

Flowscape 2023 Annual Results

Amounts are stated in thousands of kroner. Figures in brackets refer to the corresponding period of the previous year.

  • Net sales amounted to SEK 49,580 (39,812) thousand.
  • Operating profit before depreciation amounted to SEK 7,578 (-2,364) thousand.
  • Profit after financial items amounted to SEK -2,281 (-25,570) thousand.
  • Incoming orders amounted to SEK 27,105 (26,247) thousand, of which SEK 6,968 (8,044) thousand is annual recurring revenue.
  • Cash flow amounted to SEK -2,691 (744) thousand.
  • Earnings per share after financial items amounted to -0.116 (-1.305) SEK.
  • The annual recurring revenue (ARR) amounted to SEK 30.1 million (SEK 25 million), an increase of 20%.

Peter Reigo, Flowscape CEO commented that in 2023, the firm reached an important milestone. Total revenue, excluding activations, increased by 23% to 50.3 SEK million.

The company also had a positive operating result (EBIT) in the second half of the year. EBIT for the full year, excluding goodwill amortization, improved significantly from SEK -13.7 million in 2022 to SEK -0.3 million in 2023, thanks to lower operating costs and higher gross margin. 

Flowscape Results 2023
Flowscape Q4-2023 Presentation, February 2024

The CEO sees continued high activity in the Nordic market and they are winning a high proportion of the bids they are involved in. The Nordic market has accepted the hybrid way of working and is adapting offices accordingly, which creates good business opportunities.

Their initial investment in the Middle East is yielding results and they have a number of promising customer dialogues. The North American market is still weak and they are now updating their strategy to focus more on sales through partners.

2024 Outlook and Subsequent Events

In February 2024, the company announced that Flowscape's Head of North America, Magnus Arildsson, was leaving the company at the end of April 2024.

In March 2024, the CEO, Peter Reigo announced he was stepping down after 13 years and moving to a new role in the company responsible for product management and sales to large customers. A successor has not yet been announced.

With two key management personnel changing roles and departing in a small company of only 30 employees, this could be a critical year for Flowscape’s development and scale up to achieve its next milestone of SEK 100 million in turnover.

This article was written by Daphne Tomlinson, Senior Research Associate at Memoori.

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