In this Research Note, we examine Irisity AB, a Swedish provider of AI-powered video analytics solutions. This analysis highlights their financials based on the 2023 Annual Report, the acquisition of Ultinous announced in February 2024, and the subsequent streamlining of group operations. Irisity AB is a public company listed on Nasdaq First North Growth Market. Founded in 2006, the company serves customers in more than 90 countries with headquarters in Gothenburg, Sweden, and offices in Malmö, Israel, USA, UAE, and Singapore. The firm operates through a global network of resellers, partners, security companies, and camera manufacturers. During the full year, the company’s average number of employees amounted to 77 (83). Irisity 2023 Financial Overview The Group’s net sales amounted to MSEK 117.6 (87.7), a growth of 34% YoY. Gross margin amounted to 85.9% (79.7%). EBITDA amounted to MSEK –16.4 (–32.0) – an improvement of 49%. The year’s result after taxes amounted to MSEK –132.5 (-136.9). […]