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 2024 Annual Report, the acquisition of Ultinous announced in February 2024, and the subsequent reshaping of group operations to strengthen its financial future. This article updates our previous coverage of Irisity in July 2024. Irisity Profile 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 network of resellers, partners, security companies, and camera manufacturers globally. During 2024, the company’s average number of employees amounted to 89. 2024 Financial Overview The Group’s net sales amounted to SEK 88.4 million (around $9.2 million), a decline of 25% YoY. Gross margin amounted to 75.4%. EBITDA of SEK -92.5 million, impacted […]
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