Group financial overview

(Tkr) 2022Third Quarter 2021Third Quarter 2022First three quarters 2021First three quarters 2021Full year
Net sales 73 881 20 645 125 104 74 160 135 569
Operating profit before depreciation and amortisation (EBITDA) 2 173 845 5 088 3 591 4 924
Operating result (EBIT) 1 202 -21 2 246 1 054 1 537
Profit after tax 928 -88 1 625 663 1 000
Earnings per share after tax (SEK) 0,59 -0,06 1,03 0,42 0,63
Number of shares 1 576 000 1 576 000 1 576 000 1 576 000 1 576 000


  • Revenues increase by SEK 53.2 million to SEK 73.9 million (SEK 20.7 million in the same period last year). In the previous report (Q2) it was highlighted that there were significant deals taken but due to component shortages delivery and invoicing will not take place until the second half of 2022 and the first half of 2023. Q3 shows delivery in line with expectations for the quarter, but it is still noted that the component shortage remains as problematic as in the previous quarter and is expected to continue into 2023.
  • Annual recurring revenue (ARR) from operating activities is in line with the previous year and amounts to SEK 6.5 million (SEK 6.5 million in the same period last year).
  • Gross margin for operating activities at 15.6 per cent (37.5 per cent)
  • EBITDA amounts to SEK 2.2 million (SEK 0.85 million), corresponding to a margin of 2.9 percent (4.1).
  • During the period, an expense of SEK 88 thousand was incurred related to the development of our software solution linked to AI.
  • Cash and banking decreased during the quarter from SEK 2.5 million to SEK 1.5 million. The reason is increasingly larger and larger trades and cash/bank is affected depending on where we are in individual trades at the quarterly break. The assessment is that CGit’s growth will have a positive effect on our cash flow in the long term, but as trade receivables have grown a lot during Q3, the short-term effect will be negative.
  • Group earnings per share, third quarter 2022 amount to SEK 0.59 (-0.06)
CEO has the floor

Strong growth with profitability!

Together with our customers, we have made several major AI infrastructure deals in Q3 with profitability. This is giving us extremely good growth and has increased our market share and improved our market position in AI. This further consolidates our position as the leading player in AI infrastructure and related services in the Nordics. It also creates very good conditions for us to develop our other AI solutions and AI as a Service.

I also note that CGit is well equipped to face the turbulent world we are currently in. We do this by having multiple revenue legs that compensate for each other in a turbulent day. Our targeted increase in service revenues is having an impact both directly through consultancy revenues but also generating more contract and solution business as our experienced and merchant consultants become natural advisors to our clients who can sometimes feel disoriented when the market is as busy as it is right now. There is a start-up period when we bring on board new consultants, yet on service revenues alone we see a 175% increase in TB compared to the same period last year.

Digitalisation in Swedish and Nordic business is really taking off and the level of maturity and awareness is increasing all the time. Companies are beginning to realise that it may be the component that determines their survival or at least maintain market share or ensure their competitiveness! At the same time, the focus on cybersecurity is greater than it has been for a long time, partly because of the external environment. Digitalisation is about block chain, big data management, edge computing, digital twins linked to industry 4.0 and of course AI. (Artificial Intelligence).

To be one of the market leaders in AI, AI as a Service and AI infrastructure solutions in this situation creates very good conditions for us. As I have informed before, CGit has been working with AI, AI Infrastructure since 2017. We have helped set the standard for the architecture around these solutions, called AIRI (Artificial Intelligence Ready Intrastructure). Over these years, we have been responsible for designing, implementing, delivering and supporting many of the largest AI installations in the Nordics. It has generated both broad and deep expertise in the field but also experience and a broad “know how” about Swedish and Nordic business and how digitalisation can create new conditions for their business and its future.

Today we also have our proprietary product for AI, AiQu, an orchestrator for AI workflows. In parallel with the development of AiQu, we have built up a deep and broad expertise in consulting in the field of AI and also created applicable concepts for AI as a Service. With this battery of components, we want to make the benefits of AI available to all companies. The most common application where CGit today contributes its knowledge in AI in different companies or organizations is through the work on language management, data/information management and/or image and video management often referred to as “vision”. In industry, the most common uses and applications of AI are in quality control, various safety models and predictive maintenance models. With new technologies, we create new measurement points in the company’s processes, creating entirely new values and opportunities. Using “vision”, we can create new data to complement existing data and thereby categorise/find anomalies in a completely new way. In this way, CGit contributes to the development of companies into Industry 4.0.

AI Vision works in any application where a human with process knowledge uses the eyes to visually check, assess and decide on action. This makes the applications incredibly diverse. CGit wants to contribute to the further development of AI by understanding its customers’ businesses and by teaching and demonstrating the value of new technology through practical applications of an AI model.

I have described parts of our AI journey within CGit. By using CGit’s existing infrastructure and processes, we can offer companies a cost-effective production of AI. There, all data processing takes place on CGit-owned systems, which means that all data handled is always in Sweden. Through our AiQu software, customer data is always managed completely separately from other companies’ data. In addition, we can manage the monitoring of systems to ensure production. In summary, we can say that CGit can deliver from A to Z. With these prerequisites in the AI area, an expanded consulting team of 25% in Q3, and a well-established Managed Services business (operation, support and hosting of advanced IT infrastructure), I look forward to continuing to build our knowledge house. Our customers’ insight into the paradigm shift around Industry 4.0 allows us to deliver according to our plan and see continued growth in the coming years.


For more information, please contact the Company at:
CEO Mattias Bergkvist
Telephone: 031-762 02 40

This information is information that CGit Holding AB (publ) is obliged to make public pursuant to the EU Market Abuse Regulation. The information was submitted for publication, through the agency of the contact person set out above, on 2022-10-28.

CGit is an IT consulting company based in Mölndal, Sweden, and part of a group of companies. The company focuses on advanced data centre solutions, including specialised solutions and consulting services for Artificial Intelligence (AI) development and production. CGit currently has around 220 customers across a range of industries, of which it is a full partner in the delivery of IT support to 80 customers.


CGit_Interim_Report_ Q3_2022