Linkfire Q2: strOng growth continues

Pareto summary on the results:

On the right track in its growth journey

Net sales and gross profit

  • Linkfire reported net sales of DKK 7.6m vs PAS at DKK 7.6m
  • Net sales figure corresponds to total y/y growth of 42% (52% y/y on a constant currency basis)
  • Main sales growth driver continues to be commission-based revenue, growing at 280% y/y (250% on a constant currency basis)
  • Subscription revenue growth was 11% y/y (23% on a constant currency basis)
  • Gross profit amounted to DKK 5.5m, compared with PAS at DKK 5.5m
  • Gross margin slightly weaker at 72% compared with PAS at 73%


  • EBITDA came in at DKK -11.5m vs PAS at DKK -9.0m – trailing our estimates by 28%
  • EBITDA was negatively affected by approx. DKK 5.6m from IPO-related costs. Adjusted for this, the EBITDA amounted to DKK -6.0m (PAS est. DKK -3.4m).
  • Difference between PAS estimates and reported EBITDA figures largpsely stemmed from total reported OPEX coming in above our expectations


  • Strong topline development, despite currency headwinds negatively impacting subscription revenue
  • Slightly higher OPEX than expected, causing larger than expected EBITDA loss
  • Overall a good quarter, with Linkfire showing that it is on the right track in its growth journey
  • We are not likely to make any major changes to the 2021 forecast, and where the share is currently priced, the results should not have a major impact on the valuation. We have a Buy rating with a target price of SEK 16.

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