Leaddesk delivered Q1 broadly in line with our estimates. The sales were in line while the ARR growth came in slightly behind our assumption. On a positive note the improved momentum in Enterprise customer segment has continued and the company advances in continental Europe. Guidance was repeated and looks achievable to us. However, we note that the small miss in ARR sets pressure for near-term estimates.

SEB Research

This research has been commissioned by the company. Only for professional investors resident in EEA member states. Reports may not be distributed to the US or other jurisdictions where to do so would be unlawful. Please see the disclaimer tab for any details of investment banking services recently provided by SEB that could be considered relevant to the subject matter of this research.