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Sleep Cycle AB — Investment Narrative, Update Q1 2025 Executive Summary Sleep Cycle AB (Nasdaq Stockholm: SLEEP) is the category-leading sleep-tracking app with ~904 000 paying subscribers and a decade-long proprietary data set exceeding three billion recorded nights. The asset-light subscription model generates robust profitability (average EBIT margin ≈ 26 % over 2022-2024) while free cash flow and a net-cash balance (≈ 157 m) support an ordinary plus special dividend.Read more

Update Q1 2025 (updated 250510) The latest user‐growth data suggest headwinds for top-line revenue, but management’s active repricing initiatives should help offset this. By combining modest user gains with targeted price increases, the company can still drive overall revenue growth.Read more

A Market Leader Driving Innovation and Growth in Business Solutions Fortnox AB is a standout player in the SaaS (Software-as-a-Service) space, providing cloud-based solutions tailored to small and medium-sized enterprises (SMEs). Known for its user-friendly interface, strong customer retention, and expansive ecosystem, Fortnox has become the go-to platform for businesses in Sweden.Read more

Key Takeaways Sinch's advanced AI and exclusive infrastructure position it for rapid growth, new revenue streams, and expanding market share through network effects. A shift toward high-value enterprise contracts and strong financial flexibility enable greater earnings visibility, high-margin verticals, and strategic investments.Read more

Key Takeaways Accelerating technological change and rising competition threaten Vitec's innovation pace, pricing power, and the long-term competitiveness of its diverse business portfolio. Heavy reliance on acquisitions and regulatory challenges increase operational complexity, integration risks, and cost pressures, undermining earnings stability and profitability.Read more

Key Takeaways Successful acquisitions and focused hiring in strategic segments could drive outsized growth, elevate margins, and enable Knowit to outperform market expectations. Strong positioning in ESG compliance and digital transformation markets supports premium pricing, larger contracts, and a more resilient long-term revenue stream.Read more

Key Takeaways Transition to subscription-based sales and broader identity solutions positions Yubico for stronger margins, recurring revenue, and increased customer retention. Escalating demand from regulation and cyber threats, combined with early penetration in large enterprises, provides a runway for sustained market and earnings growth.Read more

Key Takeaways Proprietary AI, organic user growth, and medical certification position Sleep Cycle for leading B2B partnerships and rapid adoption in expanding health and wellness markets. Strong cash reserves and disciplined costs enable substantial product investment, boosting earning power and resilience against competition.Read more

Key Takeaways Strong expansion in emerging markets and increased demand for security features are driving robust user growth and subscription uptake, boosting recurring revenue and profitability. Diversified revenue streams from B2B services and proprietary ad tech improve margin stability, reduce reliance on ads, and support long-term profit growth through network effects.Read more