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Interim Report January - March 2021: Strong first quarter in sales as well as net result

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January - March

  • Net sales increased with +6.2 procent to SEK 70.4 (66.2) million (+13 percent in local currencies).
  • EBIT amounted to SEK 6.0 (-8.8) million.
  • EBIT margin was 8.5 (-13.2) percent.
  • Profit after tax amounted to SEK 6.5 (-8.5) million.
  • Earnings per share before/after dilution amounted to SEK 0.35 (-0.46).
  • Cash flow from operating activities amounted to SEK 9.4 (9.2) million.
  • Cash and cash equivalents at the end of the period amounted to SEK 111.1 (71.5) million.


The first quarter of 2021 was a strong quarter for MSAB. In terms of sales, we delivered the best quarter in the Company’s history, SEK 70.4 (66.2) million. The bottom line, for a quarter that historically has been our weakest due to the seasonal variation we have in sales, was SEK 6.5 (-8.8) million.

This strong quarter, together with three out of four strong quarters in 2020, sets the stage for continued growth in 2021. I am happy to report that one year after the pandemic afflicted the world, MSAB has a solid financial foundation and remains the market leader. We’ve adopted our way of working, which is a key contributor to our strong global sales and cash flow.

When it comes to our global sales, EMEA, and especially Europe, accounted for the largest growth. We have a strong presence in this region, a broad customer base, and our result, as well as the feedback we receive from customers old and new, confirms our leading position. We are convinced that we will continue to grow in EMEA in 2021.

Last year we decided to reorganize our North American organization to ensure that we can fully realize the enormous potential we see on the North American market. Now that the new organization is in place, we are already beginning to see the results and we are convinced that we will see even more progress and growth throughout the rest of the year.

As we enter the second quarter, most of our customers remain in some form of lock-down, which means that they are unable to receive visitors, travel to suppliers for training, or meet for any other purpose for that matter. This situation means that some of the more major business deals we expect in 2021 are delayed. Exactly as we did for most of 2020, we continue to adapt and overcome these obstacles so we can meet our customers.

One of the ways we have overcome the barriers that the pandemic has thrown up is through the MSAB studio we have built, from where we send live updates, conduct customer meetings, and arrange other virtual events. The feedback we have received for this new approach has been phenomenal. I believe that MSAB is best-in-class when it comes to developing innovative ways to face new challenges, and our studio is a fantastic example of just this.

Demand in the industry for products like XRY continues to grow as the need for fast extraction of data, and for accuracy in the analysis of said data, is more important than ever. The ever-increasing quantity of data and the complexity of extracted information also creates new challenges within this sector, challenges that MSAB – through its products and services – is uniquely positioned to solve.

We are also proud to have the strongest platform in the industry in the face of ever-growing cyber threats. Our file format makes it impossible to change extracted data. The standard we have set for data, i.e., that it can be verified and validated, and the log files which are automatically generated, represent yet another level of security, which sets the industry standard.

MSAB also continues to lead when it comes to personal integrity.

We were encouraged to participate in the EU’s FORMOBILE project which began 18 months ago. This project will set the future standard for mobile forensics by making extraction more secure than ever before, while at the same time protecting personal integrity.

The purpose of this project is to create an end-to-end mobile forensic investigation chain, striving to improve digital safety and security from the confiscation of a mobile device all the way to producing presentable evidence. As the digital evidence becomes more crucial, the regulations for integrity and traceability increases.  We are proud to be able to contribute and help set the future standard for EU in this important matter. Bottomline, it is about preserving human rights.

This initiative builds on MSAB’s long-term leading position to provide a platform that does not just protect the reliability of extracted data, but which also protects the individual’s integrity. MSAB’ s key role in this important project is proof of our reputation and of the high standards we have for integrity and social responsibility for ourselves and for the tools we provide.

We are immensely proud of the steps we have taken thus far in 2021 and will maintain the same pace during the second quarter and the rest of the year to take advantage of the momentum that we clearly see we have.


Stockholm, April 2021

Joel Bollö, Chief Executive Officer


The information in this report is such that MSAB, Corporate ID number 556244-3050, is required to disclose in accordance with the EU’s Market Abuse Regulation. The information in this report was submitted for publication on 29 April, 2021 at 08:00 CEST.

Questions should be addressed to:
Chief Executive Officer Joel Bollö
Tel. +46 8 739 0270
Email: joel.bollo@msab.com

MSAB in brief

MSAB is a world leader in mobile forensics technology with the aim of extracting and analysing data from confiscated mobile devices, mainly from mobile phones. The Company has its own sales offices and sales representatives in Europe, North America, South America, Australia, Singapore, Japan, India and Russia, and together with a number of distributors, covers most of the world. The proprietary products have become a de facto standard in the field and are used for securing evidence in more than 100 countries. These products are complemented by a wide range of training courses with the possibility of becoming certified in a forensically sound methodology. Customers are primarily law enforcement agencies, such as police, military and customs. MSAB is listed on NASDAQ Stockholm under the ticker symbol: MSAB B.


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