GREATNasdaq StockholmSoftware - ApplicationIFRS · SEK

Greater Than

Greater Than is a Stockholm-based software company that provides AI-driven risk intelligence for road safety and mobility. Its platform turns GPS and vehicle data from connected cars, telematics devices, dashcams, and mobile apps into driver scores, crash-probability insights, and climate-impact analytics for organizations that manage fleets, insurance, or mobility services.

Revenue40.6m SEK
−2.7 %y/y
Operating profit (EBIT)-46.6m SEK
−2,374.7 %y/y
EBIT margin-114.9%
−110.3 ppy/y
Net income-49.6m SEK
−1,170.5 %y/y

Fiscal year 2025 · change from previous year

Development 2021–2025

-60-40-200204060m SEK2021: 4.3 m SEK2021: EBIT -29 m SEK20212022: 4.3 m SEK2022: EBIT -58 m SEK20222023: 13 m SEK2023: EBIT -58 m SEK20232024: 42 m SEK2024: EBIT -1.9 m SEK20242025: 41 m SEK2025: EBIT -47 m SEK2025TTM 2026: EBIT -50 m SEKTTM-50
RevenueOperating profit (EBIT)TTM = last 12 months, not a full fiscal year

Business

Share of revenue
AI risk scoring45 %

DriverDNA-based scoring and crash-probability analytics for road risk assessment.

Climate impact analytics20 %

Analytics that estimate driver-influenced fuel use, emissions, and EV battery impact.

Platform subscriptions20 %

SaaS access to dashboards, management tools, and reporting modules.

Integration services10 %

API and SDK connectivity for telematics, OEM, dashcam, and app data feeds.

Intervention and engagement tools5 %

Apps, communication tools, and gamification features for behavior change.

Customers

Greater Than sells to B2B customers that own or control GPS driving data and want to convert it into risk intelligence. Core buyers include motor insurers, telematics providers, fleet operators, mobility companies, and transport businesses that use the scores for pricing, safety programs, sustainability reporting, and driver engagement.

Motor insurance companies

Buy crash-probability and driver-risk analytics to support pricing, underwriting, and portfolio management.

Telematics providers

Use the platform to segment GPS data, enrich offerings, and create insurance-related services.

Fleet operators

Purchase dashboards and intervention tools to reduce accidents, monitor drivers, and improve safety programs.

Mobility and transport companies

Use driver scores to manage operational risk, improve utilization, and support driver behavior change.

Owners of GPS data

Use analytics to monetize data assets and support sustainability or ESG reporting use cases.

Strategy

The company’s strategy is to position its AI as a global scoring standard for road safety and climate impact, with comparable risk outputs across vehicle types, geographies, and data sources. It is also broadening use cases from insurance toward fleet customers and ESG-related applications, while keeping the product fully digital and easy to integrate through API or SDK connections.

Broaden the customer base beyond insuranceMedium term

Diversifies demand and increases the number of organizations that can use the platform for safety and ESG analytics.

Strengthen the global scoring standardLong term

Comparable risk scoring across geographies and vehicle types is the core differentiator versus traditional telematics.

Increase product adoption through modular SaaSShort term

Per-user subscriptions and add-ons can expand wallet share once a customer is integrated.

Geography

Greater Than describes its business as globally scalable, with AI trained on driving data from more than 106 countries and 1,600 cities. The company operates through an international footprint that includes Stockholm, Singapore, Tokyo, Denver, Palo Alto, London, and Brussels, reflecting a sales and partner model that can serve customers across regions without local hardware dependence.

Risks

Greater Than depends on continued customer adoption of a relatively specialized analytics product, so demand can be uneven if insurers or fleets delay new data projects. The business also faces execution risk from limited organizational resources, dependence on key personnel, and the need to keep its AI model accurate and differentiated as telematics and mobility analytics evolve.

Sorted by severity
LowMediumHighLowMediumHighImpact →Likelihood →Limited resources1Future financing needs2Demand uncertainty3Macro and geopolitical pressure4
Impact is the risk’s severity and likelihood how probable it is over the next few years, both assessed from the company’s reports. Numbers match the list.
  1. Limited resourcesImpact: HighLikelihood: High

    The company states it is small with constrained management, administrative, and capital resources.

    ExposureExecutionProduct developmentCommercial scaling
  2. Future financing needsImpact: HighLikelihood: High

    Additional investment may be required to fund development and growth before the business reaches scale.

    Exposure: Liquidity and strategic flexibility

  3. Demand uncertaintyImpact: MediumLikelihood: High

    The market is described as fast-moving and not yet mature, which makes forecasting difficult.

    Exposure: Revenue timing and customer conversion

  4. Macro and geopolitical pressureImpact: MediumLikelihood: Medium

    Higher energy prices and interest rates can weaken customer purchasing power and supplier conditions.

    Exposure: Sales cycles and operating costs

  5. Dependence on key personnelImpact: Medium

    Specialized AI and data analytics capabilities rely on a limited number of critical employees.

    Exposure: Product continuity and customer delivery

Accounting

Judgemental items
IFRS 15 revenue recognition

Subscription and add-on services are billed per user per month, so timing and contract allocation affect reported revenue.

Impact: Revenue is likely recognized over time as services are delivered.

Development costs and intangible assets

Software and AI platform development may involve capitalization judgments and subsequent amortization or impairment.

Impact: Affects EBITDA, operating profit, and balance-sheet asset values.

Impairment testing

If growth or customer adoption disappoints, capitalized software or other intangibles may need write-downs.

Impact: Could create non-cash charges in periods of weaker performance.

Publicly listed companies with a comparable business focus.

Last updated: 24/09/2026

Greater Than (GREAT) Revenue, Earnings & Financials 2025 – Clarifo