Swedish Solutions Firm ZetaDisplay Reports Significant Upticks In EU Digital Signage Demand

February 28, 2022 by Dave Haynes

Most companies in the digital signage and pro AV ecosystems are privately-held, so when one of the larger public companies in the combined sector releases by requirement a financial report, observers can get some cues on what may be happening the broader market.

In this case, it is the Swedish digital signage software and integration firm ZetaDisplay issuing its Year End Report for 2021 today, indicating sales are up and more activity in the market, at least in the Nordics and Germany, where the company is most active. The report seems odd in that the company applied to be delisted from NASDAQ Stockholm last fall, and saw that happen in October. That usually means the company no longer has to, as the saying goes, open its kimono.

I poked around and read: “With a bond loan left in the market, the company continues to publish relevant news to the financial markets on time, correctly and transparently.”

So that’s why!

Anyway, ZetaDisplay CEO Per Mandorf says in a statement about 2021 performance:

ZetaDisplay’s net sales amounted to SEK 122,4 (102,7) million. SaaS revenues amounted to SEK 45.1 (39.0) million and represented 36.8 (38.0) % of net sales. EBITDA was 15.3 SEK (20.1) million. Adjusted for non-recurring items, EBITDA amounted to 15.8 (20.1) MSEK.

The increase in net sales is mainly explained by the acquisition of German NORDLAND systems GmbH Gross profit for the period amounted to SEK 70.0 (61.4) million wit a gross margin of 57.2 (59.8) %.

During the fourth quarter, we have seen increased activity in the market, which we are responding to with a continued strong customer offering. The customer base has remained intact throughout the pandemic and we are seeing a significant recovery in the market, and customer activity has increased. The number of procurements has increased and customers have started planning for new projects to a greater extent.

As in previous quarters, we are seeing an increase in activity in the market internationally and some shortage of components has led to delays in hardware and project deliveries.

Change of ownership

During the third quarter, the company changed its ownership. The management of ZetaDisplay, together with the new owners, has initiated the work to promote growth and create long-term positive effects.


We are positive about the market recovering and we are preparing for further growth.

I am not clear what the conversions are here: SEK 122,4 (102,7) million. The first number is Swedish Krona, but the second number is not USD or EU, as 100 Krona is about 10 EU or USD.

Anyone know??? (Update – the numbers in brackets are for previous periods. I didn’t go to business school, plus I’m stupid.)

  1. Jørn Olsen says:

    Like for like results previous period (e.g 2021 vs (2020)). P.S: 122,4 MSEK is Q4 and not a full year.

    Jørn Olsen, ProntoTV/ZetaDisplay Norway

    1. Dave Haynes says:

      Now I get it. Thanks!

  2. vincent encontre says:


    (102,7) represent the same number (in MSEK) but from Oct to Dec 2020 (same Q previous year).
    Also, the numbers you are referring to are for 4Q21, not FY21. FY21 revenues are 420.5 MSEK 😉


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