Company announcement no 21-2023
Søborg,
Interim financial report for the period
Q3 2023 has been slow in sales as the net ARR growth in Q3 2023 did not live up to our expectations. Still delivering an ARR of
Financial report for the period
Annual Recurring Revenue (ARR) amounted to
The net ARR growth in Q3 2023 did not live up to our expectations but Q4 2023 is off to a good start with 8 new customers in October.
“We believe we have broken the negative conversion rate trend and with a defined strategy and the resources in place within the partner channel and audit segment, we are confident about 2024.”, says CEO
Financial highlights
- Revenue in Q3 2023 amounted to
DKK 4.9m , an increase of 11% compared to Q3 2022 and for the first nine months of 2023, revenue increased by 17%, which is in line with expectations. - EBIT loss for Q3 2023 amounted to
DKK 1.9m compared to a loss ofDKK 3.9m for Q3 2022. In YTD 2023, EBIT loss wasDKK 8.4m compared to a loss ofDKK 17.1m for the same period in 2022. - On
September 30, 2023 , the equity amounted toDKK 1.8m compared to a negative equity ofDKK 11.4m onDecember 31, 2022 . - Cash and cash equivalents amounted to
DKK 4.1m onSeptember 30, 2023 . - In
July 2023 proceeds ofDKK 15.1m from two new loans were received and the convertible loan was repaid in full.
SaaS metrics
- In Q3 2023, Annual Recurring Revenue (ARR) increased by
DKK 27 thousand compared toDKK 1,034 thousand for Q3 2022. OnSeptember 30, 2023 , the total ARR amounted toDKK 18.7m , an increase of 13% compared toSeptember 30, 2022 . - The Customer Acquisition Cost (CAC) divided by net increase in ARR for Q3 2023 was very high because of the low net increase in ARR.
- On
September 30, 2023 , the churn for the last 12 months was 8.5% compared to 9.7% onSeptember 30, 2022 . The improvement in churn relates to an improvement in ARR and not an improvement in churn. The initiatives related to the onboarding churn are starting to show but will not impact churn positively until 2024. - The net retention, summarized to 97, has been influenced negatively by churn and downsale which were higher than upsale, compared to 102 on
September 30, 2022 .
Outlook:
- The outlook for 2023 as announced in company announcement no 18-2023
August 8, 2023 , is maintained as follows:- ARR of
DKK 20-21m (prev.DKK 21-23m ) - Revenue of
DKK 19-20m (prev.DKK 20-22m ) - EBIT loss of
DKK 9-11m (prev. a loss ofDKK 5-8m )
- ARR of
Investor webinar
- On
November 2, 2023 , at 15.00 (CET) an investor webinar will be held. Sign up here.
Contacts
- CEO:
Claus Finderup Grove , mobile +45 2095 2988, cfg@konsolidator.com - CFO:
Jack Skov , mobile, +45 2282 8845, js@konsolidator.com
Certified Adviser
Grant Thornton ,Jesper Skaarup Vestergaard , phone +45 3527 5011, www.grantthornton.dk
About
Attachment
Konsolidator reporting Q3 2023
© OMX, source