Q1 2022 in line with expectations - Annual Recurring Revenue growth of 55%

 | Source: Konsolidator A/S Konsolidator A/S

Company announcement no 8-2022

Søborg, April 27, 2022

Financial report for the period January 1 to March 31, 2022

The Q1 2022 results were in line with expectations. Annual Recurring Revenue (ARR) amounted to DKK 14.3m corresponding to an annual growth of 55%. Konsolidator has implemented a cost-saving program to improve profitability and SaaS metrics. The outlook for 2022, as revised on March 30, 2022, is maintained.

“It has been an intense first quarter and we are satisfied with the outcome. Our strategy ‘Unfolding the potential’ came off to a good start with our new integration center providing users with an easier, quicker, and more safe way of transferring data to Konsolidator®. To support our continued growth journey, we expect to secure additional funds during Q2 2022”, says CEO Claus Finderup Grove.

Financial highlights

  • Revenue for Q1 2022 amounted to DKK 3.7m compared to DKK 2.2m the same period in 2021, corresponding to an increase of 71%, which is above expectations.
  • EBIT for Q1 2022 amounted to DKK (6.5m) compared to DKK (6.2m) for the same period as last year.
  • By reference to company announcement no. 7-2022, Konsolidator has reduced the cost base by a staff reduction to improve profitability and key SaaS metrics. The effects will show during the second half of 2022.
  • Cash and cash equivalents amount to DKK 9.9m on March 31, 2022.
  • Total equity March 31, 2022 was negative by DKK 1.6m.
  • Konsolidator expects to reestablish the equity in Q2 2022.

SaaS metrics

  • Annual Recurring Revenue (ARR) amounted to DKK 14.3m on March 31, 2022, an increase of 55% compared to March 31, 2021, which is in line with our expectations of an increase of 40-60%.
  • The increase in ARR by DKK 0.7m in Q1 2022 has been generated by a cash cost of DKK 7.1m
  • The net retention amounted to index 101 primarily from upsale and price increases offset by churn.
  • The annualized churn increased to 7.7% as per March 31, 2022, from 4.1% as per December 31, 2021.
  • The Customer Acquisition Cost (CAC) divided by ARR has been calculated to 60, which is the number of months it will take for the customer to be profitable for the acquired ARR.

Customer growth

  • Konsolidator signed 15 new customers in Q1 2022 compared to 19 new customers in Q1 2021.
  • Konsolidator has 227 customers on March 31, 2022, in 19 different countries.
  • Konsolidator continues to see an interest for Konsolidator Audit®. One new audit customer signed up in Q1 2022.

Outlook:

  • Demand in Konsolidator’s main markets is in line with expectations thus outlook for 2022 as announced in company announcement no 7-2022 March 30, 2022, is maintained as follows:
    • Growth rate of 40-60% in revenue and ARR corresponding to 2022 revenue in the range of DKK 18-21m, and ARR in the range of DKK 19-22m at the end of 2022.
    • EBIT in the range of DKK (20) – (15m) in 2022.

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About Konsolidator
Konsolidator A/S is a financial consolidation software company whose primary objective is to make Group CFOs around the world better through automated financial consolidation and reporting in the cloud. Created by CFOs and auditors and powered by innovative technology, Konsolidator removes the complexity of financial consolidation and enables the CFO to save time and gain actionable insights based on key performance data to become a vital part of strategic decision-making. Konsolidator was listed at Nasdaq First North Growth Market Denmark in 2019. Ticker Code: KONSOL

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Konsolidator Q1 report 2022