Interim financial report for the period January 1 to March 31, 2023

| Source: Konsolidator A/S Konsolidator A/S

Company announcement no 10-2023

Copenhagen, May 4, 2023

Interim financial report for the period January 1 to March 31, 2023

Q1 report 2023 in line with expectations

The business development in Q1 2023 was in line with expectations, and Konsolidator expects to complete a capital injection of DKK 33-35m in May 2023. Konsolidator is looking ahead for further growth, profitability, and to be cash flow positive.

Annual Recurring Revenue (ARR) amounted to DKK 18.6m, corresponding to an annual growth of 30% in line with expectations. In Q1 2023, Annual Recurring Revenue (ARR) increased by DKK 1.0m compared to DKK 0.7m for Q1 2022.

By reference to company announcement no 9-2023, Konsolidator expects a capital injection of DKK 33-35m during May 2023, including DKK 18.5m in a directed share issue, and a final approval on a long-term loan between DKK 14.5-16.5m.

“When the capital injection and the strengthening of the capital structure is in place, we have a new starting point with a strong pipeline, and we look ahead for further growth and profitability.”, says CEO Claus Finderup Grove.

Financial highlights

  • Revenue in Q1 2023 amounted to DKK 4.7m, an increase of 24% compared to Q1 2022, which is in line with expectations.
  • EBIT for Q1 2023 amounted to a loss of DKK 2.9m compared to a loss of DKK 6.5 for Q1 2022. The revenue increase and cost reductions resulted in an improvement in EBIT of 55%.
  • After the reporting date, Konsolidator has received loan offers and expects to finalize the capital injection of DKK 33-35m during May 2023, which will restore the equity and secure enough capital until being cash flow positive.

SaaS metrics

  • In Q1 2023, Annual Recurring Revenue (ARR) increased by DKK 1m compared to DKK 0.7m for Q1 2022. On March 31, 2023, the total ARR amounted to DKK 18.6m, an increase of 30% compared to March 31, 2022, which is in line with expectations.
  • The Customer Acquisition Cost (CAC) divided by ARR has been calculated to be 32 for Q1 2023 compared to 60 for Q1 2022, which is the number of months it will take for the customer to be profitable for the acquired ARR.
  • The ARR net increase of DKK 1.0m in Q1 2023 has been generated by a cash cost of DKK 2.9m compared to DKK 7.1m for generating ARR DKK 0.7m in Q1 2022.
  • On March 31, 2023, the churn for the last 12 months was 8.4% compared to 7.7% on March 31, 2022. Compared to December 31, 2022, churn has improved from 10.8% due to initiatives in customer success.
  • The net retention amounted to index 102 as of March 31, 2023, compared to index 101 as of March 31, 2022. The net retention is compounded of 2.3% up-sale offset by 0.7% churn for Q1 2023.

Outlook:

  • The outlook for 2023 as announced in the annual report 2022, is maintained as follows:
    • ARR of DKK 21-23m, corresponding to a growth of 20-30%
    • Revenue of DKK 20-22m, corresponding to a growth of 20-30%
    • EBIT loss of DKK 5-8m

Investor webinar

  • On May 4, 2023, at 15.00 (CET) an investor webinar will be held. Sign up here.


Contacts

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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 reporting Q1 2023