DGAP-News

Exasol AG publishes financial statements 2020, trading statement for 2021 and its mid-term outlook for 2024 - Seite 2

Revenue performance in 2020 influenced by Exasol's transition to a subscription-based model
Historically, Exasol sold its software via perpetual license agreements. In 2015, Exasol started to shift its business model away from perpetual license agreements and towards a subscription-based and recurring-based model. In 2020, revenue performance has continued to be influenced by the transition of the business model. Group revenue was up by 9.3 % to EUR 23.6 million. The share of recurring group revenues increased from 69.9 % in 2019 to 80.5 % in 2020 (EUR 19 million).

Operating results are strongly affected by extraordinary expenses
In 2020, Exasol's EBITDA stood at EUR -29.9 (2019: EUR -11.0) million and included extraordinary expenses for share-based remuneration packages, IPO, and capital increase expenses totaling EUR 22.5 million. Excluding those extraordinary items, adjusted EBITDA amounted to EUR -7.4 (2019: EUR -1.9) million. The EBITDA decrease is mainly a result of Exasol's headcount increase, especially in the second half of 2020, to support rapid organic international growth.

After the successful IPO, Exasol entered a new growth era
With the IPO and capital increase, Exasol generated gross proceeds of EUR 91.7 million. For the first time in its 20-year history, Exasol is well equipped with cash and capital to execute its international growth ambitions. In 2020, key areas such as marketing and sales have been ramping-up recruitment efforts. The company has also established a new leadership team to drive internationalization, especially in the UK and the US, to improve its products and technology, and to intensify its sales and marketing efforts.

In the second half of 2020, the number of employees increased by 67 to a total of 223 at the end of December.

In the course of 2020, Exasol launched its new software Version 7.0, with several improvements for its customers such as a new Data Vault, support for GPUs, and enhanced features for semi-structured data and artificial intelligence (AI) and machine learning (ML). Furthermore, Exasol has also been working on its cloud-native products and offerings, which are expected to launch in the second half of 2021. The upcoming launch will be a key milestone for Exasol offering customers higher flexibility, better separation of data storage and data compute functionalities, as well as elasticity of data usage.