Interim financial report for the period January 1 to June 30, 2023

Company announcement no. 19-2023

Søborg August 10, 2023

Interim financial report for the period January 1 to June 30, 2023

In Q2 2023, the capital injection was finalized securing positive equity. The net increase in ARR in Q2 2023 only amounted to DKK 0.1m reaching DKK 18.7m on June 30, 2023. On a year-on-year basis revenue and ARR increased by 20%. The net ARR growth in Q2 2023 did not live up to our expectations, and with the expected churn in H2 2023, we have lowered our expectations for 2023.

Financial report for the period January 1 to June 30, 2023

Annual Recurring Revenue (ARR) amounted to DKK 18.7m corresponding to an annual growth of 20%. In Q2 2023, Annual Recurring Revenue (ARR) increased by DKK 0.1m compared to DKK 1.3m for Q2 2022.

In June 2023 the directed share issue was finalized and in July 2023 the loan agreements were signed totaling net proceeds of DKK 33.3m securing positive equity.

“We have spent a lot of management time on the capital restructuring process which now will be converted into hard core sales work. I am excited to be back talking to potential customers and we have an important task securing that our free trial customers become actual customers.”, says CEO Claus Finderup Grove.

Financial highlights

• Revenue in Q2 2023 amounted to DKK 4.7m, an increase of 17% compared to Q2 2022 and for the first half of 2023, revenue increased by 20%, which is in line with expectations.
• EBIT loss for Q2 2023 amounted to DKK 3.6m compared to a loss of DKK 6.7m for Q2 2022. In H1 2023, EBIT loss was DKK 6.5m compared to a loss of DKK 13.2m in H1 2022.
• On June 30, 2023, the equity amounted to DKK 2.0m compared to a negative equity of DKK 11.4m on December 31, 2022.
• Cash and cash equivalents amounted to DKK 13.1m on June 30, 2023.
• After the reporting date, Konsolidator signed loan agreements which finalized the capital restructuring with the repayment of the convertible loan to Formue Nord.
  
  

SaaS metrics

• In Q2 2023, Annual Recurring Revenue (ARR) increased by DKK 0.1m compared to DKK 1.3m for Q2 2022. On June 30, 2023, the total ARR amounted to DKK 18.7m, an increase of 20% compared to June 30, 2022.
• The Customer Acquisition Cost (CAC) divided by net increase in ARR has been calculated to be 258 for Q2 2023 compared to 36 for Q2 2022.
• The net increase in ARR was DKK 0.1m in Q2 2023 and has been generated at a cash cost of DKK 3.2m, equaling 0.04 times (ARR net increase/Cash burn), compared to 0.2 times in Q2 2022. For H1 2023, the metric equals 0.2 times, which is the same as June 30, 2022.
• On June 30, 2023, the churn for the last 12 months was 9.2% compared to 8.1% on June 30, 2022. The increase in churn is impacted by a stronger cost focus from especially smaller customers. Furthermore, the attention to current customers has not been ideal, which also has impacted churn negatively.
• The net retention summarized to index 100 and has been influenced by a higher churn in Q2 2023 than expected, compared to index 102 on June 30, 2022.
  
  

Outlook:

• The outlook for 2023 has been adjusted as announced in company announcement no 18-2023 August 8, 2023, which is 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 of DKK 5-8m)

Investor webinar

• On August 11, 2023, at 13.00 (CET) an investor webinar will be held. Sign up here.
  
  

Contacts

• CEO: Claus Finderup Grove, mobile [phone], [e-mail]
• CFO: Jack Skov, mobile, [phone], [e-mail]

Certified Adviser

• Grant Thornton, Jesper Skaarup Vestergaard, phone [phone], www.grantthornton.dk
  
  

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

Attachment

• Konsolidator H1 2023 reporting