Oslo, Norway, 6 May 2024 - Pexip Holding ASA (“Pexip” or “The Company”, Oslo Børs Ticker: PEXIP), today presented its quarterly results for the first quarter of 2024.
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● Q1 2024 revenue of NOK 292 million, up 12% y-o-y. Pexip’s subscription base measured in ARR was USD 104.8 million in Q1 2024, up 7% y-o-y.
● EBITDA excluding other gains and losses amounted to NOK 64.4 million, up NOK 29.7 million from Q1 2023. EBITDA including other gains and losses amounted to NOK 57.7 million, up NOK 22.6 million.
● Cash flow of NOK 105 million in the quarter, with a cash position of NOK 628 million and no material interest-bearing debt exiting Q1 2024.
● ARR of USD 104.8 million exiting the quarter, up 6.6% year-on-year. Good development in Secure & Custom, with Secure Spaces growing 22% year-on-year. Combined Secure and Custom year-on-year growth of 13%, somewhat below ambition of 20% annual growth.
● Continued good Connected Spaces momentum with 7% growth year-on-year, resulting from strategic partnerships, product innovation as well as improved competitive situation with BlueJeans by Verizon exiting the market. Initial product launch with Zoom to enhance Zoom Room interoperability.
“We are starting the year in a good way with several new partnerships in Connected Spaces and several major customer wins in Secure & Custom, validating our strategy and execution plan. I am also pleased to deliver improved profitability and improved cash flow compared to last year. Our focus remains on generating profitable growth through our market leading position in our two target markets.
said Trond K. Johannessen, Pexip CEO.
Analyst consensus estimates
Every quarter ahead of the earnings announcement, Pexip collects earnings estimates from the equity analysts currently covering the Company. The consensus estimates and the methodology used in the preparation of the consensus estimates are published on the Company’s IR web pages here: https://investor.pexip.com/consensus
Q1 results presentation
The first quarter results for 2024 will be presented by video webcast today, Monday 6 May, at 08:00 CEST. The presentation will be held by Trond K. Johannessen (CEO), Øystein Dahl Hem (CFO), and Åsmund Fodstad (Chief Revenue Officer) The presentation will be held in English and conducted as a webcast. Questions can be submitted to IR@pexip.com in advance of the presentation or live during the presentation.
Please join the webcast via the following link: Q1 2024 Financial Results Presentation | Pexip
A recorded version of the presentation will also be available after the webcast is concluded.
For questions, please contact:
Øystein Dahl Hem, CFO
IR@pexip.com, +47 992 34 596
About Pexip | pexip.com
Pexip is a video technology company that offers multi-platform software for various purposes such as business meetings, secure government communication, doctor’s appointments, and court proceedings. It is an excellent tool for organizations that want seamless, secure, and scalable meetings that enhance the video experience. Pexip (PEXIP) is listed on the Oslo Stock Exchange. Visit us at www.pexip.com or on LinkedIn
This information is considered to be inside information pursuant to the EU Market Abuse Regulation and is subject to the disclosure requirements pursuant to Section 5 -12 of the Norwegian Securities Trading Act.
This stock exchange announcement was published by Øystein Dahl Hem, CFO, Pexip Holding ASA, on 6 May 2024 at 07:00 CET.
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