Agillic: Improved EBITDA in Q1 2023 and closer to the goal of achieving positive cash-adjusted EBITDA
This morning, Agillic announced its Q1 2023 report, showing a growth rate of 22% in total ARR, 17% in revenue growth, and break-even on EBITDA.
In Q1 2023, Agillic’s revenue increased to DKK 16.3m (from DKK 14.0 in Q1 2022), corresponding to a growth rate of 17%. Gross margin increased slightly to 80% from 79% in the same quarter last year, despite increasing cost prices. In line with its strategy and focus on profitability, EBITDA improved to break even in Q1 2023 (DKK -1.7m in Q1 2022).
Unfolding the total ARR growth of 22% YoY, ARR subscriptions increased by 12% and ARR transactions increased by 68%. This is in line with Agillic’s strategic goal of growing a double-digit percentage rate in ARR subscriptions. Total ARR growth is lower than the full-year 2022 growth rate of 37.7%, primarily due to the seasonality of ARR transactions, yet still growing at a high rate YoY.
An important milestone has been the announcement of the company’s new largest shareholder, Viking Venture, after buying both existing and new shares in March, including a capital injection (gross proceeds) of approx. DKK 22.5m. As a result, Agillic has increased its cash position to DKK 26.9m (DKK 7.5m in Q1 2022). With a positive cash flow from operations of DKK 1.2m in Q1 2023 and a goal of being cash-adjusted EBITDA positive in 2024, Agillic is well funded.
The financial guidance for 2023 is kept, implying that Agillic expects revenue in the range of DKK 79-83m, EBITDA in the range of DKK 1-4m, and total ARR in the range of DKK 89-95m (ARR subscriptions of DKK 66-70m and ARR transactions of DKK 23-25m).
Read the Q1 report here: https://view.news.eu.nasdaq.com/view?id=bb5ba494637ad5874fa4648bab7515f06&lang=en&src=listed
Later today at 14:00, Agillic’s CEO Emre Gürsoy and CFO Claus Boysen will present the report and provide an update on the recent development. In the virtual live event, you can also meet the new Chairman, Joar Welde, who will elaborate on Viking Venture’s investment in Agillic. Sign up for the virtual live event and ask your questions here: https://www.inderes.dk/videos/agillic-presentation-of-q1-results-2023
HC Andersen Capital receives payment from Agillic for a Corporate Visibility/Digital IR subscription agreement. /Kasper Lihn 11:12, 4 May 2023.
Agillic
Agillic är verksamt inom IT-sektorn. Bolaget utvecklar digitala plattformar där kunden använder plattformen för att lättare interagera med sina befintliga kunder. Produkten fungerar som en kunddatabas och innehåller diverse funktioner, med visionen att underlätta kommunikationen med kunderna, samt underlätta uppföljning och segmentering av diverse kundgrupper. Störst verksamhet återfinns inom den nordiska marknaden. Bolaget har sitt huvudkontor i Köpenhamn.
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