OrderYOYO: Continues its focus on the consolidation strategy and profitable growth

Today, OrderYOYO released its annual report for 2022 with key figures and 2023 guidance in line with its commercial update in January 2023.

This implies that OrderYOYO ended 2022 with a total ARR of DKK 212m based on annualized December MRR (23% growth), net revenue of DKK 184m including proforma app smart consolidated full-year revenue (12% growth), and annualized December GMV was DKK 2,227m (8% growth). As communicated earlier, the full-year 2022 EBITDA before other extraordinary items was close to zero (ended at DKK -0.9m), and the company also reported that EBITDA before other extraordinary items was profitable in all months during H2 2022 (DKK 5.1m in H2 2022). In the full-year 2022, cash flows from the operating activities (before net interest received/paid) were DKK -8.1m (DKK -19.3m in 2021).

With a cash position of DKK 61m at the end of 2022, OrderYOYO comments that they have sufficient capital to realize its consolidation strategy and ongoing focus on profitable growth. Acquisition targets include both local market leaders in European countries where OrderYOYO is not present yet, as well as local participants in markets where OrderYOYO is already a market leader to drive economies of scale and increase profitability.

In the annual report, OrderYOYO also provided further insights into the ARR development in 2022. Following the merger with app smart, ARR is composed of fixed subscriptions (36%) and usage-based subscriptions (64%). Geographically, Germany is the biggest market for OrderYOYO with 38% of total ARR followed by the United Kingdom (32%), Ireland (15%), Denmark (12%), and other smaller markets (2%). Moreover, group GMV is split into core shop GMV (DKK 2,227m) and its third-party GMV from the company's POS (DKK 906m), thus exceeding a total GMV of DKK 3.1bn.

With challenging market conditions for OrderYOYO’s Restaurant Partners, OrderYOYO reports an ARR churn of 8.8% in 2022, which OrderYOYO sees as acceptable under the macroeconomic situation.

Looking into 2023, OrderYOYO maintains its expectations of a total ARR of DKK 220-235m (4-11% growth) based on annualized December MRR, a revenue of DKK 195-210m (6-14%), annualized December GMV of DKK 2,300-2,500m (3-12%), and EBITDA before other extraordinary items of DKK 10-15m (4.8-7.7% margin). Importantly in the current market environment, OrderYOYO also comments that an objective is to expand the EBITDA margin over the coming years.   

Read the full report here: https://www.orderyoyo.com/wp-content/uploads/2023/03/OrderYOYO_Annual_Report_2022_-_Final_.pdf

You can meet and ask questions to the company’s management on Friday 24 March 2023 at 13:00 (CET), who will present the financial report followed by a Q&A session in a virtual live event. Sign up here: https://www.inderes.dk/videos/orderyoyo-presentation-of-full-year-2022-report

HC Andersen Capital receives payment from OrderYOYO for a DigitalIR agreement. /Kasper Lihn 12:56, 20 March 2023.