Oneflow
Oneflow interim report Q2 2023: All-time high sales despite a tough market
Press release
11 August 2023
Oneflow publishes its interim report for the second quarter of 2023:
April - June 2023 (compared to the same period last year)
- Net sales increased 46% to MSEK 23.9 (16.5). Share of Net sales outside Sweden increased to 30% (24) with paying users in 35 countries.
- EBIT was MSEK -25.4 (-13.4), with an EBIT margin of -105.9% (-81.3).
- Basic earnings per share amounted to SEK -0.97 (-0.58) and diluted to SEK-0.97 (-0.58).
- Total ARR YoY increased 48% to MSEK 110.8 (74.7).
- Net New ARR for the second quarter increased 25% to MSEK 11.3 (9.0).
- Total cash and cash equivalents amounted to MSEK 156.5 (260).
January - June 2023 (compared to the same period last year)
- Net sales increased 47% to MSEK 45.7 (31). Share of Net sales outside Sweden increased to 29% (23) with paying users in 35 countries.
- EBIT was MSEK -48.9 (-24.3), with an EBIT margin of -107.0% (-78.5).
- Basic earnings per share amounted to SEK -1.87 (-1.22) and diluted to SEK -1.87 (-1.22).
- Total ARR YoY increased 48% to MSEK 110.8 (74.7).
- Net New ARR for the first six months increased 15% to MSEK 20.2 (17.6).
- Total cash and cash equivalents amounted to MSEK 156.5 (260).
Anders Hamnes, CEO and Founder of Oneflow, comments:
“Our total ARR increased 48% year-over-year to MSEK 110.8, representing an all-time high increase of MSEK 11.3 during the second quarter. The market has been challenging during the past few quarters. Considering the financial climate and uncertainty, it feels extraordinarily satisfying that we’re still one of the fastest growing listed software companies in Sweden, continuing to reach all-time high sales numbers.
Our global expansion growth strategy is performing according to plan. We are gaining more and more traction in sales from our newly established subsidiaries in France, the Netherlands and the UK. Oneflow currently has customers in 35 countries, and the share of sales outside Sweden was 30% in the second quarter, up from 28% in the first quarter.
From the product perspective, we continued to invest in the Oneflow contract experience and launched new features to help our customers benefit from working with dynamic contracts that are truly digital, staying ahead of their peers.
The churn increased somewhat in the wake of the recession, but has now started to slowly decline again. We’re seeing a slightly improved gross retention rate in the second quarter (91.1%) compared to the previous quarter (90.6%), and we believe that the gross retention rate will continue to improve slowly going forward.
Expansion ARR is under heavy pressure from customers downsizing and laying off employees rather than hiring. We expect the net retention rate to improve again from the current, but still healthy and satisfying level (112.5%).
The digital contract market is relatively new and untapped in contrast to more mature software markets such as the CRM and ERP markets. And yet, contracts are the foundation of doing business. The potential, combined with a highly competent team, strong company culture, a scalable product that meets the requirements from large enterprises as well as small business needs, positions Oneflow for sustainable growth in the years to come.
Oneflow offers a critical product that is proven to reduce costs and increase productivity, delivering high value for money and a quick payback. We have a strong cash position and we have stabilized the EBIT losses, now steering the course towards profitability. We maintain our financial targets of reaching an ARR of MSEK 600 and an EBIT margin of 20% during 2027.”
Oneflow’s report presentation webinar
Anders Hamnes, CEO and Founder of Oneflow, and Natalie Jelveh, CFO of Oneflow, will present the report and answer questions in a webinar at 10:00 CET on the same day. The presentation will be held in English.
To join the conference, please register here: https://oneflow.zoom.us/webinar/register/WN_kOJ5ZwPISyuBUTi2cUMO2g
Report and presentation will be available for download on our website here: https://oneflow.com/ir/investors/financial-reports/
This information is such information that Oneflow AB (publ) is obligated to make public according to the EU Market Abuse Regulation. The information was submitted for publication, through the agency of the contact persons set out above, on 11 August 2023 at 8:00 CET.
For further information, please contact:
Anders Hamnes, CEO and Founder
Mobile: +46 76 788 50 76
Email: anders.hamnes@oneflow.com
Certified Adviser is FNCA Sweden AB.
About Oneflow
Oneflow develops, sells, and implements digital contract management and automation systems. Oneflow believes that contract processing today, both in Europe and globally, is characterized by manual and paper or file-based contract management, resulting in a high degree of time and resource-intensive administrative work and high exposure to human errors. With Oneflow, companies can handle all types of contracts before, during, and after signing digitally within one single platform, automating and streamlining the entire contract management process from start to finish.
Datum | 2023-08-11, kl 08:00 |
Källa | Cision |
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