Oslo, 10 January 2023 - Kahoot! ASA (KAHOT) today announces preliminary results
for its fiscal quarter ending 31 December 2022.

Kahoot! Group reports a solid fourth quarter result with continued profitable
growth adding 60K net new paid subscriptions. The continued macroeconomic
slowdown has, however, translated into lower-than-expected invoiced revenue
growth for the fourth quarter. Given Kahoot!'s scalable operating model, the
company delivered all-time high operating cash flow in line with guidance for
the full year.

Preliminary results for fourth quarter ending 31 December 2022:

 Recognized revenue of approx. $39m for the fourth quarter, up 18% YoY. For the
full year approx. $146m, up 60% YoY.
 Invoiced revenue of approx. $43.5m for the fourth quarter, up 10% YoY. For the
full year approx. $168.5m, up 57% YoY (up 21% YoY on a full-year pro forma
basis).
      Kahoot! Group excluding Clever invoiced revenue of approx. $31m, up 15%
YoY. For the full year approx. $104.5m, up 17% YoY 
      Clever invoiced revenue of approx. $12.7m, ~0% YoY. For the full year
approx. $64m, up 28% YoY on a pro- forma basis
 Adjusted EBITDA exceeding $9m for the fourth quarter, representing a margin of
24% versus 17% in Q4 2021. For the full year approx. $30m, up 55% YoY.
 Operating cash flow of approx. $17m for the fourth quarter, up 27% YoY. For
the full year approx. $42m, up 34% YoY. Cash and cash equivalents increased to
$105m by end of the fourth quarter. The Kahoot! Group has no interest-bearing
debt.
 Net new 60K paid subscriptions for the fourth quarter, of which 40K from
professional user categories. The Kahoot! Group exceeded 1.3m paid subscriptions
by the end of the year, up 18% YoY.

"Through 2022 the Kahoot! Group has progressed its leadership in global digital
learning, entering the new year with a stronger company and a stronger product
than ever, with half our team devoted to building solutions for the future. We
delivered on our cash flow guidance for the full year and generated the highest
number of net new paid subscriptions quarterly in 2022, with particular momentum
in the Kahoot! At Work segment in the fourth quarter. The core Kahoot! platform
(excluding acquisitions) exceeded $75m in invoiced revenues, over 20% YoY
growth, for the full year and more than 700k paid subscriptions.

At the same time, end-of-year growth in billing volume ended below our
expectations. The current macro environment is driving more cautious
decision-making and longer sales cycles, which resulted in lower than expected
revenue growth from our year-end activities. We are not satisfied with our sales
performance at the end of the year, and in response we will take additional
steps to adapt to current market circumstances, and ensure further improvements
in our commercial model. We remain committed to continuous innovation of our
market-leading solutions and delivering cash-generative, sustainable and
profitable growth," said Eilert Hanoa, CEO. 

"Despite the lower than expected growth in billings in the fourth quarter and
more demanding market conditions, we maintained consistent cost levels in line
with previous quarters, resulting in all-time high operating cash flow at
approx. $42m and adjusted EBITDA of approx. $30m for the full year. This is
achieved due to our scalable business model and effective unit economics,
demonstrated both before, under and after the pandemic. Our current operating
capacity can deliver even stronger results, enabling continued invoiced revenue
growth on par with the 2022 proforma growth level, with modest operational cost
increase yielding further improvements in operating cash flow and adjusted
EBITDA," said Ken Østreng, CFO.

The company will provide further information regarding guidance and long-term
ambitions in conjunction with the fourth quarter report, scheduled for release
on 16 February 2023.



Alternative Performance Measures:
In order to enhance the understanding of the Kahoot! Group's performance, the
Group presents certain measures and ratios considered as alternative performance
measures (APMs) as defined by the European Securities and Markets Authority, and
these should not be viewed as substitutes for any IFRS financial measures. The
APMs includes Invoiced Revenue, EBITDA, adjusted EBITDA and adjusted cash flow
from operations. These APMs are presented as the Group considers them to be
important supplemental measures to understand the overall picture of revenue and
profit generation in the Group's operating activities.

Description of alternative performance measures:
o Invoiced Revenue is defined as the amount invoiced to customers in the
relevant period.  
o EBITDA is defined as the profit/(loss)for the year before net financial income
(expenses), income tax, depreciation, and amortization.
o Adjusted EBITDA is defined as EBITDA adjusted for special operating items.
Special operating items are material expenses and other material transactions of
either a non-recurring nature or special in nature compared to ordinary
operational income or expenses and include adjustments for share-based
compensation expenses and related payroll taxes, acquisition-related expenses,
and listing cost preparations.
o Adjusted cash flow from operating activities is defined as cash flow from
operating activities adjusted for cash outflow for acquisition and listing cost
preparation and cash effects related to share-based payment.


For further information, please contact:

Eilert Hanoa, CEO 		
Phone: +47 928 32 905
Email: eilerth@kahoot.com

Ken Østreng, CFO 		
Phone: +47 911 51 686
Email: keno@kahoot.com

Jonas Forslund, Director Investor Relations
Phone: +358 40 595 0968
Email: jonasf@kahoot.com


About Kahoot!
Kahoot! is on a mission to make learning awesome! We want to empower everyone,
including children, students, and employees to unlock their full learning
potential. Our learning platform makes it easy for any individual or corporation
to create, share, and host learning sessions that drive compelling engagement.
Launched in 2013, Kahoot!'s vision is to build the leading learning platform in
the world. Since launch, Kahoot! has hosted hundreds of millions of learning
sessions with over 8 billion participants (non-unique) in more than 200
countries and regions. The Kahoot! Group includes Clever, the leading US K-12
EdTech learning platform, together with the learning apps DragonBox, Poio,
Drops, Actimo, Motimate, and Whiteboard.fi. The Kahoot! Group is headquartered
in Oslo, Norway with offices in the US, the UK, France, Finland, Estonia,
Denmark, Spain and Poland. Kahoot! is listed on the Oslo Stock Exchange under
the ticker KAHOT. Let's play!

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