Kahoot! sees record level activity in Q3 as solid viral growth continues after strong Back-to-School and Back-to-Work seasons

In a quarter that saw some return to post-pandemic normalcy around the world, we are pleased to share that Kahoot! saw record-level activity on our platform as well as strong financial performance in the third quarter. Kahoot! experienced continued strong momentum in both returning and new users, as well as reaching new milestones with more than 30 million active accounts, 1.9 billion participants (non-unique) and more than 1 million paid subscriptions, in the last twelve months.

As we continue into the seasonally stronger second half of the year given the Back-to-School and work seasons, the third quarter showed continued strong user activity through our web offerings, which represents the leading source of revenue, while also seeing increased diversification through fast growing mobile app adoption across our portfolio, with millions of new sign-ups every month.

We are proud of our entire team who successfully executed our busiest Back-to-School and Back-to-Work seasons so far.

Fueling our viral growth through innovation, acquisitions and commercialization

We saw accelerated activity on the Kahoot! platform for new and existing users and paid subscriptions, as people returned to schools and offices in varying capacities. We experienced some milestones, too, as Kahoot!'s unique viral growth has reached 6 billion cumulative participants (non unique) across 200 countries and regions since its launch in 2013. This came as we meaningfully expanded our reach and significance through the launch of new features, partnerships, and continued localization of our platform, as well as progressing our commercialization initiatives for all user segments.

Another milestone in Q3 was thecompletion of the transformational acquisition of Clever, one of the most widely used digital learning platforms for U.S. K-12 schools. This is exciting for us in many ways, not least its potential to add value to Kahoot!'s strong presence in the U.S. education sector. In fact, we are already seeing positive effects as the Kahoot! app was recently added to Clever's distribution platform making it available to over 95,000 schools and accessed by over 22 million students monthly. Clever's higher-than-expected growth in the third quarter has created a solid foundation for solid performance through the rest of the year and into 2022, building an awesome springboard for our ambitions to extend Clever's platform into new domestic markets and sectors in the U.S. and select international markets, as well as jointly developing a compelling marketplace proposition for all learning apps.

A strong 2021 Back-to-School season

Through a busy Back-to-School season, Kahoot! noted a new record with more than 9 million teachers and educators on the platform (last 12 months) and hundreds of millions of students globally. Over 10,000 schools and districts upgraded to paying accounts on the platform in preparation for the 2021 school year. The enthusiasm for a new year of learning was reflected in the almost 40,000 registrations for theKahoot! Fall EDU Meetupin September. The same month saw Kahoot! named one of the top 10 products used by students and educators across the U.S. on theEdTech 40 list by Learn Platformalongside Google, Zoom and Clever.

To further support educators with awesome features, we launchedKahoot! Courses, enabling the design of full class sessions, as well as the newteam mode, which helps foster and strengthen students' collaboration skills. Earlier in the summer we were delighted to launch anintegration with GIPHY.

Back to the office, and embracing the hybrid workplace

The third quarter saw a steady return to offices and while many workplaces have welcomed back employees physically, they have also begun to embrace hybrid models. As outlined inKahoot!'s 2021 Workplace Culture Report, 84% of HR leaders said the adoption of collaboration and employee engagement technologies will increase over the next year in their organizations.Kahoot! 360, our offering for organizations, is well positioned to support professionals in navigating new workplace dynamics. Our latestintegration with Zoomenables professionals to make their virtual meetings more engaging and productive with Kahoot! without leaving the Zoom interface.

During the third quarter, the Kahoot! at Work segment closed some of the most significant contracts to date, encompassing a leading European pharmaceutical group, and large organizations across the technology, financial services, insurance and global logistics industries.

As we continue to integrate the Actimo and Motimate apps into our platform, we are further accelerating the building of next generation tools for employee learning, engagement and corporate culture building. We continue to invest and focus on increasing the value for enterprise customers, with new Team mode and courses among the exciting new features on offer to our users.

Strengthening Kahoot! Academy with Marketplace in Q4-2021

Kahoot! Academy continued to grow and develop its offering in a quarter where we saw the community reaching close to 5,000 verified educators and 50+ content partners. We're also particularly excited about the upcoming launch of Kahoot! Academy's Marketplace during Q4-2021, which will enable educators to create, share and commercially offer their quality content for the benefit of learners and educators.

Marketplace will be bolstered with the addition of the newly launched Kahoot! Courses, a product offering where we see unlimited possibilities for both educators and professionals to create cohesive, engaging learning experiences.

Making Kahoot! more global than ever

Kahoot! continues to expand geographically to make our platform even more accessible, with Kahoot!'s web platform and app nowavailable in 11 global languages. We look forward to launching in Arabic and traditional and simplified Chinese soon. In addition, we recently launched our award-winning Kahoot! Poio Learn to Read appin French and Brazilian Portuguese.

Our language learning app, Drops, too, launched some timelynew social featuresadding Friends functionalities and Workplace talk to the app.

This quarter we were also pleased to announce a new collaboration with one of the most successful and enduring brands of all time,Star Wars™. Kahoot! Academy has launched ready-to-use learning kahoots based on beloved Star Wars characters. This is in addition to campaigns with several large publishers such as the World Wildlife Fund, Disney and Pixar, Star Wars, Angry Birds, First News Education, Macmillan education, Disney Imagination Campus and Khan Academy.

A solid foundation for what's to come!

Kahoot!'s strong third quarter results are driven by our ability to capitalize on the solid foundation built through our scalable platform as well as strategic acquisitions. At the same time, enhancements, including innovative product and feature launches across our business areas, and exciting global partnerships have contributed to the strong expansion of new users and paid subscribers as we continue to drive our commercialization initiatives. In this quarter we have, for the first time, reached one billion participants (non-unique) in North America over the last twelve months, representing 56% of invoiced revenue (including Clever's contribution for the month of September).

With this solid foundation established, we are incredibly excited to continue to work on accomplishing our mission: to make learning awesome. In the final quarter of the year, we expect continued interest in Kahoot!'s products and services as the market for EdTech and employee engagement continues to grow and develop globally. After a strong Back-to-School this quarter, we are particularly energized and ambitious to continue realizing the potential of our Kahoot! at Work offering in the coming quarters. We have some great launches in store to contribute to an exciting year-end, too, including Math Labs from DragonBox, a math offering for schools; Kahoot! Kids, a tailored Kahoot! experience for young learners; Kahoot! 360 Engage, the next generation engagement for video conferencing; and lots more!

As evidenced in the third quarter, Kahoot! continues to execute strategically, adding capabilities that promote user growth and monetization of our platform. In a fast-growing market, Kahoot! remains well positioned with a strong product portfolio, scalable platform, viral distribution model, growing user base, and a talented, passionate team committed to delivering more great results in 2021.

Thank you for your continued interest and support of Kahoot! and our mission to make learning awesome!