Press release
Oneflow publishes its year-end report for January-December 2023 :
October-December 2023 (compared to the same period last year)
- Net sales increased 39.5% to MSEK 28.4 (20.4). Share of Net sales outside
Sweden increased to 33% (28) with paying users in 40 countries. -
EBIT was MSEK -26.5 (-24.4), with an EBIT margin of -93% (-120).
-
Net income for the period amounted to -26.3 (-24.0).
-
Basic earnings per share amounted to
SEK -1.05 (-0.95) and diluted to SEK -1.05 (-0.95). -
Total ARR YoY increased 42.7% to MSEK 129.3 (90.6). Net New ARR for the fourth quarter increased 29.7% to MSEK 13.2 (10.1).
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During the quarter cash-flow from current operations amounted to MSEK -8.6 (-11.1).
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Total cash and cash equivalents amounted to MSEK 100.6 (211.7).
January-December 2023 (compared to the same period last year)
- Net sales increased 44% to MSEK 99.7 (69.1). Share of Net sales outside
Sweden increased to 30% (25) with paying users in 40 countries. -
EBIT was MSEK -98.1 (-65.8), with an EBIT margin of -98% (-95).
-
Net income for the period amounted to -95.5 (-67.3).
-
Basic earnings per share amounted to
SEK -3.80 (-2.89) and diluted to SEK -3.80 (-2.89). -
Net New ARR for the year increased 15.6% to MSEK 38.7 (33.5).
-
Cash-flow from current operations amounted to MSEK -52.7 (-28.9).
-
Total cash and cash equivalents amounted to MSEK 100.6 (211.7).
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According to the policy no dividend will be paid out.
Anders Hamnes, CEO and Founder of Oneflow, comments:
"
During the fall, and especially during the fourth quarter of 2023, we made the strategic decision to reduce our workforce, to further improve efficiency and optimize our organization and performance. This adjustment represented a modest reduction, impacting approximately 5% of our workforce. Some of the employees affected by the downsizing are currently within the termination period of the employment and will be compensated in the initial months of 2024. However, the entire termination costs have been allocated to the fiscal year 2023, resulting in a one-time expense of MSEK 1.2 in the fourth quarter.
Fourth quarter EBIT was MSEK -26.5, including the one-time expense, and in line with our internal projections. From the first quarter of 2024 and going forward, you'll see a steady improvement of our EBIT, quarter by quarter. Considering our current ARR and growth rate, our cost base - that now will be more or less fixed throughout 2024 - we'll maintain a sufficient cash position, and steer towards profitability with our current cash reserve.
We've seen a slight improvement in the gross retention rate throughout 2023, month by month, closing the year at 91.1%. We expect the gross retention rate to continue improving slowly going forward. The net retention rate is at a healthy level (110.2%), despite expansion ARR still being under pressure from customers downsizing and laying off employees rather than hiring. We expect the net retention rate to improve again as soon as the economic sentiment recovers.
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Oneflow's report presentation webinar
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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
For further information, please contact:
Mobile: +46 76 788 50 76
Email: anders.hamnes@oneflow.com
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