Highlights for the quarter are the continued strong growth in ARR and continued low churn.
The annual recurring revenue (ARR) grew to 28,9 MSEK during the second quarter of 2021, which is a rise of 66 % year-on-year.
- Continued strong growth in ARR to 29 MSEK (+66%).
- New sales director employed and will start in August.
- Intensified focus on both partner sales and direct sales.
- Churn in Q2 remained low at 0,3%.
Summary of Interim Report
The Group
First six months (2021-01-01 to 2021-06-30)
** Net turnover amounted to 12 723 (9 555) TSEK, an increase of +33% compared to the same period last year.
** Loss after financials and minority share amounted to -12 817 (-13 537) TSEK.
** Loss per share* before dilution amounted to -0,46
** Loss per share* after dilution amounted to -0,43
Second quarter (2021-04-01 to 2021-06-30)
** Net turnover amounted to 6 600 (4 746) TSEK, an increase of +39% compared to the same period last year.
** Loss after financials and minority share amounted to -5 648 (-7 928) TSEK.
** Loss per share* before dilution amounted to -0,19
** Loss per share* after dilution amounted to -0,17
** The solidity** amounted to 67,6 (62,4) %.
Growing SaaS Traction
Second quarter (2021-04-01 to 2021-06-30)
** Annual recurring revenue (ARR) at the end of Q2 2021 was 28 865 (17 352) TSEK, a year-on-year increase of +66%.
** Recurring revenue amounted to 6 521 (4 338) TSEK, which represents 99% (91%) of the quarterly revenue.
** Churn for the quarter was 0,3%.
Amounts within brackets regard the corresponding period last year.
*Result per share: The result is divided by the average number of shares (after dilution includes average number of share options).
**Solidity: Equity divided by total assets.
Significant events during the second quarter, 2021.
** At the end of Q2
**
Message from the CEO
"Sharpening our sales to take on increased demand from global customers"
Despite the extensive roll-out of vaccines, the post-pandemic effects continue to linger. The sales cycle remains longer than expected, and changes in customer behavior highlighted the need to look at and evaluate our sales processes. Still, the second quarter came in strong.
Growth through new customers
Highlights for the quarter are the continued strong growth in ARR and continued low churn.
The annual recurring revenue (ARR) grew to 28,9 MSEK during the second quarter of 2021, which is a rise of 66 % year-on-year. The increase was primarily due to new
Strengthening the commercial organization to focus on commercial outcomes
At the end of the quarter, our Sales Director was replaced with a Commercial Director. We welcome Nicola Dolovski to
Sustainable growth by retaining and growing existing customer base
A part of our growth plan is to enhance "the customer journey" as part of our customer development. The challenge is to define how we can use our platform to help our customers establish world-class risk management and employee safety organizations. Customer development is a relatively new function at
As we become a more mature SaaS company, it is essential to be able to evaluate the existing customer base with transparent and adequate tools. That is why we are introducing Net Revenue Retention (NRR) as an additional growth indicator. Net Revenue Retention is a core KPI for SaaS companies and measures the percentage of recurring revenue retained from existing customers, including upgrades, downgrades, and cancellations (churn). For the second quarter it was over 100 % which is a sign that the business is healthy and can grow even without acquiring new customers. It also shows that the revenue generated from upgrades and cross-sells exceeded revenue lost due to churn or downgrades.
Commercial opportunities with diversified sales channels
We are continued optimistic for 2021 even though lead times have been longer than expected and that there will be short time effects getting the new commercial organization in place in the third quarter. Continued focus on diverse sales channels will be as important going forward as it was in the first half of 2021.
This press release is information that
About
The company offers a complete cloud-based platform designed to manage employee safety and risk/crisis management. Through world-leading technology and innovative solutions,
The
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