Oneflow publishes its interim report for the third quarter of 2023:
July - September 2023 (compared to the same period last year)
Net sales increased 44% to MSEK 25.6 (17.8). Share of Net sales outside Sweden increased to 29% (25) with paying users in 34 countries.
EBIT was MSEK -22.7 (-17), with an EBIT margin of -88.9% (-95.6).
Net income for the period amounted to -22.0 (-17.2).
Basic earnings per share amounted to SEK -0.88 (-0.68) and diluted to SEK-0.88 (-0.68).
Total ARR YoY increased 44% to MSEK 116.2 (80.5).
Net New ARR for the third quarter decreased -7% to MSEK 5.4 (5.8).
During the third quarter cash-flow from current operations amounted to MSEK -19.5 (-12.7).
Total cash and cash equivalents amounted to MSEK 122.9 (235.6).
January - September 2023 (compared to the same period last year)
Net sales increased 46% to MSEK 71.3 (48.8). Share of Net sales outside Sweden increased to 29% (24) with paying users in 34 countries.
EBIT was MSEK -71.6 (-41.3), with an EBIT margin of -100.5% (-84.7).
Net income for the period amounted to -69.2 (-43.3).
Basic earnings per share amounted to SEK -2.75 (-1.91) and diluted to SEK -2.75 (-1.91).
Total ARR YoY increased 44% to MSEK 116.2 (80.5).
Net New ARR for the first nine months increased 10% to MSEK 25.6 (23.4).
Cash-flow during the first nine months amounted to MSEK -44.1 (-17.8).
Total cash and cash equivalents amounted to MSEK 122.9 (235.6).
Anders Hamnes, CEO and Founder of Oneflow, comments:
“Our ARR increased by MSEK 5.4 during the third quarter, resulting in a 44% year-over-year growth, bringing our total ARR to MSEK 116.2. Historically, the third quarter is the weakest sales quarter of the year due to seasonal fluctuations and the summer holiday. Our sales pipe for the fourth quarter remains strong, and we are committed to sustaining our fast-paced sales growth despite the challenging financial climate and market uncertainty we’ve experienced during the past few quarters. During the quarter, the company had one-time expenses related to the repayment of a previously reserved amount of MSEK 3.7 for short-term furlough, as well as a significant investment in the company's branding of MSEK 2.0.
Since our stock market listing in April 2022, our focus has been on gearing up our product and development teams, as well as expanding outside the Nordics. While we could have been a profitable company by now, we decided to invest in the future, because we strongly believe it will have a positive impact on the company for years to come. We have successfully achieved our recruitment goals in terms of resources and expertise coverage to align with our product vision. There will be no increase in our headcount in the near future.
Moving forward, our focus will be to constantly improve our ways of working, increasing the speed at which we release new features, enhancing our customers’ product experience, and sustaining strong sales growth. Our long-term goal is to establish Oneflow as a global key player in our industry. Our current cost base is comfortable considering our cash reserve and the sales growth we are experiencing. The market should now have a better visibility into when we will become profitable.
Oneflow is committed to delivering excellence to our customers with a critical need-to-have product that offers a high return on investment. As more companies focus on operational and cost efficiency, our integrations help leverage their existing systems to make smarter data-driven decisions. Our culture of innovation also makes Oneflow resilient in meeting the increasing demands of our customers.
We maintain a strong cash position, stabilized costs, and we are now steering the course towards profitability. Due to the projected slow economic recovery, we’re adjusting our 2027 ARR target from MSEK 600 to MSEK 500, and we’re keeping our 2027 EBIT margin target at 20%.”
www.oneflow.com
