Ending 2023 with a solid Q4 - optimistic about 2024

Company announcement no 1-2024

Søborg, February 9, 2024

Ending 2023 with a solid Q4 - optimistic about 2024

During the first half of 2023, Konsolidator was challenged by unforeseen high staff turnover among sales representatives and the need to raise capital. Konsolidator secured capital, totaling gross proceeds of DKK 34 million and ended the year on a high note with a sales conversation rate of 25% in Q4 2023 and new growth opportunities evolving.

Annual recurring revenue (ARR) in 2023 amounted to DKK 19.4m, just below expectations of an ARR between DKK 20-21m. Revenue amounted to DKK 19.2m in 2023, an increase of 15% and within the expectations of DKK 19-21m. With the capital increase in June 2023 the equity is positive with DKK 1.3m. The positive development in Q4 2023 is expected to continue in 2024, and Konsolidator maintains its 2024 guidance with ARR of DKK 24-28m at the end of 2024.

"With the capital raise, a realigned strategy, a good Q4 2023, and many new growth opportunities we
are ready to take on 2024. We have left the hard times behind and with the positive energy in the office, we believe we have a strong foundation to succeed in 2024" says CEO Claus Finderup Grove.

CEO Claus Finderup Grove continues: Konsolidator is built on proper accounting and simplicity creating value every day for our customers and with a growth potential to be unfolded in new business segments, new markets and possible acquisitions. We have assessed new strategic opportunities in Q4 2023 and in the beginning of 2024 and are ready to follow through and raise the needed capital if required."

2023 Financial Highlights

ARR amounted to DKK 19.4m compared to DKK 17.6m in 2022, corresponding to an increase of 10%. The ARR did not live up to our expectation of DKK 20-21m.Revenue amounted to DKK 19.2m compared to DKK 16.7m in 2022, corresponding to an increase of 15%. The revenue was within our expectations of DKK 19-20m.The contribution margin was 93% compared to 94% in 2022.EBIT amounted to a loss of DKK 10.7m compared to an EBIT loss of DKK 22m in 2022. The EBIT loss was within expectations of a loss of DKK 9-11m.EBIT before share-based payments was a loss of DKK 8.9m compared to a loss of DKK 19.7m in 2022.Total cash and cash equivalents amounted to DKK 1.8m at the end of 2023 compared to DKK 1.5m at the end of 2022.The total equity amounted to a positive equity of DKK 1.3m on December 31, 2023 compared to a negative equity of DKK 11.4m a year before.

Outlook
We maintain our outlook for 2024 which is as follows:

ARR is expected to be in the range of DKK 24-28m by the end of 2024, corresponding to a growth of 20-40%.Revenue is expected to be in the range of DKK 23-27m.EBIT is expected to be a loss in the range of DKK 0-5m.

Annual Report 2023
Konsolidator's Annual Report 2023 is included in this announcement and can be found on Konsolidator's investor website.

Investor webinar
On 9 February 2023 at 11.00 (CET) an investor webinar will be held. Sign up using this link.

Contacts

CEO: Claus Finderup Grove, mobile +45 2095 2988, cfg@konsolidator.comCFO: Jack Skov, mobile, +45 2282 8845, js@konsolidator.com

Certified Adviser

Grant Thornton, Jesper Skaarup Vestergaard, phone +45 3527 5011, www.grantthornton.dk

About Konsolidator
Konsolidator A/S is a financial consolidation software company whose primary objective is to make Group CFOs around the world better through automated financial consolidation and reporting in the cloud. Created by CFOs and auditors and powered by innovative technology, Konsolidator removes the complexity of financial consolidation and enables the CFO to save time and gain actionable insights based on key performance data to become a vital part of strategic decision-making. Konsolidator was listed at Nasdaq First North Growth Market Denmark in 2019. Ticker Code: KONSOL

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