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Company announcement no 13-2022

Søborg, August 10, 2022

Financial report for the period January 1 to June 30, 2022

The H1 2022 results were in line with expectations. Annual Recurring Revenue (ARR) amounted to DKK 15.6m corresponding to an annual growth of 45%. The SaaS metrics improved compared to Q1 2022, with a growth in ARR of DKK 1.3m up from DKK 0.7m for Q1 2022.

Konsolidator is actively seeking to raise DKK 20-25m in further equity capital to restore the negative equity and secure financing for the current 2022-24 strategy, Unfolding the potential.

“Q2 2022 showed good progress especially the Nordics really excelled, and the upsale to current customers also developed positively. We remain confident that Konsolidator has a good market fit in the UK. However, the market penetration takes longer than expected. We are actively seeking financing for our strategy and expect that we will succeed”, says CEO Claus Finderup Grove.

Financial highlights

• Revenue in Q2 2022 amounted to DKK 4,0m, an increase of 30% compared to Q2 2021 and for the first half of 2022, revenue increased by 47%, which is in line with expectations.

• EBIT for Q2 2022 amounted to DKK (6.8m) compared to DKK (6.5) for Q1 2022. In H1 2022, EBIT was DKK (13.3m) compared to DKK (13.2m) in H1 2021. The reduced cost base, communicated on March 30, 2022, will start to have effect in Q3 2022.

• In Q2 2022, Konsolidator issued new shares in a directed issue and a board member exercised warrants totaling gross proceeds of DKK 4m and net proceeds of DKK 3.9m.

• Cash and cash equivalents amount to DKK 7.6m on June 30, 2022. Konsolidator has the cash to continue its operations to the end of 2022 but will have to restructure the cost base if no funding is raised during Q3 2022.

SaaS metrics

• In Q2 2022, Annual Recurring Revenue (ARR) increased by DKK 1.3m compared to DKK 0.7m for Q1 2022. On June 30, 2022, the total ARR amounted to DKK 15.6m, an increase of 45% compared to June 30, 2021.

• The ARR net increase of DKK 1.3m in Q2 2022 has been generated by a cash cost of DKK 6.0m compared to the DKK 7.1m for generating ARR DKK 0.7m in Q2 2021.

• The net retention amounted to index 102 as of June 30, 2022, compared to index 101 as of March 31, 2022, primarily from upsale and price increases offset by churn.

• On June 30, 2022, the churn for the last 12 months was 8.1%. Up from 7.7% on March 31, 2022. The increased churn occurs primarily during onboarding.

• The Customer Acquisition Cost (CAC) divided by ARR has been calculated to be 36 for Q2 2022 compared to 60 for Q1 2022, which is the number of months it will take for the customer to be profitable for the acquired ARR.