Oslo, 17 August 2023 – Xplora Technologies AS ("Xplora") today published its Q2 23 results. In Q2 23 Xplora generated group revenues of NOK 190.7m, +72% y/y. Recurring service revenues were NOK 49.4m, +42% y/y and device revenue reached NOK 140.8m, +90% y/y. Gross profit was NOK 89.0m and EBITDA ended at NOK 16.8m in Q2 23 and NOK 14.1m in H1. Xplora also exited Q2 23 with a cash balance of NOK 99.3m.
This quarter, Xplora experienced robust growth across all revenue segments. “With a 72% increase in group revenues y/y, a positive EBITDA in both Q2 and H1, combined with a strong cash position, the resilience and potential of our business model is showcased” says Sten Kirkbak, CEO of Xplora. By introducing three new products across nine core markets where Xplora have SIM connectivity, the company is now seeing the effects of its strategy to boost ARPU. Another significant accomplishment this quarter was the completion of phase one of the company’s Master Distribution Agreement (MDA), boosting revenue by NOK 30m. Kirkbak adds, “Despite challenging market dynamics, our team’s dedication stands out. From a disciplined focus on costs to our commitment to recurring revenue growth we are continually pushing boundaries”.
Key highlights of Q2 2023:
- Group revenues +72% y/y to NOK 190.7m, in part from a new MDA with one-time effect of NOK 30m
- Recurring service revenues +42% y/y to NOK 49.4m
- 170k connectivity subscribers, up 26% y/y
- 17k premium service subscriptions
- Gross profit +42% y/y to NOK 89.0m
- Positive EBITDA of NOK 16.8m
- NOK 99.3m in cash and cash equivalents
Key highlights of H1 2023:
- Group revenues +55% y/y to NOK 286.8m
- Recurring service revenues +38% y/y to NOK 94.6m
- Gross profit +38% y/y to NOK 146.6m
- Positive EBITDA of NOK 14.1m
Due to a discrepancy in Q1 23 service revenue and a minor correction in device revenue, Q1 23 figures have been restated. Please see note 7 in the Q2 23 report for further details.
Video presentation:
Attachments:
Q2_2023_Xplora_Report.pdf
Q2_2023_Xplora_Presentation.pdf
Xplora was founded with the mission of giving children a safe onboarding to digital life and encouraging a better balance between screen time and physical activity. Xplora has more than 160k subscription customers. More than 1 million smartwatches for kids have been sold since the company was launched, driving a rapid international expansion with offices in Norway, the UK, Germany, Spain, Sweden, Finland, Denmark, France, and the US.
Management will present the results on Thursday, 17 August 2023 at 10:00 am CET live at PlusArena in Strandgata 19, 0152 Oslo and via webcast. The presentation will be held in English, followed by a Q&A session. Link to webcast: www.xplora.com/investor.
The information contained in this statement has not been audited and may be subject to change. This information is subject to disclosure requirements in Regulation EU 596/2014 (MAR) article 19 no. 3 and the Norwegian Securities Trading Act section 5-12.
For further information please contact:
Sten Kirkbak, CEO +47 922 03 710, sten.kirkbak@xplora.com
Jonas Ringstad, Interim CFO +47 406 39 886, jonas.ringstad@xplora.com
About Xplora Technologies AS:
Xplora is a platform and services company and an industry leader in the market for children’s smartwatches. Xplora was founded to give children a safe onboarding to the digital life and a better balance between screen time and physical activity. Xplora’s vision is to enable children around the world to experience how their everyday activities can create value and make a positive change in the world. The company is headquartered in Norway with operations in leading European markets. Xplora is listed on Euronext Growth under the ticker symbol XPLRA.
