Oslo, 3 November 2023 – Xplora Technologies AS ("Xplora") today published its Q3 23 results. In Q3 23 Xplora generated group revenues of NOK 190.2m, +37% y/y. Recurring service revenues were NOK 55.6m, +30% y/y and device revenue reached NOK 134.1m, +41% y/y. Gross profit was NOK 86.3m for the quarter. EBITDA ended at NOK 7.9m in Q3 23, for a YTD EBITDA improvement of NOK 35.1m. Xplora also exited Q3 23 with a cash balance of NOK 116.6m.
“We are pleased to report that our performance this quarter mirrors the success of our previous quarter, with our subscription base reaching 226k subscriptions. Our achievements are a result of diversified revenue streams and strategic initiatives undertaken throughout the year, driving an impressive 48% year-to-date revenue growth. This robust performance has not only fueled our growth, but also strengthened our financial position, resulting in a healthy cash balance of NOK 116.6m at the end of Q3 23” says Sten Kirkbak, CEO of Xplora.
Xplora achieved a reduction in operating expenses as a percentage of revenue of 13 percentage points y/y, creating a valuable improvement in the company’s EBITDA of NOK 23.7m. This demonstrates Xplora’s steadfast focus on driving profitable sales and maintaining cost discipline. Furthermore, Kirkbak adds, “Our financial maneuvers, including the consolidation of banking services and active currency hedging, alongside our new retail partner in the UK, are paving the way for sustained growth. These efforts complemented by the success of our premium offerings, which now engage more than 100k monthly active users, showcases our ability to drive both user engagement and revenue”.
Key highlights of Q3 2023:
- Group revenues +37% y/y to NOK 190.2m
- Recurring service revenues +30% y/y to NOK 55.6m, translating to an ARR of NOK 222m
- 226k subscriptions, up 54% y/y, of which 189k are connectivity subscriptions, 5k are revenue share subscriptions and 32k are premium service subscriptions
- Gross profit +45% y/y to NOK 86.3m
- Positive EBITDA of NOK 7.9m, an improvement of NOK 24m from the same quarter last year
- NOK 116.6m in cash and cash equivalents
Management will present the results on Friday, 3 November 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.
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 ctivities 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.