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Xplora Technologies AS Q4 23 – Full year EBITDA of NOK 34m, NOK 67m turnaround from 2022

Xplora Technologies AS Q4 23 – Full year EBITDA of NOK 34m, NOK 67m turnaround from 2022

Oslo, 29 February 2024 – Xplora Technologies AS ("Xplora") today published its Q4 23 results. In Q4 23 Xplora generated group revenues of NOK 212.1m, +19% y/y and for the first time Xplora surpassed NOK 200m in a quarter. Recurring service revenues were NOK 60.1m, +47% y/y and gross profit ended at NOK 99.4m for the quarter. EBITDA ended at NOK 11.7m in Q4 23, with a full year EBITDA of NOK 33.7m, an improvement of NOK 67.2m from 2022. Xplora also exited Q4 23 with a cash balance of NOK 137.4m.

2023 marks a transformative year for Xplora, overcoming the challenges from the previous year and ending 2023 with the company’s strongest quarter to date. Xplora surpassed NOK 200m in revenue for the first time in a single quarter, contributing to a record annual gross profit of NOK 332.3m. “Our strategic efforts have propelled our results to new heights. We have sold more units at a higher price, with increased conversion at a lower marketing cost” says Sten Kirkbak, CEO of Xplora. Additionally, subscription sales continue to increase, with December witnessing a remarkable 24k net subscription growth. This increase contributed to expanding Xplora’s subscription base to 257k by the end of Q4 23, for an ARR of NOK 240m with 83% gross margin.

This year’s achievements, combined with a disciplined approach towards operational expenses, ensured an EBITDA of NOK 11.7m in Q4 23. 2023 EBITDA ended at NOK 33.7m, supported by a strong cash position of NOK 137.4m. Kirkbak adds, “As we step into 2024, we do so with the advantage of a robust subscription base, setting the stage for a continued growth in recurring revenue. Building on a solid foundation laid this year, we are gearing up for what promises to be an exciting year ahead”.

Key highlights of Q4 2023:
- Group revenues +19% y/y to NOK 212.1m
- Recurring service revenues +47% y/y to NOK 60.1m, translating to an ARR of NOK 240.3m
- 257k subscriptions, up 64% y/y, of which 205k are connectivity subscriptions, 9k are revenue share subscriptions, 1k are service fee subscriptions and 42k are premium service subscriptions
- Gross profit +40% y/y to NOK 99.4m
- Positive EBITDA of NOK 11.7m, an improvement of NOK 32.1m from the same quarter last year
- NOK 137.4m in cash and cash equivalents

Key highlights of 2023
- Group revenues +37% y/y to NOK 689.1m
- Recurring service revenues +38% y/y to NOK 210.2m
- Gross profit +40% y/y to NOK 332.3m
- Positive EBITDA of NOK 33.7m, an improvement of NOK 67.2m from 2022

Q4 2023 Xplora report.pdf
Q4 2023 Xplora presentation.pdf 

Management will present the results on Thursday, 29 February 2024 at 09:00 am CET live at SpareBank1 Markets in Olav Vs gate, 0161 Oslo and via webcast. The presentation will be held in English, followed by a Q&A session. Link to webcast:

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,
Knut Stålen, CFO +47 920 43 458,

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.

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