Hoylu Q1 2024: Steps in the Right Direction - Redeye

Redeye comments on Hoylu’s Q1 2024 report, meeting our ARR forecast, while slightly beating our EBITDA driven by lower costs than expected. We are encouraged to see an uptick in ARR growth in Q1, growing 18% annualized q/q, following a soft Q4 report. Underlying, the Engineering and Construction segment delivered continued progress posting ARR growth of 98% y/y, while the online whiteboard segment continues to face churn, which is expected to continue into 2024.

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