OrderYOYO: Upgrading guidance again after a strong Q1 - ABG

Q1: 33% y-o-y ARR growth and 15% adj. EBITDA margin
All FY'24 guidance items upgraded once again
Cons to raise '24 adj. EBITDA by 10-20%, but minor top-line revisions


Q1 numbers vs. ABGSCe

OrderYOYO reported a solid set of Q1 numbers. GMV of DKK 2,976m was in line with our estimate, while Q1 ARR of DKK 300m came in ~1% above. The latter equates to 33% y-o-y ARR growth, but note we have no quarterly breakdown of churn, uplift, and new sales. Net revenues of DKK 73m were 2% higher than we had expected and correspond to 35% y-o-y growth. The strong growth in Q1 is primarily driven by higher volumes. Turning to profitability, adj. EBITDA of DKK 10.8m and cash EBITDA of DKK 4.5m came in substantially higher (19% and 56% above our estimates, respectively), albeit on relatively low numbers. OrderYOYO has now been EBITDA profitable since July '22 and cash EBITDA profitable since June '23.

Länk till analysen i sin helhet: https://cr.abgsc.com/foretag/orderyoyo/Equity-research/2024/4/orderyoyo---upgrading-guidance-again-after-a-strong-q1/