Impero A/S releases Annual Report 2024: Driven by strong traction in German speaking markets, Impero realizes 28% growth in Annual Recurring Revenue, improves EBITDA, and delivers a churn of just 2%

Company Announcement No. 3-2025

Copenhagen, 13 March 2025

Annual Report for the period 1 January 2024 to 31 December 2024

SaaS metrics and financial highlights on 31 December 2024

• ARR increased by 28% to DKK 38.7M at the end of 2024
• Revenue for the year increased to DKK 35.4M, corresponding to an annual growth of 28%
• Cash burn to net new ARR ratio of 0.9, an improvement from 1.6 at year-end 2023
• Churn of 2%, compared to 6% for the 12-month period ending 31 December 2023
• Uplift of 10%, compared to 17% for the 12-month period ending 31 December 2023
• Net Revenue Retention (NRR) of 108%, compared to 111% in 2023
• Average ARR per customer (ARPA) increased to DKK 212T from DKK 190T at the end of 2023
• EBITDA for the year amounted to DKK -8.7M, compared to DKK -10.6M in 2023
• In Q4 2024, net ARR grew DKK 1.8M compared to DKK 2.2M in Q4 2023

Development of the business
In March 2024, Impero launched the updated strategic direction “Increasing the Impact”, aiming to at least double our customer base and become cash flow positive on a recurring basis before the end of 2026 based on our current capital foundation.

“In line with our strategic ambition, this past year has been a period of growth and remarkable achievement for us - with focus on growing the business while also investing in future opportunities. We keep catering to an increasing number of enterprise customers and deliver an ever-evolving platform that our customers continue to embrace, adopt and expand. As we look to the future, we are preparing to enter new markets in Northwestern Europe. This expansion is integral to our overarching strategy to broaden our market reach and provide our solutions to a larger audience”, says Impero’s CEO Rikke Stampe Skov.

Continued focus on international growth
By the end of 2024, 56% of our ARR originates from other geographies than Denmark – an increase from 51% by the end of 2023 and in line with our strategic objectives to further expand our international presence. 

During 2024, we welcomed 34 new customers from a variety of sectors and markets with the vast majority being enterprise customers. Fifty percent of the new customers came from German-speaking markets from various industries, including telco, automotive, logistics, manufacturing and financial services. 

One of the standout achievements that showcases our particularly strong performance is that we now serve 20% of the member companies of the German DAX-40 stock index. This accomplishment, along with serving 32% of the companies in the Danish C25 index, underscores our capacity to comprehend and address the distinct requirements of enterprise customers across industries and markets.

As we look to the future, we are preparing to enter new markets in Northwestern Europe. This expansion is integral to our overarching strategy to broaden our market reach and provide our solutions to a larger audience.

Partnerships remain a strategic pillar
Our partnerships continued to complement our own channels and remained a solid contributing factor to Impero’s growth. Throughout 2024 Impero’s partners supported 44% of new ARR generated. To further develop our market presence, we onboarded Deloitte and Grant Thornton as new partners in the German market. We also continued to invest in partnerships in the Danish market including PwC and Basico focusing on financial compliance - as well as KPMG on internal controls within the ESG domain. 

Product
Throughout 2024, our development initiatives have been driven by a clear focus on enhancing user experience, optimizing workflows, and strengthening platform scalability. Our development cycles have shown significant improvement, allowing us to bring new, important features to the market more efficiently.

A significant achievement was a product release, which expanded our support for compliance frameworks like Sarbanes-Oxley (SOX), directly improving the effectiveness of internal control reviews, especially for enterprise customers. 

We rolled out several new features aimed at streamlining control management. This included the extended control overview, providing users with a comprehensive control view, and customizable control exports, allowing for tailored reporting based on specific needs. 

Looking ahead to 2025, we are excited to help customers strengthen their third line of defense through introduction of a separate Control Testing module developed throughout H2-2024.

Additionally, we will integrate AI technologies to optimize control management processes, ensuring our platform evolves and supports smarter and more efficient compliance management in line with user expectations and industry standards. We are excited about how we can further improve the workflows, and the user experience based on new AI driven features.

Capital
As planned, we have significantly improved the cash burn to net new ARR ratio in Impero to 0.9 by the end of 2024, compared to a ratio of 1.6 at the end of 2023. This reflects both the growth in ARR and our disciplined financial management, highlighting our commitment to invest in sustainable growth while maintaining a robust financial position as described in our strategic direction in connection with our 2023 annual report.

Impero ends 2024 with a solid cash position of DKK 9.8M, and with sufficient funding for continuing investments in accordance with the strategy.

Organization
Impero was successful in attracting several key profiles to join the company in 2024. During Q1, we welcomed David Højelsen as our Chief Technology Officer and in Q4, we welcomed Mansoor Malik as the company’s new Chief Commercial Officer.

Outlook
By the end of 2025, Impero expects Annual Recurring Revenue (ARR) to reach between DKK 46M and 52M, up from DKK 38.7M at the end of 2024, reflecting a growth rate of 19% to 34%.

To support long-term growth, Impero will continue investing in organizational scaling. For 2025, EBITDA is expected to be in the range of DKK -10M to -8M.

As a company serving global customers, Impero is exposed to macroeconomic fluctuations and increasing geopolitical instability. This uncertainty, coupled with an evolving regulatory landscape for our customers, may lead to longer sales cycles and a potential increase in churn rates. The outlook assumes continued progress in the company’s current sales pipeline and no further aggravation of the macroeconomic and geopolitical instability currently observed. For additional information on the outlook, we refer to page 12 in the Annual Report 2024 or Company Announcement No. 2-2025, 12 March 2025.

Presentation of the Report

Read the Report in its entirety via https://impero.com/investors/ or in the attached.

CEO Rikke Stampe Skov and CFO Morten Lehmann Nielsen will present the Annual Report at a webinar on 14 March 2025, at 11:00 AM CET.

Register for the webinar via:  https://www.inderes.dk/videos/impero-praesentation-af-arsrapport-2024