Relesys reports 46% year-on-year growth in Annual Recurring Revenue in Q1 2023. Relesys keeps guidance unchanged.

Relesys A/S | Quarterly Announcement Q1 2023
Company Announcement No. 6-2023 Copenhagen,
May 11, 2023

First-quarter period: January 1, 2023 – March 31, 2023

Relesys achieved an Annual Recurring Revenue (ARR) of DKKm 49.4 and is starting the year in accordance with the plan.

Current financial guidance remains unchanged.

Summary:

Relesys started 2023 by executing the financial expectations presented in the Annual Report 2022. During Q1, Relesys signed with NorgesGruppen who have +40% of the Norwegian grocery market.

• ARR increased from DKKm 33.8 in Q1 2022 to DKKm 49.4 in Q1 2023, corresponding to 46% year-on-year growth.
• NRR was 117% year-on-year.
• ARR net uplift was 22% year-on-year.
• ARR churn was 4% year-on-year.
• ARR from new clients increased by DKKm 2.5 during the period.
• Revenue grew from DKKm 10.0 in Q1 2022 to DKKm 12.8 in Q1 2023, corresponding to 28% year-on-year growth.
• The cash balance at the end of Q1 was DKKm 28.2. Free Cash Flow Multiple last 12 months was -1,5.[1] The cash balance of DKKm 28.2 is considered to be sufficient to take Relesys to positive cash flow.

Financial Guidance 2023:

For 2023, Relesys expects continued growth in both ARR and Revenue. ARR guidance for 2023 is DKKm 59-64 and Revenue guidance for 2023 is DKKm 54-60. Guidance remains unchanged compared to what was presented in the annual report 2022.