Penneo – Q1 2022

Kasper Lihn

Kasper Lihn

Penneo A/S has reported its Q1 results 2022 this morning. Annual recurring revenue (ARR) increased to DKK 58.5 million, corresponding to a 43% growth compared to Q1 2021. EBITDA amounted to DKK -6 million due to investments. In relation to that, Penneo downgrades its EBITDA guidance to the interval DKK -20 million to -15 million for 2022 (before DKK -10 million to -5 million) as a result of intensified investments in long-term ARR growth in accordance with the capital increase of DKK 59 million (net proceeds) in Q1 2022.

Looking at ARR quarter-on-quarter (Q1 2022 compared to Q4 2021), ARR increased approx. DKK 3 million. This is below the level from the same quarter in Q1 2021 (DKK 3.9 million), which is explained by a 25% decrease in new customers.

Growth in ARR is driven by ARR uplift to existing customers of approx. 23% year-on-year. In relation to the uplift, Penneo has reprioritized its sales organization to focus on upselling the KYC solution. ARR churn is kept at a low level of approx. 3%, implying a net ARR retention rate of 120% year-on-year. Penneo maintains its ARR guidance of DKK 77-82 million (40-49% growth) at the end of 2022.

Tomorrow at 2:00 PM, you can meet and ask questions to Penneo’s CEO Christian Stendevad and CFO Casper Nielsen Christiansen, who will present the Q1 report. Sign up here:

HC Andersen Capital receives payment from Penneo for a Digital IR/Corporate Visibility agreement. /Kasper Lihn 8:39 AM, 24-05-2022.