Xplora announced its Q1 22 trading statement this morning, demonstrating progress towards its growth ambitions. The statement highlighted group revenues of NOK 74m, reflecting growth of 37% y/y.
Xplora highlights that NOK 33.6m of its revenue was driven by recurring service revenues (ARR), reflecting 66% growth y/y. Xplora’s ARR represents 45% of its group revenues, its largest share of revenues to date, demonstrating that the company is positively developing its service segment. This can be evidenced by the company’s growth in mobile subscriptions, which has risen to 124.3K, up from 80K in Q1 2020, a growth of 55%.
The group has demonstrated strong execution towards its targets for 2022. Xplora outlined guidance for 2022 of revenue growth upwards of 50%, with the lowest y/y growth coming from Q1. Thus far, in 2022, Xplora has secured multiple new agreements/partnerships, particularly in the U.K. and U.S. markets. In the U.K., Xplora secured a Telco distribution partnership with EE and a connectivity partnership with IQ Mobile. In the U.S., Xplora has entered into a reseller agreement with Walmart and has become an approved vendor. The company also announced the launch of three new products for 2022 earlier this year.
In February, we held an introduction to the share event with Xplora’s CEO, Sten Kirkbak and CFO, Mikael Clement. To get an overview of Xplora technologies, catch up here: https://www.youtube.com/watch?v=JhgX7Owo7Zc&list=PLZTZm32JwQKIbqYbUwtuzNlRNGNOxGhaM