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Xplora announces trading update for Q2 22

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Philip Coombes

Philip Coombes

Xplora announced its trading update for Q2 2022 earlier today. Group revenues for Q2 22 were NOK 107m, +15% y/y from group revenues of NOK 93.4m in Q2 21. Recurring service revenues amounted to NOK 35m, up 44% y/y from NOK 24.2m in Q2 22. Recurring service revenues represented 32% of group revenues in Q2 22. Xplora exited Q2 22 with 134.4k mobile subscribers, a y/y growth of 42% from 94.4k subscribers at the end of Q2 21.

The revenue growth year on year has come down against Q1 22 where revenues grew 37% y/y. The results for H1 suggest the company is lagging behind its FY 2022 guidance of revenue growth of at least 50%. In 2021 H2 was the stronger half, as is common in retail, generating 66% of revenues.

Subscriber growth accelerated in Q2 22, up 8.1% from Q1, an acceleration from the 0.7% subscriber growth in Q1 22. However, quarterly growth of 8.1% is below the 12.8% average quarterly growth of 2021. Recurring service revenues grew a modest 2% from the previous quarter, which could signal a restarting of growth after flat service revenues from Q4 21 to Q1 22.

Xplora have announced significant partnerships throughout Q2 2022. Including connectivity partnerships in the US, UK, France and Germany, with further distribution partnerships in the US, UK and Finland. Xplora CEO, Sten Kirkbak, and CFO Mikael Clement will present the H1 results on the HC Andersen Capital platform on Wed 17 Aug, where you can ask questions and get an understanding of the recent developments can affect the results for the second half of the year.

You can refresh your understanding of Xplora by watching either our recent events hosted together with Sten Kirkbak and Mikael Clement – links below.

Xplora – Deep Dive: Replicating the Norwegian connectivity model: https://www.youtube.com/watch?v=KitR-5kejPc&t=5s

Xplora – Presentation of Q1 report 25.05.2022: https://www.youtube.com/watch?v=7A9_xS5BgPw&t=1436s

Disclaimer: HC Andersen Capital receives payment from Xplora for a Digital IR/Corporate Visibility subscription agreement. / Philip Coombes at 17:55 on 13/7/2022