The last few months have been nothing short of challenging and historic but also full of positive changes and innovation from companies and individuals who are trying to pivot and accept the challenges stemming from the COVID-19 pandemic globally. It has been inspiring to see our amazing community of teachers, parents, students and professionals using Kahoot! in different ways to bring positive learning and interaction with their audiences in a remote setting.
As a result, Kahoot! has witnessed unprecedented growth in the last quarter. Today, Kahoot! reported its preliminary Q2 financial results in its latest trading update to shareholders. Kahoot! is one of the first companies to report its Q2 results and hopefully will set the precedent for the education and learning space as a whole.
Highlights from the last quarter
In Q2, Kahoot! delivered growth and value with yet another strong quarter with more than 20 million active accounts on its platform in the last 12 months (40% year-over-year growth). The number of hosted games on the platform was 210 million (7% year-over-year growth) with 1.25 billion participating players (12% year-over-year growth) in the last 12 months.
Paid subscriptions saw a sharp increase reaching more than 270,000 in Q2 2020 with a growth of 170% compared to the same time last year.
Kahoot! reported invoiced revenue of $9.6 million in Q2 2020, compared to $2.3 million during the same time last year, representing 317% year-over-year growth. Invoiced revenue for the first half of the year 2020 was $16 million, compared to $4.3 million the year before, representing a 270% year on year growth.
The company had a positive cash flow from operations of approximately $3.8 million in Q2 2020, compared to -$1.5 million in Q2 2019.
In the last three months, we launched several key initiatives helping users from all segments to make learning awesome as we continue to build one of the leading learning platforms in the world.
We also secured additional capital last month to help fuel the next phase of Kahoot!’s growth, allowing us to further invest in product innovation, as well as consider new strategic partnerships and acquisitions to further strengthen our platform.
Last month, we also had our first-ever Kahoot! EDU Summit — an all-day virtual professional development event for teachers and educators globally, with sessions from the Kahoot! team, our partners, ambassadors and change-makers within education. More than 35,000 educators from all over the world, spanning K-12 and higher education, signed up for the EDU Summit making it one of the largest gatherings for teachers this year.
Recent and upcoming initiatives
At our Annual General Meeting last month, I shared some of our recent and upcoming initiatives that will make Kahoot! an even larger player in the global learning industry such as:
Kahoot! Academy, a knowledge portal, content platform and marketplace, connecting the global educator community to high-quality content, which was launched last month.
Kahoot! EDU, an enhanced, premium Kahoot! experience for entire schools, districts and higher education institutions to be launched in time for Back to School 2020.
Kahoot! Family: a combo pack offering families a set of tools and apps to learn at home for Back to School 2020. This pack will include subscription to the premium version of the Kahoot! app as well as our other learning apps, covering math and reading and chess.
For brands and publishers, Kahoot! will be launching a new tailor-made offering later this year, to help them distribute their high-quality content and reach more relevant audiences through the power and reach of the Kahoot! platform.
For organizations, Kahoot! recently launched Kahoot! 360, the next generation solution for corporate learning which involves everyone within an organization in engaging learning experiences — whether it’s audience engagement, team collaboration or building company culture.
Last but not least, we are preparing and planning diligently for our upcoming IPO on the Oslo Stock Exchange in Q1 2021.
In the coming few weeks, our team will have a sharp focus launching our new initiatives for schools, teachers and families to help them prepare for a very unique Back to School 2020 season. We will also focus on delivering the newest offerings to our users in organizations globally as they prepare what will be the “new normal” for the future of work.