Q1 2020 was another strong quarter and reflects focused execution by the team in the Kahoot! Group. The Kahoot! Group grew invoiced revenue in Q1 2020 to $6.4m, representing more than 220% increase from reported invoiced revenue in Q1 2019. Recognized revenue in Q1 2020 reached $4.5m, representing 282% growth from Q1 2019. The Kahoot! Group achieved positive cash flow from operations in Q1 2020. By the end of Q1, the Kahoot! Group had more than 202,000 paying users.

Please find enclosed the Q1 2020 presentation and report.

Highlights Q1 2020

• User growth on the Kahoot! platform continued in the last 12 months, reaching 1.3bn participating players (23% YoY growth), 218m games played (19% growth YoY) hosted by 16.8m active accounts (25% YoY growth).
• Kahoot! launched several new features and editions for all three main segments (at Work, at School and at Home), contributing to the growth of both free and paid users in the quarter. The main focus has been delivering an improved experience when using Kahoot! with video conferencing tools and for teachers giving student assessments.
• Invoiced revenue for the Kahoot! Group (including acquired units) totaled $6.4m in Q1 2020, compared to $2.0m in Q1 2019 as reported (222% YoY growth). The quarter-over-quarter growth for the Kahoot! Group was 21% in Q1 2020 (vs. Q4 2019).
  Invoiced revenue for Kahoot! (excl. acquired units) totaled $6.0m in Q1 2020, compared to $2.0m in Q1 2019 (200% growth).
• The Kahoot! Group customer base ARR (Annual Recurring Revenue) as of 31.03.2020 reached $18m, corresponding to MRR (Monthly Recurring Revenue) of $1.5m whereof $1.4m from Kahoot! subscriptions and $0.1m from DragonBox School.
• Recognized revenue for the Kahoot! Group was $4.5m in Q1 2020, compared to $1.2m in Q1 2019 (282% growth).
• EBITDA for the Kahoot! Group was -$1.0m in Q1 2020, compared to -$2.2m in Q1 2019.
• Cash flow from operations for Kahoot! Group was $0.9m in Q1 2020 compared to -$1.9m in Q1 2019. Cash and cash equivalents as of 31.03.2020 were NOK 357m ($34m) and no interest-bearing debt.
• The Kahoot! Group reached 202K paying users in Q1 2020, whereof 184K from Kahoot! (compared to 153K end of Q4 2019) with 93K in the Business segment and 91K in the School segment. In addition, DragonBox School reached 18K paid seats for the 2019/2020 school year.
• The Kahoot! Group has taken several operational actions to address the COVID-19 situation with the new remote reality and to secure the well-being of its employees. Main actions include stringent cost focus, no business travel or physical meetings and reprioritizing of plans and roles where needed.

About Kahoot! Kahoot! is on a mission to make learning awesome! We want to empower every child, student and employee to unlock their full learning potential. Our game‐based learning platform makes it easy to create, share and play learning games driving compelling engagement. In addition, our family of apps takes math learning to a new level and empowers children to learn to read through play. Launched in 2013, Kahoot!’s vision is to build the leading learning platform in the world. Over the past 12 months, 218 million games were played on the Kahoot! platform with 1.3 billion participating players in 200 countries. The company is headquartered in Norway with offices in the US, the UK, France and Finland. Let’s play!