Investor relations

Kahoot! ASA reports first quarter 2021 results

Kahoot! ASA, (KAHOT) today announced financial results for its fiscal quarter ended 31 March 2021, in-line with the main numbers presented on the trading update 7 April 2021. The Kahoot! Group continued its strong performance in the first quarter of 2021, including solid growth in usage, revenues, subscribers, launch of several new features and services as well as the acquisition of Whiteboard.fi.

Please find enclosed the Q1 2021 presentation and report.

Attachments
1Q21 Kahoot! presentation 1Q21 Kahoot! report

Invoiced revenue for the Kahoot! Group reached $19.1 million in Q1 2021, representing 195% growth from reported invoiced revenue in Q1 2020. The quarter over quarter invoiced revenue growth was 9% in Q1 2021 (vs. Q4 2020). The Kahoot! Group customer base ARR (Annual Recurring Revenue) as of 31 March 2021 reached $69 million. The Kahoot! Group delivered in Q1 2021 solid cash flow with approx. 28% cash conversion from billed revenue. The Kahoot! Group reached more than 760 thousand paid subscriptions per Q1 2021 including acquired units.

Highlights Q1 2021

  • The main figures were reported in the company trading update 7 April 2021.
  • The user growth on the Kahoot! platform continued with more than 28 million active accounts in the last twelve months (68% YoY growth). Number of hosted games in the last twelve months was 279 million (28% YoY growth) with more than 1.6 billion participants (24% YoY growth).
  • Kahoot! launched several new features and editions for all three main categories (at Work, at School and at Home), contributing to the growth of both free and paid users in the quarter. • Announced and completed the acquisition of Whiteboard.fi, an online whiteboard tool for teachers and classrooms that helps engage students both in the physical classroom and through remote learning.
  • Kahoot! Group reached more than 760 thousand paid subscriptions in Q1 2021, an increase of 85 thousand from Q4 2020, whereof 44 thousand are Kahoot! licenses. The YoY growth including acquisitions, was 277% (approx. 560 thousand) per Q1 2021 vs. Q1 2020.
  • Kahoot! Group Q1 2021 subscription categories: 255 thousand Work (including 131 thousand active Actimo employee licenses), 275 thousand School (including 6 thousand Whiteboard), and 230 thousand Home and Study (including 48 thousand DragonBox math curriculum and 130 thousand Drops language learning)
  • Invoiced revenue for the Kahoot! Group for Q1 2021 reached $19.1 million, compared to $6.5 million in Q1 2020 as reported, representing 195% YoY growth. The quarter-over-quarter invoiced revenue growth was 9% in Q1 2021 vs. Q4 2020. • The Kahoot! Group customer base ARR (Annual Recurring Revenue) as of 31 March 2021 reached $69 million, vs. $18 million per 31.03.2020.
  • Total revenue and other operating income for Q1 2021 was $16.2 million compared to $4.2 million for Q1 2020, representing 284% YoY growth.
  • EBITDA adjusted for share-based compensation expenses and related payroll taxes, acquisition-related expenses and listing cost preparations was $3.7 million for Q1 2021, representing 22.7% adjusted EBITDA margin.
  • The Kahoot! Group had positive cash flow from operations of $5.4 million in Q1 2021, compared to $1.1 million in Q1 2020.
  • Cash and cash equivalents as of 31 March 2021 were $254 million. The company has no interest-bearing debt.

For further information, please contact:

Eilert Hanoa, CEO
Phone: +47 928 32 905
Email: eilerth@kahoot.com

Ken Østreng, CFO
Phone: +47 911 51 686
Email: keno@kahoot.com

About Kahoot!

Kahoot! is on a mission to make learning awesome! We want to empower everyone, including children, students, and employees to unlock their full learning potential. Our learning platform makes it easy for any individual or corporation to create, share, and play learning games that drive compelling engagement. Launched in 2013, Kahoot!’s vision is to build the leading learning platform in the world. In the last 12 months, 279 million games have been played on the Kahoot! platform with 1.6 billion participating players in more than 200 countries. The Kahoot! family also includes award-winning DragonBox math learning apps, the Poio learn to read app, the Drops language learning apps, the Actimo and Motimate employee engagement and corporate platforms and Whiteboard.fi, the online whiteboard tool for all educators, teachers and classrooms. The Kahoot! Group is headquartered in Oslo, Norway with offices in the US, the UK, France, Finland, Estonia, Denmark and Spain. Let’s play!