“It has been a solid first quarter of the year, and the Kahoot! team continues to deliver at pace. Despite extraordinary market circumstances we saw positive momentum, especially in the latter part of the quarter, with robust growth in revenues and paid subscriptions. I am pleased to see our initiatives to commercialize Kahoot! premium offerings for the corporate market resulting in significant uptake of professional users and our largest enterprise deals to date. 

Since the beginning of the pandemic we have grown our invoiced revenues from $6.5m in Q1 2020 to $34m in Q1 2022, inclusive of Clever, as well as doubled conversion to paid subscriptions to over 5% amongst our professional user segments. Our viral growth continues through the first quarter with approximately 30% YoY invoiced revenue increase on the core Kahoot! platform. We exceeded 125% (USD) net retention in both Top 50 key Enterprise and School/Districts accounts, as our largest customers are taking more advantage of our steadily expanded set of learning solutions. 

Looking forward, I am particularly excited about the long-term potential of Kahoot!’s digital marketplace. Harnessing our vast network of more than 9 million active teachers, Kahoot!’s Marketplace will provide a unique platform for educators and partners to monetize their high-quality content ahead of the important back-to-school season. Launching our marketplace represents an extension of Kahoot!’s business model as well as positioning us at the center of the burgeoning global creator economy.” – Eilert Hanoa, CEO of Kahoot! 

First Quarter 2022 – Financial and Operational Highlights 

● Active accounts on the Kahoot! platform (over the past 12 months) were 29.9 million, up 6% YoY and 297 million hosted sessions, up 7% YoY with a total of approx. 1.9 billion participants (non-unique) globally, up 18% YoY. 

● Kahoot! reached 1,170,000 paid subscriptions across all services, up 54% YoY, representing an organic increase of 60,000 from the previous quarter, with approx. 40,000 on the Kahoot! platform. At the end of the first quarter, Kahoot! at Work reached 515,000 paid subscriptions, Kahoot! at School reached 395,000 paid subscriptions and Kahoot! at Home and Study reached 260,000 paid subscriptions. 

● Invoiced revenue (billings) was 34 million in the first quarter, up 78% YoY, including Clever, which contributed $9.5 million. Excluding Clever, invoiced revenue in the first quarter grew $5.5 million YoY to $24.5 million, up 29%. In the first quarter, the U.S. and Canada as the largest region represented 60% of the Kahoot! Group’s invoiced revenue (including Clever). 

● Annual Recurring Revenue (“ARR”) of $138 million, up 100% YoY. Clever contributed approx. $48 million from its U.S. ecosystem partners. 

● Total revenue and other operating income of $34.4 million, up 112% YoY. 

● Total operating expenses (excluding share-based compensation expenses and related payroll taxes, acquisition related expenses and listing cost) was $28.7 million in the first quarter, an increase of approx. $1 million QoQ. 

● Adjusted EBITDA (excluding share-based compensation expenses and related payroll taxes, acquisition related expenses and listing cost) of $5.7 million, up 56% YoY. 

● Cash flow from operations (excluding payment of listing and acquisition cost, and cost effects related to share-based compensation) of $4.2 million, impacted by Clever billing seasonality. 

● Cash and cash equivalents as of 31 March 2022, totaled $76.9 million. The Group has no interest-bearing debt. 

“The business performed well in the first quarter, despite the complexity of the market situation. Across key commercial metrics, including invoiced revenues, paid subscriptions and conversion, the Kahoot! Group delivered a solid performance. The company continues to build on a fundamentally scalable business model, delivering its tenth consecutive quarter of positive cash flow from operations – as well as a consistent gross margin of more than 90%. This is all while investing in future growth initiatives for life-long learning and audience engagement offerings. With good visibility into the second quarter and the important back-to-school season coming up, we expect QoQ invoiced revenue growth of 50% in our third quarter.” – Ken Østreng, CFO of Kahoot!

Kahoot! will host a webcast at 4:30 pm CET, 04 May 2022. Please register your attendance at kahoot.com/q1-earnings-webcast-2022/

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 host learning sessions that drive compelling engagement. Launched in 2013, Kahoot!’s vision is to build the leading learning platform in the world. Since launch, Kahoot! has hosted hundreds of millions of learning sessions with over 7 billion participants (non-unique) in more than 200 countries and regions. The Kahoot! Group includes Clever, the leading US K-12 EdTech learning platform, together with the learning apps DragonBox, Poio, Drops, Actimo, Motimate, and Whiteboard.fi. The Kahoot! Group is headquartered in Oslo, Norway with offices in the US, the UK, France, Finland, Estonia, Denmark, Spain and Poland. Kahoot! is listed on the Oslo Stock Exchange under the ticker KAHOT. Let’s play!