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Investor relations

Kahoot! Group Reports First Quarter 2023 Financial Results

OSLO, 4 May 2023 – Kahoot! ASA, (KAHOT) today announced financial results for its fiscal quarter ended 31 March 2023

• Revenue of $40.5 million for the first quarter, up 18% YoY.

• Billings (invoiced revenue) of $37.6 million for the first quarter, up 11% YoY.

• Adjusted EBITDA of $10.0 million for the first quarter, up 75% YoY.

• Adjusted operating cash flow of $8.4 million for the first quarter, up 100% YoY.

• Net new 35K paid subscriptions for the first quarter, of which 30K from professional user categories. The Kahoot! Group reached 1,345K paid subscriptions by the end of the first quarter, up 15% YoY.

1Q23 Kahoot quarterly report 1Q23 Kahoot quarterly presentation

“I am pleased to report solid performance through the first quarter, with double digit revenue growth and significant increase in profitability.

Kahoot! showed resilience and continued viral growth in a difficult market environment in the first part of the quarter. The long-term growth of professional users continued, with larger customers taking advantage of our expanding suite of solutions, resulting in an increase in paid subscriptions and activity on paid accounts. We noted a positive shift in sentiment across key customer segments in March, extending into the second quarter.

I am proud to see Kahoot! making a difference to millions of users, be it in the classroom, boardroom, or the living room, reaching over 260 million hosted learning sessions with over 1.6 billion participants, in the last twelve months.

We will continue to expand user value for creators, presenters, teachers, students and learners, as we develop new solutions and integrations, including new AI based features. I am excited about our strong product pipeline, with a host of new solutions for both school, work, and home.”

– Eilert Hanoa, CEO of Kahoot!

Please find enclosed the Q1 2023 presentation and report. First Quarter 2023 – Financial and Operational Highlights

● Total revenue and other operating income in the first quarter grew $6.1 million YoY to $40.5 million, up 18%.

● Billings (invoiced revenue) were $37.6 million in the first quarter, up 11% YoY, whereof Clever contributed $9.6 million which is in line with the first quarter 2022. Excluding Clever, invoiced revenue in the first quarter grew $3.5 million YoY to $28.0 million, up 14% YoY.

● Annual Recurring Revenue (“ARR”) of $159 million, up 15% YoY.

● Total operating expenses (excluding share-based compensation expenses and related payroll taxes) were $30.5 million in the first quarter, up 6% YoY. ● Adjusted EBITDA in the first quarter grew $4.3 million YoY to $10.0 million, up 75%.

● Adjusted cash flow from operations in the first quarter grew $4.2 million YoY to $8.4 million, up 100%.

● Cash and cash equivalents per the end of the first quarter 2023, totaled $88.7 million. The Group has no interest-bearing debt.

● Total number of paid subscriptions reached 1,345,000 across all services, up 15% YoY, representing an organic increase of 35,000 from the previous quarter, of which 30,000 from professional user categories. At the end of the first quarter, Commercial reached 595,000 paid subscriptions, Education reached 450,000 paid subscriptions and Consumer & Experience reached 300,000 paid subscriptions.

● Active accounts on the Kahoot! platform (over the last twelve months) was 24.6 million, with approx. 267 million hosted sessions, and more than 1.6 billion participants (non-unique) globally.

“Kahoot!’s scalable platform, agile operations and diversified business model contributed to robust performance in the first quarter; including double digit invoiced revenue growth, strong year over year increase in profitability, improving margins and doubling our operating cash flow over the last year.

Through the initial part of the year, we have managed consistent cost levels approximately in line with previous quarters. We will continue to operate a modest cost base across the group, enabling us to deliver continued year-on-year improvement in adjusted EBITDA and free cash flow while executing our growth strategy..”

– Ken Østreng, CFO of Kahoot!

For further information, please contact:

Eilert Hanoa, CEO
Phone: +47 928 32 905

Ken Østreng, CFO
Phone: +47 911 51 686

Jonas Forslund, Director Investor Relations
Phone: +358 40 595 0968

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 9 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 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!