26.4.2023 08:40:48 CEST | Risma Systems A/S |
Interim information
RISMA Systems A/S closes Q1-2023 remaining on the 50-70% Annual Recurring Revenue growth curve for 2023 and confirms the guidance on ARR and EBITDA for the full year of 2023
Company Announcement No. 9-2023
Copenhagen, April 26, 2023
Attached Quarterly update – Q1 2023
Key features Q1 2023
Annual Recurring Revenue ended at 25.4 MDKK in Q1 2023 which was a 7.9 MDKK increase equivalent to at 45% growth compared to Q1 2022 which ended at 17.5 MDKK
RISMA welcomed 24 new customers in Q1 2023 with an ARR new sales of 2.7 MDKK equivalent to an average ARR per customer at 111 TDKK
The upselling to existing clients ended at 0.8 MDKK which was at small increase compared to 0.7 MDKK in Q1 2022
Revenue churn for Q1 2023 ended at 2.9%, which was a increase compared to 1.4% in Q1 2022
The net revenue retention rate ended at 100% for Q1 2023 compared to 103% in Q1 2022
Customer Acquisition Cost decreased to 96 TDKK, which was a decrease of 60 TDKK compared to in Q1 2022, where it ended at 156 TDKK
Unchanged Guidance
RISMA confirms ARR guidance of 34-38 MDKK for 2023 corresponding to an ARR growth of 50-70% and confirms the EBITDA guidance for 2023 at -9 to -13 MDKK.
Business update
The sales in Q1 was better than expected. The growth in Annual Recurring Revenue (ARR) is, however, as expected as one of RISMAs larger customers left RISMA because they were acquired. It is primarily in Sweden and Norway that sales has been higher than expected.
The reception of RISMAs new solution for sustainability reporting, CSRD, has been positive. We expect this solution to contribute significantly to growth in Q2, but the main part of the sales is expected to happen in H2 2023 and H1 2024.
RISMA is, furthermore, in the process of developing new solutions for a new IT-security framework, NIS2, and for a Norwegian regulation related to sustainability, Åpenhetsloven. We expect these solutions to contribute to growth in H2 2023 and in 2024.
RISMAs cash burn has decreased significantly. This is a result of increasing revenue related to both licenses fee and implementation services, as well as of the cost cutting initiatives initiated in H2 2022. We expect to have a positive cash flow from operation in Q4 2023 and by and large neutral or positive cash flow from operations in Denmark, Sweden and Norway in 2024.
PresentationFor more details please see the Quarterly update – Q1 2023 attached.
Further InformationLars Nybro Munksgaard, CEO & FounderMobile (+45) 31 48 11 00e-mail: lnm@rismasystems.com
RISMA Systems A/SEjby Industrivej 34-38, 2600 Glostrup, Denmark
Certified AdvisorGrant ThorntonJesper Skaarup VestergaardDirect (+45) 35 27 50 11, Mobile (+45) 31 79 90 00Grant ThorntonStockholmsgade 45, 2100 Copenhagen Ø, Denmark
About Risma Systems A/S
RISMA is a leading SaaS company empowering companies to take their governance, risk and compliance effort to the next level. We believe in the value of good corporate citizenship, and our customers share our vision of aspiring to make a positive difference in complying with both regulatory and stakeholder expectations.
Our software platform supports our customers to be in control and decision wise when structuring, handling, and documenting their efforts across governance, risk, and compliance. Our core GRC suite offers eight business-critical solutions relevant for all companies regardless of size and industry – GDPR & Privacy, ISMS & ISO27001, ESG & sustainability, Enterprise Risk, Financial & Internal controls, Vendors & Contracts, Policy Management, and Incident Management
RISMA is listed on Nasdaq First North with a mission to become a leading GRC platform for medium and enterprise businesses and organizations. We believe that being a good business – is really great for business.
Attachments
Download announcement as PDF.pdf
Quarterly update – Q1 2023.pdf
