Penneo: Expects ARR growth between 23% and 34% in 2023
Af Kasper Lihn
This morning, Penneo announced its annual report for 2022. Results for 2022 were in line with its preliminary financial statements before audit from mid-January with total ARR reaching DKK 71m (latest guidance was DKK 70-75m and initial guidance was DKK 77-82m), corresponding to a growth rate of 28% YoY. EBITDA ended at DKK -11.1m (latest guidance was DKK -12m to -10m and initial guidance before the capital raise in 2022 was DKK -10m to -5m).
Overall, Penneo has progressed in its expansion strategy, growing ARR from foreign markets to DKK 19.6m (36% growth YoY). However, Penneo has, similar to other software companies, been affected by the uncertain macroeconomic environment, which has led to more cautious buyer behavior and longer sales cycles for larger deals.
Unfolding the 2022 full-year development in key SaaS metrics, Penneo continued to keep its churn rate low at 4% (2% in 2021), and thus below 5% which Penneo considers as healthy. Including Penneo’s uplift to existing customers, net retention rate ended at 113% (124% in 2021).
Looking into 2023, Penneo announced its new financial guidance. By the end of 2023, Penneo expects to reach a total ARR in the range of DKK 87-95m, corresponding to a growth rate between 23% and 34% YoY. EBITDA for 2023 is expected close to the 2022 level with EBITDA guidance in the range of DKK -15m and -10m.
Later today at 13:00, you can meet and ask questions to Penneo’s CEO Christian Stendevad and CFO Casper Christiansen, who will present the annual report for 2022 and outlook for 2023. Sign up here: https://www.inderes.dk/videos/penneo-presentation-of-annual-report-2022
HC Andersen Capital receives payment from Penneo for a Digital IR/Corporate Visibility agreement. /Kasper Lihn 09:31, 28 February 2023.
Penneo er en dansk Software-as-a-Service (SaaS)-virksomhed, der leverer løsninger til digital signering, dokument-workflow og compliance såsom et Know Your Customer-produkt (KYC), der hjælper virksomheder med at overholde anti-hvidvask-lovgivningen (AML). Penneo blev etableret i Danmark i 2014, og virksomheden har nu mere end 3.000 kunder i Danmark, Sverige, Norge, Finland og Belgien. Penneos primære kunder er revisorer, og virksomheden har ambitionen om at blive markedsleder og den foretrukne partner for revisions- og regnskabsbranchen i Europa. Penneo er noteret på Nasdaq Copenhagen Main Market.
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