OrderYOYO: Announces Q1 2023 performance, new acquisition, and guidance upgrade for 2023
Today, OrderYOYO announces its Q1 performance with accelerating growth, an acquisition of a specialized UK and Irish online ordering company, and a guidance upgrade for 2023.
By the end of March 2023, OrderYOYO delivered an ARR of DKK 226m (39% growth) and the annualized March GMV grew to DKK 2,293m (22% growth). Pro forma net revenue for Q1 2023 increased to DKK 54m (29% growth), despite challenging market conditions.
Looking at profitability, measured by EBITDA before other extraordinary items, OrderYOYO delivered positive EBITDA before other extraordinary items during all months in Q1 2023, totaling DKK 2.7m in Q1 2023. This is also a positive improvement from DKK -2.7m in Q1 2022.
In line with OrderYOYO’s consolidation strategy, OrderYOYO also announces the acquisition of the online ordering company, Kingfood, which is a vertical market leader within the Asian cuisine segment in Ireland and the UK. Kingfood serves more than 500 takeaway restaurants and generates more than DKK 150m in annualized GMV (March 2023) and more than DKK 10m in annualized ARR (March 2023). With a transaction price of DKK 13.4m (DKK 8.9m will be paid in newly issued OrderYOYO shares and the remaining DKK 4.5m will be paid in cash at closing), this corresponds to an ARR multiple of approx. 1.3x. For perspective, OrderYOYO is currently traded at approx. 1.9x ARR.
In relation to the newly issued shares for the acquisition, this corresponds to approx. 2% of OrderYOYO’s share capital. Closing is expected to occur on 28 April 2023.
Importantly, OrderYOYO also raises its 2023 guidance on all parameters following both the strong performance in Q1 2023 and the acquisition of Kingfood. OrderYOYO now expects December 2023 annualized ARR of DKK 245-255m (before DKK 220-235m), December 2023 annualized GMV of DKK 2,500-2,700m (before DKK 2,300-2,500m), net revenue 2023 of DKK 215-230m (before DKK 195-210m), and EBITDA before other extraordinary items 2023 of DKK 13-18m (before DKK 10-15m). This also means that the EBITDA margin is expected to increase to the range of 6-8% (from approx. 4-7%).
You can meet and ask questions to OrderYOYO's management on Friday 21 April 2023 at 13:00, who will present an update on the Q1 results and 2023 guidance, as well as the acquisition of Kingfood. The presentation will be followed by a Q&A session. Sign up here for the virtual live event here: https://www.inderes.dk/videos/orderyoyo-presentation-of-q1-2023-current-trading-update
HC Andersen Capital receives payment from OrderYOYO for a DigitalIR agreement. /Kasper Lihn 12:00, 17 April 2023.
OrderYOYO
OrderYOYO is a Danish Software-as-a-Service (SaaS) company that provides takeaway restaurants with all the necessary software to serve their customers, including online ordering, payment, marketing and business management solutions. The software enables restaurants, primarily within takeaway, to have their own-branded online presence direct to consumers instead of via food portals. In 2022, OrderYOYO merged with German app smart. Going forward, Germany is an important growth market for OrderYOYO. OrderYOYO has a usage-based business model implying that the company grows with its restaurant partners. The company has been listed at Nasdaq First North in Denmark since July 2021.
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