Yesterday, OrderYOYO announced its Q2 2023 trading update and raised its guidance for 2023.
OrderYOYO’s June ARR (annualized June MRR) was DKK 246m, corresponding to a growth rate of 47% compared to the June 2022 consolidated proforma ARR. Looking at profitability, OrderYOYO has also improved its EBITDA before other extraordinary items significantly to DKK 9.0m in H1 2023 (all months in H1 2023 with positive EBITDA before other extraordinary items) compared to an EBITDA before other extraordinary items of DKK -6m in H1 2022.
The June annualized gross merchandise value (GMV) was DKK 2,304m, corresponding to 29% growth compared to June 2022 consolidated proforma GMV.
OrderYOYO also comments that the integration of Kingfood, which was acquired on 17 April 2023, is performing according to the plan.
With the strong performance in Q2 2023, OrderYOYO raised its guidance again. This implies that December 2023 ARR guidance is now DKK 250-260m (before DKK 245-255m), Net revenue 2023 guidance is now DKK 220-235m (before DKK 215-230m), and EBITDA before other extraordinary items 2023 guidance is now DKK 15-20m (before DKK 13-18m). December 2023 annualized GMV guidance is maintained at DKK 2,500-2700m.
In a short video with OrderYOYO’s CEO Jesper Johansen and CFO Jesper Hyveled, the management presented the results, the new guidance upgrade, and the main drivers behind the growth. Additionally, the management answered questions about the balance between growth and profitability going forward and OrderYOYO's M&A strategy.
OrderYOYO will announce its full H1 2023 report on 22 August 2023, which will be presented at an online conference call.
Disclaimer: HC Andersen Capital receives payment from OrderYOYO for a Digital IR/Corporate Visibility subscription agreement. /Kasper Lihn 08:20, 19 July 2023.