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WKN: A3DJVC | ISIN: SE0017564461 | Ticker-Symbol: L58
Frankfurt
08.11.24
08:09 Uhr
2,990 Euro
+0,130
+4,55 %
Branche
Software
Aktienmarkt
Sonstige
1-Jahres-Chart
ONEFLOW AB Chart 1 Jahr
5-Tage-Chart
ONEFLOW AB 5-Tage-Chart
GlobeNewswire (Europe)
26 Leser
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Oneflow AB: Oneflow interim report Q3 2024: Shift towards profitability

Finanznachrichten News

Press release
8 November 2024

Oneflow publishes its interim report for the third quarter of 2024:

July - September 2024 (compared to the same period last year)

  • Net sales increased 40% to MSEK 35.7 (25.6). Share of Net sales outside Sweden increased to 37% (29) with paying customers in 41 countries.
  • EBIT was MSEK -15.5 (-22.7), with an EBIT margin of -43% (-89).
  • Net income for the period amounted to -15.4 (-22.0).
  • Basic earnings per share amounted to SEK -0.57 (-0.88) and diluted to SEK -0.57 (-0.88).
  • Total ARR YoY increased 34% to MSEK 155.8 (116.2). Net New ARR for the second quarter decreased 29% to MSEK 3.8 (5.4).
  • During the quarter cash-flow from current operations amounted to MSEK -11.1 (-19.5).
  • Total cash and cash equivalents amounted to MSEK 119.0 (122.9).
  • Oneflow carried out a directed share issue in August 2024, which provided the company with SEK 90.0 million before issue costs.

January - September 2024 (compared to the same period last year)

  • Net sales increased 39% to MSEK 99.0 (71.3). Share of Net sales outside Sweden increased to 35% (29) with paying customers in 41 countries.
  • EBIT was MSEK -61.6 (-71.6), with an EBIT margin of -62.2% (-100.5).
  • Net income for the period amounted to -61.3 (-69.2).
  • Basic earnings per share amounted to SEK -2.37 (-2.75) and diluted to SEK -2.37 (-2.75).
  • Total ARR YoY increased 34% to MSEK 155.8 (116.2). Net New ARR for the first nine months increased 3% to MSEK 26.4 (25.6).
  • Cash-flow from current operations amounted to MSEK -27.5 (-44.1).
  • Total cash and cash equivalents amounted to MSEK 119.0 (122.9).
  • Oneflow carried out a directed share issue in August 2024, which provided the company with SEK 90.0 million before issue costs..

Anders Hamnes, CEO and Founder of Oneflow, comments:

"Oneflow delivers strong growth despite ongoing challenging market conditions. Total ARR reached MSEK 155.8 at the end of the third quarter, a 34% increase from MSEK 116.2 one year ago. Net New ARR for the last quarter was MSEK 3.8, down 29% from MSEK 5.4 in the third quarter last year. During the first nine months of the year, Net New ARR was MSEK 26.4, a 3% increase from MSEK 25.6 in the same period last year. ARR per FTE was TSEK 829 in the third quarter, a 42% increase from TSEK 584 the corresponding quarter last year.

Despite achieving a healthy growth rate in a difficult market, third quarter Net New ARR was a disappointment internally. The third quarter is always a very short and slow sales quarter due to the vacation period. Most contracts are closed during a few weeks, making it somewhat arbitrary whether a deal lands within or outside the quarterly window. But, the main challenge wasn't sales, it was churn. We had an all-time-high third quarter in sales, where Gross New ARR was up more than 7% since last year. However, the churn was unexpectedly high during the quarter, particularly in the smaller customer segment. We have overall healthy satisfaction indicators across our customer base, and we believe the main explanation lies outside of Oneflow, reflecting the general market sentiment at the moment where many small businesses struggle. The sales pipeline for the fourth quarter is strong, and we expect to deliver a solid Gross New ARR.

EBIT losses were MSEK -15.5 during the third quarter, showing a substantial improvement from the previous quarters. The EBIT margin for the third quarter of 2024 was -43.4%, compared to -75.6% in the previous quarter and -88.9% in the third quarter of last year. We remain fully focused and committed to reducing our losses and achieving profitability.

Oneflow received MSEK 90 through a share issue during the quarter (before issue costs). The net proceeds from the share issue will be used for general corporate purposes to increase Oneflow's financial flexibility and to support our ongoing growth initiatives, including further strengthening the company's AI capabilities, and enabling a continued high growth rate towards profitability. AI is moving faster than anyone could have expected only a few years ago. Oneflow has therefore taken on some AI initiatives originally not planned for, adding additional costs, but these are expected to contribute significantly to the company's continued development and growth, with new exciting product releases on the horizon.

We have updated our financial target framework to better reflect the current priorities of the management team. While we will continue to invest in growth, we will approach these growth decisions with some more caution, taking the challenging market conditions into account, and ensure that we manage our cash flow carefully. Our revised targets are to maintain a year over year ARR growth rate above 30%, and to reach profitability with the current funding.

Say contract, think Oneflow!"

Oneflow's report presentation webinar

Anders Hamnes, CEO and Founder of Oneflow, and Natalie Jelveh, CFO of Oneflow, will present the report and answer questions in a webinar at 10:00 CET on the same day. The presentation will be held in English.

To join the conference, please register here: https://oneflow.zoom.us/webinar/register/WN_NpANrkB0SDSxAXINDjszyg

Report and presentation will be available for download on our website here: https://oneflow.com/ir/investors/financial-reports/

This information is such information that Oneflow AB (publ) is obligated to make public according to the EU Market Abuse Regulation. The information was submitted for publication, through the agency of the contact persons set out above, at the time stated by Oneflow's news distributor Cision at the publication of this release.

For further information, please contact:

Anders Hamnes, CEO and Founder

Mobile: +46 76 788 50 76

Email: anders.hamnes@oneflow.com

Certified Adviser is FNCA Sweden AB.

About Oneflow

Oneflow develops a contract automation platform powered by AI, helping businesses achieve a fully automated contract process. Contracts are at the heart of all businesses and yet, while the world is undergoing digital transformation, contracts are stuck in a frustrating mess between PDFs, legacy systems, inboxes, just to get a contract signed. Oneflow believes there's a better contract workflow. One that is intelligent, easy, rich in data, gathers every step of the process in one place, allowing for better clarity and collaboration between all parties involved. And people can get on with what they do best. With Oneflow, contracts are smarter, giving our users an experience so delightful, it feels like magic. Get started for free at oneflow.com.


© 2024 GlobeNewswire (Europe)
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