Company Announcement No. 1-2025
Copenhagen, February 7, 2025
RISMA Systems A/S closes 2024 with an Annual Recurring Revenue at 42.0 MDKK equivalent to a growth of 24% from 33.8 MDKK end of 2023
Key figures 2024
Overall development in ARR:
| Annual Recurring Revenue (ARR) | MDKK |
| ARR 1/1-2024 | 33,8 |
| New customers | 8,4 |
| Upsales | 4,4 |
| Churn | -4,2 |
| Exchange rate adjustments | -0,4 |
| ARR 31/12-2024 | 42,0 |
Annual Recurring Revenue ended at 42,0 MDKK end of 2024 which was an increase of 8.2 MDKK from end of 2023.
RISMA welcomed 89 new customers in 2024 with an average ARR per customer of 95 TDKK compared to 98 TDKK end of 2023
The upselling to existing customers ended at 4.4 MDKK end of 2024 compared to 3,9 MDKK end of 2023 (12-month period).
Revenue churn ended at 10% end of 2024 compared to 5% end of 2023 (12-month period).
Net revenue retention rate ended at 101% in 2024 compared to 107% end of 2023.
Customer Acquisition Cost increased to 174 TDKK which was an increase of 55 TDKK compared to 119 TDKK end of2023
Changed Guidance for 2024
Inside information:
The guidance for ARR is unchanged from 42-45 MDKK for the full year 2024. The guidance for EBITDA is changed from -4.6 to -8.6 MDKK to -3.5 to -4.5 MDKK.
Business update
Inside information:
Founder and CEO, Lars Nybro Munksgaard, says:
"RISMA adjusts the EBITDA guidance for 2024 from -4.6 to -8.6 MDKK to -3.5 to -4.5 MDKK. The reason for the better EBITDA is partly fewer total costs, and partly that a larger share of the total cost is spend on product development and can therefore be capitalized. RISMAs EBITDA in H1 2024 was negative -3.6 MDKK, which means that EBITDA in H2 was close to neutral and significantly better than expected.
RISMAs sales in Q4 were the highest in any quarter to date and sales in December 2024 was the highest in any month to date. Sales in the last months of 2024 included full GRC suite sales (8+ solutions) to four medium sized and large Danish banks, sales to one of the largest Scandinavian grocery chains, another Danish government agency and another large IT company. RISMA is already strongly represented among Danish government agencies and large IT companies, but although we have been selling full GRC suites to Norwegian banks for a while, it is s break through with regards to Danish banks.
Total new sales (new biz plus upsell) were 11% higher in 2024 than in 2023. Looking behind the figures, we can see that new biz and upsell have improved in Denmark (+31%) and Norway (+23%), while it has decreased significantly in Sweden (-37%). We have changed the manning of the Swedish organization and are seeing improvements in sales in the Swedish market, starting as of Q4 2024. With the new Swedish organization in place, we increase the investment in the Swedish market, in which we see a high potential.
Churn is higher than usual for RISMA. The main reason is higher churn on one solution related to ESG. One reason is that the market is still rather immature, which means that some customers are in doubt which type of solution they need. We believe that the incoming customers on this solution are now better equipped to take an educated procurement decision than incoming customers were two years ago. Another reason is that our implementation on some of these customers where less than optimal, including using insourced implementation resources. We have now changed the implementation process, and we expect the churn on this solution to decrease as from H2 2025."
Further Information
Lars Nybro Munksgaard, CEO & Founder
Mobile (+45) 31 48 11 00
e-mail: lnm@rismasystems.com
RISMA Systems A/S
Ejby Industrivej 34-38, 2600 Glostrup, Denmark
Certified Advisor
HC Andersen Capital
Pernille F. Andersen
Head of Advisory
Phone: +45 30 93 18 87
E-mail: ca@hcandersencapital.dk
Bredgade 23B 2., 1260 Copenhagen C, Denmark
About Risma Systems A/S
RISMA is a leading SaaS company helping organizations structure, handle, and document their efforts across the business-critical areas of Governance, Risk, and Compliance. RISMA's unique and user-friendly GRC suite makes cross-organizational collaboration easy to demonstrate and report on regulations and standards such as GDPR & Privacy, ISMS, Risk Management, Financial Controls, ESG and sustainability - and much more. RISMA is listed on Nasdaq First North with a mission to become a leading GRC platform for medium and enterprise businesses and organizations.
