Press release
14 February 2025
Oneflow publishes its year-end report for January-December 2024:
October-December 2024 (compared to the same period last year)
- Net sales increased 29% to MSEK 36.7 (28.4). Share of Net sales outside Sweden increased to 38% (33) with paying customers in 42 countries.
- EBIT was MSEK -21.0 (-26.5), with an EBIT margin of -57% (-93).
- Net income for the period amounted to -20.7 (-26.3).
- Basic earnings per share amounted to SEK -0.73 (-1.05) and diluted to SEK -0.73 (-1.05).
- Total ARR YoY increased 29% to MSEK 166.8 (129.3). Net New ARR for the second quarter decreased 16% to MSEK 11.0 (13.2).
- During the quarter cash-flow from current operations amounted to MSEK 0.9 (-8.6).
- Total cash and cash equivalents amounted to MSEK 105.3 (100.6).
January-December 2024 (compared to the same period last year)
- Net sales increased 36% to MSEK 135.7 (99.7). Share of Net sales outside Sweden increased to 36% (30) with paying customers in 42 countries.
- EBIT was MSEK -82.6 (-98.1), with an EBIT margin of -61% (-98).
- Net income for the period amounted to -82.0 (-95.5).
- Basic earnings per share amounted to SEK -3.09 (-3.80) and diluted to SEK -3.09 (-3.80).
- Total ARR YoY increased 29% to MSEK 166.8 (129.3). Net New ARR during 2024 decreased by 3% to MSEK 37.4 (38.7).
- Cash-flow from current operations amounted to MSEK -26.6 (-52.7).
- Total cash and cash equivalents amounted to MSEK 105.3 (100.6).
- According to the board policy no dividend will be paid out.
Anders Hamnes, CEO and Founder of Oneflow, comments:
"Oneflow is among the fastest growing software companies in the Nordics. Despite being on a downward growth trajectory in recent quarters, we still achieved a strong 29% ARR growth at the end of 2024, and the total ARR ended the year at MSEK 166.8. But no excuses, internally we're disappointed. We did not reach our own goals this time. Net New ARR for the full year was MSEK 37.4, a decrease of 3% from MSEK 38.7 the year before.
Churn has been higher than expected, particularly in the second half of 2024, primarily among smaller companies with low product adoption. Despite the financial outlook being stronger than it's been in years, many small businesses are still having a tough time. Even though most sound businesses have recovered from the last few years' shakeout, hiring remains slow, and this is putting a pressure on upsales and cross sales within our existing customer base, or what we call Expansion ARR. Gross Retention Rate was 91% (91) for the full year, and Net Retention Rate was 106% (112) for 2024. This is below our goals, and we expect these important KPIs to see significant growth in the coming years.
EBIT ended at MSEK -82.6 for the full year, an improvement of MSEK 15.5 from the year before, corresponding to an EBIT margin of -61% (-98). This clearly demonstrates we're on a positive trajectory, fully focused and committed to reducing losses and achieving profitability. ARR per FTE was TSEK 882 in the fourth quarter, an 33% improvement from TSEK 663 in the same quarter the year before.
We made several significant releases and product improvements in 2024. We launched key features that strengthen our unique positioning in the upmarket segment, e.g. suggestions, inline comments, approval flow, to name a few. Oneflow also achieved ISO 9001, 14001 and 27001 certifications last year, highlighting our commitment to the highest standards in everything we do. We launched several AI features, continuing to strengthen our position as a market leader in the contract intelligence space. Now we are much more resilient as a company, as a product, and as a team. In fact, we have never been in better shape than now.
Despite dipping just below the 30% growth mark in 2024, we remain strongly committed to driving the company's growth above the mark and beyond in 2025. We reiterate our financial targets to maintain a year-over-year ARR growth rate above 30%, and to reach profitability with the current funding. Our operational mantra is to always achieve more with less, because that is what excellence is all about.
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_R1_lFxRCRo6kwuv4I2zuvQ
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, sells, and implements digital contract management and automation systems. Oneflow believes that contract processing today, both in Europe and globally, is characterized by manual and paper or file-based contract management, resulting in a high degree of time and resource-intensive administrative work and high exposure to human errors. With Oneflow, companies can handle all types of contracts before, during, and after signing digitally within one single platform, automating and streamlining the entire contract management process from start to finish.
