EQS-News: Exasol publishes preliminary figures for the first half of 2023, outlook confirmed

Exasol publishes preliminary figures for the first half of 2023, outlook confirmed

- ARR increases by 13% to EUR 36.3 million

- Operating result (adj. EBITDA) improves to EUR -3.4 million in H1 2023

- Cash and cash equivalents at EUR 11.7 million as of June 30, 2023

- Outlook for 2023 confirmed

Nuremberg, 8. August 2023; Exasol AG, a global technology company and provider of a high-performance analytics database, significantly improved its operating result in the first half of the year. According to preliminary figures, the operating loss (adj. EBITDA) decreased by 43% to EUR -3.4 million (H1 2022: EUR -6.0 million). The main reason for this development is further improvement in cost efficiency - particularly in marketing budgets - while revenues continued to grow.

Annualized recurring revenue (ARR) increased to EUR 36.3 million at the end of H1 2023, up 13% year-on-year (June 30, 2022: EUR 32.1 million).

"Several major customer projects that we expected to close in the first half of the year were postponed to the second half. As a result, overall revenue development in the first half of the year fell short of our expectations," explains Jörg Tewes, CEO of Exasol AG. "However, we remain confident that we will successfully win these projects in the second half of the year and thus achieve our ARR growth target for 2023 as planned. Additional ARR of around 0.6 million was already realized in July. We also expect additional momentum from our changed strategic positioning and our new product version, which we launched in Q2."

Cash and cash equivalents amounted to EUR 11.7 million at the end of the first half of the year. Compared to year-end 2022, this corresponds to a cash outflow of only EUR 1.0 million in the first half of 2023 (H1 2022: EUR -7.9 million). This does not yet take into account the net proceeds of the capital increase carried out on June 29, 2023.

Jan-Dirk Henrich, CFO of Exasol, adds: "We have kept our cost discipline high while revenues continued to grow. As a result, we have made good progress with respect to the planned increase in profitability in the first half of the year and are also aiming for continued improvement in the second half. Through rigorous cash management, we were also able to successfully avert the negative effects of the overall deterioration in customer payment behavior in the market. With the capital increase carried out at the end of June we have strengthened our balance sheet and are thus in a good position for the future."

Outlook 2023

For fiscal 2023, management continues to expect ARR to increase to EUR 42.5 to 44.0 million. At the same time, the adjusted operating result (adj. EBITDA) is expected to improve to -3 to -1 million euros (adj. EBITDA 2022: EUR -13.4 million). The forecast for cash and cash equivalents at the end of 2023 also remains unchanged but is updated to include the positive effects from the capital increase that was completed on June 29, 2023. In this context, the company received net proceeds of EUR 6.8 million in July 2023. Accordingly, the Executive Board now expects cash and cash equivalents at the end of the year to amount to EUR 15.8 to 17.8 million (before the capital increase: EUR 9 to 11 million).

The full report for the first half of 2023 will be published on August 16, 2023.

Key data H1 2023:

* EBITDA is adjusted for effects from stock appreciation rights granted to employees prior to the IPO in 2020 and for the costs related to the capital increase in June 2023.

IR Contact
Christoph Marx
Head of Investor Relations
Tel: +49 911 2399 114
E-Mail: ir@exasol.com