17 Feb 2023
/ Key word(s): Preliminary Results/Forecast
Exasol announces preliminary figures for 2022, outlook for 2023 and the need to adjust the 2025 mid-term target
- ARR increased by 17% to EUR 35.6 million in 2022 (guidance: EUR 35.5 million to EUR 37.0 million)
Nuremberg, February 17, 2023: Exasol AG, a global technology company and provider of a high-performance analytics database, has increased recurring revenues (ARR) to EUR 35.6 million in fiscal year 2022, according to preliminary figures. This corresponds to an increase of 17% and was in line with management expectations, which were adjusted to a range of EUR 35.5 million to EUR 37.0 million in November 2022. For 2022, the company met it’s expected target for profitability and liquidity: the operating result (adj. EBITDA) improved significantly to EUR -13.4 million, compared with a loss of EUR -31.6 million in the previous year. The company further met its target of liquid funds which stood at EUR 12.7 million at the end of 2022.
“Our efficiency improvement measures progressed well last year. Despite challenging market conditions, we increased our revenue and improved operational efficiencies," explains Jörg Tewes, CEO of Exasol since January 1, 2023. "Our aim for the years ahead is to strike a good equilibrium between growth and profitability. This remains extremely important to us especially in the current economic environment.”
For the current fiscal year, the Executive Board anticipates both a continuation of the existing growth course and an acceleration in profitability: with an increase in ARR to EUR 42.5 million to EUR 44 million in fiscal year 2023, the Executive Board expects adj. EBITDA to improve further to EUR -3 million to EUR -1 million. The aim is to achieve profitability on a quarterly basis as early as the second half of the current fiscal year. Accordingly, liquid funds will be virtually unchanged at EUR 9 million to EUR 11 million at the end of the year.
"We will accelerate our growth this year compared to the previous year and make Exasol sustainably profitable," says Jörg Tewes, CEO of Exasol. "This will make us more independent of market fluctuations, strengthen our internal financing power and put the company in a more robust position overall."
Need to adjust mid-term target 2025
As a result of Exasol’s strategy to focus even more on profitability and considering the more challenging economic environment, the Executive Board does no longer consider that the originally advised mid-term target of achieving an ARR of EUR 100 million in 2025 is likely. It will therefore reassess the growth scenarios as part of its strategic planning and based on the current market environment, and will update the medium-term target at a given time.
The complete and audited 2022 Annual Report will be published on May 10, 2023.
17.02.2023 CET/CEST Dissemination of a Corporate News, transmitted by EQS News - a service of EQS Group AG.
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1563047 17.02.2023 CET/CEST