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Exasol AG publishes financial statements 2020, trading statement for 2021 and its mid-term outlook for 2024

DGAP-News: EXASOL AG / Key word(s): Annual Report/Forecast
11.05.2021 / 07:30
The issuer is solely responsible for the content of this announcement.


Exasol AG publishes financial statements 2020, trading statement for 2021 and its mid-term outlook for 2024
 

  • Annual recurring revenue (ARR) up 36.9% to EUR 24.1 million as of the end of December 2020
  • Solid start to 2021: In Q1 2021, ARR increased y-o-y by 37,3 % to EUR 25.3 million
  • Outlook: Exasol expects to grow ARR by more than 45% in 2021, and will seek to exceed an ARR of EUR 100 million in the course of 2024


Nuremberg, Germany, 11 May 2021 - Exasol AG (ISIN DE000A0LR9, www.exasol.com), a global technology company and provider of a high-performance analytics database, today published its consolidated report for 2020 and a trading statement for Q1 2021. The company is also providing a mid-term outlook for 2024.
 

Key financial indicator ARR up y-o-y up by 36.9% to EUR 24.1m
Exasol's key financial indicator - Annually Recurring Revenue (ARR) - increased by 36.9% year-on-year to EUR 24.1 million at the end of December 2020 (end of December 2019: EUR 17.6 million). Growth has been driven by upselling opportunities and deeper account penetration with existing customers, as well as by new customer wins. In 2020, Exasol gained 33 new customers across various regions and industries. Gross customer wins in 2020 reflect a record number in Exasol's 20-year history. At the year-end, the total customer base stood at 195. The ARR figure is in-line with the preliminary published figure on 23 February 2021. Exasol's sales cycles typically last longer than six months, which means the company has reached its 2020 ARR growth targets without tailwinds from its IPO and capital increase proceeds.
 

Revenue performance in 2020 influenced by Exasol's transition to a subscription-based model
Historically, Exasol sold its software via perpetual license agreements. In 2015, Exasol started to shift its business model away from perpetual license agreements and towards a subscription-based and recurring-based model. In 2020, revenue performance has continued to be influenced by the transition of the business model. Group revenue was up by 9.3 % to EUR 23.6 million. The share of recurring group revenues increased from 69.9 % in 2019 to 80.5 % in 2020 (EUR 19 million).
 

Operating results are strongly affected by extraordinary expenses
In 2020, Exasol's EBITDA stood at EUR -29.9 (2019: EUR -11.0) million and included extraordinary expenses for share-based remuneration packages, IPO, and capital increase expenses totaling EUR 22.5 million. Excluding those extraordinary items, adjusted EBITDA amounted to EUR -7.4 (2019: EUR -1.9) million. The EBITDA decrease is mainly a result of Exasol's headcount increase, especially in the second half of 2020, to support rapid organic international growth.
 

After the successful IPO, Exasol entered a new growth era
With the IPO and capital increase, Exasol generated gross proceeds of EUR 91.7 million. For the first time in its 20-year history, Exasol is well equipped with cash and capital to execute its international growth ambitions. In 2020, key areas such as marketing and sales have been ramping-up recruitment efforts. The company has also established a new leadership team to drive internationalization, especially in the UK and the US, to improve its products and technology, and to intensify its sales and marketing efforts.

In the second half of 2020, the number of employees increased by 67 to a total of 223 at the end of December.

In the course of 2020, Exasol launched its new software Version 7.0, with several improvements for its customers such as a new Data Vault, support for GPUs, and enhanced features for semi-structured data and artificial intelligence (AI) and machine learning (ML). Furthermore, Exasol has also been working on its cloud-native products and offerings, which are expected to launch in the second half of 2021. The upcoming launch will be a key milestone for Exasol offering customers higher flexibility, better separation of data storage and data compute functionalities, as well as elasticity of data usage.
 

Solid start into 2021 - ARR growth of 37.3 % to EUR 25.3 million
Exasol had a solid start into 2021. In the first three months of 2021, ARR grew year-on-year with 37.3 % to EUR 25.3 million. Total customer base was at 199 by end of Q1 2021. In Q1 2021, Group revenue stood at EUR 6.1 million reflecting an increase of 26.7 % compared to the first quarter in 2020.
 

Exasol confirms its guidance for 2021 exceeding an ARR of EUR 35 million and projects to reach an ARR of more than EUR 100 million in 2024
The Exasol Executive Board projects for the Annual Recurring Revenue (ARR) - the key performance indicator for Exasol's business - on average an annual mid-double digit percentage growth rate until 2024. In 2021, Exasol expects to reach an ARR higher than EUR 35 million. This corresponds to an expected increase of more than 45% on the comparable prior-year figure. In addition, Exasol projects to reach an ARR of more than EUR 100 million in the course of 2024.

The annual consolidated report for 2020 is published on ir.exasol.com in the Reports and Presentations section.
 

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IMPORTANT NOTICE
Certain statements in this communication may constitute forward looking statements. Forward-looking statements can be identified by terms such as "believe", "estimate", "expect", "intend", "will", or "should" as well as their negation and similar variants or comparable terminology. Such statements are based on assumptions that are believed to be reasonable at the time they are made, and are subject to significant risks and uncertainties, including, but not limited to, those risks and uncertainties described in this communication. Investors should not rely on these forward-looking statements as predictions of future events and we undertake no obligation to update or correct these statements. Our actual results may differ materially and adversely from any forward-looking statements discussed in these statements due to several factors, including without limitation, risks from macroeconomic and industry-specific developments, technological changes, technical operations and cyber attacks, as well as changes in competition levels. The stated figures (Q1 2021 trading statement) and information related to them are preliminary and unaudited.

Exasol Investor Relations contact
Jochen Reichert
+49 911 23991 454
jochen.reichert@exasol.com

Exasol Press contact
Carla Gutierrez, Head of Global Communications
Email: Carla.gutierrez@exasol.com

About Exasol
The Exasol high-performance analytics database is built to run faster than any other database, delivering next-level performance, scale and ease of use. Analyze billions of rows in seconds; run high-performance analytics securely in the cloud or on-premise; deliver frictionless analytics with self-indexing that automatically tunes performance; and scale out analytics for one transparent price. To learn more, please visit: www.exasol.com



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