Exasol publishes half-year report and confirms preliminary figures

- ARR increases by 13% to EUR 36.3 million (previous year: EUR 32.1 million)
- Adjusted EBITDA improves to EUR -3.4 million (H1 2022: EUR -6.0 million)
- Cash and cash equivalents as of June 30, 2023 at EUR 11.7 million (Dec. 31, 2022: EUR 12.7 million)
- Outlook for 2023 confirmed

Nuremberg, August 16, 2023: Exasol AG, a global technology company and provider of a high-performance analytics database, has confirmed the preliminary figures from the beginning of August in its 2023 half-year report published today. According to the report, annualized recurring revenues (ARR) increased by 13.1% to EUR 36.3 million (June 30, 2022: EUR 32.1 million). In this context, some larger customer projects were postponed to the second half of the year, which prevented a stronger increase in the first half. However, an additional ARR of around EUR 0.6 million was already realized in July, indicating growing momentum for the second half of the year.

Revenue increased by 10.6% to EUR 17.8 million in the first half of 2023 (H1 2022: EUR 16.1 million). At the same time, the share of recurring revenues in total revenues increased to 95.5% (H1 2022: 93.8%). Together with an improved cost structure, the operating result (EBITDA) increased to EUR -3.7 million (H1 2022: EUR -4.1 million). This includes a negative effect of EUR 0.3 million from the capital increase carried out in June 2023, while the prior-year period still included a positive effect of EUR 1.9 million from the reversal of provisions through profit or loss. Adjusted for these special effects in both the current and the past first half of the year, the operating result (adj. EBITDA) was EUR -3.4 million (H1 2022: EUR -6.0 million), which corresponds to an improvement of 43.3%.

The increase in profitability visible in the operating result is also reflected in the development of operating cash flow, which declined to EUR -1.0 million in the reporting period (H1 2022: EUR -7.6 million). This includes payments for claims to employees from the 2020 IPO in the amount of EUR 1.9 million for the full year 2023. Accordingly, cash and cash equivalents as of June 30, 2023 were EUR 11.7 million (Dec. 31, 2022: EUR 12.7 million) and thus in line with expectations. The capital increase completed at the end of June 2023 is not yet reflected in the half-year report, as the cash inflow was not recorded until July 2023. Including the net inflow from the issuance of the new shares in the amount of EUR 6.8 million, cash and cash equivalents would thus have amounted to EUR 18.5 million.

"The current results show us on target in terms of profitability and liquidity. However, our ARR development was not yet fully satisfactory in the first half of the year, which was due to some project delays," explains Jörg Tewes, CEO of Exasol. "We are pleased to have already caught up with some of these projects in July. Together with some product innovations we initiated in the first half of the year and a well-filled pipeline for the rest of the year, we remain confident to reach our targets for this year."

Outlook 2023 unchanged

For the financial year 2023, management continues to expect an increase in ARR to EUR 42.5 - 44.0 million. At the same time, the adjusted operating result (adj. EBITDA) is expected to improve to EUR -3 to -1 million (adj. EBITDA 2022: EUR -13.4 million). However, in view of the results of the first half of the year, the Executive Board expects to achieve the forecasts at the lower end.

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 a net inflow 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 - 17.8 million (before the capital increase: EUR 9 - 11 million).

The full report for the first half of 2023 is now available on the Exasol AG homepage in the Investor Relations section under "Publications".
 

Key data H1 2023:

* EBITDA is adjusted for effects from stock appreciation rights granted to the Executive Board and 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: [email protected]