Cxense ASA announces first quarter results

Oslo, Norway - 15 May 2019 - Cxense ASA today reported financial results for the first quarter ending 31 March 2019.

Highlights:

* EXECUTING STRATEGIC PLAN

* Raised USD 10 million in rights issue, proceeds received in mid-March

* Recruitment progressing to plan, but still in early stages

* Customer touch-points and product development capacity to increase as new sales-, customer success-, engineering- and data science resources are onboarded

* Focus on cost control to balance strategic investments

* FLAT SEQUENTIAL REVENUE DEVELOPMENT FOR CORE DMP AND PERSONALIZATION SEGMENT AS EXPECTED

* 6% YoY growth for core segment in Q1 2019

* ADJUSTED EBITDA OF USD -0.74 MILLION COMPARED TO USD -1.34 MILLION IN Q4 2018 DUE TO LOWER COSTS

* NON-CORE ASSET DIVESTMENTS COMPLETED WITH SALE OF PREMIUM AUDIENCE NETWORK (PAN)

* Simplified operations to facilitate execution of strategic plan

Christian Printzell Halvorsen, CEO of Cxense, commented:

“Solutions for data management and personalized customer journeys have never been more relevant. Cxense has established a position in this market with a solid customer base and growing revenues. At the same time, we are in the early stages of executing our strategic plan to achieve the growth we aspire to. New sales, customer success, engineering and data science people are added to our organization to enhance customer touchpoints and improve sales, retention and our offering. We expect the effects of these investments to materialize from the second half of the year,” Christian Printzell Halvorsen, CEO of Cxense.

Material: The Q1 2019 report and presentation are attached to this notice and can also be found under the following link: https://www.cxense.com/investors/financial-reports

Webcast/presentation: Cxense will today present its Q1 2019 results at 08:30 am CET at Felix Konferansesenter, Bryggetorget 3, Oslo, Norway. A live webcast will be available at:

https://webtv.hegnar.no/presentation.php?webcastId=97815847 


Investor Relations Contact:
Jørgen Evjen, Chief Financial Officer
Email: ir@cxense.com
Mobile: +47 928 04 014