Cxense ASA announces third quarter 2018 results

Oslo, Norway - 9 November 2018 -  Cxense ASA today reported financial results for the third quarter ending 30 September 2018.


Highlights:

- Growth for core DMP and Personalization segment

  • 19% YoY and 3% sequentially
  • 15 new recurring revenue contracts including leading Asian media companies Singapore Press Holdings, Mainichi and Star Media Group
  • High churn driven by loss of one large customer

- New leadership team in place, including CTO, CPO and CCO, successfully onboarded

  • New CFO hired (starting in December 2018)

- 80% reported gross margin, up 1 pp from Q2 2018

- Adjusted EBITDA of USD -0.47 million compared to USD -2.1 million in Q3 2017

  • Reported EBITDA impacted by Enreach integration costs

- Positive cash flow in the quarter

  • Cash position of USD 4.4 million, up 8% from end of Q2 2018, driven by working capital movements
  • Funded through break-even with ongoing churn improvement program and cost reductions

- The new Conversion Engine and DMP features strengthens pipeline

- Positive outlook for new sales in Q4

Christian Printzell Halvorsen, CEO of Cxense, commented:

“The launch of Cxense Conversion Engine and new DMP features strengthens our market position as we address strategic challenges for publishers by helping them grow their subscriber base and transform to data driven advertising. We signed some of Asia’s leading media brands in the third quarter and added exciting new opportunities to our pipeline in line with our strategy of targeting larger and more advanced customers. Data alliances, with publishers or brands joining forces, are gaining traction and open opportunities beyond publishing. Finally, further steps were also taken to optimize the organization, reduce costs and improve working capital which led to positive cash flow in the quarter”

Material:

The Q3 2018 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 Q3 2018 results at 08:30 am CET at Felix Konferansesenter, Bryggetorget 3, Oslo, Norway. A live webcast will be available at:  
http://webtv.hegnar.no/presentation.php?webcastId=97451530

Investor Relations Contact:

Jørgen Loeng, Chief Financial Officer

Email: ir@cxense.com

Mobile: +47 90 66 00 62