Pexip Accelerates Long-Term Annual Recurring Revenue Target - Delivers ARR Growth of 70%
Oslo, Norway, 10 November 2020 - The video communications provider, Pexip, today presented its quarterly results for the third quarter of 2020.
- Pexip’s subscription base measured in Annual Recurring Revenue (ARR) reached USD 72.8 million in Q3 2020, up from USD 42.8 million in Q3 2019, representing an increase of 70%
- The Company accelerates its long-term target of USD 300 million in ARR from 2025 to 2024 due to strong performance in 2020 and solid outlook. This is one year earlier than its previous target
- Revenue of NOK 136.3 million in Q3 2020, up 68% from Q3 2019. Cloud Service revenue up 133% year-on-year to NOK 60 million
- Gross margin of 92% of revenue, with Cost of Sales of NOK 11.0 million
- EBITDA of NOK -24 million driven by investments in Sales, Marketing and R&D and is in line with acceleration plan
“In Q3, we delivered our best third quarter ever, with impressive net new sales, as more organizations are seeing the benefit of a best-in-class meeting experience and the need for a secure and interoperable video platform,” said Odd Sverre Østlie, CEO of Pexip. “We had several key customer wins in Q3, such as NASA and US Northern Command in the USA, and Deutsche Bahn and Deutsche Börse in EMEA, in addition to seven new Fortune 500 customers. We are proud to serve some of the most advanced and demanding organizations globally, reflecting the strength of our value proposition in the large enterprise and public sector segments.”
Øystein Hem, CFO, +47 992 34 596, IR@pexip.com
Press: Gillian Dalslaaen, VP Marketing, +47 40461025, gillian.dalslaaen@pexip.com
About Pexip | pexip.com
Pexip simplifies complex videoconferencing to empower organizations with face-to-face collaboration, no matter the location or technology. Our scalable platform enables high-quality video meetings, with enterprise-grade security, and is easily adapted to fit customers’ IT requirements and existing infrastructure. This makes Pexip the leading provider for large enterprises and public sector organizations. The solution is sold through 300 channel partners in 75 countries and used in more than 190 countries. Pexip was listed on the Oslo Stock Exchange in May 2020.