October 1, 2022

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Kahoot made a profit in 2021 after strong growth – E24

For the first time since 2014, the testing company is making a profit. The company is now moving forward with its plans to go public in the USA.

Eilert Giertsen Hanoa, CEO of Kahoot.

Posted:

Kahut reported pre-tax earnings of $2.3 million in the fourth quarter, up from minus $27.2 million a year earlier.

In total, the company ended with a profit of $1.5 million before taxes. This is the first time since 2014 that the company has been profitable for an entire year.

Gross operating profit (ebitda) ended at NOK 4.5 million for the quarter, up from minus NOK 12.23 million.

When the company released a market update in January, it said billing revenue ended at $39.7 million in the fourth quarter. This revenue includes the acquisition of Clever in early fall. Excluding the acquisition, revenue growth was 53 percent for the quarter.

Annual recurring revenue (ARR) ended at $133 million, up 122 percent. Of this, Clever has a net worth of $47 million.

Maintains growth goals

Kahoot CEO Eilert Hanoa reiterates in a comment that the result fell short of their expectations after increasing uncertainty about the omicron variable, including closing schools and businesses earlier before Christmas.

The company maintains the growth ambitions introduced in January. The company then said it expects to bill with revenue between $190 million and $200 million in 2022. Kahut expects 40 percent of this to come during the first half of the year, with the rest to be taken in the second half.

In the first quarter, billing revenue is expected to eventually reach $34-35 million, which is an increase of nearly 80 percent over the previous year.

Over time, it became known that Kahut had investigated the prospects for a secondary offering. The company now says it is moving forward with plans, and will consider the possibility of listing in the United States. The company says it will update the market in line with the requirements.

User growth

At the end of the fourth quarter, the company had 30.9 million active accounts on its services. That’s 25 percent growth over the previous year. A total of 310 million sessions were initiated, a 24 percent increase from the previous year.

The company says nearly two million participants, though not unique, took part in the sessions, a 32 percent increase from 2020.

Kahoot has 1.1 million paying users for all of its services, up 64 percent from a year earlier, and 95,000 more than in the third quarter. 60,000 of these came on the Kahoot platform.

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