Exasol AG publishes preliminary figures for the third quarter of 2022 and adjusts full-year guidance

Nuremberg, November 7, 2022: Based on preliminary figures for the third quarter of 2022, Exasol AG adjusts its guidance for the financial year 2022: While growth in annualized recurring revenue (ARR) is expected to be below expectations due to the current development of the macroeconomic environment, both adjusted operating profit (adjusted EBITDA) and cash and cash equivalents at the end of the year will be higher than originally assumed in the forecast at the beginning of the year as a result of the measures to increase profitability already initiated in 2021.

Based on preliminary figures for the end of the third quarter of 2022, Exasol has increased its annualized recurring revenue (ARR) to EUR 33.9 million. This corresponds to a growth of 23% compared to the previous year (30.9.2021: EUR 27.5 million). Accordingly, consolidated revenues also increased by 28% to EUR 24.8 million in the first nine months of 2022 (9M 2021: EUR 19.3 million), while group revenues for the third quarter of 2022 were at 8.7 million (Q3 2022: EUR 6.3 million)

The adjusted operating result (adjusted EBITDA) improved to EUR -8.7 million in the first nine months of 2022 (9M 2021: EUR -23.0 million), and to EUR -2.7 million for the third quarter of 2022 (Q3 2021: EUR -8.7 million), respectively. At the same time, the outflow of cash and cash equivalents decreased to EUR -10.3 million, compared with a decrease of EUR -36.1 million in the same period of the previous year. As of Sept. 30, 2022, cash and cash equivalents thus stood at EUR 16.9 million.

The increase in ARR after nine months of the current fiscal year is below original expectations. In view of the economic challenges, companies are acting more cautiously with regard to their investment decisions, which has an impact on the ARR development at Exasol, particularly in the third quarter. It is currently not expected that this will change noticeably in the fourth quarter of 2022, which is why the Executive Board is lowering its forecast for ARR growth for the full year 2022 to EUR 35.5 to 37.0 million (previously: EUR 38.5 to 40.0 million). At the same time, the measures to achieve profitability continue to have a positive impact. For this reason, the Executive Board has increased its forecast for the full year 2022 for both operating profit and cash and cash equivalents: Accordingly, adjusted EBITDA is now expected to be in the range of EUR -13 to -14 million (previously: EUR -14 to -16 million), while cash and cash equivalents are expected to be EUR 11 to 13 million at the end of the year (previously: EUR 10 to 12 million).

"Our nine-month results show that, despite a challenging economic environment, we continue to grow, albeit not as strongly as we had originally planned," said Jan-Dirk Henrich, CFO and Speaker of the Executive Board of Exasol AG. "At the same time, we are pleased that our earnings situation is continuously improving as planned and that we will thus exceed our profitability and liquidity targets for this year. This means we remain on track to achieve a positive operating result in the second half of 2023 and to be able to finance our growth path from our own resources without additional capital."

The final figures for the third quarter will be published on November 16, 2022.

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