Xplora: Q3 2022 trading statement with guidance downgrade
This morning Xplora announced its trading statement for Q3 2022, announcing year-on-year growth but downgrading its full-year revenue guidance. For Q3 22, Xplora realised group revenues of NOK 137m, +27% y/y from group revenues of NOK 108.0m in Q3 21. Recurring service revenues amounted to NOK 38m, up 24% y/y from NOK 30.4m in Q3 21. Xplora exited Q3 22 with 147.4k subscribers, a y/y growth of 33% from 110.7k subscribers at the end of Q3 21.
The primary driver of growth was Xplora’s established markets, with the group’s sales volume up 40% year-on-year for Q3 22. However, the growth rates lag behind the company’s original guidance for annual group revenue growth of +50%, resulting in a guidance downgrade to expectations for annual revenue growth of +20-30%.
The downgrade to guidance is primarily driven by macroeconomic headwinds, such as inflation and the war in Ukraine, damaging consumer sentiment and creating greater uncertainty. Despite the headwinds Xplora has expanded its operations into new markets throughout 2022, including the US, the UK, and France, while also releasing its next generation of products. The company is also in the process of implementing a new ERP system.
To hear more about the developments of Xplora heading into the rest of the year and the outlook for the remainder of 2022, join the presentation of the Q3 2022 results, which will be held following the publication of the full Q3 2022 report, scheduled for 17 November 2022.
Disclaimer: HC Andersen Capital receives payment from Xplora for a digital IR/corporate visibility agreement./ Philip Coombes - 11:10 14.10.22.
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Xplora Technologies AS is a Norwegian based company that develops and sells smartwatches designed to safely onboard children to the digital world. Xplora Technologies was listed on the Euronext Growth Oslo market in Nov 2020. Xplora Technologies gives parents the confidence to allow their children to play freely outside by providing connectivity and additional safety solutions whilst simultaneously incentivising physical activity and engagement with ESG initiatives through its digital Goplay platform. Together with producing and selling hardware Xplora Technologies generates recurring revenues from value-adding services and connectivity referred to as the Xplora Service Platform. Xplora also extends third-party licenses of the service platform to other smart devices producers, further extending upselling capabilities.
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