Q1 numbers vs. ABGSCe
OrderYOYO reported a solid set of Q1 numbers. GMV of DKK 2,976m was in line with our estimate, while Q1 ARR of DKK 300m came in ~1% above. The latter equates to 33% y-o-y ARR growth, but note we have no quarterly breakdown of churn, uplift, and new sales. Net revenues of DKK 73m were 2% higher than we had expected and correspond to 35% y-o-y growth. The strong growth in Q1 is primarily driven by higher volumes. Turning to profitability, adj. EBITDA of DKK 10.8m and cash EBITDA of DKK 4.5m came in substantially higher (19% and 56% above our estimates, respectively), albeit on relatively low numbers. OrderYOYO has now been EBITDA profitable since July '22 and cash EBITDA profitable since June '23.
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