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On Thursday, the video conferencing company Pexip presented quarterly figures for the third quarter of the year. The company reports NOK 183 million in revenue and a loss before tax of NOK 49.2 million. After tax, the deficit was NOK 32 million.
So far this year, the company has had a loss before tax of NOK 185 million – more than double the whole of last year’s deficit of NOK 71 million.
The company also reported $ 99.8 million in annual recurring revenue (ARR) at the end of the third quarter. In comparison, the figure was $ 92.7 million at the end of the second quarter of this year, and $ 72.8 million at the end of the third quarter last year. This means an increase of 37 percent compared to last year.
The company’s share price has fallen dramatically in recent months, and has halved since its peak in mid-September. Former alpinist Aksel Lund Svindal has been a shareholder in Pexip for a number of years. He has lost several tens of millions on paper during the autumn, as a result of the fall in prices.
Chairman of the board Michel Sagen comments on the price decline as follows:
– I register it, but do not want to comment so much about it. We think we have exciting products, exciting strategy and an exciting market that has exploded. Then we just have to do a better job of telling that story, he says.
The quarterly figures from Pexip are partly overlapping with a previous one update the company provided fresh figures in early October, after the company’s top manager Odd Sverre Østlie left the company on the day i august.
The company is still looking for a new top manager, the chairman of the board confirms:
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– We have no fixed deadline, because we are most concerned with finding the right person. But I can say that we are not talking about weeks or years, but about months. We do a broad search, and are well underway, says Sagen.
When the top manager resigned in August, both Østlie and chairman Michel Sagen de-dramatized the departure, despite “disagreement over the approach”. Neither the chairman of the board nor Østlie himself would go into more detail on exactly what the disagreements were about.
– It is difficult to say exactly when this occurred, but we are in a phase where the board and CEO work closely together all the time. There has been an ongoing dialogue. None of this is strategic, and disagreements over financial goals have not been part of the discussion either. We part as friends, said chairman Sagen.
At the moment, it is CFO Hem who acts as CEO of the company, until a permanent top manager is in place.
Back in October, the company stated that the growth in the quarter mainly comes from sales to new customers, but also from the purchase of a new customer portfolio. The company is well on its way to recurring revenues of $ 300 million by 2024, it was further stated in the announcement.(Terms)Copyright Dagens Næringsliv AS and / or our suppliers. We would like you to share our cases using a link, which leads directly to our pages. Copying or other use of all or part of the content may only take place with written permission or as permitted by law. For additional terms look here.
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