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EXASOL AG / Key word(s): Change in Forecast
Exasol AG adjusts annual forecast for the 2021 financial year and medium-term forecast
Nuremberg, October 29, 2021 - Based on today's assessment, the Management Board of Exasol AG expects that a key financial performance indicator, annual recurring revenues (ARR), will be weaker in the 2021 financial year than previously forecast and is adjusting its annual forecast for 2021 and the medium-term forecast. Based on current knowledge, the Management Board expects annual recurring revenues to be in a range between EUR 30 - 31 million (equivalent to +24% to +29% year-on-year) at the end of fiscal year 2021. As a result, there is also a change in the medium-term forecast. The Management Board expects annual recurring revenues of EUR 100 million to be achieved in the course of the 2025 financial year. Originally, Exasol had forecast ARR growth to more than EUR 35 million or more than 45% year-on-year in fiscal 2021 and annual recurring revenues of EUR 100 million during fiscal 2024.
A comprehensive review of the current sales pipeline and marketing activities has shown that, contrary to management expectations, the project postponements on the customer side occasionally observed will continue until the end of the year. As a result, from today's perspective, some of the contracts expected for the current fiscal year can no longer be realized in 2021. In addition, the review has shown that the current go-to-market activities have not been able to generate the previously expected growth momentum in the acquisition of new customers.
In the third quarter of 2021, Exasol increased its annual recurring revenue (ARR) to approximately EUR 28.2 million, according to preliminary figures that have not yet been confirmed. The publication of the 9M/2021 financial results will take place as planned on November 4, 2021. The Management Board will hold a conference call for analysts and investors at 9:30 CET on that day and provide more detailed information on the outlook and the measures taken.
29-Oct-2021 CET/CEST The DGAP Distribution Services include Regulatory Announcements, Financial/Corporate News and Press Releases.
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