Agillic announces Q1 2023 results with 22% growth in Total ARR, 17%growth in Revenue and improved EBITDA of DKK 1.7 million compared to Q12022

Announcement no. 8 2023

Copenhagen – 4 May 2023 – Agillic A/S (Nasdaq First North Growth Market Denmark: AGILC) releases its financial results for Q1 2023. Total ARR of DKK 71.5 million (up 22% YoY), Total Revenue of DKK 16.3 million (up 17% YoY) and EBITDA of DKK 0.0 million in Q1.

Emre Gürsoy, CEO of Agillic comments

”We continued to see the positive effects of our strategy in Q1 2023, resulting in an EBITDA improvement of DKK 1.7 million vs. Q1 2022. Our financial strategic goal of being cash EBITDA positive in 2024 is supported by our delivered positive cash flow from operations of DKK 1.2 million in Q1 vs DKK -8.3 million in Q1 2022. Total ARR increased 22% YoY and ARR from transactions continued to stay strong with 68% growth vs Q1 2022.

Our Total Revenue increased 17% YoY and despite increasing cost prices, the gross profit margin increased to 80% from 79% in Q1 2022 and from 74% in Q4 2022.

We proudly welcomed our new largest shareholder, Viking Venture that acquired 20.48% of the shares in Agillic in March, equivalent to 2,265,975 shares. The shares acquired were a combination of existing shares acquired from six existing shareholders and issuing of new shares. Agillic issued 801,058 new shares of DKK 0.1 each at a market price per share of DKK 28.08 equivalent to aggregate gross proceeds of DKK 22,493,709. The net proceeds increased Agillic’s equity and cash at bank.

I am pleased to see the dedication and huge efforts delivered by our employees, which has contributed to our strong platform and continued growth. Going forward, we will continue to invest in our platform while focusing on international business growth via strong partnerships.

Our main strategic financial goals remain double-digit percentage growth in ARR subscriptions, positive cash flow from operations, a positive EBITDA as well as cash-EBITDA positive in 2024.”

Key figures and ratios

Financial guidance 2023

In 2023, revenue is expected to grow to DKK 79-83 million, which is equivalent to 18-24% growth, while Total ARR is expected to grow 16-23%, supported by growth in ARR from subscriptions.

Guidance as announced 23 February 2023:


Strategy going forward
We will continue to execute our Reboot 2.1 strategy and have added ‘Positive cash-adjusted EBITDA’ by 2024 as an additional financial goal.

Agillic continues its focus on internationalisation through a two-pronged go-to-market model, and cooperation with best-of-breed technology partners and global solution partners. Apart from Denmark, markets of particular interest are the DACH region, Norway, Sweden. Our target clients are digitally mature and data-driven B2C-businesses in industries such as retail, finance, travel & leisure, NGO and charities, and subscription businesses in e.g. entertainment & gaming, energy and utilities, media & publishing, and technology, software & cloud.

For further information, please contact:
Emre Gürsoy, CEO, Agillic A/S
+45 30 78 42 00

Claus Boysen, CFO, Agillic A/S
+45 28 49 18 46

Certified Adviser
John Norden, Norden CEF A/S

The forward-looking statements regarding Agillic’s future financial situation involve factors of uncertainty and risk, which could cause actual developments to deviate from the expectations indicated. Statements regarding the future are subject to risks and uncertainties that may result in considerable deviations from the presented outlook. Furthermore, some of these expectations are based on assumptions regarding future events, which may prove incorrect. Please also refer to the overview of risk factors in the ‘risk management’ section of the annual report.

About Agillic A/S
Agillic is a Danish software company offering brands a platform through which they can work with data-driven insights and content to create, automate and send personalised communication to millions. Agillic is headquartered in Copenhagen, Denmark, with sales and R&D teams in Berlin, Malmö, Oslo, Cluj-Napoca and Kyiv.

For further information, please visit  

Agillic A/S (publ) (Nasdaq First North Growth Market Denmark: AGILC) is obligated to publish the above information in compliance with the EU Market Abuse Regulation Article 17.

The information was published via agent by Agillic A/S on 4 May 2023.

Appendix Financial development per quarter