Cyviz AS

Investor Presentation • Nov 10, 2023

3rd quarter results 2023

Today's agenda and presenters

Q3'23 in brief

Performance 2020-2023

Business highlights

Q3 and YTD financials

Outlook

Q&A

Espen Gylvik CEO

Marius Skagen CFO

Cyviz is next level collaboration. We bring communication, control and interaction together, powered by advanced technology but driven by one important thing: people. Cyviz makes life better by making the complex simple, ensuring work is more immersive, productive and ultimately more enjoyable.

This is Cyviz. The future at work, right here, right now.

Seasonal soft quarter, but strong year-to-date growth

Q3'23 in brief

Revenue of NOK 120 million in Q3, up 3.4% compared to last year.

Year-to-date growth of NOK 111 million (36%). Gross profit of NOK 63.4 million with 47.3% margin.

Year-to-date growth of NOK 60 million (43%).

EBITDA of NOK -6.6 million in Q3.

Year-to-date, we have a growth of NOK 15.7 million.

Order intake of NOK 92.7 million, down 55% compared to Q3 2022.

ROLLING 12-MONTHS TREND 2020-2023

Cyviz Group

Business highlights

Business highlights

USD 0.7m

USD 1.8m

USD 0.9m

Business highlights

Year-to-date

-

ORDER INTAKE BY VERTICALS – YTD ORDER INTAKE BY VERTICALS – LYTD

Q3 and year-to-date financials

Financial highlights

Revenues

• Q3 is a seasonal slow quarter historically
• 88% growth from Q3 2021
• Rolling 12-months trend at NOK 597 million versus NOK 405 million in Q3 2022 (+47%)

Gross profit

• 47.3% gross margin for the quarter
• Rolling 12-months trend at NOK 282 million versus NOK 185 million in Q3 2022 (+53%)

EBITDA

• NOK 11.3 million decline driven by higher OPEX base compared to 2022
• Rolling 12-months trend at NOK 25.4 million after Q3 compared to NOK - 10.8 million after Q3 2022

Bookings

• Down NOK 115m compared to same quarter last year driven by the NOK 145m-deal booked September 2022

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Year-to-date results after Q3 2023

Revenues

• NOK 111 million revenue growth (+36%)
• CAGR 46% from Cyviz went public Q4 2020

Gross profit

• NOK 60 million growth (+43%)
• Gross margin at 47.6% YTD compared to 45.4% LYTD
• CAGR 52% from Q4 2020

EBITDA

• NOK 15.7 million growth from same period last year

Bookings

• NOK 72m decline with no contract signed this year similar to the NOK 145 million deal signed September 2022

Operating cash flow

Operating cash flow Q3

Operating cash flow YTD '23

Key drivers Q3

• Operating loss of NOK 12.6 million driven by negative EBITDA of NOK - 6.6 million
• Short-term increase in AR with high amounts due primo October
• Decrease in AP of NOK 19.1 million to secure components from key vendors
• Increase in inventories of NOK 1 million with total value slightly above the average seen last twelve months (NOK 31.3 million)

Key drivers YTD '23

• Operating loss of NOK -5.3 million compared to NOK -18.6 million same period last year
• Negative cash flow driven by increase in receivables and reduction in payables compared to 31.12.2022 with total negative effect of NOK 51.2 million

Outlook

Outlook

Profitable growth driven by new products and services and cost optimization

Profitable growth

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Cyviz maintains the medium-term target of 30% CAGR on revenue, and 15-20% EBITDA-margin

Growing demand for advanced collaboration solutions

Expect a decline in demand for basic meeting room solutions, but significant growth in demand for advanced collaboration solutions

Strong 2023 on revenue and EBITDA

Cyviz reiterates the ambition of strong full-year results on both revenue and EBITDA

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Q&A