Kahoot! ASA

Earnings Release • Aug 19, 2021

Kahoot! Group Reports Second Quarter 2021 Financial Results

Kahoot! Group Reports Second Quarter 2021 Financial Results

OSLO, 19 August 2021¬ Kahoot! ASA,(KAHOT)today announced financial results for its fiscal quarter ended 30 June 2021, in-line with the main numbers presented on the trading update 7 July 2021.

The Kahoot! Group continued its strong performance in the second quarter of 2021, including solid growth in usage, revenues, subscribers, launch of several new features and services as well as the completed acquisition of the learning app provider Motimate, and the announced acquisition of Clever, one of the most widely-used digital learning platforms by U.S. K-12 schools.

Invoiced revenue for the Kahoot! Group reached $20.6 million in the second quarter 2021, an increase of 114%, or $11 million year-over-year. Invoiced revenue for the first half of 2021 reached $39.6 million, an increase of 147%, or $23.6 million year-over-year. The Kahoot! Group delivered continued solid cash flow from operations and reached 933K paid subscriptions including acquired units.

The Kahoot! platform had record-high activity in the second quarter with more than 29 million active accounts (43% YoY growth) hosting 303 million games (44% YoY growth) for more than 1.8 billion participating players (49% YoY growth) in the last 12 months, building the foundation for further growth in the coming quarters.

Please find enclosed the Q2 2021 presentation and report.

Highlights Q2 2021

The main figures were reported in the company trading update 7 July 2021.

• Realized continued user growth on the Kahoot! platform

- 29 million active accounts in the last 12 months, up 43% YoY

- 303 million games hosted last 12 months, up 44% YoY

- More than 1.8 billion participants globally last 12 months, up 49% YoY

• Launched several new features and editions for all three main categories - At Work, At School and At Home, contributing to the growth of both free and paid users in the quarter.

• Announced and closed the acquisition of Motimate, a learning app provider, to accelerate the building of the next generation of tools for employee learning, engagement, and corporate culture.

• Announced the acquisition of Clever, one of the most widely-used digital learning platforms by U.S. K-12 schools that help engage students both in the physical classroom and through remote learning. Clever’s market-leading and open platform brings schools, teachers, students, and application developers together in a single-sign-on education network that simplifies accessible learning and provides an easy go-to solution for all users.

• Reached 933K paid subscriptions in the second quarter 2021, an increase of 173K from the first quarter 2021, whereof the acquired unit Motimate contributed with 140K. The net organic growth was 33K whereof 21K on the Kahoot! Platform. Kahoot! At School representing the main growth reaching 295K, Kahoot! At Home reaching 234K and Kahoot! At Work reaching 403K. The YoY increase in paid subscriptions, including acquisitions was 663K, representing 246% growth YoY.

• Invoiced revenue of $20.6 million, up 114% YoY.

• ARR (Annual Recurring Revenue) of $75 million, up 200% YoY.

• Total revenue and other operating income of $18.4 million, up 230% YoY.

• Adjusted EBITDA (excluding share-based compensation expenses and related payroll taxes, acquisition related expenses and listing cost) of $4.2 million, representing 23% adjusted EBITDA margin.

• Adjusted cash flow from operations (excluding payment of acquisition cost) of $5.0 million, up 27% YoY.

• Cash and cash equivalents as of June 30, 2021, of $440 million; the company has no interest-bearing debt.

For further information, please contact:

Eilert Hanoa, CEO

Phone: +47 928 32 905

Email: eilerth@kahoot.com

Ken Østreng, CFO

Phone: +47 911 51 686

Email: keno@kahoot.com

About Kahoot!

Kahoot! is on a mission to make learning awesome! We want to empower everyone, including children, students, and employees to unlock their full learning potential. Our learning platform makes it easy for any individual or corporation to create, share, and play learning games that drive compelling engagement. Launched in 2013, Kahoot!’s vision is to build the leading learning platform in the world. In the last 12 months, 300 million games have been played on the Kahoot! platform with 1.8 billion participating players in more than 200 countries. The Kahoot! family also includes award-winning DragonBox math learning apps, the Poio learn to read app, the Drops language learning apps, the Actimo and Motimate employee engagement and corporate platforms and Whiteboard.fi, the online whiteboard tool for all educators, teachers and classrooms. The Kahoot! Group is headquartered in Oslo, Norway with offices in the US, the UK, France, Finland, Estonia, Denmark and Spain. Kahoot! is currently listed on the Oslo Stock Exchange under the ticker KAHOT. Let’s play!