Earnings Release • Feb 10, 2021
Earnings Release
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Kahoot! Group – Quarterly Report – Q4 2020
OSLO, February 10, 2021 – Kahoot! AS, (KAHOT) today announced financial results for its fiscal quarter ended December 31, 2020. The Kahoot! Group continued its strong performance in the final quarter of 2020, including solid growth in usage, revenues, subscribers, launch of several new features and services as well as new strategic partnerships and the acquisitions of Actimo and Drops.
Invoiced revenue for the Kahoot! Group reached \$17.5m in Q4 2020, representing 230% increase from reported invoiced revenue in Q4 2019. The quarter over quarter invoiced revenue growth was 50% in Q4 2020 (vs. Q3 2020). The group delivered in Q4 2020 solid cash flow with approx. 40% cash flow conversion from billed revenue, being the fifth consecutive quarter with positive cash flow from operations. The Kahoot! Group reached more than 550K paid subscriptions per Q4 2020 whereof Drops accounted for 100K. During Q4 2020, the Kahoot! Group reached 5 billion cumulative players on the platform since launch in 2013.
2020 proved to be a pivotal year for Kahoot! As the focus turned towards fighting a global pandemic, the world embraced new ways of learning, working and socializing, almost overnight. We witnessed the rapid acceleration of digitalization across all aspects of life, and at Kahoot!, we were prepared for the changes.
As a company, we were well-positioned to support educators, students, parents, professionals and social groups as they navigated a new and virtual means of engaging, entertaining and learning. It became more important than ever in 2020 for us to fulfill our mission of making learning awesome for everyone, whether physically together or at a safe social distance.
Kahoot! experienced massive adoption globally throughout 2020, as it became an essential toolkit to stimulate engagement at school, work and home, during the pandemic and beyond.
We reached 1.5 billion participating players in 2020 in 200 countries and we also achieved a major milestone for Kahoot!, reaching five billion participating players since launch, a number that's been steadily growing over our seven-year history. This was a proud moment for all of us in Kahoot!, and a truly awesome way to end the year.
From start to finish, 2020 was a year of exciting initiatives and strong growth for Kahoot!. Our solid organic growth fueled our ambitions to build the world's leading learning platform, and we further strengthened this position by acquiring two companies, employee engagement platform Actimo and language learning platform Drops. With these two powerful companies (and their respective market segments) now in the Kahoot! family, we have been able to bolster our learning offerings for corporate learners and those learning at home, in addition to introducing new functionality that enables millions of users to learn more effectively.
Over the course of the year, the Kahoot! team continued to develop define and execute on our strategy and ambitious roadmap targeting our primary segments: at school, at home and at work. We continued to build our globally recognized brand with a viral distribution model - based on a scalable technology platform.
As a company, we shifted to a fully remote operational working model, becoming almost completely virtual, along with much of the world as a result of the pandemic. Despite the challenging times, the Kahoot! team has done a great job making sure we were able to continue to deliver improved products and services throughout the year for all users and customers.
We are fortunate that, over the years, the Kahoot! team has built a solid technical foundation, resulting in a scalable cloud platform with a viral business model, enabling us to continuously add more value for all our users. It's a model that served us well during the Covid-19 pandemic.
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Over the course of the year our team has grown to 200+ team members all of whom represent the strong Kahoot! culture of curiosity, inclusivity and playfulness. We aim to expand our employee base in all areas of the company in 2021. Our main priority has been to invest into engineering and product development, in addition to acquiring talents in customer experience, design, assisted sales, and corporate development and operations.
As we look back on our incredible journey in 2020, I have a tremendous amount of optimism for our future and our ability to continue to support our users and customers during these challenging times. I am incredibly proud of how we as a company have come together to strengthen our trajectory of our operations. We've done this through product development, constant focus on the user experience, and our ability to pivot and reimagine, in order to meet the changing needs of all our user groups and customers.
Looking ahead we are heading toward an important milestone of our main listing on the Oslo Stock Exchange before the end of the first quarter of 2021. In addition, we plan to offer new, free and premium tools and functionality for interactive presentations for school and work, corporate training, language learning, Academy Marketplace, and additional content offerings from publishing partners.
There's still a lot of important work to be done that will require us to stay the course, but I'm excited about the opportunities that lie ahead as we continue on our mission to make learning awesome for all!
The main figures were reported in the company trading update January 5, 2021.
In order to enhance the understanding of the Group's performance, the Group presents certain measures and ratios that might be considered as alternative performance measures (APM) as defined by the European Securities and Markets Authority, and these should not be viewed as substitute for any IFRS financial measures. The APMs includes Invoiced Revenue, Annual Recurring Revenue (ARR), Monthly Recurring Revenue (MRR), EBITDA and adjusted EBITDA. The Group has presented these APMs because it considers them to be important supplemental measures to understand the overall picture of revenue and profit generation in the Group's operating activities.
| USD in millions | Q4 2020 | Q4 2019 | FY 2020 | FY 2019 |
|---|---|---|---|---|
| Invoiced revenue | 17,5 | 5,3 | 45.3 | 13,0 |
| ARR end of period | 60.0 | 14.0 | 60.0 | 14,0 |
| Operating revenue | 12,0 | 2.8 | 31,0 | 8,5 |
| EBITDA before adjustments | (11,6) | (4,8) | (15, 9) | (10,7) |
| Share based payment expenses | 2,0 | 0,1 | 3,1 | 0,5 |
| Social security tax share based payments | 9,4 | 2,8 | 14,2 | 3,3 |
| Acquisition transaction and listing cost | 1.0 | $\sim$ | 1.0 | 0,3 |
| EBITDA adjusted | 0.8 | (1, 9) | 2,3 | (6, 6) |
| Adjusted EBITDA margin (%) | 6.4% | $-66.5%$ | 7.5% | $-77,9%$ |
| Cash flow from operating activities | 7.0 | 1,4 | 17.4 | (2,5) |
| Cash and cash equivalents end of period | 256.1 | 40.9 | 256.1 | 40,9 |
The Kahoot! Group has for 2020 converted the consolidated financial statements to the International Financial Reporting Standards (IFRS) as endorsed by the European Union (EU), and as such the 2019 financials have been restated to give comparable figures.
• Total revenue for the Kahoot! Group was \$12.0m for Q4 2020, compared to \$2.8m for Q4 2019, representing 329% growth. For the full year 2020, total revenue was \$31.0m compared to \$8.5m for 2019. The increase of \$22.5m, representing 265%, was driven by strong growth in number of paid subscriptions for the Group's products, and continued uptake on subscription plans with higher price points.
For more information, please contact:
Eilert Hanoa, CEO, Phone: +47 928 32 905, Email: [email protected] Ken Østreng, CFO, Phone: +47 911 51 686, Email: [email protected]
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. In addition, our family of apps takes math learning to a new level and empowers children to learn to read through play. Learners of all ages can make language learning natural with immersive visuals and play through our Drops apps. Organizations can connect and engage their work teams with Actimo, our employee engagement platform. Launched in 2013, Kahoot!'s vision is to build the leading learning platform in the world. In the last 12 months, more than 250 million games have been played on the Kahoot! platform with 1.5 billion participating players in 200 countries. The company is headquartered in Norway with offices in the US, the UK, France, Finland, Estonia, Denmark and Spain. Let's play!
| USD in thousands | Q4 2020 | Q4 2019 | FY 2020 | FY 2019 |
|---|---|---|---|---|
| Revenue from contracts with customers | 11974 | 2 7 9 8 | 30 859 | 8 4 6 4 |
| Other operating income | 30 | 175 | ||
| Total revenue and other operating income | 12 005 | 2 7 9 8 | 31 034 | 8 4 6 4 |
| Cost of sales | 1356 | 179 | 3790 | 906 |
| Employee benefit expenses | 17 110 | 5679 | 31 625 | 12 14 2 |
| Other operating expenses | 5 1 2 6 | 1725 | 11 5 53 | 6 1 3 8 |
| Operating profit/(loss) before deprec. and amortiz. (EBITDA) | (11587) | (4786) | (15936) | (10721) |
| Amortization of intangible assets | 861 | 365 | 1897 | 1097 |
| Depreciation | 220 | 144 | 685 | 569 |
| Operating profit/(loss) (EBIT) | (12668) | (5296) | (18517) | (12387) |
| Financial income | 116 | 237 | 372 | 347 |
| Financial expenses | (134) | (185) | (329) | (255) |
| Net change in fair value of financial instruments | 848 | 848 | ۰ | |
| Net foreign exchange gains (losses) | (16892) | (261) | (17510) | (224) |
| Net financial income (expenses) | (16062) | (209) | (16619) | (133) |
| Profit/(loss) before income tax | (28730) | (5505) | (35 136) | (12519) |
| Income tax | (564) | (33) | (656) | (44) |
| Profit/(loss) for the year | (28166) | (5472) | (34481) | (12475) |
| Profit/(loss) for the year is attributable to: | ||||
| Equity holders of Kahoot! AS | (28166) | (5472) | (34481) | (12, 475) |
| Earnings per share in USD | ||||
| Basic earnings per share | (0,06) | (0,02) | (0.09) | (0,03) |
| Diluted earnings per share | (0,06) | (0,02) | (0,09) | (0,03) |
| USD in thousands | Q4 2020 | Q4 2019 | FY 2020 | FY 2019 |
|---|---|---|---|---|
| Profit/(loss) for the year | (28166) | (5472) | (34481) | (12 475) |
| Other comprehensive income (loss): | ||||
| Items that might be subsequently reclassified to profit or loss: | ||||
| Exchange differences on translation of foreign operations | 211 | 241 | (325) | (15) |
| Item that are not reclassified to profit or loss: | ||||
| Exchange difference on translation to another presentation | ||||
| currency | 21 597 | 3 2 1 0 | 17413 | 1 0 4 4 |
| Total comprehensive income (loss) for the year | (6358) | (2022) | (17392) | (11447) |
| Total comprehensive income is attributable to: | ||||
| Equity Holders of Kahoot! AS | (6358) | (2 022) | (17392) | (11 447) |
| USD in thousands | 31.12.2020 | 31.12.2019 |
|---|---|---|
| ASSETS | ||
| Goodwill | 77 745 | 20 097 |
| Intangible assets | 34 373 | 8902 |
| Property, plant and equipment | 409 | 313 |
| Right-of-use assets | 3 1 6 5 | 3078 |
| Deferred tax asset | ||
| Total non-current assets | 115 692 | 32 390 |
| Trade receivables | 2671 | 1322 |
| Other current assets | 3 3 1 6 | 599 |
| Cash and cash equivalents | 256 120 | 40851 |
| Total current assets | 262 108 | 42772 |
| TOTAL ASSETS | 377 800 | 75 163 |
| EQUITY AND LIABILITIES | ||
| Share capital | 5 2 2 8 | 1473 |
| Share premium | 357 383 | 92 621 |
| Share-based payments reserves | 5 5 4 2 | 2095 |
| Foreign currency translation reserves | (375) | (50) |
| Retained earnings | (79373) | (40112) |
| Total equity | 288 406 | 56 027 |
| Lease liabilities | 2312 | 2561 |
| Deferred tax liability | 5843 | 1 3 4 6 |
| Other non-current liabilities | 15 447 | |
| Total non-current liabilities | 23 602 | 3 9 0 7 |
| Lease liabilities | 964 | 601 |
| Trade payables | 1817 | 940 |
| Contract liabilities (deferred revenue) | 27899 | 6072 |
| Other current liabilities | 35 111 | 7616 |
| Total current liabilities | 65 791 | 15 2 2 9 |
| Total liabilities | 89 393 | 19 13 6 |
| TOTAL EQUITY AND LIABILITIES | 377800 | 75 163 |
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| Share-based | Translation | |||||
|---|---|---|---|---|---|---|
| Share | Share | payments | differences | Retained | Total | |
| USD in thousands | capital | premium | reserves | reserves | earnings | equity |
| Balance at 1 January 2019 | 1 3 3 4 | 53 439 | 1586 | (35) | (27860) | 28 4 64 |
| Profit/(loss) for the year | $\overline{\phantom{a}}$ | $\sim$ | $\sim$ | $\blacksquare$ | (12475) | (12475) |
| Currency translation differences | (9) | 844 | (15) | (15) | 223 | 1028 |
| Total comprehensive income/(loss) for the year | (9) | 844 | (15) | (15) | (12 252) | (11.447) |
| Issuance of shares | 148 | 40 510 | $\overline{\phantom{a}}$ | $\overline{\phantom{a}}$ | $\sim$ | 40 658 |
| Transaction costs on equity issues | $\sim$ | (2 172) | $\sim$ | $\overline{\phantom{a}}$ | $\sim$ | (2172) |
| Share option program | $\sim$ | 524 | $\blacksquare$ | ÷ | 524 | |
| Balance at 31 December 2019 | 1473 | 92 621 | 2095 | (50) | (40112) | 56 0 26 |
| Profit/(loss) for the year | $\overline{\phantom{a}}$ | $\overline{\phantom{a}}$ | $\blacksquare$ | $\blacksquare$ | (34481) | (34481) |
| Currency translation differences | 334 | 21 4 8 0 | 378 | (325) | (4780) | 17088 |
| Total comprehensive income/(loss) for the year | 334 | 21 4 8 0 | 378 | (325) | (39261) | (17392) |
| Issuance of shares | 3 4 2 1 | 253 520 | $\sim$ | $\overline{\phantom{a}}$ | $\sim$ | 256 940 |
| Transaction costs on equity issues | $\sim$ | (10237) | $\sim$ | $\sim$ | $\sim$ | (10237) |
| Share option program | $\sim$ | $\sim$ | 3 0 6 9 | $\blacksquare$ | $\sim$ | 3 0 6 9 |
| Balance at 31 December 2020 | 5 2 2 8 | 357 383 | 5 5 4 2 | (375) | (79 373) | 288 406 |
| USD in thousands | Q4 2020 | Q4 2019 | FY 2020 | FY 2019 |
|---|---|---|---|---|
| Cash flows from operating activities | ||||
| Profit/(loss) before income tax | (28730) | (5505) | (35 136) | (12519) |
| Adjustments for: | ||||
| Depreciation and amortization | 1 2 2 5 | 560 | 2582 | 1666 |
| Net interest income | 155 | (171) | (329) | (255) |
| Share-based payments expense | 2 0 0 4 | 138 | 3 0 6 9 | 524 |
| Change in trade and other receivables | 76 | (150) | 279 | (945) |
| Change in contract liabilities (deferred revenue) | 5 1 3 2 | 3 2 3 9 | 13807 | 5 2 4 7 |
| Change in trade payables | 286 | 533 | 591 | 765 |
| Change in other current assets and other liabilities | 26 722 | 2613 | 32 191 | 2 6 8 4 |
| Interest received | 116 | 191 | 372 | 347 |
| Net cash flow from operating activities | 6984 | 1449 | 17426 | (2486) |
| Cash flows from investing activities | ||||
| Payment for acquisition of subsidiary, net of cash acquired | (34227) | (0) | (34 227) | (8996) |
| Payment for property, plant and equipment | (50) | (74) | (214) | (230) |
| Net cash from investing activities | (34277) | (74) | (34441) | (9 226) |
| Cash flows from financing activities | ||||
| Proceeds from issuance of ordinary shares | 215 825 | 27 939 | 241 931 | 28 184 |
| Transaction costs on issuance of ordinary shares | (9055) | (2172) | (10237) | (2 172) |
| Repayments of lease liabilities | (175) | (112) | (537) | (461) |
| Paid interest on lease liabilities | (20) | (21) | (78) | (91) |
| Net cash from financing activities | 206 575 | 25 633 | 231 079 | 25 460 |
| Net increase/(decrease) in cash and cash equivalents | 179 282 | 27 007 | 214 064 | 13748 |
| Cash and cash equivalents as of 1 January | 72 493 | 13 2 9 4 | 40 851 | 27843 |
| Effects of exchange rate changes on cash and cash equiv. | 4 3 4 5 | 550 | 1 2 0 5 | (740) |
| Cash and cash equivalents as of 31 December | 256 120 | 40 851 | 256 120 | 40 851 |
Kahoot! AS (the Company or Kahoot!), the parent company of the Kahoot! Group (the Group) is a limited liability company incorporated and domiciled in Norway, with its head office in Fridtjof Nansens plass 7, 0160 Oslo. The Company is listed on Euronext Growth and has the ticker "KAHOT".
The condensed consolidated interim financial statements consist of Kahoot! AS and its subsidiaries. As a result of rounding differences, numbers or percentages may not add up to the total.
These interim condensed consolidated financial statements for the twelve months ending 31 December 2020, have been prepared in accordance with IAS 34 Interim Financial Reporting, and authorized for issue by the board of directors on February 9, 2021. The interim condensed consolidated financial statements do not include all the information and disclosures required in the annual financial statements and should be read in conjunction with the Group's annual financial statements for 2020, which are published at the same date as this interim report.
The accounting policies applied in the preparation of the interim consolidated financial statements are consistent with those followed in the preparation of the Group's annual financial statements for the year ended 31 December 2020.
Actimo ApS ("Actimo") was acquired by a purchase of 100% of the shares effective from 5 October 2020. Actimo, an employee engagement platform that empowers organizations to more efficiently build corporate culture with better communication, training and interaction with the workforce was acquired for a total consideration of USD 26-33 million on a debt and cash free basis including a performance-based element. The consideration was settled by a combination of cash and 1,114,963 new Kahoot! AS Shares at a subscription price of NOK 46.82 per share.
PlanB Labs Oü ("Drops", hereafter referred to as Drops) was acquired by a purchase of 100% of the shares effective from 28 November 2020. Drops, one of the fastest growing language platforms in the world was acquired for a total consideration of USD 31 million on a debt and cash free basis in addition to a performance-based element up to USD 19 million depending on Drops performance in 2020, 2021 and 2022. The consideration was settled by a combination of cash and 859,169 new Kahoot! AS Shares at a subscription price of NOK 62.63 per share.
The amounts recognized at the date of acquisitions in respect of identifiable assets acquired and liabilities assumed are set out in the table at right, using the exchange rate as of 5 October for Actimo and exchange rate as of 28 November for Drops.
Goodwill from the acquisitions of Actimo and Drops are attributable to synergies, and will lead to additional value for the Group's subscription-based product offering when combined with the Kahoot! products.
Acquisition costs of USD 540 thousand arose as a result of the transactions. These have been recognized as part of other operating expenses in the statement of statement of profit or loss.
Since the acquisition date 5 October 2020, Actimo has contributed with USD 1,125 thousand to the Group's revenue and a loss USD 590 thousand to the Group's total loss. Drops have contributed with USD 726 thousand to the Group's revenue since the acquisition date 28 November 2020 and a positive net income contribution of USD 60 thousand to the Group's total loss. If the acquisitions of Actimo and Drops had occurred on 1 January 2020, the revenue for the Group would have been USD 40,842 thousand and the Group's loss would have been USD 36,443 thousand.
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| USD in thousands | Actimo | Drops |
|---|---|---|
| Purchase consideration | ||
| Cash consideration | 21 0 34 | 16 372 |
| Shares issued | 5 6 4 3 | 6073 |
| Contingent liability / earn-out | 6 2 8 5 | 20 673 |
| Total purchase consideration | 32 962 | 43 118 |
| Brand | 332 | 1067 |
| Technology | 7953 | 17057 |
| Property, plant and equipment | ۰ | 45 |
| Trade and other receivables | 1559 | 1769 |
| Cash and cash equivalents | 1503 | 1676 |
| Deferred tax liability | (1049) | (3625) |
| Trade payables and other current liabilities | (3, 459) | (3852) |
| Total net identifiable assets acquired at fair value | 6839 | 14 137 |
| Total purchase consideration | 32 962 | 43 118 |
| Goodwill | 26 123 | 28 980 |
| Net cash outflow arising on acquisition | ||
| Cash consideration | 21 034 | 16 372 |
| Less: cash and cash equivalents acquired | 1503 | 1676 |
| Total cash consideration | 19 531 | 14 696 |
The Kahoot! Group has one segment: software to make learning awesome. The market for Kahoot!'s software is global. The chief decision maker will therefore follow up revenue and profitability on a global basis This is consistent with the internal reporting submitted to the chief operating decision maker responsible for allocating resources and assessing performance as well as making strategic decisions.
| USD in thousands | Q4 2020 | Q4 2019 | FY 2020 | FY 2019 |
|---|---|---|---|---|
| Subscription revenue - recognized over time | 11 647 | 2452 | 27 746 | 7930 |
| Sale to schools - recognized at point in time | 115 | $\overline{\phantom{a}}$ | 2 2 3 5 | |
| Other revenue - recognized at point in time | 213 | 346 | 878 | 534 |
| Total revenue from contracts with customers | 11974 | 2 7 9 8 | 30859 | 8464 |
| Other operating income | 30 | $\blacksquare$ | 175 | |
| Total revenue and other operating income | 12 005 | 2798 | 31 0 34 | 8464 |
Kahoot! AS only has one class of shares and all shares have the same voting rights. The shareholders are entitled to receive dividends as and when declared and are entitled to one vote per share at General Meetings of the Company.
| Number of shares |
Share capital (NOK) |
Share capital (USD) |
|
|---|---|---|---|
| Balance at 1 January 2020 | 129 359 496 | 12 935 950 | 1473293 |
| Issued during the year | 316 732 471 | 31 673 247 | 3 4 20 6 5 2 |
| Currency effects from translation of equity | 334 145 | ||
| Balance at 31 December 2020 | 446 091 967 | 44 609 197 | 5 228 090 |
The share capital is fully paid and has a par value of NOK 0.10.
At the Extraordinary General Meeting of Kahoot! AS on 14 January 2021, the Board of Directors were authorized to increase the share capital in connection with mergers, acquisitions, equity raises and exercise of options.
Information relating to the Group's Employee Option Plan, including details of options issued, exercised and lapsed during the financial year and options outstanding at the end of each reporting period, is set out in note 17 in the 2020 Annual Report.
The table below shows the development in the Company's share capital in 2020.
| Change in | New Nominal | |||||
|---|---|---|---|---|---|---|
| Date of | share capital share capital | value | Number of total | Subscription price | ||
| registration Type of change | (NOK) | (NOK) | (NOK) | issued shares | per share (NOK) | |
| 8 Jun 20 | Share capital increase and share split |
25 871 899 | 38 807 849 | 0,1 | 388 078 488 | N/A |
| 16 Jun 20 | Share capital increase | 1 141 178 | 39 949 026 | 0,1 | 399 490 263 | 35.5/6.667/ 3.3333, 1.6667/1 |
| 6 Oct 20 | Share capital increase | 111 496 | 40 060 523 | 0.1 | 400 605 226 | 46.82 |
| 13 Oct 20 | Share capital increase | 4 4 6 2 7 5 7 | 44 523 280 | 0.1 | 445 232 798 | 46/8.3333/6.6667/ 1.6667/0.58 |
| 4 Dec 20 | Share capital increase | 85 917 | 44 609 197 | 0.1 | 446 091 967 | 62.63 |
| Shareholders per February 8, 2021 | Shares (m) | % | |
|---|---|---|---|
| 1 | SoftBank | 71.0 | 15,9% |
| 2 | Datum Group | 52.1 | 11,7 % |
| 3 | Glitrafjord | 40,2 | 9,0% |
| 4 | The Bank of New York Mellon | 20,8 | 4.7% |
| 5 | Creandum III LP | 20.0 | 4,5% |
| 6 | Citigroup Global Markets Inc. | 13,5 | 3,0% |
| 7 | Versvik Invest AS | 13.0 | 2.9% |
| 8 | Newbrott AS | 7,6 | 1,7% |
| 9 | Nordnet Bank AB | 5,4 | 1,2% |
| 10 | Goldman Sachs & Co. LLC | 5,4 | 1,2% |
| 11 | Gamification AS | 5,2 | 1,2% |
| 12 MP Pensjon PK | 5,1 | 1,2% | |
| 13 | State Street Bank and Trust Comp | 4,7 | 1.0% |
| 14 Sanden AS | 4,3 | 1,0% | |
| 15 | Verdipapirfondet DNB Norden | 3,6 | 0.8% |
| 16 | Brown Brothers Harriman & Co. | 3,6 | 0,8% |
| 17 | Adrian AS | 3,2 | 0.7% |
| 18 | Morgan Stanley & Co. LLC | 3,1 | 0,7% |
| 19 | Verdipapirfondet DNB Grønt Norden | 3,0 | 0.7% |
| 20 | J.P. Morgan Bank Luxembourg S.A. | 2,9 | 0,6% |
| Other | 158,4 | 35,5% | |
| Total outstanding shares | 446,1 | 100,0% | |
| Outstanding share options | 20,1 | ||
| Total no. of shares (fully diluted) | 466,2 |
There have not been any changes or transactions with any related parties that significantly impact the Group's financial position or results for the period.
No events that have significantly affected or may significantly affect the operations of the Group have occurred after 31 December 2020.
Kahoot! AS kahoot.com/investor
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