Kahoot! ASA

Earnings Release • Nov 30, 2020

Kahoot! AS – Trading update following completion of the acquisition of Drops

Kahoot! AS – Trading update following completion of the acquisition of Drops

Oslo, Norway, 30 November 2020 – Reference is made to Kahoot! AS' announcement made on 28 November 2020, regarding completion of the acquisition of Drops.

The forward-looking statement for 2020 is updated as follows:

• Invoiced revenue for the Kahoot! Group for Q4 2020 is expected to exceed $15m, approx. 30% quarter on quarter growth, whereof the acquired units Actimo and Drops will contribute with approx. 15% of the invoiced revenue for the quarter.

• For the full year 2020, the Kahoot! Group expects invoiced revenue to reach $43m (including contribution from Actimo in Q4 and Drops in December), a 230% growth year on year.

• Paid subscriptions have reached 400K (not including Actimo and Drops) and are expected to exceed 420K by the end of 2020, and active accounts in the range of 22-23m by the end of the year.

• Continued solid cash flow from operations in the fourth quarter 2020.

• The company is preparing for a main listing at Oslo Stock Exchange which could be as early as in Q1 2021.

Previous guidance for the company was invoiced revenue of approx. $14m in Q4, whereof Actimo represents approx. 10%, and a total of $41-42m for the full year 2020, 400K+ paid subscriptions and 22m+ active accounts by the end of the year.

Enclosed please find the updated company presentation.

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. In addition, our family of apps takes math learning to a new level and empowers children to learn to read through play. Organizations can also 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 200 million games have been played on the Kahoot! platform with over one 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!