Kahoot! ASA

Earnings Release • Feb 27, 2020

Kahoot! AS reports fourth quarter 2019 results

Kahoot! AS reports fourth quarter 2019 results

Q4 2019 was another strong quarter and reflects focused execution by the Kahoot team now also including the acquired units DragonBox and Poio. The Kahoot Group, including acquired units, grew invoiced revenue in Q4 2019 to $5.3m, a 216% year-over-year growth and a pro forma full year 2019 including acquired units reached invoiced revenue of $15.2m. Recognized revenue in Q4 2019 reached $4.0m, a 376% YoY growth and recognized revenue full year 2019 reached $8.8m, a 353% growth from 2018. In 2019, The Kahoot Group reached a total of 170,000 paying users in Q4 2019.

Please find enclosed the Q4 2019 presentation and report.

Highlights Q4 and 2019

• The user growth on the platform last twelve months continued, reaching 1.2bn participating players (16% YoY growth), over 210m games played (22% YoY growth) hosted by 15.8m active accounts (26% YoY growth)

• Kahoot launched several new features and editions for all three main segments (at Work, at School and at Home), contributing to the growth of both free and paid users in the quarter

• Invoiced revenue of $5.3m in Q4 2019, compared to $1.7m in Q4 2018 and invoiced revenue of $13.0m in 2019, compared to $3.5 in 2018. Pro forma invoiced revenue full year 2019 including acquired units reached $15.2m

• Operating revenue of $4.0m in Q4 2019, compared to $0.8m in Q4 2018 and Operating revenue of $8.8m in 2019, compared to $1.9m in 2018

• EBITDA of -$1.2m in Q4 2019, compared to -$2.1m in Q4 2018 and EBITDA of -$7.0m in 2019, compared to -$9.8m in 2018

• Kahoot Group had a positive cash flow from operations of $1.2m in Q4 2019 (improvement from -$0.6m in Q3 2019) and for the full year 2019 -$2.7m

• Cash and cash equivalents as of 31.12.2019 were $40.9m including proceeds of approx. $25m from the October 2019 funding round, a private placement to institutional shareholders

• MRR (Monthly recurring revenue) reached $1.1m for Kahoot subscriptions and $0.1m for Dragonbox School. Total MRR for the group is $1.2m as of 31.12.2019 corresponding to an ARR (Annual Recurring Revenue) of $14.4m

• Kahoot reached 152K paid seats as of Q4 2019, compared to 120K end of Q3 2019, where of 78K in the Business segment and 74K in the School segment. In addition, DragonBox School reached 18K paid seats for the 2019/2020 school year, bringing the total number of paid seats for the group to 170K as of Q4 2019

• The acquisition of Poio and DragonBox were completed by the end of August 2019. Both companies are fully consolidated in the Kahoot Group from September 1, 2019

For further information, please contact:

Eilert Hanoa, CEO

Phone: +47 928 32 905

Email: eilerth@kahoot.com

Martin Kværnstuen, CFO

Phone: +47 930 14 547

Email: martink@kahoot.com

About Kahoot! AS

Kahoot! is a global learning platform that makes it easy to create, share and play games or trivia quizzes. Kahoot! is used in different settings - in schools, corporations, social settings and cultural events. In 2019, Kahoot! had 1.2 billion participating players in more than 200 countries. Kahoot! is on a mission to make learning awesome and build the leading learning platform in the world that connects its users to premium content and features. The company is headquartered in Norway.