CM.com N.V. — Earnings Release 2022

Apr 20, 2022

Press Release

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Q1 2022 Trading update.

Strong start of 2022 for CM.com with Q1 revenue up 42% and gross profit up 45%

PRESS RELEASE

Q1 2022 Trading update

Strong start of 2022 for CM.com with Q1 revenue up 42% and gross profit up 45%

BREDA, 20 APRIL 2022

Q1 2022 Highlights

• Revenue up 42% to € 70.5 million, organic revenue up 38%
• Gross profit up 45% to € 17.8 million and gross margin stable at 25%
• Acquisition of consumer AI technology company Building Blocks completed; next step in evolution of CM.com's conversational commerce proposition

Outlook

• FY 2022 revenue expected to come in between € 310 million € 330 million
• Return to structurally positive EBITDA towards the end of 2023, by continuing step-ups in growth investments

Q1 2022 KPI^{s 1}

(x € million)	Q1 2022	Q1 2021	Δ Q-Q
Revenue	70.5	49.8	+42%
Gross Profit	17.8	12.3	+45%
Gross Margin	25%	25%	-
Number of messages (billions)	1.7	1.2	+48%
Number of voice minutes (millions)	161	163	-1%
Annual Recurring Revenue (ARR)2 (€ millions)	26.3	15.0	+75%
Total online payments processed3 (€ millions)	354	262	+35%
Number of Tickets (millions)	2.5	0.2	+1150%

1. As of 2022, CM.com will report only on total revenue and gross profit without a distinction in core revenue and core gross profit

2.ARR represents the annual recurring revenue streams at the end of the period

3. As a result of our growing and changing payments business, CM.com included direct settled payments transactions in the total online payments processed. This will give a better understanding of the payment volumes that go through the CM.com platform. CM.com has amended the payments volumes retrospectively across this press release.

Annual Recurring Revenue

* including the software related part of the ARR of Building Blocks of € 2.9 million

Message from the CEO

"We got off to a good start with strong revenue and gross profit growth in the first quarter of 2022, despite a turbulent and unpredictable environment. We continue to see high demand for our conversational commerce solutions, with more companies looking to enhance and personalize the customer experience. Our CPaaS, Payments and Ticketing business all contributed to growth. We also saw strong demand for our mobile SaaS solutions providing for increasing predictable recurring revenue streams going forward.

This quarter, we completed the acquisition of Building Blocks, which brings along a wealth of consumer AI technology to further strengthen our conversational cloud software solutions.

The fact that the world is opening up again has a twofold effect on our businesses. We believe to have seen the peak in voice minutes last year. At the same time, we anticipate that this will be offset by the continued growth in messaging and SaaS-solutions accompanied by an uptick in payments processed and ticket sales thanks to the upcoming sports, leisure and entertainment events as people are eager to head out more.

We anticipate 2022 revenue to come in between € 310 million - € 330 million, in line with our average mid-term annual revenue growth target of more than 30%. Following the successful execution of our accelerated growth strategy in the past two years, we expect to return to a structurally positive EBITDA towards the end of 2023, as the profit we generate from servicing existing customers will exceed the costs of attracting new customers."

Jeroen van Glabbeek CEO CM.com

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Strong revenue and gross profit growth

Q1 2022 revenue was up 42% at € 70.5 million versus € 49.8 million in Q1 2021. All business segments CPaaS, Payments, SaaS and Ticketing5 as well as acquisitions contributed to the strong growth.

Gross profit was up 45% to € 17.8 million compared to € 12.3 million in Q1 2021 and gross margin was stable at 25% compared to Q1 2021. The increase in gross profit was mainly driven by revenue growth of all business segments and acquisitions. Compared to Q4 2021, gross profit came in slightly lower due to a change in the mix of messages and voice minutes within CPaaS, a different regional mix of messages and some seasonality effects. This resulted in a slightly lower gross margin of 25% (Q4 2021: 27%).

Within CPaaS, growth of SMS messages was particularly strong in the APAC region. The number of voice minutes saw a clear peak in Q2 2021 following the fading out of the third wave of Covid-19.

For the Dutch government, CM.com started the first tranches of its Payments business. Given the anticipated increasing amount of payment volumes that will run through our platform without being settled by us, we have amended the scope of the definition of the online payments processed and included directly settled payment transactions. This change has no impact on revenue or gross profit.

As companies increasingly value a close and more personal relation with consumers, demand for our mobile SaaS-solutions grew, in particular for the Conversational AI Cloud, the Mobile Marketing Cloud and the bundles of communication channels. As such, the completed acquisition of Consumer AI technology company Building Blocks, is a perfect addition to our current offering and a next step in evolution of conversational commerce. Building Blocks has been consolidated as of March 2022, adding € 2.9 million in ARR, being the software related part of the € 4.0 million ARR.

With respect to Ticketing, CM.com was able to win various new logos in the Netherlands and the UK. The number of tickets resumed its way up after the lifting of Covid-19 restrictions and reopening in the Netherlands in February 2022.

Organizational expansion

In line with our accelerated growth strategy, we continued to strengthen our organization with 102 FTE during the first quarter of 2022 compared to Q4 2021. This includes 33 FTE of Building Blocks.

Sales & Marketing Research & Development General & Admin

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2022 Outlook

For FY 2022 we expect revenue to come in between € 310 million and € 330 million. This implies a growth rate of roughly 30%-40%, which is in line with our earlier guidance and our mid-term annual average revenue growth target of more than 30%.

We expect to continue to grow with our existing customers and to attract new clients globally to further optimize their customer journey and customer experience. We see an increasing demand for expansion of the number of communication channels, such as WhatsApp and Instagram Messaging, by brands to reach and connect with their consumers. We also see a strong demand for enhanced personalization of the customer experience through AI, which perfectly caters to our SaaS-based software solutions.

As it seems that we are now in the aftermath of the Covid-19 pandemic, we anticipate that the number of voice minutes has seen its peak in 2021, as it seems we are nearing the end of a Covid-19 period and the world opening up again. This will have a damping effect on our voice business in 2022. That said, we expect our cloud-based SaaS solutions to grow further, and our ticketing volumes and payments processed to benefit from the increase of museum, theater, theme park, festival and sports events visits. While various events and festivals were already sold out in previous years, organizers are not holding back from organizing new events, as people are eager to head out now countries have reopened.

Path to profitability

Following the successful execution of our accelerated growth strategy in the past two years, we expect to return to a structurally positive EBITDA towards the end of 2023, as the profit we generate from existing customers will exceed cost of attracting new customers. We reiterate our ambition of more than 30% annual revenue growth by continuing to step up our investments in growth.

To further elaborate on our path to profitability, CM.com will host an investor deep dive on 14 June 2022, which will be broadcasted live on our website.

2022 Financial Calendar

Contact Investor Relations

Anneke Hoijtink anneke.hoijtink@cm.com +31 643280788

About CM.com

CM.com is a listed company (Euronext Amsterdam: CMCOM) and provides Conversational Commerce services from its cloud platform that connects enterprises and brands to the mobile phones of billions of consumers worldwide. Conversational Commerce is the convergence of messaging and payments.

CM.com provides messaging and voice channels, such as SMS, Over The Top (OTT) (e.g. WhatsApp Business, Apple Business Chat, Google RCS, Facebook Messenger, and Viber), Voice API and SIP. These messaging channels can be combined with cloud platform features, like Ticketing, eSignature, Customer Contact, identity services and a Customer Data Platform.

CM.com is a licensed Payment Service Provider (PSP) offering card payments, domestic payment methods and integrated payment methods like WeChat Pay. CM.com has over 800 employees and offices in 23 countries globally.

The platform of CM.com delivers fully integrated solutions, based on a privately owned cloud and 100% in-house developed software. By doing so, CM.com can guarantee scalability, time-to market and, global redundancy and delivery.

Forward Looking Statements

Statements included in this press release that are not historical facts (including any statements concerning investment objectives, other plans and objectives of management for future operations or economic performance, or assumptions or forecasts related thereto) are forward-looking statements. These statements are only predictions and are not guarantees. Actual events or the results of our operations could differ materially from those expressed or implied in the forward-looking statements. Forward-looking statements are typically identified by the use of terms such as "may," "will", "should", "expect", "could", "intend", "plan", "anticipate", "estimate", "believe", "continue", "predict", "potential" or the negative of such terms and other comparable terminology. The forward-looking statements are based upon our current expectations, plans, estimates, assumptions and beliefs that involve numerous risks and uncertainties. Assumptions relating to the foregoing involve judgments with respect to, among other things, future economic, competitive and market conditions and future business decisions, all of which are difficult or impossible to predict accurately and many of which are beyond our control. Although we believe that the expectations reflected in such forward-looking statements are based on reasonable assumptions, our actual results and performance could differ materially from those set forth in the forward-looking statements.Although we believe that the expectations reflected in such forward-looking statements are based on reasonable assumptions, our actual results and performance could differ materially from those set forth in the forward-looking statements.

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