In this trading update, Pexip Holding ASA (“Pexip”, Oslo Børs Ticker: PEXIP) presents its Annual Recurring Revenue (ARR) for the second quarter (Q2) of 2021. In Q2 2021, Pexip increased its ARR with 41% year-on-year to USD 92.7 million.
- Pexip’s subscription base measured in ARR reached USD 92.7 million in Q2 2021, up from USD 65.8 million in Q2 2020, representing a year-on-year increase of 41%.
- Of the 41% year-on-year growth in ARR, 40 percentage points (pp) are from new customers and 1 pp is from existing customers. Net revenue retention rate, reflecting the percent of retained revenue from existing customers, was 101% year-on-year, including churn of 10% year-on-year.
- Pexip generated new ARR (delta ARR) of USD 5.5 million in Q2 2021, compared to USD 9.1 million in Q2 2020 and USD 2.4 million in Q2 2019.
- ARR from Pexip’s Self-hosted Software reached USD 54.6 million in Q2 2021, up 29% year-on-year, while ARR from Pexip as-a-Service reached USD 38.1 million, up 62% year-on-year.
- Sales pipeline for the second half of 2021 is strong.
- The company is on track to reach USD 300 million in ARR by 2024.