In this trading update, Pexip Holding ASA (“Pexip” or “The Company” Oslo Børs Ticker: PEXIP) presents its Annual Recurring Revenue (ARR) for the third quarter (Q3) of 2021. In Q3 2021, Pexip increased its ARR with 37% year-on-year to USD 99.8 million.
- Pexip’s subscription base measured in ARR reached USD 99.8 million in Q3 2021, up from USD 72.8 million in Q3 2020, representing a year-on-year increase of 37%.
- Of the 37% year-on-year growth in ARR, the full 37 percentage points (pp) are from new customers. Net revenue retention rate, reflecting the percent of retained revenue from existing customers, was 100.1% year-on-year, including churn of 10.8% year-on-year.
- Pexip generated new ARR of USD 7.1 million in Q3 2021, compared to USD 7.0 million in Q3 2020 and USD 2.7 million in Q3 2019.
- ARR from Pexip’s Self hosted Software reached USD 56.4 million in Q3 2021, up 23% year-on-year, while ARR from Pexip as-a-Service reached USD 43.4 million, up 61% year-on-year.
- The majority of the growth in ARR in Q3 2021 relates to sales to new customers, and part of the growth in ARR is related to customer portfolio acquisition (undisclosed amount due to confidentiality).
- The Company is on track to reach USD 300 million in ARR by 2024.