Pexip Holding ASA – Q4 2022 results

Pexip Holding ASA (“Pexip” or “The Company”, Oslo Børs Ticker: PEXIP), today presented its quarterly results for the fourth quarter of 2022, showing revenue of NOK 260.4 million and an adjusted EBITDA of NOK 21.7 million excluding one-off restructuring costs of NOK 29.2 million.

The cost reduction program continued in Q4, and additional 189 million of annualized reductions in costs was realized in the quarter. The annualized operational cost base in Q4 ended at NOK 967 million, down NOK 372 million from the Q2 2022 level of NOK 1,339 million. This provides confidence in Pexip’s ability to achieve the target for full year 2023 presented in the Q3 2022 presentation of NOK 100 to 150 million in EBITDA and have led to an updated cost base estimate for 2023 of NOK 850 million.

“2022 has been a year of change for Pexip. The transition to a leaner organization is progressing well and we are going into 2023 with a motivated team and with continued focus and drive towards our targets of growth and increasing profitability. Despite the macroeconomic slowdown impacting our customers, we continue to see growth and traction in Secure Spaces and Video Innovation and are confident that these areas will be of great importance in the years to come.” said Trond K. Johannessen, Pexip CEO