The video communications provider, Pexip Holding ASA (“Pexip” or “The Company”, Oslo Børs Ticker: PEXIP), today presented its quarterly results for the first quarter of 2022, showing revenue of NOK 222.5 million, a growth of 24 percent year-on-year and EBITDA margin of -23%, affected by the company’s significant investments in future growth.
As previously communicated, Pexip is accelerating its return to positive financial results, and targets a return to positive EBITDA in Q4 2022 and for the full year 2023. Pexip’s new CEO, Trond K. Johannessen, took the reins on April 20.
“The Covid 19 pandemic has changed the videoconferencing market landscape. Organizations across the globe have started to see the full potential of a video-enabled world, not just for internal company communication but also for mission-critical applications and high-security meetings. Video has become an integral part of many organizations’ operations, strategies, and workflows. Pexip has created a focused strategy built on its core technology strengths to take advantage of these opportunities, and we are uniquely positioned to succeed. In order to do this in the most effective way, the Company needs to adapt its organizational structure to be able to better execute on the defined strategy and capitalize on the identified growth opportunities. At the same time, Pexip needs to reduce its overall cost level to accelerate the Company’s return to profitable growth. Doing so will ensure a return to positive EBITDA in Q4 2022 and for the whole year of 2023. I am excited to have taken over as Pexip’s CEO on April 20, and I am truly impressed with the capabilities of Pexip’s technology and people as well as the high-caliber customers we serve. I look forward to working with the team to fully implement the planned changes that will fuel Pexip’s return to profitability and future growth,” said Trond K. Johannessen, Pexip CEO.