Published: 2022-08-24 07:42:33 CEST
Penneo A/S
Half Year financial report

Penneo realises 33% year-on-year ARR growth at the end of 2022-H1

Company Announcement No. 26-2022
Copenhagen, 24 August 2022
Financial report for the period 1 January 2022 - 30 June 2022

Key features 

  • ARR increased by 8.0M to 63.5M in 2022-H1 corresponding to 33% year-on-year (YoY) growth at the end of 2022-H1
  • Net ARR retention rate amounted to 114%
  • ARR churn rate amounted to 3%
  • ARR uplift amounted to 17%
  • ARR from new customers amounted to 4.8M DKK in 2022-H1 compared to 5.7M DKK in 2021-H1
  • Average Revenue Per Account (ARPA) increased by 21% in 2022-H1 compared to 2021-H1
  • EBITDA amounted to negative 9.7M DKK as a result of the planned investments


ARR guidance remains unchanged at 77-82M DKK

EBITDA guidance remains unchanged at negative 15-20M DKK

Business summary
Transformation of the sales organisation
As part of the expansion strategy, Penneo initiated a transformation of the sales organisation to further strengthen the international scaling which included establishment of the first local sales presence outside Denmark. In connection to establishing the new office, Penneo onboarded a Head of Sales for the Belgian market to build a local team to secure the continued growth and expansion in the market. 

The transformation of the sales organisation is undertaken to strengthen the execution of the two-fold strategy put forth in the Listing Prospectus and outlined below:

  1. Growth in existing markets
  2. Geographic expansion into new markets

Supported by three primary investment streams:

  • Upsell Penneo KYC product to auditors
  • Penetrate AML-governed industries with Penneo’s KYC and Sign product
  • Fuel expansion through the Audit and Accounting vertical to become the de facto standard for auditors in Europe

Preparation for acceptance in the European Commission Trust list
From 2021 and onwards, Penneo has been working dedicatedly towards professionalising its technological infrastructure in the Sign platform. The purpose is to upgrade the Sign platform from offering Advanced Electronic Signatures (AES) to offering the highest level of electronic signature in the eIDAS regulation: Qualified Electronic Signatures (QES) upon acceptance on the EU Trust List. In Denmark, the only entities currently listed on the Trust List are the Danish Government and Nets. 

In order to become accepted on the Trust List, Penneo entered the external Trust List audit in 2022-H1 with an expected finalisation of the audit and approval by Digitaliseringsstyrelsen and the European Commission in 2022-H2. Conditioned upon approval, Penneo will become a Qualified Trust Service Provider (QTSP) offering QES which fuels the upscaling of market entries outside Scandinavia.

Upscaling the international expansion ties directly to the growth strategy and to continuing the investments in the audit and accounting vertical. Offering QES establishes a competitive edge for Penneo towards signing documents in the Audit and Accounting and AML-governed industries in EU countries outside Scandinavia as the majority of these documents require QES to be legally valid. 

Consequently, offering QES is a market enabler and accelerates market entries as it allows Penneo to facilitate the signing of more document types and reduces needs for local adaptation of the platform to national requirements on a country-to-country basis. 

The 2022-H1 report will be presented at an online conference hosted by Penneo today 24 August at 9:30 CET and a webinar hosted by HC Andersen Capital at 14.00 CET.

The conference call hosted by Penneo will be conducted in English and can be attended live here. Participants are also able to dial in via phone ‪(DK) +45 70 71 44 23‬ and enter PIN: ‪642 394 163‬#. The webinar hosted by HC Andersen Capital will be conducted in English and can be attended live here.

For more details please see the 2022-H1 report attached

Further information
CEO, Christian Stendevad
Mobile (+45) 27 29 50 02

About Penneo A/S
Penneo is a provider of Software-as-a-Service (SaaS), and was initially established for the purpose of assisting businesses with digital document signing and digitising workflows. Today, the company has developed into an eco-system of digital solutions which automate work routines within for example anti-money laundering (AML) - a RegTech software that offers businesses an efficient and cost-saving way to comply with legislation. 

The original and widespread product "Penneo Sign", which helps customers secure easy online signing of documents, is still continuously developed by the company - while at the same time new products appear, such as Penneo KYC (Know Your Customer) - a product that digitises the work-flows in businesses and contributes to complying with legal requirements in connection with onboarding and identification of customers.  

Penneo holds a strong position in the Nordic countries, and in Denmark alone, more than 740,000 persons signed documents electronically with "Penneo Sign" in 2021. 

In April 2022, Penneo was listed on Nasdaq Copenhagen following a listing on Nasdaq First North in June 2020. This transition contributes to strengthening the company's focus on European expansion. 

For information about Penneo, please visit https://penneo.com/investors/