Cyviz AS - Q3 2021: Strong underlying growth with a record order backlog
19.11.2021 07:00:00 CET | Cyviz | Half yearly financial reports and audit reports / limited reviews
Cyviz AS, a global technology provider for standardized conference rooms, control rooms and experience centers, today published its financial results for the third quarter 2021. Q3 topped a solid Q2 with a record high order backlog.
“Following a very strong Q2 we are delivering a solid performance within all parts of the company. The organization is focusing on progressing our global, scalable and standardized solutions”, says CEO Espen Gylvik at Cyviz.
The company is continuing to deliver on the long-term strategy with a growth in order intake of 63% from Q3 2020. The order backlog continues to grow through the quarter and is up from NOK 119 million in Q2 to a record high NOK 151 million. The revenue and EBITDA are somewhat disappointing as 2 Microsoft projects expected to conclude in Q3 will instead be recorded in Q4.
The company’s focus on cloud based packaged solutions and increased software sales to scale recurring revenue is paying off. “We will continue to increase this part of the business” says Gylvik.
Reducing the CO2 emissions
Cyviz is continuing the focus on ESG, being an enabler for the green transition with increased efficiency for the clients. “The Cyviz solutions contribute to reducing the CO2 emissions”, says Gylvik.
Highlights Q3 2021
- 63% year-on-year growth in order intake to NOK 92 million, accumulating to a YTD order intake of NOK 288 million (131% year-on-year growth)
- 16% year-on-year increase in revenue to NOK 64 million
- Book to bill ratio of 1.4 and an increase in backlog to record high NOK 151 million from NOK 119 million at the end of Q2 2021
- Working capital reduced with NOK 12 million and break-even operating cash flow in the quarter
- Continued good progress with Microsoft orders and deliveries
The interim financial report and presentation for Q3 2021 are enclosed.
Cyviz AS is presenting its Q3 2021 financial results on Friday the 19th of November 2021 at 14:00 (CET) and hereby invites investors, analysts, and other stakeholders to a webcast with Q&A. The Q&A session will be moderated by Carnegie analyst Kristian Støle. If you want Kristian to ask your questions to the management, these can be sent to info@xtrainvestor.com or during the webcast.
Link to the webcast: https://inqrate.com/xtravideos/cyviz-q3-21-presentation-and-qa/
The report, presentation, and a link to the recorded webcast will be made available at https://www.cyviz.com/investor-relations/
Disclosure regulation
This information is subject to the disclosure requirements pursuant to Section 5-12 the Norwegian Securities Trading Act.
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About Cyviz
Cyviz is a global technology provider for standardized conference rooms, control rooms and experience centers. Since 1998, Cyviz has empowered the digital workforce to connect, visualize, and collaborate on their critical data. The IT-driven turnkey solutions are easy to deploy, manage and support. Cyviz serves global enterprises and governments with the highest requirements for usability, security and quality, that engage people, encourage collaboration, and accelerate decision-making. Cyviz is listed on Euronext Growth at the Oslo Stock Exchange (ticker: CYVIZ)
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