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Interim financial report for the period January 1 to September 30, 2023


Company announcement no 21-2023

Søborg, November 2, 2023

Interim financial report for the period January 1 to September 30, 2023

Q3 2023 has been slow in sales as the net ARR growth in Q3 2023 did not live up to our expectations. Still delivering an ARR of DKK 18.7m on September 30, 2023 – the same level as on June 30, 2023. On the contrary, a good start to Q4 2023 with 8 new customers signing in October.

Financial report for the period January 1 to September 30, 2023

Annual Recurring Revenue (ARR) amounted to DKK 18.7m corresponding to an annual growth of 13%. In Q3 2023, Annual Recurring Revenue (ARR) increased by DKK 27 thousand compared to DKK 1,034 thousand for Q3 2022.

The net ARR growth in Q3 2023 did not live up to our expectations but Q4 2023 is off to a good start with 8 new customers in October.

We believe we have broken the negative conversion rate trend and with a defined strategy and the resources in place within the partner channel and audit segment, we are confident about 2024.”, says CEO Claus Finderup Grove.


  • Revenue in Q3 2023 amounted to DKK 4.9m, an increase of 11% compared to Q3 2022 and for the first nine months of 2023, revenue increased by 17%, which is in line with expectations.
  • EBIT loss for Q3 2023 amounted to DKK 1.9m compared to a loss of DKK 3.9m for Q3 2022. In YTD 2023, EBIT loss was DKK 8.4m compared to a loss of DKK 17.1m for the same period in 2022.
  • On September 30, 2023, the equity amounted to DKK 1.8m compared to a negative equity of DKK 11.4m on December 31, 2022.
  • Cash and cash equivalents amounted to DKK 4.1m on September 30, 2023.
  • In July 2023 proceeds of DKK 15.1m from two new loans were received and the convertible loan was repaid in full.

SaaS metrics

  • In Q3 2023, Annual Recurring Revenue (ARR) increased by DKK 27 thousand compared to DKK 1,034 thousand for Q3 2022. On September 30, 2023, the total ARR amounted to DKK 18.7m, an increase of 13% compared to September 30, 2022.
  • The Customer Acquisition Cost (CAC) divided by net increase in ARR for Q3 2023 was very high because of the low net increase in ARR.
  • On September 30, 2023, the churn for the last 12 months was 8.5% compared to 9.7% on September 30, 2022. The improvement in churn relates to an improvement in ARR and not an improvement in churn. The initiatives related to the onboarding churn are starting to show but will not impact churn positively until 2024.
  • The net retention, summarized to 97, has been influenced negatively by churn and downsale which were higher than upsale, compared to 102 on September 30, 2022.


  • The outlook for 2023 as announced in company announcement no 18-2023 August 8, 2023, is maintained as follows:
    • ARR of DKK 20-21m (prev. DKK 21-23m)
    • Revenue of DKK 19-20m (prev. DKK 20-22m)
    • EBIT loss of DKK 9-11m (prev. a loss of DKK 5-8m)

Investor webinar

  • On November 2, 2023, at 15.00 (CET) an investor webinar will be held. Sign up here.


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About Konsolidator
Konsolidator A/S is a financial consolidation software company whose primary objective is to make Group CFOs around the world better through automated financial consolidation and reporting in the cloud. Created by CFOs and auditors and powered by innovative technology, Konsolidator removes the complexity of financial consolidation and enables the CFO to save time and gain actionable insights based on key performance data to become a vital part of strategic decision-making. Konsolidator was listed at Nasdaq First North Growth Market Denmark in 2019. Ticker Code: KONSOL


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