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Relesys A/S: Relesys reports 46% year-on-year growth in Annual Recurring Revenue in Q1 2023. Relesys keeps guidance unchanged.

17:08 / 11 May 2023 Relesys Press release

Relesys A/S | Quarterly Announcement Q1 2023
Company Announcement No. 6-2023 Copenhagen,
May 11, 2023

First-quarter period: January 1, 2023 - March 31, 2023

Relesys achieved an Annual Recurring Revenue (ARR) of DKKm 49.4 and is starting the year in accordance with the plan.

Current financial guidance remains unchanged.


Relesys started 2023 by executing the financial expectations presented in the Annual Report 2022. During Q1, Relesys signed with NorgesGruppen who have +40% of the Norwegian grocery market.
  • ARR increased from DKKm 33.8 in Q1 2022 to DKKm 49.4 in Q1 2023, corresponding to 46% year-on-year growth.
  • NRR was 117% year-on-year.
  • ARR net uplift was 22% year-on-year.
  • ARR churn was 4% year-on-year.
  • ARR from new clients increased by DKKm 2.5 during the period.
  • Revenue grew from DKKm 10.0 in Q1 2022 to DKKm 12.8 in Q1 2023, corresponding to 28% year-on-year growth.
  • The cash balance at the end of Q1 was DKKm 28.2. Free Cash Flow Multiple last 12 months was -1,5.[1] The cash balance of DKKm 28.2 is considered to be sufficient to take Relesys to positive cash flow.

Financial Guidance 2023:

For 2023, Relesys expects continued growth in both ARR and Revenue. ARR guidance for 2023 is DKKm 59-64 and Revenue guidance for 2023 is DKKm 54-60. Guidance remains unchanged compared to what was presented in the annual report 2022.

[1] Free Cash Flow Multiple is defined as: Free Cash Flow divided by ARR growth.



Relesys is a Software as a Service (SaaS) company founded with the sole purpose to create a more engaged and united workforce. The communication and performance platform enables companies to strengthen their internal communication and performance, by providing employees access to an intuitive user-friendly app, with all the information they need to succeed in their jobs, thus improving the overall performance.

Relesys has a strong product-market-fit within the retail industry, but the platform has proven valuable for other industries where a large proportion of the workforce is not working from a desk in front of a computer and who are isolated from the rest of the organization. Relesys provides a scalable software solution and has already a proven track record internationally.

On March 31, 2023, Relesys had 188 clients in 14 countries and supports 26 different languages. The customer base of Relesys includes brands such as Salling Group, NorgesGruppen, Specsavers, Bauhaus, Matas, Telia, Carlsberg Danmark, Amcor, and Vestas, together with several other market-leading brands.

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