Kahoot : delivered strong growth in Q3 2020

Press

October 29, 2020

Kahoot! delivered strong growth in Q3 2020

Kahoot! today announced financial results for Q3 2020, showing strong growth in an unusual pandemic environment, compared to both last year and last quarter.

Oslo, Norway, (October 29, 2020) - Kahoot!, the global learning platform company, today announced financial results for its fiscal quarter ended September 30, 2020. The Kahoot! Group achieved its full-year target of paying customers in Q3 and continues to deliver high growth and strong cash-conversion in a strategically important quarter.

Kahoot! is on a mission to make learning awesome by empowering all educators, teachers, students, and employees to unlock their full learning potential through a game-based learning platform. In the last 12 months, more than one billion participating players in over 200 countries attended over 200 million Kahoot! sessions.

Q3 2020 was another strong quarter and reflects continued focused execution by the team in the
Kahoot! Group. The Group grew invoiced revenue in the quarter to $11.6 million, a 241% increase from Q3 2019 and a 21% increase from Q2 2020. In Q3 the Kahoot Group, for the first time, delivered positive EBITDA of $1 million, compared to -$1.7 million for Q3 2019.

The Kahoot! Group had in Q3 a solid cash flow with 45% cash conversion from billed revenue, being the fourth consecutive quarter with positive cash flow from operations. Kahoot! reached more than 360,000 paid subscriptions in Q3, doubling the customer base in 2020.

Earlier this month, Kahoot! completed a private placement of $215 million to SoftBank. The company intends to use the net proceeds from the Private Placement to finance accelerated growth through value-creating non-organic opportunities and continue to build a unique platform company. The Kahoot! Group now has more than 9,000 shareholders and is preparing for a main listing at the Oslo Stock Exchange in Q1 2021.

'It has been an eventful and strategically important quarter for Kahoot!, with strong progress in product development, commercial offerings, new strategic partnerships - and with solid financial delivery,' said Eilert Hanoa, CEO, Kahoot!. 'We are proud of the results we have achieved in the quarter by delivering learning tools that our growing customer base finds both engaging and relevant. More than anything, the numbers prove that we are on track with our mission to make learning awesome for students, employees and families around the world.'

On top of delivering strong financial results in Q3, Kahoot! has broadened its product offerings and solutions with many new initiatives. Kahoot! is now available in Spanish, the first of several languages that will make Kahoot! available to an even larger global audience. The Kahoot! Group acquired Actimo, a next-level app for increased employee engagement that helps organizations efficiently communicate with, train, and lead the frontline workforce. Teaming up with Zoom, the company announced that its users will soon be able to host and play Kahoot! games and presentations without ever leaving their Zoom meetings. In addition, the company has launched Kahoot! EDU, a scalable offering that helps admins and school leaders bring an enhanced Kahoot! experience to their entire school or district.

Moving into the final quarter of 2020, Kahoot! has considerable momentum, and several exciting upcoming initiatives perfect for families, teachers and students. Among those are launching Kahoot! in Portuguese, French and more languages, as well as a separate offering for language learning. For the upcoming holiday season, we will be launching Kahoot! Family subscription, a combo pack offering families a set of tools and apps to learn at home, and many more.

For businesses, Kahoot! will be launching the 'Courses' feature for Kahoot! 360, the next-generation corporate learning platform. The blended learning solution will let corporate trainers combine instructor-led training with self-paced mobile learning to maximize engagement and allow employees to take control over their own learning.

About Kahoot!

Kahoot! is on a mission to make learning awesome! We want to empower everyone, including children, students, and employees to unlock their full learning potential. Our game-based learning platform makes it easy for any individual or corporation to create, share, and play learning games that drive serious engagement. In addition, our family of apps takes math learning to a new level and empowers children to learn to read through play. Launched in 2013, Kahoot!'s vision is to build the leading learning platform in the world. In the last 12 months, more than 200 million games have been played on the Kahoot! platform with over one billion participating players in 200 countries. The company is headquartered in Norway with offices in the US, the UK, France, Finland, Denmark and Spain. Let's play!