WithSecure Corporation, Interim Report 1 January – 31 March 2025, 25 April 2025 at 8.00 EEST WithSecure Interim Report 1 January – 31 March 2025: Elements ARR growth continued, 70% ARR growth for Cloud Protection for Salesforce Highlights of January – March 2025 ("first quarter”) Annual Recurring Revenue (ARR)1 for Elements Cloud products and services increased by 8% to EUR 86.6 million (EUR 80.5 million)Elements Cloud ARR increase from previous quarter was 4%Net Revenue Retention (NRR) for Elements Cloud was 103%Revenue for Elements Cloud increased by 6% to EUR 21.9 million (EUR 20.6 million)Adjusted EBITDA for Elements Company was EUR 0.9 million (EUR 0.7 million, restated)ARR for Cloud Protection for Salesforce increased by 70% to EUR 13.9 million (EUR 8.2 million)Net Revenue Retention (NRR) for CPSF was 133%Operative cash flow of the first quarter was EUR -2.6 million (EUR -2.4 million)Items affecting comparability (IAC) of adjusted EBITDA were EUR -0.2 million (EUR +0.1 million).
Financial performance - WithSecure Group (mEUR) 1-3/2025 1-3/2024 Change % 1-12/2024 Continuing operations Revenue 30.1 28.8 4% 116.0 Cost of revenue -5.7 -5.9 -3% -23.4 Gross Margin 24.4 22.9 6% 92.6 % of revenue 81.0 % 79.4 % 79.8 % Other income for adjusted EBITDA1 0.1 0.4 -83% 2.0 Operating expenses for adjusted EBITDA1 -23.1 -23.2 0% -92.6 Sales & Marketing -11.8 -11.3 4% -47.9 Research & Development -8.1 -9.1 -11% -35.0 Administration -3.2 -2.7 18% -9.7 Adjusted EBITDA1 1.3 0.2 618% 2.0 % of revenue 4.5 % 0.7 % 1.7 % Items affecting comparability (IAC) Other items 0.0 0.3 -100% -1.0 Divestments 0.0 -0.7 -95% 1.2 Restructuring -0.1 0.4 -130% -1.1 EBITDA 1.2 0.3 339% 1.1 % of revenue 3.9 % 0.9 % 1.0 % Depreciation & amortization, excluding PPA -2.1 -2.2 -3% -9.0 PPA amortization2 -0.5 -0.6 -17% -2.2 EBIT -1.5 -2.6 43% -10.1 % of revenue -4.9 % -8.9 % -8.7 % Adjusted EBIT1 -0.8 -2.0 61% -7.0 % of revenue -2.6 % -7.0 % -6.0 % Discontinued operations Revenue 6.5 7.4 -13% 31.4 Adjusted EBITDA1 -1.6 -0.2 -736% 1.1 % of revenue -24.4 % -2.5 % 3.6 % Items affecting comparability (IAC) Divestments 0.6 1.1 EBIT -2.3 -0.4 -548% -29.3 % of revenue -36.1 % -4.9 % -93.6 % Combined operations Revenue 36.6 36.2 1% 147.4 Adjusted EBITDA1 -0.2 0.0 n/a 3.1 % of revenue -0.6 % 0.0 % 2.1 % Earnings per share, (EUR)3 -0.02 -0.01 -66% -0.22 Deferred revenue 69.5 69.9 -1% 67.7 Cash flow from operations before financial items and taxes -2.6 -2.4 -5% 2.1 Cash and cash equivalents 22.7 32.3 -30% 27.3 ROI, % -3.1 % -7.1 % -34.1 % Equity ratio, % 60.4 % 77.1 % 59.1 % Gearing, % 7.3 % -18.9 % 0.4 % Personnel, end of period 964 996 -3% 961 Adjustments are material items outside the normal course of business associated with acquisitions, integration, restructuring, gains or losses from sales of businesses and other items affecting comparability.
Annual recurring revenue (ARR) of cloud products is calculated by multiplying monthly recurring revenue of last month of quarter by twelve. Monthly recurring revenue includes recognized revenue within the month excluding non-recurring revenue and adjustments for one-off items Outlook for 2025 (unchanged)Annual Recurring Revenue (ARR) for Elements Cloud products and services will grow by 10-20% from the end of 2024.
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