Annual recurring revenue (ARR)

  • ARR at the end of the period was MSEK 145.8 (111.8), an increase of 30.4 % compared to the same time last year
  • ARR grew by MSEK 9.5, a growth of 7.0 % during the quarter

October - December 2022 (compared to the same period last year, Upsales group)

  • Net sales grew by 30.6 % to MSEK 35.2 (26.9)
  • Annual recurring revenue (ARR) at the end of the quarter was MSEK 145.8, an increase of 30.4 % during the last 12 months
  • ARR increased by MSEK 9.5 during the quarter
  • EBITDA increased to MSEK 9.3 (4.9)
  • EBITDA margin increased to 26.5 % (18.1 %)
  • Operating profit (EBIT) increased to MSEK 7.5 (3.3)
  • Net income increased to MSEK 5.9 (2.5)
  • Cash flow from operating activities decreased to MSEK 18.0 (18.4)

January - December 2022 (compared to the same period last year, Upsales group)

  • Net sales grew by 39.1 % to MSEK 129.6 (93.1)
  • ARR increased by MSEK 34.0 during the period
  • EBITDA increased to MSEK 35.6 (19.8)
  • EBITDA margin increased to 27.5 % (21.3 %)
  • Operating profit (EBIT) increased to MSEK 28.5 (12.6)
  • Net income increased to MSEK 22.5 (9.7)
  • Cash flow from operating activities decreased to MSEK 33.7 (40.4)

Upsales ended 2022 with yet another quarter of rapid, profitable growth. Our Annual Recurring Revenue (ARR) increased by 9.5 MSEK during the quarter and amounted to 145.8 MSEK at the end of the period, representing a growth of 30.4 % during the last twelve months. Net revenue increased to 35.2 MSEK, a growth of 30.6 % compared to the same period last year. We continue to grow effectively with an EBITDA margin of 26.5 %. Upsales has zero debt, net cash of 64.4 MSEK and more than 90 % recurring revenue, making us resilient in turbulent economic times. Due to our strong financial position, the board proposes an ordinary dividend of 1.25 SEK, and also an extraordinary dividend of 0.75 SEK.

In challenging economic times, selling continues to be a priority for all companies. In today’s market, all companies need to find more efficient and profitable ways of growing. This makes our scalable offering more attractive than ever, positioning Upsales perfectly for continued growth. Looking ahead, we will continue to follow our strategy, expand customers, and increase our market share. We believe that Upsales has an opportunity to grow ARR to 1B SEK in the Swedish market alone. Our niche is fast-growing B2B companies with 100-2000 employees. The competition in this segment comes mainly from US based enterprise offerings that require complex implementation projects and heavy investments. Historically, we have always been competitive in this segment, and now we are seeing an increased interest driven by the need to be more cost-effective.

There have been many exciting things happening in the product. We will launch our new data centre soon, that is entirely independent of American subcontractors. This makes us the supplier of choice for privacy sensitive customers, driven by GDPR and related legislation. We have continued to develop our integrations to multiple data sources that help our customers be more accurate in their customer targeting. This part of the product becomes increasingly automated, allowing our users to improve their efficiency. We continue building AI-related services. We already have several customers integrating with OpenAI, where Upsales writes drafts of email campaigns based on short prompts from the user. The launch of our new Predictive forecasting module has been very appreciated by customers; with accurate forecasting being more important now than ever.

I believe Upsales can continue to grow rapidly even in a scenario where the market contracts. Our business model makes us more agile than larger competitors and we can move faster when the market changes.

Daniel Wikberg, Founder & CEO

Further information
The report is available in its entirety at
Stockholm 2023-02-15