Annual recurring revenue (ARR)

  • ARR at the end of the period was MSEK 120.4 (92.1) which corresponds to an increase of 30.7 % compared to the same time last year
  • The increase in ARR during the quarter was MSEK 8.6, which corresponds to a growth of 7.7 % during the quarter

January - March 2022 (compared to the same period last year)

  • Net sales grew by 35.6 % to MSEK 29.5 (21.8)
  • EBITDA decreased to MSEK 5.6 (6.5)
  • EBITDA margin decreased to 19.1 % (29.8 %)
  • Operating profit (EBIT) decreased to MSEK 3.9 (4.3) 
  • Net income decreased to MSEK 3.1 (3.2) 
  • Cash flow from operating activities decreased to MSEK 5.2 (16.4) 

CEO letter

Upsales started the year with continued profitable growth and positive cash flow. Our revenue growth is accelerating, driven by sales efforts and a continuously decreasing churn rate. We are confident that growth will further accelerate in Q2 and the rest of 2022. Despite growth investments, Upsales’ free cash flow continues to be strong. Total cash flow was also higher than usual due to our first stock option program reaching maturity.  

Our continued focus on customer success is paying off, through lower churn, increased ACV (average contract value), and strong demand from the existing customers for additional licences and add-ons. At the same time, we continue to add more people to the sales organisation, with the never-ending goal of signing more customers every single quarter. Our efforts in the UK market continue to develop very positively. The investments we’ve made to adapt the product for the UK market receive great feedback from potential and existing customers. 

The goal with everything we do is to be the best B2B sales platform for ambitious and fast-growing companies. We continue to research how the best sales organisations grow revenues to identify best practices that we incorporate into our product. 

We released many exciting features during Q1. The marketing analytics in Upsales has a major upgrade. With full-funnel reports, sales leaders are able to better understand how their marketing investments turn into actual revenue. Another highly appreciated and new feature is identifying upsell opportunities from existing customers quickly. Sales leaders can now visualise their customer base and identify opportunities to grow existing accounts by connecting their ERP to Upsales and using that data to find new opportunities. Finally, users are now able to work more effectively, thanks to numerous workflow improvements in the day-to-day work of sales reps. 

Apart from the financial developments, we continue to see positive trends in operational KPIs like NPS and customer satisfaction, which facilitate future growth. An essential part of our strategy - and our culture - is to have extremely satisfied customers. Innovation, together with an obsession over customer success is our proven recipe for staying competitive and accelerating growth.

Daniel Wikberg, Founder & CEO

Further information

The interim report is available in its entirety at

Stockholm 2022-04-27

Questions about the interim report are answered by:

VD Daniel Wikberg: +46 8-505 806 00

CFO Elin Lundström: +46 8-505 806 00

This disclosure contains information that Upsales Technology AB (publ) is obliged to make public pursuant to the EU Market Abuse Regulation. The information was submitted for publication, through the agency of the contact persons set out above, at 2022-04-27 08:30 CET.

About Upsales Technology AB (publ)

Upsales is a software company that helps sales organizations find new customers and increase sales. The company’s product is used by 1 900 customers in a total of 10 countries. The software is sold as a subscription and the target market is small and medium sized B2B companies.

Upsales Technology AB (publ) is a public company listed on the Nasdaq First North Growth Market. The company’s Certified Adviser is Erik Penser Bank. Contact information: or: +46 8-463 80 00