Financial Results for the Third Quarter 2021

Volue ASA (OSE: VOLUE) reported revenues of NOK 239 million in third quarter 2021 (Q3 2020: 209), of which recurring revenues was 64 percent in the period. Adjusted EBITDA* was NOK 48 million (50) with an adjusted EBITDA margin of 20 percent. The company sees strong market outlook, especially in the Energy Segment, and is on track for its 2025 ambitions.


Nov 12, 2021

“We continue to deliver strong performance in our ARR business with particularly strong growth in new SaaS revenues of 72 percent. Despite the summer normally being a slower period, we closed 600 smaller and larger sales during third quarter, including strategic contracts with Elvia and Statkraft. Consulting services revenue were improving throughout the quarter, but affecting activity in the Power Grid and Infrastructure Segment negatively. The Energy segment delivered a strong 28 percent increase in revenues year-on-year, realising synergies within trading solutions,” says Trond Straume, Volue’s CEO.

Volue reported third quarter 2021 revenues of NOK 239 million, up from NOK 209 million in the corresponding quarter last year, and an adjusted EBITDA* of NOK 48 million. Recurring revenues represented 64 percent of total revenues in the quarter, growing 15 percent to NOK 152 million year-on-year, while revenues from the Software as a Service offering amounted to 23 percent of the total. No cost from the cyber-incident in May has been recognised in the third quarter figures. Organic growth from the same period last year was 10 percent.

The company is working on several new initiatives such as Distributed Energy Resources and new products related to optimisation and trading solutions, which will require higher investments going forward. For the third quarter, R&D capitalisation was stable at around 10 percent.

“The way we produce, distribute and consume energy will change dramatically. By 2030, there will be more than 200 million Distributed Energy Resources such as electrical vehicles, rooftop solar and heat pumps in Europe, needing cost efficient and digital value chains. The SaaS market potential is significant and Volue is well positioned to build the tools necessary to solve these complex challenges for the next generation power market optimisation,” says Straume.

On 1 October, Volue closed the acquisition of German ProCom GmbH (ProCom), the preliminary purchase price was EUR 3.25 million. Through the acquisition, Volue adds EUR 3 million in annual recurring revenues, approximately 60 employees, and over 60 customers.

“ProCom further strengthen our offering within optimalisation solutions for power producers in Europe and we get access to a new scalable market in the DACH region with an existing and complementary customer base,” Straume continues.

Volue reiterates its 2025 ambition of creating a NOK 2 billion revenue company with an adjusted EBITDA margin towards 30%, SaaS revenues increasing to 50% and recurring revenues towards 80%. The company also aims to pursue consolidation in the highly fragmented market, with a primary focus on Europe and secondarily the US and APAC.

“We continue to see strong developments in building an increased recurring revenue base, where the SaaS-transformation of the company is steadily progressing. Our position for further profitable growth and expansion is solid and we are on track to meet our 2025 ambitions, Straume concludes.

For further details, please see the attached third quarter 2021 presentation below.


You can watch a replay of the live webcast presentation here

*EBITDA and other alternative performance measures (APMs) are defined and reconciled to the IFRS financial statements as part of the APM section of the third quarter 2021 presentation on page 43.