Nixu Corporation: CEO´s review for Q1, 2023

One of the best financial results ever for Q1 in Nixu history

Nixu Corporation´s unaudited revenue for January-March 2023 increased by 20 % from the corresponding period of the previous year and amounted to EUR 16.6 million (Q1/2022: EUR 13.8 million). EBIT was EUR 274 thousand (EUR -687 thousand). Adjusted EBIT was EUR 878 thousand (EUR -712 thousand).

Financial guidance for 2023

Nixu repeats its financial guidance for 2023 published on February 9, 2023:

Nixu estimates its revenue to be EUR 66-70 million and profitability to improve.

CEO Teemu Salmi:

Nixu’s profitable growth journey continued in Q1, 2023. We have left yet another financially strong quarter behind. The first quarter once again shows the strength and relevance of Nixu services.

The first quarter included some major announcements for Nixu, starting with the updated group strategy, called Next Nixu, being launched in parallel with our annual result in February. One week later, DNV announced a public cash tender offer for all shares and stock options in Nixu, a process that is still ongoing. The Next Nixu strategy and the cash tender offer from DNV will be executed in parallel, according to their respective plans.

With the updated strategy, Nixu is also launching a new business segmentation by introducing four service areas: Professional services, Managed services, Certification Services and Identity & access management.

The growth in Q1 is seen in all service areas. It mainly accelerated in managed services, with revenue growth of 43%. Professional services reported revenue growth of 15%, Identity & access management grew by 8% and Certification Services followed with a growth of 32%.

From a market perspective Finland is showing a growth of 25%, Denmark 29% and Benelux 117%. Sweden declined by 15%.

Orders booked in the first quarter added up to EUR 14.8 million, declining by 2% over the comparable period, giving a book-to-bill ratio of 89%.

Growth continues in all service areas, and profitability is moving in the right direction and according to the plan. We see, however, a shift in client sentiment, extending the decision-making time for new investments, which is shown in the slowdown of orders booked in Q1. The underlying need for cybersecurity services is, however, still strong, and it will continue to be so years to come. Nixu remains committed to shaping the future through cybersecurity, for people, businesses, and society to achieve greatness.

Nixu Corporation