Q3 Financial Status

Q3 has been another busy quarter with several major activities happening! We have renewed contracts with 2 of our valued customers in the US, which includes activities in the US, EMEA and in Asia. On top of that, we have reached a major milestone with our AI project, as the commercial product development is complete, and we can initiate sales efforts.

Recruitment has been tough during Covid-19 causing delays in recruiting sales staff in Europe, as we off course did not want to compromise on the candidates. Onboarding and product training has also been made difficult by worldwide lockdowns and travel restrictions to the US, where everything has been done virtually, resulting in a higher spend and delay in building sales pipeline. We have come a long way and have grown from 4 employees to 23 this year, including completing recruitment and onboarding of our strong EMEA sales team! We are now 11 nationalities in the company.

On top of that, we have updated our brand identity which consisted of launching our new global website, new sales and marketing collateral, white papers etc. to support continued sales efforts.

“We are pleased with our achievements within developing AI features during the past months. Adding cutting edge technology to our product portfolio is an important aspect of our growth, and we have successfully deployed our algorithms in our Quality solution, so it is now a fully deployable business intelligence platform. This is also why our existing customers choose to renew their contracts with us - our innovative approach represents the future of where CX software is heading.”  - Rolf Adamson, CEO of Nexcom

The year in numbers

We have continued strong revenue growth in 2021, where revenue grew as forecasted from TDKK 2,065 in Q3 2020 to TDKK 2,511 in Q3 2021, which is equivalent of 22% year-over-year growth. Also, year-to-date revenue grew from TDKK 5,549 (Q1-Q3 2020) to TDKK 7,725 (Q1-Q3 2021), which is equivalent of 39% year-over-year growth.

We have strengthened our liquidity by taking a non-convertible loan of MDKK 7 due to higher working capital than we forecasted because of a higher accounts receivable and accruals, and lower accounts payables than we expected. We will off course work on minimizing the effects on this in 2022.

The best is yet to come

The road ahead is exciting, to say the least. We expect to continue our path to the projected growth with annual revenue for 2022 in the range MDKK 21-26 equivalent to a year-over-year growth range of 46-89%. The rest of Q4 and Q1 is now fully dedicated supporting the sales teams activities in building new sales pipeline and progressing existing opportunities.

The major milestone is Nextgen AI which will take our business to the next level, moving into a more innovative and digital approach to quality. Our Nextgen AI will boost the benefits of RevealCX with AI capabilities. Using voice transcription technology and machine learning, it highlights the areas to improve for better customer service.

Want to know more? Access the full financial report for Q3 here.