OSLO, 4 November 2021 - Kahoot! ASA, (KAHOT) today announced financial results
for its fiscal quarter ended 30 September 2021, in-line with the main numbers
presented on the trading update 6 October 2021.  

"During our third quarter the Kahoot! platform realized record-level activity
and solid viral growth as societies across the world returned to more normalcy.
The quarter was further fueled by strong Back-to-School and work seasons as
educators, students and professionals alike embraced both in-person and hybrid
models for digital learning. We achieved significant growth in both free and
paid usage, resulting in more than 30 million active accounts over the past 12
months and reaching more than 1 million paying subscriptions across all
services, resulting in Kahoot! Group invoiced revenues of $27.8 million in the
quarter. Kahoot! continued the YoY growth in Q3 in all regions and within the
Work, School and Home & Study categories. We also completed the strategic
acquisition of digital learning platform, Clever, positioning Kahoot! to reach
even wider audiences and greater revenue streams." - Eilert Hanoa, CEO of
Kahoot!

Please find enclosed the Q3 2021 presentation and report.

Third Quarter 2021 - Financial and Operational Highlights

- Continued organic user growth on the Kahoot! platform (over the past 12
months). More than 30 million active accounts, up 41% YoY. 314 million hosted
sessions, up 40% YoY. More than 1.9 billion participants (non-unique) globally,
up 44% YoY. 

- Reached more than 1 million paid subscriptions across all services, up 180%
YoY, representing an organic increase from the second quarter of more than 80K,
whereof more than 45K on the Kahoot! platform. Per the end of the third quarter,
Kahoot! at Work reached 435K paid subscriptions, Kahoot! at School reached 335K
paid subscriptions and Kahoot! at Home & Study reached 245K paid subscriptions. 

- Invoiced revenue (billings) reached $27.8 million in the third quarter, up
139% YoY, including Clever, which contributed $5.7 million for the month of
September as part of the Kahoot! Group. Excluding Clever, invoiced revenue in
the third quarter grew $10.5 million YoY to $22.1 million, up 90%. For the first
nine months invoiced revenue grew $39.7 million YoY to $67.5 million (including
Clever for September), up 143%. 

- ARR (Annual Recurring Revenue) of $124 million, up 288% YoY, whereof Clever
contributed with $44 million from its U.S. ecosystem partners.

- Total revenue and other operating income of $23.7 million, up 162% YoY. For
the first nine months total revenue and other operating income grew $40.2
million YoY to $58.2 million, up 223%. 

- Adjusted EBITDA (excluding share-based compensation expenses and related
payroll taxes, acquisition related expenses and listing cost) of $6.0 million,
representing 25% adjusted EBITDA margin. For the first nine months adjusted
EBITDA grew $13.3 million YoY to $13.8 million. 

- Cash flow from operations (excluding payment of listing and acquisition cost,
and cash effects related to share-based compensation) of $7.4 million, up 38%
YoY, with positive contribution from Clever, and $17.8 million for the first
nine months, up 71% YoY.

- Cash and cash equivalents as of 30 September 2021, totaled $206 million
whereof $6 million is cash held for employee withholding tax to be paid in the
fourth quarter for exercised employee share options. The Group has no
interest-bearing debt.

- The acquisition of 100% of the shares in Clever was completed effective as of
1 September 2021, for a total consideration reflecting an Enterprise Value (EV)
of $435-500 million, on a cash and debt free basis, including an up to $65
million 2021-2022 performance- based element. The total consideration will be
settled by a combination of approx. 82% cash and 18% Kahoot! shares. At closing
a net cash consideration of $245 million was paid, and 7.3 million Kahoot!
consideration shares were issued at a subscription price of NOK 64.77 per share.


Kahoot! will host a webcast at 3:30 pm CET, 4 November 2021. Please register
your attendance on Kahoot.com/q3-earnings-webcast-2021/

For further information, please contact:
 
Eilert Hanoa, CEO
Phone: +47 928 32 905
Email: eilerth@kahoot.com

Ken Østreng, CFO
Phone: +47 911 51 686
Email: keno@kahoot.com


About Kahoot!
Kahoot! is on a mission to make learning awesome! We want to empower everyone,
including children, students, and employees to unlock their full learning
potential. Our learning platform makes it easy for any individual or corporation
to create, share, and host learning sessions that drive compelling engagement.
Launched in 2013, Kahoot!'s vision is to build the leading learning platform in
the world. In the last 12 months, 300 million sessions have been hosted on the
Kahoot! platform by 30 million active accounts, with 1.9 billion participants
(non-unique) in more than 200 countries and regions. The Kahoot! Group also
includes Clever, the leading US K-12 EdTech learning platform, together with the
learning apps DragonBox, Poio, Drops, Actimo, Motimate, and Whiteboard.fi. The
Kahoot! Group is headquartered in Oslo, Norway with offices in the US, the UK,
France, Finland, Estonia, Denmark and Spain. Kahoot! is listed on the Oslo Stock
Exchange under the ticker KAHOT. Let's play!