MotorK

Q1 2024 Trading Update, €1.7 Million Reserved Capital Increase, and Helen Protopapas's Appointment as New Non-Executive Director

Regulatory News:

MotorK plc (AMS: MTRK) (“MotorK” or the “Group") today published a trading update in respect of its financial results for the first quarter of the year, ended March 31, 2024 (“Q1 24”). The Group has delivered another positive start of year, reflecting its track record of consistent growth. The current level of Committed Recurring Revenues confirms a positive tone for the Company's growth in FY 2024.

Q1 24 FINANCIAL HIGHLIGHTS

• Annual Recurring Revenue (ARR)¹ reached €35.1 million, compared to €27.9 million in Q1 23, up 26% year-over-year, confirming the Group's high pace of growth.
• Committed Annual Recurring Revenue (CARR)² increased to €39.1 million in Q1 24, up 16% compared to Q1 23, including enterprise deals, backlog and contractual price increases, providing significant visibility for the Group's revenue growth in FY 2024.
• Strong operational KPIs, including a low churn rate of 6.3% and Net Revenue Retention (“NRR”)³ of 111.1%, confirming the Group’s superior efficiency in cross-selling and upselling to its customer base.
• Average annual contract value (ACV)⁴ reached €19.7k in Q1 24, up 10% year-over-year (“YoY”), reflecting continued growth in multi-product adoption within customers’ base, fueled by continuous innovation in the offer.
• Reported Revenues⁵ recorded €11.2 million, stable year-over-year, reflecting a higher proportion of non-immediate-delivery contracts booked in the quarter, that will contribute to the next quarters’ revenues.
• Recurring billings amounted to €8.5 million, up 30% from the prior year, and representing 76% of total revenues, demonstrating continued improvement in the revenue mix.

With a €20 million pipeline in Retail and Enterprise segments, MotorK benefits from significant revenue visibility for the year. The current combined level of recognized and committed Annual Recurring

Revenues provides a positive outlook for the Group's recurring revenue growth in FY 2024, confirmed in the trajectory to meet the FY guidance of CARR to reach €50 million.

In tandem with the continued growth of the top-line, the Group is improving its operating leverage, given the mostly fixed nature of its cost base, in line with its communicated objective of achieving Cash EBITDA positivity on a full year basis by FY 24.