Interim report January–March 2024

Quarter

• Net sales increased by 20.4 percent to SEK 504.4 (419.0) million, corresponding to an increase of 20.5 percent in local currencies
• Subscription sales amounted to 12.3 (12.5) percent of net sales
• Gross profit amounted to SEK 407.8 (335.4) million, corresponding to a gross margin of 80.9 (80.1) percent
• EBIT amounted to SEK 90.5 (73.8) million, corresponding to an EBIT margin of 18.0 (17.6) percent
• Earnings per share after dilution amounted to SEK 0.88 (1.10). The average number of shares has increased by 78 percent compared to the previous year, related to the merger of ACQ Bure and Yubico in September 2023
• Bookings increased by 65.4 percent to SEK 578.9 (349.9) million, corresponding to an increase of 65.9 percent in local currencies
• Subscription bookings amounted to 18.0 (7.7) percent of bookings
• ARR (annual recurring revenue) amounted to SEK 277.1 (219.3) million, an increase of 26.4 percent

Significant events during the quarter 

• As communicated before Yubico has, starting from January 1st, converted to the IFRS® Accounting Standards in its financial reporting and changed the format of the income statement to cost classification by function. This has affected some of Yubico’s reported metrics, especially the gross margin. Last year’s figures have been restated in order to be comparable. Further information can be found on page 17 of this report.
• On March 18, Yubico's first lockup expired 180 days after the Yubico’s initial day of trading. The second lock-up expires on September 18 (365 days after Yubico’s initial day of trading).

Significant events after the end of the quarter 

• On May 6, 2024, Yubico released an updated version of YubiKey firmware, introducing enhanced enterprise security features and support for Yubico Authenticator 7
• The Annual General Meeting will be held today May 14, 2024. For more information see https://investors.yubico.com/en/notice-to-annual-general-meeting-of-yubico-ab/

Webcast/teleconference
Yubico will hold a webcast/conference call today, May 14, 2024, at 09:00 CET. Mattias Danielsson, CEO of Yubico and Camilla Öberg, CFO of Yubico will present and answer questions.

To participate in the conference, click on the following link https://ir.financialhearings.com/yubico-q1-report-2024. Via the webcast, you can ask written questions.

If you wish to ask questions verbally, please register on the following link: https://conference.financialhearings.com/teleconference/?id=5002220

Interim reports
The complete interim report for January to March 2024 will be available on https://investors.yubico.com/en/investors/reports-and-presentations/