BIMobject AB: Interim report April - June 2021

August 06, 2021

This press release features multimedia. View the full release here: https://mfn.se/a/bimobject/bimobject-ab-interim-report-april-june-2021

Second quarter financial highlights

Significant events during the quarter

Significant events after the quarter

Presentation
Analysts, investors, and the media are invited to participate in the presentation at 14.00 CEST on 6 August 2021 via https://financialhearings.com/event/13747.

The complete report is available on the company’s website, investors.bimobject.com.

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CEO’s comments
Back to growth mode.

The cogwheels are starting to connect in our new growth engine.
In the second quarter of 2021, pipeline, sales and revenue retention all improved over the first quarter. This provides concrete evidence that our growth model works, and supports continued investments in our future.

Another record quarter in user activity at bimobject.com
It’s nothing new, but it’s worth repeating: bimobject.com is on an incredible growth trajectory. In May, we passed 2.5 million registered users, less than a year after passing the 2 million mark. In addition, April and May were two consecutive record download months, with nearly 3 million downloads in each month. Finally, in July, just after the end of the quarter, we reached 100,000 published product pages on bimobject.com.

This quarter, we continued to develop and optimise the new, completely redesigned version of bimobject.com. The platform is already live in selected countries, and we are looking forward to a global launch planned for the third quarter.

Strong improvements in our commercial execution
In the second quarter, many of the positive trends from the first quarter continued - strong new customer sales and even stronger generation of new business opportunities, creating a growing pipeline. Based on these trends, we have continued to grow our prospecting team in the quarter. In North America, we have also expanded the sales team.

However, this quarter’s most important improvement was in our existing business, where net revenue retention improved month-over-month in the quarter. We see this as a direct effect of the tactical changes our Customer Success team has implemented. 

Sales of Services (BIM file development for our customers) also improved in the quarter. The business has now reached break-even at the operating level, and there is still a lot of room for additional commercial optimisation to increase sales and margins. In North America, we recently started selling content-maintenance-as-a-service. Early indications are very positive - our customers appreciate having us as a specialist develop and maintain all their BIM content, especially with the added value of predictable costs. In addition to generating incremental revenue, this service helps us strengthen customer relationships while at the same time ensuring that our users have access to updated, high-quality BIM files.

Investing in our future
In the second quarter, two important long term initiatives were launched:

  1. Through the Long Term Incentive Program 2021, we have created a strong incentive program that helps us retain key personnel by rewarding staying with the company and contributing to its long-term growth.
  2. We’ve also launched a comprehensive sales excellence programme, which will give our sales team a shared, modern foundation for efficient virtual sales and help us scale our organisation faster.

While these initiatives have impacted our short-term profitability, I’m convinced the timing is right: they are attractive investments for our shareholders as they help us create a stronger foundation for our future growth.

Carl Silbersky
CEO




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