BIMobject AB: Interim report January - March 2021

May 04, 2021

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

First quarter: Jan - Mar 2021

* Starting this quarter, the ARR metric has been redefined to better reflect the company’s underlying development. For more information, please see the section “Definitions” in the interim report.

Significant events during the period
BIMobject announces that its CFO, Alexander Dahlquist, will leave the company.

Significant events after the end of the period
Martin Lindh appointed Chief Financial Officer, starting 17 May 2021.

Presentation
Analysts, investors and the media are invited to participate in the presentation at 14.00 CEST 4 May 2021.
https://financialhearings.com/event/13746

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

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CEO’s comments
Turning the corner.

After a year of turnaround, we have laid down the tracks for growth.

For over a year now, my team and I have worked around the clock to turn BIMobject back into sustainable, profitable growth. On a rolling 12 month comparison, we have cut operating costs by 75 MSEK in just one year and completely transformed our entire organisation.

Still, I understand the frustration of shareholders that would have liked to see growth already this quarter. We can deliver predictable, sustainable growth and we will. The tracks have been laid, but execution takes time.

Strong customer acquisition
Q1 saw strong progress in our commercial execution. New sales meetings rose to record highs, powered by our new digital and lean go-to-market strategy. This in turn drove new customer acquisition and made February and March some of our strongest sales months on record.

In January, David Kullander, previously Chief Marketing Officer, was promoted to Chief Revenue Officer. David has already recruited a new sales leadership team with strong SaaS industry experience and started scaling up the sales team in markets where we see traction.

Making sense of our numbers
To separate our commercial development from our reported numbers, there are quite a few things I want to detail: 

Leveling up our offering
With new customer sales bouncing back, a key priority is now account expansion. To continue to grow our revenue per account, we need to continue developing our value proposition to building product manufacturers to capture more of their marketing spend.

In the quarter, we have launched the first version of a new, completely redesigned bimobject.com which has received strong ratings from the users. We also made major improvements to other parts of our offering, such as launching a smarter and easier-to-use Company Admin console and a whole range of improvements to Insights, our business analytics platform.

There is a massive opportunity for innovation, both in BIMobject’s offering and in our industry as a whole, and those are the tracks we are laying down next. 

And we’re not alone - in February, the US National Institute of Building Sciences announced a new National BIM Program with the goal to create a shared set of standards to accelerate innovation and increase sustainability in the American construction industry.

Carl Silbersky
CEO




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