The Kahoot! Group continued its strong performance in the second quarter of
2021, including solid growth in usage, revenues, subscribers, launch of several
new features and services as well as the completed acquisition of the learning
app provider Motimate, and the announced acquisition of Clever, one of the most
widely-used digital learning platforms by U.S. K-12 schools.

Invoiced revenue for the Kahoot! Group reached $20.6 million in the second
quarter 2021, an increase of 114%, or $11 million year-over-year. Invoiced
revenue for the first half of 2021 reached $39.6 million, an increase of 147%,
or $23.5 million year-over-year. The Kahoot! Group delivered continued solid
cash flow from operations and reached 933K paid subscriptions including acquired
units.

The Kahoot! platform had record-high activity in the second quarter with more
than 29 million active accounts (43% YoY growth) hosting 303 million games (44%
YoY growth) for more than 1.8 billion participating players (49% YoY growth) in
the last 12 months, building the foundation for further growth in the coming
quarters.

An update from Eilert Hanoa, CEO of Kahoot!

Today we are pleased to share that Kahoot! continues to deliver strong financial
performance in the second quarter of 2021, and that we are progressing well in
delivering on our business agenda and annual targets. 

The second quarter has been perhaps the company's most active thus far, across
all aspects of the business, including R&D and product releases, technical
integrations, multiple localization efforts as well as new partnerships and
acquisitions. This quarter, we took significant steps in reaching our goal to
become a global leading learning platform company. 

Our record-high activity on the Kahoot! platform in the second quarter,
including more than 29 million active accounts, 303 million games hosted and
more than 1.8 billion participating players in the last 12 months, is a
testament to the strength of the Kahoot! brand and our vision to make learning
awesome!

We also continued the growth in paid subscriptions, reaching 933K in the second
quarter. This includes all subscriptions on Kahoot!, DragonBox math curriculum,
Drops language learning, Whiteboard.fi and employee licenses from Actimo and
Motimate.

Last year, Kahoot! delivered very strong growth in the unprecedented second
quarter and this year we achieved continued growth both organically and in total
for the group year-over-year. In Q2 this year invoiced revenue was  $20.6
million, a 114% year-over-year growth.

A key goal for Kahoot! in the second half of 2020 and first half of 2021 has
been to increase momentum in building our employee engagement offering, with the
overall goals of rapid solution launches to capture increased demand for online
corporate learning. In April we announced the acquisition of the learning app
provider Motimate and the combined user base of Motimate and Actimo, acquired in
October 2020, represent more than a quarter of a million employees. This further
accelerates the building of the next generation of tools for employee learning,
engagement and corporate culture. The launch of the Kahoot! 360 Spirit solution
in the second quarter represents our main offering to all organisations focusing
on employee engagement. Kahoot! Spirit has already been well received by new and
existing customers and the first larger projects have been initiated in the
quarter. 

With a focus on expanding our presence and offerings, in the second quarter we
also announced the acquisition of Clever, Inc, the most used digital learning
platform in U.S. K-12 (kindergarten to 12th grade) schools. Kahoot! Group will
acquire 100% of the shares in Clever, Inc., for an enterprise value of USD
435-500 million on a cash and debt-free basis, including a performance-based
element for 2021-2022. The consideration will consist of a combination of cash
and Kahoot! shares. Clever will operate as an independent company in the Kahoot!
Group led by its strong management team, and remains an open platform operating
under the Clever brand. Clever expects to reach USD 44 million in billed
revenues for 2021 from its U.S. ecosystem partners.

Completion of the Clever transaction is pending satisfaction of regulatory
approval by The Committee on Foreign Investment in the United States ("CFIUS")
and completion of the transaction is expected in the second half of the third
quarter 2021. We look forward to the completion of the transaction and are
excited about the value the partnership will bring to both organizations
stakeholders. 

We continue to expand geographically, both through engaging new partnerships and
launching localized services. In Q3 2020, we launched our Spanish language
version and are pleased to see that LatAm is now among the fastest growing
markets with more than 130% growth in active accounts over the last 12 months.
Since then, we have launched several new language versions, including our first
Asian language - Japanese. During the second half, Arabic and simplified Chinese
will be added. 

All in all the second quarter of 2021 has been strategically important for the
Kahoot! Group as we continued to make significant progress across all teams and
units. Our ecosystem of services, users, customers and partners provides a solid
foundation for further scale. To capture that embedded growth, we have been
adding talents and resources to support the execution of our commercial
strategy. In the first half of 2021 we have built the foundation for a series of
upcoming launches of new features and offerings, including Kahoot! Academy
Marketplace for user groups, the full Kahoot! 360 Spirit to our business
customers and our improved Kahoot! EDU for schools and school districts ready
for the Back To School season. 

As the global vaccine response to the pandemic has been rolled out and many
schools, educational institutions as well as workplaces are gradually planning a
return to a hybrid or more in-presence environment, Kahoot! continues to attract
new users and subscribers across all markets and customer segments. The growth
on the Kahoot! platform experienced in the first half of the year, including
higher number of signups in the second quarter this year, provides a solid
foundation for further development of customer value and commercial strategies.

We are well positioned with a strong product portfolio, scaled customer base and
team as we move into the second half of the year, to make learning even more
awesome! 

Second Quarter 2021 Highlights


o Realized continued user growth on the Kahoot! platform 
  o 29 million active accounts in the last 12 months, up 43% YoY
  o 303 million games hosted last 12 months, up 44% YoY
  o More than 1.8 billion participants globally last 12 months, up 49% YoY 

o Launched several new features and editions for all three main categories - At
Work, At School and At Home, contributing to the growth of both free and paid
users in the quarter

o Announced and closed the acquisition of Motimate, a learning app provider,
Motimate, to accelerate the building of the next generation of tools for
employee learning, engagement and corporate culture

o Announced the acquisition of Clever, Inc, one of the most widely-used digital
learning platforms by U.S. K-12 schools that help engage students both in the
physical classroom and through remote learning. Clever's market-leading and open
platform brings schools, teachers, students, and application developers together
in a single-sign-on education network that simplifies accessible learning and
provides an easy go-to solution for all users

o Kahoot! Group reached 933K paid subscriptions in the second quarter 2021, an
increase of 173K from the first quarter 2021, whereof the acquired unit Motimate
contributed with 140K. The net organic growth was 33K whereof 21K on the Kahoot!
Platform. Kahoot! At School representing the main growth reaching 295K, Kahoot!
At Home reaching 234K and Kahoot! At Work reaching 403K. The YoY increase in
paid subscriptions including acquisitions was 663K, representing 246% growth per
the second quarter 2021 vs. the second quarter 2020

o Invoiced revenue in Q2 of $20.6 million, up 114% YoY. Invoiced revenue in 1H
of $39.6 million, up 147% YoY

o ARR (Annual Recurring Revenue) of $75 million, up 200% YoY

o EBITDA (excluding share-based compensation expenses and related payroll taxes,
acquisition related expenses and listing cost) expected to exceed $4.0 million,
representing more than 20% EBITDA margin

o Cash flow from operations (excluding payment of listing and acquisition cost)
of approx. $4.5 million, up 15% YoY, and approx. $10 million for the first half
year, up 100% YoY 

o Cash and cash equivalents as of June 30, 2021, were $440 million