Canopy Holdings AS - Financial results for the second quarter FY 2022/2023

08 Dec 2022 07:00 CET

8.12.2022 07:00:00 CET | Canopy Holdings AS | Additional regulated information
required to be disclosed under the laws of a member state

(Oslo, 8 December 2022) Canopy Holdings AS (Canopy Holdings, Euronext Growth
Oslo:CAN) reported revenues of NOK 14.4 million in the financial second quarter
ending 31 October 2022. This represents a growth of 58% compared to reported
revenues of NOK 9.1 million in the corresponding period last year. The company
had a cash position of NOK 26.7 million as per 31 October 2022. The company had
EUR 8.0 million in B2B annual recurring revenues at the end of November 2022.

"Canopy Holdings has continued to deliver on its growth strategy with
acquisition of new customers, increased ARPA and a clear focus on profitability
through cost rationalization initiatives and forced attrition of unprofitable
customers. Although the summer and autumn are traditionally low-seasons for our
ski business which has limited activity, we continued to see a strong
performance in our parks and attractions segment leading to diversified growth
and lower seasonality", says Christian Erlandson, CEO of Canopy Holdings.

As per end of November 2022, Canopy Holdings had total annual recurring revenues
of EUR 8.0 million on a consolidated basis. The company had a total of 231 B2B
resort customers at the end of November 2022 corresponding to a net increase of
3 customers over the last 12 months.

"We expect continued growth as we enter the winter season with a strong season
start for our alpine resort offerings across the US and Europe. These positive
tailwinds, along with a lower cash burn resulting from the recently announced
strategic review, mark a clear path towards profitability in 2023/2024 and
position the company for long-term sustainable growth", Erlandson concludes.

Canopy Holdings will today host a company presentation at 08:00 CET.

Event: Presentation of Canopy Holdings second quarter FY 2022/2023 financial
results, 1 August 2022 to 31 October 2022

Time: 08:00 - 08:30 CET

Presenters: Christian Erlandson, CEO, and James Price, CFO

Streaming details:

https://channel.royalcast.com/landingpage/hegnarmedia/20221208_1/

The presentation will be held in English and will be followed by a Q&A session.

DISCLOSURE REGULATION

This information is subject to the disclosure requirements pursuant to section
5-12 of the Norwegian Securities Trading Act.

CONTACTS

* James Price, CFO, james@canopyholdingsas.com

ABOUT CANOPY HOLDINGS AS

Canopy Holdings AS is a multi-national technology company listed on Euronext
Growth Oslo. The company owns a leading portfolio of brands and companies that
provides digitalization solutions to ski resorts, destinations, parks and
attractions in key markets. Canopy Holdings AS currently consists of Catalate,
Liftopia.com - http://liftopia.com, Skitude and Spotlio.

ATTACHMENTS

Canopy Holdings AS Half year report 31 October 2022.pdf -
https://kommunikasjon.ntb.no/ir-files/17847592/1945/2617/Canopy%20Holdings%20AS%
20Half%20year%20report%2031%20October%202022.pdf

Canopy Q2 22_23.pdf -
https://kommunikasjon.ntb.no/ir-files/17847592/1945/2618/Canopy%20Q2%2022_23.pdf

More information:
Access the news on Oslo Bors NewsWeb site

577614_en_Canopy Holdings AS Half year report 31 October 2022.pdf
577614_en_Canopy Q2 22_23.pdf