Interim report January–June 2024

Quarterly summary

Second quarter

Net sales increased by 36.3 percent to SEK 614.4 (450.8) million, corresponding to an increase of 34.7 percent in local currencies
Subscription sales amounted to 9.7 (13.0) percent of net sales
Gross profit amounted to SEK 493.4 (363.0) million, corresponding to a gross margin of 80.3 (80.5) percent
EBIT amounted to SEK 130.8 (97.3) million, corresponding to an EBIT margin of 21.3 (21.6) percent
Earnings per share after dilution amounted to SEK 1.17 (1.52). The average number of shares has increased by 79 percent compared to the previous year, related to the merger of ACQ Bure and Yubico in September 2023
Bookings increased by 65.5 percent to SEK 672.6 (406.4) million, corresponding to an increase of 62.8 percent in local currencies
Subscription bookings amounted to 21.1 (14.8) percent of bookings, including renewals
ARR (annual recurring revenue) amounted to SEK 287.6 (242.8) million, an increase of 18.4 percent

January – June

Net sales increased by 28.8 percent to SEK 1,113.3 (864.6) million, corresponding to an increase of 28.2 percent in local currencies
Subscription sales amounted to 10.5 (12.2) percent of net sales
Gross profit amounted to SEK 895.8 (693.3) million, corresponding to a gross margin of 80.5 (80.2) percent
EBIT amounted to SEK 215.8 (166.0) million, corresponding to an EBIT margin of 19.4 (19.2) percent
Earnings per share after dilution amounted to SEK 2.01 (2.55)
Bookings increased by 65.5 percent to SEK 1,251.6 (756.3) million, corresponding to an increase of 64.3 percent in local currencies
Subscription bookings amounted to 19.7 (11.5) percent of bookings

Significant events during 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
On May 14, 2024, Yubico held its Annual General Meeting (AGM) where Jaya Baloo was elected as a new Board Member. Additionally, the board’s proposal to implement a long-term incentive program (LTIP) for 2024 was approved. Further details on the LTIP are given in this report

Significant events after the end of the quarter

There were no significant events after the end of the period

Webcast/teleconference

Yubico will hold a webcast/conference call today, August 15, 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-q2-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=50049839

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

About Yubico

Yubico (Nasdaq First North Growth Market Stockholm: YUBICO), the inventor of the YubiKey, offers the gold standard for phishing-resistant multi-factor authentication (MFA), stopping account takeovers in their tracks and making secure login easy and available for everyone. Since the company was founded in 2007, it has been a leader in setting global standards for secure access to computers, mobile devices, servers, browsers, and internet accounts. Yubico is a creator and core contributor to the FIDO2, WebAuthn, and FIDO Universal 2nd Factor (U2F) open authentication standards, and is a pioneer in delivering modern, hardware-based passkey authentication security at scale to customers in over 160 countries.

Yubico’s solutions enable passwordless logins using the most secure form of passkey technology. YubiKeys work out-of-the-box across hundreds of consumer and enterprise applications and services, delivering strong security with a fast and easy experience.

As part of its mission to make the internet more secure for everyone, Yubico donates YubiKeys to organizations helping at-risk individuals through the philanthropic initiative, Secure it Forward. The company is headquartered in Stockholm and Santa Clara, CA. For more information on Yubico, visit us at www.yubico.com.