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Oneflow interim report Q1 2024: Steering towards profitability

Press release
8 May 2024

Oneflow publishes its interim report for the first quarter of 2024:

  • Net sales increased 41.6% to MSEK 30.8 (21.7). Share of Net sales outside Sweden increased to 33% (28) with paying users in 39 countries.
  • EBIT was MSEK -21.5 (-23.5), with an EBIT margin of -70% (-108).
  • Net income for the period amounted to -21.3 (-22.8).
  • Basic earnings per share amounted to SEK -0.84 (-0.91) and diluted to SEK -0.84 (-0.91).
  • Total ARR YoY increased 41% to MSEK 140.6 (99.6). Net New ARR for the first quarter increased 25.4% to MSEK 11.2 (9.0).
  • During the quarter cash-flow from current operations amounted to MSEK -7.6 (-9.4).
  • Total cash and cash equivalents amounted to MSEK 78.1 (188.0).

Anders Hamnes, CEO and Founder of Oneflow, comments:

“Oneflow reported a Net New ARR of MSEK 11.2 during the first quarter, up 25% from the same quarter last year. The total ARR ended at MSEK 140.6, representing a year-over-year growth of 41%. Oneflow continues to deliver strong sales numbers in a still somewhat challenging environment.

The EBIT margin for the first quarter of 2024 was -70%, a significant improvement compared to -93% in the previous quarter and -108% in the first quarter of the previous year. EBIT losses were MSEK 21.5 during the first quarter, down more than MSEK 5 from the previous quarter and in line with our internal projections. During 2024, we’ll continue demonstrating significant improvements on EBIT, steering the company toward profitability.

Gross retention was 91% at the end of the first quarter, and this number has gradually increased since the beginning of 2023. We anticipate that gross retention will continue to rise and eventually stabilize at the 2021 levels of 94-95%. At Oneflow, gross retention calculations include downgrades, with a roughly even distribution between traditional churn and downgrades.

Net retention ended the first quarter at 110%, down from 113% a year earlier and from 119% two years ago. The recession significantly impacted our Expansion ARR. We expect net retention to stabilize at current levels and then gradually and slowly recover to pre-recession levels.

We launched several key features in the first quarter that will strengthen our unique positioning in the upmarket segment, e.g. suggestions, inline comments, to name a few. Our roadmap for the year is solid, including sophisticated releases that align with the expectations of more demanding customers. The team is enthusiastic about the release plan and opportunities ahead.

Another exciting update: during the second quarter, we began a significant expansion of our business strategy with the launch of the Oneflow AI platform. This AI-powered platform is revolutionizing how businesses handle contracts by eliminating costly routine tasks, minimizing risks, and unlocking insights at a speed unmatched by human capabilities. Since contracts are fundamental to any business, the efficiency of contract processing directly affects overall business velocity. Our platform ensures contracts are completed accurately and efficiently, critical for operational excellence. We believe this innovation will be a game-changer for customers committed to maintaining high standards in their workflows.

Considering our current ARR and growth rate, our cost base—that now will be more or less fixed throughout 2024—we’ll maintain a sufficient cash position, and steer towards profitability with our current cash reserve.

Oneflow provides a critical product proven to reduce costs and increase productivity, offering exceptional value and rapid payback. We will never compromise our financial position and strive to make sound long-term business decisions. We maintain our financial targets of reaching an ARR of MSEK 500 and an EBIT margin of 20% during 2027.

Say contract, think Oneflow!”

Download the report here

Oneflow’s report presentation webinar

Anders Hamnes, CEO and Founder of Oneflow, and Natalie Jelveh, CFO of Oneflow, will present the report and answer questions in a webinar at 10:00 CET on the same day. The presentation will be held in English.

To join the conference, please register here:

Report and presentation will be available for download on our website here:

This information is such information that Oneflow AB (publ) is obligated to make public according to the EU Market Abuse Regulation. The information was submitted for publication, through the agency of the contact persons set out above, on 8 May 2024 at 8:00 CET.

For further information, please contact:

Anders Hamnes, CEO and Founder

Mobile: +46 76 788 50 76


Certified Adviser is FNCA Sweden AB.

About Oneflow

Oneflow develops a contract automation platform powered by AI, helping businesses achieve a fully automated contract process. Contracts are at the heart of all businesses and yet, while the world is undergoing digital transformation, contracts are stuck in a frustrating mess between PDFs, legacy systems, inboxes, just to get a contract signed. Oneflow believes there’s a better contract workflow. One that is intelligent, easy, rich in data, gathers every step of the process in one place, allowing for better clarity and collaboration between all parties involved. And people can get on with what they do best. With Oneflow, contracts are smarter, giving our users an experience so delightful, it feels like magic. Get started for free at


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