MotorK - Enterprise adoption drives growth

MotorK closed FY23 with annual recurring revenue (ARR) of €34.1m, a 39% increase from the prior year. While both the Retail and Enterprise segments grew over the year, Enterprise ARR more than doubled to make up 22% of year-end ARR. Net revenue retention (NRR) above 100% for both segments highlights the ongoing adoption of multiple products across the group’s existing customer base. The company continues to target positive cash EBITDA in FY24. We maintain our forecasts pending FY23 results on 5 March.