Thank you very much, operator, and warm welcome to our Q2 2020 Financial Report Audiocast here at BIMobject. My name is Carl Silbersky , as was said, and I am the CEO of the company. I will walk you through some of the highlights and focus of the Q2, followed by some financial walkthrough by Alexander Dahlquist, our CFO. Okay, operator, next slide, please. Okay. Next slide, please, and we will have the key highlights on Q2 in numbers from the operator. Key highlights, Q2 in the numbers, we crossed 2 million users in the user mark. It took us approximately seven years to go from zero to 1 million registered users on the platform, and it took us approximately 18 months to go from 1 million to 2 million. Today, we are undisputed the largest BIM object platform everywhere across the world.
Huge celebration that we crossed 2 million registered user mark. Secondly, what is worth highlighting is that costs in the period is down 29%, and that means that the costs are down with SEK 20 million in the Q2. We continue to shrink the cost base, and we are pretty proud of what we accomplished. We are quickly approaching also a position for where we can choose if and how soon we want to become profitable. More worth highlighting in the quarter is our revenue growth on the platform side. We did initiate a rather large reorganization, our sales organization, as well as the cost-saving program I just mentioned. We had to let go of expensive, underutilized sales executives, but we also reshaped the sales model. With this in mind, we still managed to grow our platform revenues with 12%.
We see this as slightly as a small, and pretty interesting development in our sales force. Finally, worth highlighting is the 75% of total revenue coming from the platform. Our transition to become a true platform company with predictable recurring revenue continues. 75% is we are on our way to become really what we are striving for, true platform with predictable, recurring revenue. If we, operator, if we move to the next slide. Focus in Q2, I want to walk you through that, what has been the focus, and later on, I want to walk you through what is going to be the focus in Q3. Here, first of all, we can have two major areas. The first part of it is navigating the COVID-19 crisis. The second part is that we continue to follow the plan.
Firstly, let's talk about how we navigated the COVID-19 and continue to do it. First of all, COVID-19 is a humanitarian, social, and an economic crisis that has shaken the world. In this context, BIMobject has tried our best to keep our employees and customers safe. We have also done what we can do to aid in the crisis. For example, we launched our own initiative to promote the manufacturers of emergency hospital equipment for free. Secondly, how we navigated the crisis is that we have working with our cost base as well as our cash flow. We initiated a SEK 50 million cost restructuring program, and we are very confident that the majority of our announced cost reductions will be captured in 2020. Further, we have improved the cash flow dramatically. Our cash flow from operating activities improved SEK 24.2 million versus last year.
In the period, we are cash flow positive of SEK 500,000 . We are definitely now in a position where we can choose if and how soon we want to become profitable. Number two here, that we continue to follow our plan. We continue to work on building an efficient and a scalable sales model. In the quarter, we launched a new, simpler, and a more value-based pricing model. This enables us to sign up smaller customers directly online with a clear upgrade path for existing customers. As most of our customers are on annual contracts, the price list increase will gradually impact the revenue as contracts renew over the next 12 months. Something very positive to look forward to. Further, we also follow the plan by focusing on our ARR. Like I mentioned, 75% of our revenue in the quarter comes from our platform. We continue down this path.
Number three , the vital signs of our business are revenue growth, sales efficiency, revenue churn, and cash burn. Almost everything that matters about the financial performance of the business here at BIMobject is captured in these four metrics. We continue to work and focus on these metrics according to the plan. I want to hand over to Alexander to walk you through the financials.
Next slide, please, operator. Looking at the revenues, if we start off with number one up in the top left, total revenue in the quarter for the company only grew by 1%. As we've stated, revenue for the platform grew by 12%, and we were mainly hit on our services. It is clear that COVID-19 has an effect on the type of business where the sales cycle is based on projects. This means that our decision to move to a pure platform player is proving to be the right decision. That said, we do believe that our services side will have a place in our business moving forward as well. Hopefully on the level, maybe a little lower, but on the level we are at today.
If we move to number three here, we see our platform revenue still showing steady growth quarter after quarter, and following the picture we can expect from any platform business. On the bottom right, we see the development quarter- on- quarter with a good strong development starting from Q4 last year, where we quarter- to- quarter grow our business. Quarter- on- quarter, Q2 versus Q1 this year, we have a good growth of 10% taking in consideration COVID-19. As we've mentioned now a couple of times, against Q2 last year, we have a growth of 12%. Operator, next slide, please. We launched a cost reduction program in Q2, and it is very pleasing that we already see the effects of this. We have reduced, since the beginning of the year, 25 employees from the company, and we are now at 178 employees.
Personnel cost in the quarter is down 15% versus Q1, and versus last year, we've made a reduction of 14%. Total cost in the quarter is down 21% versus Q1, and down 29% versus Q2 last year. During this cost reduction program, these are not things that will come back. The costs that we've taken out are permanent. Operator, next slide, please. Looking then at the full quarter financial performance, we've managed to decrease our EBITDA by 56% compared to last year. Now that we're getting a better control of our costs, it's going to be about income in the following quarters. For the first half year, we have a limited growth on our revenues, and the cost, again, is going down dramatically as we expect. Here also for the half year, we see a reduction in our EBITDA by 38%. Operator, next slide, please.
This is probably the best picture being the CFO, where we see our cash flow from operating activities decreasing so much. We only in the quarter had SEK 4.2 million in negative cash flow from operating activities. We see that the focus we've had on improving our dunning process, getting our customers to pay what they owe us and more of them paying on time is beginning to show in our figures. We also, with the cost reduction program, have less suppliers we're paying and many of them on better payment terms. Also in these difficult times, there is some effect of governmental programs related to COVID-19, as most companies have.
Looking at total cash flow then for the quarter, we're actually positive of SEK 0.5 million , compared to last year's SEK -26.6. For the half year, we have a cash burn of SEK 13.9 versus SEK 76.6 last year.
We've made quite some improvements on our cash flow and our cash burn during this first half year. Carl, back to you.
Okay. Thank you very much, Alexander, for that update. Next slide, operator, please. Now, this slide is a repetition from the last quarter, but I think it's worth saying again. We are continuing to pull the levers on our plan for being a more efficient BIMobject. We focus on that primarily on two areas. We want to have an attractive platform paired with a strong execution. Let me take you through this focus, and there will be no surprises going forward in Q3, Q4, et cetera. First of all, if you look on the attractive platform side, the levers we're pulling is we are releasing some great updates on our platform, and there's more to come here. We're already seeing the effects from some of those releases we've done in terms of user registration, number of downloads, et cetera. There's more to come here.
We continue to invest into our platform. Secondly, it's the lower barrier of entry. By that we mean it should be simple to get onto BIMobject platform. We want to simplify the process, and we want to remove all the barriers in order to increase the number of brands getting onto our platform. We continue working this going forward, and more to come here in new releases. This is very much of a back-end type of releases, so preferable visible to a lot of users, but important work getting done there. Number three, account growth with value-based pricing model. As we communicated, we did launch a new pricing model, a value-based pricing model. It's worth noting that the last time BIMobject did any kind of pricing increase, it was over three years ago.
Today the platform is six times larger with registered users than the last time that happened. We're also being more transparent about the value we're creating along with the price line. Please go and visit our manufacturing pages and you can have a look at the pricing there. Extremely interesting. On the execution side, we have three levers we pull in on the majority side. First of all, on point number four, is increased cost control and accountability. We continue to hammer on this one, and with the launch of the SEK 50 million in annualized cost savings, this is one time, but we also continue to be more efficiently across the whole company, and that's paying off. The other lever on point number five, I want to worth mentioning, is the sales force effectiveness.
Increase in sales force effectiveness, we put a lot of activities in motion in building a new go-to-market model, setting the right tools in place, having the right processes. This is in order for us to increase the number of brands onto our platform, as well as lowering the very important customer acquisition costs. This is something we're very paying a lot attention to and investing a lot into. You will hear more about that as we go into Q3 and Q4. Finally, we will talk a little bit about increasing share of wallet, and that will mean a lot of account expansion. Now, several things is going on here. Worth mentioning here is the new customer success team that is driving this part. That's a new thing here in BIMobject, and we're very happy to see how that's developing.
I will return to talk more about the customer success team going forward. Now, folks, no surprises here. We are continuing to building, with this massive market we have in front of us. There will be nothing more and no more surprises from BIMobject than further growth going ahead. With that, I would like to say thanks a lot for listening in to this short summer financial report, Q2 report from us, and we hand it over to the operator for questions. Operator.
Thank you. If you would like to ask a question, please press zero one on your telephone keypad. If you wish to withdraw your question, you may do so by pressing zero two to cancel. That is zero one if you would like to ask a question. There seem to be no audio questions at this time, so I will hand the word back to the speakers.
Thank you very much. We understand that there's no questions. People are hopefully having a great summer holiday, and they are resting themselves, and not listening to this call, despite that it's very important. We want to take the time to thank you all, and making sure that you all stay healthy and safe, and wash your hands, practice distancing, and we hopefully interact with you more in Q3 and Q4. Thank you very much all of you.
Thank you.