Divio Technologies AB (publ)

Hi, and welcome to today's webcast with Divio, which will present the report for Q1 2026. With us today are the CEO, John Levin, and CFO, Niklas Koresar. After the presentation, there will be a Q&A session. If you have any questions, you can send them in the form to the right. With that said, I'll hand over the floor to you.

Thank you very much. Hello everyone, and welcome to our Q1 presentation. My name is John Levin, and I've been the CEO of Divio since the end of 2019. En kort introduktion av oss två. Sen går vi in på att presentera och avsluta med frågor. Som sagt, Jon Levine heter jag. Jag har jobbat här ett tag nu och kört väldigt mycket förändringar och kom in i samband med noteringen av bolaget. and have worked hard to get sales and growth going and also trim the organization and put a lot of time into developing the product. I myself have a background that has worked in small and large companies, both as an entrepreneur and an intrapreneur. I work a lot with business development, sales and have been involved with technology. And I think it has been an incredibly fun journey here with Vivio and it continues and gets more and more fun. And in recent months, this half year, Niklas has also joined me as CFO. You can present yourself.

Hi everyone. Yes, I came in October. I've been sitting in the board for a while. And there was an opportunity for me to come in and help offload Jon and the rest of the management team so that they can actually do more sales in the company. And then there is finance and all other background work. My background is finance in London in all different ways. And then I have also been part of another technology company, Flexion, which we built up from From Divio's size, it might have been almost 200 employees and 100 million SEK in revenue. No, sorry, 1 billion SEK in revenue. So that's my role here in the company. Thank you.

Well, that's fun. Welcome, Niklas. We'll jump to the next one. We can start presenting. I'm going to make a short presentation of what we do. I think most of you have already heard, so I'm not going to go into too much detail. We can jump into questions and so on. But what we do, you can briefly say that we take care of all complicated issues. system behind a website. A website that is built and run by companies, sometimes by agencies, digital web agencies. And we call websites web applications, because they can be very simple pages, but they can also be very complicated pages with tools, integrated tools and other things that both customers and All our customers' customers and employees use it to navigate and handle their business. So behind that there are a lot of complicated... web systems, IT platforms, and that is what we take care of. Above all, it is the cloud infrastructure where most of the websites are stored or hosted. And we take care of that. As we usually say, we describe it on a website that our platform is a top-notch butler for the website. We take care of all back-end work, all IT systems, we take care of security and everything so that it's up and running so that the developers can focus on building. And the more requirements you have, the more complicated the website you have, the more we can offer. Of course, it costs a little more. We can jump over to the next page. In short, you can also put the website on a goal solution. It is quite complicated. To the left, you can see an illustrator schematic picture of what it looks like in an AWS environment. It is important to keep an eye on this to let the website know what you are doing and so that the website works and is safe. It creates some headaches if you don't keep an eye on it. And I can jump to the next page. And the most common challenges that you encounter, which we also take into account, is the cost. Make sure that you can predict the costs and have a look at very complex business models that all target suppliers offer. Make sure that you only pay for what you need. Normally, instead of using a platform like ours, you can use a similar, simpler platform, or handle everything manually. And then you need specialists, and they often build into solutions and create an addiction. When they disappear, you sit with a headache. Therefore, it is better to use a platform like ours, which automates most. Then availability, that it should be up and running 24-7. It creates enormous stress on those who are responsible. Hemsidor tenderar att gå ner när det är minst lämpligt. Sen har vi det här med säkerhet. Det är en attacker och olika säkerhetsbridge. Det är någonting som ökar lavinartat. Det skapar också väldigt mycket stress och i samband med att det blir större hot then more complex regulations are created that must also be followed and we will also solve this. Then, as I mentioned, it is very complex to keep track of and take care of this and you have to make decisions now that you have to live with for a long time and it creates an worry that it is future-proof and so on, we also take care of that. When something goes wrong, it is also very difficult to get support in all American companies, not least, but also European companies tend to automate the support, send it to AI, various chat bots and getting personal support is very difficult, but it is something that we offer. At the same time, we take away the biggest headaches and take care of everything, all the boredom and misery that managing web applications on morning services brings. We take care of it and we think it's incredibly fun and our platform takes care of and automates most of it. We can jump to the next one. Our business model, you pay per month. And as a subscription model, a renovation model, and it is very grateful. So every time we do a sale, we have recurring revenues that come in, usually monthly, as long as the agreement lasts. And since we have a very low churn, it tends to grow all the time, this income flow. And then we sell the same code base over and over again. So it's really the same product we sell over and over again. You don't have to build a new product for every sale. So it's extremely scalable. our entire business model and the platform that we offer. The only part that is not totally scalable, which is still very scalable, is our support. I agree that we should have personal support, which is increasingly important. The more others automate their personal support, the more I see it as a huge competitive advantage and something that our customers appreciate a lot. And here we have, on the other hand, a very high capacity. Today we have one person who is in first-line support and gets help from our developers when there are a few more complex problems that need to be solved, which happens sometimes, but not so often. But we have an enormous opportunity to scale up this business with a few people. But for me it is important that we do not automatize away there. And we... We also get a lot of upfront payments, so that most of the larger customers pay sometimes two years in advance, but usually quarterly in advance, which is of course very grateful when you run a business. You can predict the revenues and get advance payments that you can use and benefit from. Can hoppa till nästa. Och det vi lägger enormt mycket krud på nu, det är våran scale-up-strategi. Och vi har satt igång då, för historiskt så har vi varit rätt spretiga i hur vi har sålt. Vi har vänt oss till många företag. Vi har inte haft speciellt nischade. Och vi har vänt oss till stora, små företag. Och framförallt jagat de här stora drakarna. It takes a lot of time and resources. And when you get a hook on a bigger dragon, which we got quite well, we have historically had quite good reliance on it. But then it takes a lot of work to get ahead in the sales process. And when you are in the final phase, there is a high risk that they will drop out. A lot because we expect or want them to hand over their critical web applications. in the hands of a small company with 20 people and which also has a lot of money. It takes a lot of guts to make that decision, so we have made a lot of mistakes and started to think. We have gotten some of these customers in despite this, so we are very good at it. But it is difficult to find good sellers who can handle this type of dialogue and it is an enormous risk when you control the entire company against hunting a number of these customers and with these processes. A little over a year ago, we started thinking about how we should solve this, what we should do, and then we came to the conclusion that we should change the strategy. We should be much more focused and niche, so that we work correctly. And then we went back to the roots. We were an agency, a classic web agency from the beginning, and built the platform for just We had a lot of projects for customer calculations in morning services that we had to handle. It took a lot of time. So we automated it, created our platform, and it is actually optimized for just web offices, or what we call agencies, digital agencies. So we decided to go back to that. And what is interesting is that they really have the need. They have limited resources to handle morning infrastructure. and need to focus on sales and the creative work of building and developing for their customers. It is also interesting that there is no other actor on the market that focuses on agencies. We have started with success and we have had good traction on this. We see how it is increasing all the time. Both active agencies and a number of projects that come in via agencies. And what's nice about agencies is that they don't just use their own platform for their own use, but also act as resellers. So they recommend their customers to use our platform and get a kickback for that. We have a very high margin, so we share the revenue with us. And this is very interesting for agencies, because they are consulting companies, so they sell for hours, because they are good at getting revenue i återkommande. Så vi har sett en tillökning, det var ett tag sedan vi gjorde en uppdatering, det var i början av mars, på hur det går. Vi ska ut med det relativt snart, en ny uppdatering, det är dags för det. Men vi har sett en tillökning, vi ser både tillökning i antal projekt och fortfarande är det ju Den här fortfarande lilla snöbollen som vi bygger, som vänder sig mot agencies, den växer hela tiden, men den är fortfarande ganska liten, så den äts ju upp ganska lätt av förändringar och fluktuationer i vår övriga enterprise-verksamhet. Men vi ser en kraftig tillväxt, eller en väldigt tillfredsställande tillväxt här, och vi fortsätter att trycka, och det är otroligt tillfredsställande. When it comes to our platform, we have a good one. It is very stable and secure. But I have to admit that it has been a bit boring. I usually compare it to a It was a bit like a classic Swedish Volvo 240. It was stable, safe and safe, but a bit boring. Now, apart from doing this super-focus with the agency strategy, we have also started to take the next step with our platform. So we have started working here now where the core exists, but we will build on the outside. That is to say, the control panel, and then we will make a certain breadth of a number of functions. So there will be more customers who can use our platform and it will be easier to use it and it will be incredibly more appetizing to use it and more interesting to start testing our platform. It will be more like a piece of sugar for flights. This is the work we are working on right now. We expect that by the end of this year we will be done with the first part. When we do the work, what is so exciting is that we will have the best platform on the market. I have not really dared to say that before, but now we have that ambition and we will get there. Towards the end of the year, we will have one of the most vast platforms on the market. And that is with relatively small means and to build further from the core we have. So we have started a very exciting work here now. I can jump to the next part.

Can I just say one thing about the platform that is so incredibly cool right now? Since we have the basic structure ready, and that's what makes it difficult to push through a lot of traffic in it. So what you can do now compared to even half a year ago with AI, what our new CTO is working with, you can change relatively simple scale parts very quickly. Very quickly compared to before. Which means that it is very easy to adapt the platform for the new strategy. And that's something that I'm incredibly passionate about in the company. Do you have anything more on that? No, but it's...

Yes, it was very fun with Ralf. What I would like to add, Niklas, is that it is not easy to do the work if you have the foundation that we have. It is necessary to have the foundation in the platform. Ralf came in in July and I was in dialogue with him a year earlier and regretted not being able to get in touch with him. He is incredibly talented, he comes from the agency world, knows agencies and understands their needs. And what separates him from most other CTOs I've worked with is that he is extremely commercial in his thinking. He understands the sales process. He understands that it's not enough to just have a good product, you have to have an attractive product, which especially developers find exciting. They don't just want to test a 240. They want to look at a Ferrari. That's what they're working on. A new technology that may not always be something you need, but it's incredibly exciting, which attracts them and makes them open their eyes and become curious. All this thinking makes it so much easier for us who work with sales to get customers in. Now, in addition to marketing, If you work very closely and attract and encourage developers to go in and test our platform, then it is also important that they meet something that is very exciting so that they are really triggered to start. And even the marketing work is much easier now, because now we are at the peak and we have seen an enormous increase in people from the agency world who go in and start testing our platform, which is super important. Vi kan berätta om ytterligare en möjlighet som har dykt upp på senare år. Det är det här med att man i Europa, företag i Europa, litar inte riktigt på amerikanska leverantörer länge sedan Trump tog rodet i USA. Man vågar inte lägga sin känsliga data hos amerikanska bolag, hostingleverantörer, för man är inte säker på att den inte... is used or will be used by others, it is not 100% certain. So there you have to look very much at European alternatives where suppliers can offer hosting and our service in combination with European companies. If you look at our alternatives, most of them are American companies. We have been able to offer a European solution for a very long time, both when it comes to infrastructure and And infrastructure and PaaS, in combination with our platform, we can offer a fully European solution. So this is something that we get more and more questions about from customers. And it's incredibly exciting, because this is going to increase. The more unstable it gets on the other side of the Atlantic, the more interesting this will become. And we see more and more inquiries around that. So it's a super opportunity for us as well, if we're going to take advantage of it. um um Fokus på att få in mer agencies och få igång agencies. Men det är väldigt bra för oss att ha den här typen av kunder, Fidelity Roche och Swiss Armed Forces som vi jobbar med. Fidelity, jag kan bara nämna det, de är vi nu i en... So we have started the process of renewing the contract that will be issued towards the end of the year. And we are fully engaged with it and it feels great and exciting. And Fidelity used our, I usually mention it too, before they used our platform, they had about 15 people who worked with keeping track of all their web applications and websites. Now they have a half-time service that does the same job. Roche is also an incredibly interesting customer. We came in a year and a half ago, and it was a huge job initially to renovate and move all of their web applications. The fun thing is that we handle their IR pages, so every quarter you have a little stomachache, but so far it has gone really well. It can't go wrong when they run their live broadcasts like we do now. It's a little more money. But it's super stable and it's gone really well and they are very happy and just want to shout about us internally, so we'll see what happens there. Swiss Armed Forces, it's going a little slow there, but they continue to put on more and more projects with us. So it's really fun and we have a drama agreement with them. And it is also a company that sets very high requirements for compliance and security. And then we have all of our agencies. And what we are focusing on now is to add a number of agencies, but also to get the agencies that we have signed up to. It's about getting their developers to start using our platform instead of another alternative that has been used before. And that's something that doesn't take that much time. It's a fairly short period of time to get an agency signed up. Then it's a bit of a process to get started, but that's what we use our sales power to do, to get started. We're going to get into that, because we're taking in some money now, because we need to build up our sales organization. And what we do, instead of recruiting classic sellers, is that we take people from the industry. It's relatively junior, but knowledgeable people from the ADC world that we take in. More, we title them account managers slash partner managers. They work with... Sign up agencies and get them started so that they start moving projects and start acting as resellers for us. So we're putting a lot of time into this right now. And we have a very good platform that will be significantly better, not to mention more appealing. But if you look at the numbers, we have more than 3,000 users today who use our platform. And if you take Fidelity, there are relatively few who have accounts. Not so many are needed. So there are a lot of people who use our platform and it's incredibly interesting. And we have, to put it in parity, we have what we call a trusted 400 million monthly request. That's 150 million. requests, i.e. calls to our platform at 150 per second. This is what measures how much traffic there is on our platform and how much volume and requests we have. So it's not just the number of users, but we have an extremely high volume and traffic on our platform. And here we have the opportunity to scale up a lot more. It is considered to be a very large number and we have since we started over 12,500 live applications and it is a figure that increases all the time and has released 800,000 applications. So there is a lot of volume and a lot that happens on a platform. And more will happen.

And if we go into the financial aspect of the company, it's shown earlier here, but just to give a little perspective on how things have gone. If you look at the last two years, the net sales have increased. If you take away the capitalized development cost, it has increased by 70% in the company, while Joon has worked hard to keep the cost levels acceptable. So the total cost is up 5% at the same time. But the revenue has gone up by 70%. But if you look at the administrative costs, they are quite low during the period. And that has a lot to do with the fact that you make the organization more efficient and move roles to countries that are cheaper. And that has worked very well. And that means that at the EBITDA level, we have taken the company from It was 8 million minus in 2023 and I think it was 9 million in 2024 to positive EBITDA in the company in 2025. And that makes it a completely different level. And if you look at the cash EBITDA that I used internally to measure, you could say periodized operating cash flow, it was at 15-16 million minus two or one year ago. And there we had as a goal to try to hit it all the way to 25, but we almost got there. So we're about 3 million back on a yearly basis. And that's the gap now that we work hard to hit. And you have to see if you can do something on the cost side. There's probably a little left, but not a lot. And then it's renewing contracts so that One of the weaknesses with these models, working with long contracts, is that it is difficult to get an automatic inflation adjustment, especially when you go from a low inflation environment to something where it really means something. So there we have things to do in our renewals and it can drop a little bit and then it is time to sell and add. And there it is so important this with the recurring. You take in a You get one customer in and then you add one more and then they are there and ticker longer ahead. So it's actually something that we are very proud of, how far we have come in the company. The TUE numbers, they are not pure fresh anymore because we did a trading update here a while ago. And that's what I had to do with the capital acquisition that we did, so we had to let go. So I can go through a little bit. I usually start by just telling at the MRR level where we are, and here we had... It's more or less constant, and that's because the new strategy We take in many new agencies and we get in new projects, and many of them, but they are quite small in these numbers, because the big customers are so big. So they don't really show up, the traction we have doesn't really show up here, but we have settled a bit. We had in Q2, we lost one customer. It was a consultant who said they could fix it themselves. And it has gone that way, so now we are actually in contact with them and that they should come in again. Because they jumped over to the consultant, it worked really badly and now we see what we are doing there, have a discussion with them. And then we had on the MRR, it went down here in the Q1 and that was that we moved over an intermediate large customer from the one that is open cloud, when they themselves buy everything project by project. with credit cards on our platform automatically, to that we have put them in a comprehensive enterprise agreement, which is actually a very positive thing for us. But that meant that in order to move them over, we had to make them a little discount, because it became too ineffective for them to work on and for us. And now we have them on an enterprise contract and then we have to work on it and increase it. And that's why the MRR went down a little bit. There are still very small figures in it all. Subscription revenue is actually a reflection of the MRR, but it is in SEC instead of USD. And there we had an adjustment of the currency, how to go from dollar to Swiss franc in our Swiss company, where we started the registration. Because we got a new invoice from them for the third year of our largest customer. So it was written down at the same time as what happens here, that the other part of this is under Net Financial Items as FX adjustments. And now we have adjusted it up there, and that also means that we neutralize the effects under Net Financial Items. And that's something we're going to work on further. If you have followed us, you have seen a lot of FX fluctuations in our P&L. And that's something we slowly and surely work away from and get into the different elements. Professional Services went up in Q4 and from Q3 to Q1 it is still up. And this is the thirteenth and fourteenth sprint that we got with a large customer that everyone believes is Roche. i slutet av året så fanns det budgetar kvar så fick vi 700 000 kronor som en one-off och sen fick vi en till på 500 000 kronors ökning av kontraktet. Så det är enskilda små och det är ju någonting som vi hoppas på att vi kan få in på nytt. Så det är ju liksom inte recurring i sig men det är någonting vi ser god sannolikhet att vi kan få in på nytt. Och det gör ju att den gick ner lite, Q1 har that came up from Q3 last year. And otherwise, cost of goods sold is a reflection of professional services above all. There are server costs, but above all, the external consulting fees that we have under professional services at Roche. And they have gone up in relation to that. External costs were a little up, and that has to do with revisions initial legal costs with the capital round and some of these general costs. We will definitely try to reduce that again in the future. The personnel cost, here you can see that Q4 was very high and that has to do with the fact that we changed quite a lot of headcounts in the final phase of this Now it has gone down a lot to Q1, and then we say in the quarterly report that there may be one headline here that we need to refill in this process. So the staff cost is a bit below what the run rate might be, but not much. We have an EBITDA that is still neutral, and that is the one we want to get up now, so that the cash EBITDA then also goes up. Otherwise, it's nothing special. Net Financial Items has gone down a lot, as I said. We're working on it, but the absolute biggest thing is that the way we capitalize our subsidiary in Switzerland, which is the operational company, is that we lend money in sacks to that company. And since that company can't pay it back, since it's not a venture company, you write it off according to financial rules, tax-wise. But what happened when there were large amounts here was that you got FX effects in Sweden, because it was in another currency in SEC, but you do not get FX effects on the Swedish side. And when you put them together and consolidate them, you get very large swings. And we have now taken that away for the most part. We have as a goal to try to get it down even more. Here are also interest rates for, for example, the Commitib, and they disappear here. I can mention that the convertible that was in the quarterly report was at 4 million plus interest, about 600,000. And there we have now paid back 3 million plus interest in cash. And there is then 1 million plus interest left that will then be converted to equity in this round that we are working with. And the cash EBITDA is a little higher now than it is now. It averages around 700,000-800,000 SEK. And that's something we're working very hard on to get down there. To take complete control of that. But the levels we have here with the money we get in the capital round, you have control of it in a completely different way than you did before. And that's very nice. Kassan is neutral from last quarter. Last quarter it was quite weak, because everyone wanted to get their money for their annual tuition. So it's almost like a labor capital squeeze. But now it's completely according to expectations. Otherwise, it's not that much. I can mention the round as well. We've talked a lot about it now. Last summer, we ended up with a part of it, it was what was offered to us in the end. We worked very hard on it. It was that we had a convertible loan of 4 million plus interest plus an equity element of 5.6, a capital element, an equity element. So on that convertible part, So we had to pay it back. We started working on this in November and got this started. And now we have managed to do a relatively positive round of this because of our new strategy, where we have one element with a targeted share of 9 million kronor that we managed to fill up and we are very proud of. And then we have a percentage that will go up to trade in the morning. And that is at 5.3 million. And on that we have 42% is then marked, where Jon takes 0.6, I take 0.2, the rest of the board takes 0.2, and then there are some existing shareholders. So we have over-marked on our part. If there is room, we take it. In some way, we can squeeze that in. We hope that people will be interested in it. It has been set to 6.2 euros per share. That's where the exchange rate is today. It's done through units. One unit gives five TAM shares. It's set at about 30% discount. oändligt mycket bättre om man skulle göra vad jag kallar en panikföreträdare för att pengarna bara är slut en dag. Så att det är det vi gör och ja, det är väl det. Om ni har några frågor på det här får ni gärna ställa det. Så det är väl allting här. Jag kan bara nämna också bara vad det här ger för någonting. Så att ett är ju att ta bort konvertibelånet och det andra är ju att rulla ut och bygga upp den här försäljnings sales team, because today we are working with... Up until last week, we had a little over one and a half people who worked with sales in the company. And then it doesn't get a lot of sales or a lot of figures in. As soon as we had these 8.8 finished, we took in another one and now we are working on it. I don't know, Jono, if you want to mention anything a little more about what we do with the new sales team.

Yes, it is above all that we both push marketing, very hard-oriented marketing towards agencies in Everything from LinkedIn, but also various forum platforms to increase the interest and spread our existence. Then it is just to bring in people who can strengthen sales, those who I call account management slash partner managers, who will help and support and scale up sales. But we have a list of people. I hired an employee about a week ago when we saw that this was on the way, that we were getting money, and we knew that the strategy worked. And then we have a list of people that we want to bring in, one after another, and test. What's interesting is that compared to previous sellers, it took a very long time to validate them, since we had such a long lead time. But now we can do it very quickly and it's easier to find people with good quality who deliver.

I'll just say one last thing before I go back. Trade us now from the 5th to the 13th, and then you can subscribe to Aerosy Bank between the 5th and the 19th, so it starts tomorrow. And that's it from us, John. Any questions?

Thank you very much for the presentation, and just as you mentioned, we'll start with questions now. And the first question is, what does your crew and recruitment plan look like for the sales organization and also in general to be able to support your existing needs for the present and ramp up to potential customers, as well as marketing development, while ensuring and balancing an adequate runway with existing financing?

We can start with the second part, if you want to develop the whole team, to be able to leverage the ambitions we have with the platform and support to scale up with more customers. There we have a burden that we don't need to scale up with, but we can actually function on that burden for a long time. and we don't need to invest more money and increase costs. We will do that when we have a profit and can grow organically. We are safe there. Of course, more money will make the investment that we are doing now go faster, but I am very careful with increasing costs. The costs we are investing in are in marketing and sales. We will be relatively cautious. We have hired one more person. We will almost double the sale capacity and then we will probably take in one or two more people on the sale side. But they are not very expensive people and we will continue to keep a close eye on the costs and make sure that we reach this overarching goal that we will pass this edge and become profitable. So I will continue to be very, not stingy, but very conscientious and careful. I will invest where it is needed and where it feels right, where it is important and where it is about to invest.

Do you want to say anything, Niklas? No, I just wanted to mention that I will also be there. But if you look a little further, the important thing for us is to know that there are that there is capital in place so that we can make these investments and that we get peace and develop further. So if you look at two years ago, if you burn 15 million a year, it is extremely difficult to build a long-term company. It becomes very, very short focus and you have to get the money back absolutely at once, otherwise the money is over. While here now, we take in this money and then we get some peace and build this up. And stick to it so that you get If they can sell their cost and get it in, then you can push even more. But we don't do that until we see that it works. And if we don't get development, we change them. Absolutely. But it's not like we take in eight and hope for the best, and then there are three that work and five that don't. Since we recruit from the industry and people who we know more or less in some way, it is probably quite a high success rate on these recruits. Thank you very much.

The stock market value and share price have been extremely depressed for a long time with very thin trade over time, as well as a small and reduced number of shareholders. Det är ogynnsamt både för bolaget och befintliga aktieägare att privatiseras. Vilka åtgärder vidtar ni och vad är en plan för ökad marknadskommunikation för att komma till rätta med detta problem?

Ska jag ta den eller? Jag kan ta den. Så för att vara helt ärlig när Jon var här och han gjorde mycket av det själv så finns det inte Jon kan inte jobba mer än 16 timmar per dag. Och en enkel grej är att jag har kommit in och jag är väldigt van att jobba med det här också. Så nu är vi i alla fall två och jag gör väl more and more of this work. What was very ungrateful earlier was that we were chasing very large contracts. If you got one per year, it was good. Because they take such a large part of the results calculation in each contract. And it's a very ungrateful way of doing IR, because you have very little to tell about in between. But with this new strategy, where it puts everywhere and things happen to the right and left, up and down. Even though it's quite small, it's so much easier to do it in the work. So Joni and I have worked very closely together on this and we will look at how we can work more and more and push out in the work and tell what we do and get involved in other ways. But the other part of this is also that you know that there is money. If we are able to do this, we can focus on this in a completely different way than if everything is in one hand when they survive until the next day. We are well aware of this and we will work very hard on it. Thank you very much.

I understand that you are talking a little about a new approach and roadmap on technology and services with ambition towards the change of year. How well do you follow and have a good understanding of the competitive landscape and what your competitors offer? their strategies, business models, and how they work in the market, so that they can take part in the market and continue to be competitive?

We are very close to all, not all competitors, but those that we consider important to have an eye on. We have a solid eye on... We have a group of developers who are constantly monitoring under the guidance of Ralph, our CTO. So we are very close to them and know what is happening, both when it comes to pricing and business models. where they are in the phase of development. We know which ones are on the way away, which ones are on the way up, and so on. So we have a solid grasp of that, and that's one of the most important things. We have to be aware of that, otherwise we can never be in the forefront. And we have to be far ahead. And now we do that with our vision, then we will really be in the forefront and be significantly better than anyone else. So we have a solid grasp of that.

Tell us a little bit more about a typical competitor, how big are they and what are their concerns?

The biggest actor is Roku and they are part of Salesforce. They have a very good platform but it requires that you are You have to be very competent and do a lot of manual work, but it takes a lot of the challenges that the developers have. Their platform has been standing still for a long time and we are very curious about where they are going. Then you have a lot of upsticks that come all the time and what we notice is that many are very good at They are a bit reversed from what we were. If we had a slightly boring, stable platform with a boring outer, then they would have a very flashy outer, but most of the actors are very flashy outer, but then it is a pretty shitty platform, a pretty bad platform. Very simple, built with a lot of problems, but it looks flashy when you start testing. And then there are some that are very hard-niched towards different types and in other ways than what we are in the niche. But in general, it is a fairly spread market. But we have a lot of knowledge on... And we are absolutely not among the cheapest either, and we have a very good platform, so we should not be the cheapest either. But we have a good understanding of the market, I should say, without development.

Thank you very much. The contract model with Kickback for Agency, a two-part question here. Is it forever as long as the customer exists? And two, who owns the contract with the customer that is sold through the agency?

We are the owners of the contract. When we get a signed contract, they sign the contract and we close the deal. The kickback usually lasts as long as the first contract runs. If it's a two-year contract, the kickback lasts for two years. If it's a three-year contract, it lasts for three years. If it goes on like this, we negotiate something. Then there are many different variants of this. In the end, it is a decision we make with the ISOs. It depends entirely on the type of contract. But the standard is that the kickback runs as long as the contract is the first contract.

I can mention that it has a lot to do with data and data security. We are ISO certified and all this. We must have the contract with the customer. To be able to handle their data, that's just how it has to work. So it's us who have a lot of ownership in the customer after that.

Thank you so much. Have you released mentioned and previously communicated processing of enterprise companies and everything happens via and participating with Agency News? Historically, about a year ago, you mentioned that you had one to two medium-sized enterprise contracts in the pipeline, but it has been silent about these prospects since then.

Yes, it has been, and we still have a rather unchanged pipe. Someone has fallen away or added some new ones, if you look at the Enterprise agreement. But we don't have any of those dragons like Roche and Fidelity, and we don't hunt that type of customer either. Some have been phased out and some have not been removed. But we have a number of such leads that have come in, especially via agencies. There will be several types of... I'm not going to say that it's a broken collection, but it's a much more scattered type of project that is absolutely very... It works well on our platform, but it can be anything from a campaign in connection with ice hockey in Sweden, to anything. But there are a lot of exciting projects. But it's still a little longer lead time compared to the IDC project, Those are the classic idiosys projects that only have a very short lead time. But there has been a small change in that pipeline, because we don't hunt actively ourselves. We try to let it happen and do it. Sometimes it's hard to let it happen, but we're really trying to focus on hunting idiosys now, so that we don't hunt that kind of... That's why it's a little... It looks a little different. It's significantly higher volume when you look at revenue-wise in... in the pipeline, but it looks a little different from what it did before. It's much more of a project, a smaller project, but also still a whole lot of slightly larger, more interesting projects, enterprise projects, but they usually come through Idinsys.

Thank you very much. When will the big order we've been waiting for from Swiss Armed Forces arrive?

I don't think there will be a big one, there will always be smaller projects. We have a framework agreement with them, so there may be absolutely large projects, but what we see now is that they add more and more smaller projects under their framework agreement that they have with us. So there will be projects all the time. Then we'll see if there will be bigger projects. But we're not satisfied. But we have a good business with Swiss Armed Forces, so they're very satisfied. But I'm going to go on a bit, because we need... Det är lite upp till oss. Vi måste också ligga nära dem och jaga dem. Det är lite som att jobba med agencies. Du måste se till att man måste vara där hela tiden och se till att de lyfter över fler och fler projekt. Där måste jag jaga på min kollega som är den som jobbar med Swiss Armed Forces. Det är ett jobb som måste göras. För det finns väldigt mycket att hämta utan tväckande.

Tack så mycket. Rapporten hänvisar till samma agencyuppdatering med MRR till slutet av januari. Det är tre månader sedan dess. Betyder det att ingen MRR-ökning har kommit från agencies de senaste tre månaderna?

No, I think we gave the latest update at the beginning of March. But absolutely, it comes in all the time. I'm not going to say that it works with the IDC strategy, if it has been completely silent. It grows all the time and it's high time for us Thank you very much.

Enligt rapporten är den nya strategin validerad. Kan ni utveckla vad ni menar med validerad? Har ni några siffror eller något som vi inte fått ta del av? Vad jag kan se finns potential, men inget är validerat.

Jo, men det är validerat, i alla fall internt. Men det vi ser är ju, som vi tittar på det här, vi jagar inte lika mycket... MRR tillväxten som antal projekt som lyfts över på våran plattform. Ju fler projekt det lyfts över, ju mer intäkt, och då kommer MRR-businessen också. Så det är det vi mäter nu, det är antalet nya projekt som kommer in på vår plattform. Och det kan vara små projekt med 25 dollar MRR, det kan vara större projekt där det är mer 500 to 1000 dollars a month. But it's more of a volume business and we see an increase here and as I said, we will need to go out with an update here in a very short time. But we see it absolutely, it is validated from our perspective.

But our copies, what we are looking at is not The end goal is for MRR to increase in P&L so that everyone can see it. But the important thing for us is that we get to sign up new agencies and that you get started with the agencies that we have set up. And it can be with very few. You know how many people at an agency that works in the platform and just orders projects that can be $10, $50, $100. This is the level we are at now. This is where we see that this works. What we need to do now is to press on sales. We have found a scalable sales model in the company. We have a very scalable platform, but we have not had a scalable sales model. That's what we measure now. It's like we saw a huge grass mat and then it grows a little and in all corners. And then one day, the gas mat explodes and starts to grow and rises. And that's where we're at right now. So it takes some time before you have this really big MRR. Then the gap, if you look at the cash return, is still quite small. It's almost 10%, 15% sales increase. So it's quite small to make it happen. But that's what we're working on.

Thank you very much. Maybe a follow-up question regarding what you were talking about. You have previously shown a report about the number of digital offices and agencies as a measure of growth, but also a number of projects on the platform. Will you show both the number of offices and live applications on the platform via PM reports to be more transparent, or how will it go forward?

Yes, that's the plan. And what I'm working on now, because we can just... Today, we have almost 50 agencies that have been signed up. We are focusing on getting them started, so that they can move on to the next project. The only goal is to have There are hundreds of agencies that are not active, but it is necessary to activate them first. We have a 15-year-old today who is really active. The others are working hard to get started. There are almost 20 that are active now. But that's what we're working on, to get started, and that's also what we're going to communicate and talk about. That's what validates the model, I should say.

Thank you very much. And a little question there again. You mentioned in the live presentation that the number of users and applications as a measure of growth in Q3. In the report, you showed 12,350 applications and 3,000 users on the platform in the Q4 report. And in the latest live presentation, which was a month ago, the number of applications was 12,500 and the number of users was 3,100. Has the number of applications and users stopped?

No, it hasn't. It's just that we haven't been so good at updating that kind of figure. It's a bit more of a mess. So they should also be updated. That's completely correct. It's a good idea. I think they have used the same figures. They have more legacy than just a few months. So it's a good point to update them.

The only thing I want to point out is that it shows total... total traffic to show that we have a platform that works. It's not that figure that's really important to us now. Because the important thing for us is to get the numbers started on the AIDINC strategy, just so you understand the difference.

I understand the point. The fact that the number of users, when we say that it is over 3,000 something, and live applications, if they are so quiet, it looks a bit strange.

We are working on it. We are also taking copies internally, more and more sophisticated, so we can see what we can share on this, to measure the new Otherwise, the old can disturb the new in a way that you don't see the new. That's all I'm trying to say. So we have to work on trying to come up with even better KPIs.

Thank you so much. Then we move on to the last question we have received here. You mentioned at InvesteraPosition that a larger customer has left you, but you perceived that it was on its way back again. What does it usually mean, that it leaves and that it comes back?

I've talked about this in our previous presentations as well. When our platform works and you use our service, then your web application is up and running and everything goes very smoothly. And then you pay for a service that you don't always notice, because everything works so well anyway. And then there's always someone who has to ask, why are we paying for this? We have no problem with our web application, they're up and running. And maybe even in this case, the consultants who came in and said, I can solve this myself much cheaper. So they decided to let us go and then they found out that there was a reason why they were using a platform because suddenly there were a lot of problems that a single poor person should try to handle without really having a clue. And then you realize after a while that this was a hole in the head in the whole decision and then you start to take it for granted and you come to the conclusion that you actually have to say up the consultation agreement and start discussing with Didio again. So that's probably the problem. I mentioned earlier that Fidelity always said that no news from Divio is good news, and that's not good either. So that's why we send out reports all the time, not weekly, but monthly, where we show all the incidents on the platform, and we have also manually taken care of them over time, during the period, so that they understand what's going on.

And this shows again how we lock in the customer. It's always fun and long contracts, but a contract is not worth more than a contract in itself. And there are always things out. But if you take away the team and put in a platform instead, it's very difficult for the customer to replace us. In this case, someone was convinced that they could do it, but they don't understand it themselves. And that makes it so that when it becomes manual, Again, there will be a lot of problems and it will be very difficult. And this is a good example of a technical lock-in on what we have. So there will be a little noise and hopefully they will get some information. That was it.

Thank you very much. That was all the questions we had today. So thank you for presenting such good questions.

Thank you to everyone who has watched and sent in questions. Yes, thank you very much. Thank you all.