Litium AB (publ)

Hej och välkomna till dagens sändning med Litium där vd Patrik Settlin kommer att presentera rapporten för det första kvartalet 2024. Efter presentationen så kommer det hållas en Q&A så om ni har några frågor till Patrik så kan ni skicka in dem i formuläret som ni ser till höger. Och med det sagt så lämnar jag över ordet till dig Patrik.

Tack för det Ludvig och välkommen hit alla deltagare. Jag heter Patrik Sättlin som Ludvig sa och jag är vd i Politium sedan dryga fyra år tillbaka. Med mig i studion har jag vår CMO Malin Bodolla som är också den som fångar upp frågor som kommer i chatten så att under dragningsgång så ställ frågor i chatten så plockar vi upp dem till Q&A i frågestunden så kommer vi i slutet på dragdelen. Vi kör ett upplägg, om det är nya aktieägare som inte känner till IT så bra så gör vi en flyby över bolaget, vad vi gör och vad vi är bra på innan vi dyker in i Q1-rapporten och sen så rundar vi av det hela med en framåtblick och en frågestund. So let's get started. Lithium, for those of you who know us, you know that we are a tech company within e-commerce. Our product is an e-commerce platform that is in its nature modular and adapted to advanced digital trade. We simply help companies become good at digital sales. The product itself is like a construction project. A lot of it comes out of the box and is driven by advanced digital trade. Then it is customized together with our solution partners. We have 40 of them in the Nordic and out in the European world. They adapt the construction project to the exact needs that customers and their business logic and uniqueness with their brand demand. So Lithium Commerce is like a construction site that you use to customize your user experience and sell as many digital products as possible. You can use these parts individually. The main components are a PIM, which is very central to all AI solutions of advanced nature to harmonize product data, to collect images, texts, white papers, different specs, videos, what we now need and how these products are related to each other when we talk about complex products. And then we have a sales module that allows you to use data, or product data can be used to use, so you can make purchase decisions on the right grounds, and all comes together to take the order back into the business system. And then we have a CMS as a presentation warehouse, a globalization framework to roll out quickly across the world, in different languages and formats, and everything that is required to sell digitally on a global scale. So, a little bit about the platform. We have a number of customers who have found us. There are over 200 customers and it's growing in a steady pace. It's in what we call the mid-market segment. The platform is adapted and the solution for customers who sell somewhere around 50 million up to 10 billion. There is no limit to the platform as such. It's good to sell for much larger volumes than that. It takes up a lot of transactional space. and have a very high performance regardless of how much they spend on it. But it's adapted for advanced digital trade, not for the smaller ones. They might be satisfied with a smaller solution and not so many products, not so much market, not so many customers and so on. But when you get up to a level, it requires something more to be able to drive this automatically effectively, to really get the scalability out of digital trade, which is what you want. Våra kunder säljer över hela världen så att plattformen är global. Vi har gott om kunder som säljer i Europa såklart, Norden såklart, men också i USA, Sydamerika, Kina, hela världen egentligen täckvinning med någon litiumlösning där ute. Over 40 solution partners, the most prominent in digital trade in the Nordic countries, we have with us, who customize the solution, take what we deliver out of the box. Sometimes you get close and it goes fast in the project. Sometimes you want to do something that is specific to adjusted logistics or to the business logic that you have in the company, or that you have a lot of legacy in your tech stack, so you have to make different adjustments for integration and so on, so that you can get the maximum effect of your investment in digital trade. Through the platform today, we have passed a good bit of the 20 billion line that flows in volume on a yearly basis through the platform. So it's a pretty big chunk of Nordic e-commerce that goes through the Lithium platform. Then we have a little logo wall here, and these are some of our customers that we work with. We want to show the whole range from the left side of the B2B and the right side of the B2C actors. The business models differ from the manufacturers' business models and go to markets that are often based on relations sales to direct-to-consumer and those who are moving forward the boundaries of what e-commerce is and define it almost every day. for example Revolution Race, which is very far ahead in its digital industry. It was born as a native and works with direct-to-consumer business models. This also shows the whole spectrum of the customers who choose to use Lithium for their e-commerce, for their digital business. The platform itself is very versatile and can handle all types of business models that exist. Later this year, we have a larger inflow of B2B customers, and this is mostly due to the fact that there is a strong change, a digital transformation on the B2B side, which is coming in a fairly strong wave. which seems to be growing. You might be a few years after B2C, but at the same time, it's a different sport on the B2B side. Digitalizing relations sales is something other than digitalizing transactional volume sales, which is often on the B2C side. But the Elysium platform solves this in a good way together with our partners. I would like to mention some of our customers. This time I would like to mention one of our Finnish customers, Dermosil, who sells beauty products on the internet. And recently won the best e-commerce site in Finland. Super cool, in front of the very prominent brands in Finland. And as Swedish you know, you can quickly list to the right, Marimekko for example, which is a very well-known designer brand. And Verkokaupa, if you are from where I come from. Kompletto, and if we take a look at the world, it's the biggest counterpart to Dastin and Kompletto in Sweden and Norway, Verko Kauppa in Finland. They are sponsored by Dermosil, and they have 10,000 customers, so they are statistically well-established. So it's great fun. A big congratulations from us to help with Dermosil, and a big congratulations to our partner, Cloud9, who have done a fantastic job together with kunden får sätta upp den här lösningen. Också lite extra kul därför att de har gått upp på lite som Commerce Cloud relativt nyligen och visat upp fantastiskt fina KPI-förbättringar med bestand av försäljning efter den förändringen och nu också priser på toppen så det är väldigt roligt. Jag vill också pusha för vår egen rapport kring B2B digital handel i B2B i Norden. som vi släppte här i måndags när det redan hade laddats ned hundratals gånger och jag kan verkligen rekommendera den som är intresserad att läsa in sig lite. Här har vi massor med olika typer av insikter som man kan ta till sig och packa upp. Men några av de primära sakerna är att For example, the driving force for B2B has changed a bit. When we talk about digital trade and B2B, we are often very focused on efficiency and eliminating internal administration, making a more efficient sales process and so on. That has been the primary driving force for many years, but this year we have changed so that now we are looking for more to increase sales. So this is a bit of a trend break. –instellningsskiftet som jag tror blir väldigt avvärderande när man tittar framåt. Man börjar på riktigt kunna räkna hem investeringar i form av ökat värde som man skapar– –för att man kan enklare och snabbare, till en lägre kostnad, gå in och bryta nya marknader– –leverera en bättre kundservice, bättre kundrelationer digitalt än du kan göra– på ett analogiskt sätt, eller kompletterar ditt vanliga relationssälj med en stark digital närvaro, så får du en mycket bättre impact totalt sett. Och det här är drivkrafter som har ökat i värde för B2B-beslutsfattarna där ute, och det är ett tydligt trendbrott där. There is a lot to look at in this report, so I can recommend you to take a look at it. Another big thing is that the optimism is really back. You see that digital sales growth is going to increase both faster and with higher growth rates. Om man är beredd att investera mer i digital handel än man var för ett år sedan. I takt med att makroekonomin har förändrats till det bättre så verkar också investeringsviljan återvämt. Kanske inte så förvånande men ändå värt att notera. All right Tony, but then we're going to dive into Lithium's Q1. We had a good start this year if we look at the financial statements. To start with, we set a new financial goal this year and it was to deliver positive EBIT. för helåret 2024. Vi tog ett starkt kliv mot det målet med första kvartalets resultat. Nu hade vi en tillväxt på omsättning med 15%. Vi ökade till 17,7 miljoner. Värt det här tycker jag verkligen att Note that we have 100% of the revenue from recurring interest rates. At the same time, we manage to keep costs flat or even reduced by 2%, which makes it a very attractive combo of revenue growth and reduced costs, which of course indicates a strong scalability in the business. Looking at the results, the EBITDA margin was up to 22%. It's a fairly reasonable level for a company of our character, but we're aiming higher than that definitely. But it's still a good step forward and a big improvement compared to last year, which was around 4% at least. If we look at absolute numbers, both EBIT and EBIT were up and improving quite a lot. We were at 4 million on EBIT and just under the zero line on EBIT. Both were strong improvements. On the EBIT side, it was the fifth quarter in a row that we improved. We landed last year on an improvement of 9 million and we are still in the same pace here now. It's a pretty strong march forward here in line with the goals that we have set out. Kassaflödet är ett ganska stabilt kvartal. Vi klarade av att leverera på förra årets finansiella mål som var att bli Kassaflödes positiva i Q4. Det gjorde vi och nu har vi inlett det här året också. Det följer såklart tills vi klarar av att leverera i affären men det är ändå tecken på stark stabilitet. Vi står på en väldigt bra plattform för att jobba med självfinansierad tillväxt framåt vilket vi gör. Let's take a look at the more operational business. We have launched Lithium AppCloud, something that we really believe in. It's a new architecture, a new way of thinking, a marketplace where you can, as a customer, quickly and easily connect different types of third-party services to your Lithium platform. This is something new for us. We believe in it a lot. We have just started here. The first company that came out as a public app was an AI company called Endlink AI. Vi körde ett webbinarium med dem här på förmiddagen lite tidigare idag och då var det närmare 150 stycken deltagare på det och det har mottagits väldigt väl. In the market, we believe that if you reduce the project risk and the cost of interaction, everything will be much more easily accessible and accessible for customers. There are scale-based distributions for customers primarily, but also for our partners and ourselves. This is something we are really looking forward to. We are trying to see how far we can go with AppClub. If we look at the market, as I mentioned when I talked about the B2B reports, there is optimism and investment will to return to B2B. Here they have not been as affected by macroeconomic situations and low conditions as they have been for a while. It is clear that the order books are perhaps not as... lika djupa och breda som de var för två år sedan eller ett år sedan, tillverkande bolag, men samtidigt så fortsätter B2B-bolagen rapportera fina siffror och starka framtidsutsikter. B2C har ju varit en annan femma, men även här ser man en hel del positiva tecken, såklart det vi alla följer i makroekonomiska utvecklingen ser ut som konjunkturen kommer på att lätta lite grann, räntorna kommer ner, köpkraften kan komma tillbaka, tack vare det och så vidare, inflationen är ju On the way down in a good pace. But there should also be concrete things like the B2C trade in Sweden was up 11% in Q1. There was a difference between the months there, so you shouldn't shout yet, but if we get a good Q2, then we can see that we have dropped out of the B2C side and that it will turn up even there. At the same time, you see different expectations on the B2B and B2C side. You expect a better year in 2024 than in 2023. And that you see a USR in 2025 afterwards. So things point upwards and the market prefers to turn, at least our feeling. Then the last point is that we are more of an operational character. We have changed the calculation model for ARR to better represent Visup. It was a bit like Commerce Cloud and our business model now really delivers on it. We will dive in a little more on the next page when we jump into the financial keys a little deeper. So this is the new ARR model. The stacks are historically adjusted according to the new model. We have had a model earlier where our fixed operating system looked 12 months forward, while our moving operating system looked 12 months backwards. We also had a change coefficient, so it was compared with the corresponding period of previous reporting. Och så tog man det som ett delta och adderade till rörliga intäkten 12 mål bakåt i tiden. Så som ni hör så var det här ganska komplicerat och det som är primärt lite stökigt med det är att man tittar framåt på det ena intäktslaget medan man tittar bakåt på det andra intäktslaget. And this is not something that is taken for granted by companies like us. So to make it more comparable, for the great reason that we want to change to this, we have chosen to take a model where we look at our repetitive revenues, both the moving and the fixed 12-month back in time. It is the most representative for the business model we have in Lithium Commerce Cloud, which builds more and more on moving revenues, more and more an automated upsell in it due to the paper performance for customers, so that the moving part of the interest rate will increase. And this is the usual way. A social company, there is no defined standard in this. But either you just take your fixed income and look forward, it's a normal 12 months. Or you look back and then you take something like we do now, the whole 12-month period, which is actually annual recurring revenue, so it's the most actual amount you can have. Or you take the last quarter, take it once in four, or the last month once in 12, so that you get a normalized whole year. In any case, we have switched to looking 12 months back in time, which we think best represents the Leeds Commerce Cloud business model as it looks now and becomes more comparable to other SaaS companies, which we think is an advantage. And ARR, according to the new model, was up at 71.1, quite a nice growth there as well, 10% growth year over year compared to earlier. And then there is a historically adjusted number then. So good here as well. Let's look at revenue and gross marginals. The blue stack represents revenue in kronor and the green dots in the middle are gross margin. Revenue was 15% up, so it was a strong quarter. 100% recurring is also a strength. If you look at other SaaS companies, many have either consulting or different types of services, packaged or on top of their revenue, but we are completely clean. We are like pure, pure sauce, so we are only products and only recurring revenue. In the mix of income, 85% were fixed income and 50% were movable income. We estimate that the movable income will increase as we move forward. When we move forward over time, the mix of this will change and the movable income will grow and take a greater share of the mix. Thank you very much. 3-4 points, up to 73-74% from the normal 70% range if you look at the yearly basis. So that is something we of course follow and will talk more about. That is where we aim. Lönsamhet, OPEX, kostnadse på de blå staplarna och de gröna prickarna är marginal. Q1 2023 till vänster och Q1 2024 till höger. Här som jag redan nämnde vid High License så har vi flattat ut kostnadsmassan i stort sett den samma i det här kvartalet som det var förr. Så det här är ju effekten av av de effektivisering vi gjorde primärt under förra året och där vi trimmade till verksamheten och gjorde den ännu mer skalbar men det är något vi har jobbat med eller jobbat med kontinuerligt precis som man bör göra i vilken business som helst men vi är väldigt fokuserade vid att göra vår affär så skalbar som vi någonsin kan så det är klart att det är en styrka att kunna hålla kostnadsmassan It's mostly flat, while increasing your growth by 15%. And that's the kind of profile we want to have when we move forward. And something we're actively working on to achieve. And we're doing pretty well right now. EBT-marginalet som jag nämnde, den är ju ganska bra från förra året, 22% nu. Vi siktar definitivt högre här och tror att vi kan nå det också. I absoluta tal så var EBT förbättrat till mer 2,8 miljoner till strax under nollsträcket, minus 0,3. Bra steg mot årsmålet att vara positiv på EBT-nivå. The difference between EBITDA and EBIT is that in our world there are product investments. And here we see how they have moved from last year to this year. So we are largely on the same level here as well. It is somewhat down 10% in the quarter. But it is something we continue to invest in our product, our platform. It is something that is incredibly important for us in the long run. Vi har stora ambitioner och det kräver produktinvesteringar för att vi ska nå dem. Den här nivån vi har nått till nu är bra, men vi siktar definitivt långt mycket högre och vill bli ett bra, mycket större bolag än vi är idag. Så produktinvesteringar är klart viktigt för oss. Det som också är viktigt är givetvis vår ställning finansiellt. Kassan som jag nämnde vid Highlights, So we have almost laid flat in the cash register from the start of the quarter to the end of the quarter this year, which is according to plan and good, of course. So the combination of that we are very close to profitability at the EBIT level in Q1 and that we had a strong cash register when we started makes us have a very stable platform to be in. att driva från framåt. Så vi är självfinansierade och vi har tillräckligt mycket resurser för att investera i det vi tror på, de bett vi vill ta och den tillväxt vi vill investera i. Så det känns ju väldigt bra. So, that was the highlights about Q1. If you have any questions, I can pick them up in the Q&A. But before we go into the Q&A, I just wanted to take a little glance forward here. If we start with resistance power in the business, we have four main points there. is that our business model makes us very resistant to all types of turbulence in the economy. SAS model and 100% of our revenues are repetitive. So it's a strength and stability. We do high stickiness in our product. When the customer... We have a lot of functionality out of the box, but if you have customized it to your exact needs and are satisfied with how it performs, there is no reason to change as long as you are satisfied with it. You are invested in both what you have built and what you have invested in monetarily. It adds to the stakes, but that's mainly customer satisfaction, that you are satisfied with the value you want to have, or even more, that's the most important thing. And we have a very low turnover, if you look historically. We have a very strong position and a good product market fit and good traction, a good fix in the B2B market, and the B2B market has been less affected by the macro situation in general, and there is also a digital transformation has been going on for a long time in both B2C and B2B, but the trend is a little stronger now through B2B. There are more companies that are looking at their go-to-market, how to make it more efficient, how to digitalize their relationship sales, while on the B2C side, they have both come longer and have struggled with a few other business challenges in recent years, which is that you might have to wait a little with that type of investment until you get out of this, like, konjunkturen, vilket vi är på väg ut i nu, så det kan nog bli mer fart i B2C också. Men B2B, att vi är starka där har ju varit en stabiliserande faktor för oss i businessen. The cash flow was positive in Q4, we had a stable cash flow throughout Q1. We have a strong trend on EBITDA, it was 50.8 kronor today. We improved EBITDA quite a lot as well. And as a goal, just because we stuck to that direction to all out there who are watching us, that it is clear that we Here we don't have any new emissions or any other type of progress, but we are self-financed with an increase. We own our own property and that is something that we see as a very big strength and something we want to use in the future to grow further, of course. So a solid platform is quite financial to grow further from. So good stability in the business. If we look at growth opportunities and things that make us scale or become more profitable, then we have Lithium Commerce Cloud, our platform, our product. It's top-modern, it's completely refactored, it's all functionality in the architecture. i den. Den är modellär som den alltid varit. Den levererar snabbhet och flexibilitet till våra kunder så att du kan både komma ut snabbt på marknaden men komma också ut på marknaden på en väldigt hög nivå och du kan anpassa dig till avancerade tech stacks och varor du har byggt där tidigare så kan du använda flexibiliteten till att anpassa till dina exakta affärsbehov om du så önskar men du kan också använda den mycket som den är och komma ut på en väldigt hög nivå. Själva värdebjudandeprodukten i sig, den ger ju både möjlighet att öka värde, mer försäljning för våra kunder samtidigt som du kan effektivisera dina interna processer och så vidare. Så du kan ju både tjäna mer pengar och spara pengar eller båda samtidigt som de flesta gör. Oavsett vilken konjunktur man är i så finns det någonting som vårt värdebjudande levererar till våra kunder. Vi har släppt en del ny teknologi senaste tiden, det gör vi ju hela tiden, men det här var lite mer av milstenar. Någonting som kallas serverless technology, som gör att vi kan drifta alla våra kundmiljöer betydligt effektivare och mer dynamiskt för våra kunder, så det finns fina värden för oss alla. Och som en effekt av det här så har vi också kunnat släppa ut den nya AppCloud-dåren som är ett nytt modellärt sätt att plocka på tredjeparttjänster till sin Lithium-plattform. Det här låter ju också, det öppnar också upp en ny intäktsström som vi tror kan addera fint med intäkter till oss över tid. Så det jobbar för att förbättra lönsamheten från båda håll, både genom att sänka kostnader och öka effektiviteten, men även att addera nya intäkter till oss. Our business is built to grow with customers and as the market turns and our customers start to sell more, it will generate more revenue for us. That's how we are linear, so we have exactly the same goals. If it goes well for our customers, it will go well for us as well. So this is something the business model is designed for, to work exactly so that we don't have to deal with, for example, manual app sales and so on, but it happens automatically in the sense that customers sell more and use more of the platform's performance, for example. And the last point, B2B again. We really have a great opportunity in B2B. We are already strong there. We have a strong position. We have a great project market fit. We have a lot of out-of-the-box that B2B customers typically need to sell and digitalize their relations sales and customer service. The market is big, very big. And this underlying digital transformation of go-to-market models, it has been a bit hidden by connections and so on. Men den har varit starkare i tiden och blivit ännu starkare nu och när återigen då investeringsviljan är tillbaka hos alla aktörer men primärt hos P2B så är det klart att det är en jättefin position att ha en stor möjlighet för oss att växa vidare. So, then I'm through all the way here. So, just a few takeaways. If you just look at this, remember this about lithium and Q1. You usually say, proof is in the pudding. And this is our pudding right now, our ingredients. And they are, in and of themselves, quite attractive. But together, they become very appetizing dishes. But we have a slow growth. We have a growth of 15% in turnover, together with a movement margin of... på 22% och båda är starkt förbättrade sen förra kvartalet, eller år över år då. Återigen, 100% av våra intäkter är repetitiva, återkommande, vi är rena i vår intäktsmassa. Marknaden vänder uppåt, så att summa summarum av det här så är vi väldigt väl positionerade för att fortsätta att växa, och växa lönsamt framöver. Så, frågor?

Yes, that's right. A lot has come in, and a lot of these you have been talking about, but that's not wrong with a little repetition. But a lot of questions about the investment video from the customer's point of view, and a comment like, how do you see that the investment appetite from the customer's point of view has changed in Q1 compared to Q3, Q4 2023?

With Q3 and Q4, these changes are gradual, but there are definitely positive outcomes now. There are more business opportunities, faster processes, there is more movement out there. We see in our own research that the attitude to invest and what you believe in your own business is important as the basis for investing in It was a type of product. It has definitely increased. And this is what you notice very much on the B2B side. But also, B2C, even if it doesn't happen so much in concrete... The business situation is not very different there from Q3-Q4, but it's a different tone when you start looking at doing things in a different way than the phase you've been through. So, up, I would say, investment-wise.

Är ni nöjda med den befintliga kostnadsmassan eller ser ni att ni kan göra något annorlunda framåt?

Yes, what you put in is satisfied, but the cost now in the phase we are in, we are satisfied with it. It feels like it fits what we want to do now, what the ambition was, what we want to invest in. We have the resources to do it at that cost level. We were never done with a lot of costs, it depends on what we do in business, of course, and we work with continuity, we have always done and will always do. Så den kommer anpassas garanterat när vi går framåt beroende på vad vi både vill investera i för att bygga tillväxt men att göra så effektivt skalbart som möjligt om det står i överspagandan hela tiden.

Yes, kan du säga något om hur AppCloud har mottagits hos era befintliga kunder och hur lång tid skulle det kunna ta för den breda kundmassan att anamma AppCloud?

I have several questions. This is a new product, a new offer that we have put out on the market. But just as I think I mentioned before, those who were first out here are a link who have an AI text rendering service that is very advanced and good and fits our customers. We had 150 people who were on that webinar. There is a kind of power in this to be able to make that kind of attractive new services, new smarter ways of doing things in a simple way. So that you don't have to build, make integrations between systems and so on. It is clear that the project risk is zero. The cost is zero to do that. So of course it's attractive and well received. There's a lot of interest in the App Cloud as a business model. It's like a marketplace. You shouldn't use big words, but if you want a referendum, think about the Apple App Store. It's of course a completely different level, but it's the same idea behind it, to quickly add different types of applications for our customers to add to the Lithium platform. So we believe in that a lot, but we'll see how it develops. I don't want to leave any forecasts out there, but we really believe in it.

You mentioned in the report that you have an ambition to present more SAS keywords in the future. Could you give us a little insight into what kind of measure you are considering to present?

That's what we want to do, and we've had that ambition for a long time. Now ARR is the king of copies among SaaS companies, how many repetitive revenues you have and create and how they grow and so on. But there's a bunch of different good SaaS metrics. We follow all of them internally. Primärt är det ju att lyfta ut publikt härnäst, det är väl det som blir närmast i hans steg, det som kallas NRR, Net Revenue Retention, vilket vi tycker är ett väldigt elegant kopi, för det fångar ju både hur väl kundpopulationen expanderar och kör, hur befintlig kundpopulationen helt enkelt utvecklas intäktsmässigt. Så det är väl det som blir närmast i hans steg, men jag kan inte tidigt sanera, men det är nog det man kommer att se först.

Lite repetition, men vad är den viktigaste förändringen i beräkningsmodellen för ARR?

Det viktigaste, vi nu tittar tolv månader bakåt både på rörligt och fasta intäkter. Tidigare kollade vi tolv månader framåt på fasta och tolv månader bakåt på rörligt, vilket blir lite rörigt. Det blir som en mixad modell, så nu blir det mycket mer rent och jämförbart, tycker vi.

When you reach a positive EBIT, how do you want to drive the company from that point? Do you want to continue investing in sales and organization, or do you think the revenues will grow faster than the costs in the long run?

Yes, I think the revenues will grow faster than the costs. This will be more of a choice, how much we want to invest in growth. That's the quick answer. We definitely have an ambition to grow the company. For heaven's sake, yes. But we definitely want to become a global player and a big company. We are here to build a value machine in Lithium that creates value for our customers, for our partners, for ourselves, of course, and therefore for our shareholders. That's the ambition, to create a win-win-win scenario, where everyone wins. And then it will be really big. It's mostly the same, spontaneously, that we continue to invest in growth until we reach a high level, so we can create a big value machine. We could have slowed down on the current level as well, but then it will be absolute numbers, not huge amounts of money. And then we will create a lot of value for our customers.

En fråga kring ebitda och ebit. Skillnaden mellan ebitda och ebit är produktinvesteringar. Inkluderar produktinvestering egen utveckling och inköp?

Egen utveckling, ja. Och inköp, produktutveckling också, om det var det som avsågs med inköp. Så det är alla produktutvecklingskostnader, interna och externa.

And how do you decide how much is invested in product investments? Is it adjusted to be on a positive EBIT or how do you think?

You can do that, of course. But we think that we invest in what we believe in and where we have resources to invest in. ramarna kring det såklart. Men båda sakerna är viktiga så det finns inget svart och vitt svar där. För oss är det viktigt att vara självfinansierade i tillväxten så vi får anpassa oss lite grann efter det. Men vi bygger det vi vill och det vi tror på. Vi är på den nivån.

Kommer ni att öka era aktiveringar, CAPEX, framåt eller förväntar ni er att investera runt 21 miljoner SEK per år?

It's the same answer as the previous question. It depends on what we want to invest in.

Would you be able to talk a little bit about how the new sales look like in the future?

We had a whole lot of new customers. I can mention a few that I have been public with. We have, for example, Soli Elgrosystems, which is very fast growing. You can hear on the name what they are working on there. We had 8848 Altitude, which is super cool. Jag tycker i alla fall skyddemodemärke och lite streetstyle och sådär. Vi hade Agroland som heter ibland Männen i Danmark som är så här som nykund. Du kanske kom på någon till nu. Lex Automotive, they are super famous. Jelins i Gnosjö, de är ett härligt anrikt bolag. Det gillar vi. Det märktes av som vi påpekar i rapporten att optimismen och investeringsviljan återvänder. Det ser man också att det är där högre affärsaktivitet upplever vi. Det ser ut att hålla i sig.

Final question then. What do you think are the main factors behind the strong quarter?

Oh, there are many things, but it's primarily the team. Lithium and our wonderful employees, we who do the same as our solution partners out there. That's what's the root of it all. If you look at it financially, you want to give a simple answer. It's because the turnover grows faster than the cost. Like I said, it's this value machine that we're looking for to build as a scale for all of us, which is good for the customers, which is good for the partners, which is good for Lithium and us as shareholders. If you manage to get a win in all of the boxes, then you have something that is really, really strong. That's what we've done, that's what we've tasted, and that's what we're going to continue to do from now on. Tackar. Då var vi igenom. Dyker det upp frågor i efterhand eller om ni kollar på streamen så skicka gärna en fråga i någon av de här kanalerna till iratlicium.com eller eller till att kolla in våra investerarkanaler på litium.com eller litiumbyggt.se. Följ oss gärna på LinkedIn, där vill man ha mer koll på vad som händer i operativt business, nya kunder, kunder som går live, andra spännande saker som händer i bolaget, så är det bra att vara chockad på vår LinkedIn-kanal, för där kommer det mesta ut då. Med det sagt, så tack för att ni har lyssnat, och så ses vi väl kanske nästa gång, hoppas jag.