Q3 2025 Presentation and Q&A

With the current geopolitical situation, we can agree that your system should be a fit for many (more) clients, BTG and BTB. Are you satisfied with the current closings, or would it be relevant to ramp up, aiming for much more in 2026 (with the costs related to this, as well)?

Facing a loss of one (!) specific client, hence the impact on the MRR, could you then elaborate a bit on the (missing) spread of risc? Moreover, could you inform us about increased market and sales activities related to this, if any?

You maintain guidance on System ARR: 26.9M – 30.4M DKK. As of Q3-25, the figure was 22.8M DKK. Can that really be achieved? What will drive progress?

Hvad sker der med salg af landrisk aftaler. Er der nye kontrakter på vej. Syntes ikke at vi hører så meget

Comparing ARR and Invoiced revenue with q3 2024 it looks like the loss of the US client has set you back a little more than a year. Can we expect that it will take a year longer than previously expected to achieve profitability if the contract is not reinstated?

With the slower road to profitability than anticipated and increasing depth do you believe you will be able to keep financing your negative cash flow (before uptake of new financing activities) with new loans or is there a risk of an emission?

Regarding the agreement with NAVTOR will you have to pay a fee to NAVTOR for clients using your service through them and does that mean there is a risk of reduced income to you from existing clients converting from their current direct license agreement with you to a NAVTOR agreement?

Can you elaborate a little on the loss of the US client: Is it connected to the government shutdown, DOGE attempts to reduce prices or something third? Can clients opt out of fixed period contracts without compensation? If the contract is reinstated, do you believe it will be with a discount to the client or with the 20% price increase implemented?

Kommer den aftale med den amerikanske stat, som blev afsluttet 1. Okt. I stand igen.