Hello, and welcome to this Q3 presentation and Q&A with MapsPeople. With us today, we have the CEO, Morten Brøgger, and CFO, Christian Læsø. First, there will be a presentation, and afterwards, a Q&A with the management team. There have already been pre-submitted questions on Stokk.io, and the Q&A is still open so that you can submit questions live as well. I will now hand over the mic to Morten and Christian to start the presentation. Morten and Christian, your lines are now open. Perfect. Thank you so much, Anders. Let's go through Q3. Here are some of the core numbers in Q3. The first one is comparing to last year and how it was from 2022- 2023, and the second line is really how it was quarter over quarter compared to last quarter. Now, I think I want to focus on the bottom line on this one, the performance in Q3 versus last quarter. Those of you who follow us know that Q3 is always our weakest quarter, mainly because customers, end customers, employees, everyone is on vacation, and that means we also never have a lot of contracts to renew and upsell on in this quarter. That being said, Q3 was somewhat weaker than what we had anticipated and hoped for, and this is why you see some of these numbers. You'll see our growth in ARR was only 1% in Q3 over Q2. I think the growth underlying from the sales activity was actually somewhat higher. I'll elaborate a little bit more on that in the next slides. But we actually grew not just DKK 500,000. We actually sold new contracts for around DKK 2.6 million. But we had some churn. And we also had what we call some extraordinary planned churn, which mainly stems from some of the older framework agreements that we forced through to invoicing and usage last year that we knew were not renewing this year. So this took it up DKK 2.6 million and down DKK 2.1 million. So the underlying growth was actually stronger just below the surface here, right? We do not have any additional of this planned reduction or churn in our books going forward. That has all been settled at this point in time. When we look at our main growth part, which is MapsIndoors, that grew somewhat more, like 4%. And you can also see that that has grown quite nicely over the period of time. Recognized revenue grew 2%. Clearly, that comes if you don't grow your ARR a lot, then the recognized revenue will also not grow. EBITDA was pretty good. It was a DKK 1.8 million improvement in EBITDA over last quarter, so 21% improvement. And it was now at minus 6.4, which is a good improvement compared to the last quarter. Christian will elaborate that in his later presentation. Just a couple of highlights here for Q3, because even though I said it was vacation quarter, I felt we were very busy. We did complete the capital increase that we started over summer and ran through that. It was completed in September, so late in the quarter, which we are super happy about. That is helping us with a lot of stuff going forward as well. As I said before, the ARR booking just below the surface is a little bit better than it looked like on the top line. We did close new business of 2.6, but around two, a little bit more than two of this basically went away again because we had this planned customer reductions here, right? Recognized revenue is 38% higher than the same quarter last year and 2% better than the previous quarter. The MapsIndoors, as I mentioned, has grown 79% year to date compared to the same period last year. Where our growth is coming from is still working very nice. EBITDA, as we said, we have halved our deficit on the EBITDA level compared to the same period in 2023. You will see that we keep improving it quarter over quarter. A couple of our key numbers. Q3 was also extraordinarily weak on the net revenue retention rate. That is linked to what we just said before with these anticipated planned customer reductions that we had. If we basically normalize for that, it would be around 106%, not 101%, that we're reporting, which is accurate like for like, but we're just explaining a good chunk of that. It is still our clear target and objective that our net revenue retention rate is going to be and get back to 110% or higher. We feel very comfortable with the type of customers we have that will get back to that level. Another key metric for us is our customer acquisition payback period, meaning how long does it take us to pay back the money we invest in getting a new customer contract. Clearly, that went up again. These are rolling 12-month numbers. And you see it went from 15- 16 months. That is because we had a low sales quarter in Q3. So that's normal. It's still within the range. We want it to be at 12 - 18 months. And yes, everyone who thinks 12 months is much better than 18 months, both Christian and I agree. And we do expect to see that going in the right direction again. We did also say that part of the capital raise was to be spent on reinvesting a little bit in our demand generation, our sales organization, because we felt that we may have over-reduced that spend. And we were suffering a little bit on generating enough pipeline and closing this one. And we have started doing that as well in Q3. And the good news is that we start seeing the positive impact on our pipeline. The main issue is that it takes us somewhere between six and 12 months to close a new smart building partner. So the increasing pipeline is something that fundamentally will not help us grow until 2025. These things led us to give an updated guidance for 2024. So let me just go through this in the headlines here. We reduced our annual recurring revenue guidance from 72-80 to 59-63. It's still corresponding to a growth in the range of 14%-21%. We actually keep our revenue guidance unchanged at 58-63. We'll explain some of that on the next couple of slides. And we have also reduced our EBITDA guidance from negative between minus 20 and minus 25 to now minus 26 to minus 30 in this. Some of that is because of the later reduction in the annual recurring revenue. And some of that is to cost. Let me try and walk you through this. We have, as we said, a lower than expected ARR intake in Q3. And thereby, we decided to reduce our guidance to between 59 and 63. The planned productivity increases in demand generation sales after we reduced the cost made us struggle a little bit in this dimension. And as we mentioned last quarter, when we raised the money, we are investing a bit now to basically build out our sales pipeline. And it is growing again. This year is, again, like in all likelihood, these new opportunities in our pipeline will not close until 2025. Despite the fact that we managed to actually close the first little tuck-in acquisition with Point Consulting, Christian will speak about that. We do not expect any other M&A-related impacts on ARR in the remainder of 2024. You should also just note that on the revenue side, the reason why we can keep the revenue guidance unchanged is that we have in the year-to-date revenue, we have included some realized one-off payments from customers or former customers around DKK 2 million. So these will not be recurring. They are accounting and revenue, but they are not in the ARR. To EBITDA, clearly, when we are reducing our guidance on EBITDA, that is going to be a little bit worse than we guided. But we are keeping revenue. The difference can only be in cost. That is true. We, as mentioned a couple of, in the second half of this year, we will have additional spend in sales and marketing of DKK 1.5 million. We will actually also have an increase in our cost of sales compared to what we planned related to our 3D high-definition indoor mapping platform that we are rolling out and upgrading our customers to faster than anticipated, and that will negatively impact our cost of goods sold with DKK 1.2 million. It should be said that our gross margin for this is still in the high 80s%, so it's still good, and we actually think this is a good idea because we can see that the partners we have, which run on our new high-definition 3D platforms, they grow higher, and their end customers are more loyal and stay with them for longer. This will have a positive impact on our churn and our net revenue retention in 2025. And it should say H2 and that Q2 on that line. So it's the second half of Q2 of 2024. And the third part is that, again, to some of these old agreements, we actually also had to write off some losses where we no longer can expect these payments. And that is basically impacting this line with DKK 2 million as well. This still means that the EBITDA guidance is an improvement compared to last year with more than 50%. So we have more than reduced the deficit to less than half of what it was last year. Christian will elaborate a little bit about this and the trends in the next part of the presentation. Super. Thanks, Morten. I'll take it over from here. Let's dig into the Q3 financials, but first, I just want to note that these are actually the best quarterly results or numbers we've submitted since the IPO in 2021 or Q3 2021 was the first quarter we reported. It's the highest revenue recorded, and it's the best EBITDA. While negative, it's still the best number we have delivered on, so the Q3 numbers show the same improvements and revenue as we've seen in the previous quarters. We end at DKK 14 million, just shy of DKK 15 million in revenue compared to DKK 10.7 million last same quarter last year. That's a 38% growth, which is quite nice. As Morten also alluded to, the underlying MapsIndoors revenue stream is actually 79% up year to date compared to the same period year to date last year. Then included in the year-to-date numbers of DKK 43 million in revenue are the DKK 2 million in one-off, whereof DKK 750,000 is in Q3, in the Q3 2024 number. If we go one line down and look at the cost of sales, this is where we booked the cost of sales and the change of one of the reasons for the change of guidance of EBITDA. Before we analyze what the numbers and compare to Q3 last year, just note that the Q3 number last year was understated as cost of sales was not reported in Q3. It was reported in Q4 and thereby caught up there. When we are looking at the Q3 numbers, 2023, comparing, there should probably have been a million more in cost in the comparison figure and not this fairly big deviation year over year. Staff cost is well below last year, 25% lower than last year, and we can now say that the full effect of all of the restructuring and cost savings that were done in 2023 and early 2024 are now fully implemented and included. We have a new baseline. Q3 is historically and also this time a quarter with vacation where our staff costs are therefore lower than normal, so we will exceed a staff cost that's going to increase again in Q4 when we have people back on full time, and also the increase in spend that Morten commented on in the sales and marketing teams, but the year-over-year comparison here is correct, so there is a large decrease in staff cost. All in all, EBITDA is here -DKK 6.5 million versus -DKK 12.6 million last year. It should probably have been -DKK 13.7 million or -DKK 8 million last year. So a nice improvement of 50% compared to last year. And that leads me to my favorite slide, this rolling graph, as I call it, showing the last four quarters revenue and EBITDA number. So the last four quarters, we've now recorded DKK 54 million in revenue. If we zoom back in four quarters, we were at DKK 38 million the previous four quarters. So this 38% growth we've spoken about a number of times is also showing here. And there's a fairly nice straight line that hopefully will give us some predictability going forward. The same with the purplish line. I can see I was not that lucky with my selection of colors here. EBITDA bottomed out in Q2 2023 with -DKK 66 million. Compared to Q3 2023, it was DKK 63 million in loss. Now, when we're looking at Q3 2024, we're at DKK 37 million in loss. And fairly, again, a line that's trending upwards towards our guidance range that we just updated. So with that, let's look a little at Point or give a few words to the M&A. We've closed. So when we raised the capital increase that we closed in September, one of the reasons for doing the capital increase was to get some funds for doing these M&A tuck-in investments, as we call them internally. And we did our first one signed on October 23rd with Point Consulting, buying their indoor mapping customers and their technology, right to use their technology. So the plan here is to take what we are going to do or started doing is to take their customers and move them over to our MapsIndoors platform. So it's an asset deal only where we don't take over the full business. They have a nice consulting business on the side. And we don't take over any employees. So we simply take over the customers and the right to use their technology. That brings in, well, we thought we were buying 2.1 million, but they signed even more customers. So it actually ended up being 2.4 million in ARR that we were able to announce yesterday that we closed the deal yesterday. And these ARR numbers translate into a very nice EBITDA margin as it's simply just tucking it into our existing setup. So an EBITDA margin of 75%. Point Consulting is going to continue being a partner and have signed a reseller agreement. So they will be selling our MapsIndoors platform going forward. And we look very much forward to that and not just them bringing in new agreements for us, but also upselling to the customer base that we have bought, which the increase in ARR from 2.1 to 2.4 already shows is possible. I think we got a few more airports in that number. Yeah. So we paid what corresponds to 3.8 x ARR for the business. And with the 75% EBITDA margin, we're happy about that with also the vibrant customer base. So I think that's where we give room for questions. Perfect. Thank you, Morten and Christian for the presentation. Let's move directly into the questions here and start with the first question, which is also around the M&A. The question is regarding Point Consulting. As I understand it, you're not buying the company but just contracts and technology. Can you explain the acquisition and also how you can add 75% in EBITDA margin? Can this acquisition be duplicated in the future? Meaning, can you handle acquiring more contracts without adding more employees? How scalable is the model at the moment? Yeah. Good, complicated question with a couple of layers, right? So this is the good part about this tuck-in acquisition, right? It's like Point Consulting, which we bought these assets for, they're like a consulting company that consults a lot of companies around this one. And they kind of developed this product for airports, but it's not the core of the business. And they agree with us, like investing in these new technologies, 3D, high definition, and a lot of other things is requiring a lot of attention, efforts, and capital, right? So we could agree that we actually bought the customer contracts and the right to use the technology because the major of their business is something else. And that means that we didn't have to take the full cost of a full company over. So this clearly allowed us to deliver higher cost synergies from day one. You could say it like that, which is nice, and the dialogue with these customers is ongoing, and they will migrate into the MapsIndoors platform, which is extremely scalable, and we have the capacity to bring these customers on and run and operate them within the current cost. Now, clearly, this is not indefinite scalable capacity, right? It's not like over the time as we scale, we will have to add more cost into our organization to manage and handle additional customers, but it scales very, very well because we have all these AI-aided map updates and map digitization capabilities, right, so that scales in an extremely nice way in our platform, and this is one of the things where we are differentiated from our customers in a positive way, we believe. It's a good question. Can we make more of them? We probably have the capacity to make more of them, but not all of them are the same, right? So it's hard to predict exactly how the future is. Will there be more where it could be asset deals? Would there be more where it would be a full company that you would need to integrate and then do the same? That we cannot really predict about at this point in time. Perfect. Then there's another question around acquisitions. Acquisitions can be an interesting strategy for listed companies buying companies at a lower multiple outside the public market and increasing margins, etc. Can you explain a bit about what you believe is your secret sauce when it comes to acquisitions? Yeah, I don't know if there's a secret sauce that is related to us, right? What we think is relevant is this is a new market. And there's a lot of development going on in the market. And the requirements to invest in the technology to remain the best in a new market is considerable, right? And you can see that in our cost base, but you can also see that the growth is coming. So if there is a chance to basically add more customers very quickly and utilize the scalability of your financial and delivery model, that's a good idea. And I think I've always said there's two kinds of synergies that make sense when you make acquisition. One of them is better productivity, which is we're doing. So we are buying companies who do the same as we do. And we consolidate the platforms into one and the processes into one so that we can deliver more with less than the combined entity, right? That's the cost synergies. The other kind of synergy is, fundamentally, do you buy a new product you can sell to your existing customer base? These are not the kind of acquisition that we are looking for because growing the customer base and growing the number of buildings that will be mapped is still our main target. And we think it's simply too early to think about that kind of synergy. So we focus on how can we bring more scale and more productivity into the core product, which is indoor maps. I think if there is a secret sauce, it's maybe the word tuck-in investment. I don't think anyone ever used that before. Perfect. Then there's a question here. I think you have already addressed some of it, but I will read it anyway. It seems like a quite steep downgrade on ARR, looking at the fact that we only have 1.5 months left of 2024. Can you explain this sharp downgrade? Yeah, I think we did explain some of that stuff. And it's where we are, right? We're at a point where we will not get more help to reach the original guidance from additional M&A activities this year. So there's no reason to kind of hope for it when you know it's not going to happen. And yes, our sales was below. I think we addressed it last quarter. We are working on this. The issue is, again, the deal cycle for us, like getting a new lead to closing it between six and 12 months. It's a complicated sales for like a smart building application to replace the mapping platform. And this is something that we work on every single day to kind of make that decision easier for these core customers. So that means that even though we have said we have seen positive results in our pipeline, it's not something that will benefit this year. It will benefit next year. Then to the comment, the range starts pretty close to where we are right now. I can probably only iterate on that and saying that we feel very comfortable we will reach that range. Your EBITDA is developing in the right direction, but still quite a high negative margin. Do you expect to see a quarter of positive EBITDA margin in 2025? It's too early for us to comment because we haven't sent out guidance for 2025, but rest assured, as Christian said, we want to see improvements on our EBITDA every quarter going forward, not just until we reach zero, but also after the zero. That line should continue going up, but saying that, we feel that we've done almost everything we can optimizing cost. This gentleman sitting next to me is actually really good at managing our cost. So yes, he will keep fine-tuning it, but it's not the cost that fundamentally is going to drive a lot of the EBITDA improvement going forward. It has to come from growth, which is why, as I said, we're not happy with the growth results for Q3. They will be better in Q4, and we have invested more, and we start seeing pipelines so that we can grow faster next year. So it is really about closing more contracts, getting our partners to grow the engagement they already have with us by being successful in the market and putting that new ARR into revenue. And that will then improve on the EBITDA. That is really our focus now. It has been a big effort to reduce the cost base over the past 12 months with the extent that we've done. We will say that it has clearly required quite a bit of focus. And clearly, you make assumptions like on how much can you increase the productivity or performance, where we also overestimated ourselves, which is why we added a little bit of sales and marketing resources back into the business during Q3. I hope that answered the question. It's the best I can do at least. Yeah. And then we are at the final question here. Regarding scalability, your staff cost has declined sharply from Q2 to Q3. Staff cost has decreased by DKK 3 million. Have you now reached the level you need? And how much do you believe you can grow revenue before having to increase staff level again? Can you explain the scalability here to help me understand the trajectory over the next 12 months? Yeah, I can do that. I think there's two things here that are super important to understand about our scalability and the nature of our business and the nature of our product. First of all, we have invested a lot in machine learning, AI capabilities, which makes sure that every day we get more efficient on digitizing a new building, right? We need less and less people time to do this. So this means that the same amount of people can do more. And we are working and we continue to work on tools like that that will allow this. This is no longer being like in the very near future, it's not going to be someone drawing buildings and rooms and desks. This will be zeros and ones, right? It's going to be like IT driving all that stuff. We also use the same technology on the flip side because having an indoor map is worth nothing if it's not accurate. This is why we've invested in these AI map update automation so that we very efficiently can update the maps at any given point in time. It's part of our core value proposition, right? And that, again, can be done with a lot less resources. We did some time studies where like 80% of the time we spent on updating an indoor map was used on identifying what has changed since the last time. And we've now launched this map update automation where our AI engine actually detects all the changes for us. And then we just move the rest around. So we just reduced something from like, let's say, eight hours to two hours or eight minutes to two minutes. So this means, again, our staff can handle a lot bigger customer base. So this actually scales extremely well on our internal cost. The other super important thing is our go-to-market strategy, which is really we don't make the application. We are a platform that fits into a smart building application, whether that is for a stadium, a shopping mall, an airport, or in corporate office for employee experiences, right? And when we sell to that partner, they will have like 10, 50, 100 salespeople who will sell their solution. And every time they sell one of their solutions, they will sell one of our maps as part of their solution. So our go-to-market is scaling, which is why this net revenue retention from our core customer type, which is these smart building partners, is going to continue to be very nice. And why we are very comfortable we get it back above the 110% net revenue retention rates again. So these are the two great scalable models that's behind our business. Now, it doesn't mean that we won't have to be more people, right? We need to do this stuff. But it's going to be like a very moderate growth on something like that. Can we grow 30%-50% in our annual recurring revenue with 10% or 15% more resources? Yes, that's more or less in that range when we think about it. Q3 was a vacation quarter. Be a little cautious of using that as a baseline. Yeah. And that was actually all the questions that we got for this webcast. So that finalizes the Q&A. But before we end the webcast, I will just hand over the word if you have any final remarks to end with. No, not really. I think we covered it good. Pipeline is growing. It's going to help us in 2025. We're not pleased with our performance in Q3. We're very focused on it and clearly, as I said, the EBITDA improvement has to come from growth in ARR and growth in revenue, so this is where we are focused now. Perfect. Thank you, everyone, for listening in. And thank you for submitting questions. See you next time.