Welcome to today's sit down with the Swedish casino game developer Fantasma Games. With me, I have the company's Acting CEO, Jacob Sachs. Welcome, Jacob, to start with. Thank you, Jonathan. First of all, congratulations to a strong report for 2021. You grew your revenues by 35% or so. Is that right? Yes. That's correct. Yeah. Yeah. Now we will dig into what's driving these growth numbers a bit later. First of all, can you just for those who don't know too much about Fantasma, can you just briefly explain the company and your business model? Of course. Fantasma has its roots in Sweden, and we act as a supplier of games to the global casino market online. We have a business that builds on efficient production, leading to short payback times for the games, as well as strong relationships to our clients, which creates new possibilities for us at all times, and we use existing infrastructure to reach the market. You're a listed company. For how long have you been listed? We actually filed for the IPO, a year ago, more or less, March 2021, so almost a year now. Yeah. If you were to describe your product range, your range of games, what are the most significant revenue generators at this point? The games that we do is mainly slots today. Our slots are unique in that sense that we get inspired by the traditional sort of computer or TV games industry which makes, again, the games unique but also fun to play. In our opinion, you know, the games have the same prerequisites of being successful games as any other titles which are produced by other competitors. That then in combination with our relatively low production costs means that we have a shorter, as I said, payback time for the investment— Mm. —and that appens when you create the games. What's your growth strategy here? Because you're expanding quite quickly now into new markets. What is the plan behind the growth strategy? It builds on a couple of different pillars. Obviously we're constantly refining our product portfolio, making it better every time we release a new game. Also of course, meaning where every time we release a game, we also have more games. Since these games tend to live for a long period, every time we add a new game, that means more revenue to Fantasma, t hat in combination with new markets, new geographical markets opening up. So not only like Italy, Spain, Greece in Europe, but also of course the gigantic North American market, ma inly U.S., but also Canada, that is now opening up more and more, is a vital part of that strategy. That in combination with, again, our strong relationships to operators and a few well-selected acquisitions that will sort of enhance our business, that's the way we're gonna grow now and also in the future. Can you mention some of the operators that you work with? Because you've added quite a few in the last year. We've had a very strong European presence, and primarily perhaps Nordic. We worked, you know, very closely to Swedish operators such as Kindred, LeoVegas, Svenska Spel, et cetera. Now lately we have added a few big U.K. primarily players like Paddy Power and Entain and Gamesys. They're all very big in U.K., but they also of course have revenue or business elsewhere. Now that we're entering the North American market, there are obviously operators on that scene which are huge, 'cause they're not that many yet, and that we already have established good connections to. That is the sort of next step for Fantasma. You've also teamed up with some social gaming platforms. Is that unique for the way you create games and well distribute them onwards? Well, that collaboration in itself is unique, 'cause we're the first supplier on that platform. I wouldn't say that, you know, having streamers involved in the production of games is not unique to us perhaps. The way we market the games through that collaboration is unique, and it's something that we're now trying out. As again, this streamer world is becoming more and more important part of not only the product, but also the marketing. That's why we're sort of enhancing that a little bit more. You said in the report that you will be launching a record number of games first half of this year, 2022. What makes, well, the increased number of games? What's behind that? Well, first of all, the fact that we last year established or refined or strengthened, I would say, the organization. We added a couple of people to the team, among them, Trevor Ko, that used to work at NetEnt, Evolution and has multiple years of experience from the industry that now leads the product in the title of CPO, b ut also some other members. That in combination with the fact that, you know, we've been doing this now for quite a while and we understand more and more every time we create a game. We have more knowledge than we had the last time. Every time we create a game, it's actually better than its predecessors. Yeah. In terms of your financial goals, what have you set going forward for the company as such in terms of revenues and growth? The long-term plan that we have and the goals that we have again, it builds on the strategy that I talked about earlier about obviously growing the business through new markets and with new more and more products, et cetera, et cetera. That will hopefully lead to that we at the end of next year will have 250 quality operators in our network. We also expect to have a 30% sort of growth rate year-on-year. That half of the games that we produce should be profitable within 180 days from launch. All of those things combined will lead to a 50% EBITDA margin and a positive cashflow before the end of 2023. What would you say are the biggest challenges, given that you're growing this quickly? What are the difficulties in entering new markets and expanding as quickly as you do? Well, one thing is for sure, obviously, you know, generating or establishing these relationships with operators, 'cause it's really important to the business that we have tight understanding and relations with the operators. 'Cause it is what makes difference when, in terms of exposure, you know, how much they push the games, whether they take up a part of our portfolio or just, you know, single games. The relationships that we build continuously and that are improving daily, I would say, is definitely, you know, a challenge of course, 'cause it's not only us that wants to market and sell our games, so that's it. It's a fierce competition. That is one part. The second part I think is, again, related to the product itself, how to build a product, you know, what kind of product is the market asking for? That's why, you know, constantly listening to clients, and talking to streamers, et cetera, that are playing games daily, becomes also very important to us. Is regulation a thing here? Because I guess that for the U.S. market at least, there are state-specific regulations that you need to take into account. Regulations are there. That's, you know, a normal part of our life, so to speak. We actually see regulations as something positive generally, because normally it means that markets actually open up and that it creates a room and a space for, I would say, more serious players to actually fill that, you know, gap, where perhaps other players that were perhaps acting, you know, without the license, et cetera, before. To us, regulations is something positive, and what we see now is that more and more markets are regulating locally and opening up for suppliers and operators within our industry. Can you say anything about the pipeline of new games that you have, well, coming? Yeah. What I can say is what you mentioned before, that we're planning to launch more games this first half in 2022 than ever before. Again, we're ramping up the production speed. But not only that, we're also expecting sort of more stable and predictable returns from the games that we're now producing, 'cause we're focusing more on the fundamental parts of the game, which we know or have seen at least worked in the past. We have good hopes that these games will deliver even higher results than the games that we had in the past. If I ask you to become a bit more visionary, where do you see Fantasma Games in, say, five years' time? Since we started the company, we've always had a plan to, you know, fight with the top-tier suppliers. We wanna become one of the bigger suppliers in the industry. I think in five years, we will be well on track towards that goal. We will have probably a setup of a different, you know, a couple of acquisitions that we made throughout the years that have added to Fantasma's growth and success. Hopefully, you know, having this, you know, truly global presence, not only a organization, but also with where, you know, people play our games and where which markets we enter as well. Final question. What do you think makes Fantasma a good investment? First of all, I would definitely point out the fact that we're still very early stage. I mean, we're just in the beginning of our growth path. The effects of the you know very heavy work that we've done for a couple of years now, it's all ahead of us. You know, I say a couple of reasons why I think it could be worth looking into investing into Fantasma. One thing is for sure, what I talked about earlier, the very cost-efficient production apparatus that we have with a unique portfolio that all the time is you know growing and with more and better titles. I would say secondly also that the fact that we are you know. We are acting on a market that is in high growth. Global online gaming is around 12% today, and is expected to grow up to 50%. Thirdly, we will launch our games on you know huge markets such as Italy, which is the second-biggest market in Europe, for instance, Spain and North America. Of course, that will contribute a lot to our revenue. In addition, we continuously work to strengthen the bonds to operators on existing markets as well. I would say all of that combined is what makes Fantasma an attractive investment. Jacob, thank you very much for your time today, and good luck on your growth journey. Thank you, Jonathan. Thank you for having me.