Good morning, ladies and gentlemen. Welcome to Linkfire's Q3 webcast. Q3 was a strong quarter for us and saw us taking confident and significant steps towards profitability in 2023. Please pay special attention to this disclaimer before we move on, and also a bit of a different type of disclaimer. We're hosting this webcast ourselves this time around, so please bear with us if there are some technical difficulties. We already just experienced a few camera difficulties. Oops. Other way around. Today, we'll be talking about business strategy, market updates. We'll cover some of the highlights in Q3, and of course, we'll go into the financial performance and a further outlook, and we'll finish with a Q&A. Tobias and I will be presenting today, and out on the right-hand side, you should be able to see a small area where you can ask questions, which we'll be addressing at the end of today's webcast. Just recapping a little bit who we are and what Linkfire is. We are a SaaS marketing company operating in the music and entertainment space. We work with a lot of major artists, major labels globally. We work with streaming services, ticketing services, social media platforms on a global scale. We're headquartered in Copenhagen, listed in Sweden, have offices in Copenhagen, New York, and L.A. We have two revenue streams, subscriptions and commissions. Subscriptions are typically attributed to our marketing platform, and commissions are typically derived whenever we drive traffic through our links into some sort of value transaction. It can be a sign-up, a ticket sale, a T-shirt sale, or any of those sorts. We operate in a fast-moving and fast-changing market within social media, digital internet, and so forth, creator space. We can see that there's a lot of interesting trends that are still continuing, despite a market that, you know, or global economy that is seeing, you know, difficulties these days. We see on one end that there's an increasing competition for streaming subscribers among services like Spotify, Apple, Amazon, and so forth. Not just in music, but also entertainment in general, video on demand, podcast, audiobooks as well. We think it's a really good time for a company like us to be operating because we can help drive new users into many of these services, and we see this trend continuing as well. We also see that music or audio entertainment are more and more transcending traditional streaming. We're seeing consumers, the next generation of consumers in particular, are engaging with music and entertainment across not just streaming services, but also social media apps where music is a component in dancing or, you know, or gaming and so forth. We can see that there's more and more engagement happening around music. There's more and more places where they are engaging and discovering music, and so there's more and more places where links and services like Linkfire is needed, basically. The last trend that we're also seeing is continuing is that we as people have a continuously lower attention span in terms of digital services. That means that companies like us need to present simple solutions that works very fast, that works in very flexible ways, that can work across wherever consumers engaged, so they don't need to install or go anywhere. They can simply engage wherever they are, and we can provide value within seconds or milliseconds. We see that not just in Linkfire, but as a general trend, where we're seeing bigger companies choosing smaller services like Linkfire compared to bigger websites and so on. There's really a change where speed, simplicity is really of essence as well. What's our strategic focus going forward, and what has it been here in Q3 as well? We're focusing very hard on breaking even, EBITDA break even, and we have a, you know, commitment or outspoken guidance that we will hit break even in H1 2023. For us, that means that we're focusing diehard on that. We have fewer strategic objectives, fewer initiatives, and we focus only on what we know will have the highest yield and in the fastest amount of time, or in the quickest amount of time. We're also focusing a lot on our SaaS and our platform customers. We can see that that is returning value the fastest. We have some really strong underlying metrics here, so we know that if we focus more energy on that, we'll see a faster return than some other initiatives that we've been working on as well. We launched something called a Bio Link, which is a new version or new link type. I'll cover that a little bit more later in this presentation as well. We know that if we focus on this platform, we will see a quicker and strong yield on that as well. We will continue working on monetizing our traffic, improving our deals, improving our technology. We closed a strong agreement with Amazon here in Q2 that basically speaks into this improving the deals that we have so we can monetize the traffic more. Traffic keeps growing, and if we focus on monetization of that traffic as well, that's a good and winning combination, basically. We're also looking more and more into vertical expansion, both in terms of our platform and traffic. We announced a partnership with Apple Music here in Q3 that sees us moving more across entertainment, in particular spoken word, audio, audiobooks, and so forth. You'll be seeing moves on the platform on the product side, in the next coming quarters where we will expand our product offering into this, and also our client roster will feature more types of customers within these verticals as well. We'll move to some of the business highlights here from Q3, just touching upon the Apple deal as well. First of all, I'm super proud of us as an organization. We keep expanding upon our relationship with some of these biggest big companies in the world, in particular Apple, one of the biggest companies within entertainment, but also hardware and software services. The deal sees us moving closer with Apple across their entertainment offering. For us it's really great that we get that trust and we have that partnership when we are venturing out into some of these adjacent entertainment verticals, and we do that with more confidence now that we have the backing of Apple. What does the backing mean? Obviously, it's a partnership. It means that we will work together on pushing this to market. It means that we will work together on some data, we will work together on some features, work together on some customers as well. That's really exciting for us to see that. Bio Link 2.0, as I mentioned earlier, we're seeing a shift where simplicity is starting to become key. Ease of use, speed is very much a matter. We're actually seeing a transformation from traditional websites into smaller micro sites that basically has a very simple purpose, is to give information to, say, help consumers move into, or fans into, the quickest path into somewhere else. We're seeing a stronger and greater need for that. That's something that we've been doing on the music side for, sending people into tickets and songs for a long time, but we're basically seeing it across other aspects as well. I'll show you an example of it in the next slide. Organization development, again, we've adjusted our organization. We've cut down on cost, and basically focusing now on initiatives that we know will return value faster, and the best yield possible. We think that is good for us as an organization. We think it's good for the value creation of the business, we definitely think that it's the right time to do that, given everything that is happening in the market as well. We've also closed funding and secured our path to profitability, basically. We raised DKK 45 million from some strong capital partners and also some industry partners as well. Quickly touching upon the Bio Link. What is the Bio Link? Essentially, it's a miniature website. Our current links are also miniature websites, or they can be miniature websites, where you then drive into typically streaming or download services and so on. We basically expanded upon that. Now that we can also, we can link into e-commerce, we can link into basically anything that a creator or an artist would like to sell or would like to engage their fans with as well. It's basically an extension, and it allows us to move quicker across more entertainment verticals. These are the things that we will see more evolution on. It's super fast. It's very scalable. It's highly automated as well. That means within a few seconds, you can actually go from clicking a button to having your own micro website. We definitely see a lot of potential. We've seen really good traction in this. All the existing customers and also new customers have, you know, jumped on this already, and it's something that we are expecting quite a lot of in the coming future, also because we're focusing a lot of our efforts on expanding upon this. In the future, we'll probably see more or less consolidation of our different link types so that we'll have one link, but then it will cover different objectives and so forth. It's a really exciting area for us to move into. Handing the microphone over to you, Tobias. Thank you, Lars. I'll focus on the financial performance this quarter. Obviously when we're talking about cost reductions, I just wanna say that as well as, to begin with, on this slide, we're talking about cost reductions, and it's of course real people that we've said goodbye to, great colleagues and so on. Just wanna extend a huge thank you again in this format to everyone that's participated in our journey. For the key performance metrics in Q3, the consumer connections ended up growing 51% to last year at 577 million consumer connections. To iterate, the consumer connections is traffic on our links, on our inventory in the market, so the clicks that happens on our links. The RPM that we obsess about as well is our ability to monetize those clicks or those that traffic in groups of thousands. In this quarter, we saw the Consumer connections being affected quite substantially by a good development in partner traffic. To iterate on that as well, we have or reiterate, we have platform, which is the traffic that is derived from our marketing platform, and then we have the traffic deriving from partners being Snapchat, partner websites, and so on. The RPM development is a reflection of that as well. The overall RPM decreased by 25% to DKK 6.46, still quite a bit stronger than Q2, where we saw a transitory period of lack of revenue from, for example, the Amazon deal. Looking at splitting the RPM up for this quarter, the platform RPM performed really strongly, they're 33% up. As I mentioned, the partner traffic increased substantially here, 16x from the same time last year, and the commission revenue hasn't followed suit because we're optimizing constantly on this partner set up. One of the things that we've decided, following Q3 is that we're reducing our growth investments into partner, the partner setup. That means that we are going to focus a lot on the profitability on our traffic, and not so much the volume. We should expect to see less impact by the partner traffic going forward, but more profitability forward into the traffic. On the revenue side, we posted our strongest quarter ever. We grew the revenue to DKK 13 million on a constant currency basis, up 43% from last year. Total subscription revenue grew 60%, which consists of two elements, some non-recurring revenue and some recurring revenue. We've always historically posted recurring revenue, and the non-recurring revenue resides in contracts that by nature are not auto-renewing, but we expect this non-recurring revenue to turn into recurring revenue going forward. It's part of our market development. The commission revenue grew 13%. That's mainly driven from the platform side, and we're going to see more of that in the future. The development on the platform side. We've seen our commission revenue really taking off into Q4 and showing very promising development there as well. The total recorded revenue grew 65% to DKK 14.6 million. Again, the strongest quarter ever in Linkfire's history. The difference between the constant currency-based growth and recorded revenue growth is the US dollar having been strong during the quarter. The majority of our revenue is posted in US dollars. Also a very strong quarter on the gross profit side. We grew the total gross profit on a constant currency basis more than we grew our revenue. We improved on our cost of sales, which the gross profit grew 54% to a total gross margin of 78%. Further on the key financial metrics for Q3, we are posting an EBITDA of -$6.16 million, which is neutral to the same period last year, but a 61% improvement to Q2. This is a result of our strong revenue performance, our strong gross margin performance, also the cost optimizations that we've been doing kicking in. The cost reductions that we've done during October obviously aren't visible in Q3, we'll see the impact of that going forward, we expect to continuously improve the EBITDA. Already in Q4, we expect to see a further improved performance as well. As Lars mentioned, in the first half year of next year, we should expect to see positive EBITDA as well. On the intangible asset side, we primarily have development projects. We continue to invest into product innovation. This is an area where we can expect going forward that we are seeing a decrease in the investments that we're doing because we're focusing more narrowly on the platform rather than both platform and partners. We this quarter registered an impairment loss of DKK 22.6 million on the intangible assets. This is a result of a number of things. First of all, our accounting policy says that we should do this impairment test once a year or when there's indications of impairment. This is a general financial measure, and the main reason why this intangible asset impairment loss was registered is due to changed WACC conditions, which is among other things, the risk-free rent, oh sorry, interest rate, and also the premiums in the market have changed quite substantially. That's been factored into our DCF models and results in an impairment loss. The total equity amounted to DKK 29.1 million, and we continue our solid equity position. We have in Q4 raised DKK 45 million, which is going to be exercised in two tranches. In Q4, we'll record twenty-two and a half million Danish krone from this first tranche, and then latest by the beginning of Q2, we'll record the next one. We have published a number of announcements around this and all the details are available there. To recap it very shortly, we have strong capital partners in, as Lars mentioned as well, and participation from the industry. The 2 tranches are set up in a way where we can optimize the tranche 2 towards a better price if need be, if we can raise money at a higher price, to eliminate the dilution for our shareholders. We firmly believe this option is the very best we could arrive at in this market, and we are very happy with that development. The cash flow is showing positive development to last quarter. We have positive cash flows from operations as well, that's a strong result of hard work on our working capital financing until the capital raise, where we've been pulling on incoming payment terms and pushing a bit on outgoing payment terms. As for the key performance metrics, year to date, it's many of the same trends that I described before. This is mainly just to highlight and summarize what has happened during the year. Same development trends in the consumer connections, strongly driven by partner traffic, and obviously on the RPM being a function of our consumer connections and our traffic and the commission revenue, having a very high consumer connection volume will push down the RPM if the commission revenue is a bit delayed compared to the growth in consumer connections. Our revenue ended at DKK 33.7 million on constant currency basis, and that was posting a growth year to date of 37%, which is driven by a subscription revenue growth of 34% and commission revenue growth of 41%. This posts our highest year-to-date revenue as well on the recorded revenue side, which grew 50% to DKK 35.9 million. Q3 lifted our gross margin to 73%, which we are very content with, and we expect the positive gross margin development to continue for the next coming quarters as well. There's been some requests on showing our path to profitability, and we are slowly starting that here with showing the one-to-one effect of the reduced cost base that we've taken initiatives to reduce after the end of Q3. In H1, based on the pre any cost reductions that we have done since the IPO, we had a cost base of DKK 85 million in the P&L. We have since then, including the reductions in Q4, reduced our cost base to DKK 50 million, and that is by reducing our cost and mainly on staff costs and also on the other external expenses. External expenses is everything from advertising to rent, to software subscriptions and the likes. We are basically taking all measures that we can right now to streamline and optimize our operations. In on the first half year cost base, as annualized, the revenue to break even at a 72% gross margin was DKK 121 million, which is something that we have been striving for, and we were able to make with our, with our previous growth rates and our previous growth targets. Following the actions that we've taken here in Q4, we have both reduced our cost base as shown here, and also that impacts the growth that we need to make in order to reach break even. We've also reduced our financial targets as a result of that, and I'll get back to that in a second. The revenue to break even at a 78% gross margin, as we posted this quarter, is DKK 64 million, and our annualized revenue base in Q3 was DKK 59 million, which implies a 8.5% revenue growth to break even. Our revised financial target, revenue growth remains 20%-40%, so we remain confident about the profitability mission. Speaking to the outlook and financial guidance. As I mentioned, the midterm targets have been adjusted downwards on the revenue side from 50%-70%, down to 20%-40%, which feeds into the fact of narrowing our focus on the platform side of the business and less on the partner side that were expected to deliver exponential growth but also higher risk. Our gross margin target remains the same. This quarter, we posted a 78% gross margin, and we expect to get around the 80% mark already in Q4. On the financial guidance for 2022, that is maintained, and we are still confident in reaching that. To reiterate it, revenue expected between DKK 50 million-DKK 60 million and an EBITDA of negative DKK 32 million-DKK 42 million. The reason or the way for us to reach our targets this year, next year is to focus on the platform, focus on the profitable and short-term returning initiatives, and that's what we are, what we're structuring our everyday to meet. Moving to the Q&A? Yeah. Thank you, Tobias. Yeah, feel free to enter any questions. I can see a few questions popping up over there. Look, I can start by saying that. Obviously, we've had to say goodbye to a lot of great colleagues, and again, just reiterating what you said, Tobias, you know, we really appreciate and are very grateful that they've chosen, you know, to be part of the Linkfire journey. We totally understand the situation that they're in now. We also understand the situation that our current employees are in. It's not easy also to be the ones that are still here. We can see a continuing optimism among the employees and in the culture in Linkfire right now, and we're quite confident that we will be just as strong as before, and that we'll be delivering on the targets. We have a very, very strong organization, very powerful culture, and some great people, and so that gives me a lot of motivation, and I'm quite sure also you. Oh, certainly. Yeah. We have a question here regarding smartURL. Did smartURL contribute in any meaningful way to the strong Consumer connection growth? The short answer is yes, the long answer is not significant, because the significant growth in traffic was very largely driven by partners. That is websites, social media partners, and so forth, and that's where we saw the really exponential growth. That is great because we then know there's a lot of potential out there for us. It's not so great because we still yet have to improve our monetization of that type of traffic as well. It has a lot of potential. We just need to get better at monetizing that particular type of traffic. This is something that we're focusing on. Going forward, we probably won't see the big spike in partner traffic simply because we're not investing in that. For us, we obviously want to do sustainable investing now. If we want to have a spike on traffic, we also want to know that we can monetize it better. We still see spikes in partner traffic. We also want to see better monetization. smartURL is accounted under the platform traffic because it's links that goes to our platform. We've seen growth in that as well, and even more so, we've seen that that type of traffic, including smartURL, has an improved monetization, 33% compared to Q1 last year. Yes, smartURL did contribute to both growth but also to the RPM. I can just speak to that from a financial point of view then because the direct effects of the smartURL is harder to allocate because it's now integrated into the platform, right? It's mainly in the indirect effects that we are seeing from the smartURL deal that contributes to the growth. It's also elevating our opportunities to monetize, and that's what we see in the RPM contribution on platform as well. There's also, we had a couple of pre-filed questions here. Someone wanting to see a 20-month cash flow budget as well and predictions. As we did for this year, we will also publish a guidance for the next year before we enter into it, including our targets for the next coming period. We'll also consider to expand upon our guidance and targets so that to include cash and bottom line development so that we can be as transparent as can be for the coming period as well. We also had a pre-filed question about knowing more about the path to profitability. I think we addressed that in the presentation. By all means, if you have any more questions related to these, then feel free to post it in the questions section on here. Okay. So one question is, can we talk a bit more about the decreasing RPM? Why did an increase in traffic not result in an increase in partner revenue? It's the two equations to increasing commissions from that traffic, obviously there's traffic, and then there is the ability to monetize that traffic. The type of deals and the type of traffic that we have on partners, which are on social media, on websites, and so on, we just don't have the same type of flexibility on the inventory. We don't have the ability to necessarily show a specific streaming service compared to another, and so on. Our capabilities or understanding as well on how to improve that yield is just not growing as fast as we would like it to in comparison with the traffic. That's something that we are constantly working on optimizing, of course. We are seeing great improvements, but it's just traffic just grew exponentially faster than our ability to monetize that traffic. Yeah, and I think that's really a materialization of what we mean by longer return on investment horizons because exactly what you described here, Lars. When we integrate with a partner website, it's substantially different conversion metrics to when we know what is coming through our platform. We know everything about the click-through rates, the conversion rates, and the behavior. That we are still developing on in the partner side. We are still making it a shelf product and so on, but it just takes a longer time to return. That revenue that we are expecting. A follow-up question is like what are we then doing to increase the RPM on partner traffic? We're doing more or less the same as we're doing in the traffic that comes from our platform. We are constantly looking for new deals. We are optimizing the deals we have, and we're of course optimizing the technology behind it. How can we recommend, you know, the right things? How can we still provide value to the visitors and to the consumers as well? We are doing the same as we saw on platform. We're doing that on partners as well. Right now we're focusing more on platform simply because we can see a quicker yield and quicker return on that. You know, we've been able to improve the platform RPM with 33%, and we're quite confident that we'll continue to improve the partner RPM as well. Going forward, yeah. Yeah, we have developed technology in the past year, to support this so that we can actually, handle this volume. Yeah. A year ago we couldn't. Yeah. This volume is also a sign of robustness of the business and of the setup. Yeah, just we are seeing improvements on the partner RPM as well. It's really strong unit economics, not a 16x improvement on that. There's a weighing that has to be done there, basically. Yeah. Another question, can you please mention on new partner leads that should materialize in the next quarters? Obviously, we can't disclose any new partner leads, but we continue to work on some bigger social media leads, and we continue to work on some bigger websites, basically. We've obviously scaled down a lot on partners, so now we have a lowered or how can you say, a more focused mindset in regards to that. We focus on the ones that can again contribute the quickest and give us the quickest yield as well. We do have a lot of interesting partners, some that we're already testing with as well. We'll announce that in due time, of course. We are not cutting down on partners and/or removing it completely. We're just focusing a bit more on the deals that we know will either materialize sooner or can bring value sooner. Exactly. Yeah, just adding to that. We are quite cynical these days about what adds to the bottom line and what doesn't. it's a far... We've always been very meticulous about our data and our return profiles and so on, but those return profiles are just shortening down. we are very meticulous about those analysis and also that comes to partners as well. we are focusing on what we can see yield, yields value now and what we can increase the yield from on this platform as it looks right now. Yeah. There's a question about, can we talk about our entry into podcasts and audiobooks, and do we expect to move into movies? We've communicated also in this call, but also previously that our next move will be in audio and spoken word. Very much a podcast is the first move that we'll be making. Right now our product departments and our sales departments are working around that offering, that product, and you will see us bringing something to market very, very soon. We already have different test versions out there. The Bio Link is basically a, how we can say, a foundation for the podcast and other verticals. With the Bio Link, we will be able to push into new or push out products to many of these new verticals faster. Right now we've only communicated that we'll move into podcast and audiobooks, spoken words. That will be in the next couple of months, quarters, you'll see something there. Movies is also on the horizon, but not in the next couple of quarters as well. We know there's a big opportunity. We know there's a lot of questions around movies and video on demand and so on, but first we will go for podcasts and audiobooks. If it's something that we will look into 2023, we will see. Right now our focus is on quicker returns, and, you know, looking into a 6 months, 12 months horizon on, well, how can we, you know, get the biggest, the best return. The foundation on the product is very strong right now for us to move into the verticals, like film, so like physical books, and also something that we've been considering is sports as well. Right now, it's podcasts and audiobooks. Any other new revenue streams planned for 2023? No, we don't have any other revenue streams plans. We have subscriptions and commissions. Both are trending really, really well. We see commissions growing fast still, and that's our focus. We believe a lot that we need to focus the business right now. We can still see a lot of growth in both these two revenue streams, and that's what we're focusing on. Of course, there are, how you can say, different types of deals that we make on the commission fronts, but that's more a technical matter and doesn't really change the nature of the revenue so much. Yeah. I can take the last one that appeared up here. How long does it take to reach full monetization on new traffic? Could you elaborate a bit more on the RPM to Consumer connection relationship? That's a little bit what we explained before as well. On the platform, we really understand, like we have a very long history of understanding the conversion metrics, the Consumer connections, how they behave in terms of clicking through, how they convert, how they behave. There we know a lot about... There we have way more, a way higher predictability than we have on the partner side. On the partner side, each website is basically different. We are obviously looking to find mechanics that connect them, and that could be around. That is surrounding music content and so on. That's what we're learning a lot about and what we're optimizing towards. We don't have a set recipe for how long it takes to reach full profit or full monetization on new traffic. As I mentioned, we are very cynical about how quickly can it return value on as profitability because it costs us money to host new partner traffic, and that of course needs to make sense in terms of how much we can monetize. We are cynical about that, and we have changed our setup as well as to how we acquire that traffic and share revenue downstream in that segment. I think also the notion of full monetization, it's. Yeah You know, we can see in some regions that we have a very high RPM. In other regions we have a very low RPM. Obviously, we are looking at the average RPMs. We're looking at the high RPM regions and saying, "What is it that are working there? Why is it getting more click-throughs than others? How can we optimize the product?" So on. It is exactly the same thing that we are doing on the platform side, where we can see more optimization, we'll have, you know, have a return, a higher yield. We're doing the same with partners, and we can see that as improving. The RPM on partners continues to improve as well. It's not improving as greatly as the traffic. That's just something that we have to calibrate over time. Yeah. There is a question in terms of can we explain the non-recurring revenue in Q3? What is it? How can it turn into recurring revenue going forward? Yeah. I can reiterate that. It's so by nature our recurring revenue is in its concept, everlasting contracts, right? They are auto-renewing by nature. Now recently we have entered into some deals that have a set timeframe. The reason for that set timeframe is that we expect it to turn into recurring revenue going forward. We are not a consultancy house, we believe in closing deals that yields revenue going forward as well. We have taken in these deals that have a limited nature of contract. What we expect from that contract development is to turn into a recurring revenue going forward, and that's related to our market expansion. We definitely believe that that non-recurring revenue will yield recurring effects going forward. Yeah. Yeah. Cool. Yeah. No more questions. No more questions. Let's just keep it open for 10 seconds more. Some thank yous being posted. Well, thank you for participating. Yeah. Thank you for participating. All right. Again, feel free to send us any questions on investors at Linkfire, you know, or reach out to us. We're here to answer any questions. Thanks a lot. Yeah. Thank you, Tobias. Yeah. Thanks for your time. Yeah. Bye.