Economic stability

During the year, we continue to grow and expect revenue to land at approximately 15 percent above the previous year. Growth is primarily driven by Exam.net internationally, where we see clear progress across several markets. Earnings are developing faster than revenue, albeit from relatively low levels.

Key developments framing the year include:

• During the year, we have strengthened our commercial capacity. Following the implementation of improved system support, we have gradually expanded both our team and ways of working, which has already resulted in larger contracts in Sweden, the Nordics, and internationally. We expect to see further impact from these investments in the coming year.
• We are rolling out the new KM platform to users, which marks an important milestone, while at the same time delivering on several parallel engagements with high user volumes across both KM and Exam.net. This strengthens our operational capacity and our ability to manage complex exam scenarios, positioning us for larger customers in Sweden and internationally.
• During the year, we have expanded the organization across several functions, most notably within sales and support, as well as in product development.

The financial year 23/24 was an investment year. This also impacted 24/25, partly as certain investments continued into the year and thus held back profitability, and partly as we once again saw clear revenue growth.

Key developments framing the year include:

• Continued investment in the KM technical platform and supporting systems. The new version of KM is on track to be rolled out during the 2025/2026 school year. Our system upgrades are already delivering significant gains in how we support and develop our customers efficiently.
• Exam.net continues to grow strongly outside Sweden. A high number of new schools are entering evaluation periods, and conversion rates remain high with exceptionally low churn - a testament to customer satisfaction.
• Multiple teams have been reinforced to meet growing demand and seize the opportunities ahead. Product development, support, and content teams all grew during the year. While these reinforcements have temporarily flattened operating profit, they support the continued growth in revenue and are expected to drive profitability improvements in 2025/2026.

A significant organizational change this year was the transition of CEO. Anders Torkelsson, who co-founded Teachiq with Erik Corell in 2015, stepped down after ten years in the role. As of January 1, 2025, Marie Cederholm (previously CFO) has taken over as CEO. Anders and Erik continue to be actively involved as working board members.

The 23/24 fiscal year was, in many respects, another investment year:

• We made significant investments in the technical foundation of Kunskapsmatrisen (KM), a long-term project designed to unlock new features and workflows requested by our users.
• Nearly all teams were expanded - including support, product, sales, marketing, and customer success - driven by increased usage and a forward-looking belief in our growth potential.
• We heavily invested in our internal systems to gain flexibility and maintain high service levels across all products.

These strategic investments temporarily suppressed operating profit, despite a return to revenue growth. Our user base of teachers and students has expanded significantly, but this is not yet fully reflected in our revenue. Where appropriate, we are adjusting our pricing to reflect this increased usage - for instance, by phasing out the discounted pricing for lower-secondary schools using KM in Sweden, as the product is now well-developed and established for that segment. In summary, this was an investment year that has impacted short-term profitability but reinforced long-term financial stability and product strength ahead of coming school years.

Sammantaget är vi alltså i ett investeringsår som pressar lönsamheten men som fortsatt säkrar en ekonomisk stabilitetet - och som stärker oss och produkterna inför kommande läsår.