Core Viewpoint - The company has successfully restored its equity and reported strong order intake, maintaining expectations for a 15-20% growth in Annual Recurring Revenue (ARR) and an EBITDA of approximately DKK 2.1 million for the fiscal year 2025 [1]. Financial Performance - The company activated a deferred tax asset of DKK 6.6 million, contributing to a net profit of DKK 5.1 million, which helped turn equity from DKK -5.3 million at the beginning of the year to a positive amount by June 30, 2025 [2]. - The number of new customers increased by over 100% in the first half of 2025 compared to the entire fiscal year 2024, with gross profit rising to DKK 2.4 million from DKK 2.3 million in H1 2024 [4]. - EBITDA improved to DKK 444 thousand from a loss of DKK 53 thousand in H1 2024, although the increase in gross profit does not fully reflect the underlying growth due to higher sales costs being recognized as a percentage of first-year revenue [4]. Capital Structure - Major shareholders have committed to converting debt into equity, which is expected to add an additional DKK 2.9 million to the company's equity by December 1, 2025 [3]. - The ARR value increased from DKK 7.8 million to DKK 8.5 million, representing a 9% growth, with plans for increased expenses in 2025 to support anticipated growth [5]. Market Development - The global cybersecurity market is experiencing a significant increase in the complexity and intensity of attacks, with threat actors increasingly using generative AI tools for sophisticated social engineering methods [6]. - Regulatory requirements for implementing Zero Trust architecture and multi-factor authentication (MFA) are intensifying, prompting companies to invest more in solutions that enhance Identity and Access Management (IAM) [7]. - The company's market position reflects a strong demand for identity verification solutions, particularly in the wake of recent high-profile cyberattacks, leading to a notable increase in leads [10][11]. Customer Demand - The demand for identity verification in Service Desk operations is rising, often as a result of hacker attacks or penetration tests that reveal vulnerabilities [9]. - The company has seen a significant growth in leads, with the lead index rising from 100 in 2023 to 318 in 2025, indicating a strong upward trend in market interest [11].