Core Insights - cBrain is executing a growth strategy based on four pillars: large customers, niche markets, subscriptions, and partner channels [9] Large Customers - In Q3, cBrain secured its largest individual agreement in Denmark with Aarhus Municipality, expected to have 20,000 users on the F2 platform [1] - cBrain also signed an agreement with Kompetencesekretariatet for a national F2-based grant management system, contributing to a DKK 20 billion investment in reforestation [2] Niches - cBrain is focusing on two global market niches: environmental permitting, primarily targeting the US market, and paperless ministries [3][4] - The company has expanded its F2 platform to serve over 75 Danish government entities and is observing a larger potential market for paperless ministries [5][7] Subscriptions - cBrain reported a 24% growth in subscription revenue, which now constitutes 61% of total revenue, driven by long-term contracts with over 100 government customers [8] Growth Perspectives - cBrain anticipates a long-term growth rate of 10–15%, with potential peaks from large customer agreements and shorter sales cycles in niche markets [10][11] - Revenue growth fluctuated, with a 22% increase in 2022 and 27% in 2023, but a projected total growth of 0–5% for 2025 due to stabilization in the German business [12] Strategic Outlook - cBrain achieved approximately 50% total growth and maintained earnings before tax (EBT) above 25% during its 2023–2025 growth plan [14] - The company is preparing a new growth plan for 2026–2028, focusing on market niches and partnerships [15] Product and Positioning - cBrain's F2 platform has been instrumental in Denmark's digital government transformation and is being adapted for use in various countries [16][19] - The company is developing a blueprint for the F2 COTS for Government platform, which supports a wide range of digital government functions [23][26] Leveraging a Strong Reference Position - cBrain is building strategic footholds globally, with a focus on developing partnerships in countries like Romania, Germany, the US, Kenya, and Ghana [13][22]