The Q&A is still open so that you can submit questions live as well. I will now hand over the mic to Konsolidator to start the presentation. Claus, your line is now open.
Thank you, Arnaus. My name is Claus. I'm the CEO of Konsolidator, and I'm here to present Q1 in a new perspective, a new way of doing it. Normally, we present also financial, but from this year, we will only present financial in Q2 and in Q4. In Q1 and in Q3, we will only do a business update. That is also the reason why I'm showing me and not the CFO. He will, of course, be there again after Q2. Yes, the agenda for today is something I always do, a little bit about us. Who are we? I can see there are some new participants, so I want to give a short introduction to who Konsolidator is. Then I will go into the business and start with giving a little update on our strategy.
We launched a new strategy in January this year, so I'll give an update on that. Part of that strategy is going more towards partners and also having a broader offering to customers, which I will dive into in number three on the partner channels and the whole solution. In the end, I will give you an update on the banking updates and some of our roadmaps. That is the agenda for today. If you have questions which are not covered here, then please feel free to ask them in the end. Yes, first, who are we? We are, as most of you know, a SaaS company. Been around for around 10 years, always with the same agenda, providing proper consolidated accounts for groups. That is who we are, and that is what we have been for almost more than 10 years now.
We have a software which is country-agnostic, so that's the reason why we have customers in more than 20 countries. Right now, we have around 260-270 customers in these 20 countries. We also support the Big Four audit firms and some other CFO services. That is who we are, and that we will also continue to be. No changes there. This strategy we launched in January is called Resilient Growth. That is about, you can say, two things. It's about growth, and it's about profitability. The world has been a little bit uncertain and unpredictable for the past couple of years. We have also had to find our way in this turmoil world. We believe that we can be a solid player going through, still continue with high growth and also be profitable.
That is what we are aiming for in these three years, 2025, 2026, and 2027. What is it that we want to achieve in these next three years? We have kind of three pillars, excuse me, four pillars that we are focusing on. First and foremost, we have been since the middle of 2023 transforming from a company that sold mainly through a direct channel. Since the middle of 2023, we are going towards a partner strategy. The reason we have been doing that, that is two reasons. One reason is that we have seen that our product with more and more functionality is moving up in the market and now suddenly becomes interesting for partners.
Another reason is also, I mean, with a product like ours, which can be used all over the world, in order to grow profitably, we need to have someone who can sell us through them and not through a direct sales channel. Those are the two main reasons why we made that strategy a couple of years ago. When we are talking about partners, we have two types of partners that we are focusing on. One is in the Microsoft D365 ecosystem. We have always been close to Business Central and F&O, and those partners just resonate very well with our product. Besides the D365 ecosystem, there are also the CFO services. Many of the CFO services, predominantly in the Big Four companies, like our approach of being a system where you can rely on the numbers that are getting out, that is what we call proper accounting.
We just resonate also very well with the Big Four offices. That is also some strong partners with us. We will continue with that the next three years. We can also see as we are moving up in the market, customers, they need a wider product functionality. We also want to build, I mean, continue building, developing our product. We have a build-by-partner kind of approach where some of the things, some of the functionality we can build ourselves, something we might have to buy. For other things, we can maybe partner up with some strong software providers as well. I'll give you a little bit more insight on that when we get to the roadmap. That is how we will continue to build on our current software. Then there is the banking.
I have a separate slide on the banking, so I'll get into that, but that's a very interesting area for us. The last thing that relates to the resilience, that is that it has to be profitable. I mean, we have to improve on our financials. That is something we have done for like now almost three years, and we will continue to do that. That's the four main pillars in our three-year strategy. Cool. Moving into hardcore numbers. How are we doing? I mean, as you can see, we are doing better quarter by quarter. We are improving, maybe not as fast as we wanted and maybe not as fast as investors want. Of course, we are impatient to get into black numbers. We are not there yet.
As long as the numbers are improving each and every quarter, of course, we are on the right track. Starting with, you can say, the most important KPI for a company like ours, that is our AR. How do we grow? Our net growth for the past year, last 12 months, was 11%. For a company like ours coming from 70-plus % annual growth, of course, 11% is not a high number. The world is different than it was years ago. The sales cycles are longer. Customers are taking longer time to make decisions. They are also living in this uncertain world. The churn is also higher, which I will cover later. That is just reality. Net 11% growth is maybe not impressive, but at least it is growth. On our new sales growth, that is around 18% and then 10% churn.
We have a 2-3% upsale growth. We are growing, and that is, of course, what we are looking at. Of course, we want to grow higher, which actually we also believe that we can get back to. That is where we are right now. If you move into the CAC OAR, that is also another important factor for us, that how much does it cost to grow? As you can see, now the CAC OAR, that is a 34-month, it is still not where we want to be. We want to be lower, but again, it is still a 50% improvement compared to Q1 in the last year. As long as we are improving, we are, of course, also optimistic that we will get down to the numbers where we want to be.
Sales through partner channel, as you can see that in Q1 this year, we had 50%. As we had 50% of our customers in Q1 came from through the partner channel. Last year in Q1, it was 40%, so that's an increase of 25%. It is increasing. As you can see, the whole year last year, 2024, that was 22% came through the partner channel. We believe that that number can be higher this year. That's also the main reason why we can still continue to grow and also that we can still continue to grow with a low cost, with a low CAC OAR. These numbers, they're combined. We are, of course, happy that all three are improving. The last thing, that's the churn that ended at 10.1% after Q1.
It is still, you can say, much higher than both what we want and also what we expect. I mean, there are external factors, as we have written here, that, I mean, we are seeing a higher amount of customers going bankruptcy. We also see companies that are downsizing, going back to Excel or to smaller products like ours. Yeah, and there is also acquisition. There is no doubt. I mean, we cannot get down to the very low churn numbers as we used to have, but 5%-6%, maybe 7%, that is realistic, and that is what we are aiming for. We are also optimistic about getting down there. We know some of the reasons why customers are churning, which is not down to external factors. Of course, we are working hard to reduce that number.
Yes, we are not there yet, but we are improving on all the KPIs that we are measured on. Again, if there are some further questions to these metrics, you are, of course, welcome to ask them in the chat, and I will answer them afterwards. Yes. Moving on to the partner channel and what we call the whole solution. You can see that we have a fairly ambitious number that by 2027, we want to have 90% of our sales through the partner channel. It was 50% in Q1, so we are, again, we are of course not there, but we are improving. Whether we can stick to 50% in each quarter this year, I do not know. We are progressing, and we do have this very ambitious goal that at the end of 2027, 90% of the sales should come through the partner channel. Yes.
This whole solution is extremely important to understand when you look to a company like ours. When we started 10 years ago, we were only the K, as you can see up in the top. We were just a consolidation tool, which was a kind of a standalone system on top of a bookkeeping system, on top of the ERP systems. Today, with the amount of data that is available in the finance function, we need to look at consolidating a much, much broader view. Now we are slowly getting into an environment where Konsolidator is actually taking part of the entire finance function's data handling data platform. That is a reason why we are together with KPMG developing a Fabric data warehouse environment. It will be kind of a standardized data warehouse that we will provide customers, which we can offer.
If and when customers want something wider, then they will do it together with our partners. It is a very important part of our offering in the future that there is also covering a data warehouse environment. Together with that, you will see more advanced BI reporting from our side as well, mainly around Power BI, but you will see much more advanced reporting where you can dig down to numbers much deeper than what Konsolidator content are. We will also be a strong alternative to the BI solution that we see out there on the market in the lower segment. With this, we will both have a strong product to the lower segment, but also have a very strong segment to the larger segment.
That is, of course, something which is very, very interesting for us and very relevant both for us, our customers, but also our partners. This will enable partners to offer a much broader service to their customers. That is, again, one of the reasons why the partners seem increasingly interested in us. Yes, you will hear much more about that in the future. Yes. Moving into a little bit on the banking and also on our roadmap. Starting with the bank, if you look at the picture down in the right, you will see what we have done to the banks is actually we have just created an app between the data upload and Konsolidator. The engine, the K, is the same as it has always been, but it is the app that we have developed and improved together with the banks that we have developed.
To us, it's not a huge thing, but apparently and hopefully it is for the bank. What it is we provide to the bank, that is that we improve their customer journey. Today, it takes a long time for the banks to approve a customer for a loan. With our product, we can upload data directly from all the countries' legal systems, the annual accounts to this app, and then make a consolidation of these annual accounts within seconds. Then provide, together with the KPIs and some reports we can provide, whether this company could be granted a loan or not. It's actually a way for the banks to improve their customer journey. It's a strategic decision for the banks whether they want a product like ours or not.
You can say the good thing is that first, if we are chosen, then of course we're going to have a very close relation with these banks. The downside is that it takes a long time for the banks to decide. We have been now working with some of the key Danish banks for more than a year, and these POC, proof of concept, they are still ongoing. We are doing very close with the banks. We are developing and progressing together. Unfortunately, there is no customer yet, which we definitely have hope for. It is not a no, but we are impatiently waiting for the first yes. That is where we are with the bank. It is something that does not take away the focus on our core business, selling to groups.
It is mainly some of the development and then mainly me and one from onboarding and consultancy that is working with the banks. It is not the entire organization. Of course, they know about it, but it is not the entire organization that is working on the bank. We are not defocusing on our core business, but it is a great opportunity for us to work together with these banks. You can say the short-term goal that is to get the first customer is always to get the first customer. On the longer term, that is to make the product, this banking app, enabled for partners so they can also sell it. Right now, you can say it is only us, a few people who understand how it works. Eventually, it is also the goal to make it possible for partners to sell and onboard this banking tool.
Then again, over time, also, of course, wider and wider functionality. Right now, you can say we have a minimum viable product, but we can offer so much more to the banks, which we will do together with them. That is where we are with the banks. Unfortunately, no customer yet, but we are continued optimistics about it. We are getting fairly good response from the banks on the product and what we can offer them. On the roadmap, we have some key priorities, and these are, you can say, actually add-ons. Besides these key priorities, which I will walk you through, there is, of course, also you can say what we call normal development. I mean, we have both bug fixes and performance things that we can always improve.
We also have, you can say, functionality, which we also are working on, for example, multiple dimensions, something that we hope to launch here in Q2 or in Q3, which is not covered here. What I cover here, that is more what you can say going into what this whole solution that I just talked about for a few slides ago. These three things, they are also going into the pillar called Build by or Partner. This is actually three different areas in that pillar. Starting with the data warehouse, we are building together with KPMG a data warehouse in Fabric. It is got to be, I mean, great. It is great because, I mean, Konsolidator as a consolidation tool, we only cover part of what finance function needs, of course, because we are a consolidation tool.
We also upload data to Konsolidator, which is needed for the consolidation. The finance function needs a much bigger dive into data, and that we can now provide to them through this data warehouse and then with the Power BI report on top. Fabric is a fairly new technology from Microsoft. We are some of the first building something, you can say, seriously in Fabric. We are also working close together with both KPMG, but also Microsoft to launch this. We had a webinar a month ago together with KPMG, which was very successful, much more participants than this webinar. Yeah, we've got some fairly strong feedback on that. We are very optimistic about this data warehouse as being a part of the solution that Konsolidator can offer to customers.
When you're saying data warehouse and when you're saying a lot of data or big data, then it's natural to say FP&A also. With the technology you have today, both in Fabric, but also in general with AI and machine learning, it's natural for us to provide some kind of an FP&A product to customers because we have the data. We just need to build something so we can also make predictive forecasts for customers. We will build that. We had looked at some companies to buy them, but we actually decided or very close to decide that we will build it ourselves. We believe that we have the knowledge and the expertise to be able to build that. We are planning and almost starting to build it.
We hope that we can have the first version ready this year as our kind of FP&A tool and product on top of the data warehouse. Very, very interesting. We have, again, very, very high hopes and expectations to this. The last one, that's the ESG or the CSRD, where we have some very close communication with a strong partner in Denmark. Yes, as you probably all of you know, some changes have been made from the EU. The law, which was supposed to be setting into place early next year, has been postponed. We do not really know where we are with this.
To us, it does not really make any difference because our strategy, our approach here, that is to partner up with a strong Danish software provider in this area who have all the text part and the analytic part, and we have all the data part. We fit actually very well together. We will continue that partnership, but for obvious reasons, the past couple of months, there has not been so much activity in this area. We are just there for the customers. If when they need it, we can provide some kind of a tool together in this partnership. That is, you can say, some of the areas where we will continue to work on in 2025 and, of course, also beyond that.
In general, on the long term, I mean, our approach to our roadmap is, of course, always to deliver second to none functionality and value to our customers. If you put it into, you can say, two things, two areas, then it is functionality that supports the whole solution and functionality that supports the partners. Making the partners able to also provide something broader than just Konsolidator. That is the kind of things that we are working on, and that is how we kind of approach our roadmap, whole solution and support partners or partners enablement. Yes, that was the presentation for today. Again, as always, if you have any kind of questions, please shoot.
Thank you for that, Claus. Let's move directly into the questions here with the first question. When do you expect to be cash flow neutral or positive?
Yeah, of course, I mean, it's not a big secret. I cannot say exactly because we haven't guided on that, and it's not a financial update. I can definitely say that, I mean, that has been a goal for quite some years now. We are not there yet. You would definitely have heard it. We are not there yet. As we also announced in January, I think it was that we have cash enough until we become positive. When that is said, I mean, as you just presented, we have a core business, which is moving forward with these 11%, and then we have this opportunity, for example, the banks. It's not a big secret. If when we get a bank, then we will be positive.
As I don't know when we will get the first bank customers, we have to rely on our core business. That is, of course. We have, as I said, cash enough to be profitable on the core business. For us, rather sooner than later, obviously. I think that's the closest I can say for now.
We didn't get that many questions today, so we have the final question here. Last year, the CEO said at an AXIA Info event that he expected the stock to become a rocket in 2025. Why are you issuing new shares instead of taking on debt?
Yes, I did say that last year in November. The reason for that is that I expect that we will be profitable as and when.
Again, if we get a bank customer or some other of these opportunities, and when that happens, I believe that our share is undervalued when we become profitable. That is the reason why I said that I believe that we will be this rocket in 2025. Let's see. Regarding the debt, I mean, we do have a loan of DKK 15 million already. We do not believe that we should take on any more debt, especially not when we are not cash flow positive. Luckily for us, we have loyal investors. We would rather issue new shares when we need it. That is also, I mean, because of the respect for the shareholders, that is also the reason why we are taking on, I mean, you can say, fairly small injection of capital.
We do not take huge injection because we do expect that, yeah, sooner or later we will be profitable. We will not take in more cash than we absolutely need. We still believe that injected capital is better for a company like ours than debt because we already have a loan of DKK 15 million.
Perfect. That was all the questions that we have received for today. That finalizes the Q&A for now. Before we end the webcast, I will just hand over the word for you if you have any final remarks to end with.
Only thing that I hope you like this kind of presentation. It was not the financial. If you are missing the financial, then stay tuned in August. I believe it is. We will have what we maybe call a normal presentation where we also uncover the financials. Thank you.
Have a great day.