All right, let's go. Okay, so the main point of this, report, would be the revenue development, which we are, of course, very happy with. We can see the rise from, a very modest level during the first quarter, which was doubled to the second quarter, and again, more than doubled. Actually, the growth was, 163% compared to the last quarter, which we are very happy with. And, this is due to that we have, more partners and customers using Quickbit. We're also receiving higher volumes, due to improved processes. We're also seeing that our, the products that we have developed ourselves are contributing with the revenue, which is also very happy with.
We are very happy with this development, but we are not yet, we have not reached any type of goal or such, so that's our projection, which was also included in the report, for the fourth quarter, is about EUR 46 million, which means almost double this level. And when we reach that level, we, that is not a goal either, but, that is a very much more comfortable revenue level for the group. Or we will talk a little bit more about the revenue in depth in Daniel's parts. The other big win, though, which we have seen, is the reduction in operating expenses.
But we can see that we have now cut them with 50% compared to the same quarter last year. And this has been a lot of work, of course, removing a lot of unnecessary costs, streamlining, and also renegotiate with important suppliers that we need to maintain operations. And this is a work in progress. We are still looking very closely to every expense. And we believe that this current OpEx level can support operations at this level and also support growth a bit further. So we will, before sort of investing or deciding to up the OpEx level, we will of course see the revenue rise further first.
The financial position, our cash position has improved a lot, mostly thanks to the loan of EUR 500,000, which was lent to us by PaySecure. This loan will not be repaid. It will be part of an upcoming issue for their part, which is a part of the contract. So this money will not be repaid. We also received EUR 0.7 million in sort of prepaid taxes that have been returned to us during April this year. So, the cash position feels a lot better than it has done. And, as the CFO of the group, I sleep a lot better during these close months than earlier.
Of course, this is simple math, but the rising revenue reduces the strain on our liquidity, which means that our burn rate decreases. And this, of course, we don't need to use as much money from our own money. The operations maintain themselves more or less, not 100% yet, but soon, hopefully. We, the management, we also believe that the current, together with a further rise in revenue, we have sufficient funds to maintain operations. So we say, which, yeah, to be frank, we do not see a further issue in the near future, if some of you are worried about that. Yeah, that was more or less what I had prepared, so I will hand the word over to you, Daniel.
Thank you very much, Daniel. Yes, it's very nice to be able to sit here today and have this report, given the turmoil that the company has been going through, and I am very aware and also humble for the fact of the concerns that many of the owners have had in the past in regards to the company tax, so to speak. But right now, we are seeing immense progress on many parts of the business. So the pivot that we have been going through, where we actually left the old transaction structure behind us, where we were part of that, we have actually changed into having full control and insight on the full value chain of transactions.
We can measure those, we have higher security, we understand the business better, we are also becoming much more attractive as a business partner for many of the merchants out there, and we can also negotiate better deals with those partners because of that. Because we can ensure them a better measurability and stability as a business, and insights, and we have improved quite a lot when it comes to becoming a safe partner to work with. So it's not only that Quickbit is growing our revenues as it is now, we're also growing with more secure and better insight of the revenues coming into the business.
So it's, there is, always a difference when it comes to revenues and revenues, and I would say that the business that we have right now is, something that we can prognose better, we have better understanding of it, better control, better insight, better measurability, and that's extremely, good for the business. In regards to this pivot, also, we have also went through a new kind of contractual model. We have looked over the entire process of how we make deals in business with our partners and partnership networks, meaning that we have better control of, the profitability and the margins, of the business, of how we actually operate. So we have streamlined the way that we work with merchants in a much better way.
Before, it was a bit all, all over the place, to say the least. But, we have looked into that and created better terms for our scalability, so that we can act more lean as an operations, which is very good for future growth. So we also see a stable, growing number of partnerships, meaning that we spread the risk, with the company partly, but also that we see that these partners are not only growing as a number, but also growing in volume. So we see that, we are becoming more and more trustworthy, because it's all about trustworthiness to be able to handle big volumes and so on. So we see that this is also creating less churn risk in general, which is good for us.
So, we see an increased stability of partners choosing to use the Quickbit infrastructure as their main and target solution. Very, very healthy and good. So before, in the old transaction structure, that you had good revenues for a quarter was not to take for granted, then, that the next quarter would be equally good or so on. The prognose part was very hard to determine or understand, to our knowledge, of how that business was operated. Now, we're increasing another form of partnership understanding between us in the transaction structures, and that we actually can prognose that and also build on that.
Which means that the company also have a better determination of how we actually make our investments, and which part of the business that we should invest in and why, and how we that can create better margins for the business as well. So it's much better from a strategic point of view, but also from a tactical growth point of view, so very good for the business. Also, we see that we have a much stronger security and compliance part than we had before. I'm very proud to say that we have went through a massive work as a company to look over our models, the structure, the transaction chains, how things are integrated, connected, how the contracts work, things we have taken in-house into the business.
And also looking over the framework of how we work, and the demands that we put on our partnerships in order which transactions to take, and merchants to work with, revenue flows to accept, and so on and so forth. And, and of course, the banking structure with that. So that we become more safe and trustworthy, also meaning that we have better insights, and then, and also not only can prognose better of the revenue part, but also have a better prognosis of the risks that we see as a business. So we have improved vastly, I would say, in that, and it's very, very nice for the business. And as a result, these are only some of the aspects of why.
Naturally, there are many aspects to look upon, but I would say that we see that we have a growing market attraction in our product portfolio with these merchants. We see a better demand, and we have high reasons to believe that this is going to continue. It's very, very promising. Thank you. So, I would also like to say that we see a very strong improved platform for growth, and there are a few things that is connected to that. The capacity and the stability is become much better.
When we made this pivot and we started to rebuild, and look, and test, and then launch our own product portfolio, we had all these kinds of challenges in the beginning, which are pretty normal for any company active within the tech sector of some part, and especially high volume business such as ours, where we are going to suffice for big transaction volumes. There's also a capacity and stability challenge or problem, where there are risks for our product infrastructure not being able to handle when the transaction volumes take a too high ramp-up of speed.
So even if you have the desire to grow, you, at some times, you cannot grow in certain markets from a compliant point of view or from a license point of view, or you may not even be able to take on certain volumes from a capacity point of view. But we have improved vastly also in that. We also have improved internal tools for testing, meaning that we are getting better and better to understand our own flows capacity-wise, and meaning that we'll also become better at automation, so we can measure efficiency. We have a better way of understanding the entire revenue flows.
This is very good for us from when we scale up our technology platform, and creating better chances for us to continuously grow upon this product platform in lean with the market demand, and so on. So very, very good. Also, we see that there's an attraction for this platform that we see escalate, and the demand coming in from various actors with very high potential also from a global point of view. So we see that even if we have a habit of being attracted for certain markets and certain merchants from certain verticals, we see an increased interest from other verticals. This is very interesting also. So we see that we have moved the needle on the conversations that are taking place with Quickbit business, very, very promising.
But partly also from a variation of industry point of view, but also from a major transaction volume point of view. And a thing that I think personally is very important, and of course a fundamental for creating any sustainable business, and to be able to deliver upon strong demands and the expected and also well obvious delivery that the owners demand for the company, is that we have become even better to attract top talent and to really recruit really great people with great senior profiles and the right skills for the company. This is something that we have noticed a big change in.
And I would like to address that we see this change despite that we have been going through a very challenging, turmoil time, and I cannot be grateful or, or thankful enough to the team in place, that has made this happen, because this is a major, major part for the company, actually, I would say. And we see that this has also created strong opportunities for the company, this, top talent attraction part. And I think that this is something that I would like to share with everyone. Sometimes this is not something that people, normally share or talk so much about, but I think this is a very strong fundamental of, of the success with the company, actually, because the employee engagement has grown rapidly and massively with the company.
It's the eNPS figure, and at points in time, we may say that this is not something that is completely relevant, exactly because it depends on what we measure this towards. But I would like to address the fact that even in times when the company had... before we saw financial turmoil, before that we noticed that the company was going to come into problems that needed to be addressed and also created a need for the pivot, we saw that there was a challenge with actually engaging employees.
But I would say that we have seen massive improvements with the company with this, and we made this a key part, because when we had to rebuild, we also had to create this belief, create a movement, an entire system of where we take on this challenge and move, and we grow as individuals and as professionals taking this to the next step. So, I'm extremely happy about this, not only for the staff at Quickbit, obviously, but also for the company and the owners, because we see a massively improved productivity and efficiency within Quickbit, which also explains a lot about, I would say, the progress that we do as a company despite these lowered costs. So very good news, and I'm happy to share.
And as Daniel said, I think that many aspects, of course, is behind this fantastic figure. But I believe that a big part of what we're talking about and what we're sharing right now with the employees, the engagement, the happiness, that everyone are on their toes, and we are desired about this company. We believe in what we're doing. We want to continue deliver upon this. We're very committed to the owners to continue creating value, to grow this company. I would say that this is a fundamental part of reaching this number, that we have come through a time where of insecurity, of hope, and actually deliver and keep focus and deliver upon that to reach this result. And we prognosed 100% and we delivered 163.
I'm very proud of this, and we're nowhere near pleased. However, we're not going to stop there at all, whatsoever. We're going to continue to ramp this up, and we have strong reasons to believe that this is not a goal. This is the start. This is a signal of what we want to do. This is a signal of the soul of this new generation of Quickbit, and we're committed to continuing this journey. And of course, as we said, also a reduced OpEx of -50%, as Daniel said, I think. And it's tremendous how much more things you can do, and that not is always arriving from spending more money. It's about what we spend money on, what we focus on, and the things that we believe are fundamental to our success.
When we sat down and we took on Quickbit and said, "We need to do this," we carefully looked through which pieces do we need to invest in?
Mm.
Which things do we need to have in place to take this company to a winning company? How do we make up for this history? We gathered in, not only the management team, but also as a company in general, and the commitment was so strong. It was fantastic. I would say, I believe that this is a figure showing that we knew what we were going to invest in. We took decisions, and we cut a lot of things that did not directly provide value, and we decided the track to move on, and this is the results.
Mm.
It's very, very, very good.
Yeah. Of course, it has taken some time as well. It's not, as you well know, a lot of contracts cannot be canceled on day one, so yeah, we're proud of this.
That's definitely the case. When things are signed, you need to, you need to do certain things. But that's part of it. Yeah, so, so all of this, there's a bright horizon ahead of us as a company, and, and I mean, I would say that there, there's an increasing number of markets and verticals opening up, in front of us. We, we see, we see a lot of queries and demands. We're involved in many client conversations, new partnership model conversations. We, we see an increased interest in the company from various partners, that could improve various parts of our financial infrastructure, that would help us give us, various margins, or, or look upon different technology that could improve our efficiency or, or, or profits or revenues, or, or even, spread the risk in the organization.
We are carefully thinking through which initiatives that we are opening up for, because we see massive potential now. So we are not running on everything. We have created a philosophy and structure of where we validate our opportunities so that we can carefully think through which of these things that we want to invest our time and resources into. So it's super exciting. And we also see that we have a strong user acquisition and adoption percentage growth as a base of this also. We see a growth of our product, the Quickbit App, for example. We see a higher usage. We see higher. Which is also directly connected to higher usability, but also improved product performance.
Even though we had challenges with the product during the pivots where we had to go through our technical infrastructure, it was a lot of work to be done. But I think we managed that pretty fine, actually, even though it was challenging at times, given resources and time and so on. But I think I'm very proud of how the tech team has managed to handle that. I would like to say it has been a tremendous performance. Even though we don't want to work throughout the Christmas holidays every year, but I think there's a lot of heroes in many places of the company, and the tech team is definitely one of those teams that should be given a certain mention.
We see also in this bright horizon, we see a growing payment platform, and we have an extended services offering. We are right now, we're looking at the things that we want to add that provides additional value to both users and merchants. Some of these things are not always noticed by a common user in the environment. It's about measurability, profitability, automated settling parts, about new integrations parts, new payment integration parts, new integration with merchant platform. There are many, many, many things that you can mention, and these are just examples. But we noticed that our platform that had high attraction has grown and become much more intuitive as a platform, which is very interesting for the company.
So we also see that we have a better customizability for varied vertical needs and demand. This is a continued work, to be fair. We are considering which verticals that we are going to invest our time more into and not. So it's interesting when we see clients adopting and who wants to work closer with Quickbit. And sometimes there are different clients coming in from various clients, industries and branches, and we have to value also some at points and times, which of all the user and merchant feedback that we get, that we need to look into and work more with, at the time, basically.
Mm-hmm.
This also improves the scalability potential, I would say, because now this customizability and this payment platform also makes us much more advanced and more mature, and I still believe we have some path to go here. But we are much more mature right now to take on much stronger business, much stronger and better, bigger volumes from different verticals, with more insights, and we're becoming more automated. We've become even more efficient and more productive, meaning also that we can act faster, sooner, with better accuracy generally, on this time. And it's not a one-to-one now, as it was before, where there was one demand, and we needed to act upon that, and it was manual part.
We are working with different models, automation, AI, and so on, in order to improve our infrastructure. We are looking through carefully considering our payment platform strategy and purification. There are new transaction behaviors that we need to look upon, and that we are going to deliver upon those things. We are now looking upon those opportunities and how we're going to meet those demands. I think a super exciting time now when we see these great improved revenues, meaning that we also become closer to the clients, as a difference to how it was in the old transaction structure. We understand more about those who choose to work with us and those who, for some reason, decided not to work with us.
We have a very much stronger and worked up relationship, and it provides us with a whole new level of client intimacy, and that is very, very strong for Quickbit. So this is a very jolly good day, and it's great to talk about this to all of you, but and fantastic also as a result. So this summarizes a bit about where we are. I think you can change the slide there. Having said all that, this is parts of the report that Daniel and I wish to share with all of you, telling about the things that we are improving, that we're continuously working with on, and parts of what we will continue to work on. So I will stop there for now. We have a Q&A, so please feel welcome to enter your questions.
Tell them how, how to reach it.
I'm so sorry. You can reach the questions by clicking on the icon there in the bottom right corner. It says, Activities. So if you press that, Activities, you should be able to pose a question in there, and that question will be visible to us, and then we can answer that question. Thank you. Yeah, there's one question there. "Thank you so much, Marcus." And the question is: Which countries is the revenues primarily coming from today? So, I mean, we are working with various merchants, and these merchants they have partner networks, partly from example, Sweden and Finland and all of the countries where we have licenses today. So it's completely license-driven, I would say.
We enter negotiations where we accept payments from the countries where we have either legal facilities and we have the license to be able to take on the business. Right now, for example, we're changing the company infrastructure. We've gotten a few questions about that in general in the past, because we are readdressing and changing the Gibraltar operations, from the business, which, you know, we talked about that in the past. But that won't change so much the Quickbit part, partly because that operations was not part of the infrastructure for the company, in now when we have pivoted, but also because we didn't actually have any business or revenues coming in from Gibraltar parts. But Finland and Sweden are strong markets, and also Estonia, where we have the licenses. Thank you so much, Marcus.
Then we have another question. Yeah. "From which customers or segments are the increased transactions coming from?" Thank you very much, Ville. I think your name is. I hope I pronounced that correctly. That's good. We cannot, for certain reasons, head into the exact customers. That is based on us wanting to protect the business, basically, and avoid any kind of competition from various partners that would like to reach out to those with competitive offerings to ourselves. So we would like to avoid that. That is why we don't answer those questions, partly. But we are getting a lot of business from esports and gaming and computer gaming, iGaming, and betting, and so on. So we're seeing...
We're also seeing some growth in retail, which is very, very interesting for us, and we believe that we have a strong potential in that sector. We're very happy with those numbers specifically. Thank you very much for that question. I hope that was an answer to your questions. We have another question here from Henrik Tuunainen here. Which new collaborators and partners do you see ahead of you, within which segments is closest? That's very interesting question. There are many different answers to that question, I would like to say. Because we are looking at partners partly in our PSP banking infrastructure, on how we do increase the utilization and the usability of our blockchain payment methodology. And we're also looking at new revenue partners, for example.
So there are different partners within different industries that we are working with. And there are, for example, shopping platforms that we could work with, so we are looking at very closely on how to integrate more with that to actually coming to the payment and the revenue chains of more established players with strong revenues. But we're also working closely and actually improving quite a lot when it comes to the banking partnering segment and the blockchain part. Because when it comes to that, we can scale also the potential of the business, and it creates very strong efficiency for the business to work more in with partnerships when it comes to that. Because the profit margins are much better instead of actually sitting on all that ourselves.
I hope that was an answer to your, your question. Thank you very much. Great, thank you, Hendrik. Great. I take that as that you're happy with the answer. Tommy Larsson have a question here: How far away are the WooCommerce and Shopify plugins? That's a very precise question, Tommy. Thank you very much. That's very good, I like that. We are improving quite a lot when it comes to that. There are certain things that normally take time when it comes to these things. The testing part is also priorities.
We've had to prioritize quite a lot to finish the stability and increase the capacity, increase the testing, and be able to work very closely with the first close customers and their demand on how to scale up the revenue volumes with the products at hand, and their demands on what the products need to do and deliver upon in order to for them to actually choose us and then decide to send stronger volumes. So that has taken a lot of our time, and it was a very good priority, I would say. I think that was the right priority for the business, but we are definitely improving on the WooCommerce and Shopify plugins.
I know that your question is how far away, are them, but, I will decide to not give you an exact answer on that. It depends a lot upon the testing, because we want to be able to provide certain things before we actually, deliver upon and implement those. I hope that you're happy with that answer, Tommy.
Thank you very much. John have a question here: How will MiCA position Quickbit in the competitive landscape going forward? Is there many companies that have adapted to MiCA and focused on the regulatory as much as Quickbit has, or do we have a clear advantage for when MiCA gets rolled out in all over Europe? Is this something that you would like to address, Daniel, or would you like me to take that question?
Yeah, I can answer that. Well, the rollout of MiCA has just started, so it's very, very difficult to foresee how it will position us. I can tell you that we will be approving for, we will be applying for a license. But more specific questions will need to be put to the experts. This is a new field, and none of us are real experts when it comes to-
Mm
... that type of legislation. But it is an area that is prioritized.
Mm.
That much I can say.
Mm, definitely. I think also. Thank you, Daniel. And I would like to say also that it's going to be a very important position for Quickbit as a safe regulatory actor. I think that it's, it suffices to say that it always has been, and in the future also now when regulatory demands increases and expands quite a lot on digital assets, transaction and value creation, we fully expect to see. I fully expect to see that the demands on companies such as us will only increase, partly from the merchant point of view, but also from the banking infrastructure.
So I think that this is partly to position us as safe and strong, but it's also a necessary fundament for us as a business to invest into, so that we actually have what is needed. Yeah, so that's important.
We will keep you updated.
Yeah
... with the processes.
Great. Okay, thank you very much. There's someone called Dubblan, so that's very good name for today. So I congratulate you on a very good name. Hope that you will double everything when it comes to Quickbit very soon. And the question is: Hello, is the rise only because of PaySecure? I assume that PS is PaySecure. And are you dependent of them, or is Quickbit now standing on our own legs? Are you having conversations with new funds, new big investors that could contribute to stronger growth? And how can you get up the margins? 4% is a little low, and it takes a lot of turnover to do profit on the last line, basically.
I could look at the first two, because maybe you can take the last, Daniel?
Sure.
Yeah. So, firstly, no, it's actually not at all, PaySecure in itself. PaySecure is contributing, but they are not in a, at all, a strong actor, I would say, when it comes to the revenue parts. When it comes to the question there, if we're standing on our own legs, I would say that we definitely do that. So that's a very strong part of the pivot that I'm very proud about, personally. I'm super proud of that, because we did not use to do that. We were very dependent on a certain payment partnership actor. Now we have, we're growing with different actors, meaning that we have spread the risk in the company, and we...
That means that we do not need to listen to certain demands of a certain payment merchant network or anything the like, but we think about our strategy. We think about what we need to do as a company, and how we believe that will suffice, and give value to the business. So that is very, very good and very important, and that is also something that we will continue to work with. We can never, and we must never, come into a position where we are dependent on demands from one or two certain actors. So that is not the fact today. Today we're seeing actors having demand and wish to, and desire to use our products, which is very good.
So we are now in a better way to create value together with partnerships. Thank you very much. The second question there that you had, Dubblan, is if we're having conversations with funds and new strong investors who can achieve, contribute with stronger growth. We're continuously doing that all the time. And maybe you would like to add something, Daniel, to that, but that is something that we do at all times. We're seeing great interest in the company, and definitely we are doing that. That's a very important part to look at that as an aspect of the becoming a fantastic big player that we really, all of us believe that we can be.
Yeah.
Yeah.
I would say that, of course, it's our main responsibility to make sure that the company is in a strong financial position. Our main focus this past year has of course been turnaround and recovery. But of course, as time goes on, these types of collaborations will be more interesting.
Mm-hmm.
All right, so Dubblan, your last question was if it's possible to raise the margins. 4% is a little bit low. It takes a lot of revenue to make a profit on the bottom line. At the moment, this is the model we're using. And we are seeing, when it comes to our own products, we are, we have a slightly different accounting method. That is why the revenue of the past two quarters has been or the margin has been a little bit higher. But as it is, in the current business model, this is about the margin level that we can operate with, at the moment. But of course, it's something that we're looking at.
Mm-hmm. Mm-hmm. Thank you, Daniel.
Great.
Yeah, there's an interesting question here from David, saying... Let's see here. "According to PaySecure, the traffic is adult entertainment and betting. This is hardly investable for any serious investor. What is your view?" Okay, thank you very much, David, for asking that. Yeah, as I said also, that, and without going into commenting on the full scale business of PaySecure as a business, they are not a very big contributor to the revenues of Quickbit. Some of the revenue flows that they have may be relevant for Quickbit as a business, and some others may not be. So your question in itself is one of the reasons for why. Of course, the way every merchant network that we talked to, they had various kinds of offerings.
So, I will not comment on PaySecure's choice of business verticals, but we have a strong belief and valuation here at Quickbit, that certain kinds of revenue streams are not relevant for us. So, we're choosing what kind of business that we want to accept and not, which we think is important for the business. So, yeah, I hope that was at least some kind of, of a, of an answer to your question. Thank you very much. Interesting. Maybe you would like to take Marcus' question, Daniel?
Sure. All right, question from Marcus Andersson here. W hat is our view on maintaining the OpEx level, despite that we are in an expansive phase? I would say that, as I said earlier, the current OpEx level is adequate to maintain the operations at the level we are on right now, and we're also seeing that we can grow the business further. I can't give you an exact number, how much revenue can we handle on the current level. But, of course, we might need to hire some more staff as we grow, but this is something that we are very aware of, and we are also very careful when it comes to assuming new contracts and more costs. So, of course, as we grow, we will need to also increase our OpEx level, but I can't give you an exact percentage right now, but I will say that we will be very careful and hold on to the money as much as possible.
Yeah, very good question, also very important, and I think that... great, it seem, I take that as you were happy with the answer, Marcus. That makes me very happy to hear. And as you noticed, that we have decreased the OpEx 50%, and I think a very big part of that is also because we have made it a big part of our course and mission to see to that we are careful with the company's money, and that we...
And I can personally, to all of you owners here in this meeting that has been following this company for quite a while, we will never enter any kind of purchases of products that we cannot directly connect to something that improves value, and so that is not never gonna happen. We are carefully handling the owners' money with that. So I rest assured that the investments we do in the business, either on the headcount side or investment on new technology or platform or so or the like, is because we see that we will multiple the growth on that, that we see the business case is going to give us the necessities we need to scale this business.
Yes.
And there's going to be a multiple in this. Extremely confident, actually, to say that. But, but as Daniel said, you can never say the exact number. That will remain to be seen. Great, Digital 79, if you were born 1979, I just want to say that 1977 was the golden generation. Anyways, so there's a question there: "Which areas of clients is it that you see and have the biggest interest from, and which areas is it that you yourself would like to proceed with, or, or, or take a bet on, or, or choose to, to not go with?" Yeah, I mean, we, we are aiming. I mean, there's an, an ocean of opportunity, and, and so everything from us- for us now is part of a business case.
We're looking at the strategy and the business case, so we're looking at about for the growth potential. We do not look at one merchant or two merchants and so on. We want to take a new strategic decision on how we grow and adapt our products to a new kind of demand, where we see a very strong multiple in market dimension and so on. So that is an important part of what we're doing right now and looking over the strategy and productification of the company. So we see interest from various merchants, a lot of different retailers, some very small, and some medium-sized, and some a bit of the bigger ones, actually. We notice a lot of differences in certain demands that they have.
I mean, a classic jewelry merchant or a luxury consumption merchant or the like, even if it's automotives or whatever it may be, they have various interest or thoughts about how implementations are going to be done. Or travel, for example, also, which is an interesting industry for us with a high potential. So we're looking upon which of those that we should invest in. And we are not—we're not saying no to a certain merchant. We're trying to invest our time and products into the things that we think have the highest potential. And then there are, of course, certain industries that we have decided to not engage ourselves into.
If I come back to also the question that was previously, that certain revenue flows and industries is not something that we, from a valuation kind of point of view as a company, would like to pursue. But that's another part, also, so that's always a choice. I hope that was an answer to your question. And there's another question, also from Digital 79: "If we did have a client that we can point on that has this, this strongest customer that uses Quickbit Checkout, that you can test the flow upon, at the same time as they get a little free commercial and clients?" Yeah, I assume that you mean the Quickbit Pay platform then, which is that we have remodeled, and it's modeled differently depending on the clients.
We have chosen to not mention the clients directly and specifically because of the simple fact that we have seen that when that happens, we have gotten challenged quite a lot, and that strongly challenges our profit margins on that clients. Because what happens is that other companies reaches out to them with- tries to take over their volumes, and there's always a battle for volumes out there. So if there's a amount of transactions that a certain client has, if you mention that, that's may happen. But we have actually closed contracts now with two very big name-worthy clients that I can neither say the name on, unfortunately. It's very unfortunate. I would like to do that, actually.
I promise you that I would like to do that because I think that many of you would be excited. They are two very big merchants. But we are... We're actually implementing with those two right now, and I'm very certain that those two actors, most of you have made a purchase with them once or twice, at least, I would say. And I understand, Ingrid, also, that this was not a complete answer to your question, and I'm sorry for that, but this is to the extent that I can answer your question for a company security point of view, and I hope that that's okay with you. Thank you.
S? Or Scott?
Yeah, maybe you can take this question, Daniel.
All right, so we have a question from Yuan. So, "How serious are you about the Quickbit is to become a dividend share in the future, and how far ahead is it, is that possibility?" This is more a question for the board than to the company management. But I would say that, since I have talked to them, I would say that, of course, when it comes to dividend, of course, we need a profit first. And if there is a profit, I have not heard anything about... Of course, we might need to reinvest, but I would say that the attention of the current board is to suggest dividends when it is possible, when we have a profit and when it's possible. So that would be the attention that right now.
But I would say that, of course, this fiscal year that we are closing will be, will also be not a profitable year.
Mm.
I don't dare to project for the upcoming year, but it will be at least two years in the future, at the earliest, I would say. But we will keep you posted on that as well, so don't take that as a promise.
Thank you, Yuan. Then there's a question from John. This is so exciting question. I, you know, a part of me just want to say a lot of things here. And the question is, "Where are we, and who are we in five years?" You know, and all this travel there and so on. This is about the horizon. We are doing very exciting things right now. We are looking at our strategy, and we have immense growth as our plan. We see great potential.
We see fantastic things happening on the market with stable coins and the usability and adaptability of how people are going to utilize their digital assets in transactions, and that we see a growth of people that actually adopt and become owners of digital assets, and they also show a great desire to use those for transactions, also luxury consumption and so on. And we have very strong beliefs and ambitions that we are going to improve vastly as a company, not only as a transaction company or as a payment model company, but as a payment platform. How we enable merchants to actually open up the doors to a much stronger, fierce, you know, market or money that they did not actually have access to before.
I mean, not working with this will actually mean that companies say no to money. So, I don't believe that any kind of savvy smart business owner is going to do that. So we prognose a projection actually, that there will be a demand kind of change in how to adapt and do that kind of business in the future. And there are going to be a few leaders within this, and we are definitely having our eyes upon being one of those leaders. We're not going to be happy with being a follower. We're not here to just get back to where Quickbit was in the past with some revenues or so on.
We are looking at becoming a whole new growth template platform of something bigger to really monetize this entire potential, which is in this massive industry, where we want to become a leader that others follow when it comes to this. And we're going to pass through a few checkpoints. During this, it will be a few checkpoints on what our products do, for whom, and how that is measured, and how simple they are integrated, and which kind of industries and verticals that utilize those, and how we provide value to a world of this potential. So it is, it's fantastic. It's a fantastic time for everyone to be part of this company based on that.
So, I hope that this provides some thought, even though I'm not giving out any parts of the strategic business plan-
No
... in that sense.
But you're sharing the ambition.
I'm sharing the ambition.
Yeah.
Exactly. Exactly. So that, then I hope, I hope that ambition is, is something for you here. Great. So, Seek Hide, "What are your thoughts about buying Bitcoin to have it in your reserve, as some companies do, as Block, Tether, and so on?" Interesting. Very interesting question, actually. Daniel, would you like to address that one?
Yeah, sure. Our current business model does not sort of extend to speculating or holding any cryptocurrency or other sort of stocks or funds to speculate on an increase of value at this moment. But of course, we are open to maybe making an investment of this type because of the sort of potential in Bitcoin. But we are not in... We're not gambling in that way. So we are trying and at this moment, we're still in the turnaround phase. So at this moment, no, but we won't rule anything out for the future-
Mm.
... I would say.
Mm. I love the second question here from Mike Mitor, "Are you going to buy more shares today?" Smiley.
He can't afford them anymore.
Yeah, exactly. That's the problem, you're buying so much. No, it's funny, actually, because as you surely noticed, a big part of the management team decided to acquire new shares, and that's because we believe in what we're doing. We believe in this company. We believe we're doing something amazingly right. And I emptied my savings account to buy as many shares as I could during that point in time. So I could definitely say that I want to buy more shares, and I will have to do it in a way, so I still can afford to take care of my kids. But that is the most honest answer that I can give you on that.
Mm.
Thank you for that question. Maybe you will take that other one?
Sure. Question from Dubblan, again, here. "Will you start holding investment, investors' meets, in the future?" And of course, yes, we are continuously holding these types of sort of meets with different investors. Open investment meetings, like aiming to more for the public, is also a part of the strategy. So, you will be seeing Daniel in different types of forums. So this is a part of our sort of investor relations strategy, which will start during the fall, I would say.
There's a question here also if I could tell a little more about our latest addition to the company, Bas Tognér , and if there are any more recruitments that we see within the coming two quarters. Great question. Thank you so much, Marcus. So Bas is a, he's a senior marketing professional and marketing leader. Extremely good. He has very strong competence in the marketing aspect of catering to understanding, interpreting, and also strategize for acquiring users and building successful tech companies with strong visibility and reach and brand of preference with users. He has been working with the talent industry at Universum. He was the Head of Marketing over there some while ago. He's been at Mynewsdesk.
He's been at Viaplay Group at the latest to enable them to get stronger sight and reach with their product portfolio with users and get, you know, through marketing automation, get better user value. So this is, I'm very happy about this question because it tells a lot about our ambition here as a company. We want to invest into Quickbit and the brand and our visibility, our reach as a company to, at all times, become even stronger and more trustworthy as a brand, as an actor, where other merchants want to invest in, too. It's about the brand of preference, it's about awareness, but it's also about us understanding the potential even better from a marketing point of view and the investment point of view of that.
We see that the competence here that we have gathered on as we are building has immense strengths and knowledge, and we believe there is a vast potential in utilizing that competence also from a more bigger marketing aspect side from the business. And we believe that being seen more in the right places and creating a strategy for that will help the company's growth quite a lot. So we want to extend and invest in that work, and Bas is a key person to enable Quickbit to actually make that happen. And when it comes to more recruitments in the coming 2 quarters, we are growing at all times. Anyone who knows Python and React developers, don't be shy. Please let us know.
If you know Python and React, we will celebrate you here. We can even have a little champagne gathering. We can... Whatever you want, just let us know. And that being said, also, we're growing on controlling side. We're always looking at the compliance part. We need to increase the security of the company at all times, because as we grow with transactions, we also need to have staff in place that see to that the safety of the transactions are in place and it's good, and so on. And we also invest a lot in our internal analysis system, so that we become even better to understand and automate also our business. So we're creating also tools for ourselves that we can push and become less manual labor, basically.
So, there are definitely coming more recruits also in the coming three quarters. And of course, also in perhaps in marketing and in growth, for obvious reasons, because we're growing. We want to be able to handle our customers with care. So expect to see that there, there's going to be questions for customer success management, but also, customer service and so on. All of these things, pretty normal for a tech finance company, when we grow and we see that the demands grow also upon our staff and the questions and so on.
Yeah. That being said, we won't hire a bunch of people until there is stuff for them to do. So once we have the revenue in place and when these tasks are open, then we will, of course, hire them and be prepared for that.
Here we see a perfect example of the CFO telling the CEO what he wants to be done with, with the costs. So that's it. It's very, very good.
He will hire anyone. Everyone,
Yes, absolutely. Absolutely. I hear what you're saying. I hear what you're saying. Thank you very much, everybody. There are no other questions right now, actually. So, it seems that everyone are happy. Oh, here we have a new... James, "No question here. A big thank you for your hard work and not fucking leaving," I think you're saying. So sorry, pardon my language. We are not going anywhere. We're committed, and we're going to work our asses off to continue delivering on this extremely exciting journey. So thank you so much for those very warm words. They are very, very nice to read, actually. Thank you so much for that, especially some memories from the Q&A in August last year, where it was a bit more going through things where we had been.
It's very, very nice to be able to deliver this. So thank you very much, all of you, for your questions, for your passion, for your commitment to Quickbit. I just want to say now, last, before we leave this meeting, we have started to place a foundation for something new, but this is the beginning. We have great things coming up. Thank you very much, Dubblan. You are awesome too, and you have an awesome team, so keep doing that. Thank you so much.
All right. Bye-bye, everyone.
Thank you, everybody. Have a nice day, and let's hope for some sun this summer. All right, thanks.