Hi, everyone, and welcome to the presentation of the Ayfie 2022 results. I'm here with Lasse, that will run through the numbers later, but I want to make some initial comments on what's been going on in Ayfie last year. We have been investing heavily in our cloud Software-as-a-Service product line. This will enable us to scale deliveries and reduce the cost of deliveries a lot, and it will change the whole way we can deliver our product to our customers. We have already shown this platform to a few dozen companies that are potential customers for us, and the vast majority of them, actually, all of them, except one, have said they would like to trial our software when we are ready to deliver it on this platform. So this, this is very reassuring when you are making an investment like this.
We expect this platform to be ready before summer, and I expect it to generate a lot of revenue for Ayfie in the second half of 2023. So, that was the one thing. The other thing we have also been investing in is a feature that I'm very proud to announce. We call it Chat with Your Document, and it's basically a way for you to take a big document that you typically identify through Ayfie's existing product line, and chat with it. So, let's say you have a 200-page report, and you know there is some information about ESG or something in it, then you would before typically have to browse through the whole document.
But, by enabling world-leading AI technology in cooperation with OpenAI and using their ChatGPT algorithms, you can simply ask, "In this report, what does it say about ESG?" And the AI engine will then run through the document and return what you're looking for. So this enables you to save a lot of time, but it doesn't stop there. You can also use it to make a quick editing of your documents. Let's say you have a contract, and you would like to add a clause for what happens if there is a change of control for one of the parties in the contract, then you can simply ask your AI assistant to add that clause and make adjustments to it if you don't like the initial suggestion from the AI assistants.
So this makes it possible for our customers to find what you are actually looking for in a document, on a fraction of the time that you usually need, and it also eliminates the typical human errors of typically not finding what you're looking for and passing by it while you're browsing through the document, et cetera. So this will generate a lot of value, but instead of me just talking about it, maybe I can simply show you how it works. So since this is a presentation of our results, I've taken the annual report, and I've uploaded it to the Chat with Your Document feature.
So I can simply, for example, ask here: "What happened in Ayfie in 2022?" And it will then go into the document and retrieve that information from the document, as you can see. And you can also ask more complex questions that will combine different information from the document. Let's say you ask, "Has anyone in Ayfie worked in Capgemini before?" And it will run through the document and find those persons. And you can also work with your document. If I, for example, say, "List Ayfie managements," here, you will see that it retrieves that information from the document. But let's say that we have hired Gunnar Olsen as the new CTO, and you would like to update this list based on that information. You can ask it to do that also.
"Please update the list to reflect that Gunnar has been hired as the new CTO in the company." And you will see then that it goes into the list, and it doesn't only add Gunnar, but it also updates my title to be just CEO, since I no longer hold the CTO role. And imagine the possibilities using these capabilities with all your internal data. So the combination of what has been Ayfie's traditional core business, finding and retrieving internal knowledge and documents, and combining it with this kind of AI technology, it really unlocks value. As you can see, this is really useful in many cases, and I have so many more use cases I don't have time to show you today.
I truly believe that the combination of ChatGPT technologies and the large amount of company data that Ayfie technology unlocks enables us to go beyond the search results. It enables us to give the user the insight that he or she is actually searching for, and not just a lot of links and documents, and leave it to the user to find out herself. So this is fantastic news for our customers. We are actually the first company in our market to offer this service to our customers. Having said that, I'll leave the floor to Lasse.
Thank you, Herman. My name is Lasse Ruud, and welcome to the presentation of our financial highlights from the annual report 2022. Looking back at Herman's presentation and what he showed you today, I'm very proud of representing a company that has successfully executed such a transformative initiative without any capital issuance throughout 2022. Still, our company remains financially stable, with sufficient reserves in the bank and no immediate requirement for capital expansions in the short term. As you can probably understand, 2022 has been a significant year of investment in technology and product packaging. As we have described in the report, we see the following phases we have taken the company through the recent years. In 2022, Ayfie underwent a restructuring process to recover from substantial losses.
By 2021, Ayfie reestablished control and concluded the year with positive financial results. In 2022, Ayfie revitalized its product line by investing significant in product development. I understand that you may have questions regarding our performance last year, so let me go through with you the most important highlights. With the background of the major investment we made in transforming our platform into a fully fledged SaaS solution, we choose to tone down our sales efforts. This decision was made because our existing platform requires a significant amount of work during installation, which would have diverted resources away from our important focus. With that in mind, we can observe a decrease in our revenue when compared to the previous year, whereby both recurring and non-recurring revenue streams have experienced a decline. Maintenance is now included in the subscription line.
It's crucial to highlight that the revenue from the prior year, 2021, included a one-time income from the sale of non-exclusive source code from a discontinued product, as well as approximately NOK 4 million more in professional services revenue in 2021 due to customer installations. So looking at the numbers more in detail, we see that most of the loss is not from our main customer base. Ayfie still shows the ability to build long-time customer relations, having several customers who have remained with us for a decade. Secondly, our operating expenses have increased, primarily due to higher product development costs and increase in personnel expenses, including the cost of main contractors being moved to personnel expenses. We also saw an increase in other operating expenses due to higher company activity and marketing.
At last, with most of our contractors invoices us in euros, we experienced an increase in more than 10% in the cost throughout the year. Altogether, this gave us a net loss of NOK 31.2 million, more than half of the loss being the write-down of the goodwill and intangible assets from the acquisition of Haive in 2020. Which brings me short over to our balance sheet, where we see that it's now clean, being mostly the cash balance and the trade receivables. Thank you for following the presentation today, and if you have any questions, don't hesitate to contact us directly. Thank you!