Welcome everyone. It's time for our Q2 presentation. For new audience, my name is Sten Kirkbak, Founder and CEO of Xplora. With me today I have our CFO, Mikael Clement, and we will take you through this presentation. As we always do, we'll split it into three section. I will start with an overview, a summary of Q2. Then Mikael will take you through the detailed financial section, and I will end with an outlook and a summary of the months to come. With that, let's move into the Q2 highlights. Group revenue was up 19% year-on-year to NOK 111 million. For the full first half year, it was up 25% to NOK 185 million. Recurring revenue from our SIM services was up 44% in Q2 to NOK 34.9 million.
First half year was up 157% to NOK 68.5 million. Our subscriber base was up 42% to 134,000 subscriber. Remember when we acquired Xplora Mobile back last year, we acquired 80,000 subscriber, and we have increased this to actually now end of this month at current date to 140,000. 134,000 at end of Q2. A huge increase in our subscriber base. Our gross earnings were up 51% year-on-year to NOK 60 million, or 55% of the revenue, or 72% up year-on-year from last year to NOK 101 million.
EBITDA ended Q2 at positive NOK 500,000 or a negative 2.3 million NOK for the first half year, and a strong and healthy cash balance at NOK 81.2 million going out of our second quarter. With that, let me take you through some of our key focus area for Q2 this year. Historically, we have introduced two new watch models approximately every other year. This is the first year we are introducing three new watch model, and two of them is an OEM strategy, an OEM platform. I will take you through some of those details a little bit later in the presentation, but Q2, it was all about getting into the final stage of completing the development of the three smartwatches that we will launch in 2022.
Also, a big part of Q2 was all about securing our four new service provider agreements and start to work on them for implementation and launch throughout 2022. The four new agreements were in U.S., U.K., Germany and France. This again all about replicating our very successful and profitable MVNO Nordic model, which we have done over the past couple of years. You saw the results from Q2, from previous page with the strategy to continue to replicate that into four new markets throughout this year. We have also continued to enhance our GoPlay services, including execution of a test pilot in the Norwegian market where we have onboarded our first paying customer, preparing a further rollout in more markets throughout 2022.
We have also continued to build our team, ending Q2 with 122 employees, adding new resources and of course a lot of focus in the U.S. market. A very important part of our growth strategy, while still limited revenue from U.S., we are getting the team set up and in place with new distribution partners such as Walmart, Target, QVC and more. All important tools in order to gradually start to build our volumes and revenue from the U.S. market. We have also been managing challenging supply chain situation, as you probably all are aware of.
We have done that very successfully, been able to roll out our product throughout the first half of year, meeting the demand from our retailer and distribution partners, and also are ready, as mentioned, to roll out our new product throughout 2022, although with some minor delays of the new products. Again, I will come back to some of the more detailed plans for the rollout in the outlook statement. The company has also been implementing successfully our new ERP system, which we'll then see benefits of throughout this year as well for increased efficiency. That was some of the key highlights of the business focuses throughout the second quarter. Now Mikael will take you through some of the financial details. Mikael?
Thank you, Sten. Let's dive into the financials. We'll start out with revenues. In the second quarter of 2022, revenues were up by 19% from the same quarter last year at NOK 110.7 million. The first and second quarters are seasonally weaker than what we have historically experienced in the third and fourth quarters. We expect to see a similar trend in the current year. For the first half, revenues were at NOK 185 million, up 25% from the same period last year. Breaking down into two segments. Device revenues were NOK 74.6 million in Q2. Germany continues to be our largest market for smartwatches, comprising around 60% of our device revenues in the second quarter. Recurring service revenues amounted to NOK 34.9 million in Q2.
Norway with the largest subscriber base comprises the largest share of our service revenues, followed by Sweden, Finland, and Denmark. On a group level, revenues were at NOK 110.7 million, of which Germany, which was our largest market at 40% of revenues, followed by Norway at 34% and Sweden at 11% of group revenues. Moving on to gross earnings and margins. In the second quarter of 2022, gross earnings were up by 51% year-over-year to NOK 60 million, from NOK 40 million in the second quarter last year. Gross margins ended at 54.3, slightly down from in excess of 55% in the first quarter, largely on product mix. This shows our recurring revenue base.
Group recurring service revenues were NOK 34.9 million in the second quarter, up 44% from the same quarter last year. On a 42% increase in our subscriber base to 134,400 subscribers and a stable ARPU from Q1. Service revenues represented 32% of our group revenues in the second quarter of 2022. The underlying drivers you see here. On the left-hand side of the slide, you see the quarterly increase in our subscriber base. As Sten mentioned, when we acquired Xplora Mobile in Q1 of 2021, we acquired 80,000 mobile subscribers in Norway, Sweden, Denmark, and Finland.
That base has now grown to a net subscriber base of 134,000 mobile subscribers at the end of Q2 and 140 mobile subscribers as of today. The subscriber base is divided into 78,000 subscribers in Norway, 34,000 subscribers in Sweden, 14,000 in Finland, and 7,000 in Denmark as of Q2. Looking at the target market that we work towards, kids aged four to 10, that implicitly translates into a penetration of Xplora Mobile subscribers of 18% in Norway. In other words, close to one in five Norwegian children in the ages four to 10 is using an Xplora watch daily. 4% penetration in Sweden, 3% in Finland, and 2% in Denmark. We have the longest track record in the Norwegian market.
Looking at how penetration rates have developed over time, we see a very similar growth in our penetration rates in Sweden, Finland, and Denmark as we experienced in Norway at an earlier stage, as we're showing here now on this next slide. This we have the same go-to-market model. We have the same type of developing marketing activities, which we also now will start applying to new markets as we roll out connectivity services. Into a slightly deeper dive into the financials for the second quarter. First of all, the P&L. Group revenues, NOK 110.7 million, up 19% from Q2 last year. Recurring service sales were NOK 34.9 million, up 44% from the same quarter last year. Smartwatch sales were up by 9% year-over-year to NOK 74.6 million.
That is a sequential positive shift in the sales trend for specifically smartwatch sales, which experienced a negative growth of 22% in the first quarter of this year. From negative growth in the first quarter to positive growth in the second quarter. Gross earnings were up by 51% year-over-year to NOK 60 million. Our operating costs amounted to close to NOK 60 million, NOK 59.6 million, up from NOK 38.4 million last year. That includes NOK 15.1 million in marketing costs. Key drivers of the increase in operating costs from last year is our team costs, marketing costs, and consultancy and legal professional costs. In the second quarter, we also have NOK 2.5 million in ERP implementation costs, included in the operating costs.
We exit Q2 with 122 employees, up by a net of 10 from Q1. Another positive EBITDA, NOK 0.5 million in Q2 versus a positive NOK 1.4 million in Q2 last year. Depreciation and amortization amounted to NOK 12 million, of which amortization from intangibles standing, from amortization of intangible from Xplora Mobile acquisition was NOK 11.8 million this quarter. EBIT NOK -11.4 million in Q2, and pretax earnings NOK -10.8 million. Moving on to the first half. Group revenues NOK 184.7 million, up 25% from the same period last year. Recurring service revenues were up 157% to NOK 68.5 million. Gross earnings increased by 72% year-over-year to NOK 101 million.
Operating costs were NOK 103.5 million in the first half, of which implementation costs for ERP systems were NOK 5 million , and that also includes marketing costs of NOK 22.3 million . EBITDA in the first half, NOK -2.3 million , a sharp improvement from NOK -9.5 million in the first half last year. EBIT ended at NOK -26 million after amortization of intangibles of a total of NOK 23.7 million in the first half. Moving on to the balance sheets. The balance sheet total in the second quarter was at NOK 509 million, slightly down from NOK 514 million in the previous quarter.
Financial fixed assets amounted to NOK 255 million, largely driven by intangible assets such as goodwill, customer contracts, and intangible assets, which primarily are capitalized R&D. We have NOK 4.4 million in other long-term receivables, which largely are deposits or restricted cash for our rent. Accounts receivable were NOK 46 million, up from NOK 29.9 million in the previous quarter on a higher activity level in the quarter. Inventories exiting Q2 were NOK 100 million, up from NOK 78 million in Q1, which makes us well prepared to deliver on our anticipated growth into Q3 and the second half of 2022. We exit Q2 with a cash balance of NOK 81.2 million.
We have NOK 28.5 million in interest-bearing debt, slightly down from Q1, and we had other short-term liabilities of NOK 66.6 million, which largely are prepayments on goods ordered, as well as subscriber base and factory orders. We exit Q2 with equity of NOK 383.5 million. Finally, over to the cash flow. Cash from operations in Q2 amounted to NOK -37.4 million. We had cash earnings of a positive NOK 1.2 million, but we have a working capital build-up of NOK 38.5 million, drawing on our cash balances this quarter. The working capital build-up is naturally to prepare for a seasonal upturn in the second half of the year, as we always do.
Cash from investments this quarter was NOK -14.4 million, largely driven by the investments in new product development, capitalized R&D, and new ERP systems. Those three elements drive around three-fourths of the CapEx this quarter. Cash from financing is NOK -0.5 million on down payment of debts. Net change in cash during the quarter, NOK -52.2 million, for ending cash balances of NOK 81.2 million . With that, I'd like to turn it back to Sten for a run-through of the road ahead.
Thank you, Mikael. Now let's have a look into the road ahead, and let me take you through a summary of the months to come and what to expect. I would like to introduce that by summarizing some of our key strategies for growth throughout 2022. The first three bullet point on the screen is all about how we'll continue to grow in new and existing markets. We will have a strong focus on continuing to grow in our largest market, Germany, Norway, and Sweden. We'll do that by joint marketing campaign, adding new retailers, and utilize our position as a category leader. We have a large focus in order to drive existing market from a development phase into a growth phase. We'd like more markets to become more similar to the volumes we are seeing from Germany, Norway, and Sweden.
A lot of that will be related to how we even better can execute a partnership with our retailers. Third, and also very much importantly, we will focus on successfully launching into some new markets. U.S., of course, being one of the most important new markets for 2022. Also, as mentioned earlier in the presentation, and I will take you through the highlights and the timing in a minute, we'll also focus a lot on replicating our successful MVNO SIM connectivity model from the Nordic market and replicate that into new international market.
Of course, since we are introducing three new model this year, we'll focus a lot about driving growth from the introduction of new models, which we historically have seen has been a success, and it, by default, will get more volumes and more attention from retailer partner and our own online channel when introducing new watch models. Also, as mentioned, it's new OEM model allowing us to implement a better integration with our platform, also allowing us to introduce new services to utilize our upcoming new models in the future and revenue from those services as well. I would like to take you through some of the highlights of our plan for second half, starting with our smartwatches. This summer, we launched and introduced our new entry-level model, the XGO3, into the market.
We successfully launched that in July and will emphasize the focus on that model into August and back to school. It's a new entry-level model, as mentioned, with a price point aim from EUR 149, including our Xplora SIM card in as many possible markets. Also new from this model is that we have redesigned the packaging for two purposes. One, to drive packaging and freight costs down by limiting the size of this packaging. And secondly, we have also introduced a new, more environmentally friendly profile to the packaging, with the packaging main carton being 100% recyclable, and 80% of the material is already recycled as well. For all our new watch models, we will utilize and use the same packaging form factor going forward. Here you can also see our new premium model, the upcoming X6.
As we mentioned initially, it's the first time where we have chosen the OEM strategy for that hardware platform, meaning that all the IP, all the way from product design to all the software and everything that comes with the product, is solely developed by Xplora in-house and of course, also with some of our partners. That means it gives us a lot more visibility for all upcoming product and feature and service roadmap on the product. We will have a much better integration with our GoPlay platform. Of course, with the particular design, we will also make the product stand out from the crowd even more, and again, just strengthening the position as a category leader. On the screen, you can now see some of the strategies related to the product design that is important.
A lot of color variation will be available, in particular from an accessory perspective, so the user can change both wristband, loops, and also bezel colors. Allows us to really allow the customer to personalize the watch, but also for us to introduce a lot more accessories into that market. It's also a Qualcomm 2500 platform, so it's a super sharp and quick processor that comes with it. It's powered by Android, again, making it even more. It makes it a lot better for us to integrate with our platform to really utilize the services that we will be launching later this year for this product. That gives us a very exciting product lineup for 2022 and 2023. As mentioned, normally, we rotate a product every other year.
Going into second half of 2022 and all the way into 2023, we'll have these three products: our entry-level product, the XGO3; our premium product, X6Play; and also we will have a pro variation, an even more advanced variant of the X6, with an even sharper screen, a Qualcomm 4100 processor, making it ultra sharp, quick, and fast response, which we'll then launch later this year. This will be our lineup for 2022 and 2023. Now let me take you through the connectivity service plan, the roadmap we have talked a lot about in the introduction. As you can see, we have our global SIM rollout starting with the launch in U.K. already in June, with a target to introduce France, Spain, and Germany throughout this year.
Early next year, we will change our U.S. SIM connectivity strategy from currently we're in the market with a Gigs solution. In Q1 early next year, we will also introduce the traditional MVNO full-blown setup that we have used in Nordic as well as France, Spain, and Germany as well in the U.S. market in early 2023. As you can see on the screen, currently we have SIM connectivity in the Nordic market, a market representing roughly 2.1 million kids in the age four to 10. Currently, we have 140,000 subscribers as of August this year, representing 6% market penetration. It's a highly scalable and accretive business model. As you can see on the screen, it's a reference point for the market size opportunity in the market that we are targeting to launch throughout 2022.
I would like to end the timeline of new product and services with an update on Xplora GoPlay. As you can see on the screen, GoPlay has really been through a long evolution since we started the company and launched our first product back in 2017. Initially, our service application and platform was all about the core services with watch location, SMS, GPS, et cetera. We entered into the first project, innovation project with Sony Interactive Entertainment, with integration with the Sony PlayStation title. First time we really utilized the activity data we got from the kids, made kids value out of their activity level. Big success with that integration from a technical perspective.
It got a lot of attention moving our development into a very unique project as well with Dora the Explorer project, our first activity-based campaign to a broader market. Again, getting a good result from the activity and engagement from our user. Entering into our first third-party integration with 3Sixty, one of our production partners in Asia, onboarding more than 60,000 users to our activity platform, allowing us to really learn to onboard customer and learn what is creating the engagement from the users on the activity platform for kids, allowing us then to continue to add new partnerships with activity campaigns throughout 2021. Having 12 different activity campaigns, now having roughly 120,000 plus users on our GoPlay platform.
We have been working quite a lot on how to commercialize that model into a proposition we can launch into the market to onboard customer for a premium model, paying a premium to access that service. As mentioned initially, we did that the first time this summer with a commercial pilot in the Norwegian market, onboarding our first paying subscriber to our premium plan on the platform. Now the team is preparing the generation two of the Goplay platform, taking all the learnings all the way back from 2017, accumulating in this pilot in Norway this summer, and preparing the launch to be aligned with the rollout of our SIM connectivity, plus aligning with the rollout of our new X6 product later this year, where we will also then introduce generation two of our premium subscription into the market.
That takes us to the outlook, and the road ahead in that regard. Again, the company has five strategies to grow the business in 2022. Two strategies for our existing market, our biggest market, and then getting the other market into the same growth phase, and then introducing our product into new market. Second, a lot of focus replicating our MVNO model into new market, and of course, the focus that comes along, an opportunity with introducing three new products and new services throughout the second half of this year. The company also continue to target our 50% revenue growth this year, although we do recognize that there are many external factors that we need to take into consideration as the market is currently with all the feedback we are getting from our partner, distribution partners, et cetera.
We continue to have our target at 50%+, but of course, we need to also take into consideration the potential risk factors in the market and the weaker consumer sentiment that create greater uncertainty for this target. Also, Xplora is securely funded to deliver our growth plan, both into new markets, the extension of new MVNO agreement, as well as introduction of our new products. The company is very securely funded in order to deliver all these new products and services this year. With that, I think we can move into the Q&A section. All right. I see already questions are coming in, so let's just start, Mikael, if you can read the question.
Sure.
Coming in as they are coming.
Sure. I see you now present Spain as a new market for connectivity.
Yes. As mentioned earlier in previous presentation, of course, we have some key markets in Europe where we really would like to launch with our connectivity. Spain is definitely one of those market, as we have been in Spain for a long time with some very strong partners. Our implementation team is now expecting that we are going to go live or can go live in Spain with our own connectivity during second half of this year. Hence, we also updated the market on this progress today in today's presentation.
Good. How do you base your expectations of +50% revenue growth? We base this—we don't have a backlog as a player in the retail industry. We base our forecasts on rolling forecasts with our salespeople and insight with our retail and telco partners. 80%-ish of our revenues are from the Nordics and from the German markets. Those are markets where we have that are performing very well and that are where we also have a number of very strong partners. In addition to that, this year, as we saw in 2020, two years ago, the release of new products are expected to have a positive revenue effect.
Yep.
You mentioned you now have paying subscribers on the Goplay platform. How many?
As we referred to in the presentation, the purpose of the commercial launch in Norway was to demonstrate that the market people are willing to pay for a tech for the onboarding for the solution. The revenue generated from the pilot is insignificant compared to our other service revenue, so we are not specifying the exact revenue. However, it was enough for us to move forward into a commercial solution to launch into the broader part of our markets later this year, as we announced. Once numbers start to become meaningful compared to our other revenue, we will also start to specify the specific revenue from these services.
Good. How do you look at the value of mobile subscribers?
Base versus the value on profit from selling watches?
Well, actually, I mean, these are interconnected. When we were listed on Euronext Growth three years ago, we were a company that sold our smartwatch to the end consumer.
Through our retail partners. You've seen, we have an average sales price on our watches of around EUR 80-90, and we have stated target of around 30% gross margins on that. That translates into, let's say, around EUR 25 in gross profitability on a watch. These watches, smartwatches, are mobile phones, and they need a SIM connectivity. By bundling the SIM connectivity to the watch, not only do we generate the profitability and/or margin on the watch itself, but we gain a subscriber that has an RPU of, let's say, sub-10 EUR a month with an even much more attractive gross margin. As we've shown, the lifetime of the customer extends from a one-off sale to more than three years.
The profitability on selling our smartwatches with connectivity is very, very much higher than selling the watch alone .
What is the key difference in OEM products versus previous models?
That's actually a very good question, and I would like to elaborate on that for the audience. Previously, we have selected an ODM strategy, which really mean that we are selecting a hardware platform from a manufacturer, and then we can, to some extent, customize that initial hardware platform. We can certify it, optimize it for our markets. We can play around with some of the design and of course, the relevant software required to implement with our platform in order to keep all data safe and sound within the GDPR compliance regulation. We do this normally in order to drive time to market, quicker time to market, and also lower initial cost, but potentially a slightly higher one-off cost per unit sold. That's the reason why I select the ODM strategy.
Being one of the biggest players in the market, we were still able to do so with good partners such as 3Sixty. The OEM strategy, which we have now selected, is a hardware platform where we basically build the full product from scratch, meaning that all product design is made from Xplora with our design team and external design team. We own all that IP and of course, all the specification, meaning that we can specify and select every single component inside the watch. As you can imagine, that's important for two reasons. One is that we can drive the specification we would like to meet market demand, but also in the circumstances in the market today, we can select components which we feel more comfortable with will be available into the future.
That also mean you have slightly higher initial investment cost to develop the product, but then you have a lot of benefits on the product going forward. We separate it from the competitors, we can optimize it toward the market demand, but also we have a whole different kind of opportunity to implement and integrate content from our platform and content since we are building all the software on the watch from scratch as well.
Now, in the company history, having the volume, having the revenue, having the funds we have currently, we then feel it's the right time to move into that long-term strategy with OEM. A long answer, but important answer to address.
How can you capitalize on the mobile subscribers when children eventually convert from watch to mobile phones?
Also another very good question. We have not articulated a precise strategy for that as a focus for this year in order for us to execute our new products, our new services, our rollout, our new MVNO and subscriber market. However, as a business, we see a huge opportunity in the future in order to transition a mobile subscriber from a watch into the first early stage of a smartphone. As we have tried to articulate to the market as well, that is one of the key reason why we are now building, analyzing what types of content that is sticky and really create engagement from the kids, so they can transition that content to the first Tier of a smartphone, as well as rolling out more of the profitable connectivity solution into more market.
That's key, two key building blocks in order to make that transition a success.
Having the mobile SIM connectivity and having sufficient content to incentivize that transition. Potentially a huge opportunity in the years to come.
Can you elaborate on the funding you have on top of your existing cash balances? Well, first and foremost, we are an equity finance company enlarge and we have.
As we stated this quarter, just below NOK 30 million in interest-bearing debt.
Most of that is with Innovation Norway and an innovation loan partly guaranteed by the EU that we were awarded in 2020. We have some factoring also in selected markets.
In general terms, we're continuously looking, you know, at how to optimize our financial base. For now, we're also stating that we are solidly funded to deliver on our growth expectations.
Will you be able to launch the X6 Play and the X6 Pro for the Christmas season?
Quick intro on that question would be, we did experience some delays during the additional lockdown in the Asian market previous this year. That caused some delays on all our new products this year. Our XGO3 is recently launched a couple of months after the original schedule. Also, our X6 series will have slight delay. However, we are targeting to launch our X6 product before or running up to the Christmas season this year. That's definitely a goal for the company. We expect to be able to do so. The X6 Play will come first. Thereafter, the X6 Pro model will come.
Hi, guys. Why the transition from the Gigs model to full MVNO in the USA?
What are the advantages?
Great question. As you probably could see from the slides, we choose to comment the transition as well. You cannot actually use what I just referred to with the ODM and OEM model as kind of the same benefits. We selected Gigs initially because they have a platform allowing us to potentially roll into multiple markets quicker.
You have a time to market advantage. That always comes with a cost, meaning that you pay a slightly higher monthly cost per subscriber you are adding. After the acquisition of Xplora Mobile last year, looking into the business model, looking into the scalability, the profitability, we saw that as a business, it would make sense to roll out in as many countries as possible with exactly the same model as we have in the Nordics, meaning higher margin per sold subscription.
That's the reason why we're also in the U.S., which will be the biggest market potentially we have, to then be in the market now with the current solution, having slightly less margin per subscriber, but then gradually convert into the full, subscription model as we have in Nordic and now also throughout the year in the rest of Europe to drive more margin per subscriber.
Have you now completed the implementation of your new ERP system? Well, implementation of an ERP system is a big project. We've been ongoing for the whole project for a year's time now. The basic components of our new ERP systems are in place. However, optimizations are ongoing, and I would expect that the full efficiencies of that systems and the benefits that we expect to reap from that system will gradually come through both Q3.
Also into Q4.
Let's see here more. Connectivity growth rates are slowing. Why?
Well.
Well, keep in mind the business model.
We have a relatively stable churn on our mobile subscriber base in the Nordics at around 2.5%-3% per month. That means that a higher subscriber base and a higher number of net subscribers demands continuously higher gross adds in subscribers to maintain the net growth. Also another issue is the seasonality in this business. The second half of the year is seasonally significantly stronger than the first half. That also goes to mobile subscribers on our smartwatches.
I think we've addressed that question. When do you expect to see volumes from the U.S. market? I can also couple that.
With another question.
Yeah.
When can we see Xplora at retailers in the U.S., not only online?
Two questions there. To start with, when we can expect to see volumes from the U.S. market, first of all, a disclaimer, that's difficult to particularly come up with a statement. What we can say is that historically, we have seen from most of our successful markets, going to Germany, going to Norway, Sweden, et cetera, it normally takes six-nine month when we enter into retail partnerships before you start to see steady sales number. Comes with the training, comes with awareness from the salespeople, et cetera. In U.S., we started to onboard our first retail partners during Q2 effectively, meaning that historically, it would mean we would hope to see some progress on volume toward the end of this year.
Of course, U.S. is a big market, in the climate we are in right now, meaning that we're not expecting to see that U.S. will accelerate quicker than we have seen historically from other markets. Given the fact we started implementing in Q2, we should start to see volume at end of this year, of course, building momentum into next year. I will also emphasize in some that as we stated in the presentation, we have now built the foundation we need in U.S. as we have seen historically from other markets. We have built a team there locally. We have increased that team. We have made big progress over Q2 with retail distributors, everything that comes with the basics you need to scale the market.
We are now pivoting our product into getting the certification, the setup required, and optimized toward the U.S. market. All the building blocks are in place in U.S. We have the retailer, we have the partners. We now just need to rely on the previous strategy for other markets and work with that timeline we have seen from before. We expect the numbers to come as well.
Are the new device models launched simultaneously in existing markets or at different points in time per country?
Definitely, some will come at a different timeline than others. Reason for that is many. Some of the markets where we have a lot of retail partnership, we are, of course, optimizing toward the demand from that market. That could be one factor. The other factor could be certification. Some market requires longer certification than others, such as, for example, the U.S. market is a little bit more complex. Some markets, we have a lot of telco partnership that also has a longer certification homologation process, meaning that from a technical perspective, we will finalize, of course, the product more or less in the same time, make them technically available. However, we then need to optimize based on the channel and based on the demand where we prioritize our launches.
Yeah. I got a couple questions here in regards to Goplay. Commercial launch seems to be postponed. What's the willingness to pay for Goplay? We still.
As we stated, I think that was a previous question as well, and we posted it in the presentation as well. The whole purpose with the pilot launch in Norway this summer was to get actual data and documentation that there are willingness to pay. The answer is yes. We have onboarded the first customer paying a premium price to access the GoPlay platform, and as we stated in the presentation from the historical timeline, we are now implementing all the learnings from having 120,000 users on our GoPlay platform with what we'll learn from the commercial pilot onboarding paying customer and rolling that into the market later this year.
Very important, as we stated as well, we are now aligning that rollout of the new Xplora GoPlay solution with our SIM connectivity so we can sell the hardware, add the connectivity from the SIM, and then also upgrade to paying premium subscribers. Plus, also aligning it with our new product X6. As we stated in the presentation, those new products being OEM platform allows us to integrate more with these premium services from GoPlay. Also, that's the reason why we have aligned and postponed that launch for those reasons. All right. I think that's pretty much. Someone is repeating same question as we have seen before. May a, maybe one we haven't addressed.
I don't know. Well, part of the question is, the share of our revenues, given our current guidance, this year that will come from some of the new markets, such as the U.S.
We have not been specific on where the current revenues will come from this year. However, as we have highlighted now, both in the presentation and in the Q&A, Germany and the Nordic markets comprise a major share of our revenues and are performing well.
We expect that also to continue.
All right. Good.
I think we're through the whole list. Thanks a lot. A lot of good question today. I see we have had a lot of people joining as well. If some question was not addressed or you were not able to to share them with us, feel free, as always, to contact Mikael or myself post this event. Also, as always, the information is available on xplora.com/investor. Feel free to check that out or reach out to Mikael and myself. Thank you, guys.