Chronoshub Aps

Development in activities and financial matters
The gross profit for the year totals DKK 9.614.532 against DKK 5.612.611 last year. Income or loss from ordinary activities after tax totals DKK -38.009 against DKK -1.576.328 last year. Management finds the results for 2022 satisfactory and as predicted. In 2017, the company entered the market for grant management and compliance management and has since then added more services for publishers like journal finders, licenses management, management of article processing charges, and invoice management for the institutions. In 2022 we grew our Annual Recurring Revenue (ARR) with 132% During 2022, the company continued to invest in the platform with more features for the publishers, research funders, institutions, and researchers, and expanding the team with more capabilities with communication and marketing, customer care, and tech development. The company ended the year with a solid customer pipeline for execution in 2023, and more than 230,000 registered user profiles from thousands of institutions. The recurrent feedback we get from potential customers and current customers is that we outperform the current competitors on all parameters. We are of course still in the early phases of our growth journey, but the feedback fuels our ambitions and belief in our platform approach to revolutionize and transform research publishing. The continuous growth is justified by several major and accelerating market trends that point to ChronosHub as the leading multisided platform severing the key stakeholders in the research publishing industry. These include the move from paywall to Open Access enabling people to immediate and free access to research publications (Open Access), along with a desire to make research data easily available (Open Science), and transition from manual processes to more automated and digital workflows and services. The platform development is described as very satisfactory and is justified by good market response and demand in the main target groups, and specifically among the publishers engaged in Open Access publishing and the institutions with a desire to get better utilization of their agreements with the publishers.
Management has positive expectations for next year's activities but is aware that there is uncertainty associated with entering markets with platform offerings. In 2022, the company has increased the customer base with 10 new companies mainly from the United Kingdom, Switzerland, and the United States, and it is expected to be able to double the customer base in 2023 based on the current traction and forecast. The company owners will continue to support the company with capital to secure and enable the planned customer acquisition and the continuous platform development.