Globe Tracker Aps

Development in activities and financial mattersThe company profit & loss statement for the financial year 2022 shows revenue of DKK 125 million a net loss of DKK 42 million and the balance sheet as of 31 December 2022 shows equity of DKK -39 million.The company’s revenue grew for the 7th consecutive year. This growth is partially due to increase in hardware sales and in increase of monthly data service sales.Due to challenges of sourcing components for the Gen2.5 unit in 2021 and therefore not being able to produce units the company was forced to initiate the development of a new hardware generation (Gen2.75) already in 2021.To meet these challenges existing investors in 2021 and during 2022 provided necessary capital so that the company could complete development of the new hardware (Gen2.75) and make large prepayments to suppliers in 2021 and 2022 to secure necessary components in 2022 to manufacture the newly developed tracking device.As a result of the above the company secured DKK 94 million in raw materials and manufactured finished goods at year-end 2022 and that the new Gen2.75 unit was ready for production and delivery in 2022.The planned Q2 launch of Gen2.75 was postponed to Q3 2022 postponing some of the expected hardware sales growth in 2022 as well.However by securing smaller batches of missing components for Gen2.5 in late 2021 and throughout 2022 the company was able to continue selling a limited amount of Gen2.5 units until Gen2.75 was ready for delivery in Q4 2022.These initiatives helped ensure that the company's revenue in 2022 increased by DKK 34 million from DKK 91 million in 2021 to DKK 125 million in 2022. This corresponds to a growth of 38%.Price increases on the world market meant that our consumption of goods per unit was somewhat higher than expected.