At the same time, it’s important to emphasize that we are still in an early stage. Growth is occurring from relatively low levels, but the pace is exceptional. During the first quarter of 2025, we activated as many units delivering medication daily as we had over the entire first five years since the original version of Dosell was developed – a significant milestone.

Our business model now shows clear scalability, with more active Dosell units generating a growing stream of recurring revenue. We are entering a commercial breakthrough phase with record-high momentum, fueled by demand from both municipalities and international partners.

Sweden: More municipalities onboard – focus on long-term expansion
In March, three new municipalities began using Dosell. We also signed a direct procurement agreement with a municipality that, after completing a pilot, decided to fully transition to Dosell from a previously used solution. They highlight its simplicity, reliability, and the fact that doses are not locked if missed – giving both users greater independence and care services increased flexibility in scheduling.

Another municipality has launched a pilot under our structured “municipal package,” and we have several ongoing tenders within home care and LSS (disability services). Every week, we receive new inquiries – a clear signal of a shifting market where scalable, modern solutions are increasingly in demand.

At the same time, it is important to point out that volumes per municipality are still relatively low. Our focus moving forward is to support each municipality in identifying more users, increasing usage, and maximizing societal benefit. As the population ages, care must scale – and with digital tools like Dosell, we can ensure safe and high-quality care for more people without overburdening resources.

The Netherlands: Strong customer onboarding and launch of Dosell TV
In the Netherlands, we continue to meet our growth forecast. Our partner TCCN reports that their largest customer, MobileCare, delivered an additional 72 units in March. Interest is growing steadily, with more organizations joining the system each week.

In April, TCCN is launching the first broadcast of Dosell TV – a new platform to share knowledge, inspire, and support new organizations in getting started. It is a concrete step towards scaling implementation and building a vibrant user and partner community. In parallel, TCCN is also exhibiting Dosell at a major trade fair in the Netherlands in April – a key opportunity to reach new customers and further strengthen our market position.

Spain: Pharmacy network and strong role in Savioo Home
The launch of Dosell in Spain through the Savioo Home concept is now underway. Our partner has attended several trade fairs in Barcelona and France, where Dosell was presented as a central component for ensuring proper medication adherence at home.

Over 50 pharmacies have already expressed interest in adopting the concept and will soon receive promotional materials for in-store and window displays. This is only the beginning – these 50 pharmacies are the first wave in a network of 1,500 that our partner is actively working with. The ambition is high, and we see a serious, long-term effort that lays the foundation for success.

Expansion: Engaging new markets and new partners
We are currently in active discussions with new potential partners, both in existing and new geographies. Interest is coming from both public and private sectors, all recognizing the need for digital medication management. Our strategy remains clear: grow with the right partners – those with the drive and ability to scale.

To Our Shareholders – Why We Believe in Our Direction
iZafe Group is stronger than ever. We have a highly demanded solution, a growing customer network, and a proven business model. At the same time, we remain humble about the fact that we are still in a building phase – but something has clearly shifted.

We’ve set a new pace in the market, delivering more active units in one quarter than in our first five years combined – and this is just the beginning. With the momentum we’re experiencing, combined with our long-term strategy, our belief is stronger than ever: Dosell has the potential to become a cornerstone in the future of medication management.

Thank you for following our journey – and for your continued trust.