As communicated in press release March 11th, we continue with our monthly
updates to the market.

Our mission is to" enable everyone to build, scale, and deliver software from
idea to product with minimum effort to happy customers". Last month we have made
significant progression in sales and operational efficiencies. 

As of April 1st, 2024, the actual YTD numbers are as follows (delta from last
month in parentheses):

Unique users on the product: 753 (+212)
Unique company logos won: 37 (+22) 
Weighted value of deal pipeline: 77 (+32) 
Churn company logos: 10 (+8)

Our sales have increased by 147%, a testament to our evolving sales strategies
and customer engagement efforts, led by Henning Emil Olesen. Despite still being
in the scale up phase of having our procedures, material and processes in place,
focus on enhanced training and resource optimization have been pivotal in
improving deal closures. Short term we are aiming for two new customer
acquisitions daily, with each day securing 15-20 paying product licenses. Our
sales strategy has not only been effective in our established markets, but has
also lead to initial penetration of the enterprise sector, securing three
significant contracts. These enterprises have quickly acknowledged the value of
our solutions. Moving forward, we will continue to refine our product offerings,
ensuring our solutions align with the evolving needs of our customers.

Customer Experience (CX) Initiatives:

Kristian Klausen, our Head of Customer Experience, outlines our commitment to
achieving a Net Revenue Retention (NRR) of over 100%  in the short term. Efforts
are underway to enrich customer engagement through in-application support,
educational videos, and insightful articles, all designed to deepen product
understanding and usage. While we note an uptick in seat purchases among
existing clients, our goal remains to elevate internal product absorption to
meet our average seat target of 8 per logo. Early onboarding emerges as a
critical juncture for not only retention, but also upselling of seats and plans.
Focus is to automate the onboarding process within the next months. We
acknowledge that we still need to improve our onboarding material and process,
but our team is well-prepared to address these with the resources and strategies
in place.

Product Development Milestone:

CTO Svein Arne Ackenhausen highlights a significant advancement in our products'
journey, aimed at transforming the way users transition from concept to software
product. Focus has been on enabling users to visually design software and
translate visual functional mocks into structured functional specifications with
little manual entry. This feature represents a leap forward in development
efficiency, significantly reducing time and cost, by making the functional
specifications even more intuitive, digital and easy to use. We expect the
product will be in production just over the summer.

Check out the demo here: https://youtu.be/DkOaLZmD0W8

Our company's focus is on the short and medium term, with further initiatives
aimed at strengthening commercial efforts, boosting sales, improving product
communication, enhancing UX in the product, and refining self-onboarding
processes. We look forward to the next commercial update on the 2nd of May. 

For further information, please contact: 
CEO Kristian Ikast: ki@codelabcapital.com 
CFO Christoffer Mathiesen: cm@codelabcapital.com