39747189 2024-01-01 2024-12-31 39747189 2024-01-01 2024-12-31 auditor_1 39747189 2024-01-01 2024-12-31 memberOfBoardIdentifier_1 39747189 2024-01-01 2024-12-31 memberOfBoardIdentifier_1 39747189 2024-01-01 2024-12-31 memberOfBoardIdentifier_2 39747189 2024-01-01 2024-12-31 memberOfBoardIdentifier_3 39747189 2024-01-01 2024-12-31 memberOfBoardIdentifier_4 39747189 2024-01-01 2024-12-31 memberOfBoardIdentifier_5 39747189 2023-01-01 2023-12-31 39747189 2024-12-31 39747189 2023-12-31 39747189 2023-12-31 fsa:ContributedCapitalMember 39747189 2023-12-31 fsa:ReserveForDevelopmentExpenditureMember 39747189 2023-12-31 fsa:RetainedEarningsMember 39747189 2024-01-01 2024-12-31 fsa:ContributedCapitalMember 39747189 2024-01-01 2024-12-31 fsa:ReserveForDevelopmentExpenditureMember 39747189 2024-01-01 2024-12-31 fsa:RetainedEarningsMember 39747189 2024-12-31 fsa:ContributedCapitalMember 39747189 2024-12-31 fsa:ReserveForDevelopmentExpenditureMember 39747189 2024-12-31 fsa:RetainedEarningsMember 39747189 2023-12-31 fsa:CompletedDevelopmentProjectsMember 39747189 2023-12-31 fsa:DevelopmentProjectsInProgressAndPrepaymentsForIntangibleAssetsMember 39747189 2024-01-01 2024-12-31 fsa:CompletedDevelopmentProjectsMember 39747189 2024-01-01 2024-12-31 fsa:DevelopmentProjectsInProgressAndPrepaymentsForIntangibleAssetsMember 39747189 2024-12-31 fsa:CompletedDevelopmentProjectsMember 39747189 2024-12-31 fsa:DevelopmentProjectsInProgressAndPrepaymentsForIntangibleAssetsMember 39747189 2023-12-31 fsa:LeaseholdImprovementsMember 39747189 2024-01-01 2024-12-31 fsa:LeaseholdImprovementsMember 39747189 2024-12-31 fsa:LeaseholdImprovementsMember 39747189 2024-12-31 fsa:LongtermDebtToBanksMember 39747189 2023-12-31 fsa:LongtermDebtToBanksMember iso4217:DKK pure Årsrapport 2024-01-01 2023-01-01 2024-12-31 2023-12-31 2025-05-28 39747189 2025-05-28 2018-07-26 Reporting class B KPMG 2100 København Ø Dampfærgevej 28 25578198 Auditor's report on audited financial statements Copenhagen 2025-05-28 KPMG 25578198 Dampfærgevej 28 2100 true Mogens Elsberg The Board of Directors and the Executive Board have today discussed and approved the annual report for raffle.ai ApS for the financial year 1 January - 31 December 2024. The annual report has been prepared in accordance with the Danish Financial Statements Act. In our opinion, the financial statements give a true and fair view of the Company's assets, liabilities and financial position at 31 December 2024 and of the results of the Company's operations for the financial year 1 January - 31 December 2024.Further, in our opinion, the Management's review gives a fair review of the matters discussed in the Management's review. We recommend that the annual report be approved at the annual general meeting. Michael Meister CEO Mogens Elsberg Chairman Suzanne Lauritzen Jacob Arup Bratting Pedersen Claus Troels Hansen Kellen Collins Haines Independent auditor's report To the shareholder of raffle.ai ApS Opinion We have audited the financial statements of raffle.ai ApS for the financial year 1 January - 31 December 2024, comprising income statement, balance sheet, statement of changes in equity and notes, including accounting policies. The financial statements are prepared in accordance with the Danish Financial Statements Act. In our opinion, the financial statements give a true and fair view of the Company's assets, liabilities and financial position at 31 December 2024 and of the results of the Company's operations for the financial year 1 January - 31 December 2024 in accordance with the Danish Financial Statements Act. Basis for Opinion We conducted our audit in accordance with International Standards on Auditing (ISAs) and the additional requirements applicable in Denmark. Our responsibilities under those standards and requirements are further described in the "Auditor's responsibilities for the audit of the financial statements" section of our report.We are independent of the Company in accordance with the International Ethics Standards Board for Accountants' International Code of Ethics for Professional Accountants (IESBA Code) and the additional ethical requirements applicable in Denmark, and we have fulfilled our other ethical responsibilities in accordance with these requirements and the IESBA Code. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. Management's responsibility for the financial statementsManagement is responsible for the preparation of financial statements that give a true and fair view in accordance with the Danish Financial Statements Act and for such internal control that Management determines is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, Management is responsible for assessing the Company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting in preparing the financial statements unless Management either intends to liquidate the Company or to cease operations, or has no realistic alternative but to do so. Auditor's responsibilities for the audit of the financial statementsOur objectives are to obtain reasonable assurance as to whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in accordance with ISAs and the additional requirements in Denmark will always detect a material misstatement when it exists. Misstatements may arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of financial statement users made on the basis of these financial statements.As part of an audit conducted in accordance with ISAs and the additional requirements applicable in Denmark, we exercise professional judgement and maintain professional scepticism throughout the audit. We alsoidentify and assess the risks of material misstatement of the company financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error as fraud may involve collusion, forgery, intentional omissions, misrepresentations or the override of internal control.obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Company's internal control.evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by Management.conclude on the appropriateness of Management's use of the going concern basis of accounting in preparing the financial statements and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the Company's ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditor's report to the related disclosures in the financial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditor's report. However, future events or conditions may cause the Company to cease to continue as a going concern.evaluate the overall presentation, structure and contents of the financial statements, including the disclosures, and whether the financial statements represent the underlying transactions and events in a manner that gives a true and fair view.We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit. Statement on the Management's reviewManagement is responsible for the Management's review.Our opinion on the financial statements does not cover the Management's review, and we do not express any form of assurance conclusion thereon.In connection with our audit of the financial statements, our responsibility is to read the Management's review and, in doing so, consider whether the Management's review is materially inconsistent with the financial statements or our knowledge obtained during the audit, or otherwise appears to be materially misstated.Moreover, it is our responsibility to consider whether the Management's review provides the information required under the Danish Financial Statements Act. Based on the work we have performed, we conclude that the Management's review is in accordance with the financial statements and has been prepared in accordance with the requirements of the Danish Financial Statement Act. We did not identify any material misstatement of the Management's review. Rune Andreas Berg Vølding mne50649 raffle.ai ApS Toldbodgade 51C, 1. DK-1253 København K København Principal activities Raffle is an Artificial Intelligent (AI) search and chat-as-a-service platform designed for use cases that require extra high quality and relevance in search and chat results. The Raffle Platform delivers a no-code framework that makes, building and implementing AI Searches and AI Chat Assistants across content and systems, easy. The Raffle AI Framework is built to constantly develop models and algorithms at its core, taking advantage of the globally evolving AI space. Thereby, Raffle secures and strives to continuously being the best performing, compliant and accurate Search and Chat Assistant AI Framework. The Raffle AI Framework has three main pillars that offers: 1) the continuous delivery of state of the art accuracy in Raffle AI Search and Chat Assistant results, 2) the transformation of user interactions into sophisticated advanced and vital business insights and, 3) an advanced secure and compliant infrastructure that makes implementation easy and maintenance costs down. Raffle excels in very high security measures proven by our SOC2 certificate and GDPR compliance. Development in activities and financial position The Company's income statement for 2024 shows a loss of DKK 3,550,202 as against a loss of DKK 8,300,535 in 2023. Equity in the Company's balance sheet at 31 December 2024 stood at DKK 28,446,141 as against DKK 31,996,343 at 31 December 2023. Outlook Our products Raffle Search-as-a-Service: is part of the Raffle SaaS Platform where customers can utilize the Raffle Framework to build and implement their own AI Chat Assistants on their own content, to help customers or employees find what they need from secure, accurate, relevant humanlike answers and clear call to actions. Raffle Chat Assistant-as-a-Service: is part of the Raffle SaaS Platform where customers can utilize the Raffle Framework to build and implement their own AI Chat Assistants on their own content, to help customers or employees find what they need from secure, accurate, relevant humanlike answers and clear call to actions. Advanced AI Insights: is part of the Raffle SaaS Platform and transforms data collected from user interactions into actionable clusters of vital business intel about user behavior and trends, as well deep insights on content. This coming year Raffle.ai is continually focusing on further expansion into new segments of the B2B market through direct sales and strategic partners. In Denmark and outside. We continue our focus on our Platform and our Framework as well as on our high Security and Compliance measures with the overall focus of making it easy to do business with Raffle. Events after the balance sheet date No other events have occurred after the financial year-end, which could significantly affect the Company's financial position. 11229032 9752664 11015355 14787892 3362084 2623640 -3148407 -7658868 244133 133930 645928 775597 -3550202 -8300535 0 0 -3550202 -8300535 4496253 3822913 -8046455 -12123448 28187486 0 0 0 564934 0 113122 0 1735050 0 211750 0 8707251 17270903 39519593 45573951 104681 104681 21986239 19940139 6355221 11951523 28446141 31996343 3167904 5274774 2852392 3264000 604037 145481 6748 461 1357674 1956181 3084697 2936711 7905548 8302834 11073452 13577608 39519593 45573951 104681 19940139 11951523 0 -2450153 2450153 0 4496253 -8046455 104681 21986239 6355221 The annual report of raffle.ai ApS for 2024 has been prepared in accordance with the provisions applying to reporting class B under the Danish Financial Statements Act with opt-in from higher reporting classes.The accounting policies used in the preparation of the financial statements are consistent with those of last year. Foreign currency translation On initial recognition, transactions denominated in foreign currencies are translated at the exchange rates at the transaction date. Foreign exchange differences arising between the exchange rates at the transaction date and the date of payment are recognised in the income statement as financial income or financial expenses. Receivables, payables and other monetary items denominated in foreign currencies are translated at the exchange rates at the balance sheet date. The difference between the exchange rates at the balance sheet date and the date at which the receivable or payable arose or was recognised in the latest financial statements is recognised in the income statement as financial income or financial expenses. Revenue Revenue from the sale of manufactured goods and goods for resale is recognised in the income statement when delivery is made and risk has passed to the buyer. Revenue is recognised net of VAT, duties and sales discounts and is measured at fair value of the consideration fixed. Other external costs Other external costs comprise costs for distribution and sales costs, costs for advertising, administrative expenses, costs of premises, bad debts, operating leases, etc. Staff costs Staff costs comprise wages and salaries, including holiday allowance, pension and other social security costs, etc., to the Company's employees. Financial income and expenses Financial income and expenses comprise interest income and expense, gains and losses on transactions denominated in foreign currencies as well as surcharges and refunds under the on-account tax scheme, etc. Tax on loss for the year Tax for the year comprises current corporation tax for the year and changes in deferred tax, including changes in tax rates. The tax expense relating to the profit/loss for the year is recognised in the income statement, and the tax expense relating to amounts directly recognised in equity is recognised directly in equity. Intangible assets Development costs comprise costs, wages, salaries and amortisation directly and indirectly attributable to development activities. Capitalized development costs are in progress, and are not depreciated, before the technology becomes commercial. Completed development projects recognised in the balance sheet are measured at cost less accumulated amortisation and impairment losses. The basis of depreciation is cost less any projected residual value after the end of the useful life. Depreciation is provided on a straight-line basis over the estimated useful life. The estimated useful live is 10 year. Property, plant and equipmentLeasehold improvements are measured at cost less accumulated depreciation and impairment losses.Cost comprises the purchase price and any costs directly attributable to the acquisition until the date on which the asset is available for use.The basis of depreciation is cost less any projected residual value after the end of the useful life. Depreciation is provided on a straight-line basis over the estimated useful life. The estimated useful lives are as follows:Leasehold improve­ments5 yearsThe useful life and residual value are reassessed annually. Changes are treated as accounting estimates, and the effect on depreciation is recognised prospectively. Gains and losses on the disposal of property, plant and equipment are stated as the difference between the selling price less selling costs and the carrying amount at the date of disposal. Gains and losses are recognised in the income statement as other operating income or other operating costs, respectively. Impairment of fixed assets The carrying amount of intangible assets and property, plant and equipment is subject to an annual test for indications of impairment other than the decrease in value reflected by depreciation or amortisation. Impairment tests are conducted of individual assets or groups of assets when there is an indication that they may be impaired. Write-down is made to the recoverable amount if this is lower than the carrying amount. The recoverable amount is the higher of an asset's net selling price and its value in use. The value in use is determined as the present value of the forecast net cash flows from the use of the asset or the group of assets, including forecast net cash flows from the disposal of the asset or the group of assets after the end of the useful life. Receivables Receivables are measured at amortised cost. Write-down is made for bad debt losses where there is an objective indication that a receivable or a portfolio of receivables has been impaired. If there is an objective indication that an individual receivable has been impaired, write-down is made on an individual basis. Write-downs are calculated as the difference between the carrying amount of receivables and the present value of forecast cash flows, including the realisable value of any collateral received. The effective interest rate for the individual receivable or portfolio is used as discount rate. Prepayments Prepayments comprise prepayment of costs incurred relating to subsequent financial years. Cash at bank and in hand Cash at bank and in hand comprise cash and bank deposits. EquityReserve for development costs The reserve for development costs comprises capitalised development costs. The reserve cannot be used for dividends, distribution or to cover losses. If the recognised development costs are sold or in other ways excluded from the Company's operations, the reserve will be dissolved and transferred directly to the distributable reserves under equity. If the recognised development costs are written down, the part of the reserve corresponding to the write-down of the developments costs will be reversed. If a write-down of development costs is subsequently reversed, the reserve will be re-established. The reserve is reduced by amortisation of capitalised development costs on an ongoing basis. Corporation tax and deferred tax Current tax payable and receivable is recognised in the balance sheet as tax computed on the taxable income for the year, adjusted for tax on the taxable income of prior years and for tax paid on account. Deferred tax is measured using the balance sheet liability method on all temporary differences between the carrying amount and the tax value of assets and liabilities measured on the planned use of the asset or settlement of the liability, respectively. However, deferred tax is not recognised on temporary differences arise at the date of acquisition without affecting either profit/loss or taxable income. Deferred tax assets, including the tax value of tax loss carryforwards, are recognised at the expected value of their utilisation within the foreseeable future; either as a set-off against tax on future income or as a set-off against deferred tax liabilities in the same legal tax entity. Any deferred net assets are measured at net realisable value. Deferred tax is measured in accordance with the tax rules and at the tax rates applicable at the balance sheet date when the deferred tax is expected to crystallise as current tax. Changes in deferred tax as a result of changes in tax rates are recognised in the income statement or equity, respectively. Liabilities Financial liabilities are recognised at cost at the date of borrowing, corresponding to the proceeds received less transaction costs paid. In subsequent periods, the financial liabilities are measured at amortised cost using the effective interest method. Accordingly, the difference between cost and the nominal value is recognised in the income statement over the term of the loan together with interest expenses. Other liabilities are measured at amortised cost. Deferred income Deferred income comprises payments received regarding income in subsequent years. 10724661 14338966 184032 298808 106662 150118 17 25 27030405 2940702 0 5764427 8705129 -8705129 35735534 0 -4406827 0 -3141221 0 -7548048 0 28187486 0 376521 603979 980500 -194703 -220863 -415566 564934 2852392 3264000 3167904 5274774 Operating lease obligationsThe Company has operating leases with a remaining lease payments totaling DKK 221 thousand (2023 DKK 300 thousand) .