37192422 2025-01-01 2025-12-31 37192422 2025-01-01 2025-12-31 1 37192422 2025-01-01 2025-12-31 1 37192422 2025-01-01 2025-12-31 2 37192422 2025-01-01 2025-12-31 3 37192422 2025-01-01 2025-12-31 1 37192422 2025-01-01 2025-12-31 2 37192422 2024-01-01 2024-12-31 37192422 2025-12-31 37192422 2024-12-31 37192422 2024-12-31 fsa:ContributedCapitalMember 37192422 2024-12-31 fsa:SharePremiumMember 37192422 2024-12-31 fsa:ReserveForDevelopmentExpenditureMember 37192422 2024-12-31 fsa:RetainedEarningsMember 37192422 2025-01-01 2025-12-31 fsa:ContributedCapitalMember 37192422 2025-01-01 2025-12-31 fsa:SharePremiumMember 37192422 2025-01-01 2025-12-31 fsa:RetainedEarningsMember 37192422 2025-01-01 2025-12-31 fsa:ReserveForDevelopmentExpenditureMember 37192422 2025-12-31 fsa:ContributedCapitalMember 37192422 2025-12-31 fsa:SharePremiumMember 37192422 2025-12-31 fsa:ReserveForDevelopmentExpenditureMember 37192422 2025-12-31 fsa:RetainedEarningsMember iso4217:EUR xbrli:pure Annual report 2026-04-14 Søren Traumer Schønnemann The Board of Directors and the Executive Board have today considered and approved the annual report of Factbird ApS for the financial year 01.01.2025 - 31.12.2025. The annual report is presented in accordance with the Danish Financial Statements Act. In our opinion, the financial statements give a true and fair view of the Entity’s financial position at 31.12.2025and of the results of its operations for the financial year 01.01.2025 - 31.12.2025. We believe that the management commentary contains a fair review of the affairs and conditions referred to therein. We recommend the annual report for adoption at the Annual General Meeting. Copenhagen Søren Traumer Schønnemann CEO David Owe Andreas Olsson Chairman William Jonathan Owen Sheldon Jesper Lilledal Holmgaard To the shareholders of Factbird ApS We have audited the financial statements of Factbird ApS for the financial year01.01.2025 - ​31.12.2025, which comprise the income statement, balance sheet, statement of changes in equity and ​notes, including a summary of significant 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 Entity’s financial position at31.12.2025and of the results of its operations for the financial year 01.01.2025 - 31.12.2025 in accordance with the Danish Financial Statements Act. We conducted our audit in accordance with International Standards on Auditing (ISAs) and 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 this auditor’s report. We are independent of the Entity 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 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 as 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 Entity’s ability to continue ​as a going concern, for disclosing, as applicable, matters related to going concern, and for using the going ​concern basis of accounting in preparing the financial statements unless Management either intends to liquidate ​the Entity or to cease operations, or has no realistic alternative but to do so. Our objectives are to obtain reasonable assurance about 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 applicable in Denmark will always detect a material ​misstatement when it exists. Misstatements can 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 ​users taken 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 also:Identify and assess the risks of material misstatement of the 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 Entity’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 Entity’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 ​Entity to cease to continue as a going concern.​Evaluate the overall presentation, structure and content of the financial statements, including the disclosures ​in the notes, 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. Management is responsible for the management commentary. ​​Our opinion on the financial statements does not cover the management commentary, 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 ​commentary and, in doing so, consider whether the management commentary is materially inconsistent with ​the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. ​​Moreover, it is our responsibility to consider whether the management commentary provides the information ​required by relevant law and regulations.Based on the work we have performed, we conclude that the management commentary is in accordance with ​the financial statements and has been prepared in accordance with the requirements in the relevant law and regulations. We did not identify any material misstatement of the management commentary. Copenhagen Deloitte Statsautoriseret Revisionspartnerselskab Deloitte Statsautoriseret Revisionspartnerselskab 33963556 33963556 Claus Jorch Andersen State Authorised Public Accountant mne33712 Arif Aygar State Authorised Public Accountant mne50634 Primary activitiesFactbird’s primary activity is the development and delivery of Manufacturing Intelligence solutions that enable manufacturing companies to improve productivity, reduce waste, and drive continuous operational improvement. ​ ​Factbird offers a suite of integrated products designed to support data-driven manufacturing operations, incl. 1) Production Insights - Providing real-time production data, Overall Equipment Effectiveness (OEE) tracking and scheduling capabilities, enabling manufacturers to reduce downtime and improve operational efficiency, 2) Connected Operations - A digital platform designed to replace manual paperwork in production environments, streamline maintenance workflows, and strengthen quality management processes, and ​3) Knowledge Excellence - A digital solution supporting skills management and continuous improvement initiatives, helping manufacturing companies engage, develop, and retain their workforce. ​ ​During the year, Factbird has continued to invest significantly in strengthening its platform to support the requirements of large enterprise customers, including scalability, security and operational robustness. As part of these efforts, Factbird obtained SOC 2 attestation during the year and is now SOC 2 compliant. Research and development activitiesFactbird significantly increased its investments in research and development during 2025, with research & development investments growing by more than 50% compared to the previous year. The increased investment reflects the company’s strategic focus on expanding its product suite and accelerating the development of AI-driven capabilities. ​ ​With the continued development of the Connected Operations and Knowledge Excellence products, Factbird now offers a fully integrated AI-powered Manufacturing Intelligence product suite supporting operational insights, digital workflows, and workforce enablement. ​ ​During the year, Factbird also launched a new hardware product, Factbird Edge, which enables customers to deploy AI-enabled data collection and processing directly in the production environment. ​ ​In addition, Factbird accelerated the development of several AI-based capabilities, including: 1) AI-powered activity creation - Supporting automated identification and documentation of production events, 2) The Factbird AI Assistant - Enabling users to access insights and interact with production data through natural language, and 3)​AI-enabled visual counting - Allowing automated data extraction and event tracking from video streams. ​ ​These investments strengthen Factbird’s ability to deliver advanced Manufacturing Intelligence solutions and support continued innovation within industrial operations. ​​For further details on Factbird’s products, solutions, and customer success stories, please visit www.factbird.com Events after the balance sheet dateAfter the balance sheet date, a lone at 3 mEUR was obtained from existing loan providers. Apart from this, no events have occurred after the balance sheet date that would impact the evaluation of this financial report. 2118499 2034614 6267597 4857284 553501 430396 -4702599 -3253066 104907 316353 717298 184435 -5314990 -3121148 -373616 -245233 -4941374 -2875915 -4941374 -2875915 -4941374 -2875915 1317686 1750345 4492 15275 2389675 691421 3711853 2457041 171332 153393 171332 153393 949 949 171408 168067 172357 169016 4055542 2779450 245764 308169 709529 146290 955293 454459 1374243 1154627 875393 1582748 10260 51382 373616 245233 212289 161991 2845801 3195981 206424 6329802 4007518 9980242 8063060 12759692 49127 52481 3707361 2441766 -2770612 5928065 985876 8422312 1124504 1607650 1124504 1607650 469479 405772 2084481 0 330863 274436 551077 315212 2516780 1734310 5952680 2729730 7077184 4337380 8063060 12759692 52481 0 2441766 5928065 8422312 7494 4963391 0 4970885 10848 0 7397162 7408010 -4963391 4963391 0 0 -57937 -57937 0 1265595 -1265595 0 -4941374 -4941374 49127 0 3707361 -2770612 985876 For the purpose of offering incentive pay in the form of warrants, the Company’s Board of Directors are authorized for the period until 14 November 2028 and for the period until 19 August 2030 once or several times to increase the Company’s share capital with up to nominally 9,624 shares in total without pre-emption right for the Company’s shareholders. ​​The authorization empowers the Board of Directors to determine the terms for the granted share options, including the exercise price. 1 Events after the balance sheet dateAfter the balance sheet date, a lone at 3 mEUR was obtained from existing loan providers. Apart from this, no events have occurred after the balance sheet date that would impact the evaluation of this financial report. 2 Gross profit /lossGross profit includes own work capitalised for EUR 1,645 thousand (2024: EUR 1,082 thousand) 3 Staff costs2025​EUR2024​EURWages and salaries5,820,8474,509,168Pension costs353,251278,991Other social security costs93,49969,1256,267,5974,857,284Average number of full-time employees5650 56 50 4 Other financial income ​2025​EUR2024​EURFinancial income from group enterprises66,16624,955Other interest income27,805261,525Exchange rate adjustments10,93629,873104,907316,353 5 Other financial expenses2025​EUR2024​EUROther interest expenses264,210154,998Exchange rate adjustments372,9560Other financial expenses80,13229,437717,298184,435 6 Intangible assetsCompleted development projects​EURAcquired intangible assets​EURDevelopment projects in progress​EURCost beginning of year2,163,29632,348691,421Additions001,698,254Cost end of year2,163,29632,3482,389,675Amortisation and impairment losses beginning of year(412,951)(17,073)0Amortisation for the year(432,659)(10,783)0Amortisation and impairment losses end of year(845,610)(27,856)0Carrying amount end of year1,317,6864,4922,389,675 7 Development projectsFactbird significantly increased its investments in research and development during 2025, with research & development investments growing by more than 50% compared to the previous year. The increased investment reflects the company’s strategic focus on expanding its product suite and accelerating the development of AI-driven capabilities. ​ ​With the continued development of the Connected Operations and Knowledge Excellence products, Factbird now offers a fully integrated AI-powered Manufacturing Intelligence product suite supporting operational insights, digital workflows, and workforce enablement. ​ ​During the year, Factbird also launched a new hardware product, Factbird Edge, which enables customers to deploy AI-enabled data collection and processing directly in the production environment. ​ ​In addition, Factbird accelerated the development of several AI-based capabilities, including: 1) AI-powered activity creation - Supporting automated identification and documentation of production events, 2) The Factbird AI Assistant - Enabling users to access insights and interact with production data through natural language, and 3) ​AI-enabled visual counting - Allowing automated data extraction and event tracking from video streams. ​ ​These investments strengthen Factbird’s ability to deliver advanced Manufacturing Intelligence solutions and support continued innovation within industrial operations. ​​With reference to Section 83 (2) of the Danish Financial Statements Act, a transfer of development projects, less ​deferred tax, has been made to the company’s equity under the reserve for development costs. ​​It is the management’s assessment that there are no indications of impairment needs for the capitalised development projects. 8 Property, plant and equipmentOther fixtures and fittings, tools and equipment​EURCost beginning of year256,473Additions127,998Disposals(6,363)Cost end of year378,108Depreciation and impairment losses beginning of year(103,080)Depreciation for the year(110,059)Reversal regarding disposals6,363Depreciation and impairment losses end of year(206,776)Carrying amount end of year171,332 9 Financial assetsInvestments in group enterprises​EURDeposits​EURCost beginning of year949168,067Additions03,341Cost end of year949171,408Carrying amount end of year949171,408Investments in subsidiariesRegistered inCorporate formEquity​interest​%Equity​EURProfit/loss​EURFactbird IncUSInc100.00359,950125,538 10 Tax receivableCorporate income tax receivable recognised in the balance sheet relates to applying the Tax Credit Scheme under ​section 8X of the Danish Tax Assessment Act, by which the Company can get the tax base of tax losses originating ​from research and development costs. ​ ​Based on an examination of the criteria for applying the scheme, Management believes the Company is entitled to apply the scheme. Accordingly, the recognition has been based on this assessment. ​​However, whether the criteria for applying the scheme are met is based on an estimate. Consequently, there may ​be a risk that the tax authorities will deem the criteria unfulfilled. If so, the receivable must be fully or partially reversed in the income statement in the subsequent financial year. 11 Non-current liabilities other than provisionsDue within 12 months ​2025​EURDue within 12 ​months ​2024​EURDue after more than 12 months​2025​EURDebt to other credit institutions469,479405,7721,124,504469,479405,7721,124,504Non-current liabilities due more than 5 years equals EUR 0. 12 Other unrecognised commitmentsThe company has entered into lease agreements for its business premises. The total obligation for the remaining term amounts to EUR 476 thousand (2024: EUR 475 thousand). 13 Assets charged and collateralDebt of EUR 3,678 thousand to other credit institutions and bank loans is secured by way of inventories, receivables, equipment, goodwill, domain names and rights with book value of EUR 7,3 million at the balance sheet date.​ This annual report has been presented in accordance with the provisions of the Danish Financial Statements ​Act governing reporting class B enterprises with addition of a few provisions for reporting class C.The accounting policies applied to these financial statements are consistent with those applied last year. Consolidated financial statementsReferring to section 110 of the Danish Financial Statements Act, no consolidated financial statements have been prepared. Recognition and measurementAssets are recognised in the balance sheet when it is probable as a result of a prior event that future economic ​benefits will flow to the Entity, and the value of the asset can be measured reliably. ​​Liabilities are recognised in the balance sheet when the Entity has a legal or constructive obligation as a ​result of a prior event, and it is probable that future economic benefits will flow out of the Entity, and the ​value of the liability can be measured reliably. ​​On initial recognition, assets and liabilities are measured at cost. Measurement subsequent to initial ​recognition is effected as described below for each financial statement item. ​​Anticipated risks and losses that arise before the time of presentation of the annual report and that confirm ​or invalidate affairs and conditions existing at the balance sheet date are considered at recognition and ​measurement. ​​Income is recognised in the income statement when earned, whereas costs are recognised by the amounts ​attributable to this financial year. Gross profit or lossGross profit or loss comprises revenue, own work capitalised, other operating income, direct costs and external expenses. RevenueRevenue is recognised in the income statement when delivery is made and risk has passed to the buyer. Revenue​from the sale of services is recognised in the income statement when delivery is made to the buyer. Revenue is recognised net of VAT, duties and sales discounts and is measured at fair value of the consideration fixed. Own work capitalisedOwn work capitalised comprises staff costs and other costs incurred in the financial year and recognised in ​cost for proprietary intangible assets. Other operating incomeOther operating income comprises income of a secondary nature as viewed in relation to the Entity’s primary ​activities, including profit from the sale of property, plant and equipment, and salary refunds. Direct costsDirect costs comprises costs directly associated with revenue. Costs of raw materials and consumablesCosts of raw materials and consumables comprise the consumption of raw materials and consumables for the financial year after adjustment for changes in inventories of these goods from the beginning to the end of the year. This item includes shrinkage, if any, and normal writedowns of the relevant inventories. Other external expensesOther external expenses include expenses relating to the Entity’s normal activities, including expenses for ​premises, stationery and office supplies, marketing costs, etc. This item also includes writedowns of ​receivables recognised in current assets. Staff costsStaff costs comprise salaries and wages, and social security contributions, pension contributions, etc . for entity staff. Depreciation, amortisation and impairment lossesDepreciation, amortisation and impairment losses relating to property, plant and equipment and intangible ​assets comprise depreciation, amortisation and impairment losses for the financial year. Other financial incomeOther financial income comprises, interest income, including interest income on receivables from group enterprises, exchange gains on transactions in foreign currencies. Other financial expensesOther financial expenses comprise interest expenses, including interest expenses on payables to group ​enterprises, exchange losses on transactions in foreign currencies, amortisation of financial liabilities. Tax on profit/loss for the yearTax for the year, which consists of current tax for the year and changes in deferred tax, is recognised in the ​income statement by the portion attributable to the profit for the year and recognised directly in equity by the portion attributable to entries directly in equity. Intellectual property rights etc.Intellectual property rights etc. comprise development projects completed and in progress and acquired intellectual property rights.Development projects on clearly defined and identifiable products and processes, for which the technical rate ​of utilisation, adequate resources and a potential future market or development opportunity in the enterprise ​can be established, and where the intention is to manufacture, market or apply the product or process in question, are recognised as intangible assets. Other development costs are recognised as costs in the income ​statement as incurred. When recognising development projects as intangible assets, an amount equalling ​the costs incurred less deferred tax is taken to equity in the reserve for development costs that is reduced ​as the development projects are amortised and written down.​​ ​​The cost of development projects comprises costs such as salaries and external costs that are directly and ​indirectly attributable to the development projects.​​ ​​Indirect production costs in the form of indirectly attributable staff costs used in the development process are recognised in cost based on time spent on each project.​​Completed development projects are amortised on a straight-line basis using their estimated useful lives ​which are determined based on a specific assessment of each development project. If the useful life cannot ​be estimated reliably, it is fixed at 10 years. The amortisation periods used are 5 years. Intellectual property rights acquired are measured at cost less accumulated amortisation and are amortised on a straight-line basis over 3 years.​ ​Intellectual property rights etc. are written down to the lower of recoverable amount and carrying amount. Property, plant and equipmentPlant and machinery, and other fixtures and fittings, tools and equipment are ​measured at cost less accumulated depreciation and impairment losses. Land is not depreciated.​​Cost comprises the acquisition price, costs directly attributable to the acquisition and preparation costs of the asset until the time when it is ready to be put into operation. For assets held under finance leases, cost is the lower of the asset’s fair value and present value of future lease payments.​​Indirect production costs in the form of indirectly attributable staff costs and amortisation of intangible assets and depreciation of property, plant and equipment used in the development process are recognised in cost based on time spent on each asset.​​Interest expenses on loans for the financing of the manufacture of property, plant and equipment are included in​cost if they relate to the manufacturing period. All other finance costs are recognised in the income statement. ​​The basis of depreciation is cost less estimated residual value after the end of useful life. Straight-line depreciation is made on the basis of the following estimated useful lives of the assets:Useful life Other fixtures and fittings, tools and equipment5Completed development projects5Acquired rights3For leasehold improvements and assets subject to finance leases, the depreciation period cannot exceed ​the contract period.​​Estimated useful lives and residual values are reassessed annually. ​​Items of property, plant and equipment are written down to the lower of recoverable amount and carrying ​amount. Investments in group enterprisesInvestments in group enterprises are measured at cost. Investments are written down to the lower of recoverable​amount and carrying amount. InventoriesInventories are measured at the lower of cost using the FIFO method and net realisable value. ​​Cost consists of purchase price plus delivery costs.​​The net realisable value of inventories is calculated as the estimated selling price less completion costs and ​costs incurred to execute sale. ReceivablesReceivables are measured at amortised cost, usually equalling nominal value less writedowns for bad and ​doubtful debts. Tax payable or receivableCurrent tax payable or receivable is recognised in the balance sheet, stated as tax computed on this year's ​taxable income, adjusted for prepaid tax. PrepaymentsPrepayments comprise incurred costs relating to subsequent financial years. Prepayments are measured at ​cost. CashCash comprises cash in hand and bank deposits. Other financial liabilitiesOther financial liabilities are measured at amortised cost, which usually corresponds to nominal value. Deferred incomeDeferred income comprises income received for recognition in subsequent financial years. Deferred income ​is measured at cost. true Grundlag for konklusion Konklusion 2026-04-14 2026-04-14 true 2024-01-01 2024-12-31 København S 2300 6 Weidekampsgade Copenhagen Copenhagen 1602 Regnskabsklasse B Revisionspåtegning 2025-12-31 2025-01-01 337 Nyropsgade Factbird ApS 37192422 33963556 2300 København S Weidekampsgade 6 Deloitte Statsautoriseret Revisionspartnerselskab