KlarFaktura

Quarterly Report

Q3 2025

Executive Summary

Strong growth continues. MRR increased 8% during the quarter to 600k NOK, driven by better onboarding and increased partner sales. ARR is now 7.2m NOK (+24% YoY).

Activation is the main challenge. Paid search drives volume, but activation is too low (37%). Targeting needs to be tightened and first value simplified.

Recommendation for Q4: Prioritize partner growth, simplified onboarding, and pricing test for the SMB segment.

Key Metrics

MRR

600k

↑ 8% QoQ

ARR

7,2m

↑ 24% YoY

NRR

108%

↑ from 104%

Churn

2,1%

→ Stable

CAC

6 400

↓ 9%

Runway

14 mo

At current burn

KPI Overview

Metric	Q3 2025	Q2 2025	Change	Comment
MRR	600 000 NOK	556 000 NOK	+8%	Strong growth from partner channel
ARR	7 200 000 NOK	6 672 000 NOK	+24% YoY	Above budget
Net Revenue Retention	108%	104%	+4pp	Increased expansion from SMB
Churn (logo)	2,1%/mnd	2,2%/mnd	-0,1pp	Stable
CAC	6 400 NOK	7 000 NOK	-9%	Better channel mix
Runway	14 months	12 months	+2 mnd	Lower burn rate

MRR by Segment

Distribution Q3 2025

SMB

360k

60%

Partners

160k

27%

SME+

80k

13%

Growth by Segment

Segment	Q2	Q3	Growth
SMB	340k	360k	+6%
Partners	140k	160k	+14%
SME+	76k	80k	+5%

Conversion Funnel Q3

Visits

120 000

Signups

4 200 (3,5% of visits)

Activated

1 550 (37% of signups)

Paying

210 (14% of activated)

Key finding: The activation rate (37%) is too low. Focus should be on simplifying the path from signup to first value.

Customer Insights

Observations

High value among customers using accounting integration + automatic reminders.
Churn most often comes from "too little usage" in weeks 1-2 after onboarding.
60% of support tickets relate to the same 3 topics - candidate for help center.

Recommendations

5-day onboarding sequence (email + in-app), one action per day.
"Help center light": 10 articles + 3 short videos.
Standardized partner implementation with checklist.

Market Context

Trends

SMBs want more automation and fewer manual processes.
Increased price sensitivity: clear ROI and simple packaging wins.
Partner ecosystems are becoming more important for distribution and trust.

Competitive Landscape

Player	Price	Strength
Competitor A	High	Many features
Competitor B	Mid-range	Integrations
Competitor C	Low	Price
KlarFaktura	Mid-range	Simplicity

Forecast Q4 2025

Scenario	MRR end of Q4	Churn	Assumptions
Downside	620 000 NOK	2,6%	Weak activation, lower paid efficiency
Base	670 000 NOK	2,1%	Partner growth + onboarding improvement
Upside	730 000 NOK	1,8%	Pricing test + higher activation + co-marketing

Actions and Priorities

30 days: Top priorities

Tighten channel mix and shift budget toward use-case keywords and partner
2-step activation + onboarding checklist (target: +15% activation)
Launch help center light (10 articles) to eliminate repetitive support

90 days: Build momentum

3 new partners + co-marketing plan (webinar + templates)
Price-test (2 varianter) og oppfølging på aktivering → betalende
Plan 1-2 stability sprints to avoid technical debt

KlarFaktura

Board Presentation

Q3 2025

Illustrative example – fictional company and figures

Executive Summary

2 / 10

1 Strong growth continues. MRR +8% to 600k NOK. ARR now 7.2m (+24% YoY).
2 Activation is the main challenge. Paid search drives volume, but 37% activation is too low.
3 Q4 recommendation: Prioritize partner growth, simplified onboarding, and pricing test for SMB.

Key Metrics Q3 2025

3 / 10

MRR
600k
↑ 8% QoQ

ARR

7,2m

↑ 24% YoY

NRR

108%

↑ from 104%

Churn

2,1%

→ Stable

CAC

6 400

↓ 9%

Runway

months

MRR by Segment

4 / 10

SMB

360k NOK

60%

Partners

160k NOK

27%

SME+

80k NOK

13%

The partner segment grew 14% during the quarter - the fastest of all segments.

Conversion Funnel Q3

5 / 10

Visits

120 000

Baseline

Signups

4 200

3,5% of visits

Activated

1 550

37% of signups ⚠

Paying

210

14% of activated

Customer Insights

6 / 10

Observations

High verdi hos kunder med integrasjon mot regnskap + automatiske påminnelser
Churn most often comes from "too little usage" in weeks 1-2 after onboarding
60% of support tickets relate to the same 3 topics

Recommendations

5-day onboarding sequence (email + in-app)
"Help center light": 10 articles + 3 videos
Standardized partner implementation with checklist

Market Context

7 / 10

Trends

SMB ønsker mer automatisering og færre manuelle rutiner
Økt prissensitivitet: tydelig ROI og enkel pakking vinner
Partnerøkosystemer blir viktigere for distribusjon og tillit

Competitive Landscape

Competitor A

High pris Many features

Competitor B

Mid-range pris Integrations

Competitor C

Low pris Few automations

KlarFaktura

Mid-range pris Simplicity

Forecast Q4 2025

8 / 10

Scenario	MRR end of Q4	Churn	Assumptions
Downside	620 000 NOK	2,6%	Weak activation, lower paid efficiency
Base	670 000 NOK	2,1%	Partner growth + onboarding improvement
Upside	730 000 NOK	1,8%	Pricing test + higher activation + co-marketing

Base scenario yields 12% growth in Q4. Upside requires all three initiatives to succeed.

Actions and Priorities

9 / 10

30 days: Top priorities

Tighten channel mix and shift budget toward use-case keywords and partner
2-step activation + onboarding checklist (target: +15% activation)
Launch help center light (10 articles) to eliminate repetitive support

90 days: Build momentum

3 new partners + co-marketing plan (webinar + templates)
Price-test (2 varianter) og oppfølging på aktivering → betalende
Plan 1-2 stability sprints to avoid technical debt

Thank you for your attention

Questions and discussion

KlarFaktura AS – Board Presentation Q3 2025