2026 H1 - tulosraportti
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·24.9.1/3 EXCITING TIMES , FINALLY !!! Today's PR 24 September 2026 https://x.com/LVMH/status/1653347100455845901?s=20 There is a pattern I have seen repeat itself over the years on the stock market... The most profitable investments have rarely come from companies reporting record quarters, but from companies that quietly changed their business model while the market still valued them based on yesterday's history. Microsoft 2014 when Satya Nadella pivoted towards the cloud. Adobe 2012 when they went from licenses to subscriptions. Shopify 2018 when they launched Shopify Fulfillment Network etc In all cases, it was not the quarterly report that was the catalyst. It was a press release that at first glance looked trivial, but which in reality redefined the company's position in the value chain... Bambuser's press release today, the 24 of September 2026, belongs to that category in my opinion... So what was actually communicated At a superficial reading, it is about Bambuser opening applications for a "Live Shopping Host Community" a verified network of livestreamers, product experts and stylists who can be matched with brands. It sounds like an HR initiative or a recruitment campaign. But for those who read between the lines, and especially for those who read it with Whatnot's fresh "State of Live Selling Report 2026" and CNBC's September report in the back of their mind, a completely different picture emerges. Bambuser has in practice announced that they are no longer solely a SaaS provider of video commerce technology. They are now building a two-sided market that connects talent with demand and at the exact same moment they introduce network effects into a business model that was previously linear. This is not a product launch. It is a business model transformation. And it is, according to my assessment, the most underestimated strategic maneuver Bambuser has made since the 2020 pivot to live shopping etc To understand why this PR is MORE than significant, one must first understand the market Bambuser operates in. And here the figures are, frankly speaking, remarkable. Whatnot's report, which is based on a Censuswide survey with 4,016 sellers in the US, UK, France and Germany, shows that the North American and European live shopping market is now estimated at 22 billion dollars during 2025. It has more than doubled the past year, and the pace indicates a further doubling shortly towards 44 billion dollars. eMarketer, cited by CNBC on the 1 of September, forecasts that the US market alone will reach almost 20 billion dollars in 2026, an increase of 35 percent from the previous year, which in turn was more than a doubling from 2024. In the Asia-Pacific region, live shopping is expected to exceed one trillion dollars in 2026. But what really stands out is the growth rate in the leading platforms. Whatnot reports 8 billion dollars in live GMV during 2025 a doubling compared to 2024, when they in turn doubled 2023's figures. The number of accounts created during 2025 exceeded 20 million. The number of first-time buyers on the platform increased by 285 percent year over year. Customer retention is above 80 percent month over month, up 18 percent from the previous year. Users spend 95 minutes per day on the app up 19 percent which is almost three times more time than the average on TikTok. TikTok Shop, which CNBC reported on the 1 of September, more than doubled its live shopping sales during the first half of 2026 compared to the same period in 2025. The number of live shopping sessions increased by 60 percent, and total live hours grew by 80 percent. eBay Live reported 8x growth in GMV year over year during Q2 2026, with a rollout in seven markets. These figures are not cyclical. They are structural. And they explain why Whatnot was valued at 20 billion dollars in August 2026, a quadrupling from 5 billion dollars in January 2025 – only 18 months. The professional seller corps: a new asset class The most relevant data point for Bambuser's strategy is not the market's size, but the structure of the actors who now populate it. Whatnot's report documents the emergence of a completely new professional category – full-time livestream entrepreneurs who run businesses with employees, warehouses and significant revenue. Sellers who stream daily earn on average 69,000 dollars a month in the US, 30,000 pounds in the UK, 17,000 euros in France, and in Germany – the most mature European market a whole 106,000 euros a month. That corresponds to 1.27 million euros in annual revenue. The number of Whatnot sellers earning over 10,000 dollars a month has more than doubled since last year. The number who have earned over 1 million dollars in lifetime revenue has also more than doubled during 2025.3/3 3 Thirdly, the revenue base is diversified. In addition to the recurring SaaS revenue, a transaction-based component is introduced either through matchmaking fees, premium listing, or analytics services regarding host performance. This diversification reduces the dependency on a single revenue line and increases long-term predictability... Three megatrends converging There are three megatrends that make today's initiative particularly relevant, and which I believe the market has not yet fully integrated into its Bambuser analysis. The first is the live shopping trend itself, where the figures above speak for themselves: 35 percent growth in the US, 285 percent growth in first-time buyers, year-on-year doublings, 95 minutes of daily engagement. This is not cyclical - it is structural or the beginning of a MEGA TREND The second is the rise of agentic commerce AI agents that autonomously explore, compare, and execute purchases on the consumer's behalf. eMarketer identifies this as one of the most significant shifts in the e-commerce landscape in 2026. Bambuser's earlier this year launched GEO Discovery, which transforms video content into structured, AI-readable data, positions the company as a bridge between live shopping and this new paradigm. Host Community reinforces this position: hosts who produce high-quality, structured video content for Bambuser customers practically create the mass of data that AI agents will index and recommend. The third is the accelerating transition to first-party data. At a time when third-party cookies are being phased out, GDPR is tightening, and the EU's AI Act and Data Act are being implemented, the ability to own customer data becomes a strategic necessity rather than a technical detail. Bambuser's model - where all interaction takes place on the brands' own channels - offers a compliance-friendly path into live shopping that TikTok Shop and Whatnot, for structural reasons, cannot match. This is one reason why brands like LVMH and Audi chose Bambuser even though consumer platforms have greater reach. Host Community reinforces this differentiation. When a brand contracts a host via Bambuser, the entire customer journey takes place within the brand's own ecosystem. Data on viewing behavior, conversion, product interactions, and customer feedback goes to the brand. In a world where first-party data, according to Google, delivers 2.9 times higher revenue lift than third-party data, this is not a marginal advantage. It is an existential one. The historical parallels Let me conclude with the comparisons I find most compelling. When Stripe launched Stripe Connect in 2012, they went from being a payment API to becoming the infrastructure that enabled the marketplace economy. The multiple on revenues expanded dramatically, not because their core product changed, but because they suddenly owned a critical node in a larger ecosystem. When Salesforce launched AppExchange in 2006, they transformed from a CRM tool into a platform with third-party developers, creating a moat that to this day is among the deepest in enterprise software. When Shopify successively built out Shopify App Store, Shopify Payments, and Shopify Fulfillment Network, they went from being an e-commerce platform to becoming the infrastructure upon which the entire D2C wave rested. The valuation followed. Bambuser's Host Community is, in my reading, a step in the same direction. The company is going from selling tools to owning a part of the ecosystem. And if the execution over the next 12-24 months matches the strategic ambition, I believe the market will successively revalue the company from a SaaS supplier to an ecosystem owner.- ·21.8.TURN AROUND ?!? The turnaround is visible in the data... Cash & Runway: 3-4 years... Free Cash flow positv ??? When the market thought Bambuser was dead... – this is what a textbook turnaround looks like in numbers... An extreme amount of negative things have been written about Bambuser in recent years, and rightly so... The share price was pushed down to levels where Bambuser was valued at almost nothing... The turnaround in Q2: In the second quarter of 2026, ARR grew by +2 % at constant exchange rates (CER). This constitutes the first sequential ARR growth in two full years and confirms that customer churn has stopped. At the end of 2024, NRR was a catastrophic 63 %. By the end of 2025, it rose to 76 %, and in H1 2026, it reached 80 %. Existing customers are stopping cancellations and instead starting to expand their agreements... Cash flow and earnings improvement: Adjusted EBITDA improved by 35 % y/y, from -49,8 MSEK to -32,3 MSEK Free Cash Flow (FCF) strengthened by a full 41 % y/y, The FCF margin improved by a full 33 percentage points Dramatic cost reduction, i.e. OPEX Total operating costs decreased by 30 % y/y, from 104,0 MSEK to 73,1 MSEK. Operating costs excluding depreciation were cut by 28 % (from 90,0 MSEK to 65,2 MSEK). Personnel costs decreased by 26 % (from 62,3 MSEK to 46,1 MSEK), while the number of employees (FTE) was reduced by 27 % – from 75 to 55 people. Despite the cost-cutting drive, Bambuser maintains its extremely high gross margin of 86 %. Every new krona in license revenue essentially goes straight to the bottom line... There are different scenarios but a slightly more forward-looking optimized scenario (Full effect of cost program) In H1 2026, the workforce has decreased to 55 FTE (-27 % y/y) and capitalization of R&D expenses has ceased entirely (0 SEK in H1 2026). With full annual effect, the semi-annual burn is estimated to decrease to approximately -15,0 MSEK (~2,5 MSEK/month). In this scenario, the cash will last for almost 38 months (approx. 3,16 years), extending liquidity until mid-2029. Management reports that churn was "materially lower in Q2 than in Q1" and that the number of customer groups has stabilized. Customer churn has stopped. The figures confirm that Bambuser has a cash position of 94,7 MSEK and no interest-bearing debt This gives the company a runway of approximately 3 years depending on how quickly the cost savings fully take effect. The time window is more than sufficient for the company to reach positive cash flows without the need for further capital injections, provided that the sequential ARR growth from Q2 2026 continues... Bambuser is repositioning itself from being just a "live shopping" company to becoming AI infrastructure for commerce... The moat, as it's called in English: As the CEO so aptly writes: "Products that feed somebody else's pipeline are difficult to remove." When Bambuser's data feeds a customer's own merchandising team or external AI models, the switching cost becomes extremely high... They sit upstream and produce the structured data that AI systems are crying out for (Adobe has noted that product pages are the least machine-readable today!!). Strategic milestones in the report: Major deal with luxury house: Bambuser signed a total of 36 new customer agreements in H1. The largest was a multi-year agreement with a global luxury house regarding Video Consultation, the company's largest single deal in two years. The AI catalyst (Commerce Intelligence Layer): Bambuser has rebuilt the platform so that video content is transformed into structured data that AI search engines and assistants (like ChatGPT) can read and cite. Audi Sweden launched this in April. ASOS launched a styling app in ChatGPT built on Bambuser's technology in May. Lovable integration and so on... Valuation models TODAY show potential towards 75 SEK... But can become much higher when the economy really picks up etc etc
Yes maybe… it's not crystal clear but there is a tendency (from the dissatisfaction the CEO expresses in the introduction of the CEO's statement, they had probably hoped to show something clear now in H1). That they say Q2 is a turnaround becomes tricky to verify as they only report for the half-year. Must assume they are not lying. However, they could describe the mechanics more clearly so that one sees the same thing they possibly see. Bad customers out, new ones in that are growing, existing ones that are growing, pipeline with agreements that will slot in and grow. Old bad agreements expire (today, in six months, similar). And the forward pipeline is larger than ever or growing or something. And to put this into numbers so that one sees that ARR can soon only grow (no large agreements falling out in the near term and new ones coming in that are growing) and that all the 'grit' is cleared so now NRR is moving quickly towards 100+% etc. She indicates that this will be the case in H2. One should then scrutinize her on 3 key figures, she says. But it's not crystal clear… I would say that from today's level 24kr+- the range after the release of the H2 report could be between 12kr to 72kr depending on what figures she shows then. Down 50% or up 200% from today. On the way there, they could release some press release that strengthens the case and then one probably won't see today's level again…. The downside is quite high, but the upside is enormous and every day there's a risk of being left out when a press release is suddenly released. A share issue they might get through again but I think it's more about the main owner wanting to own more in that case… and it should be at least at the same price 14.5kr or clearly higher 18-28 kr given the share price development over the last half-year… annoying though that they don't do quarterly reports, especially now when they might be approaching a turnaround… 
·28.6.So R has made me discover this. Writing the first words now.
- ·9.5.PART 1OF2 FINALLY ... Live Shopping is eating the world – and the West has just woken up... Analysis As Garry Vee said yesterday... "GaryVee predicts selling products on livestream will be HUGE". Also read his post about this from yesterday... https://x.com/garyvee/status/2052727653686288500?s=20 Look him up and you'll quickly understand he's not just anyone: Early Tech Investor in major tech companies, including Facebook, Twitter, Tumblr, Uber, and Venmo etc. The biggest retail trend since the breakthrough of e-commerce... LET ME EXPLAIN WHY. This is far from hype and the data out there is clearly starting to show it.... It's a structural change. There are moments in economic history when a new distribution layer replaces the old so completely that in hindsight it seems obvious. Printed catalog was replaced by e-commerce. The video store was replaced by streaming. Every time the skeptics said the same thing: "People will never buy X that way." In 1997, people said no one would buy food online because you couldn't feel the tomato. Today, Mathem, Coop and ICA sell groceries online for billions of kronor. The same argument is now heard about live shopping, and it's exactly as wrong this time. QVC recently filed for bankruptcy. It's not a coincidence. It's an ecosystem capitulating to a new distribution logic... BAMBUSER is perfectly positioned to take a large share of the pie... Whatnot, a live shopping founded 2019, keeps its users engaged six times longer than Amazon. Six times. It's not a metric that moves marginally in the right direction. It's a fundamental re-evaluation scenario for what the "center of gravity of commerce" actually is. And April 2026 was Whatnot's biggest month ever for downloads. Underlying operational KPIs are even sharper: Conversion rate: 9–30% for live shopping vs. 2–3% for traditional e-commerce. Return rate: 40% lower. Engagement: 10x higher than standard video. It's not just better marketing. It's better economics along the entire value chain. Whatnot is one of the fastest-growing livestream shopping marketplaces, reaching an $11.5 billion valuation ... Live selling goes mainstream in the UK. In the UK, adoption is accelerating even faster. UK first-time buyers surge 374% year-on-year as live shopping becomes a core retail channel, new report from Whatnot ... Live shopping today accounts for 20% of all e-commerce in China. In the USA, the figure is 5%. Europe is even lower. The American market is valued at approximately 50 billion dollars with a CAGR of 37% until 2033. But the truly interesting thing is not the volume, it's what is already being sold, and what it says about the ceiling for this channel. China's Taobao Live sold a Kuaizhou-1A rocket launch in five minutes. Price: 40 million yuan. 800 potential buyers paid a refundable deposit of 70 000 dollars just to be able to bid. In Yunnan province, livestream brokers generated 1,72 billion dollars in housing sales over ten months in 2023 – an increase of 69,4% year-on-year, of which 80% of buyers came from other provinces. They bought apartments they had never physically visited. NIO's CEO sold 320 cars in 40 minutes in a single livestream. That corresponds to 18 million dollars. A single creator sold 1 623 cars in 2,5 hours. It's not about impulse purchases of cheap products. It's about trust being built faster than in any other format commerce has ever seen. The argument still heard from skeptics is that live shopping only works for toys, clothes, and cheap impulse products.... Reality says otherwise ... Here's what's already regularly sold live: Live Japanese koi fish (Kohaku, Sanke, Showa) via Facebook Live – price range 200 to 50 000 dollars per fish. Hundreds of auctions every week globally. Cremation jewelry: rings and necklaces made from the ashes of a loved one, sold via TikTok Live. Millions of views. Trust built on transparency and authenticity in real-time. Wedding dresses: David's Bridal and dozens of independent boutiques run regular live try-on streams directly to TikTok Shop. The hashtag #weddingdressshopping has surpassed 1,2 billion views. Perfume: Snif x Mikayla Nogueira generated 400 000 dollars in four hours. One million unique viewers. Snif became TikTok Shop's top-selling perfume brand that month. You can't smell perfume through a screen – but it doesn't matter. Three minutes of a real person describing a scent sells better than any static product photo. Services: Whatnot sells CGC grading of comic books as a product in itself. A plumber streaming live from a kitchen with a "book now" button at the bottom is not science fiction. It's the next logical step. As GaryVee formulated it: "It goes from plumbing all the way up to luxury goods. Rolex will sell Rolexes on live shopping. Lamborghini will sell Lamborghinis. Ryan Serhant will sell an apartment for 13 million dollars." Exactly what we see with Bambuser's customers; everything from LVHM, AUDI etc.So my point, which most people miss when looking at live shopping as an investment category: TikTok Shop and Whatnot own the consumer layer – the platforms where end-users gather. These are important positions but they come with platform risk, regulatory exposure, and dependence on algorithmic feeds. Bambuser owns a fundamentally different layer: the technical infrastructure that enables established brands to stream live shopping directly in their own channels – without capitulating to a third-party platform and its data collection, fee structure, and designed dependency. It's the difference between having a store in a shopping mall and owning the store property. The Bambuser model targets the enterprise and premium segment: luxury brands, global retailers, and media companies that understand that the customer relationship is the primary asset value – and who are not prepared to outsource it to TikTok. As live shopping normalizes in the West – which the data we've reviewed above clearly shows is happening right now – demand for white-label infrastructure accelerates. Every large retailer that decides to own its livestream commerce rather than rent it from TikTok is a potential Bambuser customer. The market structure analytically resembles the early 2010s in SaaS payments: Stripe and Adyen built the infrastructure layer while consumer platforms drew attention. The infrastructure companies proved to be the most defensive and scalable positions. Forget the price targets of 263-380kr, this can become MUCH bigger...
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2026 H1 - tulosraportti
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40 päivää sitten
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- ·24.9.1/3 EXCITING TIMES , FINALLY !!! Today's PR 24 September 2026 https://x.com/LVMH/status/1653347100455845901?s=20 There is a pattern I have seen repeat itself over the years on the stock market... The most profitable investments have rarely come from companies reporting record quarters, but from companies that quietly changed their business model while the market still valued them based on yesterday's history. Microsoft 2014 when Satya Nadella pivoted towards the cloud. Adobe 2012 when they went from licenses to subscriptions. Shopify 2018 when they launched Shopify Fulfillment Network etc In all cases, it was not the quarterly report that was the catalyst. It was a press release that at first glance looked trivial, but which in reality redefined the company's position in the value chain... Bambuser's press release today, the 24 of September 2026, belongs to that category in my opinion... So what was actually communicated At a superficial reading, it is about Bambuser opening applications for a "Live Shopping Host Community" a verified network of livestreamers, product experts and stylists who can be matched with brands. It sounds like an HR initiative or a recruitment campaign. But for those who read between the lines, and especially for those who read it with Whatnot's fresh "State of Live Selling Report 2026" and CNBC's September report in the back of their mind, a completely different picture emerges. Bambuser has in practice announced that they are no longer solely a SaaS provider of video commerce technology. They are now building a two-sided market that connects talent with demand and at the exact same moment they introduce network effects into a business model that was previously linear. This is not a product launch. It is a business model transformation. And it is, according to my assessment, the most underestimated strategic maneuver Bambuser has made since the 2020 pivot to live shopping etc To understand why this PR is MORE than significant, one must first understand the market Bambuser operates in. And here the figures are, frankly speaking, remarkable. Whatnot's report, which is based on a Censuswide survey with 4,016 sellers in the US, UK, France and Germany, shows that the North American and European live shopping market is now estimated at 22 billion dollars during 2025. It has more than doubled the past year, and the pace indicates a further doubling shortly towards 44 billion dollars. eMarketer, cited by CNBC on the 1 of September, forecasts that the US market alone will reach almost 20 billion dollars in 2026, an increase of 35 percent from the previous year, which in turn was more than a doubling from 2024. In the Asia-Pacific region, live shopping is expected to exceed one trillion dollars in 2026. But what really stands out is the growth rate in the leading platforms. Whatnot reports 8 billion dollars in live GMV during 2025 a doubling compared to 2024, when they in turn doubled 2023's figures. The number of accounts created during 2025 exceeded 20 million. The number of first-time buyers on the platform increased by 285 percent year over year. Customer retention is above 80 percent month over month, up 18 percent from the previous year. Users spend 95 minutes per day on the app up 19 percent which is almost three times more time than the average on TikTok. TikTok Shop, which CNBC reported on the 1 of September, more than doubled its live shopping sales during the first half of 2026 compared to the same period in 2025. The number of live shopping sessions increased by 60 percent, and total live hours grew by 80 percent. eBay Live reported 8x growth in GMV year over year during Q2 2026, with a rollout in seven markets. These figures are not cyclical. They are structural. And they explain why Whatnot was valued at 20 billion dollars in August 2026, a quadrupling from 5 billion dollars in January 2025 – only 18 months. The professional seller corps: a new asset class The most relevant data point for Bambuser's strategy is not the market's size, but the structure of the actors who now populate it. Whatnot's report documents the emergence of a completely new professional category – full-time livestream entrepreneurs who run businesses with employees, warehouses and significant revenue. Sellers who stream daily earn on average 69,000 dollars a month in the US, 30,000 pounds in the UK, 17,000 euros in France, and in Germany – the most mature European market a whole 106,000 euros a month. That corresponds to 1.27 million euros in annual revenue. The number of Whatnot sellers earning over 10,000 dollars a month has more than doubled since last year. The number who have earned over 1 million dollars in lifetime revenue has also more than doubled during 2025.3/3 3 Thirdly, the revenue base is diversified. In addition to the recurring SaaS revenue, a transaction-based component is introduced either through matchmaking fees, premium listing, or analytics services regarding host performance. This diversification reduces the dependency on a single revenue line and increases long-term predictability... Three megatrends converging There are three megatrends that make today's initiative particularly relevant, and which I believe the market has not yet fully integrated into its Bambuser analysis. The first is the live shopping trend itself, where the figures above speak for themselves: 35 percent growth in the US, 285 percent growth in first-time buyers, year-on-year doublings, 95 minutes of daily engagement. This is not cyclical - it is structural or the beginning of a MEGA TREND The second is the rise of agentic commerce AI agents that autonomously explore, compare, and execute purchases on the consumer's behalf. eMarketer identifies this as one of the most significant shifts in the e-commerce landscape in 2026. Bambuser's earlier this year launched GEO Discovery, which transforms video content into structured, AI-readable data, positions the company as a bridge between live shopping and this new paradigm. Host Community reinforces this position: hosts who produce high-quality, structured video content for Bambuser customers practically create the mass of data that AI agents will index and recommend. The third is the accelerating transition to first-party data. At a time when third-party cookies are being phased out, GDPR is tightening, and the EU's AI Act and Data Act are being implemented, the ability to own customer data becomes a strategic necessity rather than a technical detail. Bambuser's model - where all interaction takes place on the brands' own channels - offers a compliance-friendly path into live shopping that TikTok Shop and Whatnot, for structural reasons, cannot match. This is one reason why brands like LVMH and Audi chose Bambuser even though consumer platforms have greater reach. Host Community reinforces this differentiation. When a brand contracts a host via Bambuser, the entire customer journey takes place within the brand's own ecosystem. Data on viewing behavior, conversion, product interactions, and customer feedback goes to the brand. In a world where first-party data, according to Google, delivers 2.9 times higher revenue lift than third-party data, this is not a marginal advantage. It is an existential one. The historical parallels Let me conclude with the comparisons I find most compelling. When Stripe launched Stripe Connect in 2012, they went from being a payment API to becoming the infrastructure that enabled the marketplace economy. The multiple on revenues expanded dramatically, not because their core product changed, but because they suddenly owned a critical node in a larger ecosystem. When Salesforce launched AppExchange in 2006, they transformed from a CRM tool into a platform with third-party developers, creating a moat that to this day is among the deepest in enterprise software. When Shopify successively built out Shopify App Store, Shopify Payments, and Shopify Fulfillment Network, they went from being an e-commerce platform to becoming the infrastructure upon which the entire D2C wave rested. The valuation followed. Bambuser's Host Community is, in my reading, a step in the same direction. The company is going from selling tools to owning a part of the ecosystem. And if the execution over the next 12-24 months matches the strategic ambition, I believe the market will successively revalue the company from a SaaS supplier to an ecosystem owner.
- ·21.8.TURN AROUND ?!? The turnaround is visible in the data... Cash & Runway: 3-4 years... Free Cash flow positv ??? When the market thought Bambuser was dead... – this is what a textbook turnaround looks like in numbers... An extreme amount of negative things have been written about Bambuser in recent years, and rightly so... The share price was pushed down to levels where Bambuser was valued at almost nothing... The turnaround in Q2: In the second quarter of 2026, ARR grew by +2 % at constant exchange rates (CER). This constitutes the first sequential ARR growth in two full years and confirms that customer churn has stopped. At the end of 2024, NRR was a catastrophic 63 %. By the end of 2025, it rose to 76 %, and in H1 2026, it reached 80 %. Existing customers are stopping cancellations and instead starting to expand their agreements... Cash flow and earnings improvement: Adjusted EBITDA improved by 35 % y/y, from -49,8 MSEK to -32,3 MSEK Free Cash Flow (FCF) strengthened by a full 41 % y/y, The FCF margin improved by a full 33 percentage points Dramatic cost reduction, i.e. OPEX Total operating costs decreased by 30 % y/y, from 104,0 MSEK to 73,1 MSEK. Operating costs excluding depreciation were cut by 28 % (from 90,0 MSEK to 65,2 MSEK). Personnel costs decreased by 26 % (from 62,3 MSEK to 46,1 MSEK), while the number of employees (FTE) was reduced by 27 % – from 75 to 55 people. Despite the cost-cutting drive, Bambuser maintains its extremely high gross margin of 86 %. Every new krona in license revenue essentially goes straight to the bottom line... There are different scenarios but a slightly more forward-looking optimized scenario (Full effect of cost program) In H1 2026, the workforce has decreased to 55 FTE (-27 % y/y) and capitalization of R&D expenses has ceased entirely (0 SEK in H1 2026). With full annual effect, the semi-annual burn is estimated to decrease to approximately -15,0 MSEK (~2,5 MSEK/month). In this scenario, the cash will last for almost 38 months (approx. 3,16 years), extending liquidity until mid-2029. Management reports that churn was "materially lower in Q2 than in Q1" and that the number of customer groups has stabilized. Customer churn has stopped. The figures confirm that Bambuser has a cash position of 94,7 MSEK and no interest-bearing debt This gives the company a runway of approximately 3 years depending on how quickly the cost savings fully take effect. The time window is more than sufficient for the company to reach positive cash flows without the need for further capital injections, provided that the sequential ARR growth from Q2 2026 continues... Bambuser is repositioning itself from being just a "live shopping" company to becoming AI infrastructure for commerce... The moat, as it's called in English: As the CEO so aptly writes: "Products that feed somebody else's pipeline are difficult to remove." When Bambuser's data feeds a customer's own merchandising team or external AI models, the switching cost becomes extremely high... They sit upstream and produce the structured data that AI systems are crying out for (Adobe has noted that product pages are the least machine-readable today!!). Strategic milestones in the report: Major deal with luxury house: Bambuser signed a total of 36 new customer agreements in H1. The largest was a multi-year agreement with a global luxury house regarding Video Consultation, the company's largest single deal in two years. The AI catalyst (Commerce Intelligence Layer): Bambuser has rebuilt the platform so that video content is transformed into structured data that AI search engines and assistants (like ChatGPT) can read and cite. Audi Sweden launched this in April. ASOS launched a styling app in ChatGPT built on Bambuser's technology in May. Lovable integration and so on... Valuation models TODAY show potential towards 75 SEK... But can become much higher when the economy really picks up etc etcYes maybe… it's not crystal clear but there is a tendency (from the dissatisfaction the CEO expresses in the introduction of the CEO's statement, they had probably hoped to show something clear now in H1). That they say Q2 is a turnaround becomes tricky to verify as they only report for the half-year. Must assume they are not lying. However, they could describe the mechanics more clearly so that one sees the same thing they possibly see. Bad customers out, new ones in that are growing, existing ones that are growing, pipeline with agreements that will slot in and grow. Old bad agreements expire (today, in six months, similar). And the forward pipeline is larger than ever or growing or something. And to put this into numbers so that one sees that ARR can soon only grow (no large agreements falling out in the near term and new ones coming in that are growing) and that all the 'grit' is cleared so now NRR is moving quickly towards 100+% etc. She indicates that this will be the case in H2. One should then scrutinize her on 3 key figures, she says. But it's not crystal clear… I would say that from today's level 24kr+- the range after the release of the H2 report could be between 12kr to 72kr depending on what figures she shows then. Down 50% or up 200% from today. On the way there, they could release some press release that strengthens the case and then one probably won't see today's level again…. The downside is quite high, but the upside is enormous and every day there's a risk of being left out when a press release is suddenly released. A share issue they might get through again but I think it's more about the main owner wanting to own more in that case… and it should be at least at the same price 14.5kr or clearly higher 18-28 kr given the share price development over the last half-year… annoying though that they don't do quarterly reports, especially now when they might be approaching a turnaround…
- ·28.6.So R has made me discover this. Writing the first words now.
- ·9.5.PART 1OF2 FINALLY ... Live Shopping is eating the world – and the West has just woken up... Analysis As Garry Vee said yesterday... "GaryVee predicts selling products on livestream will be HUGE". Also read his post about this from yesterday... https://x.com/garyvee/status/2052727653686288500?s=20 Look him up and you'll quickly understand he's not just anyone: Early Tech Investor in major tech companies, including Facebook, Twitter, Tumblr, Uber, and Venmo etc. The biggest retail trend since the breakthrough of e-commerce... LET ME EXPLAIN WHY. This is far from hype and the data out there is clearly starting to show it.... It's a structural change. There are moments in economic history when a new distribution layer replaces the old so completely that in hindsight it seems obvious. Printed catalog was replaced by e-commerce. The video store was replaced by streaming. Every time the skeptics said the same thing: "People will never buy X that way." In 1997, people said no one would buy food online because you couldn't feel the tomato. Today, Mathem, Coop and ICA sell groceries online for billions of kronor. The same argument is now heard about live shopping, and it's exactly as wrong this time. QVC recently filed for bankruptcy. It's not a coincidence. It's an ecosystem capitulating to a new distribution logic... BAMBUSER is perfectly positioned to take a large share of the pie... Whatnot, a live shopping founded 2019, keeps its users engaged six times longer than Amazon. Six times. It's not a metric that moves marginally in the right direction. It's a fundamental re-evaluation scenario for what the "center of gravity of commerce" actually is. And April 2026 was Whatnot's biggest month ever for downloads. Underlying operational KPIs are even sharper: Conversion rate: 9–30% for live shopping vs. 2–3% for traditional e-commerce. Return rate: 40% lower. Engagement: 10x higher than standard video. It's not just better marketing. It's better economics along the entire value chain. Whatnot is one of the fastest-growing livestream shopping marketplaces, reaching an $11.5 billion valuation ... Live selling goes mainstream in the UK. In the UK, adoption is accelerating even faster. UK first-time buyers surge 374% year-on-year as live shopping becomes a core retail channel, new report from Whatnot ... Live shopping today accounts for 20% of all e-commerce in China. In the USA, the figure is 5%. Europe is even lower. The American market is valued at approximately 50 billion dollars with a CAGR of 37% until 2033. But the truly interesting thing is not the volume, it's what is already being sold, and what it says about the ceiling for this channel. China's Taobao Live sold a Kuaizhou-1A rocket launch in five minutes. Price: 40 million yuan. 800 potential buyers paid a refundable deposit of 70 000 dollars just to be able to bid. In Yunnan province, livestream brokers generated 1,72 billion dollars in housing sales over ten months in 2023 – an increase of 69,4% year-on-year, of which 80% of buyers came from other provinces. They bought apartments they had never physically visited. NIO's CEO sold 320 cars in 40 minutes in a single livestream. That corresponds to 18 million dollars. A single creator sold 1 623 cars in 2,5 hours. It's not about impulse purchases of cheap products. It's about trust being built faster than in any other format commerce has ever seen. The argument still heard from skeptics is that live shopping only works for toys, clothes, and cheap impulse products.... Reality says otherwise ... Here's what's already regularly sold live: Live Japanese koi fish (Kohaku, Sanke, Showa) via Facebook Live – price range 200 to 50 000 dollars per fish. Hundreds of auctions every week globally. Cremation jewelry: rings and necklaces made from the ashes of a loved one, sold via TikTok Live. Millions of views. Trust built on transparency and authenticity in real-time. Wedding dresses: David's Bridal and dozens of independent boutiques run regular live try-on streams directly to TikTok Shop. The hashtag #weddingdressshopping has surpassed 1,2 billion views. Perfume: Snif x Mikayla Nogueira generated 400 000 dollars in four hours. One million unique viewers. Snif became TikTok Shop's top-selling perfume brand that month. You can't smell perfume through a screen – but it doesn't matter. Three minutes of a real person describing a scent sells better than any static product photo. Services: Whatnot sells CGC grading of comic books as a product in itself. A plumber streaming live from a kitchen with a "book now" button at the bottom is not science fiction. It's the next logical step. As GaryVee formulated it: "It goes from plumbing all the way up to luxury goods. Rolex will sell Rolexes on live shopping. Lamborghini will sell Lamborghinis. Ryan Serhant will sell an apartment for 13 million dollars." Exactly what we see with Bambuser's customers; everything from LVHM, AUDI etc.So my point, which most people miss when looking at live shopping as an investment category: TikTok Shop and Whatnot own the consumer layer – the platforms where end-users gather. These are important positions but they come with platform risk, regulatory exposure, and dependence on algorithmic feeds. Bambuser owns a fundamentally different layer: the technical infrastructure that enables established brands to stream live shopping directly in their own channels – without capitulating to a third-party platform and its data collection, fee structure, and designed dependency. It's the difference between having a store in a shopping mall and owning the store property. The Bambuser model targets the enterprise and premium segment: luxury brands, global retailers, and media companies that understand that the customer relationship is the primary asset value – and who are not prepared to outsource it to TikTok. As live shopping normalizes in the West – which the data we've reviewed above clearly shows is happening right now – demand for white-label infrastructure accelerates. Every large retailer that decides to own its livestream commerce rather than rent it from TikTok is a potential Bambuser customer. The market structure analytically resembles the early 2010s in SaaS payments: Stripe and Adyen built the infrastructure layer while consumer platforms drew attention. The infrastructure companies proved to be the most defensive and scalable positions. Forget the price targets of 263-380kr, this can become MUCH bigger...
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- ·24.9.1/3 EXCITING TIMES , FINALLY !!! Today's PR 24 September 2026 https://x.com/LVMH/status/1653347100455845901?s=20 There is a pattern I have seen repeat itself over the years on the stock market... The most profitable investments have rarely come from companies reporting record quarters, but from companies that quietly changed their business model while the market still valued them based on yesterday's history. Microsoft 2014 when Satya Nadella pivoted towards the cloud. Adobe 2012 when they went from licenses to subscriptions. Shopify 2018 when they launched Shopify Fulfillment Network etc In all cases, it was not the quarterly report that was the catalyst. It was a press release that at first glance looked trivial, but which in reality redefined the company's position in the value chain... Bambuser's press release today, the 24 of September 2026, belongs to that category in my opinion... So what was actually communicated At a superficial reading, it is about Bambuser opening applications for a "Live Shopping Host Community" a verified network of livestreamers, product experts and stylists who can be matched with brands. It sounds like an HR initiative or a recruitment campaign. But for those who read between the lines, and especially for those who read it with Whatnot's fresh "State of Live Selling Report 2026" and CNBC's September report in the back of their mind, a completely different picture emerges. Bambuser has in practice announced that they are no longer solely a SaaS provider of video commerce technology. They are now building a two-sided market that connects talent with demand and at the exact same moment they introduce network effects into a business model that was previously linear. This is not a product launch. It is a business model transformation. And it is, according to my assessment, the most underestimated strategic maneuver Bambuser has made since the 2020 pivot to live shopping etc To understand why this PR is MORE than significant, one must first understand the market Bambuser operates in. And here the figures are, frankly speaking, remarkable. Whatnot's report, which is based on a Censuswide survey with 4,016 sellers in the US, UK, France and Germany, shows that the North American and European live shopping market is now estimated at 22 billion dollars during 2025. It has more than doubled the past year, and the pace indicates a further doubling shortly towards 44 billion dollars. eMarketer, cited by CNBC on the 1 of September, forecasts that the US market alone will reach almost 20 billion dollars in 2026, an increase of 35 percent from the previous year, which in turn was more than a doubling from 2024. In the Asia-Pacific region, live shopping is expected to exceed one trillion dollars in 2026. But what really stands out is the growth rate in the leading platforms. Whatnot reports 8 billion dollars in live GMV during 2025 a doubling compared to 2024, when they in turn doubled 2023's figures. The number of accounts created during 2025 exceeded 20 million. The number of first-time buyers on the platform increased by 285 percent year over year. Customer retention is above 80 percent month over month, up 18 percent from the previous year. Users spend 95 minutes per day on the app up 19 percent which is almost three times more time than the average on TikTok. TikTok Shop, which CNBC reported on the 1 of September, more than doubled its live shopping sales during the first half of 2026 compared to the same period in 2025. The number of live shopping sessions increased by 60 percent, and total live hours grew by 80 percent. eBay Live reported 8x growth in GMV year over year during Q2 2026, with a rollout in seven markets. These figures are not cyclical. They are structural. And they explain why Whatnot was valued at 20 billion dollars in August 2026, a quadrupling from 5 billion dollars in January 2025 – only 18 months. The professional seller corps: a new asset class The most relevant data point for Bambuser's strategy is not the market's size, but the structure of the actors who now populate it. Whatnot's report documents the emergence of a completely new professional category – full-time livestream entrepreneurs who run businesses with employees, warehouses and significant revenue. Sellers who stream daily earn on average 69,000 dollars a month in the US, 30,000 pounds in the UK, 17,000 euros in France, and in Germany – the most mature European market a whole 106,000 euros a month. That corresponds to 1.27 million euros in annual revenue. The number of Whatnot sellers earning over 10,000 dollars a month has more than doubled since last year. The number who have earned over 1 million dollars in lifetime revenue has also more than doubled during 2025.3/3 3 Thirdly, the revenue base is diversified. In addition to the recurring SaaS revenue, a transaction-based component is introduced either through matchmaking fees, premium listing, or analytics services regarding host performance. This diversification reduces the dependency on a single revenue line and increases long-term predictability... Three megatrends converging There are three megatrends that make today's initiative particularly relevant, and which I believe the market has not yet fully integrated into its Bambuser analysis. The first is the live shopping trend itself, where the figures above speak for themselves: 35 percent growth in the US, 285 percent growth in first-time buyers, year-on-year doublings, 95 minutes of daily engagement. This is not cyclical - it is structural or the beginning of a MEGA TREND The second is the rise of agentic commerce AI agents that autonomously explore, compare, and execute purchases on the consumer's behalf. eMarketer identifies this as one of the most significant shifts in the e-commerce landscape in 2026. Bambuser's earlier this year launched GEO Discovery, which transforms video content into structured, AI-readable data, positions the company as a bridge between live shopping and this new paradigm. Host Community reinforces this position: hosts who produce high-quality, structured video content for Bambuser customers practically create the mass of data that AI agents will index and recommend. The third is the accelerating transition to first-party data. At a time when third-party cookies are being phased out, GDPR is tightening, and the EU's AI Act and Data Act are being implemented, the ability to own customer data becomes a strategic necessity rather than a technical detail. Bambuser's model - where all interaction takes place on the brands' own channels - offers a compliance-friendly path into live shopping that TikTok Shop and Whatnot, for structural reasons, cannot match. This is one reason why brands like LVMH and Audi chose Bambuser even though consumer platforms have greater reach. Host Community reinforces this differentiation. When a brand contracts a host via Bambuser, the entire customer journey takes place within the brand's own ecosystem. Data on viewing behavior, conversion, product interactions, and customer feedback goes to the brand. In a world where first-party data, according to Google, delivers 2.9 times higher revenue lift than third-party data, this is not a marginal advantage. It is an existential one. The historical parallels Let me conclude with the comparisons I find most compelling. When Stripe launched Stripe Connect in 2012, they went from being a payment API to becoming the infrastructure that enabled the marketplace economy. The multiple on revenues expanded dramatically, not because their core product changed, but because they suddenly owned a critical node in a larger ecosystem. When Salesforce launched AppExchange in 2006, they transformed from a CRM tool into a platform with third-party developers, creating a moat that to this day is among the deepest in enterprise software. When Shopify successively built out Shopify App Store, Shopify Payments, and Shopify Fulfillment Network, they went from being an e-commerce platform to becoming the infrastructure upon which the entire D2C wave rested. The valuation followed. Bambuser's Host Community is, in my reading, a step in the same direction. The company is going from selling tools to owning a part of the ecosystem. And if the execution over the next 12-24 months matches the strategic ambition, I believe the market will successively revalue the company from a SaaS supplier to an ecosystem owner.
- ·21.8.TURN AROUND ?!? The turnaround is visible in the data... Cash & Runway: 3-4 years... Free Cash flow positv ??? When the market thought Bambuser was dead... – this is what a textbook turnaround looks like in numbers... An extreme amount of negative things have been written about Bambuser in recent years, and rightly so... The share price was pushed down to levels where Bambuser was valued at almost nothing... The turnaround in Q2: In the second quarter of 2026, ARR grew by +2 % at constant exchange rates (CER). This constitutes the first sequential ARR growth in two full years and confirms that customer churn has stopped. At the end of 2024, NRR was a catastrophic 63 %. By the end of 2025, it rose to 76 %, and in H1 2026, it reached 80 %. Existing customers are stopping cancellations and instead starting to expand their agreements... Cash flow and earnings improvement: Adjusted EBITDA improved by 35 % y/y, from -49,8 MSEK to -32,3 MSEK Free Cash Flow (FCF) strengthened by a full 41 % y/y, The FCF margin improved by a full 33 percentage points Dramatic cost reduction, i.e. OPEX Total operating costs decreased by 30 % y/y, from 104,0 MSEK to 73,1 MSEK. Operating costs excluding depreciation were cut by 28 % (from 90,0 MSEK to 65,2 MSEK). Personnel costs decreased by 26 % (from 62,3 MSEK to 46,1 MSEK), while the number of employees (FTE) was reduced by 27 % – from 75 to 55 people. Despite the cost-cutting drive, Bambuser maintains its extremely high gross margin of 86 %. Every new krona in license revenue essentially goes straight to the bottom line... There are different scenarios but a slightly more forward-looking optimized scenario (Full effect of cost program) In H1 2026, the workforce has decreased to 55 FTE (-27 % y/y) and capitalization of R&D expenses has ceased entirely (0 SEK in H1 2026). With full annual effect, the semi-annual burn is estimated to decrease to approximately -15,0 MSEK (~2,5 MSEK/month). In this scenario, the cash will last for almost 38 months (approx. 3,16 years), extending liquidity until mid-2029. Management reports that churn was "materially lower in Q2 than in Q1" and that the number of customer groups has stabilized. Customer churn has stopped. The figures confirm that Bambuser has a cash position of 94,7 MSEK and no interest-bearing debt This gives the company a runway of approximately 3 years depending on how quickly the cost savings fully take effect. The time window is more than sufficient for the company to reach positive cash flows without the need for further capital injections, provided that the sequential ARR growth from Q2 2026 continues... Bambuser is repositioning itself from being just a "live shopping" company to becoming AI infrastructure for commerce... The moat, as it's called in English: As the CEO so aptly writes: "Products that feed somebody else's pipeline are difficult to remove." When Bambuser's data feeds a customer's own merchandising team or external AI models, the switching cost becomes extremely high... They sit upstream and produce the structured data that AI systems are crying out for (Adobe has noted that product pages are the least machine-readable today!!). Strategic milestones in the report: Major deal with luxury house: Bambuser signed a total of 36 new customer agreements in H1. The largest was a multi-year agreement with a global luxury house regarding Video Consultation, the company's largest single deal in two years. The AI catalyst (Commerce Intelligence Layer): Bambuser has rebuilt the platform so that video content is transformed into structured data that AI search engines and assistants (like ChatGPT) can read and cite. Audi Sweden launched this in April. ASOS launched a styling app in ChatGPT built on Bambuser's technology in May. Lovable integration and so on... Valuation models TODAY show potential towards 75 SEK... But can become much higher when the economy really picks up etc etcYes maybe… it's not crystal clear but there is a tendency (from the dissatisfaction the CEO expresses in the introduction of the CEO's statement, they had probably hoped to show something clear now in H1). That they say Q2 is a turnaround becomes tricky to verify as they only report for the half-year. Must assume they are not lying. However, they could describe the mechanics more clearly so that one sees the same thing they possibly see. Bad customers out, new ones in that are growing, existing ones that are growing, pipeline with agreements that will slot in and grow. Old bad agreements expire (today, in six months, similar). And the forward pipeline is larger than ever or growing or something. And to put this into numbers so that one sees that ARR can soon only grow (no large agreements falling out in the near term and new ones coming in that are growing) and that all the 'grit' is cleared so now NRR is moving quickly towards 100+% etc. She indicates that this will be the case in H2. One should then scrutinize her on 3 key figures, she says. But it's not crystal clear… I would say that from today's level 24kr+- the range after the release of the H2 report could be between 12kr to 72kr depending on what figures she shows then. Down 50% or up 200% from today. On the way there, they could release some press release that strengthens the case and then one probably won't see today's level again…. The downside is quite high, but the upside is enormous and every day there's a risk of being left out when a press release is suddenly released. A share issue they might get through again but I think it's more about the main owner wanting to own more in that case… and it should be at least at the same price 14.5kr or clearly higher 18-28 kr given the share price development over the last half-year… annoying though that they don't do quarterly reports, especially now when they might be approaching a turnaround…
- ·28.6.So R has made me discover this. Writing the first words now.
- ·9.5.PART 1OF2 FINALLY ... Live Shopping is eating the world – and the West has just woken up... Analysis As Garry Vee said yesterday... "GaryVee predicts selling products on livestream will be HUGE". Also read his post about this from yesterday... https://x.com/garyvee/status/2052727653686288500?s=20 Look him up and you'll quickly understand he's not just anyone: Early Tech Investor in major tech companies, including Facebook, Twitter, Tumblr, Uber, and Venmo etc. The biggest retail trend since the breakthrough of e-commerce... LET ME EXPLAIN WHY. This is far from hype and the data out there is clearly starting to show it.... It's a structural change. There are moments in economic history when a new distribution layer replaces the old so completely that in hindsight it seems obvious. Printed catalog was replaced by e-commerce. The video store was replaced by streaming. Every time the skeptics said the same thing: "People will never buy X that way." In 1997, people said no one would buy food online because you couldn't feel the tomato. Today, Mathem, Coop and ICA sell groceries online for billions of kronor. The same argument is now heard about live shopping, and it's exactly as wrong this time. QVC recently filed for bankruptcy. It's not a coincidence. It's an ecosystem capitulating to a new distribution logic... BAMBUSER is perfectly positioned to take a large share of the pie... Whatnot, a live shopping founded 2019, keeps its users engaged six times longer than Amazon. Six times. It's not a metric that moves marginally in the right direction. It's a fundamental re-evaluation scenario for what the "center of gravity of commerce" actually is. And April 2026 was Whatnot's biggest month ever for downloads. Underlying operational KPIs are even sharper: Conversion rate: 9–30% for live shopping vs. 2–3% for traditional e-commerce. Return rate: 40% lower. Engagement: 10x higher than standard video. It's not just better marketing. It's better economics along the entire value chain. Whatnot is one of the fastest-growing livestream shopping marketplaces, reaching an $11.5 billion valuation ... Live selling goes mainstream in the UK. In the UK, adoption is accelerating even faster. UK first-time buyers surge 374% year-on-year as live shopping becomes a core retail channel, new report from Whatnot ... Live shopping today accounts for 20% of all e-commerce in China. In the USA, the figure is 5%. Europe is even lower. The American market is valued at approximately 50 billion dollars with a CAGR of 37% until 2033. But the truly interesting thing is not the volume, it's what is already being sold, and what it says about the ceiling for this channel. China's Taobao Live sold a Kuaizhou-1A rocket launch in five minutes. Price: 40 million yuan. 800 potential buyers paid a refundable deposit of 70 000 dollars just to be able to bid. In Yunnan province, livestream brokers generated 1,72 billion dollars in housing sales over ten months in 2023 – an increase of 69,4% year-on-year, of which 80% of buyers came from other provinces. They bought apartments they had never physically visited. NIO's CEO sold 320 cars in 40 minutes in a single livestream. That corresponds to 18 million dollars. A single creator sold 1 623 cars in 2,5 hours. It's not about impulse purchases of cheap products. It's about trust being built faster than in any other format commerce has ever seen. The argument still heard from skeptics is that live shopping only works for toys, clothes, and cheap impulse products.... Reality says otherwise ... Here's what's already regularly sold live: Live Japanese koi fish (Kohaku, Sanke, Showa) via Facebook Live – price range 200 to 50 000 dollars per fish. Hundreds of auctions every week globally. Cremation jewelry: rings and necklaces made from the ashes of a loved one, sold via TikTok Live. Millions of views. Trust built on transparency and authenticity in real-time. Wedding dresses: David's Bridal and dozens of independent boutiques run regular live try-on streams directly to TikTok Shop. The hashtag #weddingdressshopping has surpassed 1,2 billion views. Perfume: Snif x Mikayla Nogueira generated 400 000 dollars in four hours. One million unique viewers. Snif became TikTok Shop's top-selling perfume brand that month. You can't smell perfume through a screen – but it doesn't matter. Three minutes of a real person describing a scent sells better than any static product photo. Services: Whatnot sells CGC grading of comic books as a product in itself. A plumber streaming live from a kitchen with a "book now" button at the bottom is not science fiction. It's the next logical step. As GaryVee formulated it: "It goes from plumbing all the way up to luxury goods. Rolex will sell Rolexes on live shopping. Lamborghini will sell Lamborghinis. Ryan Serhant will sell an apartment for 13 million dollars." Exactly what we see with Bambuser's customers; everything from LVHM, AUDI etc.So my point, which most people miss when looking at live shopping as an investment category: TikTok Shop and Whatnot own the consumer layer – the platforms where end-users gather. These are important positions but they come with platform risk, regulatory exposure, and dependence on algorithmic feeds. Bambuser owns a fundamentally different layer: the technical infrastructure that enables established brands to stream live shopping directly in their own channels – without capitulating to a third-party platform and its data collection, fee structure, and designed dependency. It's the difference between having a store in a shopping mall and owning the store property. The Bambuser model targets the enterprise and premium segment: luxury brands, global retailers, and media companies that understand that the customer relationship is the primary asset value – and who are not prepared to outsource it to TikTok. As live shopping normalizes in the West – which the data we've reviewed above clearly shows is happening right now – demand for white-label infrastructure accelerates. Every large retailer that decides to own its livestream commerce rather than rent it from TikTok is a potential Bambuser customer. The market structure analytically resembles the early 2010s in SaaS payments: Stripe and Adyen built the infrastructure layer while consumer platforms drew attention. The infrastructure companies proved to be the most defensive and scalable positions. Forget the price targets of 263-380kr, this can become MUCH bigger...
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