Welcome to today's event where we have the pleasure to present Audientes. The occasion for today is, of course, your result you released last week, your Q2 half-year financial report. To help us through today's presentation, we are joined by Steen Thygesen, CEO, and the company. We do this in English because you also have an audience besides the Scandinavian one on the corporate bond level issue. That's why we are doing it in English today. Do feel free to ask questions in the box down below, both in Danish and English. I will try and translate them to the best of my ability. I think I will hand the word over to you now, Steen. Yeah, thank you very much, Michael, and welcome to this presentation. Yes, we are now presenting our second quarter and full half-year result of 2025. Today, I have sort of put together the usual flow, but we will be looking at both the progress in our different activities and also what are we looking at financially so far this year and what are our expectations for the remainder of the year. Of course, as you mentioned, we also have this ongoing capitalization effort that I will also cover. Absolutely. For those who have not kind of necessarily met us before on this forum, we are this Danish technology company that is pioneering solutions within the self-fitting hearing solution space. We focus on hearing aids and what we call advanced hearables, which essentially are consumer electronic products that have got markets that are, you can say, outside this sort of medical device area as well. We are listed at the Spotlight Stock Market basically in Denmark, but this is part of the Swedish Spotlight Group. Our business today really consists of the classic business that we have been working on for a number of years now, which is product sales. This is where we basically do everything from start to finish, literally. We design, develop, manufacture, and bring to market products in this space. Our target users are essentially those who are looking for new solutions that are more accessible, affordable, and also allow them to sort of bypass the classic hearing aid channel. We can actually do this self-fitting, which is increasingly popular in many markets, especially kind of the over-the-counter segments. We've also started last year looking into using our software asset in terms of licensing this to companies who are interested in manufacturing products, bringing them to market that are also within this space. The software licensing business is something we see as part of our future orientation, and we are making steps towards that all the time, basically. Currently, we're working on a few projects in this regard. Just to sort of reacquaint ourselves with our portfolio, of course, we have the hearing aid Ven and the kind of hearable Companion, which are products that we have been bringing to market the last couple of years. We have been in the market now for a good while with those, and they are in the neckband design. We are now introducing also the Companion products in new markets, basically in China, in the sort of CNU product. Basically, it's a localized version of Companion for the Chinese market, which is a trademark name there. CNU also happens to be part of the name of our joint venture in China, just to add to the confusion. Basically, our future, you can say, direction also includes classic hearing aid designs, such as what we are depicting on this slide, and also other form factors. In terms of our market, what are we actually focusing on? We are basically focusing on a market that is in the sort of affordable hearing products category, but where we focus really on bringing out high-quality products to people that have this smartness built in, essentially self-fitting, and other technologies that are really hearing aid class. Essentially, we are picking from the top shelf, building into our products, or we are placing products on the lower shelf where they are easier to afford. There are a number of pockets that we are also, you can say, competing within or looking towards. We are not trying to compete with the very high-end, expensive, top-quality products. We, of course, can say from Danish and other hearing aid manufacturers, but we are really trying to sort of address the niches in the market where we think we can play a good role. In the over-the-counter market, this is kind of what I show here as number three. There are a number of interesting form factors. Many of them are building on existing classic hearing aid designs, but there are also many in the sort of true wireless, kind of the earbud style and other form factors. Essentially, this is a bit of the kind of Wild West. There are a lot of things going on there, and things are moving fast. This is a market we find interesting. We also see the problems that for most people, if you only have mild to moderate hearing loss, it's not really, you can say, a hearing aid that will make things great for you. It is when you actually have really difficult hearing that you need a great solution. This is kind of why we are looking at this market, but we don't think this is exactly where we should focus our efforts. We are essentially trying to focus on addressing from kind of moderately severe to profound hearing loss. That is our playground. These are markets where self-fitting is, you can say, part of it, but where you often also need to work with hearing aid experts to get the right fit. Part of that is due to legislation, and part of that is due to kind of how channels work. That's how we sort of see the world. We are interested in increasing our play, of course, in those markets where people really have a need and can't find affordable and good solutions. Last time we presented the Q1 results, I showed this kind of illustration of how we are looking towards 2025, but also into 2026. I just want to repeat that, not cover it in major detail, but just to say that executing for us means really going to market, selling products we already have developed and on stock, ideally. We are looking towards the future for what is it that is going to also tap in next year to help us increase our revenue in new markets. This is kind of these new form factors, whether it's Receiver-in-Canal type of product or true wireless earbuds and so on. We are really looking towards that. Part of solving that, you can say, puzzle for us is, of course, that we can gain access to partnerships where we can either work on a license basis or we can actually secure funding to complete the development ourselves. We are working on quite a few things in that regard. The critical thing for us is funding to move forward fast. I think you can say what we are expecting is that this year is still going to be a year of kind of negative EBITDA as a result. Next year, we really should be in a position to drive revenue and increase it on a month-by-month basis. We should be basically a cash flow break even towards the end of the year. That is really our aim. That is why we are doing a lot of things, I think, in the market to sort of stimulate and drive demand. We are really partnering with some interesting companies to make that happen. In addition to that, I mentioned we also have this OEM and licensing expansion. I will cover these things on the coming slides, of course. What are the highlights from the sort of second quarter and really overall first half? We have to unfortunately say that the revenues that we could recognize in Q2 remained modest. We did manage to actually bring in a significant order during the quarter, but that will be delivered in Q3. We can only recognize the revenue when we actually are shipping products and delivering on the order. We are looking really towards this as one of these sort of stimulating factors in our play for the remainder of the year. At the same time, this order that I'm mentioning, I will cover that in a few slides. Essentially, it is from a new partnership that we started last year in 2024, and now things are starting to materialize on that. We are also seeing really interesting progress in other markets. For example, the Chinese market, where we are moving forward with our Chinese medical device approval process for the Ven product. Also, the CNU product is in the market, basically. Now we are starting to actually see real things happening the coming half year and so forth on that. Of course, we know that when you get the approval from the authorities, you can actually then start to introduce and market this Ven hearing aid as a medical device. For us, this would be a really important thing. In Japan and in Europe, we have introduced the Companion products. We are essentially now online with e-commerce sales. We are going to push that a lot more and add more countries in Europe and so on. In India and in the Middle East, we also have the sort of Ven products playing in. We are now with some new partners trying to make some new moves in these markets. For us, there have been a lot of things happening already at the beginning of this year and into this third quarter. Now we really see us being in a really good position for a stronger second half. This is almost how our business normally performs anyway. I want to mention just a few things around our Indian-based partner, SimplyJITH Holdings. SimplyJITH Holdings is someone we partnered with last year who has a quite, you can say, broad portfolio of different activities in technology, but also in trading and kind of consumer products and so forth. It's a really interesting dynamic enterprise. We are essentially now working with them to introduce their Ven product and also Companion products in some of the markets and channels they have access to in India, but also outside India, for example, in the Middle East via their activities in Dubai and hopefully other markets as well going forward. For us, this is one of these partnerships that we think can become really important. We have, of course, partnered with companies before in India, but this is someone that has a really unique profile. We hope that this will actually be a really, really good and rewarding partnership. The progress in other markets, as I mentioned, we have the China, the two sort of activities there. The partner we signed early in the year, Audivista, has been doing a lot of groundwork in actually preparing for getting the right approvals to put the product into some of these public kind of funded health channels there are in various markets. They have also been undertaking basically the sort of e-commerce development and testing some things out there. I think we have quite a lot of expectations to what Audivista can bring next, you can say, the next quarters. At the same time, of course, we also have many other markets that are lying out there. We have received approval for Companion in South Africa now. It's a type of approval, meaning that we can actually introduce it now in the market as a consumer appliance. It's the same kind of approvals we have in Japan, in China, and also in Europe, of course. We are now really trying now to put the products out in these channels. I think reality is many of these channels need a good, you can say, profile to address end users. You need to get in touch with the right people, but you also need to support them and ideally provide counseling. That is part of the sort of go-to-market model that I think is still very important when it's hearing products we are dealing with. In our experience now, it takes a good while to actually get established and start working. We are now active in even more markets than we were earlier in the year. I already covered these things here in the sort of highlights. Essentially, we expect now some of the sales we had hoped for and planned for in Q2 to actually materialize now in Q3. Of course, this has a bearing on the overall result for the second quarter and first half as a whole. The EBITDA result for Q2 was almost the same as for Q1. Overall, for the first half, it's a net loss on the EBITDA level at -DKK 3.1 million. This, of course, is something where we really understand driving the revenue and getting the profits in is so important to turn this around. This is really our main focus. We, of course, need to also continue to manufacture products and so forth. We are maintaining our relationship with our factory. We are seeking to broaden that also to other markets and different product types. There is a lot still going on in that regard. Unfortunately, we ended up with negative equity of around -DKK 1.2 million at the end of the quarter. We did do a lot of activities earlier in the quarter, which I will come to on the next slide. I'll just skip to this one here, the capitalization progress. Basically, what actually happened during the first half was that we eliminated all our legacy debt, which means that all the convertible loans were converted to equity. We did do some minor equity raises during Q2. It was actually partly done in Q1, but it materialized in Q2's accounts. This really wasn't sufficient to actually do everything we wanted to do. We had to push out some activities awaiting additional funding. Instead, we focused on the things where we could have a significant impact. Essentially, that is on some of the deals like with SimplyJITH and the Audivista partnership. We have really been investing in creating commercial readiness, awaiting we can actually invest more in go-to-market. Now that we're on this slide anyway, we can also cover the fact that one of our big aims for the first half was to carry out this corporate bond with our partner in Bulgaria on the local BEAM market. For various procedural and documentation-related matters, this really took a long time to get to a point where it was clear what was to be included and how. Unfortunately, we got into the summer period where it only made sense to revisit all of this at the other end when people were actually back from vacation. That's how Europe works. We had to sort of adhere to that. Our aim is still to really push forward with this now. You know, now we are in September, and this is now when we're really kind of rolling up the sleeves again and really focusing on getting this moving forward. I think this is also quite good timing from our point of view with the different activities we have coming in and progress made. This is actually what I think we somehow had to accept, the sort of situation. Let me just now step back to this slide here where we sort of look at the financial results. Just there. I think we already covered these things. From a revenue point of view, it wasn't really what we had hoped for. I think we can make a kind of a bounce back during the third quarter in that regard. I think I covered all the other things. We have done various issues of shares, so of course, our number of shares outstanding has gone up quite significantly during the last year. That has been both due to the significant amount of debt being converted and new equity kind of raised, but also, of course, that the share price has been going in the opposite direction of what we had hoped for. The share price has been really low. The number of shares today is quite significant, around 678 million shares outstanding. Let me just focus on the second half now because, of course, there's a lot happening now. A lot has happened already. Our key focus is really managing and leveraging these partnerships we have. All of them have got a lot of potential, but a lot of it has to be reaped in order to show up in our top line. For us, it's really about securing this initial revenue from our new partnerships. With SimplyJITH, we've been working really for a year to develop this sort of mutual understanding and also what is it that we can do together and how can SimplyJITH use what we have in their activities. Now we are ready to start working towards that. Audivista has made some really interesting progress. I think from those two partnerships, we expect quite a lot in this second half. At the same time, we have actually commercial readiness now in several markets, and we really just need to sort of do what it takes there to sell as much as we can. At the same time, we have these different activities going on that are around new product development. We have also revved the app for Android earlier in this year. There are some new releases of Android that have got a very different kind of security model and so on. We have had to really do some significant enhancements to the app. Also, for the iPhone kind of world, there's a new app update coming. All of this, of course, happens all the time, but these are things we need to continue doing and improve the experience because we're also going to make some specific versions for the Chinese market. There are some significant platforms there that are not compatible directly with Android, for example, but they are kind of Android-like. These are the Huawei and Xiaomi platforms. We are essentially working on also making our apps available for those platforms. All of this, of course, requires that we have access to more liquidity than we have had for a good while. This is why looking at supplementary funding and the bond and so on is really important. Of course, always supported by revenue inflows. That is really our focus. I already covered this slide. What is remaining is essentially just to summarize why I think we are at a really interesting point from a kind of a shared point of view. It is because we have this global footprint established now. We have market-ready products. We are kind of early stage in terms of revenue, but we have been investing a lot of time and effort in actually getting ready to start sales. That's where we are now. We think that we are heading towards sort of an inflection point in terms of our revenue generation. We have orders now, and we have orders coming in. This really should mean a lot of positive news from us going forward. Our licensing approach, this is something I think is really one of these undiscovered hidden gems in our business. We think this has got a lot of potential. We are really trying to pitch this proven technology platform towards actors who are interested in both the sort of self-fitting market, but also different hearing care products for the more professional channels. With various partners, I hope we can really create these next-generation products. We have some activities going on already, both in the sort of Receiver-in-Canal classic hearing aid form factor that sits behind the ear, and then also the true wireless, which is the sort of earbud style, and also, as I mentioned, with our multi-platform app. We need to secure more funding to really accelerate this. This is a key part of our plan. With all of these things going on, we are still in this really interesting position to position us strategically in this industry that really is full of growth potential around the world. We are really kind of an unusual actor in this space. We are really a challenger in many ways. The final slide with content on it is just to say that we have updated our financial calendar now. We have a lookout towards the end of 2026. The next time I'll be presenting here should be maybe before as well, but at least on November 21st with our Q3 reporting. With those words, over to you, Michael. Thank you very much. Thank you, Steen. Let's jump into some questions. The day is here. How far are you from landing the corporate bond? I think you alluded to the timeline. Is everything ready? Are you starting marketing? Are you pretty confident that at least you will be able to market here in Q3? Are you comfortable with that timeline now? I'm comfortable with the timeline, but I think history has also told me that these things seem to take time. There are these different unknown factors that we are not fully in control of. With the documentation now in a form that I think is the consensus that this is what it should look like, I think we now have to complete it. We have to update it with the sort of recent reporting, and we have to really start bringing it out to the market. We will start definitely as soon as possible. This is our top priority in that space. Perfect. There's a question to the order. You mentioned the $800,000. Are these unconditional, meaning that this is a sale, you know, or is there some condition, meaning that you might have to take the product back? Just to get a feel on this order versus maybe earlier order you made in India. Sure. The reason for why we are not including this order in our accounts for the second quarter is that we want to have it delivered, paid for before we recognize it. That's essentially how the model is. The order value is, yes, it's the sort of $800,000, but we are recognizing it when it actually hits our books. This is kind of, again, based on learnings and everything. We are much more, you can say, hard-nosed in that regard. This is what we're working towards. This essentially will be split between the markets in India and also in the markets outside India. Part of this is, for example, going into the Dubai market and then on to different countries. This is really interesting from our point of view. It's a mix of Ven and Companion products as well, I should say. Yeah, that was a possible question there. I'll get to that maybe a little bit more in detail. With limited cash, have you been able to move forward the R&D and potential launch in 2026 of BTE, the Behind-the-Ear model? Yes, we have done that to some extent, but it's more, you can say, on the concepting software side. I think for really pushing into the actual hardware, running the prototypes and all of that stuff, production ramp up, this is kind of where we really are waiting for the cash. We have some prototypes designed we're working with also on this sort of true wireless. Bringing up the software platform on that is sort of part of what we're doing as well. We have some really interesting dialogues with various stakeholders who have these assets. All of that, of course, requires funding to really get to the sort of next level. We are sort of working with that alongside, you can say, many things that are taking our time in a small team. For example, updating the app has been a major focus for the sort of first half. So has getting all the paperwork prepared for the medical device approval. In China, you know, this is sort of where we prepare documents in English, and they're being translated to Chinese by our partner and their kind of advisor. This is something that takes just a lot of time. We are really focusing on completing one task at a time, but also, of course, moving other things forward as we can. We go up to the helicopter. You have alluded to your move from a product business to a licensing business. Here is a question. Have you considered selling the whole company and technology platform to some of your partners? You know, just to, and I know you probably will not answer it, but it's a question out there, Steen. I would say we have announced a long time ago that we are open for all sorts of, you can say, partnerships and transactions in that regard. You know, we are a listed company, and anyone can come and make a bid for us like someone did on Doro, who was a Swedish mobile phone and sort of senior citizens manufacturer of different products. That happens, and then you find a new life somewhere else. Anyone is welcome to contact us in that regard, of course. Is there a plan B if the corporate bond issuance doesn't yield any results? Of course, there is. I think that there are these other channels that we can pursue, which is actually where it's not a bond as such, but these are, you can say, other types of loans. We would like to steer away from equity, you know, issuing, I think, our share price is not at a level where that is super interesting at the moment. We have got other activities, you can say, that we want to then devote our attention to if that should not work out. There is a question. Do you still expect to break even in 2026? I think you alluded to it. I also guess that you need funding to kind of move the movement that will make you break even. Are you still optimistic that you can keep the plans, even if maybe funding has been a little bit delayed? I guess also the commercialization effort should push you high enough revenue to break even. I think yes. I think it's a matter of, you can say, what is the go-to-market model? Is it us who should do all the investment in the marketing, or is it our partners who should do the investment in the marketing? Those factors are quite significant when you look at how we are a small organization. If we can make some significant deals through partners, then you can say we have a model that is quite sort of cost-efficient. If we have to sort of push a lot on e-commerce ourselves, it takes quite a while before you start earning, you can say, the actual marketing investments. Yes, I think this is our plan. We are very lean as an organization. We basically have, you know, a lot of things now we can do. We just need kind of success in doing it. You also mentioned that, I guess, a couple of years ago, you expected there's a market out of the box. Now you are talking that maybe there is, you need some kind of a sales process where at least a little, not an audiolog, but something else. How do you transfer that? I guess the European strategy is much selling on Amazon and so on. Have you made any thoughts about how you transfer that? You actually maybe need some advice unpacking it out of a box and using it. Maybe there should be some advice. Can you do that digitally also? Yeah, there are some various solutions in the market that are really trying to handle this onboarding process really well. There are some app vendors who have developed, you can say, a special business out of that. It sort of complements our basic app. There are some online things you can do. I think my biggest learnings from having been in this now for a good year, a few years, is that people with hearing loss, they really need some counseling in the process of buying a product, whether this is online or whether this is in the channels. Our initial foray into the professional channels was actually quite positive because we really felt this is the way to do it. We also learned that the professional channels like to sell the very expensive products they earn a lot on. Products that were sort of more, you can say, less costly, they had less margin on it. They rather prefer to sell really expensive products and have a higher margin. You have tools digitally that can onboard the customer. I think still our belief is that opticians and pharmacists and specialty outlets that are OK with selling a product for $300, you know, and think that's a good price, are really good places to offer this counseling to people. That's what we are still pursuing and trying to find out how to do that and with whom. This has been a significant learning, of course, for us that it is sort of something that requires, just like, you know, prescription glasses, you do need some professional over there to help you. I would just say in many markets, because we are talking about hearing health, many markets require that a professional is involved in actually fitting a device for people with significant hearing loss. That's a requirement, basically. In many markets, over-the-counter is still not an option. Perfect. There is a question here. The $214,000 in other operating income you have, can you explain a little bit about how they are being booked? Absolutely. This is part of some grant funding we got a couple of years ago from the Danish Market Development Fund. The way we handle that grant funding is that it has funded part of our R&D costs. Every month, we have to recognize some of that grant revenue. At the same time, we are depreciating our investment in an R&D asset. This is purely accounting technical at this point in time. The money has been received several years ago and actually used, invested in the software platform we are using today. It is a little bit accounting practice. It is also written about in our quarterly report. It's explained how that works. Perfect. There was a little bit of the composition of this order between the Companion and Ven. Was that 50/50, or I don't know whether you indicated that. It's probably roughly like that, but it remains to be fully determined. For more countries also, if I understood you correctly. There's the last question. Is there anything new about the hearing protection? You started to maybe see if there was a way in hearing protection, both military, but I guess also hunters and noisy work environments. Maybe you could create some business in that segment. Have you gone any further here? We have gotten further in terms of we have spoken with a couple of industry actors. We are also looking at the sort of form factor design for this, which is part of our true wireless concept we're looking at. It'll be, we think, easier to realize that in the earbud style. We're working on it, but nothing, you can say, to be talked about that much in that regard so far. Perfect. I'm just checking, Steen, but I think we have gone through all the questions. Thank you, Steen, for taking us through your results and answering the questions. Thank you for the audience listening in. Thank you.