Good morning, everyone, and welcome to the Green Hydrogen Systems Q1 2024 trading statement. My name is Drew, and I'll be the operator on today's call. After today's presentation, we will begin the Q&A session. To register a question, please press Star, followed by 1 on your telephone keypad. To withdraw your question, please press Star followed by 2. At this time, I would like to turn the conference over to Peter Friis. Thank you. Please go ahead. Thank you, operator. The presenters today are CFO Ole Vesterbæk and myself, CEO Peter Friis. Today's agenda is a business update done by me, and a presentation of Q1 figures, and the full year guidance done by Ole Vesterbæk. We will, at the end of the presentation today, be ready for a Q&A. Before the business update, I would like to comment on the announcement from March, where we are informed that I was appointed as a permanent CEO of Green Hydrogen Systems. During the first six months in office, I have met very talented colleagues who all share the same passion, our common contribution to the green transition. The commitment and dedication I see in the GHS are crucial for us to succeed and reach our common goals. That is also why I'm very optimistic about the future. I'm also humbled about the trust our customers show us, recently demonstrated by the A-Series order from UK in February. I'm happy to share with you that we follow our plan for 2024. We have completed FAT tests as planned for the units in Q1. We have, for our 2024 operations, a robust plan, and we will, during the year, further improve our capabilities in starting up and FAT testing units. That is also supporting us in reaching our goals in the 2024 plan. We have a very strong data set up, and we collect data from the installed base on a continuous basis. We do that to understand our product performance. We use the data analytics and learnings from the installed fleet to optimize and increase quality, and thereby also the robustness in our products. The new version of the A-Series we deliver going forward includes all developed improvements, in many ways, a more robust product to our customers. The improvements implemented on the A-Series are naturally also included in the X-Series. Our first X-Series prototype install is installed in Skive. We have tested functionality, and we have concluded a third-party verification in order for us to verify and document performance. In other words, we have documented the amount of hydrogen the X-Series produce and all the other performance parameters of the X-Series. This is an important step towards our first X-Series orders. Next step is to verify stable 24/7 operations of the X-Series, and furthermore, to verify that the components have the required quality, reliability, and robustness needed to meet our customers' expectations. The rationale behind our test program on the X-Series is to minimize risk when buying and selling new technologies. It is also a risk mitigation for our customers, as well as it is a risk mitigation for ourselves. It means also that we are transparent about our test and verification. By doing so, the coming X-Series customers will know the product even before they buy it. We see the X-Series as crucial for us and our company. Already from 2025, we expect the X-Series being the product, creating the highest revenue for GHS. The first X-Series units will be sold on a profit and risk-sharing model. GHS takes part in the risk related to buying a new product, the X-Series. Similar, GHS also take part in the upside, with the X-Series demonstrate performance according to spec. This model ensures that we faster get X-Series hydrogen production at customer sites. We are already in positive dialogue with several potential customers, and we have signed several letters of intent. We've also initiated strategic collaboration with EPC partners such as Bilfinger and BWSC. All together, important steps in the commercial launch of our X-series. We have also started preparation for production start. In fact, we have already purchased several components. We expect to start the X-series production during summer 2024. The plan is that the first X-series unit is ready to leave our factory at the end of the year. With these words, I will conclude the business update, and I will leave the floor for our CFO, Ole Vesterbæk, who will walk you through the financial update and the full year guidance. Thank you, Peter. In the following, I'll briefly update you upon our Q1 2024 finances, as well as our full year guidance. We have performed business as well as financially, according to and in line with our plans and the expectations. So our Q1 are characterized by a customer contract revenue based upon FAT and revenue recognition by DKK 15.3 million, compared to DKK 13.8 million last year. Our EBITDA has improved by DKK 4.1 million, resulting in a loss in Q1 2024 at -69.2 million DKK. Our investments are half of what was realized in 2023, resulting in total investments, both in tangible and intangible fixed assets of 30.7 million DKK. Based upon the fact that our business performs financially in line with our expectations, and the fact that our guidance revenue is based upon realizing our backlog, we maintain our guidance for full year as communicated at the 8th of February 2024, resulting in a revenue between DKK 125 million to DKK 165 million, EBITDA at DKK -260 million to DKK -220 million, as well as CapEx total investments between DKK 160 million and DKK 200 million. I'll hand over to Peter for closing remarks. Thank you, Ole. I will sum up the headlines for the conclusion before entering the Q&A. We have continued the momentum in product deliveries, and we follow our plan for 2024. We have new orders, as communicated in February, for the A-Series, filling up the 2024 backlog. We have obtained technical proof of concepts for our X-Series, and while preparing for the first orders, we perform reliability testing. I will hand over to the operator for Q&A. Thank you. We will now start today's Q&A session. To register a question, please press Star followed by One on your telephone keypad. To withdraw your question, please press Star followed by Two. Our first question today comes from Casper Blom, from Danske Bank. Your line is now open. Please go ahead. Thank you very much. Yeah, Kasper from, Danske Bank here. I have a couple of questions, and I will take them one by one, so you don't have to write anything down. First of all, if we could, talk a little bit about the A- Series. I think over the last couple of years, you've had challenges getting the right components, for the A- Series, especially after the design was changed. Are you now at a point where your supply chain can deliver the things you need for the A- Series on a sort of more constant basis and without having to be monitored all the time? Thank you for your question. As we have said earlier, we have been solving quality issues in our supply chain last year. We will never come to a point where we will stop monitoring quality in our supply chain. Right now, we are having the progress we have planned for in deliveries that we need. Okay. And the quality that you are getting from your subs of suppliers, is that living up to your benchmark or expectations? It is, as in any other business, we are following daily very close our suppliers, and we are making sure that deliveries that we are getting are living up to our expectations. But sometimes we, of course, also have to solve issues with our suppliers, but we do that before deliveries. Okay. And if we then sort of take a little bit the same question for the X- Series, what have you done to sort of make sure that when you start up serial production of the X- Series, that you will get the components as planned and in a good enough quality? We learn from the A-Series and the suppliers that we are using for X-Series, we have made an assessment in making sure that we are having the right suppliers who have the capabilities to deliver what we need. Therefore, we are feeling confident that we're having a good basis for having good deliveries for X-Series. Okay. And when you talk about starting up production of X-Series this summer, is that sort of the, you know, line production modular approach, where you sort of really start producing them one at a time? Or is it still sort of, you know, on a more one project at a time basis? We have developed our setup for how we are, we are ramping up, the X-Series production, and, and that is what we are starting. So it, it's actually a, a start of a continuous X-Series production, but of course, in a, in a slower pace at the beginning, and then it will be later on. Okay. Fair enough. That's, that's good. Then my final question goes to the comment that you also gave, and is also in the trading update from today that you are starting a risk-sharing model, and you write to mitigate risk for potential buyers and Green Hydrogen Systems. Could you talk a little bit more in depth as to what kind of risks it is that you are taking upon yourself? Maybe if you could give sort of a worst case scenario, you know, how much liability would you have if things go wrong? The risks that we are talking about are, of course, technical risks, but it's also a risk that we mitigate through our test program because we want to make sure that we are, that we can deliver the performance that we promise our customers. The first step in that is actually the performance that we have tested and verified, also documented through our third party, in our prototype in Skive. That's the first step, that we need to be able to do that. Then there is reliability and uptime, and that is the phase that we are testing right now during we are preparing for order intake on the X-Series. Let's say... Sorry. This is the risks that we are trying to mitigate. Okay. But let's say that you deliver a product and, of course, in the expectation that everything works, and then problems occur after some time, and the machine is not producing the hydrogen as expected or maybe not in the magnitude expected. Would you then sort of also take part of the commercial risk from the customer, i.e., assuming that that customer had already made agreements to sell the hydrogen? Would that be something where you would be, yeah, having to take that risk also, or is that not in the scope? We are not taking the risk for a customer's obligations to... We do not do that. Okay, that is comforting. All right. Thanks a lot, guys. That was it from me. Our next question comes from Dan Togo from Carnegie. Your line is now open. Please proceed. Yes, good morning, Dan Togo, Carnegie here. Just on the X-series, a bit curious about how much is actually baked into your guidance in terms of delivery from the X-series. Is it a complete unit you expect to be delivered in Q4, or is it part of it? Just to have an understanding of the impacts from the X-series. That's the first question. Yes. Thank you, Dan. We have decided, and we haven't expected any revenue as well as any deliveries going into our guidance for 2024. So of course, cost in regards to developing and building are reflected in our CapEx as well as our EBITDA, but we have not incorporated any revenue recognition from the X-Series. Okay. Understood. Can you just remind me also, how is the Skive project impacting your revenue and P&L these days? Yeah. The Skive project, which is a part of the GreenLab Skive setup and project, is fully capitalized or expensed, depending upon which costs are realized. So it's fully in our books and reflected in our guidance. Okay. Super. And then a question on the cost side, because you speak about these retrofits and adjustments on the A-series, which clearly was needed, and of course, this impacts how you approach the X-series as well. How has this inflated or impacted the costs? If you can elaborate a bit on that, on the X-series. Has it become, you know, 5, 10, 20% more expensive to produce due to this, or is it compensated in more output, so to say, so the price per megawatt per volume of hydrogen is more or less unchanged for the client? How is the dynamics here? Just to have an understanding. Thanks. Yes. Thank you, Dan, for the question. Our X-Series is designed and built in a different way and based upon all of the learnings from the A-Series. So in regards to cost prices, it can't be compared with the challenges we have previously experienced in our A-Series testing. So, cost-wise, it's not possible to estimate our current retrofit program of the A-Series are gonna impact the X-Series cost. Okay. So X-Series is unaffected by the problem, so to say, in the A-Series, is that how to understand? We have used all of the learnings when we have designed, and we are building the X-Series, but it's not impacted by the current retrofit program. Okay. Super. Thanks. As a reminder, if you would like to ask a question, please press star followed by one on your telephone keypad. To withdraw your question, please press star followed by two. We have no further questions in the queue at this time. I'll now hand back over to Peter Friis for any closing remarks. Thank you. Thank you, and thank you for joining our webcast today. Have a great day, and goodbye. That concludes today's call. You may now disconnect your line.