Hello everyone, and welcome to the Green Hydrogen Systems Q3 2024 interim report. My name is Nadia, and I'll be coordinating the call today. If you would like to ask a question, please press star followed by one on your telephone keypad. I will now hand over to your host, Thomas Broe-Andersen, Chairman of the Board of Directors, to begin. Thomas, please go ahead. Thank you. Hello everyone, it's Thomas Broe-Andersen, Chairman of GHS. I'm here together with Tom Larsen, sorry, the Head of Production and R&D in GHS as well. Let's start with the presentation. There we go. Earlier today, we sent out a statement where the Board of Directors of GHS appoints René Umlauft as a new CEO of Green Hydrogen Systems. He will replace Peter Friis, who will step down after a year in the position. We would like to thank Peter for his work in the last 12 months. René Umlauft will take over as CEO from the 1st of November. He will start Friday morning. He is a PhD in engineering and has previously been a Managing Director in Rittal, CEO of MAN Diesel and Turbo and Siemens Renewable Energy, and brings significant business transformation and restructuring experience to Green Hydrogen Systems. Let's go into the business highlights. As stated in our when we sent out the message of the 9th of October, we are going ahead with the implementation of our cost-out and restructuring program in GHS, and we also have started the search for more capital. The revenue for the Q3 was DKK 33.7 million. We are working on the restructuring program, aiming at reducing the cost base by 40%-50%, as well as embarking on a cost-out project where we want to reduce the cost base over the next years of 40%-50% as well. We are seeking up to DKK 300 million in the capital increase. We do have ongoing constructive dialogues with the major shareholders and lenders, and we'll come back to the investors at a later point with regards to the fundraise. We do have an extraordinary general meeting set up for November 14th, where we are seeking to get a broad authorization to succeed in the fundraise. We are currently breaching the lender covenants, and we will deplete our capital reserves by early 2025 without additional funding. Going into the products, the X-Series is reaching full operational readiness. We have some very good test results from our test site in Skive. The average availability is from the 85%-95% level, measured over three weeks in full-day operations. We have now been running for more than 1,500 hours. The test results are verified by a third-party Kiwa, and we do now see that we can come out with a competitive outdoor version ready for sales in Q1 2025. The production facility in Kolding is preparing to start production of the first X-Series in Q4 2024. When it comes to the A-Series, we continue to do the fleet optimization through a retrofit program that is running as we speak and will also be running throughout 2025. When it comes to the pipeline, we have decided to discontinue the new sales of the A-Series. We are working now to finish all the A-Series in the product pipeline, and we expect that the final delivery will be in Q1 2025. Moving on to the commercial side, as stated, we will exclusively focus on the X-Series going forward. We have a third-party validation by Kiwa, who led to the commercial sales release in September this year. We do believe that the X-Series is very competitive and compatible with market requirements for small and mid-sized projects from five to 100 megawatts. We are in positive customer dialogues, and they're progressing well with regard to the sale of the X-Series product. We are also working on a 100-megawatt modular electrolyzer footprint together with our EPC partners. And we have also made a third-party benchmark that clearly indicates that the X-Series is a best-in-class product. The A-Series delivery is on track. We delivered four units totaling 2.7 megawatts to customers during Q3 to customers in the U.K., Spain, and Portugal. We now have the A-Series electrolyzers in nine countries with 22 units installed and 12 more on the way. And of course, GHS will continue to service the A-Series units with on-site maintenance, spare parts, and data analytics and technical support from a remote operations center that we have. Moving into the financial section, revenue year-to-date for Q3 2024 is DKK 66 million compared to DKK 16 million last year. EBITDA is minus DKK 191 million compared to DKK 205 million last year. And CapEx is at just below DKK 100 million compared to just below DKK 200 million last year. Yes. Exactly. Let's move on. Good. When it comes to the guidance, we communicated and changed and revised our guidance the 9th of October. We expect the revenue to be between DKK 105-145 million. EBITDA, excluding restructuring cost, will be between minus DKK 260-220 million. EBITDA, including restructuring cost, will be between minus DKK 400-300 million, and CapEx will be between DKK 130-160 million. We have suspended our mid and long-term targets, and we will come back to the market at the earliest in connection with the announcements of the 2024 annual report in March 2025. To sum it up, we have seen some significant challenges in GHS over the last month, and that has led to that we have initiated a significant restructuring and cost-out program targeting 40%-50% cost reduction. We have released our X-Series for sale after a third-party validation and high performance. We have a positive momentum in delivering our A-Series that are in our pipeline, and we will complete the pipeline in Q1 2025. We are seeking to raise up to DKK 300 million by the end of 2024. We have a general meeting on November 14th. We have no changes to the guidance that we adjusted on October 9th on CapEx and EBITDA, and we are currently breaching our covenants and will deplete our capital reserves by early 2025 without additional funding. So, I think this was what I was planning to go through for today, and then we're opening up for questions. Thank you. If you would like to ask a question, please press star followed by one on your telephone keypad. If you would like to remove your question, please press star followed by two. When preparing to ask your question, please ensure your phone is unmuted locally. We'll pause for just a moment. That's star followed by one on your telephone keypad if you wish to ask a question. Thank you. It appears we have no questions. I'll hand back to Thomas for any closing comments. Okay. I think that was it. That was the Q3 result that we presented today, and thank you for listening in. And then I think that's it for today. Thank you very much. Thank you. This now concludes today's call. Thank you all for joining. You may now disconnect your lines.
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