Good morning, and welcome to the Canatu Capital Markets Day 2024, both here at the Canatu factory in Vantaa and online. My name is Mari Makkonen, and I'm the Vice President of Marketing and Communications at Canatu. This is the first Capital Market Day for Canatu, and we are very excited to be here today to talk about the transaction, our company, technology, and business, which will be the main themes for today. But before we move on with the presentations, I would like to highlight the nearest emergency exit on your right, restrooms behind the cloakr oom, and a disclaimer regarding forward-looking statements. We have a strong lineup of speakers for today's event sharing the Canatu story. From Lifeline SPAC I, we are glad to welcome Tuomo Vähäpassi and Mikko Vesterinen, and from Canatu, we have Juha Kokkonen, Timo Suominen, Ilkka Varjos, Heikki Heinaro, and Jussi Rahomäki. This is the agenda for today. After this brief introduction, Tuomo Vähäpassi and Mikko Vesterinen will present the investment criteria and transaction details. Juha Kokkonen will cover the company itself, after which Ilkka Varjos will present the exceptional CNT technology. We have three business unit presentations by Heikki Heinaro on semiconductor, Jussi Rahomäki on automotive, and Ilkka Varjos on medical diagnostics. Timo Suominen will present financials, and Juha Kokkonen will summarize key strengths of Canatu as an investment. After the presentations, we'll have a joint Q&A session. We welcome questions both from the audience here at the factory as well as online. You can type in your questions in the chat already during the presentations. The webcast will end approximately by 11:30 A.M., after which we invite those who are here in Vantaa to stay for the factory tour and light lunch with the Canatu and Lifeline SPAC I teams. But without further ado, please welcome Tuomo Vähäpassi and Mikko Vesterinen. Thank you, Mari, and also good morning on our behalf. We are the Lifeline SPAC I team. I'm Tuomo Vähäpassi, the CEO. I'm here with my great CFO, Mikko Vesterinen. What we are going to cover is first of all, why Canatu? Why, after all of our, the companies that we looked at- Okay. Why of all the companies that we looked at, why we chose to combine with Canatu. Then, we're also going to talk about what our role is, the role of the SPAC team, that is, in going forward in supporting Canatu. And then Mikko is going to go into transaction details and some few, I would say, key dates that are still left. So why Canatu? We took a first look at Canatu already at 2021, when we started this journey. And because we sort of knew that the technology is regarded as very good. And we saw a company that was fairly small, you know, from our perspective, and also it seemed that it was directed in the automotive segment. So we thought that, okay, carbon nanotubes are great invention, but the applications are still not there in the sense that we would be that interested. We about a year ago, or a bit more than a year ago, we took a new, let's say, look at some of the deep technology companies in the Nordics. And at that time, many people told us that, "Okay, take a yet again, a look at Canatu, because that's a great company." And indeed, it has been able to penetrate into EUV technology as a technology provider for that process, which obviously we knew it's one of the most important technologies in the world. We started the discussions somewhere last October or so, and we have met with the Canatu people mainly Juha and Timo, but also others, I think, quite many times since then. What we actually found in Canatu, here are our investment criteria that we have set out in the prospectus, obviously quite general, as you can see. Indeed, Canatu conformed to our criteria in all material respects. What was actually the things that we were so thrilled about? The things were. were. We saw that the company has certain inherent assets that we looked at every company. First of all, the Canatu's first asset was technology. So some 20 years of research, some EUR 80 million of financing, had created a company which is a deep global vertical. The particular company type that we like, that you do something, that you do it in a way that you really can be a remarkable company in a global level. That had created a high barrier of entry for Canatu in this business. Making advanced carbon nanotubes, it's not. That's not easy stuff, you know. The second asset we found was that the Canatu has high value add for its clients, which we think is of utter importance. Because Canatu has clients that, well, cannot be named, obviously, but those are clients with who, on their own fields, are globally the most demanding clients. When you can kind of add value to these clients, you know that, okay, there's something sustainable that these guys have found in their products. The third one, which is particularly exceptional when it comes to deep technology companies, was a tested mass production ability. If you can call mass production company that produces less than half a kilo of products per year. But some of you that will have the opportunity to visit the factory can also see sophisticated machinery that has produced over one million products since 2015, which is a asset in deep technology companies, a rare delight. As you know, in many of these companies, the step from the laboratory to actual mass production is many times costly and also something that you cannot, you know, mitigate the risk. The fourth asset that we found was obviously the team. Brilliant, multinational team led by Juha, experienced people in all key positions. And perhaps most of all, the atmosphere and DNA and ambition to actually be globally number one. That is something that we seeked after in every company that we looked at, and not every company had that sort of belief and DNA that we think is really, really important. So how did this translate to the business, then, these assets? Obviously, these assets are not that relevant if it doesn't kind of translate into meaningful business. We found a company which has great growth, solid historical growth, and then growth potential in all of these three business segments. Secondly, profitability. Basic key issues in good companies, + 70% gross margin in 2023, told us, okay, the value add for these clients is really there. And thirdly, EBITDA or cash flow position for the company. As you know, in deep tech, and we certainly do, you many times have to put about EUR 10 million-EUR 15 million per year in order to support the actual operations such that the negative cash flow gets covered. But in Canatu, that was different thing. As you can see, in 2023, the cash flow was already there. This means that for our shareholders, the 100 million that were trusted to us from our shareholders, can be put into work in a different manner, i.e., looking for the future, not just covering the paychecks. Based on these issues, we chose Canatu, and we are very, very, very glad that Canatu also chose us, because it's obviously a two-way street. How then we will kind of carry on from our part? Juha and his team will soon tell you how they will carry on, and we will carry on together. If you look at our structure in Lifeline SPAC structure, so we have completed the search phase. It took perhaps a bit more than we thought that it would take, but we are very glad about the actual choice. The second phase, which we call IPO assistance phase, is now going on from. Actually, has been going on for quite a while, but will be going on from the closing in Q3 to somewhere Q1, Q2 next year. That means that in particular, that me and Mikko, so we will use our investment banking and other experience to make Canatu's IPO, sort of the introduction to the market, as smooth as possible. We think it's actually quite valuable thing, because, oh, I don't know any company that gets that kind of assistance in its IPO. Then the, perhaps the most important of these is the continued value creation phase. So our team will not vanish... we will carry on. We will carry on supporting Canatu in the means and the experience and ways that we can and that will be agreed. One thing of this is obviously Board of Directors, in which Timo Ahopelto will be the chair. I will be joining from outside. And then it's obviously a combination. There'll be four people from sort of a Canatu side, if you can call it that. Ari Ahola, the first investor in Canatu, surely knows what he's doing. Tomas Lantz, ex-Arm director, brings quite a bit into the semiconductor space. Anthony Canestra from Denso, obviously knows his way around automotive. Scott Sears, who looks particularly into the medical diagnostics, and Kai Seikku, which obviously brings quite a bit of experience to semiconductor, is also acting CEO in his own company. And then there's something which is called segment-based support, so our whole team is available for Canatu's team in themes that we actually agreed and talked about already. But that's how we are going to do it, and now turn to Mikko to go through the transaction details and the few key dates that's still left. Good. Thank you, Tuomo. So, let's briefly recap the transaction key parameters. As you probably know, this is a full share deal. So, that in essence means that then the SPAC capital will remain for Canatu to support and finance its future growth. And, in gross terms, that might be up to EUR 105 million or even above, because we earned some interest income during our search phase for this SPAC capital. The consideration is twofold. There's a fixed part and earn-out part. Fixed part is based on a cash and debt-free valuation of EUR 230 million for Canatu, and earnout has three parts based on the combined company's share price development. So, if the share price increases to EUR 14, EUR 18, and EUR 22, there will be additional shares and options paid to the sellers, but no more than EUR 7 million altogether. We actually think that, well, first of all, we consider the valuation to be fair. That's clear, and we do think that this structure with earnout and fixed consideration balances the upsides and risks in a very good way for all parties. The one thing which was also here we think is a very good is that we were able to conclude or agree on a quite sizable secondary transaction almost EUR 50 million, in which, like, there will be new investors, Finnish institutions, and technology investors who will buy shares from Canatu current shareholders and management and key employees in connection with this transaction. We think this is good in many ways. It provides some liquidity to the current owners. It preserves our SPAC capital for to finance the future growth, and at the same time, it also actually like highlighted quite strong interest in Canatu and also further strengthened the investor base. So we think that Canatu will have a very good investor base as a starting point. Then there will be lock-ups, as customary in pretty much all deals. Canatu management and key employees can sell up to 30% of their current holdings in the secondary transaction, but then there will be a 30-month lock-up for them, for the shares and options they continue to hold. For other Canatu shareholders, there will be a customary 6-month lock-up, and for our SPAC team, there will be a 2-year lock-up, which has been part of our structure from the very beginning. It's also to highlight our commitment in this company. In this con... In the connection with this transaction, we will transfer listing to First North Helsinki, which we think best suits Canatu's needs at this point of the development phase. And then obviously, when the time is right, we will aim to re-list to the main list. But when that will happen, time will then tell. On the right-hand side, you will see illustrative ownership structure immediately post-transaction. So Canatu's current shareholders and secondary buyers will hold approximately a bit more than two-thirds of the company A shares, and our current A shareholders will then hold, presuming there will be no redemptions by them, would hold, like, a bit less than one-third. I think these are the key points we wanted to recap here. And then, just very briefly, the key dates. So, today we are here having the capital markets day. Later this week, on Friday, we will have a EGM, which will then, from our side, officially decide and approve the transaction. And then from there, thereon, the timeline goes so that, on 17th of September, which I think is Tuesday, the combined company will then start to trade in First North Helsinki. All right. That's for our part, and now we welcome the actual stars of today, Juha and the team. Please, Juha. Welcome, everyone, also on my behalf here at Canatu as well as online. Actually, it has been a very great journey with Tuomo and Mikko, and we had a very tough, fair, and reasonable negotiations. Maybe at certain point in time, I told Tuomo that I'm speaking with you more than with my wife, so it was a kind of a very exciting time. We announced the deal kind of the beginning of July, and now I'm kind of really happy to see your support for helping Canatu for IPO readiness working together here. Thank you for all your support here. So Canatu, we are deep technology platform for advanced carbon nanotubes. Here is three messages. First of all, we are deep tech nanotechnology company. Secondly, we are making advanced carbon nanotubes. There, there's a distinction between companies who are making, like, thousands of kilograms, like tons of CNT. They are companies like LG, LG Chem, Cnano from China, OCSiAl, and so on. They are making huge amount of this material, and we are calling, like, a conventional material or raw material what they are doing. Those are mostly used for automotive industry, for automotive batteries, being the part of the anode there, and for the ESD shielding. You don't need to have a great optical properties, you need to have more like a raw material there. So that's a kind of the one set of the company. Then what we do, we do and we claim the most advanced carbon nanotubes, where we are kind of the... In our very unique way, we manufacture this one, patented way. We are actually defining how many walls do you have, how long those are, how much they are bundled, and all of that kind of element, making very, very sophisticated carbon nanotubes. We are not making tons of that one. We are not making tens of kilos, not even kilos. We are making tens of grams or hundreds of grams of that material. That gives you the kind of the perspective, how advanced, how sophisticated is this material, what we are doing, and of course, therefore, we are looking to have very high gross-margin elements there. These are... When we are having these applications, compared to weight of this one, you have various types of carbon-based materials, like diamonds are carbon-based materials. So this material what we are selling currently and manufacturing here for our customers, compared to weight, this is the most expensive material, even more expensive than the kind of most expensive diamond in this world. So that gives you the perspective what we do here. Then there's a platform element. So based on the platform what we have developed here for these applications, where you need to have highly sophisticated CNTs, we have a platform that you can easily transform this platform for the various purposes, and our CTO, Ilkka Varjos, is going to tell more about that one. Then this company has been founded, and the roots are in Aalto University here in Finland. So that's a kind of great starting point for the company. We have been, like Tuomo already mentioned, in mass production for automotive in the industry, actually for touchscreens, since 2015, and we have already manufactured almost one million sensors. So this is not like PowerPoint exercise. This is the real stuff, and those who are here, you will see when we go to kind of our factory. Then what has been extremely important for the company is that as we have made very unique process, we are manufacturing these CNTs very unique manner, and we don't know anyone else who are doing it similar way as we do. We have, of course, put a lot of effort to make patents here, so. And you can see how many we have there currently, and not only patents, but also trade secrets. Like, you know, for example, Coca-Cola, they have not published their recipe. It's a trade secret. Same thing for us, that for the most valuable technical assets what we do have, they are still trade secrets, so that we can keep them, because I don't believe that I'm going to win the patent war in Beijing. Then we have a great number of the employees. I'm getting back to that later. But then what Tuomo has started to talk about, so when they looked at the company in 2020, 2021, and we were 2020, like EUR 1.5 million revenue. And since that one, from last year, when our sales revenue was EUR 13.6 million, so the growth has been over 100% annually. Very importantly, also, if you think about our gross margin in 2021, that was like the 61%, and that has been also growing. Being like the, as our, our business is maturing more, our gross margin has been increasing, being last year, 71%. And many companies like us at this point in time, they are spending, like, 10 million or tens of millions investors' money. We are, we are close to break even from operational perspective. So that's the kind of the elements have been capable of growing fast, having high gross margin, and keeping the profitability on the kind of good level. And therefore, our forecast guidance for this year is for revenue between EUR 20 million and EUR 25 million. And the key industries, I'm getting back to on the coming slides. For a company like Canatu, the most important asset is actually its employees. It has been kind of the. We have been recruiting, like, we have doubled our number of, kind of, employees within last 18 months, and it has been very important to get highly talented persons. We have managed to kind of get it from Finland, but also a lot of people from abroad, and managing to attract them. So we have, like, 30 different nationalities, getting the kind of the experts from the various domains. 20% of our employees are kind of holding doctorates or are actually doctoral candidates here. So having the kind of the very engineering-led company. However, we have a manufacturing, the most of our employees are engineers. For our businesses, we have 3 different business domains. The biggest one is semiconductor domain. From our last year's revenue perspective, that was 80%. And we are operating there in a domain of EUV. It's coming from the words extreme ultraviolet, where do you make the most advanced chips, like seven, five, three, two nanometer chips? And those are used, like, for NVIDIA artificial intelligence chips. They are used for the latest Apple smartphones, smart devices, or Intel Ultra kind of the processors there. So when you make the kind of most advanced chips, you need to have this technology, and we are making products for that market. So that's kind of the biggest part of our business currently. The second is the automotive domain, where we started with touch domain, but currently our main products there are related to the assisted driving heater elements. And you know, again, the ADAS is something that's happening, the transition in the automotive industry for the EV cars as well as for this assisted driving. So everything what we have really chosen from the business perspective is something where certain transition or disruption or and inflection points are happening. And then the medical diagnostic, our. From the revenue perspective, that is kind of still small, or was small last year. We are very much in the development phase. We have been developing that over a long time. And there, again, we have chosen the domain, like point-of-care diagnostic, so that you will get results more or almost instantaneously. You don't need to wait that whose lab is doing those results in hours or days, but you will get the results immediately. And that is enabled by super sensitive sensors what we are developing, and Ilkka Varjos is going to tell more about that one. We have two type of products. We are making products for semiconductor industry as well as for automotive industry. We are manufacturing them here and together with our subcontractors there. So that's kind of one, making the products. So there are gonna be, like, sensors like this one or pellicles like this one, what Heikki is going to tell further. And then the other business model, what we do have, is that we are actually also selling our reactors. These reactors are manufacturing elements. How do we manufacture the CNT? These are designed by us. These are manufactured based on our guidance and then the materials and so on. These are fully owned IPR from Canatu perspective. For certain customers, for certain reasons, we are then selling those reactors. Let's get to kind of understand their business models based on this one. I think this is kind of important to understand. Let's take first the semiconductor industry. We are selling our CNT products for semiconductor industries. They are like inspection membranes, which are capturing tiny, tiny, tiny particles... and the same things for the CNT membranes to make pellicles. Manufacturing products here, and that's kind of one element. Of course, from the business model perspective, we will get money for selling those things. Like I said, these are highly, highly valued compared to weight, more expensive than diamonds. Then the other business model, what we do have on semiconductor side is that when we do have their big leading customers, and they wanted to actually manufacture those things as a part of their manufacturing process themselves. Not that those are manufactured here, sent to Asia, and then manufactured there, but as a kind of integral part of the manufacturing process inside their factories. So then we decided to have another business model, where we actually do sell for those customers our reactors. We are calling them S100, the semi-reactors. So we are selling those reactors, of course, getting high price for those reactors. But on top of that one, what we thought that it will be very important to have there also recurring element. And we have two important recurring elements there. One is that, is the royalty payment. So, when those membranes are manufactured, we want to kind of collect their royalties for each kind of the membrane manufactured. And secondly, as these reactors and them to work, it requires certain key ingredients. So there are three key ingredients them to work and to manufacture these membranes, that are highly, of course, protected as well. So we are selling those ingredients to our customers with very high margin there, so that our customers can actually manufacture these pellicles. So there are elements regarding kind of the recurring elements regarding consumables as well as royalty element. And that's kind of the important element, especially when there will be more and more of these reactors on the market. Then, on the automotive side, we are selling currently products, so that they are like touch sensors or getting to the LiDAR and camera sensors. So making products by ourselves. However, we do see here also in the future, especially when we go to kind of the bigger products, that actually what might be better business model is that we are similarly like on the semiconductor side, we will sell reactors and again collect those recurring elements. This is not the business today, but this might be the business in the future. And on the medical diagnostic side, where we are not yet in mass production business, hopefully starting next year, but there the business model is that we will manufacture these test strips by ourselves. That's kind of the two different business models what we are operating. Then I will shortly cover this semiconductor, automotive, and medical diagnostic business. We started this semiconductor business in 2017. Imec, that is like the VTT of semiconductor domain, or like Fraunhofer of semiconductor domain. They contacted us and said that, "Hey, actually, the current material, what is there, like the composite material, will have in the future major challenges to last in the kind of environments what you will have." And they have been studying that the CNT would be the best choice of, for that one. We started to think about together with our CTO, Ilkka Varjos: "Hey, what is this EUV, and, what is this business? Oh, wait. Yeah, this is the kind of something that you are supposed to make the most advanced chips. Maybe this is something interesting. This might be a great business there." We started this collaboration with Imec, and that was very much like the technology collaboration. They made a lot of publications. We got known well by the industry by that time. Then, like three to four years ago, we start then working with three different industrial parties that to kind of make the real product, to commercialize this and industrialize this one. Right now, we are in the situation that we have been kind of manufacturing these CNT membranes since 2021 for one of the major mask inspection kind of company. We are delivering this year two reactors for two major semiconductor companies as well, so making the kind of really major deals there. This is not like the end of this one. There's a lot of opportunities in the future. Firstly, it goes to kind of optical filters, in addition to kind of these debris filters, taking off these kind of small particles, capturing small particles. Then eventually, it can go to kind of resistive memories and later to even the transistors, because time of silicon will run out in next decade, and the CNT is considered one potential option for this one. There's a long-term journey for the CNT material to be in the kind of the material of choice for the whole semicon industry. What is the business opportunity here? We do see there are three, four key elements going on. So demand of these high-end chips are growing. You know what is going on with NVIDIA, cloud computing, and so on. So that's kind of one element. That's growing significantly there. Then as that is growing, those equipments that are needed to manufacture those are growing, so therefore, our business model, our addressable business market will increase significantly. Secondly, there are elements that what are important is that as market is growing, the kind of the amount of those equipments that needs our technologies are growing. And then in addition to that one, we have even benefits that even with the conventional technologies, they will get benefit of using us, however they are using some other technology today. And then there are new application domains to go. So therefore, there's a significant growth opportunities for company, so that the addressable market in 2027 is between, let's say, EUR 300 million-EUR 1 billion, and in 2030, like between EUR 1 billion and EUR 2 billion. Then from the automotive side, again, the starting point for company. When I joined the company, touch screens were the key thing. So we were supposed to be the capacitive touch company. We look at that one and look at the market there, and suddenly we noticed that, okay, as you know, touch screens have been there for a very long time, and margins of those one are reasonably more small. So yes, we have some customers there, we have been manufacturing those one, but when we found out the kind of the new industries where you'd really had a paradigm shift happening, like the EUV technology, ADAS technology, or point-of-care technology, we actually deprioritized these touch screens. Current focus areas are there to make these ADAS sensors, so in front of the LiDAR sensors and camera sensors, having the heater so that this assisted driving and finally autonomous driving are working in any weather. And here are again, great future potentials. One of my favorite things is like the solar cells. We have a collaboration with companies in Japan that we can develop the kind of the solar cells that have significantly higher energy capturing capability compared to current silicon-based. And if that can be done, this can be a huge thing for the whole world. It is supposed to start with the cars, so that on the roof of the car, you have these solar cells, and you're gonna capture energy for your battery there. And here, again, from the market perspective, two major trends: this assisted driving, autonomous driving together with EV cars, and the market opportunities again here are so heading towards 2030, getting like to EUR 800 million. Jussi will cover this more. From the medical diagnostics side, again, great opportunities there. We have more sensitive sensors than anyone else can have, and you can get results instantaneously. These are the two key drivers for this market, so that you can capture, for example, lung cancer in very, very early stages, and curing these patients with less money than you do if you capture that one at the later stage. Our benefits are here, like the sensitivity, high sensitivity. We have the versatility to detect any analyte there, and having the big mass production capability. Again, from the sizing, market sizing perspective, when we are talking about this market, the market opportunity is between EUR 400 million and EUR 1 billion. So in all of these three domains, very sizable market opportunities. What we are telling about our target for 2027, so starting now this year between EUR 20 million and EUR 25 million revenue, and our target for 2027 is over EUR 100 million revenue, and having high profitability there, so the EBIT profitability being +30%. But I think that what we are now getting, so getting new assets, I think there's an opportunity to kind of accelerate that growth. They are major. So when we started to think about what we shall do as a Canatu, we just, "Hey, we need to have now way more assets to accelerate the growth." There are a lot of opportunities when it comes to semiconductor domain. Those should be addressed now soon. Similarly, there are a lot of great potentials when it comes to automotive domain, as well as, as there are a lot of wide variety of the opportunities when it comes to this medical diagnostics side, so that how can we address sizable element of that, that market opportunity? So therefore, these assets, kind of especially the financial assets, what we are getting through this de-SPACing here, are important. But we want to kind of continue with the same criteria as what we have always done here at Canatu. So most importantly, there has been customer backing. When we develop this semiconductor domain, we always have done that with the lead customers. Same thing with automotive. We developed these ADAS heaters together with Denso, who has been one of our shareholders as well. And with medical diagnostic, the industry contacted us that, "Hey, your material is, again, great for this one." So this kind of customer backing has been very important part of that, our elements. We want to have limited technology risk, so that we are not taking too huge risks there, and look in the areas where there's very high profitability, there is a very high return for investments getting back to us. So that's the kind of key criteria what we are having, and of course, with the new board of the Canatu, with the new sponsors, with the kind of new advice what we do get, we are going to make the decisions most likely starting next year, and if not, still in this year, that where, what are those domains. And every of them will be very carefully evaluated. But we do see opportunities to kind of accelerate our growth getting forward. So that concludes my part, and I would like to hand over to Ilkka to talk about this amazing technology and what are the benefits of those. Thank you, Juha. So next, I'm going to give you an introduction to carbon nanotubes and Canatu's core technology. So, carbon nanotubes, A carbon nanotube is this fantastic molecule. It possesses these extraordinary properties to the extent that somebody could say that they are the perfect building block for the technology of the future. To list out some of these properties, carbon nanotube is 25 x stronger than steel, but yet half as dense as aluminum. It has outstanding optical properties, having extremely low reflections and non-existent haze, and they are color neutral. They have superior electrical and thermal properties, having 1,000 x better electrical conductivity than copper, and conducting heat 2 x better than diamond, and being thermally stable up to 1,500 degrees Celsius. In addition to these properties, which is not the full disclosure, they can be tuned, or their properties can be tuned to various directions. For instance, if you build the carbon nanotube molecule in one way, it becomes electrically conductive, or if you build it in another way, it becomes a semiconductor. So it's an extremely versatile material as a platform. So with these extraordinary properties, you might ask why carbon nanotubes are not used like everywhere, why there are not more applications for carbon nanotubes? And indeed, it's a good question because carbon nanotubes have been known in the academic circles since the 1990s. But one of the reasons is that there has not been a proper industrial process for manufacturing carbon nanotubes and applying them into products. The traditional way of doing that is to synthesize carbon nanotubes, and then in a reactor, and then collect the carbon nanotubes from a reactor into or to kind of generate this kind of a powder. And then, the mission is to, like, disperse this powder into a solution to make, like a ink or coating solution that can be later applied to the surface by industrially standard processes, such as printing and coating. But the problem is in the dispersion, because these carbon nanotubes, they do not want to disperse, they do not want to mix with liquids. And it's like you would take a char from your fireplace and put it on the bucket of water, they will just float. So in order to mix the carbon nanotubes with the liquid, you have to force them to mix. Forcing happens with processes such as ultrasonication. And the ultrasonication then creates defects on the sides of the carbon nanotubes and even chops them into shorter sections, so you break the carbon nanotubes. So then, in order to keep them dispersed, you have to add additives such as surfactants, and in some cases, binders, so you contaminate your carbon nanotubes. And all of these, all of these detrimental processes, they sort of compromise these wonderful properties that I explained in the previous slide. So instead, Canatu eliminates the need for these detrimental wet processing steps, and we have created this process where in a vertical reactor, we grow the carbon nanotubes and then collect the carbon nanotubes onto this sophisticated particle filter. And from this filter, we then dry print the carbon nanotubes onto the final substrate. With this, we can preserve these properties mentioned earlier much better, having then stronger, longer, more pristine and cleaner carbon nanotubes. All of these things then contribute favorably to the end product properties. This is a process that we have, like, heavily safeguarded with patents. We have 130 patents in 38 different families. It's also worth noting that it's not the process that is only in the patent publications or in the laboratory, but we actually have scaled it up successfully to mass production, having had mass production experience since 2015 for the automotive, and since 2021 to the semiconductor industry. So we can consistently produce same kind of material, like, every day out, 365 days per year, which is obviously important in these demanding industry sectors. In addition, we have generated the know-how and IP base to tune the material. As mentioned earlier, carbon nanotubes are extremely versatile material, can be augmented to have different properties that different applications require. So we can tune the material in a way that if you would, for instance, look at the material we have produced for the automotive industry and semiconductor industry. Let's say you would zoom in with the high-end microscope, you would see that the material looks very different, and it possesses different properties driven by the different requirements of these different industries. So this technology and this IP base and know-how base kind of creates a platform that we can then exploit to various different industries. So we can relatively easily tune the material quite drastically, so that we can change the properties drastically for the different requirements of these different applications. And the applications that we are targeting are applications that are requiring extreme performance from the carbon nanotubes. So there, in those applications, we have a clear edge compared to the competition. And in our core focus currently, we have three different industry sectors: semiconductor industry, automotive industry, and medical diagnostic industry. And the semiconductor industry and automotive industry are the ones that are already in the mass production phase, in the commercial phase. In the semiconductor industry, our product lines are CNT membranes and debris filters. In both of these, the value proposition, the unique value proposition, is high EUV transmittance. In the automotive, we are operating in LiDAR heaters and camera heaters, where the unique selling point is higher optical performance and thermal efficiency or thermal energy efficiency. In the medical diagnostic, that is, still in the development phase, we are focusing on these carbon nanotube-based test strips, and there, the value proposition is higher level of sensitivity, order, sometimes orders of magnitude higher sensitivity than the competition. And within that space, we see a range of different potential applications, which I will touch later on in my presentation today. Then, besides these core focus areas, we see like a long list of potential future applications. In the semiconductor... I mean, here we have listed some of the important ones. In the semiconductor, we see opportunities in optical filters. These optical filters are filters that go into EUV and X-ray kind of instruments, and in that application, the value proposition is high EUV transmittance or X-ray transmittance. But at the same time, we block certain other wavelengths, like UV or IR wavelengths. Again, we do it by tuning our material to have characteristics that can do that. Besides optical filters, and also as mentioned by Juha earlier, we see opportunities in semiconductor industry further down the line, where our material could be used in components of the next generation. Components such as memory devices or MEMS devices, and further down the line, perhaps the holy grail being transistors. The scientific community acknowledges that silicon is running out of its properties when it comes to further miniaturizing transistors to be smaller, as sort of proposed by Moore's Law. The industry is looking for alternatives, and carbon nanotubes, the scientific community acknowledges, is one of the most promising candidates to be the semiconductor material of the future because it has properties that are much better than of silicon as a semiconductor. Canatu sees that as one potential opportunity. In the automotive, we see at least couple of, like, application areas in the future, within heaters, headlight heaters, and then full windshield heaters. In that, high optical performance and energy efficiency is the value proposition. As mentioned by Juha, we also see interesting opportunity in solar cells, where our technology through better optoelectronic performance can potentially provide better energy efficiency for these solar cells. That's the short introduction to carbon nanotubes and our core technology, and next up is Heikki and semiconductors. Thank you, Ilkka. My presentation will be pretty practically focused. I'm going to explain how what our products are and how we are using those products to reach the target that's that has been laid out for 2027, as well as how we intend to capture the tremendous opportunity that the EUV lithography growth creates for us. I will also discuss how we are positioned to the market, who we see as our customers, and who we see as our competition. First, a really banally simplified process picture of semiconductors. It's a hugely complicated process getting from the wafers that go in and to the chips that come out, packaged chips, i.e. processors or memory chips that come out of the pipeline. There are tens or hundreds of different processing steps involved in making the ICs. We are focused in two core ones of these processing steps at the moment. Firstly, the very essential lithography, EUV lithography, step, where the actual process is created. And secondly, the patterned mask, photomask inspection step that is required in order to ensure that the instructions coded in the photomask get transformed properly into the wafer. These are the two key focus steps at the moment. We see big potential in other EUV enabled steps in the lithography process, but there's development of our technology that would need to be done in order to address that in a big way, which we are doing right now. So, Juha explained the overall business models for Canatu. We are applying both the hardware and the membrane consumables models in the semiconductor business. In the EUV pellicle side, our business model is to design and make the semicon reactors for producing this semicon CNT material, selling the customers the consumables that are needed in that process in creating the CNT. And then we also license our technology, i.e. the recipe that is required to apply our dry deposition process and end up with these advanced carbon nanotubes that are needed for the EUV pellicles. We are in this applying this model, we are already doing this commercially, and we will complete our first customer deliveries during still during this year. The second model, inspection membranes that are needed for quality control of the EUV process. In that, we actually make the inspection filters. We make CNT membrane that is attached to a frame making it a filter. These are, and we have been doing this for since 2021 already in mass production. Now, the customers for these, these filters are tool suppliers, inspection tool suppliers, who sell their tools to the semicon manufacturers, who then use these tools to inspect the photomask. And we ship our filters to these tool vendors, who then supply the filters to the semicon manufacturers. So these are consumables, and the demand is driven by the use of those inspection devices and the installed base of those devices that grows with the EU market, EUV market. Okay, so then let's get to that crucially important step of EUV lithography. That is our biggest market opportunity, and where our EUV pellicle is targeted. Now, the pellicle word has been already mentioned several times, so I will explain it, and I'll even show it to you. But first, I'll just put it into context. So obviously, the target of the whole lithography is to get the chip design done by NVIDIA or Apple or whoever the chip designer is, transported onto the wafer, making the processors, and getting that duplicated as many times as there are processors on one wafer slice. In order to do that, you create something that is called the reticle or the photomask, that actually then the chip logic is transported to the photomask, and it entails that information or the instructions on how to expose the wafer so that it becomes the chip that is wanted. So, what happens is that this all happens in the ASML scanner. ASML is the only manufacturer that is able to make the EUV scanner machines, that's the size of a two-deck bus and costs anything between EUR 200 million-EUR 300 million. So you can imagine that there's a whole lot more than in this picture, but this picture shows the essential function of that lithography. Now, you remember that there is that photomask that holds the instructions for the wafer making. Now, you apply the EUV light, the extreme ultraviolet light. light. You point it at the photomask, and then it gets reflected in EUV lithography on the wafer, and the wafer gets exposed, and the parts that face the EUV light get exposed, and thus kind of digest the coding that was on the photomask. Now, then the photomask is. I said already that it is crucially important, and now what could happen in the process is that there are defects or particles that end up distorting this lithography process. And if the particles that can be in the size of microns or even tens of nanometers, if they end up on the pellicle, on the photomask, that means that the coding gets defected, that is on the photomask. So the processors or the wafer exposure gets faulty. And if the particle is on the pellicle, that means that it not only one processor gets defected, but potentially thousands and millions of processors get defected and wasted. So therefore, you cannot allow particles entering the photomask, and then you need to keep them far away from there. And that's where the EUV pellicle comes into the picture. And I'll show you one, so you get an idea. This is what we do in our R&D. This is what we call EUV membrane. It's a non-coated EUV membrane. It still would have to be coated, which is what our customers do, and fixed with a frame, with a metal frame, before it can be mounted on the ASML scanner device. But there are only these two steps that are required in addition to what's been done here. You'll see almost nothing inside the frame, which is the purpose. The point is that, you know, between this frame, there's a CNT film, 35 nanometers thick, roughly. And if you have hard time thinking of how much thirty-five nanometers is, think about human hair. It's on average about 2000 x thicker than the film I'm holding here in this frame. So I said it's transparent, you didn't see anything. The point is that it's also transparent or very transparent to the EUV light, and that's the key point. So you see that the EUV light in the picture is pointed to the photomask through the EUV pellicle, not just once, but it doesn't have to pass only once, but twice. So in conventional lithography, light is pointed through the photomask, but here it is reflected. So that's why it has to go twice through the pellicle. Now, then what becomes crucial is that the pellicle does not block the EUV light. So the more EUV light can pass through the pellicle, the more efficient the lithographic process is going to be, the faster it's going to be to expose the wafer. So that's the number one crucial thing here. Like I said, the particles are detrimental to the process. They could cause defects. Of course, if there are, this will be detected at some point during the lithography, and then the lithography would have to be stopped, and the contaminations would have to be cleaned. This also is detrimental to the productivity of the lithography process and can be prevented by these pellicles. Okay, so pellicles are nothing new. They were already deployed and used in the conventional optical lithography, even before EUV. But it turns out that EUV is such a special environment, close to as harsh as X-ray, that the conventional pellicles used in the previous generations could not be used for EUV. And it was for a long time the kind of a last missing piece in the EUV lithography, that there wasn't a pellicle that could survive in these conditions. So ASML had to take on the task of creating a pellicle. They created the first generation EUV pellicle that is a made out of a composite material. But then they actually realized that this is not going to be good enough in the long term, and they had to start a development project actually seven to eight years ago. You have discussed this with Imec, and then and to develop a new material that would survive in the EUV conditions and have a better EUV transmittance. So Imec contacted us, Canatu, and another CNT company called Lintec to develop CNT to be the material of choice for EUV. That was seven years ago, and so we have been in since developing this material for seven years, and now we are at the point where I can show this. We are at the kind of edge of deploying CNT pellicles to the industry. And I'm happy to say that we have been able to realize the promise of CNT, so that it has a 7-15 percentage points advantage in terms of the critical EUV light transmittance. It also has CNT also has capabilities or characteristics that are then crucial going forward from this initial deployment, as we will discuss soon. But one particular thing I want to highlight is thermal stability, and you will see now why it is important. So, the deployments of CNT pellicles has started in masses from ASML's current scanner generation that run 500 watts of EUV source power. This is already a pretty harsh environment and induces really high temperatures on the pellicle that it has to withstand. So, this is where we see that the CNT comes into picture and most likely surpasses the composite pellicle. And as ASML develops their new scanner generations, the EUV source power just goes up. So they have a roadmap extending to up to thousand watts of EUV power. And that becomes such an environment where no known material other than carbon can survive. As the CNT pellicle gets pretty much de facto, we hope in the EUV scanners going forward, we see that there's also potential to then deploy CNT pellicles in the previous generations of EUV scanners to further improve the productivity also of the installed base. And that's actually impacting our market size estimations, the extent to which that happens, and also the deployment to memory manufacturing in addition to logic chips. Okay, so I said that the other area that we now focus on is EUV process inspection membranes. There is one shown in the cabin here in Vantaa, so you have a look. I don't have it here. So, the EUV inspection, the photomask or that is used in the lithography phase needs to be inspected before and after the actual exposure process. And for this, there are specific tools in the market, big devices in the... that cost in the order of EUR 100 million, that then use EUV light to scan the photomask and see that there are no defects before it's used, and that there were no defects were introduced during the lithography process. Now, also in this inspection process, EUV transmittance is crucially important, the level of EUV transmittance. And that translates to the precision, so the accuracy of the inspection. So you need to have as high as possible. So that's the reason why we are already in this business. We are deploying our CNT for this purpose, the CNT filters for this purpose, and they work well. Their role is to catch debris, which in this case is actually catching the thin particles that fly around when EUV light is created, but then another function for these inspection filters could be to block unwanted wavelengths of light that could contaminate the inspection machine itself, the mirrors or the other parts of the equipment. This is our core business at the moment in mass production. About this EUV market, this has been discussed, so why is it such a big deal? So, this is the biggest, fastest growing market in semiconductor, and it is driven by the advancements in AI, cloud computing, mobile computing, and personal computing. These are the key segments that are driving, and they are household names as NVIDIA and Apple using EUV chips, as already discussed. Our, the big three semicon manufacturers, Intel, TSMC, and Samsung, they have all announced investments of up to more than three hundred billion in increasing their the capacity. And, much of this capacity investment is going into the EUV technology. They are actually competing of getting the latest how many scanners they can get from ASML. It's, it's almost a race. We estimate that 70%-80% of this investment goes to equipment investments that will be contributing to our market opportunity. Our position in the market is we see that the EUV pellicle could be EUR 2 billion and from EUR 1 billion-EUR 2 billion in 2030, depending on the deployment on the earlier generations of EUV scanners, and the inspection filter market is up to almost EUR 60 million in 2030. The customer base you see here, we cannot name the customers, but the customers are the manufacturers, the semicon manufacturers who want to potentially make the pellicles themselves. And the parties such as Mitsui, Shin-Etsu, and others who may have ambitions to provide the manufacture the EUV pellicles to those fabs or the semicon manufacturers, and CPI, our reactor customers, and then the inspection tool suppliers, such as Lasertec, KLA, Bruker, Zeiss, who are a target for our inspection and other filter products. Our competition, these names have already appeared. Mitsui is a Japanese conglomerate who makes the current generation composite pellicle, and they are trying to get to CNT pellicles as well. Lintec, already you saw the name in... We collaborated secretly via Imec, completed making the first CNT pellicles. They have made announcements to be in the CNT pellicle business as well. We see that our competitive advantages are our sole focus on CNT and particularly our dry deposition process that ends up with a simpler process and more advanced nanotubes than the competition who use this wet chemistry process. So the key highlights already discussed several times, so the market is growing in the next few years, really strongly driven by the high-end chip demand created by AI and mobile computing. The big players are investing heavily now, creating an opportunity for us, and we have a crucial component that can allow those players to use the investments as effectively as possible. We are already in the three years in mass production to major semiconductor companies, and that's a base we can build on. So thank you. With that, I'll hand over to Jussi, who will be discussing our automotive business. Thank you, Heikki. Good morning also from my behalf. I'm also following the Heikki's path on a very practical approach to our automotive business, how to apply the advanced carbon nanotubes in automotive applications. And let's dive straight into the products. We have currently three segments, as already mentioned, so basically the camera heaters, meaning ADAS camera heaters, cameras that are, for example, behind the windshield. We have LiDAR heaters, like as a kind of illustrative example here, CNT film integrated with certain lamination techniques in the plastic. And we have the touch sensors. And touch sensors, as described earlier, so we have been in mass development for quite some time, since 2015, and this has, of course, established kind of our practices and product introduction to the automotive market, so we've got that part working well in the company. And now, since the touch sensors have been out there for quite some time, and the market has become quite heavily competitive, so we have, rather than pushing new application on that area, we are shifting our focus to these heater markets. Heater markets here, they are obviously driven by the advanced driving assistance technologies to get these important sensors working in any better conditions, like camera heaters recording the objects in the car surroundings or LiDAR heaters doing the same with a different technology based on the laser reflections. I'm going to give a bit of insight, the real benefit in the second. But before going there, I'm describing roughly the potential customer base for us in automotive side. Again, we cannot disclose the customer name due to confidentiality, but we do have like a potential customers in three categories. The first category are the OEMs, like BMW, Volvo, Tesla, and others. And the second category are what we call tier ones, those who do the sub-assembly, sub-assemblies for the final cars. So for example, Denso or Hella or Forvia. And the last segment would be those glass manufacturers who provide the windshield, for example, and having our heater integrated in the windshield, for example, the AGC or Saint-Gobain. And here I can illustrate the key benefit of the CNT heaters for both of these camera and LiDAR applications. So basically, until now, the traditional solution has been the wire heater. So basically, on the left-hand side, you can see there is the heat map, where you have hotter and cooler areas to the wires. If you think about these, let's say, level of autonomous functionalities in the car, so basically they are classified from zero to five, zero being just kind of like warnings and five being the full automation. So if you think about going step by step with the higher automation, so we believe that our heater value is increasing at each step. Now this, let's say, viability of the wire heaters is going to end somewhere in level two. And why is that? There are, let's say, practical challenges that are related to the detection accuracy. And of course, if you think about the metal wire, so you are basically blocking some light, or you are diffracting it, and getting some sort of artifacts that are making it very difficult to actually sense what's out there for the car or for the sensor. But also on the same time, when we are applying this nice heat distribution with no, let's say, local hotspot there, we are also consuming less power. And here's a reference of 40% less in certain conditions, which is quite significant when we think about the energy consumption in EV cars, for example. And there is kind of the continuation we are pushing this in this LiDAR and camera heaters at the moment. The competition, there are of course, a number of these, wire heater, competitors at the moment due to kind of, being a, let's say, established technology. But we don't see other than, one, CNT-based competitor at the moment, or we are not aware at least, and this is the, Chasm, shown here. Okay. And then if you think about, or let's say, look into the addressable market on this, automotive segments. So the bottom two categories, the camera heaters and LiDAR heaters, so they are showing, quite significant growth over the, next years, ending up something like EUR 90 million in 2027 and roughly EUR 200 million in 2030. And this is, of course, now set our focus area. This market is mainly driven by these assisted driving requirements. But as shown in the previous slide, also we can input our benefit for energy savings in the EV cars. Then secondly, we wanted to show here the potential market for us, which we are not yet in business, but we are considering the investments on this area. So the windshield heaters, which basically could expand this heating from smaller heaters to the entire windshield. And there we see quite significant future potential in business-wise. And obviously, this is then driven by the electric vehicles and the intention to reduce the energy consumptions, because today, the thermal energy consumption is very significant, especially in the colder climate. increase mileage where to keep the battery size as small as possible. We continue a little bit the same story here, so then of course, how this could happen and what value we are looking in the future is to bring the windshield or let's say any window heating in combination with the modern HVAC system, so that the whole thermal management would be having a benefit of these film heaters. Additional potential future areas, we have headlights, headlight heaters. There, what is happening, so these halogen lamps that are usually used in a car, so they are producing heat instead of like in addition to the light, of course. And those are replaced by LED lights. Again, the power consumption point of view. But those LEDs are not producing light, so in winter condition or in foggy conditions, so you may have a challenge seeing because of this ice, fog, frost. So they need to be heated as efficiently as possible, preferably so. And we think there could be also additional expansion area for us. And finally, solar cells, mentioned a few times. And of course, the key for automotive is to, let's say, extend the range without increasing the battery size. But of course, solar cells are more than for automotive, so in the future, there are other potential solution as, or let's say, application as well outside the automotive. But the key thing here is that now with the optical properties of the CNT and conductive properties of the CNT, we believe that we can enable new type of solar cells, certain integration, so that the solar cell efficiency can be pushed well above the current limitation of the silicon solar cells, which are basically the leading solar cell solution today. And that's what I wanted to tell you today, and I invite Ilkka back for the medical diagnostic. So, next I'm going to discuss medical diagnostics and how Canatu sees that our technology is relevant within that domain. So, Canatu's technology potentially enables totally new kind of point-of-care devices with elevated sensitivity, and there's potentially a very wide range of different applications for this technology with a very lucrative market potential in the future. So I will start by explaining the product architecture that our technology falls into. So when we talk about point-of-care diagnostics, we talk about electrochemical point-of-care diagnostics. And for the general public, these electrochemical devices are probably most well known through these glucose measurement systems that you can buy from the local drugstore, so to measure your blood sugar concentration. So this kind of system consists of a reader, the associated software, and then a sensor strip that goes into the reader. And then this sensor strip takes in a fluid sample, typically like a droplet of blood from your finger prick. And then by the use of this reader, the user gets a quantitative concentration of the substance of interest, meaning that you get an exact value of how much there is this particular substance in the sample. So this is how it differentiates from many other point-of-care devices or systems like lateral flow assays that are well known to the public through pregnancy tests and COVID-19 tests. They only give you a yes or no answer, but this gives an exact concentration, and this gives the result within minutes. Canatu technology within this are those sensor strips that I have in my hand here, and so you can see in the picture on the left. We are not making the whole medical device, but we are making these components, these test strips for these medical devices. Another important takeaway is that this is a platform technology within this medical diagnostic domain. We can tune the material once again to be able to measure DNA mutations, pathogens, hormones, or drug molecules. How is this possible? It is through this proprietary click chemistry that we have developed. The click chemistry is kind of like an anchor that we put on the side of the carbon nanotube, and then onto this anchor, we can then immobilize, so attach the so-called biorecognition element of choice. Say you want to make a sensor for E. Coli, then we take an antibody for E. coli, attach it to this click chemistry, and the role of the antibody is then to selectively bind just with E. coli, so and nothing else, and this way we measure E. coli and nothing else. Or if we would want to make a sensor for cancer, the cancer DNA mutations, then we take a DNA strand and put it on top of this click chemistry, so that the DNA strand is pointing upwards, so that it can capture the DNA mutations. This pointing upwards actually is the very, very difficult part, because DNAs, they naturally want to wrap around the carbon nanotube. But with our proprietary click chemistry, we can make the DNA stand on the carbon nanotube, and thus, being able to capture these cancer mutations and to become then a cancer sensor. That with our technology, potentially you can measure, for instance, lung cancer at stage one or stage two. In addition to that, we can populate a single sensor strip with multiple different sensor regions, each with a different biorecognition element. So we can create this so-called lab-on-a-chip architecture. So then from a single drop of blood, or you can measure a range of different biomarkers, and you can have a panel of test, thus the name, laboratory on a chip. Then to underline the need of point-of-care, the current diagnostic routine is largely based on these laboratory-based devices. If you suspect something is wrong with you, you go to an appointment, you are sampled at the appointment, and then the sample is sent to this laboratory, where it's then measured with these large, expensive laboratory-based tools. And due to the logistics of this, and sometimes to the slowness of these laboratory-based tools, it takes days or sometimes even a week before the result is fed back to the caretaker. And this latency, this time, has an associated cost. It has direct costs because it involves a lot of labor, logistics, and these expensive tools. But it also has indirect costs, because during this time, if, for instance, if it's a spreading disease, the person has already time to spread it in the community. Point-of-care is here to sort of transform or disrupt this conventional diagnostic process. In the point-of-care setting, you go to an appointment, and then you are sampled, and then you are measured with this point-of-care device, and within minutes, the result is achieved. So while you are at the appointment, you're already given the right treatment program. And this not only saves money, but it also can save lives. Let's say in the case that you have acute paracetamol poisoning, then the emergency person needs to know immediately what is going on with you, so that the right treatment can be given and your life could be saved. And Canatu's technology, as mentioned earlier, provides, like, potential for electrochemical sensors, for point-of-care systems with order of magnitude better sensitivity, sometimes orders of magnitude better sensitivity. Sensitivity is an extremely important attribute for a diagnostic device. Some say it's the most important attribute for this kind of a point-of-care device or diagnostic device in general. Because if you have a elevated sensitivity, then you can measure or sense disease, for instance, at the earlier stage, sometimes before its onset. Let's say in the case of cancer, then with our technology, you can potentially measure lung cancer, for instance, at stage one or stage two, where it's very much still curable. Associated costs also are much lower than if you are able to measure it at stage three or four, where the life expectancy is much worse, and then the costs associated as well. In addition, and perhaps even more importantly, this opens up a possibility for these totally new kind of point-of-care measurements and tests that were once restricted to laboratory setting, now suddenly can be brought to the point of need or point of use. And this has extremely big transformative effect within this domain, because suddenly, for instance, in the case of cancer, you can start to screen much larger masses of people for cancer. Let's say, potentially at your annual, like a healthy check, you are checked for cancer from a finger prick sample very easily. And, yeah, that's the huge promise that the technology has. When it comes to this business model and go-to-market, once again, I would like to emphasize that our business model is to make this develop and then mass-produce these CNT test strips, so components for medical diagnostic devices. How we envision that we can get to the market is that we try to attract these major medical device manufacturers to start joint development programs with us. So-called tier ones are these medical device manufacturers. We formalize these joint development programs in which we further develop the technology, develop the product, and verify and validate the product to the market. We are planning to invest in expanding our team so that we can support effectively these development programs. We are also planning to invest in clinical trials so that we verify that our technology's viability towards the market needs. On a historical note, that this is something that we didn't just start yesterday, but rather it was around 2017 that the local university that is studying electrochemical sensors, they were looking for a material with extremely good performance and came across our technology. And this started a sequence of projects that initially were focused on measuring painkillers, namely opioids, but since then we have expanded our technology to be able to measure a wide range of other analytes. Then if you look at the roadmap ahead, and in terms of the go-to-market, I could start from the historical note again, that we actually already have the capacity of producing tens of millions of these biosensors annually, because we can utilize the same manufacturing platform that we have utilized for automotive mass production since almost a decade. So we can leverage that in this domain, and that's a huge asset. The actual go-to-market and commercialization we anticipate to happen in the next couple of years, and the first product we envision to be paracetamol test sensor strips, which itself is not thought to be that massive market, but it's a stepping stone towards the market. Much bigger market we anticipate to be breast cancer testing and lung cancer testing, which we expect to hit the market at the latter part of this decade. As a platform technology, this can be also used for measuring or potentially used for measuring many other cancer types, as well as many other analytes and biomarkers, and in fact, we already have several discussions with several potential customers on these other analytes and other applications, and expect that the first of first ones of those would also hit the market by the end of the decade. When it comes to the addressable market, by 2030, here you can see sort of a twofold analysis on it. On the left side, you see the analysis based on the assumption that we would replace the existing testing cycles. Existing testing cycles largely being based on these laboratory-based methods and devices. Breast cancer, lung cancer, and paracetamol combined, we expect to be around EUR 400 million by 2030. Then, if you consider that this is a point-of-care device, like I said, largely replacing these laboratory-based devices. Point-of-care being much more affordable and available, that could increase the amount of testing substantially, so that, as mentioned earlier, for instance, in the case of cancer, much larger masses could be started to be screened. In that scenario, we anticipate that the market is already more than EUR 1 billion per year. This doesn't count in these potential other applications that I mentioned earlier. They would add favorably to this projection. When it comes to competition, the direct competition we see is extremely limited. It's even more limited if you consider direct competition coming from carbon nanotubes. Perhaps that's not a surprise, considering the complications that are related to and associated with this traditional dispersion-based processing, which then has a detrimental effect for the carbon nanotube properties. More competition we see coming from other emerging materials, other emerging nanomaterials, namely graphene and different form factors of graphene. However, in our benchmarking tests and studies, we have seen a clear advantage in terms of sensitivity compared to this graphene-based competition. Also, it's important to note that by default, these graphene-based technologies and companies still are in the laboratory phase, and they have the burden of trying to scale the manufacturing to industrial scale. It's well known that scaling up this kind of deep tech, this kind of nanotechnology, has associated risks. It takes a lot of money and a lot of time. Whereas in our case, as mentioned earlier, we already have the capacity of producing tens of millions of sensors annually, so that when we have the product developed, verified, and validated to the market, there are no hiccups. We see no hiccups in terms of starting to produce the number of sensors that the market needs. So that's the medical diagnostics. To summarize it, we believe that our technology has the potential of bringing laboratory-based, laboratory-level accuracy and sensitivity to the point-of-care, and we see a range of different applications for this technology with extremely good market opportunity, more than EUR 1 billion opportunity by 2030. So that's the short about medical diagnostics, and next I'm going to give the floor to Timo and financials. Thank you, Ilkka. Very excited to present our kind of financials, our business in numbers. First, I will highlight a couple of points from our financials. Historically, we have had very high revenue growth, and all these three business segments will contribute our financial targets in 2027. We have high gross margins and strong moats to support our pricing power. We have low capital expenditure requirements to expand our production capacity in multiple manufacturing lines. We are in high growth, high gross margin, and asset-light business. To recap our segments, business segments, semiconductor, automotive, and medical diagnostics. Currently, our current status in semiconductor is that in these debris filters, we've been in mass production since 2021. Our first CNT reactors deliveries will be done today, this year. Mass production customers within semiconductor sector that will be the largest contributors for our revenue in 2027, and the gross profit potential high. In automotive, our current status is that LiDAR and camera heaters we are ramping up the mass production for this year, while windshield heaters are still in pre-development phase. The LiDARs and camera heaters' contribution to our 2027 revenue targets is considered to be medium, while windshield heaters very limited still in 2027. Gross margin potential for automotive is considered to be medium. Medical diagnostics, as Ilkka just presented, is still in development phase, and market entry are expected in one to five years, depending on different applications. And their revenue contribution to 2027 is expected to be limited, while the gross margin potential is high. Then about the gross margins. Our gross margin in 2021 was 61%, and last year, 71%. At the same time, our turnover increased from 2021, EUR 5.5 million to EUR 13.6 million last year. So both development very favorable. At the same time, revenue is growing and the gross margins growing. Then, moving forward, we see that we have strong moats to support our high gross margin and our pricing power, and those being a high barrier to entry. We have only few capable competitors per application area. We possess significant value add to our customers directly and indirectly. And, as Ilkka and Juha mentioned, our technology is protected by patents and trade secrets. Today, we hold 130 patents and + 50 pending patents in 38 different patent families. Operating expenses. We see scale benefits from operating expenses to support our financial targets in 2027, particularly our EBIT target of 30%. Yes, our EBIT has been negative in 2021, 2022, 2023, but negative numbers have decreased. Now moving forward, we see that. We do need to strengthen our headcount, and we may require 25 - 35 new employees or FTEs per year in order to meet our financial targets. Other operating expenses have grown in the same manner as our salaries or headcount historically, and we expect same development to continue in the future. So our revenues are expected to increase at a higher rate than our expenses. Depreciations, there's no material changes to the depreciations unless we are making huge investments. And we are showing all salaries in a profit and loss. We haven't capitalized any salaries, R&D salaries, to the balance sheet. Capital expenditure. Our capital expenditure has increased quite a lot from 2021 being little bit less than EUR 1 million and almost EUR 5 million in 2022. Majority of these investments have been made to increase the production capacity and also to enhance the R&D by purchasing some measurement equipment and so on. Our outlook for this year capital expenditure is EUR 5 million-EUR 6 million, and we expect that level to be adequate capital investment level to reach our financial targets in 2027. Next we will go to see the downstairs manufacturing plant, and this plant has been built modularly so that it requires relatively low capital requirements to expand the capacity for different manufacturing lines. That's all for the financials. Next, Juha will recap 2024 and 2027 targets, and then go through also Canatu strengths. Awesome. Thank you. Thank you, Timo, and thank you, team. I will be the last one now to talk, so soon this is over, but some very important things to look at. If you look at our trend here, from different revenues from different businesses, like 2023, our semiconductor revenue was 80%. We forecast that to be in this year very large, and towards our 2027 target being over EUR 100 million, it will be large, but in absolute terms, growing significantly. Then as you remember, our automotive revenue last year, 2023, was 20%. We expect that to be this year limited, but growing to be in 2027 to be medium. Seeing that this medical diagnostics very exciting domain, so that in 2027, it will have a limited impact, sizable but limited impact to our over EUR 100 million revenue target there. For this year, many times already mentioned, our guidance is between EUR 20 million and EUR 25 million. The first half was EUR 11.1 million, so we are now kind of the going right way towards that target. Then I think that maybe mentioning still this 100 million, that does not include Heikki was nicely demonstrating. You have these pellicles, for example, for these conventional equipment. When we have done our calculations for this 100 million, we haven't really counted those ones. These are as one example of what are these kind of the additional opportunities or going to new domains like optical filters there. Then I already presented this one. Maybe a couple of things. As you have understood, I think that based on this one, the fundamental core of Canatu is this our dry deposition manufacturing process, having two process steps instead of 11. And we have invested EUR 80 million, 15 years to do that one. As an example, from the semiconductor side, when it comes to this EUV CNT deals, we have made three major of those one, and we don't know what the competition, however, Lintec, a major Japanese company, was there right in the beginning. We don't know that they have done any of those. So basically, our position there, what we do believe is very good. And Timo was talking about the barriers for competition. Yes, we are making those barriers from the IPR perspective, but it will be very important for us that we will remain and keep this, that we are, we stay ahead of competition. That will be the fundamental thing for the company future, and I think we are very well positioned to this one, and the kind of the additional assets what we will have will support that. So that's a kind of the fundamental, the underlying thing. Then we have these investment opportunities in semiconductor domain, expanding in the business model, potentially also doing things what we are, where we are today, make kind of the making reactors, going to new application domains, addressing the kind of conventional technologies there. Automotive, there are super exciting opportunities, for example, the solar cells. If you can achieve 15% better kind of the energy efficiency in absolute terms, not in relative terms, that's a kind of amazing thing what might change the kind of the industry as big manner. This medical diagnostic kind of the, kind of finding diagnoses in very early stage can have huge impacts to the societies and cost of the societies there, as well as from the person side. Customer backing, high gross margins, limited risk, and high return of investments, key elements there. Getting then to the summary, to the key strength of the company. So we have been rapidly growing deep technology company with very attractive margins, and we still see that to continue happening there. Yes, we are. You may think about, "Hey, this is the niche business," EUV, ADAS heaters, point-of-care medical diagnostic, but the markets are very sizable. We are talking about in 2030, the kind of market size is between two to four million for these named opportunities at the company level, and this does not include, for example, memory opportunities, transistor opportunities, and so on. I have been always telling that, "Hey, we are playing NHL. We are not playing assembly, so this is kind of something, the kind of ambitious level for the company, that, hey, we are working with the leading customers of this world, with the leading partners. Yes, they are demanding. They make our life difficult. But when you win them like we have done, that gives you the kind of great benefits. You are, you know you are the absolutely the best. And then, like, one of our board members said when we won the major deal on the semiconductor side, "If you can win that customer, you can win any customer." This is like the, the unique technology process what we are doing is, of course, strongly potently protected by IPR, as well as trade secrets there. We have proven manufacturing technology, almost one million sensors on automotive domain. We have been mass production on semiconductor side now over three years. We have delivered our reactors to our customers, so it's kind of the, it's not like future promise, it's the something what we have done. The business model is enabling the scalable, asset-light, high gross margin business. That's kind of important element, as we are very much managing our destiny, as we are doing our manufacturing equipment ourselves. We are really managing our destiny, and there's no China risk there, actually. There is also having the kind of people is everything in this company. I think that we have been capable of managing to attract strong leadership, strong employees, strong research, manufacturing, operational, sales capabilities, marketing capabilities for this company to be in a position where we are today. This gives us, like, the kind of the strong belief for our 2027 targets, having over EUR 100 million revenue there and having strong profitability, over 30% EBIT profitability there. Then as a kind of the final slide, I also want to say, kind of that, hey, as we were considering a lot, what do we do? Are we going to a trade sale, IPO, and so on, the various opportunities what we had investing more money to the company, as we knew this is the time that we need the money to kind of capture those, not only this EUR 100 million, but how do we be in a stronger position in the future and capture the lot of opportunities what are there? I think that the this Lifeline SPAC I has been giving us various kind of benefits. It has been kind of enabling us to do this transaction to making the listing there, and giving us the position that we are master of our destiny. It's not that we are a cost center of a big company, BU. So this is really that, hey, we can utilize the benefit of this fantastic material, what can be used for the various applications. That was very important, for example, for me personally there. Then we have the kind of access based on this one, further access to the kind of highly talented teams, as well as kind of the very strong support from the founders, from the partners, who have been behind, like, Supercell, Wolt, Oura, and so on. Getting the kind of the support from that team who have been kind of making unicorns of this country. Of course, these assets, the financial assets what are provided here, gives us opportunity to invest in, to kind of keep the leadership position there, but also for these new domains. With these words, I would like to say thank you, and I think there's time for questions and answers. Yes, thank you, Juha. So now it's time for questions, and first we would like to welcome questions from the audience here in Vantaa. Yes, please. Hi, it's Atte Riikola from Inderes. First of all, we see that you have lots of different opportunities for technology, so... And you're now focusing on three quite different industries. So why you think it's good to diversify your bets, or why don't you just focus strictly on the semiconductor industry, because you're going so fast already there? Yeah, I think that our ambition level is high. Yes, we could focus only on the semiconductor domain. Like say, that is like the one-to-two billion addressable market. But at the same time, this material, where Canatu is the most advanced company making this material, we have very sizable, unique, high-margin business opportunities also beyond that one. Therefore, we have thinking that we have been very selective, actually. I'm saying more no than yes. There are many companies who come to us and, "Hey, could we collaborate in this and that domain?" We are saying almost monthly no. So we try to be selective and focusing to the kind of sizable businesses where there's very high gross margin business, and these have been chosen that we do believe, with the kind of business unit structure we do have, we can actually manage this one as a company. If I just take a few words about from our perspective and looked at the company, we actually thought first that, "Okay, let's focus on semiconductor," that this is a huge opportunity, and that there are also other applications than the ones that are now kind of produced. But then we understood the platform element of the technology, and we also understood that it's not kind of taking that much of extra cost. So it's not like they would have a huge sales organization backing up this, because in many times, you have said, these, you know, blue-chip companies are contacting Canatu to say. Actually, in all these three domains, said, "Okay, you seem to have a huge benefit or kind of a great material here. Let's try to make it out as a product. So we actually see this as a strength. Obviously, it has its challenges to on focusing and Juha has to manage that in a clever way, which I'm very confident that he will. And they also, you have to have the financial ammunition to build up these teams, kind of the way that they have to be built up, but now you have it, or after Friday, if our shareholders agree. All right, and then about the reactor business model, can you say anything about what kind of euros we are talking of when you're delivering the reactor, and after that, the consumables and royalties the coming years? I think that I can. Of course, I cannot tell the kind of the numbers there, and of course, I don't want our competitors to know our reactor prices and our consumable prices, and so on. I know that as analyst, you have to kind of think about and make your Excels there on and so on. So I think you can think about it that we have been telling publicly that this year we are delivering two reactors, and let's say the majority of this reactor revenue comes in this year, partially it was coming last year, and a small part also next year. You can think about that last year, our revenue was EUR 13.6 million. This year, guidance is EUR 20 million-EUR 25 million, and so on. You can, based on this one, make some approximation about the kind of reactor prices. These recurring revenues, they will come in the future. All right, and maybe then last question from me about your guidance. Your- it's great that you're giving the revenue guidance, but is there some reason why you're not guiding the profitability for this year? Yeah, actually, I take the full responsibility on that. So, I, there are many things that, as you know, in when you giving a, profitability guidance, that can kind of fluctuate. So we actually thought, and which is our principle in any way, so that they... We obviously want to be a very good public company, but we want to kind of retain that, let's say, venture-backed company spirit and the pace of a- O f doing things. So we sort of have stripped quite many things. Obviously, this was very high on the list that we thought that maybe we would do it. But when we thought that, okay, let's not do it, because if then something happens in the sort of a cost base, we have to make kind of a you know investments in people in a more rapid pace that is thought about, and then we have just to adjust. And in the worst case scenario, we just have to you know think about that profitability guidance, and come back to you guys to say that we will not meet this. So we just thought that let's not take the hassle. Let's just kind of focus on the business, which is probably the issue and the principle that we try to accomplish in all and every fields while being a good public company. But we just want to focus on the really, really essential things, because we think that's the best way to create value to our shareholders. All right, thank you. Yes, please. Hi, it's Matti Riikonen, Carnegie. A couple of questions, I'll take them one by one. First of all, and I'll take this in order of appearance, so notes from the presentations. In the medical segment, you talk about new products. Can you give us some idea how expensive are the new products or the future products compared to existing technologies? So will there be a price advantage as well, in addition to the kind of technological and quality-speed advantage? It's kind of impossible to give the one answer for this one, because we are addressing various domains there. So you have like domains where the advantage is like speed, that you can, let's say, like paracetamol, that if you have an unconscious patient that comes to kind of the. You find it, and you want to do the test, you will get the result immediately instead of getting results after hours from the labs. So there's a kind of that element there. Then there's an element of pre-screening that is not happening at all. You cannot. You don't have really a comparable technology for that one, or at least it's not used because for the certain reasons there. Then you have certain tests that what is done, where you don't have a kind of need for speed, and you don't have a need for accuracy, where kind of these kind of laboratories are doing those tests in massive volume with very affordable price. So you have at least three, these three, four segments. Based on what we do, we are always started our pricing based on the value-based pricing. So that was the kind of the starting point, what we did from the semiconductor domain. We didn't think about what was our cost. We started to think of, "Hey, what is our value here, and how much we can get money based on this value here?" So and I think that this will be our strategy here as well. We rather would like to see what is the added value. Go to kind of domains where we truly add value, not to go to kind of red oceans, and go to kind of the domains where we are truly adding value, and promoting the pricing really based on the value-based pricing. Then there's an additional element that, like Ilkka mentioned, we are not going to make the total solution there, so that we would have, like, we have a material, then you have a test, then you have complete reading systems, and then you have cloud services, and so on. We don't believe that we will do that one. We will find partners, the major brands who have a kind of marketing money, who have a brand of doing the total solution there. So we will be part of, most likely part of making this. Of course, the material they are making this kind of the Nobel Prize-winning technology on top of this click chemistry, as well as the sensor. So that's kind of our part, not making the total test part and total solution there. All right, thanks. Then, when you talked about the future of semiconductors, and you say that silicon is going kind of outdated, what other materials than CNTs have been considered as the successor of future silicon? I mean, you mentioned that there's a couple, but you didn't talk so much about them. So could you just briefly tell us what they are? Yeah, I think that Ilkka, you may be better at answering for that question, so I give Mic is on or not? Well, I can take this. Yeah, there are certain 2D materials that are studied, 2D materials like by, like graphene, but, but not graphene itself, and MoS2, for instance. And yeah, it's a competition between those, and then, to be honest, of course, they are studying also different means of continuing the performance increase, for instance, through 3D packaging and clever sort of IC designs. But as summarized in my speech, the scientific community anyway sees that even those tricks are sort of running out potentially during next decade, and then it's a race between these different materials. But if I would have to pick two, in my opinion, that would be those 2D materials, Mo- MoS2 as the leading competition, and then carbon nanotubes. All right, thank you. Then when you talk about automotive opportunity and the heaters, and you talk about self-driving cars, does it mean that in order for you to sell your products, you need to have self-driving cars all around? So is your future tied to the kind of expansion of self-driving cars in total, or can you do without it? Will it be kind of evolutional process so that all cars will have these heaters from you? Excellent question. I think this is like when we are talking about assisted driving and autonomous driving, you have actually there five different clusters. And right now, most of the cars are in kind of the segment two, where cars, when you're driving, they know they see the lanes, and they see the previous car, and they see the kind of the traffic, kind of the signs, that, "Hey, now there's a speed limit, 80 km per hour." That's kind of the. That's called level two. Next level, when we are coming now relevant, is level three. They are still assisted cars. So the kind of the, let's say, the kind of it's called kind of corner point requirement there is that you are driving in a highway 130 km per hour. What you need to see, you need to see 200 meters ahead. When there's a tiny object, that typically in the cameras it is a couple of pixels, and you need to know that is this a dropped tire? Is this a small child? Is this a fox, and so on. So the requirements, the accuracy requirement, will get to the totally different level with this level three. Now the most advanced car manufacturers are about to enter to that domain. You typically are steering, but on the highway, when we travel maybe from Helsinki now, after the Ring III, you put the autopilot on, it kind of bypass cars, and then before Tampere, you are kind of steering again. But the requirement level gets to the next level, the accuracy is the next level. What if you have these metallic wires there, like Jussi told, they are reflecting light. They are in front of the field of view. Therefore, when you need to see really on the pixel level, you don't anymore see that one. Therefore, you need to have a new technology like this Canatu's CNT, and like Jussi said, it's everywhere. This kind of tiny nanometer wide CNTs are everywhere there. They are not reflecting light because carbon, you know, the carbon is not reflecting light, and they are providing even heating. With these metallic wires, there's also, like, the lens effect. Where you have this wire, it's getting thicker. So it's like, like glasses, you have a lens effect, and that is causing distortion as well. So for these reasons, when we get now to level three, four, and five, and five is then to ultimately, like, the autonomous driving, you don't have a steering wheel. So exactly, you are absolutely right. This is evolution, and now we are getting from level two to level three, not yet on the level five. All right, that's helpful. And then I continue with this automotive theme. What is the pricing of your products compared to what is available in the market? So, will they be much more costly or so much more beneficial, but how do you see that? Right. So first of all, what we have done on this automotive side, we have developed it's called our high-performance reactor. It's called H100, together with Denso, where we have reduced our cost structure significantly. So like, compared to three years ago, like multiple times. Additionally, we have developed, and we have under development, we go downstairs, you will see the second automation line that is further kind of reducing the cost. Based on this one, when we are looking to kind of the metallic wire solution, that's pretty stupid solution. You have a metallic wire there. Based on the one customer cases, what we understood that our solution was couple of tenths of the percentages more expensive than the competitive solution. It's not like multiple times. We are talking about a couple of tenths of the percentage, and of course, yes, it's more expensive, but now when you get the value, like one customer is telling that, "Hey, we cannot anymore use this old technology with the new one." It's a little bit same case like with this semiconductor, when the kind of voltage level is getting higher, the kind of requirements are getting higher, and the conventional technology doesn't anymore work. So that's kind of now the turning point for us to be relevant, not for these level two cars what you have on the road. That's not where we go. All right. Thanks for the good answer. Final question: do you think that your competitors know which customers you are serving at the moment? On semiconductor side, yes. This is a small world. This is a small world. All right. Thanks for that. Then we have multiple good questions here in the chat from the online audience, so let's take a couple of questions from here. Are you doing joint R&D with potential customers, including sharing the investment burden? Absolutely. This, this is the kind of the bread and butter of the, of the company. So you may see here the kind of one of our value, collaboration for impact. So, so this is the kind of something that, we have done in semiconductor domain, firstly with Imec, but also with these three major, industrial companies, the leading companies in that one. We have been doing that one publicly known with them, so we have done a lot of announcements there as well. In, in early days, we did it with Forvia as, as well. So we are doing, and as currently we are doing with the heaters, with a leader in that domain, and we are doing that one, and this is the kind of key part of doing also on the medical side, so absolutely. Yeah, I could kind of add, this was something that we kind of thought about also from the platform and cost perspective, is that. But we then found out that it's a pretty good position when the customers are contacting you, not the other way around. So they really kind of want to have your product there. So the negotiation from that perspective are easier than you would try to push your material into them, so. Yeah. Because that's the, that's how the business has been working, and seems that the interest from different customers in different fields is actually quite high. Yeah. Mari is running our kind of the marketing pipeline, and we have a monthly pipeline of tens, if not hundreds, of the companies who are contacting us, and they want kind of to do collaboration there. So this is a kind of big part of the company. Thank you. Then how do you see the risk related to your first reactor deliveries? Are the reactors similar, you are using in your own production currently? Actually, in this process, we developed the next level semiconductor reactor. Yes, we did it first for ourselves, so it has been first tested and validated by ourselves. Secondly, it was tested and validated with our leading customer. And actually, it's not anymore here, so it can be told that it has been already, like, delivered to the customer premises and so on. So yes, we are. And I can maybe tell that before you can deliver such kind of equipment, what happens that you are typically running, like, a factory acceptance testing, so that it is meeting the requirements what customers do have. And as it is not anymore here, you can make your own conclusion without revealing too much. Thank you. The third question from the online audience: Are there any ways or possibilities to reverse engineer your process, for example, from end products, to figure out your trade secrets of your manufacturing process so that it could be copied? Simple answer is no. You cannot reverse engineer our production methods and our reactors from end products. And anyhow, I think that even, and what we want to really do here is that make it as difficult as possible for our competitors, based on the patents, based on the trade secrets, based on the black boxes, based on the many, many things, how do we want to kind of protect our kind of the, our real secrets here? When we looked at the company and we did our due diligence, obviously, this was one of the key questions, because it's quite a bit about the technology, and technology sits all in the reactors, and as Ilkka mentioned, also in the applications themselves, which was one of the key things we discovered. So it's not like a manufacturing IPR only. The second thing was that, okay, well, we believe that anything can be, at the end of the day, you know, re-engineered if you could put, you know, billions of dollars in it. But we didn't kind of find that the. Let's say that we're comfortable with that, as in every other technology business in here, and it may be that, as you have said, that there are quite a bit of obstacles to it. Also, it's a when you produce to mass manufacturing, so it's not like that you crack something on the product itself, then you have to have the mass manufacturing ability and the experience, which is actually very valuable, so it's not that straightforward. And then we have time for one more questions. Do we have any questions from the audience here? Yes, please. Hi, Waltteri Rossi from Danske Bank. About the semiconductor and reactor business, what I'm thinking is: How many reactors is there to sell? Like, how many does one customer need? Can you elaborate on that? That's something actually we haven't been given, and there's a reason for it, but Yeah, maybe I can give one thing what we have been telling, that we have been saying that on the semiconductor side, if that would be reactor business only, we are talking about, in long run, like hundreds of millions of business as well. So that may give you some idea. About the size of the business? Yeah, we said that it's if the whole pellicle market- Yes that is, would be satisfied with kind of two effective reactors, it would be a few hundreds of millions. Yeah I n 2030. And they, then we have said that the quite high portion of that revenue stream would be recurring elements, obviously. And why this is so? Because it's a very important question. And when we looked at Canatu, we obviously saw that the reactor business is a great business. So it's as sticky as it can get. If somebody puts in own, you know, a EUR 10 billion a year manufacturing facility, somebody's technology, and you can see that they're not. They're quite sizable stuff that they have put there. So it's has to be the stickiest business model. But on the same time, it limits the revenue potential if you would be making more of these products, kind of membranes, kind of to deliver to those who kind of then make the actual pellicles with coating and that framing. But to answer that would be sort of coming back to the question of how much you charge for one reactor and what kind of a capacity that has. And we spent quite a bit of time, even after NDA, that we were kind of allowed to that discussion, so with these guys. That's what it is. If it would be that way, we just sort of concluded that there are lots of these companies in semiconductor that they sort of a, let's say, dominating, you know, manufacturing equipment providers. Obviously, ASML is the primary example because that's monopoly. But even if not, it would be not that, so a, there are other examples. That would not be that bad place to be either, and that was sort of, our conclusion to it. But obviously, the high opportunities to produce more membranes to those who make pellicles, so forth, so that then releases the overall potential. But that's a very key question, but we obviously cannot answer that because obviously, if you would reverse do it, because to our understanding, Canatu is the only one who's put kind of provided, sold CNT reactors. So it would kind of multiply that with sort of a one company, kind of put that in there, and that's perhaps not kind of would be sort of a misleading in a way. But we obviously wanted to give that figure, to say that if that would happen, it would be a significantly kind of a smaller market, but still some hundreds of millions in 2030. All right. Yeah, thanks for the very thorough answer. All right. Thank you everyone for joining this Canatu's first Capital Markets Day. It has been kind of a pleasure to be here with you at Canatu premises. Thank you for all who are following this online. We are looking to have an exciting collaboration with all of you in the future. Thank you.