Good morning, good afternoon. Welcome to our Modulight third quarter webinar. My name is Seppo Orsila. I'm a Founder and CEO. With me, I have, as usual, our CFO, Mrs. Guina. Let's go right into today's topic. Third quarter in brief, we enjoyed very nice growth in both sales and improvement in profitability. This is in line with our strategy. We are seeing four straight quarters in a row of improvement, which is really, really nice to see. I guess we can say that we are kind of returning to the right trajectory. Our projects in the pipeline are progressing, and customer base and product mix continues to diversify. This, I guess, has shown us some kind of, let's say, stability and less fluctuation over this year and the past four quarters. Customer activity and feedback have continued on a very active level. We believe that the things in our product platforms have resulted in significant synergies and thus gains in productivity. Anca will discuss next the numbers. Yes. Thank you, Seppo. Hello, everybody. From a finance point of view, the highlights for Q3 are continuous improvement in our performance in terms of both revenue and profitability. Our revenue was 176% higher than in 2024, and the EBITDA improved by 86%. PPT business is advancing across several indications, and the number of sites is growing fast. The cash flow from PPT operations is already meaningful this time, and we see continuous growth of that as well. The revenue levels continue to be affected by our strategic transition to the PPT business model, as we announced several quarters in a row. The product platforms are moving to pilot production with several customers, and this can be seen in the profitability. This, combined with the diversified customer portfolio, contributed to smaller fluctuations in quarterly revenues, as everybody could notice. About the U.S. tariffs, they did not have yet a direct impact on our business. Actually, we have noticed that our customers have a longer process decision than they used to have. Can you change, please? All right. Yes, we are discussing now the first three quarters of this year, and the revenue for this period more than doubled. Profitability continued to improve steadily. Both quarterly and year-to-date EBITDA show that revenue growth is translating directly into profitability, actually demonstrating the high scalability of our operations. We believe that following our growth strategy and capitalizing on our strengths, our business will return to strong growth by the end of this year, as we announced also previously. The net cash flow also improved every quarter since Q1 2025. The message is that you can see, or one could see, improvements in basically all the financial figures of the company. Thanks. The growth of the revenues, along with the increased profitability and free cash from operations, are seen in both periods, Q3 and then year-to-date. In Q3, we had to implement personnel adjustments and held statutory change negotiations. The direct cost savings are moderate, but we will see additional efficiencies identified during this negotiation process. They will have a significant impact once they will realize. Thank you, Anca. Just a brief look at the pipeline and its progress. The pipeline remained at 32 projects from the previous quarter. I'm quite pleased to see steady progress in a number of different projects. PPT sites at 60. They continue to diversify in both terms of different indications treated, as well as customers and number of sites. You could actually say that if PPT was its own customer, it would be among Modulight's largest customers already, which is obviously composed of many, many customers. If we would kind of calculate at how large it would, I'd put it under the ranking of the largest customers. We lost some time in the spring and summertime, as discussed in the Q2 release, due to quality issues. Those also continue to hinder our things as certain things delayed, and then the delays cascade. I think, overall, we still were able to grow, which is nice. Pilot production progressing. I must say that I'm particularly happy with the platform work our tech team has been doing because now we are starting to see really, really fruits of that work. That is generating both synergies but also the ability to serve a much larger number of prototypes across different customers. That obviously builds more future business. Basically the same data from a different angle by assorting the customers by their type and size. No change from the previous quarter. The larger hand of the customers constantly continue to increase their share in our portfolio. This analysis, however, does not obviously reflect the fact that there are kind of more and more hospitals and other things which are as PPT customers. This is only reflecting the customers in the pipeline, but has been reported the same throughout the history, as discussed earlier. Just a quick update on the ESG. We've had ESG as one of our strategic programs. During this strategy period, we had multiple objectives. I guess here are some of the highlights that we have been achieving. In the end, I think the key line here is that we have practiced the same principles and practices throughout the entire history of the company 25 years. We now reached carbon neutrality during this strategy period. We've continued our social responsibility programs. I guess we got this external recognition from Kauppalehti and others for the board work a couple of years back. This is, I guess, at least some update on that one. No outlook issued even now. In summary, extremely pleased with the rapid sales growth, improving EBITDA both on the quarter and the year-to-date metrics. This is really important to us. Order book and customer base continues to diversify. It's a little bit difficult to put into the numbers, but I'm particularly happy about the number of customer visits. I think we discussed that a little bit during the Q2 release. Anca shared there that July was exceptional, and the overall customer activity has continued nicely since then. Now, more in the autumn time, we started to receive more very positive feedback about our product platforms. These are obviously the external platform. It's more about the functionality, reliability, and ease of use. Equally important, what we see internally is the ability to create and serve different use cases, different customers, as the product is more easily reconfigured. This obviously allows us to serve a wider number of customers more easily. Revenue for the quarter EUR 1.8 million and EBITDA - EUR 200,000 roughly. Free cash flow half from the year ago. Really pleased with the progress, and we keep on working. I think that the results are in the right direction, but a lot of work remains. Thank you. We'll be happy to take any questions that we have. Shall we start with the analysts? Do we have Daniel on the line? Yes. Hi. Hi, Seppo. Hi, Anca. It's Daniel Lepistö from Danske Bank. Hope you can hear me well. Yep. To start up, can you maybe discuss your current order intake trends? How are these orders looking compared to earlier in the year, Q1, Q2? Yeah. Obviously, we didn't receive any orders that would be needed to be reported to the market. Otherwise, there would have been this [if that year] according to the logic, which you have certainly noticed that if there is a single order worth more than 10% of the previous year revenue, that gets reported unless there are reasons to delay the release of the information. I'm not saying that there were such. I think the mix and, let's say, sources of orders have been more varied than last year. We are really pleased with that. Obviously, in the PPT world, there is no kind of incoming orders as such. People just treat the patients, and then that results first into a kind of technical order, and then that results into a revenue. Not much else to tell. I think that I'm particularly pleased with the mix and variety of this revenue stream and order intake. All right. Great. Maybe the follow-up question on the PPT treatment business. How are these revenues on this business looking? Can you give us any sort of understanding? Are we talking about? This is just a kind of, let's say, rather informal data point. If PPT was its own customer, it would already be on the podium, meaning that they are among the third. If we calculate all the PPT revenue together, it would be treated as one company. It would be third largest or among the third largest customers. All right. That's helpful. Maybe, if you could discuss these statutory change negotiations a bit. You expect only modest cost savings. I understood that these were temporary layoffs. First question is, how long are these temporary layoffs? The second question is on these additional significant deficiencies that you discussed briefly. Can you clarify these significant deficiencies a bit? What do these mean? Maybe at least from my side, as Anca already said, they are moderate. The main objective of this statutory change negotiation was not personal cost saving. There is, let's say, a measurable cost saving. On the side, we actually worked with the entire organization, and they had actually fantastic support for this. Frankly speaking, I was a little bit afraid that there would be big disruptions to our work, but I was totally wrong on that. Everybody was very supportive and started working even more hard and so forth. While we had this formal statutory change negotiation, which resulted in certain savings, we, in parallel, identified savings which are in the range of 3x of the formal savings, or actually a little bit more. Those we expect to be more like, let's say, long-term savings. We should see more or less all of those in the Q4 P&L and beyond. Regarding how long these temporary layoffs will last, this is something that we don't have a date for, unfortunately, at this time. It is formally agreed as [Foreign language] and most of them are partial temporary layoffs, [Foreign language] Yes, that's clear. Okay. Final question from my side regarding the cash balance. How do you see the funding situation in general from your point of view? Do you think this current liquidity position is strong enough to execute, maybe on the future growth ambitions that you have? Yes. All right. That's clear. That's all from my side. Thank you. Anca, did you want to add to any of the, I think the two last were also quite finance skewed. Yeah, I'm on Seppo's opinion as well. Great. Thanks. Hey, Antti, do you want to go next? Sure. Thank you. Can you hear me? Yes. Great. Good afternoon. I wanted to ask about the quantum computing order and another order that you previously mentioned of EUR 0.5 million. Did those have any impact on the Q3 revenues? Quantum computing was something that we largely did that work during the springtime. The EUR 0.5 million order, which I referred to, that's, frankly speaking, I'm not fully certain to what you are referring to now. There was no big single customer which affected the Q3 revenue from the announced individual orders. Okay. Thanks. You also mentioned that you had some material quality issues during the spring, and those may have some effect also in 2026. I wonder if you could talk a little bit more about that. What's the kind of the size and timing of those? Yeah. Thanks, Antti. This was more to close the loop. I think we discussed this quite extensively within the Q2 reporting. As I said, at that time, we more or less have fixed those. At that time, it became apparent during Q2 that there was a supplier material problem or quality problem, which had delayed us in Q1. We found it during Q2 and solved during Q2 and Q3. This is more to close the loop, just to basically close the loop. Let's just say hypothetically that you, for example, had a goal to deliver a prototype in early Q2. Your customer would typically evaluate it for a couple of months. Obviously, that didn't happen during early Q2, and it had a cascading effect. For example, typically after this prototype evaluation, there are steps like pilot production and production, and those get shifted a little bit accordingly. It was not a name to issue any kind of outlook or guidance, more to explain the sequence of events that if you have a delay today for some relatively minor item, it can then move, let's say, larger items in the future forward. Nothing special about that. The numbers are what they are. I guess they could be even better if we hadn't had this supplier quality problem. Okay. That's clear. Thanks. Thanks very much. That's all from me. Kimmo, if you are there, would you like to ask something? Yes. It's Kimmo here from OP. Maybe I can try to ask also on the PPT model, a little bit different kind of angle. Has this revenue from the PPT model grown every quarter this year? Yes It's growth Q- on- Q. Now, revenue is EUR 1.8 million. Can you share some light on how much of that is coming from the PPT model? Yeah. I mean, I did check this one data point that if year-to-date PPT was its own customer, then it would be within the top three customers. That's a factual data point that we got so far. There is another data point, which I think we also had in the release. This is not, unfortunately, maybe what you're looking for, but we have a couple of segments within the PPT, obviously ophthalmic therapies and cancer therapies, or I should say non-cancer therapies in ophthalmology and then cancer therapies. Within one of these segments, which is not too small, we concluded during the Q2, thanks to nice work in Anca's team, that while the revenue is still not very large, as you can see even from our total numbers, it's quite a nice kind of validation, at least from our point of view for the business model, that now we are constantly generating a PPT revenue within that segment that exceeds, as an annualized revenue, the resale price of the install base. If we would go with the old business model that we had before the PPT, we would have to sell the entire install base every single year to achieve the same revenue. I would say that this is among the less attractive segments. Repeating the calculation for some of the higher-paying segments would probably turn out even better results. It does not make sense in that sense that those are in more, let's say, early phase of the therapy. Thus, defining a market price for the install base is more difficult. Okay, thank you. I have no further questions. No further questions. No other questions on the line. We thank everybody and wish a great weekend and look forward to seeing you on the markets and talk again in February when we're releasing the Q4 numbers. Thank you very much. Bye-bye. Thank you. Bye.