I have the pleasure to welcome you all to the second capital markets update in the history of Airthings. We're going to spend two hours together, hopefully to bring a lot of new insights and a lot of new information to this audience. We have quite many people here today, and there's also quite a bit of people online listening in. I'm the chairman of the company. I've been that for seven out of the last eight years. My day-to-day job is that I'm the Managing Partner of Firda. Firda is a tech investment company who is investing in, the way we say it, Norwegian tech companies. We empower Norwegian tech companies to become global leaders. We believe, sort of, Airthings is a global leader, but in a niche that is growing and growing. Like that, we are living up to what we are doing. We invest in companies that, that is making with technology that wins the world and solve problems for the world. And as I will tell you, and also what Airthings is all about, is solving big, big global problems. So we are thrilled to be a large shareholder and a stakeholder in this company for the last eight years and for the future. It's been a while since me and Øyvind come in as in the company. We came in in 2015. At the time, we had $1.5 million of revenue in 2015, and we had a hyper-growth period from 2015 to 2021, with a CAGR of 50%. Profitable most of those years. We went public in 2020. Still with a lot of growth coming in 2021. Then facing, as you all know, facing challenges in 2022 and so far in 2023, where growth has stagnated, like many other companies, and not that that should be an excuse, but we have macro conditions that is influencing. But we also acknowledge that there are things we can do internally to improve the operations and how we run this company. And that has been all about 2023 so far, to define a new strategy for the company and a way forward to, again, come back to growth and accelerate the path towards profitability. I invested in this company and continue to have continued to invest in this company for three reasons, and it's the three Ps. First P, Purpose: clean air to the world, energy efficiency to the buildings. Second P, Potential. We just scratched the surface on the potential on, on the consumer side, and even less so, scratched the surface of the potential on the Airthings for Business side. I hope today's presentation will help you see that. And the last is Performance. Historic performance, recent performance. Now it's all about turning that thumb up where it belongs for the time to come. Thank you, and good luck, Øyvind with the rest of the show. Thank you. So, the key theme today is the path to profitability for Airthings. And we're very excited to share the evolution of Airthings and how we're propelling our journey to the next level. Earlier this year, we did a pivotal decision, as Geir mentioned, to really hone our strategy, sharpen our focus, and amplify our operational efficiency. And we are already seeing enhanced profitability per unit sold, and we have a much more focused go-to-market model, both in Airthings for Consumer and also in Airthings for Business, which are our key business units at Airthings. And we're also enriching our user experiences with our software offering, and we're also driving more value to each customer and broadening our customer base. So our presentation today will span about 1.5 hours, after which we'll be eager to, to engage with some Q&As. And, as we wrap up that, we'll invite you also to join us for some refreshments, back here, and, Team Airthings will be available for some, Q&As and, more in-depth, conversations. So, Airthings stands at the forefront of the indoor air quality, industry as leaders in the invisible. Something that Millie, our CMO, will talk more about, during the marketing section of the presentation. We offer sophisticated monitors with cutting-edge software and cloud analytics, serving both households and businesses to bring clarity to enable action. We have grown a lot over the last years, and if you take into account the last 12 months, we have about 43% CAGR in U.S. dollar since 2015. And we also built up a high margin, annual recurring revenue and service-based revenue, which now, end of Q3, is at $4.1 million. So at Airthings, we are addressing two critical issues: it's about health, and it's about energy. The influence of air, well-being, and energy is highly underestimated, how much air can impact that. And the air we breathe has much more impact than we believe. Whether it's the cause of cancer, the spread of viruses, it can be impact over concentration, over productivity, or even over sleep, which you'll also see a lot more about at, from Airthings. Massive amounts of energy are consumed by regulating the heating, ventilation, and cooling of buildings around the world. Most of these buildings are not very smart. Enormous opportunities to save energy in running buildings. Airthings is all about creating healthier indoor environments to reduce energy consumption building and making existing buildings smarter and more sustainable with advanced analytics. We see that we are at the forefront on some mega trends that are set to evolve over many years to come, and very excited to, to work on that. At Airthings, we have commercial-grade products with consumer-friendly design. Airthings solution is simple: bring clarity to the invisible by providing an elegant suite of products and solutions to enable users to see and take action and control of the air they breathe, while also saving energy. We do this, we are top-of-the-line products, providing continuous monitoring of indoor spaces and supplying end users with actionable insights. At Airthings, we are an early mover in a massive market opportunity, and both our business units, Airthings for Consumer and Airthings for Business, have enormous potential to grow in the future. We have these two synergetic go-to-market vehicles, we can address the needs of homes, offices, and schools. Airthings is uniquely positioned to capitalize on this. Our dual go-to-market model, targeting both households and commercial spaces, allows us to harness the strength of both sectors. Households benefit from commercial-grade performance and security, while businesses enjoy superior product experiences and user experiences. We have a strong brand being recognized as the industry benchmark in what we do, and a leader in the market with broad validation. Our partnership with American Lung Association, as well as, ISO 27001, enterprise security and significant third-party validation, further strengthens our position. Another thing that we see, that we are serving both homes and offices. We see more and more cases where we have consumers that have our products at their home, they go to the office or schools and ask to monitor also, their offices or schools with the same type of technology, and vice versa. We see people that see Airthings in their offices. More and more offices around the world are using Airthings, and we see that they go home, and they wanna do and monitor their homes as well. So there is that dual approach is actually something we see is, is working. So, we also have very significant and lasting, tailwinds supporting our journey. So with our solutions covering everything from health tech, smart home, sustainability, energy efficiency, and we're being supported by regulatory momentum as well. So all this puts Airthings in a solid position for long-term growth. So, in our capital markets update from 2021, we presented this figure on the right side here, to grow in more or less all directions, and growth at almost every cost. While we saw revenue growth of more than 60% in 2021, 2022 demonstrated significant challenges. Facing stagnant revenues, a worsening bottom line, and a very poor working capital situation, it became clear a change in our approach was required. And the result of this work to reevaluate our strategy is what we call Airthings 3.0. Whereas Airthings 2.0, as alluded to, was really focused on hyper growth, Airthings 3.0 is really focusing on scalable growth and reaching profitability as quickly, as prudently possible. With this being achieved, we have disciplined go-to-market approach, a focus on unit economics, and a customer lifetime value. And even more focus on the software element of our product offering, and create really sticky solutions for our customers... So the three core elements of Airthings 3.0. Number one is the go-to-market approach and being focused and disciplined in the way we go to market, with an emphasis on owning the customer relationship. Being closer to our end customers, understand our end clients much better, to also utilize that to form our product strategy moving forward. Number two is about enhancing the value proposition of our solutions via our software offering, create much better user experiences for our customers. And number three, it's about developing an automated, optimized, and scalable way of running our business to improve unit economics. We already see that the new strategy is starting to show results, and you'll hear a lot more about that today. We have a very capable team to deliver on the new strategy. We have a great company culture. We have more than 125 employees from more than 35 different nationalities, and it's really a thriving team with high performance and a global mindset. And more than 60% of our employees have a master's degree or higher. So the presentation today will have two red threads, demonstrating how the actions being taken within our organization and how it comes together to lift Airthings as a whole. So first, the different presentations will focus on different elements of the strategy. So you'll hear from our CMO, Millie, talking about marketing initiatives and how these initiatives support our go-to-market model and the go-to-market approach. Then Anders, SVP of Consumer, will talk about the go-to-market model for our consumer business and the way we are changing the product focus. Similarly, I will present the go-to-market model and the product focus for Airthings for Business. And then our COO, Audhild, will talk about how we're making improvements to our operating model to drive down variable costs and improve lifetime value of our business. And finally, our CFO, Jeremy, will round it off and tie it all back to see how this is expected to improve our financial performance. The other red thread is what you see here on the left side. So it's how we kind of... You'll see this graph, where we have the number of customers on the Y-axis and the customer lifetime value on the X-axis. And this will demonstrate how this element of the strategy, you will see it throughout the presentation, where we'll point to this. You'll see it up in the right-hand corner and see what part of this we are talking about. And the whole goal with this is to show how we're taking Airthings from where it is today, to large scale and large profitability, high profitability, and take it up there. From there to there, we have the go-to-market focus, product focus, and the operating model. And for us, it's not enough to simply drive this in one direction. We have to drive in both directions, both in the number of customers and also making more money and have longer customer lifetime value, more lifetime value from every customer we serve. And we are pursuing growth in both of these axes, with the goal of achieving scalable growth and profitability. So we will see this figure throughout the presentation today. But first, we are already seeing that the new strategy is starting to create some early financial results, and going in the right direction. From we kicked off Airthings 3.0 early this year, we are seeing, if you compare second and third quarter of 2022 with second and third quarter of 2023, we see an improvement of gross profit margin. We see reduced operating expenses. We still have a little bit of revenue growth in despite a very challenging macro environment, and we are much closer to profitability than what you saw earlier. This is the way we are gonna push the company moving forward along this axis. We presented the third quarter financial results this morning, and you'll find details about that on our investor pages. That was a bit of an intro. It's gonna be an exciting story throughout when we dig more into the details. Moving forward now, I want to set it now first over to our Chief Marketing Officer, Millie. Thank you, Øyvind. I am super excited to share what we do in Airthings marketing going forward. But before that, let's take a look back what we've done so far. Historically, we really have gone after the early adopters and the tech users, and we really wanted to educate the world about the importance of indoor air quality. And we really did that, because now what we've managed to achieve is we have built an overall category awareness, and we really have established Airthings as a leader in this and secured a lot of third-party validation. The future looks very bright. We are no longer alone. As you can see, all these big brands over here, they have also entered the indoor air quality market, and that's great because they will help us to really reinforce this category. What we can do instead now is we can really take on the opportunity where we can start incorporating more of that emotional and aspirational appeal in what we do. We really want to convey the premium messaging of Airthings going forward, and we really want to tailor the messaging for our key target segments. As Øyvind mentioned, we are also part of the 3.0 strategy, and this is how we're gonna do it. It's really about elevating how we communicate our brand going forward, reinforcing that premium value that we know that we have. Streamlining, enhancing, and improving our performance marketing, and really focus the PR and awareness activities that we do. Making the invisible visible with Airthings, an air of clarity. For us, the invisible is an opportunity. As the global leaders in indoor air quality, we are on a mission to transform the world, changing our relationship with the air we breathe. More than just information, it's about action. For something so abundant as air can feel inaccessible, but we are breathing life into an industry weighed down by complex technology and lengthy jargon. Because at Airthings, our approach is personal. Our overall brand messaging is that we are the leaders in the invisible, and for the two business units that we have, we've tailored our messaging. For the Airthings for Consumer, we are your air coach. We will give you data and insights for you to live a healthier and happier life. For the businesses, we want to be breathing life into the buildings. Our products are designed to help you to monitor the well-being and save energy in your buildings. It is just so important, that first moment when you take the product in your hands, that the feeling that you're left with is that you have a premium product that really, really conveys the messaging. And that is why we have done our packaging completely new for the consumer division. This is a sneak peek. It's not out yet, so you're gonna have to wait until next year. But what we really emphasized on this packaging revamp is that we wanted to make it more, even simplified even more and make it more lifestyle-oriented. We also really wanted to bring the focus for the multi-room monitoring to the front of the box, and Anders will speak to you more about that. When it comes to performance marketing, what we really wanna do here is to focus. To focus on the things that we know that work, like Google and Meta, and target those audiences that we know are already receptive to our messaging, and really find those areas where we can offer a true omnichannel experience. What we will do is we will test this new messaging, and we will test it with new audiences, and those audiences include families and women. But we're not gonna forget the techies either. They are our core audience, and we're still gonna go after them. The results are not in yet. This is something we've just started, but what we are seeing is a really improved key metrics in everything that we measure and reduced customer acquisition costs. PR and awareness, it's so important for us, and it really, really works. This year, in June, we managed to get our biggest audience ever. The estimated reach of 1.1 billion people. We generated 262 articles that mentioned Airthings worldwide. So going from the category awareness building, we really want to be topical and talk about those things that are happening in the news now. This summer, the unfortunate events of wildfires, and then, of course, in the U.S., things like gas stoves and the health effects of those are trending at the moment. So this is where we can really be thought leaders. Then it's about geographical targeting. We really wanna make sure that we're relevant in those areas where we are. So in California, people are really concerned about high PM levels, and that's what we will be talking to them about. And the same thing with Colorado and radon. When it comes to our social media, well, we have thousands of very happy customers out there, so it's about the time that we start leaning more into the user-generated content, and that's what we will be doing going forward. Just to conclude, these are the things that we will do to support the go-to-market strategy for Airthings. Really leveraging the leaders in the invisible, being your air coach, and breathing life into the buildings. Communicating our premium value proposition throughout the whole customer journey and really tailoring our messaging for the key target segments. Thank you. I will hand over to Anders. Should I do the intro again, or? Okay, we have a live audience here that I'm sure that would like to hear some of the beginning again, but so I'll repeat that. That makes sense. What I said is, at our Airthings for Consumer Business Unit, serving real people on a global scale, we've seen strong historic growth. 2022 forced us to take some actions, sharpen our business, tighten the ship to really set us up for future success, refocus our go-to-market approach. And we've seen some early signs of traction. We're seeing with the forecast, the midpoint landing in now in Q4, that we'll be able to get back to growth on an annual basis. Not Christmas Eve yet, and they're below our ambitions in regards to growth, but turn the ship. And we do that because we have products and solutions that are solving real problems for real people on a global scale every single day, and we've done that since day one. And as I told the audience, that's not just something I say for the sake of this presentation. It's validated in the market. Go look at our Amazon reviews. People appreciate our products. And we have other third-party validation, like TIME Magazine, Innovation Awards, et cetera. We address the global market, North American and European markets, through three key channels. We're building on the historic success that we've had with Amazon. We're going deeper with selected retail partners that we developed this category together with. And we're building our direct-to-consumer business, with sales through Airthings.com. That is now our fastest-growing channel. Our market is maturing. Think about it yourself. I'm sure that most of the audience here are not even close to having turned 40 years old yet, right? And the live audience as well. But think about it. Statistically, in the Western world today, when you hit 40, you've spent 36 of those years indoors. That's crazy. We didn't use to be like that. We used to be farmers, hunters, and fishermen, and living like that has consequences for ourselves, but also our loved ones and the upbringing of those. And we see that in the development of our market segments. It's changing, and it has been rapidly changing now post and during COVID. You heard Geir in the introduction, you heard Øyvind talking about the mega trends that are really supporting some of our underlying growth of our business. You heard Millie talking about some of the big players that are entering this category. What we are seeing in a snapshot in regards to our user base, we're seeing families, we're seeing mothers, regular people, households, that are buying our products. It gives us a fantastic opportunity to provide them with state-of-the-art products and solutions that are trusted, validated in the market, and that's our Airthings offering. With that as a backdrop, let's now look at Airthings for Consumer. I gotta get used to holding this mic. Airthings for Consumer in the light of Airthings 3.0. Our business unit is all about selling that first device to more customers on a global scale. But even more so, what's important is that when you buy that first device, we got to make sure that we give you so much value that you want to buy a second, third, and fourth. And that we're seeing early signs of happening now across over the last year to a couple of years. People see the value of doing whole home and multi-room monitoring, knowing about what the air quality is like at home. So what I will be talking about here today is our go-to-market strategy, essentially how we structure and set our ship up for success in selling more devices to new customers, and how we've taken the learnings from 2020 to 2022, refocused and resharpened our go-to-market strategy. Then our product focus, how our product roadmap is really designed to support both the acquisition of new customers, but with the goal of taking our customers in the hand throughout their lifetime to make sure that they get so much value that they want to buy a second, third, and fourth device when they're educated on air quality and how they can enable people to actually themselves and their loved ones to breathe better. Okay, let's now look at our consumers' go-to-market strategy. So how do we aim at acquiring more of that, those first device users? We do that now through three key categories. One, we need to, and we are unlocking the potential of our direct-to-consumer business, our sales through Airthings.com, directly from us. We need to, and we are building on the historical success that we've had with our, with Amazon and together with our fantastic Amazon team. And we're adding some discipline, and we've added some discipline to our go-to-market strategy when it comes to retail distribution on a global scale. And I'll touch on all of this now in the following slides, but if you look a little bit, what has been talked about from Geir's intro, also in even in regards to 3.0, and what I touched on, showing our revenue growth across the last few years. There are some key learnings that really shaped how we have now ended up at the strategy where we go digital first, and then we go with some selected key retail partners that we value, that we go deeper with, to really plow new grounds, as I like to say, really develop this category going forward. Of all our channels, Airthings.com has historically been the ones that has the best and superior unit economics versus the others. But we've been focused in other areas internally and not given that channel the focus it deserves. Number two, Amazon has been very successful for us, and we see an incredible opportunity to keep building on that partnership, building this new category of indoor air quality monitoring going forward. And number three, we're honest here, and we can say that, yes, we did go through too broad in regards to our retail distribution. That hunger for world domination and retail distribution, we got a bit too wild. We've tightened that ship up to really focus on some selected key partners and then cutting some of the long tail to put knowledge in the bank, so that we, at some point of building these key partnerships, can take that knowledge, understanding in the bank and ramp up at a potential later stage when we feel ready for it. But okay, I'll now just repeat for the audience. We got sales through Airthings.com, we got our Amazon business, and then how we're adding discipline to our retail distribution. That's what I will be touching on over across the next few slides. We're seeing some early signs of traction from our Airthings.com business. Sales through Airthings.com. Early in 2023, we established an internal task force, a designated group of people, really focused on understanding who our customers are, what they like, what they don't like, how they convert, to really help how we sell more of that first device to our users. That's led by David, who's here in the audience today, and it's really built on a methodology of multivariate testing. So A/B testing, testing what works, what doesn't, testing up against each other, iterating, improving, and trucking on moving forward. That's a cross-functional team that works together with our sales through A irthings.com, but also utilizing that really hands-on knowledge on how we expand further through our Amazon channel as well. Being digital first. We're seeing some early signs of traction, and again, it's not Christmas Eve tomorrow, as I like to say, but we're seeing some fantastic results, and we're gonna keep adding to that fuel of machinery. We see 110% growth year to date on Airthings.com. We're seeing 20% reduction in customer acquisition costs, and we see 85% increase in conversion rates, and there's 35% increase in organic traffic. Also, because we've optimized and we're optimizing the system, it sounds fancy, but it's essentially, to some extent, is quite fancy as well, but our website and how our customer purchasing journey really is and how it's tailored together to ensure that it's easy and feels good to buy a product from us. If you look at our historical Amazon success, it's a cool story. It's massive credit to the team that we have internally have in-depth knowledge, both from having worked at Amazon, but also been working within our Airthings business together with Amazon for a long period of time, really led by Julius, also here in the audience today. Historically, we've seen that representing roughly around 55% of our consumer revenues. We have high customer ratings of our products, as I touched on earlier. We have low customer acquisition costs, and we are number one within our category together at Amazon. That gives us some opportunities. We've been running some internal analysis, really seeing a direct link between what we spend on our Amazon channel versus what we get through in direct sales right away. Historically, we've been a bit modest in regards how we set that Amazon channel up for success and how much we spend. That's an opportunity for us. In addition, as a result of being number one within our category and plowing new grounds and developing and, and maturing this market, we are also in a position where we work tightly together with Amazon, because you have to remember that Amazon, to some extent, becomes almost a search engine for consumer electronic purchases in North America. It's not just a sales channel, but it's actually a place where most consumers buying a, a consumer device actually goes to, to check whether is this something that is good enough that I should buy. We're really working together with Amazon to develop this category going forward. You all know the high velocity events, as we call them, like the Prime Days, Black Friday, et cetera. Those are set in the calendar every year. We're now also in a position where we actually develop new events. As an example, now coming up is the Radon Awareness Month in North America, teaming up with Amazon, where we go together, of course, put our product on the forefront, but educating North America on the importance of radon monitoring, the consequence of lung cancer, et cetera, and we can do that together. In addition, there are a lot of other opportunities: sustainability, positioning, our health and wellness messaging, upsell of multi-room, et cetera. There are a lot of things that we can do together with Amazon to build this also going forward. Going back to what Geir started with, essentially just scratch the surface when you think of all the millions of homes that exist in Europe and North America. Then let's turn to retail. I mentioned that we went a bit too broad, too quickly. And what we saw in the light of 2022, that really forced us to rethink some of our strategic focus and our go-to-market strategy, was that roughly 5% of our key retailers attributed the most of our retail revenues. That meant we also saw that a lot of the long tail of retailers stole a lot of administrative focus internally and sales focus from our team. That didn't make a lot of sense. So we cut it. We're cutting it, and we're focusing on going deeper with selected partners to do that better. But what's really important, going with those is an ability for us to put knowledge in the bank, explore also on the methodology of multivariate testing, A/B testing, checking out what's working, what's not working, up against each other, improve, put that knowledge in the bank so we can store it, and one day when we're ready, we can ramp that mindset or that distribution, back up again. So I touched on our changes and refocus and tightening up our go-to-market strategy. I also want to now touch on our product, product focus. How our product focus is really designed to both ensure that we sell more, number one, devices, and two, it's really a part of building value for the consumers when you, when you get that device. So you want to see the value of getting more devices, and by that, building our customer lifetime value. We do that through three key focuses. We need to enhance the customer experience. There's no doubt. And as we've seen early traction for people wanting to buy more of our devices, we need to, and we are enhancing this value proposition of multi-room monitoring, whole home monitoring, measuring with more of our technology within a home. And then throughout that, we need to assure that we build a 360-degree customer journey that is really designed to take real people in their hands throughout their lifetime, make this understandable, so that they can provide a healthy and good upbringing for themselves and their loved ones in their homes. We're building a true hardware-enabled company, a true hardware-enabled software company. Earlier this year, we launched our new application, our app on the phones of people. And we're humble to say that some of our offerings in the app today, they might be a bit basic, and there are some elements that we're missing that could be seen as quite basic. But it's the essential key vehicle of what we are gonna be building on for the future to enhance the software experience. Today, we have notifications on, and detailed historical graphs, and also using third-party data to notify and build extra value for consumers. And we just recently launched, what I will be touching on a little bit, the ability of, for you as a consumer, to set a focus per room so that you can, in regards to what you care about, like asthma, allergies, et cetera, so that we can give you context and understanding of what the air quality has means in relation to that, the focus that you set. But our ambition, as Millie talked about in her presentation, was this is designed and will be your air coach, making it super tailored, tailored customer journeys, personalized insights. You can think of examples like gamification, comparing your home to others in your neighborhood, nationally, larger scale, et cetera. There are a lot of things that we can do. Our partnership with now building, you know, together with Matter, home automation, that will also be able to enhance energy efficiency and getting contacted by Airthings approved professionals that can come and actually do physical work on your, your property. There are many things that we're building towards, and the app that we launched earlier this year is a key vehicle for what we're now building on. And we're super proud of having a key strategy of being that we want to launch added value for consumers in our app on a bimonthly basis. That's important to us, and that's what we strive for. Okay, multi-room monitoring. Our hardware is what is enabling our customer journeys. That's the starting point for our, our customers. And those are designed to be specific for rooms, building out your home. And you think, "Hmm, why? Do I need more?" Et cetera. And yes, because rooms, homes are different. There's radon in basements, different levels of home. There's typically high CO2 levels in a bedroom where you sleep, giving you poor sleep conditions. There are other elements, like lighting a fireplace here in Norway, of course, in northern parts of North America, there were mentioning of gas stoves. Homes are different. Rooms are different, but people are also very different, right? There's medical issues, asthma allergies, dry skin in the wintertime. We all know that with the body lotion sales in specifically here in Norway in the wintertime, there are a lot of different issues for people. And activities in rooms are different, right? Think of your kid in the gaming room, sitting there way too much, your kid's bedroom, your own bedroom, the living space. What is important for us going forward is to keep on adding value for our consumers when they buy that first device, so that they see the value of equipping their home with more of our devices. We can incorporate you know, third-party data into our solution that, again, is coupled. We are having third-party data into our solution today, coupled with our sensor technology, and you can use AI and also our data analyst team internally to really provide even more advanced and personalized insights, score levels of homes. There are many things, I mentioned Matter earlier, but this is a key focus for us, building more value for our consumers that have already bought that first device through building out multi-room monitoring. But let me take you on a, like, a real customer journey. This is Rachel and her daughter. Rachel is in her end of her 40s. They live in northern parts of California. Rachel owns a Fitbit. She cares a lot about her health, her well-being, and she cares a lot about her family's health and well-being. She cares about eating healthy foods and physical activity, and she cares about how she sleeps at night. Unfortunately, we've seen that wildfires have been spreading along, across the world for the last, unfortunately, 10 years at an increasing rate. And this is something that the Franklin family need to live with every single day during certain times of the year. What is really interesting when you look at the Franklin family is that when they went and bought our Airthings products, they did, as a lot of our users have done over the last nine months, they just didn't just buy one at first, they bought two right away. Our most sold bundle via our direct channel, Airthings.com, is the living room and bedroom bundle. Because they want to know more of the household, also from get-go. As I m entioned, we just launched focuses in our app that enables you to... A s a 1.0 version, that enables you to, to really put your problems in relation to, set focuses to your devices per room, in relation to problems that you're interested in, from everything from, like, asthma and allergies, so that we can give you context to what are the values that you're measuring actually meaning in regards to what you care about. Rachel, that we just talked about, she cares a lot about sleep. She knows that she struggles with sleep. She also knows that air quality is important for her sleep. With our sleep disruptors function, we're able to, when Rachel is eating her quite healthy breakfast, she can look at the sleep disruptor report, where we can provide context and insights to how she can improve the conditions for sleep throughout the night, going forward, so that we can ensure that she sleeps better, but also for the rest of her family. In addition, her husband, Robert, struggles a lot with grass pollen. We can give notifications on when that is due to happen in her local community in Northern California. Again, touching on wildfires, but also our internal data analytics team developed algorithms that really can tell you and give you insights on the risk of developing mold in your basement, among others. What is interesting, and to touch on the development of this market, is that historically, we definitely saw that measuring indoor air quality has been for the early adopter, for the innovator, for the techies, right? And as we see that there are new audiences coming in, and Rachel and her family coming into our user base, actually through wildfires, sleep, comfort, comfort issues at home. We're also in a fantastic opportunity to actually educate on more topics within her and their home, specifically here on radon, obviously, with the thought of her being a prime customer to buy one of our radon monitors for the lower levels of her home. So to sum it up, for our consumer business, I've now touched on the two key elements here of adjusting our go-to-market strategy and how we're setting up our product focus roadmap to support both acquisition of new customers and building lifetime value over time. And how the learnings of 2022 forced us to take some specific actions and step to tighten the ship up, set our business up for success for the long run by adding discipline to our go-to-market strategy. So with that, I'll hand it over, back over to Øyvind. And your microphone is working. Thank you, Anders. That was a delightful presentation of consumer. And I'm gonna talk more about Airthings for Business, and how we changed our go-to-market focus. And also how we're creating much more sticky and enhanced software experiences to secure long-term value and secure long-term growth, and also sell more to every customer. Airthings for Business has grown remarkably since the inception in 2019. Today, we have 100,000 devices installed in more than 7,000 buildings around the world. You see the revenue fluctuates a lot. There's an underlying growth, but what we're seeing is that there's fluctuations in the revenue because we have few deals with very high value, and that causes these type of fluctuations. So you will continue to see that, but it's very also important to see the underlying growth of what we're doing. Earlier this year, we refined our go-to-market strategy as part of Airthings 3.0, and we're emphasizing now much more on the end demand and directly engaging with end clients rather than building a broad partner network that we used to do. The strategic shift contributed also a bit to a softer revenue in the first half of this year, as we had to flush out some of those inventories that were sitting at partners. But we are seeing that the business is turning, and, excluding that, those major deals, like what we also see now in the third quarter, we see that the underlying business of Airthings for Business is growing now by, by more than 30% for the third quarter of this year. So, the focus we have at, with the Airthings for Business is really to secure end clients, predominantly in North America and Europe. And we also built a robust partner network, including noticeable companies like Lindab, Carrier, Planon, et cetera. And in alignment with our refined strategy, we streamlined our partner base and concentrating our efforts on those that really perform. So we had a much broader partner network. We are really taking it down, removing partners, and really going deeper with fewer ones, and also focusing our sales commercial resources more on the end clients. So we have a massive market opportunity with Airthings for Business, and what we are focusing on are clients that are managing portfolios of buildings, not single buildings. With Airthings, transforming existing buildings into smarter, more sustainable spaces becomes a reality. Our solutions addresses a core challenge that we see all around the world, obtaining accurate data and insights across a building portfolio. Our battery-operated sensors are effortless to install, no need of any cabling, and it's very truly a plug-and-play experience. Once installed, you get access to a very insightful dashboard experience, which empowers you to regulate the building's heating, ventilation, and cooling, and offers a comprehensive overview of all your facilities. Occupancy patterns, you can see where in the building are there people, where are they not? When do people come, and do they leave? We see ventilation insights. Where do you over-ventilate? Where do you under-ventilate? We also have the Energy Toolkit, which tells you what energy leakage you have in the building and what you can do to fix those problems. We have also health and safety concerns and productivity concerns that were being taken care of by our, our solution. Let's step into the shoes of a facility manager for a little moment. They're juggling between numerous of buildings, and the different buildings are bustling with energy, with activity, and filled with people, and some buildings without any people. They're bogged down by manual tasks and tedious responsibilities. Facility teams operate many buildings and typically buildings from different time periods, and some of these buildings have a building management system, where they might be able to read some local data, but many others don't have any system at all. So that's where Airthings really steps in. Our mission is to revolutionize the way facility management teams operate. We want to inject efficiency, intelligence, and even a lot more fun into their jobs. We want to move... Let them move from reactive, being reactive at job, waiting for complaints, to actually being proactive. And shift from timer-based operations of the heating and ventilation of your building to actually do demand-based control of your building. And this can also cause significant energy savings, and we help the facility management teams to save energy and reduce a lot of the energy consumption. Typically, they say 20%-40% of energy savings utilizing Airthings in buildings. So we're specifically targeting clients in Europe and North America who own or manage a building portfolio. These are typically enterprise customers, municipalities, school districts, and building owners. Despite these differences in the operational scope of these type of customers, the facility management teams have exactly the same problem. They miss meaningful data, no consistent overview of their buildings, and have largely a very reactive approach to their job. So even though we're a facility team for an enterprise customer or for a school district, we have the exact same problems, and that's really what we are focusing on, helping these type of people. So we are working with some of the largest enterprise customers in the U.S. and also in Europe, and unfortunately, we cannot tell the names of these companies. We are working with numerous universities, school districts, and municipalities across Europe and the U.S., and we're also working with many building owners that want to utilize our systems to run their buildings smarter and more sustainable. I'll show a few examples just so you can see how Airthings is being used in these type of cases. So we were awarded a contract of more than $7 million. So we did it first last year, it started, and then we got reorders this year from the same type of a customer. It's a global enterprise customer, and they're utilizing Airthings really to ensure a healthy environment for the people, so we can also help get people back to the office post-COVID, and they're utilizing it to get a full overview of all their buildings around the world with consistent data and ensure health, wellness, and productivity, proactive facility management, and to operate their buildings more sustainable. We are really helping big enterprises to meet their sustainability targets. Another example is Allianz. They utilize Airthings in several buildings, and the key value that they're talking about is really about health and productive environments for their occupants and visitors. It's energy efficient operations, it's building automation, so they actually control the HVAC of their buildings through our IoT data, and they also obtain building certification to increase the value of their assets. They can turn up the rent a little bit. Hamar Municipality in Norway, they utilize also Airthings in all their buildings, really to get consistent data from all their buildings so that the facility management teams can operate the building smarter and more efficient. And with data from Airthings, they say they saved about 2 GWh of energy from 2021 to 2022, and they see further improvements also in 2023. One other case is Partner Vest, based in Bergen. They installed a lot of Airthings devices in buildings in Norway, really focusing on Norway. And they, what they do is to move buildings from timer-based control of the HVAC system to demand-based. And with this, they see enormous reduction of energy, and they already saved several gigawatt hours of energy with Airthings over the last year, and they say they've just scratched the surface of what they can do with Airthings only in Norway. So we really help our customers with their net zero transition plans, and that's part of the really what we're focusing on with Airthings. So what is the transition we're doing in Airthings for Business with Airthings 3.0? It's really about a revamped go-to-market model, and it's about increasing the customer lifetime value with the number of customers and with better and more sticky solutions, and especially also the software solutions. So for the go-to-market model, we are focusing our efforts on working directly with end clients. In the past, we've worked much more with partners, and we're driving partners. So now we focus on fewer partners, and we take our commercial teams to work directly with the end clients, and then rather bring the appropriate partner in there, if needed. And we also have limited our geographical focus. We have learned a lot from what we have been doing over the last year since inception in 2019. We went way too broad, way too fast, and are really tightening the ship, as Anders says. So for our new disciplined go-to-market model, we are spending most of the time from our commercial resources with the end clients rather than partners. We are the best ones to convey our value proposition to our customers, and working with fewer partners, we can also help them understand the value proposition of selling Airthings. And we're really focusing on U.S. and Europe. We also went way too broad, too fast, in other geographies, and we had pulled that back and are really focusing our capacity across few regions. Historically, we had a partner-only model, where our commercial resources dedicated most of their time hunting new partners. What we see now is very few of those partners that really actually performed over time. So we are shifting the focus of our sales team to work directly with the end clients, which also put us closer in dialogue with these customers and make us improve our product roadmaps accordingly. So we scaled down the number of partners dramatically, and we see even in 2022, top 20 of our partners had stand for more than 70% of the total revenue. So now, moving forward, we are really focusing on those partners that add real value or reach for Airthings. And then we have implemented automated processes to handle the long tail of the business, and that's something we're continuing to improve on. We are also reduced our geographical focus to North America and Europe. We are only scratching the surface of what's possible in these areas. And we have some partners that sell our products in other areas of the world, but our focus is really on North America and Europe. So that was more on the go-to-market model. Now I'll talk a bit on the product focus and what we're changing with our products, also to support the Airthings 3.0. We are really focusing a lot more on making facility management more effective and on reducing energy consumption in buildings. And we're also working on getting to tiered subscription. Today, we have only, like, one flat subscription fee. In the future, there's gonna be tiered subscription based on what type of solutions you are looking for. So Airthings for Business product strategy is focused on these fronts. It's really about optimizing HVAC systems to reduce energy waste. It's about taking care of the air quality of the building and the wellness and productivity of the people in the building. And it's about transforming facility management to be a lot smarter and more proactive, with actionable insights and a full overview of your building portfolio. And we see that facility management teams, they wanna optimize for all these three, and that's really what we are striving to help them with. So on the energy consumption, we have today Energy Toolkit version one. We are working towards Energy Toolkit version two, with big improvements. We're gonna include energy tracking, more energy insights, and also improved the way we present data. We are adding machine learning and AI to make the solution smarter and more precise for our users. We are also doing third-party integrations like we are doing with Lindab, and we are enhancing that for our customers so we can really scale as a company in these areas. We are developing valuable features based on advanced analytics in the cloud. We share this data both in our dashboard solution and also through our APIs. We have virtual sensors like occupancy, mold risk, virus risk, and we're coming with ventilation rate, we're coming with ventilation schedule, and we're also improving and coming with a new API. When we look at our competitors, Airthings is standing out when it comes to advanced software features, and we are creating solutions that are very compelling and sticky. As I said earlier, facility management teams, they're juggling between numerous buildings and typically buildings from different times with various systems or no systems at all. There are no consistent data from their buildings, and our mission is to revolutionize the way facility management teams operate and make it data-driven. We want to inject efficiency, intelligence, and more fun into the job of being a facility manager. We are working closely with facility management teams, with companies around the world, and with them, we learn, and we adjust, and we create even better solutions. We see one key area that's very important is to create also, go more towards automated work orders. The early adopters like to look at graphs and look at all the data, while most, the broad range of facility managers, they just wanna know what to do. So we are utilizing AI to generate work orders. That's something we're working towards to release in the future. We're also working on enhanced reports and insights, and provide much more analytics of our data to provide much more actionable insights and not just a lot of data. So, some concluding thoughts about Airthings for Business. It's an early business. We've grown quickly. We learned a lot over the last few years. We are certainly focusing our commercial resources and the go-to-market model, and also working with the right end clients. Well, before, we went much broader. We are enhancing our products, make them more compelling and much more sticky, and we are revolutionizing the way facility teams operate and make it data-driven. So we do all this to get more and win more customer, and also increase the lifetime value per customer. We have only scratched the surface of the potential of Airthings for Business, and we're really looking forward to show results over the coming quarters. Thanks for that, and now I'll set it over to our Chief Operating Officer, Audhild. Profitable, we have to have cost discipline in the way we operate, and that means always looking for ways to do things more efficiently and reducing costs, without compromising the quality of the products we provide and the services that we offer to our customers. So when we talk about our operating model, we basically have four elements to it. So on the internal side, we have everything it takes to run a business. So that would be, you know, the people we have employed in our company and the systems we use internally in order to run our business. And that could be, as an example, not entirely scalable with the activities that we have or with the number of customers we have. If you have 20,000 customers or 2 million, you need a finance team and you need an ERP system. It might cost you a bit more if you have more activities, but it's not gonna cost you a hundred times more. So on the internal side, we've been working at system rationalization, making sure we had good contracts, and we don't have duplicate system across the way we work. And we have also looked at places where we can reduce capacity for shorter or longer periods of time. When it comes to the external side of our operating model, it's about how we provide products to our customers. So, that could be the hardware that we put in our customer hands. It's the software that we run to, you know, show the data and make sure our customers can do something about the air. And it's also developing new products and features. The last part, I won't touch much on today, 'cause you've heard about it, both in the way Øyvind presented and Anders, that we are focusing much more of our product development capabilities around clear use cases and more on the software value side. So today, I'm gonna talk most about the variable cost aspects of serving our customers, and that consists of basically four parts. First of all, we have to manufacture the hardware that we provide to our customers. Next, we have to sell it and distribute it so that they actually get it and have it in their hands. Third, we provide software that enables them to get the insights from that data. And finally, if you have an issue with your device or with your app, or if you don't understand what to do about your air, you can contact our customer support. So all those four elements are really important for us that are efficient, because we know that every time we make a sale, we will incur those costs. So unless we can get them at a healthy level, we won't have a scalable business. So that has been really our core focus. And the first point in this, the product manufacturing, is a major part of that. And I am not gonna talk a lot about that today for two reasons. The first is you've seen our quarterly presentations, that we've been working a lot on our inventory, days of inventory, in the last year. So our main focus with our suppliers has been to reduce incoming inventory, and that doesn't put you in a position where you can negotiate down prices because of volume, as an example. So we've used all our power to reduce the incoming inventory, and we've been fairly successful with that in many cases. And the second point is that we have a lot of inventory that's already been produced at a certain price. So we can do changes to our hardware and our components in order to reduce the cost of it, but when we already have that in our inventory, it's too late. So we've had limited room to improve the cost of build. Having said that, every time we talk about new products, Anders and I, he always goes: "Can you make it cheaper?" So we have that as a focus when we are doing development of new products, and also when we get to a situation where we will produce more again, we will also work harder on reducing the cost from our suppliers. So turning to the other three elements, we have a set of critical initiatives that we've put in place in order to control our variable costs, which will help us increase the customer lifetime value. First of all, we are working to optimize and automate our logistics distribution, so the distribution of the physical products that we have. Second, Øyvind already alluded a little bit to our partner portfolio in Airthings for Business being too broad, so we are looking at more no-touch ways of serving that long tail of partners and end customers. Third, one of the big cost elements in, kind of the use phase of our product is our cloud costs. So, we have a lot of data. We run computation, we have a machine learning algorithm several times a day, and we have to be efficient around how we do that in order to control the costs of our cloud. And then finally, as many other companies, I would guess, we are looking at different AI tools and ways to, make our internal, processes more efficient. So first talking about logistics. It's been said several times today, I think, that we had the really high growth up until the end of 2021, and combined with the situation we had during COVID, where there was a component shortage, everything we did was about actually getting products distributed, because it was so hard to just get those products out that it was about doing it as fast as possible, and fast often means that, okay, we have a new use case, that type of customer, well, we add on a partner who's specialized in that. It resulted in a little bit of a patchwork logistics setup, I would say. When things started to kind of flatten out, we saw that we had to address three main issues about our logistics chain. First of all, we had too many partners helping us distribute our products. Too many partners, yes, you have some flexibility, and you can have specialized skills in terms of what you need, but we're not a huge company in terms of volume of distribution, and if you even spread that out across many different partners, you won't have the benefit of scale in what you're doing. Second, all our products were taken to our warehouse in Oslo, often by air, from our production partners. One of the main cost elements in distribution is each transportation leg. Air is also not the cheapest way or the most sustainable way to transport things. So as an example, if we were serving an Airthings for Business customer in Europe, it would fly into Oslo and then be transported to Sweden, and then back to Europe again in order to get into the EU in a good way. And three transportation legs is quite expensive. So we did have a sub-optimal flow of goods, which led to both cost issues, but also issues with VAT and packaging for different purposes, et cetera. And then finally, when you do things very fast, you do it in any way that you can, and often that way is manual. So we didn't take the time to integrate our internal systems properly, or to integrate with our 3PL partners in an automated way. So every single order that went through our system was manually handled by our operations team, which is not the scalable way to do business. So what we are doing now to address this is basically we are looking at our 3PL partners, trying to consolidate that, finding out what are the few right partners for us in order to distribute our products, and taking our time to negotiate proper contracts with them, where we have both a scalable pricing - that means you're not doing one-to-one when you're scaling - but also that we have a flexibility, because we don't always know where our large volume will come. So we have to have possibilities to scale up and down along the way in a good and sustainable and cost-efficient way. Second is that we built a model, a PSI model, we call it, around production, sales, and inventory, which gives us a lot more visibility when sales doesn't come in as it should, so either higher or lower. We can faster make changes and see, okay, this is what we need to focus on now, and this is how we should distribute it. And that model helps us react quickly in terms of how we have our goods flow through our system. And we are also... Through that analysis, we've also seen that we need to establish a warehouse in the EU, and we are also considering changing the location of our warehouse in the U.S. because of where our goods in the U.S. are distributed. Finally, we are taking the time to integrate our systems internally so that we can have an automatic flow of orders. Also, with the partners that we are selecting, we will have an integration so that we can have an automated order fulfillment process, and our operations team can spend their time on deviations and maybe hand-holding a few large orders that are super important or urgent, but the rest should just flow through the system without anyone actually touching them. Second, Øyvind talked about the long tail of our partners and customers in Airthings for Business. And Airthings for Business is more complex to handle from a sales perspective or an order fulfillment perspective, because we sell subscriptions. So our customers, when they buy the hardware, they buy a subscription for either one, three, or five years, and when that expires, they have to renew it. And that is a different process than just taking, you know, paid for, or getting paid for hardware and shipping it out. So up until now, every single sale and renewal in Airthings for Business have been going manually through a salesperson or a customer service person. And we want those people to focus on the customers and not on administrating. Hunting customers, selling our products, and also providing the best service that they can instead of manually punching orders, basically. So we have just launched a self-service subscription module for our partners, where they can create customer accounts, they can purchase subscriptions, and they can reconcile, you know, how many active devices does my end customer have, versus how many subscription seats do they have, and they can adjust them as well. That's already been implemented, and we are working on doing the same for direct customers of us. The important thing that this also enables us to do is to implement a downgrade functionality for our services. So if you don't pay, you get downgraded to just the current values or something that we define, 'cause that has not been something we have implemented or we have done on a regular basis, because it is so difficult to reconcile if you don't have a system that gives you the transparency to know if a customer is actually paying for what they are using. When we have that in place, we can actually have a healthy view on our portfolio, and so can our partners and our customers. Third, I talked about the large amount of data that we have and our cloud cost, and for the last little bit over a year, we've been working very hard on keeping the cloud cost in control, because you can see that it was going up quite a lot. I will not go into the details of how we're doing it. You can see some examples here. But what I'm very happy about is that we have some awesome software developers who actually understand how this works and who can help us both create the transparency to the teams on what the cost level for the services they are developing and using what it is and how they can improve it. We have consciously taken some time from product development to actually work on cost optimization in the cloud, and we've had great results that I'm very proud of so far. We have -37% in costs per device on our cloud this year even if we've launched a space utilization feature, which runs several times a day with a you know lot of heavy algorithms. So I think that's an awesome work that we have been doing, and we still know areas where we can get better, and we are working on implementing that. Then finally, we have been using machine learning and AI in our products for quite some time, actually. But this last year, we've also been trying to do it internally in the way that we work. So that could be in product management, content creation, market research, et cetera, like many other companies, I would guess. And some tools we test and we see, okay, that doesn't work for us, whereas others we have tested and seen, okay, we can actually get 20% or 50% efficiency from our teams in doing this. Some notable examples are Notion for project management and Surfer SEO for SEO optimization. This funny little picture here is our first test on actually taking a large language model and adding our knowledge library into it and seeing if you ask a question as a customer, can you get a good answer back? The answer was fairly good, but not good enough yet that it's something that we have launched. But this is something we're looking at as well, 'cause we have a lot of content and we have a knowledge library, but it's hard for a customer to go through an FAQ and look in the web, and where can I find information about this? So if they can rather ask that question and get a good answer back, that is something we would love to provide our customers with. So to conclude, cost discipline. Yay! Everyone loves that. I love that actually, which is maybe why I got hired. You do? Yeah. But I do think it, it is really important to have an efficient operating model, because when you have a cost-efficient operating model, most of the time you actually have a very good operating model that serves your customer as well, as well. That does coincide. And we are improving our cost efficiency through our main initiatives here, a better logistics setup, lower cost in the in selling and maintaining our products, and lower cost in our internal processes. And with that, I will hand it over to our CFO, Jeremy, for some concluding thoughts. Yes. Hi, Jeremy, CFO at Airthings. I'm going to try to wrap up everything and bring it all sort of together, everything you've heard today. But before I do that, I wanna begin with this slide, where we're gonna move away from long-term goals. So if we look at what we've done historically in Airthings, when Airthings was listed on the Euronext and originally came out on the stock exchange, we communicated a $100 million target in revenues in 2024. We reiterated that goal at the capital market update in 2021. We've also stated some other longer-term goals, like that we expected to be profitable on an EBITDA basis in the second half of this year. Ultimately, what has been the result of this? We've eroded our credibility. We haven't been able to meet these goals we've set for ourselves, and we've lost some credibility with the market. So what are we gonna be doing forward? Just to be clear, we're gonna stop giving these sort of long-term goals. What we're gonna do going forward is to continue to be transparent about what the successes we're seeing, we've heard about some of that today, but also our challenges. Over the last year, year and a half, we've been very clear about the challenges we've had in terms of working capital. We're gonna continue to be transparent about that. We're also gonna demonstrate our ability to follow the refined strategy that we've outlined here today by giving you examples on the quarterly updates of initiatives that we've completed that are in line with this strategy and financial results that are in line with it. Of course, we're gonna continue to provide revenue and ARR projections for the coming quarter and come within the guidance window with the aim of establishing trust in the market and also with a focus on long-term value creation. Let's recap what we've discussed today. I'll try to do it very quickly because I think everybody did a very good job of doing it. We had Millie talking about the marketing activities that are gonna support our go-to-market approach. You know, we heard about how we're gonna be incorporating the emotional and aspirational appeal in our brand to really elevate our demand generation, how we're gonna ensure that our physical products are giving that quality feeling throughout the entire customer journey, because first impressions do matter. You know, that first experience when you get the product, if you've ordered on Airthings.com and you unbox that, that leaves a lasting impression in your mind for the rest of your product experience. We've talked about how we'll focus our PR activities and improving our performance marketing. In terms of Airthings for Consumer, we heard with quite a bit of passion from Anders, how we're bringing discipline and focus to our go-to-market activities, how there's significant untapped potential on Airthings.com, how there's also significant untapped potential on Amazon, even though we've had strong historical success there. And that with retail, by going rather deeper than broader, we can unlock success there, and we've seen success with that with the expansion of our product portfolio in Home Depot over the course of this year. We've also heard about how we're gonna increase customer lifetime value by strengthening the software offering in consumer and enabling the sale of the second, third, fourth, ideally fifth device to the consumers, and ideally also through Airthings.com, where we have the most superior unit economics. In Airthings for Business, we've heard a similar story about discipline and focus in terms of our partners, in terms of our geographies, and also by having the approach of going more to the end user and using that to be able to inform our product development. On the topic of product development, we've also heard about how we're gonna strengthen the value proposition. We're already addressing the pressing issues and concerns of our key end users in Airthings for Business. By building that offering out even further, it will enable an increase in our customer value through multi-tiered subscriptions, lower churn, et cetera, et cetera. In operations, Audhild did a great job of presenting, and I think sort of educating about the significant variable costs we have as a company, and showing how we're systematically going to work and in a prioritized way on driving down those costs, which, you know, warms my heart because I love optimizing variable costs. And that ultimately increases the customer lifetime value. Now, for every percentage we can save on freight, that's more we have in our pocket at the end of the day. For everything we can do on cloud, that's better margins on our software offerings. All of that adds up at the end of the day. I think you've already gotten the impression of this over the course of these presentations, but just to sort of drive the point home, this is a very coordinated effort across the organization, right? It isn't four departments running their own agendas. It's four departments that are working in tandem to bring Airthings from where it is today to where it is in the future. And I'll talk about that, but there's significant synergies here between Airthings for Consumer. You know, we have thousands and thousands of consumers using our application in Consumer. Their user experience informs the dashboard and the software on the Airthings for Business to provide a smooth and seamless experience for our business users and vice versa. The learnings we're taking from saving energy in buildings can inform the integration with Matter and the automation of homes to drive down energy consumption in homes. Being closer to our end users through Airthings.com, and by going and talking to our end users in Airthings for Business, informs our marketing activities, right? It knows what messaging is working with them, and all of that works together. And then operation is prioritizing the largest variable costs of our business units to make the overall company more efficient. So as I said, you know, right now, Airthings today, we're small scale and we have weak negative profitability. For us to reach our long-term ambitions, and we do... I said we're not gonna provide long-term goals externally, right? But don't let that fool you. We have large internal ambitions, and growth, aspirations, of course. But to reach where we wanna be, which is large-scale and strong profitability, it really requires movement along both of these axes. One, moving along one of these isn't enough. If we move along this, we become large scale, but we're still gonna be weak profitability. If we move along that, we're small scale, but with good profitability. But at the end of the day, we wanna be both large scale and strong profitability. And just, you know, this is a nice figure for us internally, how we're thinking about it. It's also convenient for communicating it, but these aren't very traditional financial metrics. You're not gonna find a P&L where it stands, number of customers and customer lifetime value. So what, how does this translate into the traditional financial metrics? It means a growth in revenues. It means an expansion of our gross profit margins as we see more and more growth on Airthings.com, as we see more and more subscription revenues through Airthings for Business, and it means OpEx that isn't growing one-to-one with revenues. And altogether, that means positive and expanding EBIT and EBITDA margins. Of course, I'm just gonna put this in. We're not gonna lose focus. We haven't discussed that much in the capital market update. We discuss it often in our quarterly presentations. Doesn't mean we're losing any focus on our working capital situation. We've seen positive movement. We had an all-time high of 472 days of inventory at the end of last year. We've broadened that down to 392. This remains a key focus area. It's, you know, it's taking time to turn the ship. The analogy I often use is you've sort of sent a tanker ship out to sea. It takes time to turn it, but it's moving in the right direction. We've seen consistently inventory levels, both in terms of days of inventory and in nominal values, go down, and it is a source of capital going forward. So as we free up cash in our working capital, this can be invested into these initiatives that we've discussed today. And finally, to reiterate what Øyvind mentioned, we are seeing... You know, it's early days with Airthings 3.0. This really got launched at the start of the second quarter, but we are seeing early results. You know, there hasn't been a sacrifice. We've seen growth in revenues. If we look at the second quarter and third quarter of last year compared to the second quarter and third quarter of this year, we've seen growth of revenues, and that's despite cutting down our retail footprint, as Anders was talking about. And that's despite more discipline in our geographical focus, for example, in Airthings for Business. We've seen an improved gross profit margin. We've seen a reduction in OpEx, and yes, some of that reduction is supported by a weaker Norwegian kroner to the U.S. dollar, of course, but it's also coming despite significant inflationary pressures in terms of wages, prices, and here in Norway, increases on payroll taxes, because a lot of our employees qualify for those increased payroll taxes, and we do see that we are coming closer to profitability. With that, we are finished. Yes. Do we have a mic so we can? No? There's-- It's coming. Thank you. Is it working? Yeah. Yes. Cool. Yes, Christoffer here from DNB Markets. So a couple of questions. I know you said you didn't really want to give any long-term guidance, and that's fine. But without kind of quantifying it, maybe give us some view on kind of how you're seeing us in the, kind of where in the cycle we are. With the guidance you gave for Q4, it seems it's not that bad. So does that mean that we're kind of from next year, we'll see typical seasonality and then back to normal and just like... How are you thinking about that? And then my second question is more as a user as well. I have a lot of these devices in my home, and believe it or not, I kind of look more on the Airthings app than I spend any time on Instagram. So I think it's, I think I'm well into it, and I'm a big ambassador, but kind of what I'm missing, and I've told you this before, is it kind of feels it tells me when I have a problem, but it doesn't really help me solve it. You know, oh, CO2, too much CO2 is not good. Sure, but what can I do? So like, for instance, in my house, we have this, you know, ventilation system, and I'm not expecting you to become an HVAC company, but what can we expect in the time frame in terms of all these integrations that you're talking about on the business side for the consumer space? You know, it would be, I guess, simple for, for the system to automatically increase its flow through of air and oxygen at night, for instance, when we are two people in the bedroom, stuff like that. So any plans there to kind of help customers and especially consumers, solve problems rather than just telling them that they have problems? I guess that's my two questions to start with. Thanks for some good questions, Christoffer. On the first part, on the growth, so, yeah, we cannot say like... It's hard to read the world a bit now. And of course, we are a small fish in a big pond, so there's a lot of opportunity to grow. But we also see that, like in Airthings for Business, the decision-making processes, it's taking time. A lot of companies are cautious. We see, we have a strong pipeline, it's always difficult to say when will they actually make the decision to buy. Even though we have positive ROI, like our customers typically have positive ROI, quite maybe a year or two after they bought Airthings into all their buildings. Right now, many companies are struggling with other problems and prioritizing that. So yes, we have a lot of opportunity to grow. We have very high ambitions for growth over the coming year, but it's hard for us to put numbers on that. So, we're doing it step by step, taking things in the right direction, and the growth will come and exactly when it's hard to say. And we see the same in consumer and in Airthings for business. I don't know, Jeremy? No. No. And the second part, I think, Anders- Can I have the mic? should talk about. Because my mic didn't work. But yeah, I think, first of all, it's awesome to hear that you're a super user of our products. And definitely, right? We see the same things. And we have a very exciting product roadmap for the future that we can't comment on here as of right now. But parts of what I showed here today, right? It's about the things that you're mentioning, how we are hopefully we can take you in the hand of providing healthy and happy upbringing for you, yourself, and your loved ones, but also providing you with specific insights, right, on how to actually improve and fix your problems. Those are natural next steps. And I had here on the graph, like, you know, Airthings approved professionals. That's kind of a, you know, couple of steps in regards to actually bringing someone in the door, but there are several steps that you can start with and then build on going forward. So yes, we're honest in the sense that, you know, our application that we built now is in the starting phase of what it is. But it's... I hope that you've seen both through Audhild's presentation and also through mine, that building software value for consumers and real value for consumers is the key part of our product focus strategy. Two, make sure that you keep on equipping your homes with Airthings, Airthings products in also other locations. Quick follow-up. Yes. I'll also just say on that, that the new app that we built is also built in a way, it's a foundational app, where it's gonna be much easier to build features on top of it over time. So that's been a big investment for Airthings. Yeah, looking forward to updates. Just a quick follow-up on the strategy. I feel like a lot of people who are out pushing this to people and having them buy this product, it's. I think people find it rather expensive, and I kind of would love to hear your thoughts on how you think about the pricing strategy in terms of your analysis on where the pain point is. For instance, if you do take the gross margin down a bit in terms of offering lower prices, could sales double? You know, that kind of thing, because it's just about the pain point where I think for a lot of people, it sounds a bit too expensive. And then alternatively, if you have plans, I guess, for launching lower, you know, priced products, so you can have it further in more rooms, or just to get the foot in the door with some customers, because I think the current price level for a lot of people is a much of a big ask. I guess it's always a bit scary when an enthusiastic and passionate person is trying to ask some of these questions, 'cause I know, you know, certain things of what you're asking for, but... Maybe Jeremy, maybe you can touch on some of the, some of these things. What I can say is that, you know, we don't discuss our product roadmap in terms of hardware until, you know... We are a tech company. Of course, we're working on new hardware at any given time, but we don't discuss or give any specifics about the hardware that we're coming out with until it's ready to be launched to the market. To your point on the price elasticity question, you know, we, we've looked at it, and certainly we see where you're coming, and what I can say is that informs our product development roadmap going forward. Normal. Hmm. Normal pricing? Hmm. But that is also to say that we do have actually quite a wide portfolio that even serves lower price points on an entry-level perspective, specifically like the Wave Mini at $79. That is a quite attractive price point for mass markets as an entry level, right? To understand more, to start the customer journey. Our goal is not to lead on price, it's to lead on performance and on value, but that we can bring to our customers. We wanna be a high-value brand. Eirik. Thanks. Eirik from Carnegie. Kind of piggybacking on the last question there, also kind of on price, but find it interesting to see that more of the larger real household brands are kinda stepping into your space now. I guess it's positive from adoption perspective, building even more awareness. And it also sounds as if you're kind of targeting maybe a bit of a different customer group going forward than what you've done historically. And also sounds like you're kind of premiumizing the offering a bit on B2C. Just to be clear, have you done like a thorough due diligence in terms of what the key KPIs are for that customer group? You know, premium feel versus design versus price. Where are you on pricing versus these new entrants, and how do you think about that going forward as well? Yeah, I can say that the new entrants, you know, like the examples we brought up here, they're coming in very at the low end of the scale and the price with basic, features. They're not wrapping it with a software solution, right? So I think one of our sort of defensible moats is our software offering. And yes, it is sort of right now, you know, if we're honest with ourselves, it's a bit basic, but that's why we're gonna focus so much of our energy into building out that experience, because that is our... Well, a lot of our defensible moat. And then the more people we can get in, the more we can get them to adopt additional devices. And then I think this sort of piggybacks on on Bjørnsen's question, that, you know, we are cognizant of the price elasticity and the. And that does inform our product roadmap going forward. Can't say so much more on that specifically right now, but, you know, obviously, we want to offer our products at price points that are, where the perceived value is correct, the prices are matched with the perceived value of the, the offering we're gonna do. And what's great is that there's so much value we can add on to existing products today via the software, that we can increase that perceived value with the customers and, and even better justify the price points we have. And then also with future product launches, make sure that we cover the correct price points to somewhere the customer, you know, is willing to pay. Perfect. Thanks. Oh, Yeah, now it's working. And one on the business side as well. You know, given that you've done this kind of reshuffling on the business model, go-to-market strategy, operations, everything, have you considered kind of factoring in that macroclimate, maybe not as favorable on CapEx today as some time ago, to bundle kind of more of the total cost on Airthings for Business into the subscription part of the package? Or are you kinda content with the upfront CapEx versus subscription costs that you've run historically? Yeah. So now you're sort of thinking, like, hardware as a service, sort of a model. Sure. I mean, I think that's something, you know, we have discussions with end users and clients on. You know, it, it's a potential avenue to explore. It hasn't seemed like there's been a large appetite for it out there right now, but it certainly could be. The flip side of that, of course, is it then puts working capital requirements onto the company, and right now we also have challenging working capital situation. So, it certainly could be an avenue for us in the future. I'm not gonna exclude it, but it is - it does require putting some certain requirements on the working capital side of things. Also see that some of our partners offer that as a service. So when end clients want to that, we have partners that can actually provide that as a service. Perfect. Thanks. Thank you. Kristian from Arctic Securities. So my questions are a bit same as Christoffer's topic. So the first one, still struggling a bit with Airthings for Business, because it's a small market, and it seems like a higher customer acquisition cost. But then again, you're selling the same device, hardware device, as in consumer. And I totally get why the businesses are buying devices and saving energy cost. Heard customers with paybacks of two to three months last year, and that was with high energy prices, so kind of peak market environment for you. So just interesting hearing your thoughts on pricing strategy or anything to make me understand the Airthings for Business scale potential. So first, the products, they look the same, they are not the same, so across Consumer and Airthings for Business. So in Airthings for Business, we sell products that connect directly to the cloud with cellular connectivity through a Hub, and it's a different type of sensors inside the products, really targeting the office environment and commercial buildings. Then- Is that for all deals? Because I think in some of your press releases, you've been referring to products that you sell to consumers as well. So if you look now, all the products in the B2B side are called Space. So you have, for example, Space Pro. It looks very similar to a View Plus, but inside it's not the same. So it's built on the same platform, but it doesn't do exactly the same. And yes, energy prices was very high in Norway last year. Of course, that's a good selling point in Norway. We see in general that one thing is energy prices, but most of what we sell is actually the value. To bring people back to the office post-COVID has been one thing, and then what we see more and more is to enable facility managers being much more effective at their job. Because they have a building portfolio, a lot of buildings with no meaningful data that they can see from their buildings. So they use it, yeah, for energy, but also to optimize the operations of the buildings, optimize indoor environments in the buildings, and ensure the buildings are in compliance. So when you look and talk to the customers in Airthings for Business, it's not just about energy. It's, it's a full kind of digitizing the way they operate their buildings, which certainly there's a lot of value into that. So the market is very big. Just follow up on that. How should we think about the average sales price in business versus consumer? Yeah. So we have seen that the average deal size is increasing over time, and we see that our customers buy typically, like, more sensors per building. But it's very hard because some deals could be a kindergarten that wants to have a little bit overview and make sure that the kids breathe healthy air in the kindergartens. While on the other hand, there's a big enterprise customer that want this in all their buildings around the world. So there's not like a good average there from a kindergarten to a global enterprise customer. But what we see is that with the value we come with the software, they also want to do this in more buildings and also in more sensor per square feet. And then my second question, a bit back to kind of taking it to the investor side, and where we are in the cycle, etc., because pushback on the case among investors is that it's a niche product, a niche market, which is hard to kind of get a grasp on. There's low revenue visibility, and the company is currently loss-making. So that's kind of the equity story in the market. So could you try to formulate what you think is the equity story here? When will growth resume? Do you see the business scaling? How should we think about operating expenses once growth returns, etc.? Sure. I mean, I think we've laid that out in the presentation today, at least our opinion of the equity story, right? It's a company that has... That is addressing a serious issue. I think on the niche part, I would say, yes, it has been niche to this point, but the entry of other major players is validating the category in and of itself, and that is taking it from where it is now and going back to what Anders said, you know, sort of being in that early stages to now going into an expand phase. So I think we're seeing a maturation of the category that's gonna take it from niche into a more sort of mainstream, if you will. I think, you know, on the cost discipline, we, we've talked a lot now about how we're gonna be driving down the variable costs, and we're gonna be doing things efficiently. So I think we have laid out a case for how we are, our OpEx will not be growing 1-to-1 with our revenues, and it really doesn't require that much revenue growth for us to get back to profitability. So I think we have a, a great opportunity here with not that much top-line growth required. Really, if you look at, like, the historical performance of the company, for us to return to profitability, and that there is, by the actions of others, not just us saying ourselves, that this category, there's a reason for it existing. It's gonna continue to exist, and it's gonna expand and grow larger over time, and we are extremely well positioned to capitalize on that. Just to follow up on that, should we expect anything in OpEx? I mean, you're going towards more direct sales, right? That's what you're trying. Yes. Is there anything we should think about in OpEx in terms of marketing? Does it increase your marketing spend or- I mean, I think- Or is it sort of like the current OpEx basis is what you expect going forward until you reach kind of profitability, and from there it's profitable growth? I think in terms of the fixed costs, you can assume that they hold relatively constant, right? But some of the variable costs will grow with revenues, right? Because, yes, we can do... We can achieve cost savings, but they're variable costs for a reason. They increase in line with revenue, right? But in terms of headcount or anything like that, you can assume that those will remain fairly constant until profitability is achieved again. So I don't know exactly how you model our case, right? But, and, and how you model it. And then in terms of like, you took up the example of more direct sales, right? And there we've talked, quite a few times about the unit economics of it, right? and how they're superior. And that's because, you know, the, the MSRP on Airthings.com, right? That's what we actually get in revenues, right? We're not having to give away any of that MSRP, the manufacturer's suggested retail price, away to a third party like you do in retail, which is a fairly significant percentage, right? 25%-30% has to be given away to sort of brick-and-mortar retail or even to Amazon, which is, which is lower than for brick and mortar, but you're still giving margin away there, right? And then, as Audhild touched a lot on, you know, after the cost of build of the product, the next highest variable cost is freight, right? And I think we gave a very honest portrayal of that as sort of a patchwork today, right? Being worked on. And patchwork for a reason, because we're pursuing hypergrowth. We wanted to make sure that we served our customers, but there are significant cost savings there. So as we rationalize both the flow of goods and the partners used in that, that'll only strengthen the case for our D2C efforts. You know, I, my prior employer was a D2C player, primarily only a D2C at that point in time, and very quickly got itself to profitability by having a strong focus on these variable costs. So, yeah. Just, one last question, if I may. So, seeing you had quite tremendous growth in competitors or partners- In retail. Mm-hmm. Do you have a good estimate of, kind of... I mean, and also if you have data on customers, because that might end up in sort of- Yeah. So speaking to the especially increased revenue towards the latter parts of 2021, right? It to some extent also came from the fact that we went a bit too broad and too wide in regards to our retail distribution. You know, shoving more, essentially, in simple words, shoving more units into more channels on a global scale. And that we suffered with throughout 2022, definitely. And that was a, you know, key factor leading to what we presented today, really being more disciplined in regards to our retail distribution, more focused with key partners, building a scalable, scalable model before we ramp that back up again. And so I think that directly answers, answered that question. And the second question you had was? Replacement cycles. Yeah, replacement cycles. And there's... Yeah, and there's no doubt, as we've shown throughout the quarterly reports, that we've had elevated levels with our channel partners in markets. And we've seen for a longer period of time that really kind of getting to healthier levels. And are from a consumer perspective quite optimistic on what we're seeing now going forward into 2024. That being, yeah. Yeah, we saw, especially in the second quarter of last year, right? A lot of the key distribution channels, especially in consumer, have a large focus on getting their own working capital in order and cutting down on inventories, right? And we saw that them take very drastic steps to cut down from what might have been multiple months before, now down just to a few weeks, right? We see them remain cautious throughout the period, so that's why, you know, you just continue to see growth in consumer. When and to what extent they will go back to being willing to being optimistic and be willing to take, that we can't... We're not gonna speculate on exactly when that is. You could say it represents an upside risk/potential, but to try to speculate on macroeconomic or the decision-makings of third parties, we're not gonna do that. We went from a period where some of these retail partners, they were doing whatever they could to secure inventories because they were so afraid of being empty. Right now, they don't care that much. It's super slim inventories, and there's like weekly reorders instead of huge orders that we used to have. Øystein, ABG. I have three questions. First, two on Airthings for Business. One, you've typically had, like, one big contract each year, which has been very significant. What is kind of the trigger for that to go to multiple of those contracts? Does that require just that the market matures more? Does it require more investments in your sales force? You say now that you have a more direct approach, where you go more directly to the customers. That's the first question. Second question is, how do you see your offering stack up versus other PropTech players, which are maybe more heavily focused on software or have other types of sensor solutions? Third question is on follow-up to what you said on cost share with me. Y ou said we should anticipate relatively flat OpEx. Fixed cost OpEx. Fixed-cost OpEx. How, how much can you grow without increasing your fixed-cost OpEx? Yeah. To understand a bit of the scalability. So first, on the Airthings for Business side. Yes, we had a few large sales, and we are seeing more larger opportunities that we're working on, and I think what you saw today with the new strategy that we're doing, a lot more focus on end clients and helping them. I mean, we've learned so much on what works and what doesn't work in the past. Working a lot with partners, yeah, that can be nice, but really, to win those large deals, you need to work directly with the end clients. So we're totally changing how we go to market in order to get more of those bigger deals. And we see it's working. So that's what I can say about that. There will be quarterly fluctuations also moving forward. In terms of headcount expansion, yeah, I think we have a lot of opportunities to grow significantly with the headcount we have today, if we just sort of, like, take baseline, right? And, and you think of Airthings.com, you don't need to add a lot of additional resources to grow that, right? It, it is... That is the, sort of, you could say, the appeal of a D2C, sort of go-to-market model. It requires very few headcounts. Similarly with Amazon and with retail, by cutting down the scope, by focusing on those, and then, like we saw with the example of Home Depot, instead trying to expand and go deeper in those, expand the product portfolio, the product offering in those, that doesn't require, you know, additional headcounts, and similarly, and I think for business. But that being said, I wanna go back to sort of that first slide I started with in the finance, right? And our focus is really on long-term value creation. So if we see that there's a bottleneck, whether that be in our app development, to get even more speed into to building, you know, we are going to make calculated bets on the areas where we see that that will ensure our long-term success if necessary. So, don't interpret it as like I'm tying myself to a mast here and saying we're not gonna increase headcounts. There may be areas where we see a need, and it's a very justifiable need for the business, and with a long-term perspective on where we wanna take this company. We don't wanna make decisions now that limit our long-term potential. Makes sense. Thank you. Thank you. So Markus from SEB. I'll just start clarifying what you think about your channel inventories, because I think you said that they were now lower and a more healthy level. Of course, you cannot know when they will start ordering at normal levels, but at some point, you will expect device registrations to grow in line with revenues. Or are there any reasons why we shouldn't expect that? Or just some thoughts on the channel inventories and device registrations and revenue growth, that dynamic would be helpful. That's the first one. Yeah, and I think that's just speaking to what Jeremy answered to that similar question earlier, is that we are seeing our channel partners and channel partners in the market being more cautious. And you can see that in quarterly reports from other companies that I'm sure you're following, like Komplett or other, you know. The retail partners have taken and are taking significant actions to lower inventory levels, and we're working with... Like Jeremy was saying, it's what it is. As of today, we can't really speculate on when and how that will just ramp back up again at some stage, and if it will. But we're trucking along with what we presented today and being realistic to not really speculating on when that will ramp back up again. And there is, of course, some disconnect also driven by, you know, we've, we've had the working capital situation and the high elevated inventory levels. We have run additional promotional activities throughout the course of this year. So that creates a disconnect, right? Because revenues, you're selling multiple devices that may be a rebate on, so you get two device registrations, but you're not, you know, seeing revenue go up by the same amount. So over time, it... the two will more closely, but there'll always be some deviation just by the nature of it, right? Because if we sell to a retail partner, we recognize the revenue, and we sell to the retail partner, it's not gonna get registered as a device registration. But yes, you would expect the two over time to meet. I think there, there's a number of different factors in there right now, and I think once we see our own inventory levels return to sort of normal baseline, we are a little bit less reluctant on, are less dependent on promotional activity. You'll start to see them come in. They'll never be one to one, because of some of these differences. And the other last thing is, of course, the more we're able to grow Airthings.com, the even closer they'll be, right? Because then you'll get that time variable out of the picture. There's still the seasonal element of our business, right? But we're seeing that is also changing with us. Unfortunately, as I talked about today, you know, wildfires being more prominent also throughout the year, air quality being a 300 and, you know, something that is relevant all throughout the year, and not just when we in the northern parts of the western world, at least, close doors and windows now towards the fall and wintertime. Thank you. So my final question is more on the business side and the regulations. I think you mentioned some regulatory tailwinds. Can you elaborate a bit on how you see the regulatory environment potentially supporting your demand picture? And are you actually seeing some headwinds? Because other, I would say, ESG regulations that were very favorable among consumers, et cetera, were more favorable before than probably now with a weaker macro. Are you seeing some of those trends impacting you as well? Yeah, there's several examples, and it's different in different regions of the world. We see, for example, in California, where there's been funding to monitor air quality in classrooms or to make the schools more efficient. We see in Norway now, there is also more regulatory requirements of actually monitoring air in classrooms. We see in Europe, there's new regulations on ensuring that the existing buildings get smarter and more sustainable. So there's numerous different regulations that and le gislations that is gonna help us, and of course, sustainability as well on top of that. But it's not like that's like a switch, and then suddenly things takes off. It takes time, and there's very long cycles on these regulations and funding and priorities. We see it's helping us, and it's gonna help us for the long term as well. But you've not seen any changes in the regulatory environment over the past year due to macro and what we're seeing in the economy? No, I guess I can just add into it. I mean, we do see the regulatory tailwinds in the form of, you know, we've had attention at the White House, and a summit on indoor air quality. We've seen the CDC come out with guidelines, and we've seen ASHRAE come out with guidelines as well. But, if we use the U.S. as an example, you know, there is no federal guidelines, in, in the United States. And as I even mentioned, you know, California has fairly favorable regulatory requirements in terms of, especially in schools. California tends to be a front runner. I'm a little bit biased here since I'm a Californian, but tends to be a front runner on a lot of these issues. We're closely monitoring the regulatory development in the other 49 states. It's 49 other states to watch, of course. I can say there are. We see some legislation moving through different layers of the legislations in these states. I'm not gonna mention these states specifically, in case any of our competitors are listening. But we're closely monitoring that, and the development on that side. I can say this because I'm an American, regulatory developments in the U.S. tend to go slowly. The U.S. tends to be not so favorable necessarily to regulatory developments. So it does take some time, but we do see not just California, but also in the other large populous states, movement in the right direction, but the wheels of Congress take time. That's helpful. Thank you. Yes. Any other questions? If not, there will... Oh, Christoffer. Yes, Christoffer from DNB again. No, so just one thing that's, again, a bit like for me, very, you know, frustrating as a customer. It seems like, you know, you guys started out with kind of talking about how you could scale or, like, benefit from having the same product portfolio basically for consumer and business. So you kind of can share the R&D and so on across the bigger, broader platform. But I'm seeing a lot of great new products coming out for the B2B space, which I'm not able to use in my system. So for instance, the Space CO2 Mini is something that I know a lot of people on the consumer side is also looking for. So I'm just trying to understand when you kind of launch new products and hardware on the, on the business, business side, why aren't they launched for, for the consumer side and- I mean, it's- Yeah. It's very different needs, what we see in Airthings for Business and consumers, and in buildings, there's very different needs on some of the hardware sensors that's required. And in the consumer, it's not about having the most hardware products. It's about having the right products and having the right products per room. We have a very focused strategy there to enhance our software solution and not just have a very, very wide hardware portfolio. So I don't know, Anders, if you want to add more on that. I think it ties back to the focus on the 360-degree customer journey, right? Because we could build a really wide hardware lineup, but if we can't really develop super value per those products, per rooms, that's not really worth it. So speaking to that, we have a super exciting roadmap, and there are things happening all the time. But we're developing our hardware solutions based on rooms and the value prop, building the value proposition in regards to 360-degree customer journey, so that you can get value and see value out of it. And doing that also takes sometimes a bit more time from a software perspective, than just launching hardware directly into a dashboard. Other questions? There will be time to chat, later. We'll have open up for some refreshments, back in there, so I would be happy to speak more. Thank you.