A 47%. Our channel reports a 13% underlying growth year on year, driven by momentum in Americas and APAC. Our strategic partners have started to expand into new regions. However, the commercial rollout is slower than planned. For the 2026 outlook, we are therefore adjusting our revenue targets. Bringing the focus to our business plan. Our focus is to continue the growth through our partners while we continue to monetize on our product development. Keeping disciplined investments and strict cost controls. Huddly has a strong position in the product portfolio of our signed partners, and together they hold a significant market share and are starting to expand into new regions. This despite the delays in the commercial rollout. Lenovo has started to ship into 3 regions globally and continue to build up their sales pipeline. Together, we are working on accelerating the commercial rollout, latest with our joint sales training for the reseller community. We are also preparing upcoming activities such as ISE early next year. Bringing the focus to our channel. As of September, we appointed John Howard as our new Global Head of Channel Sales. John and the team will, going forward, focus on accelerating the growth in the channel. In Americas, we continue to see growing momentum. And the APAC region continues to deliver strong growth. Despite it being still small numbers, it is a significant growth now seen coming from the region. In EMEA, we are strengthening our organization. In Q1, Huddly will launch a new leading product platform called Huddly Crew Plus. Enabling video and audio not only in the small and medium spaces, but now also expanding into large and extra-large rooms. This will expand the revenue potential both for Huddly, but also for our partners. In addition to the audio and video, Huddly Crew Plus will also bring AI into a one platform, driving the— and increasing the customer value. Huddly Crew Plus is a complete AI room perception system supporting the new era of working with AI. And with that, I say thank you and give the word over to Abhi. Thank you very much. Let us now dive into the financial details of the quarterly presentation. Revenue in Q3 '26 was 42 million NOK. That is a 7% decline versus same quarter last year. However, if you adjust for currency changes, the decline was 1%. Strategic partner revenue in Q3 2026 was more or less in line with Q2 2026, and this is lower than expected as the commercial rollout has taken longer than planned. This is anticipated to ramp up through the coming quarters. Channel in the quarter grew by 7% reported, but adjusted for currency changes, the increase on a year-over-year basis is 13%. We're seeing positive signs in the channel business, with distribution stocking levels normalising in the US after a challenging first half of 2026, and we're seeing sales velocity from distributors to resellers trending positive in several regions. For next quarter, Q4 2026, we estimate an increased momentum in both channel and strategic partners. The implied level of revenue in Q4 2026 is 59 to 99 million NOK. The wide range is mainly explained by timing uncertainty between Q4 2026 and Q1 2027 in Strategic. Gross margin in Q3 was 44%. If you adjust for a one-off effect in the quarter, it was 45%. Gross margin at the company has been quite stable over the past few quarters, and we expect to be in line with the target of 45 to 50% for the full year 2026. Year-to-date gross margin is 47%. Gross margin has been challenging over the past few quarters due to increasing component prices. However, we have been able to take out quite a lot of that with price increases out to the customers. We did see one effect in Q3 with a purchasing price variance, which led to an increase in gross margin— sorry, a decline in gross margin by 2 percentage points. So without this, it would have been 47% for the quarter. Going forward, we plan to offset the price increases from DRAM with increasing prices to customers. Our cost base is stable and it's set up to deliver on the future growth plans. On a cash cost basis, the cost for Huddly is approximately 60 million NOK per quarter. With approximately 2/3 of that related to salaries and personnel. We have a strong engineering organization which is capable of delivering on our roadmap. And with extensive experience within AI and machine learning, which is very important to drive the potential in this market. In other words, we have a very strong degree of operating leverage in the company because we don't need to grow the cost base by much in order to support future revenue growth. Which then again means that incremental gross profit from high volumes falls through straight to cash. Cash end of Q3 2026 was 66 million NOK. The change from the start of the quarter is mainly related to net working capital and equity private placements, which we did in the quarter, which raised a total of 70 million NOK. in gross proceeds. Over the past few quarters, we have built up inventory ahead of planned deliveries to strategic partners. So there's been a certain amount of buildup of inventory with delays in the commercial rollout for strategic partners. However, it's important to acknowledge that this stock is current and will be delivered to customers once we start and pick up the revenue going forward. In the next few quarters, starting from Q4 '26, we expect cash flow to improve as expected revenue growth drives up cash. But in addition to that, with customer deliveries from existing inventory and lower production volumes, that will also mean that we will have an additional cash effect, which is positive for the company. Let me now wrap up this presentation with a summary and a quick outlook. We have 3 very important growth drivers in the company: attractive market, which is both large and growing; product leadership with our AI-driven products; And finally, go-to-market with key partners, Lenovo, Jabra, Barconsur, which is scaling our abilities to go to the market. For 2026, we have revised the revenue target to 200 to 240 million NOK. We have kept the gross margin target between 45 to 50%. 27 and 28 is otherwise unchanged. And with that, we'll then wrap up this presentation part of Q3 announcement, and we will now answer questions from the audience. Thank you very much. Yes, and we have already received a few questions. So the first one, which steps are you taking to speed up the rollout of products? from your strategic partners? So this is actually a very manifolded question. So we are in a very close cooperation with our partners and in daily dialogues with them. So we are taking actions that are from the more or less obvious, like obviously making the platform certifications finished, but also that we are working towards market access certifications, packaging, labeling requirements, etc., to the more obvious and more visible, such as events and pipeline buildup. in sales. And recently, like we have announced with some of our partners like Lenovo, a joint sales training for the reseller community to activate that. And this is amongst others. So we are working closely together to accelerate the commercial rollout. Let me see if there are more questions coming in. Yes, and then another one pops in here. Please explain how Huddly AI technology functions in practice in a meeting room, both current products and the coming Creo Plus. So one of the benefits of the Huddly products in the meeting room and actually where you put them, they do have the entire infrastructure and the architecture of the whole system set up such that each individual device processes the AI and processes the technology on the edge, meaning the systems are fully modular and therefore easy to install. Lowering the actual cost of installation as well. But most importantly, they actually understand what's happening in the room. And with Creo Plus, we will be taking this step even further. So adding not only video into the room, but also audio. Even more importantly, the whole AI system becomes more of a perception system, allowing the new tools such as AI tools every of us are now getting used to and starting to have an essential part of our workdays. Working in the meeting room as well. And then I think there are not many questions in here today, so We will take one last one. What differentiates Creo Plus from your other products? Well, I think The first part is obviously the audio, allowing the audio to both not only being the vendor of the video in the room, but also the audio. And not only in small and medium rooms as we have had with our C1, Now we have a full solution with audio and video in all room sizes. And with the AI that is working on the edge, this also is a very flexible system. And back to the architecture we discussed, it also allows us to price that system quite competitively. So it is a very flexible, very competitively priced system that now expands in, in all room sizes. And as an added bonus, it's also ready for the future era of working with being a perception system for all AI tools and agents as well. And for the rest of you, if there are any more questions, please do not hesitate to reach out to us at ir@hudly.com and we will come back to you. Thank you.
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