Oh, fuck. Anna-Lena, can you see me and hear me? Yes, I can see and hear you, Fabrizio. Okay, thank you. I'm gonna go mute and turn down the camera, okay? Yes. Maybe just be ready with the— I don't see Ashar. Just be ready with the presentation in case, I mean, it's a Sure. Should we— okay. People are coming in, Anna-Lena. I don't see Ashar and I don't see Joachim. Yeah, I will send them a separate message. Okay, do you have the presentation ready? Yes, I can share it. Here you go. Here he comes. Ashar, can you present— can you share the presentation, please? Yeah, one second. I need to Just give me one. I think we have quite a bit of people joining. There you go. Very good. Yeah, we, we do. Alright. And let me just get set up one second, and then I will share the presentation. Are you sure? Yes, yes, I think everybody's in. Yes, so we can wait one, one more minute to let everybody get in and then we can start. Okay. So they, they can hear us right now? Yes. Yes. Okay, very good. Joachim, can you confirm that you can hear us okay? Yes, I can. Thank you. All right. Okay, Joachim, I think you want to get this started. Yeah. It's just past the hour, so let's get started. Hello everyone and welcome to Norsk Titanium's Q3 2026 operational update. Thank you all for joining us. Today, Fabrizio Ponte, CEO, and Ashar Ashary, CFO, will take us through the quarterly update, followed by a Q&A session. So after presentation, we will open the chat and enable microphones for your questions. So you'll then be able to either raise your hand and we'll invite you to unmute and ask your question. Or you can type your question in the chat. So with that, Fabrizio, over to you. Thank you, Joachim. So first of all, good afternoon, good morning, everybody. I'm Fabrizio Ponte, CEO of Norsk Titanium. Very happy to report today on our 3rd quarter and our outlook for the year. We have quite a bit to present, and we need to stay within 50 minutes so that we can leave the remaining 15 as a Q&A. So let's get started. Ashar, please move to the next slide. All right, so what you see here is really a snapshot of our Q3 and our outlook for the year. I'm happy to report that we are trending positive across all the key metrics. So we are currently in position to more than double sales for, for the year, and we are going to achieve 5 million year-to-date at the end of the quarter. We achieved that. In terms of cash burn down, we also were able to maintain it below 2.4. So we have an average of 2.2. So which is also positive there, with remaining with around 27.2 million as of 30th of September. We have line of sight to hit revenues of around $8 million, which is, you know, certainly a positive trend if you compare it to previous year at $3.5 million. So we are very happy that we were able to demonstrate a positive trend there. So what are the key underlying factors helping us to achieve the $8 million for the end of the year? Well, you know, certainly increased sales in production, so making parts, especially with Airbus and Hitac. So we are very excited about that. An important part of our revenues is also, you will remember, if you were in previous updates, that we won back in April a very important award from the Department of Defense. The DeepEdge for submarine contract for $4.2 million. And we will— we've been working diligently to realize that $4.2 into revenues. And more important, to work with them in order to qualify Norsk Titanium RPDs for Navy applications. Important, we placed the first machine within Airbus. This happened across summer. We're going to talk about that later. We won an important and landmarking purchase order from Rolls-Royce for development parts. We are very excited about that. Because it's opening up opportunities in the engine market and Above all, we are working very hard in order to receive another landmark qualification order for a very high-rate missile defense program. We're going to talk about that later on in the presentation. We are very excited about that. Ashar, please move on. So this is a quick refresher on our strategy. We are working across 3 different verticals. We are working with core OEM programs in aerospace and defense. We are working on short-cycle sales, mainly industrial. And then the new kid on the block, DRPD ecosystem. You remember that we have different milestones that we need to achieve. Across the 3 different verticals. And I'm very, very happy to report that we've been hitting those milestones really across the board on core OEM programs. Very virtuous trend in short-cycle sales, mainly with, with eTech. We're going to talk about that. And as I anticipated, we placed our first machine with Airbus in a very successful fashion. We're going to talk about that later on. Well, let's talk about a deep dive in core OEM programs. Ashar, you want to go to the next slide? All right, so we— I made a reference to the fact that the highest part sales were with Airbus and, and, and Hitac. Yeah, we've been delivering lower frame fittings and the sales related to that have been steadily increasing throughout the year. I can tell you that that beat expectation in the sense that we deliver more than what we were expecting to deliver. We continue to deliver parts to Boeing and Leonardo. Also in, in those 2 years increasing, and we, we have been very active on discussing the Wave 3 production order with Airbus. We've been very active across the board, very busy throughout the summer. We responded to, to, to an RFQ and now we are exchanging with Airbus in order to bring this across the finish line and then, and, and obtain this production award. We issued a press release, I think last week, about Rolls-Royce. We are very excited about that. We've been working with Rolls-Royce now for the good part of last year and this year. We are very happy that Rolls-Royce decided to place this development order for a thread-blazing part. We believe that the engine market is a very large opportunity for Norsk Titanium RPD and titanium structural parts. So receiving a key development order from Rolls-Royce is very, very meaningful. for, for the outlook of, of the RPD technology. All right, let's move on to defense, which is a very exciting space. I'm going to start from the right-hand side. Well, I'm happy to report that, you know, we, we won the first serial production order from Northrop, and we are now in the process of delivering parts. On the Deep Edge initiative, the full $2 million program has been realized. We are meeting all the milestones. We are recognizing all the revenues. Most important than that, we are making giant steps into qualifying our technology with the Navy and for submarine applications. So Uh, that's, that's, that's, uh, that's certainly a very positive, uh, uh, factor. But last but certainly not least, uh, we are currently working with an undisclosed defense prime in order to get our first PO for, for a specific part which is going to go in a specific system. This PO is about development parts that are going to go under test, and we expect those tests, after passing those tests, to get a very meaningful production order. Which is going to translate into revenues already in 2027. This is a fast-track program, and we've been working very closely with the undisclosed defense prime. This is a very exciting program for Norsk Titanium, and we are, we are expecting to receive the first PO for the development parts. imminently. Ashar, you want to go to the next slide? Okay, on short-cycle sales. So obviously we've been delivering for, for, for the US Department of Energy the part that we developed in previous years. This has been— that has been good for our parts revenues, but most importantly, we see a very positive trend with the HiTEC driven by growth in semiconductor and, and namely, you know, again, AI, data centers, and really semiconductor virtualized trends. We are going to deliver— actually, we're going to increase sales this year multiple times versus last year, and we expect to more than double and possibly triple sales again next year in, in, in, in 2027. We expect this sector to drive very important sales at least in the next 2/3 years, and we are working with HiTEC and the OEM in order to secure all that potential. That is going to be a very important piece of our revenues that will help us to achieve a breakeven by 2028. Ashar, you want to go to the next slide? Last but not least, the ARPD ecosystem. As I mentioned at the very beginning of, of, of, of the call, we placed our machine with Airbus right up, you know, during summertime. It was very successful. I think it went even beyond our expectations. We were able to achieve acceptance at their factory in a couple of weeks, and shortly after, the OEM was able to make parts with our technology. This is really remarkable if you consider that in other situations with other technologies, it took, you know, years to get to that point. So these is a testimony to the maturity of ARPD and the ability that Norsk Titanium has to deploy the technology with our OEMs. We are all working very actively with Airbus on this, and we expect to be able to translate that outside even this OEM with other OEMs where we have already a very active discussion. With that, I'll give the floor to Ashar for the financial part. Ashar, take it away, please. All right, thank you, Fabrizio. Q3, we saw higher revenue. We tripled revenue in Q3. Q3 on a year-on-year basis, uh, our cash burn, uh, was down on a year-over-year basis from $2.4 million in 2025, and we brought it down to $2.2 million in Q3. Of the $2.1 million in revenue and other income in Q3, serial production was $0.6 million, and development and services was $1.2 million in Q3. That brings our year-to-date revenue to $5 million. Our full-year forecast for revenue and other income for 2026 is approximately $8 million. Uh, this, uh, as I mentioned, cash burn was $2.2 million, which was slightly higher than our Q2 cash burn and first half cash burn, uh, which was $2.1 million. Uh, but this is what's expected and is in line with, uh, what we were expecting revenue growth to be in Q4. Uh, so we saw working capital increase in Q3 in anticipation of Q4 revenue. Um, our cash at the end of Q3, uh, is $27.2 million. Okay. Um, just as a reminder, um, to, uh, to everyone, uh, this is our long-term targets, um, where we're working towards. Uh, 2028 is, uh, we expect to be breakeven on our base case. Um, we are working on upsides, uh, as Fabrizio talked about earlier. Uh, well, I mean, I'm, uh, I must say I'm very proud of, of the company. Uh, now, you know, I, I, I hit the milestone of 1 year of tenure with Norsk Titanium. We redefine a strategy. We are delivering on the strategy. If you look at the numbers, you can see that we are more than doubling sales. Our production is tripling and is going to represent more than 50% of our sales at the end of the year. We have commercial momentum across the board. We talked about defense and, and the undisclosed defense prime. This is going to be a breakthrough for Norsk Titanium. And we are expecting an imminent order. So we are very excited about that and we're working very hard in order to win that one. Um, and in 2030, we expect to be Uh, we expect to be about 50% utilization of our capacity and, and hitting EBITDA of approximately 30% on our base case. Uh, just as a reminder, we have production, 35 production machines that can generate about $300 million in revenue, and that— and we match our capacity to that $300 million. Fabrizio? Very good. Thank you, Ashar. So in summary, We are making progress with Airbus. With revenues from parts, which, which have been growing very much in 2026, but at the same time also on the production order, which, which we are making progress across the board at Airbus. With supply chain and, and, and program. We placed a machine at a very important OEM. We proved that we can deploy our technology. With selected OEMs, and they have been able to make parts with, with, with our technology and, and machine. We expect to achieve $8 million by, by the end of the year. This would be, of course, a first step towards being in a position to break even by 2028. And we believe that our chances to do that and the probability to do that are getting closer and closer. I think we are 16 minutes after the hour, so we'll conclude our presentation right here and we're going to open the floor for questions. Very happy, very happy to answer your questions. Joakim, you want to take it over? Yeah, thank you, Fabrizio and Ashar. So the chat should now be open, and you can also raise your hand if you'd like to ask a question directly. Please then unmute yourself after being invited to raise your question. We have received a question in the chat. Given the $27.2 million cash balance at September 30th, an average Q3 cash burn of $2.2 million per month, how do you expect to fund the business through your 2028 breakeven target? I can take this. Yeah. Yeah. Yep. So our cash balance is $27.2 million at the end of Q3. We expect cash burn to come down. In Q4, and we expect as revenue grows in 2027, that cash burn will be reduced. We will manage to that. We are, of course, always looking at various funding options and various funding sources. So we continue to explore those. And by 2028, we expect to have, we expect to have raised additional capital, whether through debt or equity, and to finance working capital and to finance our growth. Through, through 2028. Thank you. Another question in the Q&A. Now that the Airbus Wave 3 RFQ is submitted, what milestones or open questions remain before Airbus and MTI can start production? Yes, I will take this one. We are in very active discussion with Airbus supply chain. and interacted with program on different parts that will be awarded to additive manufacturing and RPD. So we are waiting for final feedback there. And after that, we're gonna follow a period of development of a few months on each of the parts that would be awarded, and that will translate into revenues. So how long that will take, as usual, is difficult to say. As you know, working with Airbus is a complex thing to do. But we are very, very positive that we are on the right track and in the right position in order to get a material award on Wave 3. Okay, next question. If the defense prime contract comes through, would you need to raise additional capital? Will the order be big enough to bring breakeven sooner, or will it require more working capital? We're not in a position to right now forecast how— what the size of that order is going to be. We do have some estimates and forecasts for that. But we maintain that our breakeven target continues to be 2028, and we plan our capital to that 2028 forecast. Yes, of course, as we grow revenue, we do expect working capital requirements to increase, and we are forecasting through that. But we're not specifically forecasting out in terms of the prime contract. We do expect it. We do have some estimates there. And that we are also continuing to plan through the capital requirements and the working capital with that. But our 2028 breakeven target remains. Thank you. It looks like there are no more questions at the moment, so I'll give it a few seconds in case someone comes in. Okay, another question. Are you planning for larger machines? Yeah, I mean, we are, we are working on developing also the machine. Yes. So because there are some of the parts that we are currently working on. are bigger than what our current machines can actually produce. So yes, we are working on a version or a generation of our machine that is going to make bigger parts. And that's, that's, uh, uh, you know, uh, part of the problem, both in defense and in commercial aerospace. Yes. Next question, given your existing MMPDS and NEDCAP qualifications, what additional approvals were required for being approved supplier for Rolls-Royce development? Well, I mean, I don't think we need any other agency approvals for Rolls-Royce. I think we are working actively with them on this specific part and on a number of other parts. To prove the technology. So this is going to take a certain period of time of active work with directly with Rolls-Royce, and when those parts will be approved, we're going to go into, into sales. Thank you. I'll give it a few seconds in case some more questions come in. Okay, it seems we don't have any more questions today. So with that, we conclude today's presentation and Q&A session. Thank you to Fabrizio and Bashar for the presentation and everyone who joined us. The presentation and recording will be available through Norsk Titanium's investor relations website. Thank you all and have a great day. Thank you.