Good morning, and welcome to the Zwipe H1 2022 Operational Update Conference Call. All lines have been placed on mute to prevent any background noise. Please note we're only taking questions from the webcast. Should you require any assistance, please press star 0 on your telephone keypad, and an operator will come on the line to assist you. Finally, I would like to advise all participants that this call is being recorded. I'd now like to welcome Mr. Robert Puskaric, Chief Executive Officer, to begin the conference. Mr. Puskaric, over to you. Hello, and welcome to Zwipe's presentation of our first half-year results for 2022. I'm Robert Puskaric, and I'm very excited to be the new CEO of Zwipe since mid of June. With me today, I have our CFO, Danielle Glenn, and our Chief Revenue Officer, Bishwajit Choudhary, who will be at hand for our Q&A, and we also have Harald Bjørland from Crux, who will be our moderator for the Q&A session. For the first half of 2022, key highlights. From a financial perspective, we ended up the first half of 2022 with a strong cash position of roughly NOK 110 million. Our operating loss for the first half of 2022 was NOK 47.7 million, which is up from a loss of NOK 28 million for the same period last year. On adjusted basis, to account for the NOK 7.1 million in government funding we received last year, the loss increased by NOK 13.9 million. Our underlying monthly operating cash flow was minus NOK 8.1 million, up from NOK 5.3 million for the first half of 2021. This increased loss and burn rate can largely be attributed to the increase of adding people, meaning headcount of 13 individuals that joined Zwipe, in order to strengthen the organization across all functions, and to strengthen execution and be ready for the next phase. From an operational perspective, the big news was that we received the Visa certification for the Zwipe Pay Biometric Payment Card Platform in March, and that was almost immediately followed by three of our largest smart card manufacturing customers receiving their own Visa letters of approval for the biometric payment cards itself built on our platform. For Zwipe Pay, we signed seven new issuers in Europe, Middle East, Africa, and India. We signed with one major smart card manufacturer in Australia and New Zealand, and we onboarded two new solution providers as partners in Asia Pacific. When it comes to Zwipe Access, we really moved things along. It came as great news that Zwipe was chosen as one of the two companies to perform the pilots at Frankfurt Airport together with Fraport, that is operating the airport, and being one of the largest airport operators in the world. We succeeded with the pilots, and we are now shortlisted, for when it comes to evaluating how they want to move along for selecting next generation access control system, which is expected to happen during next year. Last but not least on this short highlights, we can see that there are two persons here today that will be part of this presentation that are new, and that is big changes in the management team. It's both Danielle and myself that joined the company, but we also created a new position in the first half for a Chief Strategy and Product Officer and brought in Patrice Meilland from IDEMIA to fill that role. In order to give you an overview of what Zwipe actually do, I know that many of you are, you know, knowledgeable about what we do and which market we're acting on, but still. Next slide. What do we actually do? Fundamentally, we have two business lines built on the same core technology platform, and this is then being Zwipe Pay, which is biometric payment card solutions, and Zwipe Access, which is access control solutions. These are two different offerings, but they both have large potential and addressable markets worldwide. We refer to the technology as a complete biometric system-on-card. This means that we are providing both hardware, software, power management systems, and also biometric algorithms, but we also provide manufacturing and packaging methods that comes from us. The only real difference between Pay and Access cards is the applets that are deployed in each solution. Zwipe technology. Zwipe has a single silicon platform, which is a big step forward versus previous technologies, and represents today the most integrated component design that is certified for payment cards. As you can see on the slide in front of you, it consists of an inlay, the sensor itself, and a contact plate module, which is where the real magic happens. The cards also deliver long read range and excellent biometric performance at low unit cost levels. A key differentiator for Zwipe is that we enable mobile enrollment, which means that the user can register their fingerprint in the card via their mobile phone instead of having to visit a physical location, or using a one-time envelope or a sleeve to enroll. From issuer perspective, we offer end-to-end pilots and launch support in order to help them launch with confidence, with their customers. Let's talk about the payment value chain. The payment value chain is complex, and it's involving multiple key players. Between a smart card manufacturer and the bank issuers that we normally talk about, you have other key players such as card personalization bureaus, the payment processors, the payment card software providers, and all these stakeholders work to make the card usable for the ultimate end user. We don't work only with the SCMs to produce biometric payment cards or the issuers to run pilots and commercial launches, but we actually work with everyone in between this value chain. For the SCMs, we provide complete biometric card platforms, industrialization and certification support, and also go-to-market support. For the card personalization bureaus, we provide personalization implementation guidelines as well as technical support if needed. We work closely with the payment processors also on the back-end changes that need to happen to process biometric payment transactions and provide support on their communication with the payment schemes. For issuers, we ensure that they are able to calculate a positive return on investment when it comes to the investment in this space, capturing data from transactions, and measure customer demand for launching biometric cards, and also to launch with confidence, of course. Most importantly, we help user-focused pilots and commercial launches to make this a success. Let's talk about consumer demands and the market. We have continued to survey consumers, meaning end users, quite extensively. To be more precise, 3,200 individuals in 17 countries for the past 12 months. What we see is that consistently the consumer demand for biometric payment cards is extremely high. 82% of the surveyed want their next card to be biometric, and 60% of them are even willing to switch bank in order to get one. That's great news for us. The addressable market for Zwipe Pay is enormous. Most third-party research continues to forecast that 15%-20% of roughly some 3.5 billion payment cards will ultimately be biometric, meaning that we will have several hundred million biometric payment cards in circulation by the end of the decade. We of course want to have. Our aim and goal is to have a significant share of that market going forward. What we have learned is that the market for biometric payment cards has been much slower to take off than we or anyone else have communicated previously. Biometric payment cards are now expected to be quite small this year before starting to grow next year and really starting to take off in 2024. If we talk about Zwipe Access, while we have seen a slower commercial traction on Zwipe Pay than we had initially done, Zwipe Access is turning out to be a bigger opportunity than we thought. It's the same technology that we use in Zwipe Pay, as we earlier said. The only difference is the applet that is deployed on the card. The key for Zwipe Access is that our card is fully compatible with existing access control systems, and that there is no need for enterprises to upgrade their existing reader infrastructure. This means, sorry, that they can deploy the cards much more quickly and at a very competitive cost level. What we have done, Zwipe Access, has the Zwipe Access solution has been validated for integration into the HID Global and LEGIC access control systems. These two companies and their technology is already deployed by thousands of enterprises across more than 100 countries. Let's continue talking about Zwipe Access. There is a couple of things that are really important for Zwipe Access. One of them is the fact that all data is stored only on the card and not in any external database or background system. This then ensures strong data privacy controls and improves GDPR compliance. Important things. Our cards offer the best technology available and are up to six times faster than the biometric access control applications that are available out there today. We also think that we can get a sizable market share of biometric access control cards. The market for biometric access control cards is today estimated to be around $2.1 billion growing up to $3.2 billion in the timeframe of 2027 according to external reports. A sizable market. Let's try to summarize this into our value proposition. First, we have Zwipe Pay, which is an innovative and complete turnkey solution for biometric payment cards. If you just think a minute about your own cards being lost or stolen, if somebody would pick them up and start doing contactless transactions, doesn't feel that good. If we add our biometric authentication control in form of your fingerprint recognition, only you can use that card, meaning your fingerprint becomes your PIN. Zwipe Pay, as earlier said, has an enormous potential in terms of addressable markets and with as many as 700 million biometric payment cards in circulation by 2030. Our second business line, being Zwipe Access, is progressing quite well, as we described. We're seeing an increasing demand for access control solutions from different sensitive security areas, such as airports, hospitals, and government institutions and data centers. Both these so-called business lines, meaning Zwipe Pay and Zwipe Access, are built on the same underlying technology, because we act as a system integrator, so we are able to deliver the best and superior solution on the market at an excellent unit cost level. We don't only provide cards, we also provide services such as technical advisory, implementation support, and research to all players in, as earlier described, this complex value chain. When it comes to go to market, we don't only work with push, we don't only work pull, we have a push and pull strategy, where we focus not just on our customers, who are the smart card manufacturers, but also their customers, who are ultimately the banks or enterprises who give their consumers and employees the cards to use. We have then established an extensive network of implementation delivery partners throughout the world in all key markets where we want to act. These partners are working every day to get Zwipe cards into the hands of our end users. Finally, we have a strong management team with experts not just coming from large tech companies, but also having specific knowledge in biometrics, smart cards, payments, and the access control domains. Okay. Let's now move into the next slide and the operational review of the first half year. In Zwipe Pay, we have actually moved from more of a land grab approach to an execution first approach, meaning that we want to get our smart card manufacturing customers certified and ready to manufacture and deliver high volumes. Secondly, we want to get all these announced pilots to be launched successfully. In this mission, our implementation partners are working really, really hard and dedicated with Zwipe to make this happen. On the SCM side, we have already mentioned BCC, TAG Systems, and Inkript, that they all obtained their Visa Letter of Approval for their own biometric payment cards built on our platform. We have also signed Placard, which is the largest payment card manufacturer in Australia and New Zealand, that is currently delivering more than 100 million cards a year. On the partner side, we onboarded two significant go-to-market partners, being Wisecard, which is one of the world's largest provider of turnkey personalization solutions, and they are currently serving more than 150 banks globally. Then we have Modularsoft, which is one of Malaysia's largest card personalization bureaus. On the issuer side, we have signed seven new issuers across Europe, Middle East, Africa, and India, with pilots that are in process of being planned. To give a broad update on the previously announced commercial engagements that we have, on the first major announced pilot, we are in progress. The user feedback from field testing is being evaluated, and we are planning the next step for the pilot for the second half of this year now. Following up on the global Tier 1 bank that we have announced, the bank and its partners have delivered the majority of the milestones that were planned and set, and they are preparing to launch the pilot now in three European markets. When it comes to the MEPS pilots, we continue to make good progress. This pilot aims to get cards to top banks in 20 financial institutions throughout the Middle East markets. In order to try to summarize all of this, in total, of our announced pilots, seven are progressing well and according to plan. The remainder of them are progressing, but they are slightly delayed owing to the complex value chain that we are operating in and I've earlier described. The important thing here is that all these customers and partners are still committed to bring biometric payment cards to the markets with Zwipe and carrying out their pilots. When it comes to product development and technical progress, we have completed the certification process with Visa, which we have earlier mentioned. We have also completed additional testing with third-party labs, which should ease the additional payment scheme certification in the near future. We have also delivered the first small non-pilot volumes of Zwipe Pay components to selected SCMs. We continue to make progress with our unique mobile enrollment solution, which we believe is a key differentiator for us as it enables full digital onboarding for our end users using their mobile phones instead. Moving into Zwipe Access, we have some really exciting traction here, and we do expect Access to contribute quite significantly to the Zwipe growth strategy going forward. We have already discussed the successful implementation or completion of the Fraport pilots. We are now shortlisted as a potential provider to Fraport when they move into selecting the next generation access control solution. We also successfully demoed our solution with data centers with a customer pilot project in Latin America. We integrated the LEGIC applet and made our card ready for the LEGIC access control solution. This was a major milestone in the access product development in this time period. Broadly speaking, we are seeing a lot of interest in the biometric access control card space from customers like data centers and transportation operators and basically places where there is a real need for higher security and better data privacy compliance. This is a huge area. Needless to say, there have been a lot of changes in the management team during the first half of 2022. Me, myself, I joined Zwipe in June. I have a long background from Ericsson and also from a unit within Ericsson called Ericsson Mobile Platforms that was doing mobile platforms and a lot of silicon development. I was also with ST-Ericsson for a while, which is a silicon-based company, also doing mobile platforms and working with customers like Samsung, LG, Apple and Sony. After Ericsson, I have held two CEO positions for publicly listed companies, which I've, you know, gained a lot of interesting experience in that space. Apart from me, we also have Patrice joining as Chief Product and Strategy Officer in April. This was a newly created and much-needed position. Patrice was the ideal candidate and person to fill this role coming from IDEMIA, where he was responsible for the biometric cards roadmap, as well as business lines for eco-friendly cards and so on. Before IDEMIA, Patrice spent 26 years working in STMicroelectronics and ST-Ericsson, where we were actually colleagues. Patrice brings much welcome product and industry expertise to our company that is needed for us going forward. Danielle, I will let you introduce yourself and then you can take over the speaking duties as you present our financial results. I will move out of the picture and Danielle will move into the picture. Thank you. Okay, thank you, Robert. I am Danielle Glenn. I am the new CFO and Head of IR at Zwipe. I joined Zwipe on May first, coming from Arctic Bioscience, which is a Norwegian biotech company, where I led their IPO and year-on-year growth in February 2021, and was also heavily involved in commercial and broader strategy formulation. Prior to Arctic Bioscience, basically I spent the majority of my career in New York and London, working in the financial markets. I started my career at Goldman Sachs and was actually the youngest ever Fixed Income, Currencies, and Commodities proprietary trader at Goldman. From Goldman, I moved on to be a global macro hedge fund manager at Caxton, which is a $13 billion global macro hedge fund. Basically for the last nine years of my financial career, I ran my own global macro hedge fund. I moved to Norway in 2016, and have been working with technology startup and scale-up companies since then. Next slide, please. I will now move on and give our financial review. Next slide. This slide just gives some quick charts that summarize some key financial stats for the first half, and I'll speak in more detail on these figures in the next slides. The one stat I will mention here is that our average monthly burn rate has increased from -NOK 5.3 million in the first half of 2021 to -NOK 8.1 million in the first half of 2022. We don't expect this burn rate to increase substantially in the second half. Next slide. Here I've taken a kind of snapshot of key figures from the full income statement. Revenue was down slightly to NOK 800,000 from NOK 1.4 million in the same period last year. Really, these numbers aren't relevant since we're talking about such low volumes and low figures. Including cost of sales, total operating expenses were NOK 48.4 million in H1 2022 versus NOK 28 million in the same period in 2021. As Robert mentioned at the start, if we included adjustments for government funding that was booked in H1 2021, total operating expenses increased by NOK 13.3 million, and it is these adjusted figures that I speak to now. The increase in operating expenses is largely explained by the increase in personnel expenses of NOK 9.1 million on a directly comparable basis versus the same period last year. Just for reference here, I'm not talking just about the government funding, but we moved a number of contractors over to full-time employees during the last year. The increase in personnel costs includes a rise in total headcount of 13 people across the organization. It also includes a small negative stock option cost due to the negative share price developments, and it includes one-off non-recurring costs of NOK 5.5 million related to former executives leaving the company. I've broken out sales and marketing here because I know that this is something I myself like to see when I look at financial statements. Sales and marketing costs are still low, but they did increase from NOK 600,000 in H1 2021 to NOK 1.7 million in the first half of 2022. Other OpEx increased by NOK 3.5 million in the first half this year versus the same period last year. This was largely due to increased travel fees, basically as travel resumes post-COVID, increased recruitment fees as we have added people across the organization. Total operating profit was -NOK 47.6 million in the first half of 2022 versus -NOK 26.6 million in the first half of last year. On an adjusted basis, the loss in the first half was NOK 13.9 million more than in the same period last year. It is important to highlight this is completely in line with our expectations and plans. Next slide. Cash flow from operating activities was -NOK 47.6 million in H1 2022, and this was obviously driven by the negative operating results. Positive cash flow from financing activities was NOK 5 million, and this was almost entirely due to stock option exercises totaling NOK 4.9 million. Total net cash flow during the first half was thus -NOK 42.7 million compared to -NOK 30.4 million in the same period last year. As we've already mentioned a number of times, we ended with a strong cash position of about NOK 110 million in cash and equivalents at June 30th, 2022. Next slide. Finally, on the balance sheet, Zwipe has total assets of NOK 122.6 million, down from NOK 163.4 million at the end of December 2021. Fixed assets are relatively small here, at NOK 4.2 million, and this is mainly equipment. Current assets obviously include cash, as well as NOK 4.3 million in inventory and NOK 4.4 million in receivables. This is primarily the remaining EU Horizon 2020 grant money that we have forthcoming. Total equity was NOK 108.8 million, down from NOK 148.6 million at the end of 2021. This decrease is again primarily related to negative net income, offset by the new capital related to stock option exercises. Total liabilities totaled NOK 13.8 million, and this is entirely made up of short-term liabilities, and within that, other short-term liabilities which totaled NOK 9.2 million. That is a quick snapshot of our financials, and I will now pass it back to Robert, who will wrap up the presentation by giving us some idea of goals and priorities going forward. I'll give you some insights on where we're focusing when it comes to Zwipe in both near term and medium term. Let's start talking about Zwipe Pay. As you're aware, we have announced a number of pilots. Our first priority moving forward is speeding up these announced pilots and getting them to commercial launch. By doing so, or in order to do so, the key focus is then that during the second half, we continue further strengthening and also then establishing a dedicated customer project management function in order to handle all pilots in a standardized way. When it comes to SCMs, we are focused on getting all our customers certified and ready for mass volume production. This still means that we're going to continue filling our pipe, meaning expanding the number of SCMs and issuers that we are interacting with and that we have as our customers. That was Zwipe Pay. Let's move into Zwipe Access. We will work hard to accelerate the commercialization of our access control solution, as we find it's an area where we see a lot of interest and deployments can happen quickly. We will focus on expanding our pipeline that we have in this area, and we already have traction, mainly the segments of transportation and data centers. We will also define a coherent strategy for expansion into other segments where security is high on the agenda. Okay, that was Zwipe Access. If we move into talking about financials, first, we aim to keep any increase in our monthly net burn rate to an absolute minimum. However, we will continue to make the necessary hires and investments in R&D throughout the second half year to deliver on our plans, but it also goes, of course, well, as we talked about at, when it comes to customer project management in order to carry out the pilots successfully. From a revenue point of view, we then expect that Zwipe Access will contribute far more to our revenues and growth than we have previously envisioned. All in all, we want to end this presentation by saying the following: Management of this company is optimistic and confident in our ability to execute on our revised priorities that we have communicated to you now, and to capture the full potential of Zwipe in the markets where we are active, for both Zwipe Pay and for Zwipe Access. With this, we conclude the actual presentation. I thank you for your time, for listening to us and what we had to present, and now we will move in to the Q&A section of this call. Thank you. Thank you, speakers. Thank you. At this time, once again, I would like to remind everyone, in order to ask a question, you may submit from the webcast. I would like to turn the call back over to our presenters. Thank you. We will now open the Q&A. We have received multiple questions, and we will try to cover every one. First question, when do you expect commercial breakthrough with Zwipe Pay? Previous management was confident it was 2022. Do you maintain that view? Yeah, I can take that question. I mean, as clarified in the report that we just presented, we have a strong interest from our you know customers and also from the consumers and from the issuers, but it's so that the market has been taking off slower than expected, and there are both macroeconomic factors and also complexity in the value chain which is delaying some of this ramp-up, if we want to call it that. But I mean, we remain extremely confident and yet reassured that the biometric payment cards is something that is really going to happen, and consumers are really requesting it. We are then expecting very small volumes this year, as I then stated in the presentation here, and those volumes to increase slightly in 2023, and then we have a real scale-up in 2024. We remain optimistic and maintain our confidence in the fundamental drivers of the biometric payment cards as such. Thank you. Next question is related to Zwipe Access. Question is, when can we expect orders from this segment? I mean, we're working hard, of course, to commercialize Zwipe Access, and we talked about the Fraport here in the presentation, and we expect that we will see the first kind of small pilot orders, initial orders coming in at the first half of next year. Thank you. Next question: What is the status of commercial orders announced last year, specifically the $1.9 million commercial order from BCC? Beautiful Card Corporation. That is not kind of a firm order, but rather a frame order which can then be called off during several years. The agreement still stands. We have a great relationship with BCC, and they are preparing to ramp up their production. All in all, no changes to what we all communicated, more than it's not a firm PO. It's a frame order that we have received from them. It's kind of a correction of what has been earlier communicated. Thank you. Next question is more a corporate matter. Why have you not been publishing any stock exchange releases lately? Shall I take this one? Please do. Yeah. I think broadly speaking, stock exchange releases are intended to be for regulatory and financial news and for commercial announcements of real significance. I think going forward, we'll be more selective about what we announce as a stock exchange release. For many items that used to be stock exchange releases, we will now publish them as non-regulatory press releases, you know, via standard media channels and on our website and on our social media platforms. Just to give an example on this, we will certainly announce new platform certifications. But for instance, when it comes to pilots, we will announce them when they are launched rather than when they are in the planning phase. You know, pilots are certainly an important milestone, but really they're an interim kind of step on the way towards final commercial order. That is broadly the changes in our investor relations strategy and what will be published as stock exchange releases. Again, you will still be able to find all, you know, significant news related to Zwipe via non-regulatory press releases. I do wanna say, you know, we remain, as Robert said, optimistic about the potential for Zwipe and our ability to execute on our new plans under our new management team. We do believe that this will ultimately be reflected in the fair value of the stock price. Next question: How is the certification process going with Mastercard? Why is it taking so long? I mean, when it comes to certification, we can't comment on specific certification processes and on Mastercard specifically. We have, of course, continued working hard on completing third-party laboratory testing, which should then ease certification with additional payment schemes like the one we have with Visa, without mentioning any specifics, so to say. We are working hard on obtaining all the laboratory testing and those have been completed. All the laboratory testing is completed, so we are looking forward of adding different new certifications onto new payment schemes going forward. Yes. Thank you. Next question: Why have more SCMs or smart card manufacturers not gotten Visa certification? Shall I take it? Sure. Without being specific on SCMs or payment schemes, what we can say is we can expect 2-4 new customers to get certification across the two payment schemes during second half of this year. Thank you. Next question is finance-related. Will Zwipe be at about NOK 8 million in burn rate monthly going forward? I would say that, you know, we have some planned investments in people and R&D in the second half of this year, but so the burn rate will be slightly higher, but not substantially so. Next question is also finance-related. Do you envision a new fundraising, and if so, when? I can speak certainly to our balance sheet now. We are in a strong position. We have, you know, NOK 110 million in cash on hand. We have stated what our burn rate is, and we do believe that we will have certainly significant commercial traction in 2023. All we can do is continue to focus on executing our business plan. And controlling our costs. Yeah, controlling our costs, which we - Mm-hmm - certainly have a good handle on. Yes. Thank you. Back to commercial. Basically, how many pilots in total are running, is the question? BC? Yeah. As you know, we have signed 21 committed pilots with issuers and SCMs around the world, as Robert mentioned. Seven of those pilot projects are on track and progressing well, and others are also progressing, but with slight delays. Please be mindful of the fact that all these pilots are ultimately owned and steered by the banks. We are, of course, a major market maker and facilitator across the value chain. At the end of the day, it is the bank that decides the pace and the number of phases on the pilots and testing they will do, which makes sense. All in all, that's the space. Hmm. As we said during the presentation, we are strengthening the total setup around pilots and pilot execution, which is a top priority for us going forward, both in terms of, you know, how we work and building the competence and the structure around internally also on how we work with pilots. So a lot more emphasis on executing pilots going forward. Yes. I do just wanna say that it seems that some of the questions that we're getting are kind of, repetitive, so we're trying to group them. Mm-hmm. Okay. Next question, it goes: What is the status in the Tier 1 bank? What is the status on MEPS? BC, you want to take that one? Yeah. The good news is that both these pilots are on track. The Tier 1 bank has also ticked almost all the milestones across the value chain and the partners, and they are preparing to launch in three countries the pilot, of course. MEPS is a very unique pilot where they will be actually engaging with 20 different financial institutions, and eventually also with two other major, you know, banks in the Middle East. They are also on track. Again, these projects take their time, and they are going quite well. Thank you. It seems that we have more or less covered all questions. IR at Zwipe is obviously open for a follow-up questions and contact. By that, I conclude our Q&A session. By the way, didn't we have one question also around ASP of access? Yeah. There was something around that, I think. Yes. It's then we have one more here. Well, what ASP do you see in access cards? We will not comment on the exact value for good reasons, you know? But what we can say is the ASP for access is significantly higher than what we have in the payment card due to the value chain position that Zwipe has. Yeah. That's why we have also, in the presentation, stated on that we are increasing our focus on access, and we see that that will also be a good portion of our revenue during next year. A lot of focus on access going forward on that pipeline and building that pipeline and commercializing Zwipe Access as well fully. If I can just add one thing about Zwipe and why we are so confident in executing the new plan, is that although the market take-off is slightly slower than what most of us have expected, we have a committed user base of issuers and SCMs around the world, and they are literally waiting on the fence to start the pilots and launch the solution. We have also created a micro marketplace for Zwipe in different clusters like the Asia-Pacific, Europe, which are supposed to be the two most important markets, and that is where the excitement comes from. Mm-hmm. Great. Thank you. By that, we conclude this Q&A session. Can I say some closing remarks? I hand over to you, Robert. Thank you. I mean, just to put this right, I mean, this report is not meant to be pessimistic, but more kind of resetting certain expectations and being realistic. I mean, we remain extremely and very positive about our future, about our, you know, the relationships we have built, the consumer demands that we see out there, the customers we are working with, and the revenue will come. I know that there is a bit of a disappointment out there versus what we have said earlier, but it is just that things have shifted a bit in time, and not only for us, but the market in general for biometric payment cards. We remain very confident that going forward, we will see the revenue coming, and we will see, you know, a ramp of volumes. That's why we're also revising our plan to be, you know, more of what we talked about before, which was a land grab strategy into becoming more of a, you know, focused execution strategy to now really work with these pilots that we have and converting those into kind of commercial traction of our customers and issuers then really ordering commercial volumes of our cards. Much more focused on execution than on land grab for the remaining of this year, right? That's why we're also, you know, putting a lot of effort on strengthening the whole pilot execution from our side. With that, talk to you soon again. Thank you. Thank you for listening.