Hello, this is Robert Puskaric speaking, CEO of Zwipe. I would like to wish you welcome to our Q2 and first half presentation. First, in the presentation, we have a disclaimer, and then the second one is today's presenter. It's me, myself, Robert Puskaric, and Hugo Petit, who is our CFO and head of investor relations. He is on the call, but he will join me in presenting a few slides later on in the presentation. He is also in control of flipping the slides. So Hugo, if we please embark into the presentation. Next slide, please. So, some of you have been following Zwipe for quite some time, some not. We are a leading biometric smart card solution provider that are leveraging our core technology for multiple use cases and multiple markets that we serve. We are founded back in 2009, being a Norwegian company, headquartered in Oslo, but listed in both Nasdaq Stockholm and Euronext Growth Market in Oslo. We provide turnkey biometric smart card solutions, as we said, and our solutions are both for physical as well as logical access control. We are and have built a global partner network that we will talk a little bit more about throughout the presentation. Together with my colleagues, we are present in nine different countries across Europe and U.S., counting to slightly below 19 employees as well as consultants today. If we look at the key highlights for the period that we have then communicated, in the beginning of the year, in January, we announced a company restructuring and a new strategic direction, where we will increase our focus on the access solution and the access control market to commercialize our biometric solution authentication technologies for the access control market. We also announced that together with our partner, Tadera, we completed the biometric smart card system, operational test, and evaluation that was conducted by the Safe Skies Alliance in the U.S., and the tests were performed at Richmond International Airport. We also have announced that we teamed up with SCAP, which is the leading distributor of access control cards in France, and readers as well, so that means that we have now a very good entry point and activities ongoing in France. Ermes is another leader in providing solutions for identification and security of people, and they are an Italian company, and they also signed a distribution agreement with us covering Italy. Plasticard, that we have talked about before, I want to recall, is a leading manufacturer of plastic cards, smart cards, and ID cards, and they have partnered with us to distribute our biometric access cards not only in Germany, but also Austria and Switzerland. We have then also now lately signed a partner for Spain and Portugal that we announced, being PCB & Security Europe, so we are covering Iberia as well. And then lately, we have also then communicated that we have a distribution agreement with Seriline, which is the biggest distributor of identity and access cards in the Nordics. So that was all communicated during the first half. Shortly after, and in a few cases, just a matter of days, after the closing of Q2, we announced that we had signed with a specialist company that is integrating access control solutions, video surveillance, and another type of security solutions called ACIS. They are then providing and embedding our cards and offering our solution towards their global customer base. We have also entered a strategic partnership agreement with a company called ABC Security Access Systems, which is an integrator that is specialized on physical security solutions covering Canada. I think that the latest communication that went out here just a few days ago is ZKTeco that have entered a partnership with us, that is a provider of cutting-edge high-security access solutions for Europe. You can then clearly see that we have spent quite some time in building our partner network, being both distributors and system integrators to be able to reach out in the markets where we have then chosen and decided to be active. If we take the next slide, Hugo. Why are we unique? We are a biometric solution pioneer. We have been dedicated to biometric access cards since the start in 2009. We have a lot of firsts, you can say, which is both in the payment market and the access control market when it comes to biometric cards, and then we communicate that in January in 2024, this year, that we are focusing on access control, and that that is our primary target. I mean, access control is a large market, and it is in need of disruptive solutions that are still, I would say, price cost effective, and easy to roll out. There is a demand of enhanced security for physical and logical access. Clearly, so when we talk to our partners and several of end user enterprises, that they are targeting and looking for different solutions as we speak. Our card is then, of course, being biometric, adding an additional layer of security, and it's very fast and easy to deploy. Not only so for physical access, but also we have seen an increased interest for logical access as well. We provide an innovative and robust technology. We have key patents in the area, both in manufacturing, in usage, and as well as enrollment on the card. We have our solution is built of a strong ecosystem of both hardware and software partners, which then together make it possible for us to provide a leading technology in this field. And we should also remember that up until January this year, our primary focus was actually the payment market and bringing biometric payment cards to the world. And of course, having gone through both Mastercard and Visa certifications also say something about the quality level and the durability of our card, which I think is compared to other solutions in the market, much better. We have a very agile and efficient supply chain, and that also comes from that in the access market. We are not providing components and selling to card makers, which was the case in the payment domain. In the access domain, we are manufacturing cards ourselves, so we have in-house manufacturing capabilities, and our whole supply chain is very flexible, and our partner setup makes it very easy to ramp up and be an efficient provider when it comes to delivery on time for our customers, and you will also see throughout the presentation that we have growing amount of engagements with leading customers. And as I just pointed out in the previous slide, we have grown our partner network in all the countries where we want to be present. So I think that now we definitely have the base that we need in order to be able to grab the market that we are targeting, both in Europe and in North America. And we will also tap into a bit on customer engagements that we're having right now in the different verticals, where security is of absolute essence for these enterprises. So I mean, we are well positioned. We have a great technology. We are ready from a market product point of view, and we have built the partner network that is now in place. We are still optimistic about that this will be a success. That was the high-level summary. We will dive in slightly into some of these topics. If we take the next slide, just to refresh how our value chain looks like and where we are positioned. So on the far left, you have the ecosystem of technology partners and providers that makes it possible for us to, in the next step, build a turnkey biometric smart card solution based on cutting-edge components and software that we glue together as a turnkey solution, and also having the manufacturing capabilities in order to ship complete cards loaded with the right keys to be able to be used by enterprises immediately. Then in the next step, it's twofold. In some cases, we are targeting and talking and have signed agreements directly with solution providers, integrators, and installers. In some cases, we are working with distributors, OEMs, and that's nothing strange, depends on which market we're talking about and type of customer. Distributors are offering a complete biometric access package, so that helps the end user enterprises that are far out to the right to be able to use their cards as they are shipped to them. Solution integrators and installers, they are typically, in some cases, even closer to the end user enterprises, because they are responsible for the complete installations of access and entry solutions at the premises. They, of course, are giving us a good insight into each premises and enterprise setup that they have out there. As we said in the Q1 report, when it comes to enterprises, we are typically and primarily focusing on three domains, which is airports, data centers, and power plants. I will come back to that. Then we have a bucket of other type of verticals that we are also positioning together with our partners, that being automotive, transport, the luxury, high-end luxury segment, and some industrial applications and verticals as well. If we take the next slide, Hugo, this is in order to show you the go-to-market, the network that we have built, our value-added distributors, as well as system integrators and installers. And you see in North America, as well as in Brazil, in that geographical domain, we are focusing, I would say, basically only on airports, data centers, and power plants. I will come back to that. And in Europe, we have many more countries, because Europe is kind of, from a geographical point of view, more scattered. And here we are targeting also other type of enterprises that have shown interest through their partners that they have, being system integrators and distributors. So here we have both France, Germany, Austria, Switzerland, Italy, Spain, Sweden, and the Nordics, and we are also targeting Benelux and U.K., where we don't have any signed agreements as of today, but we are in talks with a number of potential partners that we hope we can communicate with them soon. Next slide, Hugo. So in order to bring you back a little bit to the verticals, far out to the left, data centers in North America or U.S., I would say especially, we have three specialized partners for data centers that we have signed with. It has gone that far, so that they have now incorporated that when you ask for RFIs and RFQs, being, you know, a data center or about to build a data center, there are now things from an architect and solution provider point of view that actually contains biometric access cards in the specs, which, of course, for the future, is great, and that is where you want to be, so that the RFPs and RFIs are in our favor, if you put it that way, so that we can easily reply and have a good fit. We are engaged in RFP processes with a leading internet search company, have been so for a while, and of course, we hope for a positive feedback. And a top-tier social network and software company have also commenced testing our products, and we hope, of course, that that will lead to a commercial deployment. On airports, we have two major partners in U.S. As I said before, Safe Skies Alliance have completed operational tests at Richmond International Airport, which we have communicated, and our partners, then the two major partners, have engaged and are in discussions pushing towards 10 airports across U.S. But of course, I have to say that this has taken far more time than expected, considering that we put a lot of time and effort on Richmond International Airport to come through that testing, and then we thought that it would go much faster for doing commercial deployments. On power plants, we have passed product testing and are under evaluation by a major nuclear power plant in Canada and, as well as under evaluation by a major energy company in U.S. When it comes to the fourth domain, which is a little bit more scattered, and I would say it's more when it comes to Europe. Here we are engaging across many different verticals and sectors, being automotive, transport, luxury, as I said. So here you will find companies, well-known companies and enterprises, that our partners are engaging with as we speak. And we have also, in the past months, seen that one of our partners have a significant breakthrough when it comes to the need and the interest when it comes to logical access controls. This, of course, being access to data servers and information that you want to limit and restrict in a more secure way. So that is a bit of explaining where our partners fit and what's going on in the different verticals. Next one, Hugo. This brings us to... You know, you can see the pipeline in this way. So from a distributor and system integration point of view, we now have around 60 partners that we have signed and communicated, but not all of them are communicated. They together then have with us targeted and are having approximately 55 unique customer engagements. Then you can ask yourself, "Why is the number not higher if we have 60 partners?" Because in some cases, the distributor and system integration partner is in the same country, so they're basically working on the same engagement, but it's like depends on where you are in the value chain. Secondly, some of our partners we have signed lately, you can say both this month, but also during Q2, and of course, before you have real engagements, that takes some time. So as we speak, it's approximately 55. But the interesting thing is that when you look at these engagements and the specific enterprises that we are talking about, they together have more than 2.3 million employees in these engagements. I'm not kind of saying that they will make deployments to the total population of employees. Maybe it will only be 10% or 15% or 20%, but anyhow, these 55 enterprises have more than 2.3 million employees. So an average amount of employees per engagement with the customer engagement that our partners have selected to go for are averaging around 42,000-43,000 employees per enterprise. And of course, if this flies, and if we manage to close some of these deals, is of course pointing towards a very good revenue potential upon conversion. That is what we are working for, and that is what we have built this network for. Us being a tiny little company, we cannot ourselves address this amount of customer engagements, not having built the network of partners that I have just talked about. Okay, so then I think I hand over to you, Hugo, right? Yes. Thank you, Robert. So some slides about the financials. When we look at the revenues for the first half compared to last year, we had approximately NOK 500,000 in revenue, compared to NOK 1.7 million last year. It's important to notice that last year's sales were more or less only related to the pay market. Another remark to be made is that we did a one-off license deal with a partner that generated NOK 0.5 million. So sales from access market, this first half was only NOK 100,000. If you look a little bit at the expenses, you can see, compared to last year, we more or less reduced the operating expenses with close to 60%, which is, of course, a very strong improvement. This is, of course, related to the two restructuring programs that have been communicated, one in during summer 2023, and the one that was communicated early 2024. On the right table, you can see that since Q2 2023, operating expenses have continuously decreased, which is, of course, a very positive sign and increases our runway. Now, going into the third quarter, we can conclude that the reductions have how do you say? Have taken effect, and we do not expect any additional, for now, cost savings from the programs that have been communicated. If we look at EBITDA, you can see that it was improved significantly, and compared to last year, more or less half. And of course, this is a result of the decreased operating expenses. If we look at the average monthly burn rate also here, the burn rate decreased to NOK 6.8 million, compared to NOK 9.9 million during the first half 2023, which is a reduction of approximately 40%. And normally there's always a delay between your expenses and the cash burn. But given that we do not anticipate any significant investments, we have inventory. We expect the burn rate to decrease somewhat, let's say approaching the EBITDA level, so to say. And the last exhibit, if we look at cash at the end of the first half was NOK 25 million± compared to close to NOK 76 million in 2023. I think you need to change- That was- Slide, Hugo. So the cash at the end of the first half this year was NOK 25.2, compared to NOK 75.9 in 2023. Yeah, that was what I wanted to present. The last exhibit, Robert, or I can. I mean, I think from- I, um- Yeah. I would say thank you, Hugo. I mean, near-term priorities, you can have one, two, three, four, five. We only have one, and that is to close end user enterprises deals together with our partners. That is, of course, our paramount priority, and announce major access pilots and commercial deployments in Q3 and Q4. That is the only thing that matter now. I would like to say, you know, apart from Benelux countries and U.K., I think that we have the partners that we need in all the other countries where we want to be present, that we have selected to be present. So we are not hunting for more partners now. We are hunting and working with our partners for end-user enterprise deals, together with them. So that is what we want to do and communicate, so that we can convert all these opportunities that we have in the pipeline that we're currently working on, to real commercial deployments. So with that, I would like to say thank you for listening to our Q2 and first half presentation. And now we will go into the Q&A. Yes. Let's see. One of the questions that was asked is: What is the approximate cost for the customer for a common plastic access card used today compared to the more advanced Zwipe biometric one? I can take that one. I mean, of course, it's an interesting question, but I think that if your level of security need is so low that you can have a $1 card, and that's good enough, and you don't want no print on it, it doesn't have to be a smart card of any kind, then, of course, you can't compare that to, "Oh, how expensive a biometric smart card access smart card would be?" Because the companies that we are targeting, end-user enterprises, they are looking for and have a need to increase security on their sites, or being able to have some kind of logical access cards. Yes, our cards are in the range of $50, which is much more expensive than many of the cards, majority of the cards that are out there today, but the companies that we are targeting and talking to are looking for introducing some kind of biometric access control. You would then either have to have readers that you need to replace all installed readers on your sites to become biometric, meaning the whole infrastructure of readers on every door to be biometric, to have some iris scanning of your eyes, which is pretty advanced and expensive, or fingerprint scanning, where you need to press your thumb towards some type of device in order to be scanned. This is costly. It takes a lot of time, and it's also something that many employees don't appreciate due to that they don't want to surrender their biometric data to their employers. So they can simply refuse, at least in all EU countries, and this, of course, is also in conflict with GDPR. So yes, it's more expensive, but it depends on what you compare with. Yeah. Okay, I hope that was an answer. Another question is: how many cards do you need to sell this quarter or amount of turnover from card sales, I assume, to be sure not require another rights issue before the existing one of subscription rights planned in December? Well, actually, given the cash position we have and the burn rate that we estimate, not that many, but I think it's important to mention that we need to take long-term perspective, and as a company in our situation, we continuously evaluate ways of financing the business. And there are, of course, several or multiple solutions here. So that's what I can say about that question. Otherwise, another question that we have received is, why. And I think maybe you explained it, but maybe you can elaborate once more, Robert, why don't you get any orders if you have all these partners? That's, of course, a very good question. I mean, I of course personally had anticipated that we will close a number of deals during the first half of twenty twenty-four, and that is what I have told you before. So you can say that, yes, I'm very disappointed, and I understand that your expectations are much higher when it comes to closing deals and bringing revenue into Zwipe than what we have been able to do during Q1 and Q2. Having said that, I mean, we are. I hope that you understand that we have been working extremely hard, both cutting costs, restructuring, and building this network of partners. So, I mean, all these partners are super engaged. They are super enthusiastic. They really believe in the product and the need for biometric access cards in order to increase security for some of the enterprises that they are serving, but this simply takes more time. Processes in enterprises to come to a decision takes time. So, I mean, we are signing up partners, as we have communicated, then we need to educate our partner, being the distributor. Then in many cases, our distributor is then hunting and signing up. They probably already have business arrangements with installers and system integrators in their country. Then they need to educate them. We need to provide them with cards. They are going out to their customers, being the end-user enterprises, demonstrating, and they are... A few persons are receiving our cards that they are trying, and then they're thinking of kind of making a more broad pilot, so as I'm also, you know, super excited and super thrilled that our engagements have an average of 43,000 employees, that also makes you understand that this is pretty large corporations, and decisions in large corporations, myself, having worked for Ericsson for many years, takes time to go from something that you have today, to change that to something else, takes time and unfortunately, this has proven to take longer time than we have anticipated, so we just need to continue pushing, not signing up more partners, because we have those, but the partners to keep pushing and convincing these enterprises to actually buy and start deploying. Okay. Thank you, Robert. Another additional, but I think it's to a large extent, the question before: What is the biggest hurdle for closing deals? I think you explained that pretty well by explaining the value chain, and how that works. Yep. Are there any- I mean, it's. I can say that there is a lot of more stakeholders involved in the access domain versus in the pay domain. I think that is what makes it more complex, and it takes more time. Because in the pay domain, it was basically, you know, our partner, the card maker, serving banks. So it was pretty clear line of sight on, you know, who was the decision maker. And in every bank, you have, you know, a card issuer, issuing responsible person, flesh and blood. And in enterprises, it's a more unclear who is actually the target that should make the decision to start implementing these cards. So, there are many chiefs in an enterprise and another type of partner serving an enterprise with security solutions in order to kind of knock down that wall and get that decision that we need. That is what is more complex here. Not that people don't understand what this card can do and that it increases their security on the premises, but in order to make the decision, it's more complex. Okay. Thank you. Another question that came in: Are there any NIST2 similar directives, regulations, and upcoming legislation in the U.S. that motivate and put pressure on implementing this kind of access solution as a needed/required security measure? Not to my knowledge, and maybe I should know more about that, but to my knowledge, the answer right now is no. I, we can come back on that. I see it's Niklas here asking that Birkeland's question. So, we will try to revert with a correct answer on that. But to my knowledge, no. Okay. Maybe, let's see, another question: "Do you feel that you're getting traction in the access market?" I think he want to elaborate more, but I think. Yeah, I definitely think so. This, of course, is the clear proof point that we have partners that are super interested to sign up with us and to start pushing and presenting our solution to their customers, being the end user enterprises. Let's see. "Which are your main biometric card competitors for similar cards, similar access cards, solutions as Zwipe?" There is one competitor, I would say, in targeting North America, not exactly providing the same thing we do. The card that they have on the market is not as sophisticated and not as lean and competitive as ours. So yes, there are competitors out there. We're not completely alone, but I think that us coming from a payment domain, having passed all the rigorous tests from Mastercard and Visa, puts us in a different league when it comes to quality and competitiveness, when it comes to price and durability. Okay. I think that's all the questions, at least so far. So maybe one last option for someone to ask an additional question. Otherwise, I think we're done. Okay. Thank you, Hugo. Thank you, all participants. I think. I hope that we have answered most of your questions, both the ones that you have sent in in advance and the ones that you have posted here. We are working super hard, in order to try to with our partners then, score those deals and convert the engagements into commercial deployments. We hope that that is not far away. I would like also to thank the small but dedicated Zwipe team for all their hard efforts for pushing forward, and with that, thank you for listening. This was our Q2 and first half presentation and report. Thank you.