Hey, welcome to Investor Studio's report interview. [Non-English content]. Hello, a warm welcome to Acuvi Q1. If you watch this live, you can, as always, interact with the management, you can do so by adding your comments in the chat. We will deal with the questions at the end of our little chat and presentation, feel free to write down your questions already. Without further ado, it's high time to welcome CEO Nils Sjöholm. Nice to see you, welcome to the studio, welcome back from Tokyo. Thank you very much. Excited to be here. A busy quarter, no doubt. Before we jump into the figures, could you, in layman's terms for a layman as myself, just give me a short description of what you do when you develop, manufacture, and sell high precision motions solutions, and why Acuvi will make a difference? I think, yeah, for anyone that has been following the company or if they're new to this, I think at least you know that we're in the precision motion industry. That means that anything that moves with high precision is a potential target for us, right? If you look at where the world is heading right now, it's pretty obvious that anything that is developing and moving our globe into the future is actually moving itself, right? Nothing is standing still. Mm. I think it makes great sense to be in this field, and when you analyze the situation, you can see that everything needs to become tinier. Movements need to be smaller, more precise. Chip manufacturing or new space science or whatever it is that you're looking at, everything needs to be even better and more precise in the future. I think we have a perfect product mix to target all those Mm areas. Like I'm sure we'll get into, I mean, our customers are everywhere. Mm. Everything from space, consumer electronics, nuclear energy, defense, healthcare, and so on. It's a really big area to target. That will give my next question probably an impossible answer, and that is the addressable market. It will be enormous. Yeah, I mean, this is the thing. Yeah, our market is so huge. Anything that moves with high precision, and, I mean, high precision because we often talk about our, novel technology, which is basically nanometer precisioning. Mm. we can also move things many meters. obviously that's like asking how long is a. A string A string, yeah. Just to give us an understanding and feel for who do you compete with when it comes to, let's say, competitors, or is it also legacy within the company, a client saying not invented here, or? I would say, you know, we have three different business units. Mm, mm at, Acuvi. It's PiezoMotor, TPA Motion, and Sensapex. Mm. They all have different competition because they're all in slightly different niches, targeting different customers. There is competition, of course. I think it's a little bit more limited the more advanced the product and solution becomes, right? Okay. When I was here in the past, I was talking about trying to move ourselves up the value chain. Mm-hmm. We'd like to build more modules and solutions and be a bigger part and then a bigger integral part of our customer solutions. Part of that would be combining solutions from various business units into one singular module or bigger solution that we can provide. We've started that work, and I think if you look at it in terms of coming from that angle, the competition is far less. Mm actually. We have some interesting projects that we've started on that theme. Happy to see some progress and not just talking about it in the past, but we can see some real progress. You mentioned three names there, PiezoMotor, Sensapex, and TPA. If we look at the expected composition of your total sales, then I will divide it into med tech, life science, semiconductors, industrial automation/defense. Sorry. Would you be able to give us a feel for a composition of sales and your, let's say, target going forward? It would actually be much easier to answer in terms of business units. Mm-hmm TPA, PiezoMotor, and Sensapex. When it comes to the different segments, that's more tricky. Mm-hmm. The previous CRM system that we had and that we now exchanged, and I've mentioned that in the past, that's gonna give us a lot more opportunity in analyzing the data behind the orders that we get. Segmenting our complete business is a top priority. For now, I would say it's very difficult to say exactly what is a defense, a healthcare- Mm-hmm semicon, and so on. We can say that TPA Motion is the bigger part, followed by PiezoMotor and then Sensapex. It also comes a little bit with the amount of novel technology that you're looking into for each of the business units. The more complex the product or solution is, the less business it is for us right now. Sure. We're looking to change that. I think it's been very clear that our high margin products are more in terms of, the business coming out of, PiezoMotor. Oh. Also Sensapex. We want to grow there. If we shall jump into the report. Net sales amounted to SEK 51.2 million, while EBITDA amounted to SEK 3.3 versus SEK 10.4. Increased cost in several items has pressured the EBITDA, you've stated. Could you elaborate a little bit about the costs and would they be, let's say, reoccurring or would it be one-offs? I would say that most of them are not reoccurring. Mm. I would probably say that they are located in three certain areas. Number 1 is an increase in personnel cost. Mm. This is not something that is long-term for us. Mm because, I can already tell you that the personnel cost over the full year of 2026 is going to decrease. Mm. Right now we've had a couple of layoffs, and we have hired a couple people. Mm We're also challenged by the fact that we have double costs for a little while going forward. When we lay off people, we might have to pay them for another one to six months. Mm ... depending on situation. That's one of it. The second one would be the logistics that I think everyone in the world are facing right now in terms of their freight cost, shipping cost, and then also the tariffs that's hitting us very hard. Mm-hmm. It's a huge effect- Mm That we can see. Of course, we try to push that additional cost onto our customers as much as possible. In some cases we succeed because customers understand that the environment has changed. Mm. In some other cases, we have long-term contracts and they may not be as easy to modify. That's the second one. Mm. The third one would be that we have increased material cost, and that's also visible in the amount of inventory that we have. Okay. This is one of the key areas that we're addressing right now because the amount of working capital is not where we wanna be. Mm-hmm. It takes time before you see the real effects, but we're already implementing the processes and the efficiency and measures that we need to have in place in order to follow and track this over time. That's clearly something that we're looking at. I would say those three are the main areas. In terms of cost, yes, we also had some investment costs in opening up the new Tokyo office. Mm. Mm Mm. Mm that I just visited. Mm ... also, placing some staff there. I have no doubts that this is going to repay itself, many times, the investment cost. Right now, yeah, that's an additional cost. If we look at the operating profit or loss in this case, - SEK 7.6 million, that was heavily affected by an accelerated depreciation rate of certain intangible assets. Could you just walk us through that and explain, and also yet again, recurring, non-recurring? Okay. Yeah, we have very many projects ongoing. Mm. Some of them are developing nicely. Some of them are not really where we want them to be, and we have increased the depreciation or write down speed on some of them, and that was also made in collaboration with the auditor who recommended this. Mm. I think it makes sense because in some cases we're also developing our own products that are in parallel to other projects and so on. It's something that I think you might notice going forward also, but I would say that we're also trying at the same time to mirror EBITDA with cashflow. That's why we're speaking about profitability and cashflow so much, also in the past. It's gonna continue going forward because that's really gonna be a key metric for us. It's also the foundation of everything that we want to do. Mm. You mentioned that we have a net sales of about SEK 51 million. Mm which is roughly the same as last year. That shows us that we have a very stable order intake over time. Mm Also, net sales and that our customers are reoccurring. I think going forward in future you will see that this is going to increase. It does take time because we've mentioned it many times in the past, but some sales cycles can be two to three years, so it's not something that you see immediately, but there's just so much work going on also behind the scenes when we are trying to shape the company to become a much bigger player in the future. We came from first a research to a commercial organization- Mm I think we're now building something that is ready to bring us to a place where we could double everything. I've said that also in the past, but double the number of business units that we have. Mm double the net sales, double the profits and so on. That's really what we're trying to build. Yeah, coming back to the EBITDA, yeah, it's a difference if you compare it to last year. Mm. I think you should focus on the cash flow because that's really improving. Okay. That's so nice also to be able to see that we're making progress, already now even though it's just been a few months since. Mm Since we started the work. To me it sounds like it's a, let's say it's a restructuring, about the different items and, more or less you forming a company as the way you want to form it because, you are, although you've been around the block, you're fairly new as a CEO. Is that correct? Yeah, that's correct. Mm. Of course I bring a lot of new ideas. Mm ... that are not always in line with how everything was done in the past and so on. I think it's natural when you have a Mm ... new CEO that there will be some change, and I'm aware that it will take the market a little bit of time to understand. Mm ... what the new metrics are, what's the new baseline for the company and so on. I'm sure we can overcome this, and I, yeah, we might discuss it later on in the interview, I mean, we still have very high internal targets. Mm-hmm ... on where we wanna be. We have very high targets on what we want to achieve in different regions, in different business units, in terms of different products, and so on, and all this is put into effect and in motion right now. As you mentioned, the net sales, SEK 51.2, in line with last year. What is the main driver behind the sales figure here? I mean, we've had, you know, you win business, you lose business. Mm-hmm Hopefully you win more than you lose. I would say that we have a lot of new, we have a lot of signs showing that what we're doing in the sales department is going in the right direction. For all our business units, this usually starts with the small orders. Mm. In this case, since we're doing the same net sales, I would say that a lot of it is reoccurring. It's a little bit tricky for us to exactly say how much is coming from new customers because we're also getting some new customers that were previously tied to our distributors in certain regions, like USA and Europe, for instance. Mm. Mm. Some of them are coming from the previous distributor while some of them are new as well. As I said, the previous CRM system that we had could not really differentiate if they were a previous customer or not. Mm. Now, since we own the customers ourselves. Oh, right. we can much easier tell going forward. Mm. We can also start monitoring how much each customer is growing, which ones are growing the most. Like you said about the segments before, because it's gonna be really important to see which segments are growing the most. Okay. I have my ideas about some segments. Mm that are looking very promising in the future, and that we're sort of targeting a lot more than others perhaps. Yeah. Focusing currently on creating profitability, would that mean a flat growth, or because you mention here certain areas where you think that sales will grow? Mm-hmm. How should we interpret this? I wanna grow. Mm. I wanna grow sensibly, so not taking up, taking on too much risk. Mm. I think it's really important that we grow, profitable, with a profitable, base foundation. Right now our main focus needs to be, cost control. Mm increase efficiency, production efficiency, logistics efficiency, sales efficiency, marketing efficiency. All those things that I just mentioned, they are sort of in between the top line and the bottom line. We have to work in all areas, but I would say the focus right now is on all these three. The next step would be inorganic growth and so on. I think we can do all these three things right now. Top line, a lot of the behind-the-scenes stuff- Mm Cost control. Mm. I think we have to work on all of them, and we have already started, and I think that's why you can see that the cash flow is actually. Mm becoming better. As you mention here, the cash flow would be something to look at, and obviously sales too. Is there such a thing as an average ticket size, and if so, what would it be? That's really hard to answer. I mean, our orders are from very, very small volumes. Mm up to the, what you've seen in the press releases, they can be- Mm quite big, almost SEK 2 million. Mm or something like that. Mm. anything in between is. All right. ... is usual. Of course when we're looking into these segments like we've started to do, you can tell that we may have a little bit of a better pricing power in certain segments than others. Okay. I would assume that, for instance, defense and semicon, they are segments that are going to grow significantly. Mm going forward. I think there's a lot of market data that points in that direction as well. Mm. You also have, another segment like space, which may not be so huge right now, but with all the decrease in cost for sending, satellites into space. Yeah and so on, we expect that to be a much bigger area. We're not working only with the companies that are sending things into space. Mm-hmm. We're also working with research and academia, because we think that that could be a way of making our brand famous. In Stockholm we have the KTH Royal Institute of Technology. Mm of Technology, for instance, so we're negotiating with them and talking to them about how we can facilitate their experiments in space and so on. If they write articles and publications and our name can be mentioned there, that's also one way of making the world aware that we have the stuff that is suitable for the very harsh conditions that are in space. Yes. Could you give us a feel for time from pitch to execution when it comes to an average order? I mean, that could be so different also, because if the customer approaches us, then that time is usually a little bit faster. Mm ... or much faster, I should say. If we approach someone, like we're doing now, because we wanna be more proactive in the sales department. Mm It could be really anywhere between, let's say a month to three years. Oh. We have to, you know, if you are calling an engineer. Mm, mm You have to be lucky enough that that engineer has that specific problem to be solved by your specific product at that specific. Okay ... time, right? Most likely you will make them aware of what solutions you can provide so that when they get to that point, which could be anywhere between three months. Mm, mm, mm Two years later, they will have you on top of their mind, right? This is where customer relations and partnerships come into play. I would really also maybe take the opportunity to explain how I see the difference between relationships and partnerships. Mm. Many, especially in terms of sales, you talk about relationships, but to me a relationship is something that will enable you to get the first sale, right? I would much rather talk about partnerships. Okay. This is what I did, now when I was in Asia, for instance. The difference I would say is that if your customer is building an instrument that's gonna have a lifetime of maybe 10 years, of course that initial sale is very important 'cause that's how you get your product solution, and your brand in, over the footstep, or through the door. How you take care of the customer in the following five. Mm seven, 10 years, that's gonna determine whether they have faith enough in you as a company. Mm person, product, solution, and put you into their next generation instrument. At some point you have to realize that our customer success, that is what ultimately defines our own success, right? By not seeing them just as a sales partner, somebody who's gonna buy something from you, but rather see them as a partner to our business, that's how I think we can succeed in sales over a long time. This is what we're now talking a lot about internally with the sales team and basically everybody who has any sort of customer facing going forward. Yeah, I lost track a little bit on your question. Yeah, but- I think that's really important to mention because partnerships are really. Mm fundamental for us rather than just relationships. The interesting thing here is also then barriers of entry would be high, I assume, and the stickiness of the business would be very sticky. I mean, that's the upside. At least that's your aim. Yeah. I mean, that's also the upside. Mm-hmm. It's very tricky. If the sales cycle is two to three years- Mm It's very hard to get through the door. Mm. When you succeed, and you manage to progress together with a customer and develop together. Mm ... with a customer, then that stickiness is very high. Mm. Mm. Of course, like all the business that we have today, most of those companies, they're not startups, they're big companies, so they're going to be around for many years. Mm. We just need to make sure that we're managing these partnerships in the right way, and then we should not be designed out, unless there's a complete transformation in technology. Mm We need to, have an eye on that as well of course. Yes. If- I think that's many years from now. Yeah. Sorry. If that's the case, you will probably be there as you're in the forefront of many technologies there. Let's jump into customer's orders here, and you mention here in the press release that you're exiting a med tech distributional deal about $3.7 million annually. Why does that come to an end? That's a good question, and I ask myself that as well. Okay ... because I've been in the distribution business for, quite a few years. Mm. I usually say that distribution business is quite different from other business-. Mm because it's one where you don't really require a contract between the manufacturer-. Okay ... and the distributor. Unless the business is fruitful, for both parties. Mm ... a win-win, a clear win-win, it's not gonna become fruitful for anyone in the long term, right? In this case, we had, this particular manufacturer and customer, as a working partnership for so many years, like a couple of decades, almost 20 years, and we grew that customer for the manufacturer, and I think we did an excellent job and, it might be that we did too good of a job. Okay. That it really hurts, it sucks. Mm That's usually, you know, it's not usual business when that happens. Mm. I'm a bit surprised that it did, but, yeah, we just have to make sure that we put the foundation. Mm good opportunities. Headwinds are always gonna show up. One could also point out that it was more or less offset by two orders from a customer in the U.S. defense sector, which was $3.2 million. I got two questions around that. Would that, is that the same customer, two orders from the same customers, or are there two customers? How much can you share? Because when it comes to defense contracts, which is now a booming market, there's a lot of money out there's also a lot of secrecy and you are obliged- Mm ... to sign forms which means that you are unable to communicate. Feel free to answer that in any way you like. Yeah, I mean, I can tell you it's, what we are providing these customers with, and they're different customers also- Okay. Has some very cool stuff. Okay. since it's the U.S. defense. Mm. Mm Mm ... or I would assume any defense customer. Yes I can't say anything about that. It's not, I can say it's not PiezoMotor. Mm. I think we were clear in the press release. Mm saying that this is a business that comes out of TPA- Yes motion, so it's something that moves a little bit bigger. Mm-hmm. It's really nice to see that that's happening, and that we are a key player in that because. Mm ... you know, I speak a lot about how I want us to be much more proactive. Mm. Mm. Mm Mm. Mm. Mm Mm. Mm. Mm ... in the future, but you cannot be proactive. No In sales, towards the defense industry. You really have to make sure that every project you get, you deliver it to the top-notch standard. Mm ... that they're expecting, and then they will internally spread the word and you get an offer for a different project. Mm. Mm ... and so on. That's how it goes, and it's really nice to see that TPA has grown this over time. Also, I just wanted to add, sorry, to come back to the last question that you had. Mm. Mm. Mm. Mm. Because distribution generally is a low margin business. Mm. Mm. Mm. We did cover up some of it by these new defense orders, but I think more important is to say that we're also seeing how PiezoMotor, our legs business, which is our, also our high margin business. Mm. Mm. Mm Mm. Mm Mm. Mm is progressing really nicely. We started Q1 by almost doubling compared to last year, and the trend that we see is also continuing into Q2. I'm not gonna make any projection for the full year, but I can say that it has started very well, and this is really in the lines of our strategy to add business to this segment. One can always, as we were into this, let's say, barriers of entry, if there is anything, such thing as a barrier of entry is in the defense sector. I mean, speaking of defense, it looks like this,trend, if you like, is going to remain for quite some years, I guess. I mean, your guess is as good as my guess. Mm-hmm I don't see the world investing less in defense, whether it's going to grow or not, I don't wanna speculate, but I don't think it's going to decrease, at least not in the visible near-term future, like five or even 10 years. Mm. I would say that the world has changed a little bit. We have some viewer questions here, I'll just read them. Mm ... out loud and then you have to interpret it as it is. Question number one here, Q1 EBITDA was SEK 3.3 million. You need SEK 34 million-SEK 47 million in Q2, Q4, and I assume that would be sales to hit guidance. What drives that acceleration? First of all, I think maybe this is a good time to say that what we have communicated is not guidance. Mm it is our targets. Good. Absolutely, we need to grow top line. Mm. Decrease in cost is going to be important, too, and we can do a lot there as well, and we've already started that journey. Growing top line is going to be instrumental in succeeding, and I think what our projections show is that we need to grow about 10%-15%, and I mean, that's more than fair targets to put, and in some areas we have a lot higher targets as well. Mm-hmm, mm-hmm. I think the average should be at least somewhere there, and then we have good chances of reaching it. The second question from the same viewer here, LEGS doubled in Q1. What percentage of Uppsala capacity is utilized today, and at what level do you expect meaningful margin leverage? I mean, we are still at about 50% utilization. Mm-hmm. There's a lot of room for expansion, and, this requires the sales department to do a good job, but the nice thing is that we can see things picking up in speed. I mean, the traction that we get from the customers that we are reaching, the number of new customers, that are coming in, it's all pointing in a very good direction. I spoke to our fantastic, I should say, regional director of APAC, Asia-. Mm ...... Pacific, Marcus Hedenskog, and he can ready see some early, trend results pointing in the right direction, and if things maintain, we should be able to grow APAC with between 50%-100% at the end of the year. The same goes for, some other segments and niches as well. We have high hopes. Mm. Of course, we also have that headwind. Mm mentioning in the earlier. It's not all gonna be a straight curve upwards. I think for every headwind that you may encounter, you have to make sure that you have three possible tailwinds. Mm to counteract for. If we're coming back to orders here, you have announced that you've been chosen to deliver solutions to a Formula One team. What more can you tell us about this? Okay ... agreement? I mean, it's sound pretty cool, I think. Yeah, and that's partly also why we press released it. It's not a big volume order- Mm, mm ... but it's something that has a high attention value, in the market. Mm Right now, I would say. Mm. A lot of people follow Formula One. I'm quite a new fan myself. Oh, yeah, obvious. Yeah. Unfortunately the team doesn't want to be mentioned by name. no. They don't want to tell us exactly what they're doing. Mm. I mean, my guess would be that it's more of a measurement instrument. Mm than anything else. You know, Yeah. ... build their cars, it's super important. Oh, yeah. ... that every angle is right and so on. Mm, mm that's what I'd guess. It's a seal of approval, one could argue. Absolutely. Mm. Absolutely. I mean, this is the world's fastest motorsport. Mm, mm I don't think there's hardly any sport with instruments. Mm that require higher precision than. Mm than Formula One. You just got back from Tokyo, and so, and you have mentioned previously that you switch away from distributors to in-house sales in certain regions. When do you think that that will be reflected in the figures? Because if I understand you correctly, I mean, you would have more control of the sales, cutting out the middleman, and that would lead to, let's say, quicker sales and perhaps higher margin. Am I right in my assumption? Yeah. If so, when can we see that? I think you're right in quicker sales. I would hope that you're wrong because that means our distributors weren't as effective as we were hoping. Mm. I think you're right. Mm. Second thing is that most of our customers, they're quite big companies. Mm-hmm. Right now only, one department is buying something from us. Mm, mm. This is something that we can change when we manage the partnership directly ourselves. Because it allows us to spread the word of what more we have in our portfolio, and it also allows us to be in more contact with their other departments. I was now in Japan. Mm ... we met with a big, global player. In the meeting across the table was not just one engineer. There were five different engineers, and they were all not working with just one project. Mm, mm of course. Oh, I see. talk to all of them, you know, you're spreading the word. We're really also hoping that we can grow each of these big, multinational, companies, with our solutions. There would be a, let's say, a read across to other areas within the companies due to, let's say, controlling the sales and having your own distribution, as it were. Yeah, exactly. Mm. It puts us in the driver's seat. Mm We determine our own fate a little bit more. Okay. As you're transforming the company towards, let's say, fast-growing, can I say better control in a way, and a profitable entity, what kind of metrics would you like us in the market to look? As we started this interview, I got the feeling that when it comes to EBITDA and other metrics, because you are restructuring the company in certain ways, maybe that's not the way to look at it. You have emphasized cashflow and sales. Could you elaborate a little bit about KPIs, internally, but more importantly externally to us? Yeah. I don't know how carefully you read the report, but we actually took away a few of the wordings around- Mm ... standard products and Mm, mm OEM products and so on because we think that they were a little bit confusing, not only to the market, but also internally how we define these things and where do we draw the line. If we have a PiezoMotor that we are modifying the adapter, and does that make it a standard product still or a or an OEM and so on? It's really something that we're trying to figure out. Mm. I understand that we need to get into much more details and providing the market with more details, and we want to do that. Somewhere there's a little bit of a borderline where you don't want to provide too much. Yeah because then you're, we're just gonna talk about details that. Mm, mm really No shareholder value in the long run. I definitely think, like EBITDA or EBIT, they're important, but if we're doing things a little bit different. Mm Maybe there's a new baseline that we should refer to. Cashflow is always cashflow, right? Mm. Yep. Cashflow is also the foundation of what we could do going forward, and it gives us the maneuver room for what we want to do. I come from a conglomerate, a serial acquirer, where acquisitions were financed 50%, 50% by own cash, 50% by bank loans. I think that's a healthy and sound debt level, and we would like to be able to do. Mm similar. Right now we don't have those financial muscles, but we can see the indications, although they're, we're coming from a low level. Mm. I mean, it should be quite quick that we start building up some cash on our own, and we can start looking at these things, and we should be able to finance them ourselves. Mm. All the metrics, we're gonna look into that, and I think by Q2 we should definitely have a lot more information for the market. I just want to be really careful and make sure that we provide sensible KPIs that we can follow over time. Yeah. I would say, of course the market wants this, and we should provide them, but more importantly, I want to find the KPIs that also sets the right internal pressures. Mm, mm. Once you start communicating, then that also shows the entire organization that these are now publicly communicated, and we need to improve them over time. That's why they have to be chosen very carefully. Surely they, we should definitely have more than what we provided in this quarter. Mm report. Yeah. That's an excellent segue, actually, to my next and final question, and that was, would be what do you want for us to be looking at the coming quarter? Obviously, if you've done your internal work to a satisfactory level for yourself, then you may communicate KPIs going forward. Is there anything else you would like us to watch any particular space when it comes to Acuvi? No, I think, you know, the KPIs are very important. Even though we don't disclose too many KPIs today. Mm, mm it doesn't mean that we didn't start tracking them, right? Now we have different data systems. We're talking continuously internally about becoming more data-driven, so we've implemented the systems that we need in terms of ERP, CRM, and so on to be able to track things. Mm going forward. It's just gonna be a little bit of work. Yeah What is worth tracking. Mm ... and publishing. Excellent. Yeah. Yeah. I think, I mean, cashflow definitely is still the number-one KPI. Right, Nils. very interesting, and educational, I would say. One could say, one should watch the space, and looking forward to see you here again, so thank you so much. Oh, thank you. yeah, I did wanna say. Yes, go ahead. something about my trip to Japan. Yes, please. Good. ... because it was really nice, and we've spoken about how we want to do the direct partnerships ourselves. Mm, mm ... and so on. That's... and so on. That's true for the U.S. and Europe. While we've said that in Asia we want to keep the distributors, and I was there meeting with our new local team, the regional director but also an engineer, local engineer, and we met with both distributors and customers, and I can tell you I think we're spot on in terms of the strategy there because it's just so different, those customer meetings and how you. Of course. ... interact with the customer in that, in those settings, how you speak to them, who speaks, who says what. Mm. Having a person like Marcus who knows the language fluently in both spoken words and writing, I think it's tremendously valuable. Like I said, we're already seeing some progress. It's early signs, and it's from low levels, but I have really high hopes that we can tap into this market, which is huge and still to this day one of the smaller markets for Acuvi as a group. That's also something to track in the future, and I'm sure that that might be one of the KPIs that we're going to. Interesting to, publish. Also something to look forward to. It's a little bit of a cliffhanger, one could say, than Japan. Yeah, I mean. Oh, right. really. You have China, South Korea, Japan, Taiwan. Yeah are the main drivers, I think. Right. With that, thank you so much, Nils, and we will say thank you to all of you, viewing and asking questions. Without, with that, thank you and goodbye.