Hi, and welcome to Redeye. Today, we're gonna talk with Fredrik Fränding, who is the CEO of ChromoGenics, and he's gonna give us a brief introduction to the quarter, and then we're gonna have some Q&A afterwards. Fredrik, welcome, and please go ahead. Thank you very much. Yeah, it's been an hectic and intensive quarter at ChromoGenics, we have achieved a number of important milestones. To say a few words about sales, despite the headwinds in the economy, sales activity has been high during the quarter. We're not happy with the order intake, but leading indicators, such as inquiries, new inquiries, and quotations are trending strongly. We believe we're doing the right things, and now we need to accelerate further. We're also confident that the new corporations that we are initiating with other companies in the glass industry will lead to improved order intake. It's taken a bit longer than we anticipated to convert inquiries, interest to book the orders. To say a few words about costs, we're continuing to focus on costs, and we can see that we are making progress. Looking at our non-raw material related costs, fixed costs, personnel costs, they are trending downwards. Raw material costs are also trending downwards in relation to sales, but we're far from where we want to be. Improving efficiencies and reducing scrap continues to be a key focus for us, and we have much more to win and to gain there. Just, finally, to say a few words on the technical side, I mean, we have had some issues for some time with the mechanical robustness of our production process. We've been working really hard together with experts and suppliers to address this, and since beginning of March, we've had a reliable and robust production, which is, of course, extremely important for us to be able to deliver on our commitments, and also to build the confidence and trust in customers to win new business. Another main confidence boost is the approved ISO testing of our products. This is a very harsh test that very few have passed, and it's a very important stamp of approval for us in the glass industry. Quality, lifetime, and the performance, of course, of our product. To sum up the quarter from my side, I mean, we're not happy with order intake, but we've taken several important steps now in the right direction. Great. Thank you very much for that brief introduction. I was thinking about beginning off with this new cooperation that you signed firstly with Future Glass in the UAE. Yeah. What do you think, will be the outcome from that? Yeah, Future Glass is a very interesting company. It's a very decisive company and a very well-run company and has a strong reputation in the, in the market, in the region. They tick both the technical and commercial boxes for us, which is important. They are both technically capable, they can commercially drive sales, we believe. I think that's very good. The Middle East it's a very interesting market. There are a couple of market segments there that we are looking at now. Cultural buildings, very interesting. also, the high-end villa market, of course, the office market. We are looking now at, developing those markets together with Future Glass. They saw the opportunity in producing independently producing dynamic glass with ConverLight Interlayer, and that's really what attracted them into this cooperation. You talked about that you want to focus on mainly on the European market. This is a, I mean, a completely new market. I feel it's pretty good. I mean, Middle East is pretty warm there. They should really benefit from your glass, right? Future Glass is active in Europe as well. Okay. There are a couple of reasons that we have initiated this quickly that we hopefully can disclose, you know, at a later date. It's a very interesting one. Yeah. Okay, that's great. Moving on to Thomsa Glass in the Netherlands. You also received a small order from them, right? Yes, we did receive a small order. That's a good start with the cooperation. The end user did not want to disclose the order value, we respect that, but it is a small order, but it's good to get an order with Thomsa Glass. They are a glass advisor and distributor of smart and sustainable glass solutions. They are not the producers themselves, but they have a good market reach in several European markets, good knowledge and good experience of dynamic glazing. We are, we have a good pipeline with them of projects, we are quite excited about our cooperation with Thomsa Glass. Okay, that's good. You also announced in cooperation with the Hero-Group GmbH in Germany, as we talked before about the SECM in France, have these corporations generated any orders yet? We have received some smaller orders from both Hero and SECM. With Hero-Group GmbH, we're very pleased to have a high quality, very well-respected supplier of glass solutions in Germany that can supply for us. We are not expecting them to drive the market for us in Germany. The ability to have a company that customers trust in Germany is very important for us, and we have that with Hero. Now we are building a network of agents in Germany who can help us drive the market there. Then we have a footprint in a reputable and highly qualified supplier in Hero. Haven't seen so much business yet, but our ability to supply in Germany is a very important step. Okay. You mentioned that the same clients don't want you to disclose the order value, but you still have, like, SEK 1 million, you know, for putting out the press releases, right? Yeah, definitely. Yeah. We do that. Absolutely, yeah. Let's talk about the report. I saw that there was an insurance claim up to it was like SEK 4 million, right, for installed glass in Gullhaug Torg, due to damages from subcontractor. That's correct, right? Yeah. As I understood that you installed the glass by yourself, but this is not the case, or? Well, we have a responsibility in it. That was done by a separate company. It's a very unfortunate accident, which we are managing now together with our, the insurance companies involved, not only ours, the supplier and also the property owner. The property is getting so much attention now in especially the Norwegian real estate market. It's been really important for all parties now to quickly sort of address this and replace the damaged glass panes. That's why we've sort of jumped ahead and done this now in cooperation with the property owners. The replacement glasses are produced by us, and they will be sort of installed during the vacation period now to minimize impact for the, for the tenant as well. Very unfortunate. The cost for retrofitting is quite high, so therefore the, this, the relatively large sum, but there is insurance cover for this. We have insurance, our supplier have insurance, and we, our advisors advise us that the position we have is good. Okay, and how many square meters of glass is it? We haven't disclosed the square meter, but it's a limited number of glass panes, that needs to be replaced. A big part of the ticket value is the installation and removal, the retrofitting of them. Okay. This damage, you know, did it happen right away, or did it happen after a few months, or how did it come about? It happened during the installation and commissioning of the glasses. It has nothing to do with the function or performance of the glass. It has a lot to do with the handling and the installation. Okay. You mentioned that you're looking to replace it during the summer. Do you think this can prolong to be longer, or do you think you're gonna close it? No ... unless now? Our part of this is actually done now, already. These glasses are now being produced into insulated glass units and will be installed by a contractor in Norway during the vacation, we're tracking on plan for that. Okay. Uh. Okay, that's good. I want to say also that we are. The property owner, Avantor, has been, they have been such a great ambassador for us. They really believe in the product. They see that this is a, it's an accident and a mistake that's caused some glass panes to get damaged. We will replace this, and they clearly see that this has really increased the property value of their property. Everybody wants a quick solution to this so we can continue to promote this great reference. Okay, that sounds assuring. You announced the right issue here last week of SEK 30 million. Can you tell me how are you going to use the money foremost? Absolutely. First, I want to say we really appreciate the confidence and the trust from our shareholders. We will use these funds very carefully to continue to drive the market reach and market expansion. That's the key focus for us to continue the market expansion and the market reach, commercialization of our product. We also want to allocate some funds to some R&D work that we have that we want to do, where we see a really good opportunity to substantially improve the performance of our product and also reduce the cost. This is looking very promising. I can't say so much more about that, but we also want to allocate some funds to that. Okay, my last question here, main focus coming quarter? It's continuing to drive sales, continue to convert the leading indicators, inquiries, and quotations to orders, of course, maintaining the robustness in our production and driving the efficiencies. Thank you very much, Fredrik. Good to have you here. Thank you, Brett. Yep.