Good morning, everyone, welcome to Clavister's Q4 2022 interim report live presentation. Today, I have with me both John and David remote. We're gonna try this new format. John, are you with me? David? Absolutely. Yes. Thank you. Perfect. Perfect. It works. Can you hear us loud and clear? Yes. I hear you. We will start this presentation with the presentation, and in the end, we will have the normal Q&A session. If you have questions already now, then type them. I want to remind you that type them to me, the moderator, because John and David will not see the questions. Type them towards me, and I will bring up them in the Q&A session. You can also raise the hand, and I will let you in and ask the questions on your own. I would love to hear your voices. John, are we ready to go? Yes, absolutely. Thank you, Jenny. Perfect. Welcome, everyone. Let's talk about our Q4 2022 interim report, but also, of course, some reflection back on the full year of 2022. Essentially, when we look back at our 2022 full year, we have a year where we focused a lot on optimizing the business. We have, for one example, chosen to steer our sales and marketing efforts towards a more clear and distinct set of customer groups, primarily within mission-critical businesses, geographically within the European Union. The customer groups we've been targeting primarily has been the public sector. We've looked on defense, as you know. We've been working in the telecom customer segment and in critical infrastructure. Basically, customer groups where we've seen and we've learned that the Clavister technology is both viable, but also that our technology origin, being a Swedish company, resonates extra well with those customers. Another part of the year has been the focus on our cost optimization program. As a reminder, we kicked off a cost optimization program at the end of 2021. The goal was to reduce our operating expenses to a level where we would faster reach positive results and positive cash flow. We had a goal to reduce the cost from SEK 196 million to SEK 164 million. David will come back to the outcome in his part of the presentation. If we look more specifically at the quarter, the fourth quarter, we have continued to drive growth. We look at net sales, we saw a growth by 10%. We also decided to include total revenues growth number in this report for one specific reason. As you might have seen, we are highly engaged in a number of R&D projects which are externally funded, and those are primarily within defense and AI. Those are part of our operations, meaning that they drive both pipeline, and they drive our relationships with current and future defense customers, hence being a super important part of the business. If we include those type of projects, again, externally financed, the growth of total revenues amount to 17% in the quarter. If we look at our EBITDA result, this is the second consecutive quarter which we demonstrate positive EBITDA, which we're of course super happy about. Looking at the numbers, we are growing EBITDA with SEK 12 million year-over-year, and this is also the first fourth quarter we are EBITDA positive, which is of course an interesting milestone. Maybe even more important, of course, is our cash flow. What we demonstrated in the fourth quarter is positive cash flow from our operations at SEK 7 million, also strong improvement compared to this quarter the previous year, where the improvement was around SEK 14 million. Strong improvement of cash flows. Of course, all of this is driven by the combination of the growth, top-line growth, of course, also the effects of the cost optimization program. We ended the quarter with a cash position of SEK 42 million. This amount, especially in the combination with our significantly improved cash flows, makes us confident about our liquidity situation. We look at order intake. There is a slight reduction of order intake year-on-year with SEK 1 million. This is entirely due to the transition to the new business model. As a reminder or repetition, with the new business model, we see shorter contracts. With shorter contracts, obviously, we record smaller order intake. The total contract value or total customer value rather over time is expected to be higher in the new business model. All in all good, but in the periods, we see a slight reduction. If we then move ahead to the specific business areas, we start with our next generation firewall business, which represents our largest part of the business. The quarter has been very undramatic in this business, which maybe is a good thing. We see a strong performance. We've shipped over 60% more hardware units in the period compared to the last year. As a reminder, with hardware units, we obviously mean the hardware appliance boxes that run our software. First and foremost, we are a software company, but the hardware units are the platforms required to bring our software to the customers. With a larger and growing install base of these platforms, it also serves as the baseline for upcoming recurring revenue from these licenses. You know, more and more boxes being installed out in the field is a good thing for our future revenue generation. There were no disruptive orders in this quarter, meaning that the entire growth came from our regular baseline sales operations. The typical channel and partner sales that we are focusing on in this business. We were also able to release our Clavister Cloud services in the quarter. This is the first commercial version of the Clavister Cloud services. For those of you who have followed Clavister for a while, you know that we launched an initiatives around one and a half, almost two years ago, where we started the development of cloud services, knowing that at least part of the future of cybersecurity resides in the cloud. What our cloud services provides is security management, but also analysis and reporting as part of that, and password less strong authentication. If you followed security for a while, you probably know that, you know, weak passwords and password management is the most frequent vulnerability that are being demonstrated and being abused by hackers. With this service, we allow customers to basically get access to various types of services without having to work with passwords. Password less and multi-factor or strong authentication. It's a good combination. This entire service is based on the so-called SASE or secure access service edge concept, which is more or less an industry term nowadays. What it does overall is enabling, you know, various types of organizations, private or public organizations, to access whatever cybersecurity capabilities you can provide from the cloud via a cloud service, obviously then with all the convenience that that applies. The key differentiator here is that we've chosen to deploy our service on Swedish infrastructure. This is different from most of the other SASE solutions that are out on the market, which are primarily using public cloud infrastructure and mainly than American clouds. As you probably know, to be able to really fulfill privacy and data storage policies within, especially within public agencies or public sector, a prerequisite is that, you know, you keep the data and you keep the service on local cloud. This is our response to that, a deployment on Swedish infrastructure. However, what we have also done during the design phase of this service is a structure and an implementation that makes it possible to scale up this service to other countries. Obviously, we can't, we can't serve German or French or Benelux customers from Swedish infrastructure with the same, you know, privacy argument. Technically, we can do, of course, but the argument is different. Our solution allows us to scale up the technology to other countries with very low marginal cost, the way it's designed. Of course, over time, this is only the first iteration right now, the first commercial versions. Over time, we will supplement this service with additional capabilities, both from our existing IPR. We have, of course, a lot of more IPR that we can provide to the cloud, but also, of course, upcoming Clavister IPR that we will develop over time. If we then move to our 5G security business, this has been a quarter characterized by mainly design and deployment of contracts that we previously sold. If we look back at the history, we realize and we note and remind basically that the lead times from the initial sales of a contract in this area to the deployments is, in most cases, several years. We're not looking at months or weeks in these type of deployments, but several years. The deployments we're doing right now in the fourth quarter is from licensing contracts or, you know, relates to contracts that were sold both one and two, and in some cases, even three years back, and now they are going live. This, of course, you know, from a company perspective, requires a lot of, you know, endurance, but on the positive note, it creates an install base that drives licensing and also consulting revenue going forward. Given sort of the long lead times and the stickiness that comes from that, we can, you know, predict or project quite long periods going forward with revenue generation from these contracts. One of the key drivers for increased growth going forward is the rollout of the so-called Standalone 5G Core Networks. As a reminder, most 5G deployment or 5G networks so far has been as they typically start in the radio side. Radio networks where Clavister is not part, at least not yet. We are residing mainly in the core networks, and the core networks are due now to start rolling out. We see more and more signs on that, even though, you know, the growth has been slow over the years. We expect the business to continue to grow, and again, the key driver is the rollout of 5G networks or 5G core networks. Moving to the defense business. We continue to see strong interest for our solutions from this sector. To no surprise, the main driver is, of course, the digitalization that just continues and increases of all the various types of defense platforms, be that land or vessels or air systems. For us, we are agnostic. The other key driver is the increased defense spending, and of course, highly driven by the situation in Ukraine. In the fourth quarter, we have initiated the commercial deliveries within the framework of the defense projects that we have previously won. We've moved basically from product development phase to pre-series phase, and now we are in the rollout phase, in the actual commercial delivery phase. We will continue deliveries according to plan with, you know, more extensive deliveries during this year and going forward through to 2025. The extensive pipeline we've built up during 2022 is quite substantial. With that significant pipeline, we're quite optimistic, or we're really optimistic about winning additional deals, significant deals in this sector in the near future. Our final business, the Identity and Access Management business that we're operating through our wholly owned subsidiary, PhenixID, also saw a strong end to 2022. We recorded both high order intake and had a lot of deliveries to customers in the quarter. The largest customer group or at least a large customer group for this type of solution is the Swedish public sector. The solution is well proven. It is deployed already at a very large number of regions, municipalities, and public agencies in Sweden. There is, however, no technical limitations, and this might be important to just note that there are no technical limitations on the solution to scale this solution and this business gradually to other European countries. For the time being, the focus has been and still is our Swedish customers. With that, I'm leaving to David. Thank you, John. We'll look, you know, into the financials a bit deeper. Starting off with order intake, as John says, we see a slight decline, primarily driven by on average shorter contract lengths as a consequence of the new business model. Really the explanation is found in the mix of contract lengths. Net sales, we're seeing a growth of 10%, adjusted for currency effects, the growth is 6%. We see basically the same percentage-wise growth numbers for the full year, meaning also that we're back on a better growth trajectory compared to 2021 and 2020, who saw more slim growth. We're pleased to see that. Recurring revenues, flat in this period, representing a total of 66% of our total revenues. Lack of growth here. Again, we say this is explained by shorter contract lengths because we see growth on net sales, meaning that we are confident that, you know, we're shipping more platforms, we're building a broader base of subscription contracts. Given the mix and length of the contracts, we see a short-term negative effect, mainly driven by the fact that in the new business model, contracts on average are shorter than in the old one, which gives an initial impact. Over the course of time, as John said, we expect the value of contracts to be higher in the new model compared to the old. We expressed that some time ago in a reporting calculated the total value to be 40% higher over the course of a contract length in the new model compared to the old. We will see, we expect to see more and more revenue support as we grow the installed base in the new business model. Other revenues, primarily this is grants for R&D and also then primarily within AI ML and within the defense industry. This is a good way of expanding our technological capabilities, but also, as John said, our commercial reach and our commercial relationships within this business. Gross margins, would say that we have strong margins in the quarter given the fact that we have increased appliance sales in absolute numbers. The numbers of appliances are up 63% in the quarter. We have also then started the series related to BAE. The big increase in cost of goods sold here, up from SEK 5.5 to SEK 9.2, that is mainly driven by the fact that we're shipping more appliances. Meaning that we're building a broader, larger installed base, but also that there is an underlying flow from the old business model where customers migrate over to the new model, and often when doing that transition, a new appliance is bought. As we've been saying before, in the new model, hardware appliances are cheaper. We're saying that it'd be cheap in the initial investment to move to the new model, but we will earn more from the software contracts over time. This explains why we don't see a bigger revenue support initially from winning a contract in the new model. OpEx. Strong point in the report, I would say. We're reducing our reported OpEx with only SEK 11 million, which is a decrease of 20%, all driven by our cost optimization program. Adjusted for one-time effects, the decline or the decrease there is SEK 8.4 million on 16%. We had a full year run rate target for cash flow OpEx of SEK 164 million, and that was on a 12-month run rate. Our adjusted reported OpEx end of 2022 is then SEK 162.6. We are ahead of target. We're pleased to see that the cost optimization program has gone well, and we expect to see some additional support in reduced OpEx in coming periods from that. First, EBITDA positive Q4. First time with two EBITDA positive quarters in a row. Both Q3 and Q4 were EBITDA positive. Adjusted for one-time effects, EBITDA is SEK +1.2, compared to SEK -8.2 in the corresponding quarter. Financial items, and this is an area where I will actually get back to when we have been through the balance sheet as well. Looking at them, they're quite large, both in the period and in the full year, so we will deep dive into that, this report. I think it's important to stress the fact that out of those SEK 22.3, only SEK 2.8 has a cash flow impact. The increase from SEK 0.7 from last year is driven by two things. Interest rates have increased, and we are using the ability to defer tax payments and by then having liquidity support from that. That is roughly SEK 60 million, and that runs with an interest as well. That is explaining the increase from SEK 0.7 to SEK 2.8. The rest is non-cash. I think it's important to bear in mind that the vast majority, 90% of the financial items, have no cash impact in the quarter. The majority will never have a cash impact, and we'll get back to that. CapEx. These investments are slightly dropping, mainly by two reasons. Reason number one being the cost optimization. We have a bit of a more lean team, so we are a bit less costly. Second is that we have natural fluctuations between quarters of a mix of the amount of maintenance and research versus pure development. Cash flows strong improvement from SEK -10.9 to SEK -2.0. If we would adjust for increased interest rates, the underlying cash flows on our operations is actually positive. The operation business is cash flow positive in the quarter for the first time ever, actually. Cash flows are also supported by balance sheet changes. Even though we have quite a large buildup of accounts receivables, this is offset by an even larger buildup of short-term debt. Main drivers are deferred revenues as the largest part, and also accounts payable. We have a cash flow from operating activities is SEK +7.2. Cash position as well, improvement with more than SEK 20 million compared to last year. This is operationally driven. There are no financing actions impacting either the corresponding quarter or this quarter. This is improvements within operations driving the improved cash positions. Looking at the 12-month period, we have used the ability to defer tax payments which has given a liquidity support of SEK 62 million. We successfully applied for extension of those. We are done with SEK 59 million and confident that we will conclude the last three as well, meaning that we can keep this cash until 2024. Looking at full-time equivalents, this is of course then the main explanation to why OpEx is dropping with 20% is the fact that we are reducing FTEs with 25 heads from 133 to down to 108. Consultants increase from 14 to 21. This is more short-term mitigations to handle the fact that we are streamlining the number of FTEs. Financials. I said that I would get back to and explaining what does the financial net consists of. A total for the full year is SEK 61.1 million in financial cost. Out of that, SEK 5.9 million has a cash impact, which is less than 10%. The rest here is then, if we go through all these bullets, it is long-term interests. This is interest that will be paid when corresponding loans are repaid, meaning that will not happen within a 12-month period from now. We have the cost for warrants related to primarily the EIB loan, but also to a former loan from Tagehus. That has an impact of SEK 20 million, and that is done. Now we have no more impact from that in the P&L from February 2023 and onwards, meaning that these items will decrease with SEK 17.7 million during 2023 compared to 2022. We expect then much, only a slight impact then from January 2023 from these items. The rest is currency revelations. As you know, our loan to EIB is in euros, and when the Swedish krona deteriorate, we have a impact from the reevaluation of the loan. Looking at the financial, 90% does not have cash flow impact. I think it is important to understand that. You will see then more or less the same for the quarter cash impact here, SEK 8 million, 12%. Rest is long-term interest. It is cost for warrants that is now gone from February 2023. We will not see that part anymore. There's the currency revaluations and what will happen with them, well, that we don't know, but it's totally dependent on how the Swedish krona performs versus the euro. That's. That concludes the financial summary. Over to you, John, and the outlook. Thank you, David. Final part of the presentation before moving to Q&A. Let's have a look at our outlook for the year, the new year, 2023. We have concluded, I would say, the majority of our transition from our old business model to the new business model. In 2022, we still saw lingering effects by the transition. Now we're through with the transition to the greatest part. As a result of that, we expect sales to grow, the net sales, reported net sales to grow. We stand by our previous outlook that over the three-year period of 2023 through 2025, we believe that the growth can gradually increase to an average of 20%. With the impacts or the effects now of what we have done with regards to our operating expenses and as a result of the cost optimization program, we will see a lower level of OpEx in 2023 compared to 2022. Keep in mind that several of the OpEx reductions that were made during 2022 will not be visible in its full effect until 2023. Already by the coming quarters, we will start seeing effect. With that, and in combination with the you know expected growth in sales, we will continue to see improvements in cash flow and positive EBITDA for the year. With regards to our ambition on cash and cash flow, we would like to see our ambition, our goal rather, is to achieve a positive operational cash flow in the second half of 2023. To be clear, not for the full year, but for the second half, in the second half of 2023. With that said, back to you, Jenny, and for the Q&A part. Yes, let's start it. I will remind you, type the questions in the Q&A chat, or you can raise the hand and I'll let you in and ask the questions. Let's kick it off. John, where do you see the most growth opportunity for Clavister? In general, I would like to answer like this. We've, we made some changes already during 2022 and, prior to that as well, starting already in 2021, to focus our sales and marketing efforts towards customer groups where we as a, you know, small player against the large American incumbents, have a better chance to win and to demonstrate the viability of our products. What we arrived to as a conclusion is that, of course, geographically, let's focus on the European Union. There is a geopolitical element in that that is important. If we look at the specific customer groups, we realized that, you know, to no surprise, that the more mission-critical type of customer group, the more vulnerable you are for a cyberattack or a cyber threat. Consequently, you have more cyber budget to spend. Evidentially, with those customer groups, they happen as well to overlap with a strong understanding and a strong desire to buy technology that originates from within EU. By us focusing larger on those type of customers, we have higher chances of winning against Competitors with much larger financial muscles. Of course, within type of customers, we need to focus as well. We need to, you know, select even more carefully. What I mentioned earlier, you know, our focus has been great, and we'll continue to keep a focus on those with public sector, critical infrastructure, defense, and telecom. You know, segments in society where a cyber threat or a cyberattack will have massive consequences. I would say that the growth opportunities are quite equal across those four groups. You have different characteristics. For instance, within defense, we see, you know, fewer orders, but larger ones. Within public sector, we see a more steady state of orders, being lower as an average order. If you blend those together, I would say that the growth specs are fairly equal between all of them. They have different timing and different, you know, characteristics, but the prospect is fairly equal. Thank you. I have a question, first I will read a bit. First, let me say that I'm happy to see the continued cost control and improved cash flow. Well done. You state that the lower order intake is due to new business model with recurring revenue, yet the recurring revenue is not growing at all. First, can you please elaborate a bit more on why recurring revenue is not growing a lot more and why we should not worry about this? Secondly, should not the recurring revenue metric be the key metric to track for sales success, and should not this be much more comment on in this report? Okay. That is. Yeah. Okay. I will try to answer both. Let's start with the fact that the old business model also contains a recurring revenues. We say that in the new model, the recurring revenues are in an opt-out model, so they are much more likely to happen again. We're classifying them equally in the report. We are reporting revenues under IFRS 15 standard, meaning that we need, w hen we ship a contract, we need to look into what does it contain and how do we account for that. Meaning that if we are shipping a contract that, say, for the sake of the argument, the total value is SEK 1,000, then we look at, okay, out of that, how much do we account directly, seeing that this is, this has been distributed to the customer directly as the co-contract is signed, and how much is distributed over time. The over time value is larger in the newer business model versus the old. Everything of this will go into the recurring revenue portion of our revenues. If I will be selling a contract of a longer contract cycle, which the old model was to a higher degree, we took more longer contracts. They were not at the same value over time, they were predominantly more over five years. That means that the revenue recognition would be higher when we take such a contract than it is in the new model, where the contract is on average more typical to be one year. That is the key explanation to why are recurring revenues not growing in this period. In corresponding quarter, we had more contracts that were longer, meaning that the instantaneous effect on revenues were higher compared to this quarter, where we have more contracts, but they are on average shorter, so the initial revenue recognition when the contract is signed is smaller. I hope that explained the question, why does contract length explain why we have this effect? We had lingering effects of quite some quite large and quite long contracts in the old model taken in Q4, 2021. We don't have that in this quarter. The mix over time is more valuable for us in the deals taken during Q4, 2022 than 2021. That was a very lengthy answer, but it was also a question that's a bit tricky. Yes. Yes, it was. Yeah. And if I can add to that, it is a technical matter, we fully understand that it's, you know, material that is difficult. To then, as a segue into the second part of the question, yes, that's absolutely a correct, you know, observation, that recurring revenue being the main, sort of main business concept in Clavister for has been so for a while, but even more so now in 2023. You're absolutely correct. Recurring revenue is the key sales metric, and it is the metric that we are both compensating and driving our sales operations by for 2023 and onwards. We haven't started to expose that type of metric yet externally. Reason being that we have been in this transition from the old model to the new one. We want the new model to stabilize a little bit until we're confident to start exposing that number. With that said, we will be using more of, let's call it industry standard metrics, including annual recurring revenue. If we would have been exposing annual recurring revenues already by now, you would have seen the desired of effect already. That would be clearly visible. As David mentioned, from an accounting perspective, the net sales part that we're reporting in this report and previous reports, then we have the technical effects of the contract lengths. Going forward, we hope to be able to be more accurate or clear, rather, in recurring revenue reporting. Thank you. David, I want to stay in the financial part. Yes. When will the deferred tax of SEK 62 million need to be paid back? Can this be handled? Well, it is during Q1 2024. We will be able to handle that. Then of course, the question is, will it need to be repaid all at once or will we land in a more repayment schedule for that over a longer period of time? That would be our aim, but that would be a discussion needed to happen with tax, the tax authorities. We have many companies in Sweden who are using, you know, are strengthening their liquidity in the same way as we do, or who have prolonged the repayment time exactly as we have. Now the Swedish government announced only a week ago the possibility to use liquidity supports for the tax account even more. This is something we're looking into as a possibility of strengthening our cash position with that tool. No decisions have been made, but it's an option. I would imagine that as the economy is slowing down, I think the Swedish government and the tax authorities need to have a discussion. What repayment schemes are we gonna introduce to Swedish enterprise? To which degree are we requiring very fast and repayments of this money, and what potential impact does this have on business as a whole in Sweden? For now, the repayments need to be done Q1 2024, we will investigate the possibility to repay that over a longer course of time. That would be needed a dialogue with the Swedish tax authorities. Which haven't happened yet because they were just prolonged. I hope that answered the question. I, I- It is an important question, so it's good that it was asked. Please ask again if I wasn't, you know, specific enough. I mean, we can still ask the question, will Clavister run out of cash during 2023? We believe that we have secured enough liquidity to run the business during the full year of 2023. For several reasons. We have more growth. We have a significantly lower cost base. Our cash burn is then consequently much lower, meaning that we need less cash to fuel this business, and we believe that the gap will gradually close as we transition to the year. As John said, our aim is to have a cash positive business by the second half of this year. The operations will be cash flow positive during second half. Our cash requirements to run Clavister are, the burn is going down. We need less also. Thank you, David. Shall we move into the defense area? I will ask, what happened to the potential CV90 deal, Slovakian, Czech Republic? Are they lost, or when can we expect any news on this? If they're lost, what can we learn? No, they're absolutely not lost. Keep in mind that these are highly complex configurations where, you know, one project is not equal or similar to the other, so design and configuration is ongoing. We have high hopes to be able to, you know, be awarded those contracts as well. You know, as soon as we have news, we will, of course, it's our duty to report any news from those. Thank you. Some time ago, it was talked about a pilot for the U.S. Marine. What happened with this? That pilot is still ongoing. It's, sort of a live pilot since, I think maybe four months or something. They will require quite a lot of time to conclude whether or not they will extend that pilot to a commercial offering or not. We're sort of waiting patiently to see if there is any business coming from that. Thank you. I will move into the increase of in grants. What do they relate to? For instance, the COMMANDS project. Yeah, absolutely. Within, specifically within defense and the defense sector, this is, you know, to be honest, quite a small pond of few companies and few stakeholders working quite tightly with different type of collaborations within the defense industry. A big part of the defense collaboration includes these type of projects. There are, you know, specific funding engines for this, like European Defence Fund, who typically fund various type of research projects. The COMMANDS project is one of those where we were invited and are now part of a collaboration with, I think it is 14 companies in total. Small and large European companies, including General Dynamics and Indra, but also smaller ones, of course, like Clavister. Our contribution in a project like that is to provide technology and knowledge, of course. In that specific project, it's regarding, you know, unmanned vehicles and providing cybersecurity for autonomous type of vehicles. Those projects serve basically, I would say two main purposes. They make sure that the European defense industry are constantly evolving and innovating. That's key. They also serve as a good networking platform for companies to engage with each other, to create collaborations, and at the end of the day, to provide complete offerings to the defense customers, namely the various, you know, defense departments in the various countries. It's an important part of the defense vehicle. Thank you. Does the war in Ukraine affect Clavister in this sector? Yes, it does. I mean, as tragic as it is, it's no secret that, you know, the war has triggered a lot of the defense budgets increases for more or less every nation on, especially in Europe, at least. With that said, it brings, you know, production of new defense material on the table. The majority of new defense platforms, as already mentioned, are highly digitalized. With digitalization comes demand for cybersecurity. I mean, we see that with the existing orders already that we've secured on the customers we have within defense. The second impact it gives is a more, let's call it a more generic one, where suddenly and threats in general are more, you know, i t, it's, it's a higher level of awareness by the sort of the generic audience. We've seen when we did our market survey in the autumn, we saw that, you know, the war in Ukraine has triggered enterprises and of course, defense customers, but enterprises as well, to look at their cybersecurity spending because there is basically an increased threat and an increased awareness. Yes, the answer is yes. There is a positive impact from the activities. Thank you. If we look back at the Q4, John, what are you most proud of? I would say that, you know, we've driven a very, very strict cost regime during the year. Typically or commonly at least, you would see that when you decrease cost and you're heavy on cost, you would have challenges to, at the same time, drive growth. It's hard to break and push the accelerator at the same time. I would say I'm most proud that we keep on driving growth, we increase growth, but at the same time, heavily reduce our cost base. In essence, that's my key highlight from the quarter. Thank you. David, if we look at the report, what would you highlight, I guess? Yeah, but I think selling cybersecurity is. I mean, we're in the trust business, and I think what is important for us is to make sure that there is trust for Clavister as a business. Then I would like to highlight, I mean, what John says about getting OpEx under control, getting growth on, you know, back on a more positive trajectory, and also then the fact that our cash burn is going down. I think there are strong proof points showing that we are making Clavister more profitable, we are improving cash flow significantly, and I think this will lead to a higher trust in Clavister. I think that's also important in many of the discussions where we're in. I think this will help us also to win more business because there will be more trust in the Clavister brand as well. Because, if you're looking for a partner for your security, it is important to feel, you know, trust in that partner's financial viability. Let's be honest that is something that is very, very important for us to make sure that we are on a route to profitability and good cash flows. I think the report shows that we are on track. That's what I wanna highlight. Thank you. With your words, David, I would actually like to conclude this Q&A session and this live presentation. Thank you both, John and David, for this. Thank you, the audience, for listening. Thank you, Jenny, for moderating. Thank you very much. Thank you. Bye. Bye bye.