Hello everyone, welcome to Compodium 's Q2 2025 Earnings Call. I have a slide show I want to share with you. I want to thank you all for showing up. I want to start this off by talking about Compodium International. Tell you a little bit about who we are and what it is that we do. We are Compodium at a glance. Our mission and our vision is to make the world a safer and a more secure place for generations to come by ensuring information security, integrity, and privacy. It's no secret that the world is getting bigger, more connected. Technology is everywhere. With it comes a few risks. You have data leakage, there are privacy issues, and of course we have people that are sensitive. We have kids, we have patients, and others where we really need to safeguard their data. That's what we want to do. We want to contribute to that better world. We also strive to be the first choice in software solutions for all types of compliance, communication, and collaboration for both the public and the private sector. We have a big presence in the public sector, but our presence in the private sector is growing every day. We believe it's very important that the company has a deep market share in these markets for us to achieve our vision and our mission of making the world a better place. The way we do it is that we provide a modular and adaptable product portfolio with secure software solutions for video messages and more. I'll talk a little bit about products in a while where we can explain how this modularity works. It's not the pattern for everyone. Let me look at it. In short, the highland view of the 90,000 ft view of Compodium is that we are a suite SaaS company, the market leading provider of secure digital communication tools. The product portfolio includes secure video meetings, secure messaging, and collaboration tools designed to facilitate confidential interactions while ensuring complete privacy and regulatory compliance. We see that when it comes to the regulatory compliance, we have GDPR in place, but we also have Swedish law, we have Norwegian law, we have a variety of different standards, regulations, and frameworks that our customers and clients want to follow. Within that product offering, we have secure video and ensuring full regulatory compliance with end-to-end encryption and complete privacy. I will talk about video in a bit. We also have secure messages, which is more of a secure messaging platform. It's more than just messages. There are additional features that are very important, and there are synergies there. It's intuitive and user-friendly, and messaging solutions. Those are available as cloud services and also on-prem. A number of our customers run their secure messaging solutions on-prem, ensuring that they are in full control of the data while reaping the benefits of the solution. We also have all the software that we have. For example, we have secure fax, we have whistleblower solutions, we have secure forms that are being used by the Swedish public sector to collect information, applications, and many more. Lately, we've also added some AI-powered features to our product offering. Going on to the messages, we provide these secure messaging platforms under the brand names Secure AppBox and TDialog, where a trusted, verified sender can send a secure message to a verified and trusted receiver. Not only messages, they can also book secure meetings, they can share files, and they can have video meetings as well. The key here is that everything is GDPR compliant and with confidentiality. For example, when you book a secure meeting, only the recipient of that meeting invite gets the information that that recipient should have. There are options there to hide who else is on the meeting, etc., etc. Also, the agenda is only available through the platform. This ensures that if anybody gets into that recipient's calendar, there is no information to leak, but the recipient can get access to all that information. Verified, being verified and trusted is a big posture. Whomever is sending the data, it might be a doctor, it might be a social service case worker, it might be a lawyer, or any business really. We have banks, for example, as customers sending financial information over to the recipients. The receiver knows exactly who it is who sent the message because that sender has been verified by secure authentication methods such as their own internal access. We have Danish MitID, we have Norwegian BankID, we have Swedish BankID. It's very global and pluggable. It's very modular. We support essentially any authentication method that the customer wants to use. Now, when a doctor, for example, sends information to a patient, he needs to know exactly that the patient will receive the data and no one else. When the doctor shares that information or the bank shares the financial information, the receiver will need to authenticate with any of the supported authentication methods to be able to read the data or the message, receive those files, or participate in that meeting. That way, the sender of the information, for example, if you have healthcare information that's being shared with the patient, you are confident that the data is not being sent to a third party or sitting in any logs in an email server or anything like that. This has been a very successful product, especially now that the Swedish public sector for the last few years is working on a project called SDK, Säkert Digital Kommunikation, where communes and organizations in Sweden have started sending information between themselves in a very secure manner. All our solutions and all our products support sending information over that network. That's a closed-off network that only the public sector is using. It's very secure. We've been a part of that project from the start and one of the first ones to be actually accepted as an SDK supplier, supplier of SDK software. We're very glad to be trusted and to get the chance to be a part of that. Now onto the other business area that we have, which is video. We've been in video solutions for years now. Our flagship product here is the contact center, labeled the one here on the slide. The contact center is available under the brand names VTQ and Confrere in Norway and also been resold by Inera as tickets of merit to our Swedish communes. What makes that product special is that it has a waiting room, but not like a regular Teams meeting. It's more like a doctor's waiting room where the patients show up or the participants show up in a queue. The verified trusted meeting organizer knows exactly who they're meeting, and they can look at the list of all the participants and say, "I want to meet with this person now, and I want to meet with that person later." This allows the organizer to do a triage of meeting participants. For example, if it's a doctor, it's like in the emergency room. Some of the patients you need to see right away. Others will need to wait a little bit. It also allows the organizer to have more complicated and complex meetings where meeting participants are sent back into the waiting room. For example, if a social service worker is having a complex family consultation and that social worker only wants to meet with one parent at a time and then the entire group, the organizer can control the flow a lot better. We also have a direct meeting solution where a participant can just show up in a meeting, very similar to Teams or Google Meet. It has all the same features as the contact center solution. We also provide that same meeting as an API where you can embed that meeting into an application via code. That has also been popular because a lot of our competitors are U.S.-based companies. We have solution providers here in Sweden looking for European alternatives, and we are high up on the list. With all of this, everyone is verified and they're trusted. We support a wide number of authentication methods. We have Swedish BankID, Norwegian BankID, Danish MitID, Freja. We have SITHS for the Swedish healthcare sector. We have provided SMS authentication. It is up to each and every organizer or customer to decide which authentication method do I want to use and how do I want to secure my meetings based on the expectations of my organization, our internal risk assessments, and the expectations of the customers. The flexibility also allows for, a Swedish customer of ours, for example, to provide services both to Swedish users and also Norwegian users because they can enable both of those authentication methods at the same time. I think that the magic here, which makes us very special, is that all of this is connected into the same video engine, which means that the verified trusted meeting organizer can mix a meeting where someone shows up from the contact center. There is a direct or maybe a colleague or interpreter who joins in directly. We can also embed it in an app if that's what the customer wants. Everything is the same meeting. It's the same security level. We provide code recording and transcription of that as well using AI. I want to move on and talk a little bit about the market that we are active in. We believe the market size to be SEK 447 billion. That means the entire secure collaboration communication market in Europe. The solution that we are providing or we can address, we believe that market to be, this market size to be SEK 16 billion. The driver for that market is geopolitical tensions. We've all watched the news. We've all seen what's been happening in the world. There are some political changes here going on between Europe and the U.S. A lot of the solution providers today are U.S.-based or hosted in U.S.-owned data centers, and that raises a lot of questions. We are a completely European alternative. We don't depend on any hosting American providers. Everything is hosted in Sweden. It's with a Swedish company, so it simplifies that a lot. Regulatory compliance has been on the rise. We have a lot of new security standards coming. We are ISO 27001 certified and ISO 9000 certified as a company. We also see that the customers are interested in NIS2, which is a European regulation that's being rolled out. We also have questions around other both local standards and European standards. We have questions about U.S. standards that are being rolled out across Europe. Now we have some Swedish customers, for example, they want to see American standards being picked up. There was one tender, for example, that we saw the other day where the customer wanted HIPAA compliance, which is an American healthcare standard. They wanted to comply with that as well in a solution that only serves Swedes. Regulatory compliance, yes, we have more standards. We have more compliance needs. We also have this diffuse adoption of various standards and regulations that are not necessarily strictly European or strictly Swedish. That also complicates that market a little bit. That's a strong driver. We have the traditional digital transformation. We have a few customers that have added video to their existing business processes. MedTech is one of them, where they used to have only calls through phone, but they became customers of ours and added our video solutions on it. If a nurse needs to see a patient while on a telephone call, they will just send an SMS link where the patient can click on and then the nurse can see that video. They are very happy with that solution. It's been working very well. I think that Stockholm acquired MedTech. We have these cybersecurity frameworks and cyber attacks, and those are the traditional drivers when it comes to encryption in solutions and the portal for the solutions to be secure. The regions that we're active in, we are focusing mainly on the Nordics, primarily Sweden. We are a Swedish company. We have our roots in Sweden, but we are active in the Nordics. We acquired a company in Norway, a product in Norway. We have a considerable market share there through Confrere. We're present in Finland and in Denmark. We're also present in the DACH region. We have customers in Germany, for example, and the U.K., and then South and Europe as well. The verticals we're operating in are mostly healthcare in the public sector, healthcare, outpatient care, where a doctor will meet someone in their office or outside of the office via a call, not within the hospital itself. Those are usually very specialized solutions. Defense, education, and social welfare. The solution Digital Mölde being sold by Inera has been pretty big in the social welfare sector in Sweden. Private sector, that's also healthcare, outpatient care. We have a lot of private customers through the Confrere product, insurance, finance, and banking as well, mostly in secure messages, and then professional services, where you need to be able to work with customers and meet with customers and share data confidentially because there's a lot of confidential information shared. Our ARR, the historical development of the ARR, the current ARR is SEK 42.2 million for the group. That includes Compodium, Secure AppBox, and Confrere, all those products we acquired. At the end of the year, we had SEK 42.6 million in ARR. We had a contraction in ARR, a foreseeable planned contraction, which we presented in our Q1 report, but the ARR went down to SEK 40.4 million. Now we bounced back up to SEK 40.2 million as we expected. We have a 4.5% ARR growth quarter to quarter. Now, looking at the quarterly report itself, April to June, we look at the net revenue came in at SEK 11.7 million. We see a stable growth across all business areas. There's demand after our product, which makes us very happy because our mission is to make the world a better and safer place. That can only be done as long as we have an impact on the world via our products. The growth is very, we're very happy about that. It's not only monetary value, but also not as a value to us as all our coworkers. We have a gross margin of 87%, which is down 2% from 89%. That is connected also to the other part of the slide, the EBITDA. The EBITDA came down, came in at SEK 1 million for the quarter, which is lower than we had a quarter before, with an EBITDA margin of 9%, which is lower than we had hoped for. Talked of transparency. We had a much better EBITDA margin in Q1. The temporarily lower EBITDA margins are attributed to lower CapEx and higher OpEx costs in connection to organizational changes that we did in Q2. We were still working a little bit on the integration of our latest acquisition, and we had to focus on OpEx costs related to that. Now we're back on track, and I expect it to be, yeah, business as usual going into Q3. Now, looking at the balance sheet and the cash flow, cash flow from operations was zero, which is an improvement from a - SEK 3.1 million in the second quarter of 2024. We had a total cash flow of - SEK 2.7 million, which is an improvement from a -SEK 3.6 million in Q2 2024. The cash position at the end of the quarter was SEK 2.9 million, which is a little bit lower than what we had at the end of Q2 2024, SEK 3.2 million. You can see on the graph here, there's a seasonality to the cash position. That is related to, we do a lot of business with the Swedish public sector. A very large part of our revenues comes from there. They tend to do their tenders either late in the year or early in the year. The summer is a pretty common period. During the summer, we are getting revenue more from our monthly subscription services, not the large tenders that we want. We invoice them in the fall. If you look at our balance sheet, you can also see that we have a few invoices also at the end of the quarter in the AR column of the balance sheet. That's also because we have a little bit of a payment delay during the summer. The Swedish summer vacation is plentiful, and that also slows down a little bit of the invoice approval processes with our customers. Fortunately, all our customers are very good customers. They always pay on time. They are Swedish, the Swedish public sector, very trustworthy. We're a very great source of that. Now to summarize the presentation and the quarter, if you look at Q2 in brief, we are further accelerating the top line growth. The ARR is up 36% year on year in local currencies. We still have a strong presence on the Nordic market, and we are working on strengthening that and increasing that presence even more. We have an increased public awareness around the need for secure and sovereign IT solutions. Data sovereignty is a hot topic today. Where's the data stored? Who owns it? Who has access to it? A lot of our customers, a lot of questions that we receive is, you know, how do you ensure that the data is safe within Sweden? That will be, we can surely demonstrate that with our Swedish hosting partners and providers on ISO 27001 certification and the way we run the company in public Swedish. The Q2 financial highlights is that the total ARR in the quarter came in at SEK 42.2 million with a gross margin of 87%. We had an EBITDA of SEK 1 million and a cash in hand of SEK 2.9 million, which concludes the presentation itself. Now I would like to open up for some Q&A and invite you to share your questions here in the Q&A window. So far, we haven't received any questions. I think since we haven't received any questions, we will give it another 30 seconds. If no questions arise, we will thank you for your time. Let's see if we have the audience raise any questions. If no further questions, I would like to thank you for attending this presentation. Thank you all, and have a great.