Freemelt has updated their strategy, adding a new business area to the company where they have also announced a first order. Joining us here in the studio to answer a few questions is CEO Daniel Gidlund. Welcome. Thank you. Before we head into this interview, you brought a little video that we will be watching. Let's see what it is all about. Yes. [Non-English content] Exciting stuff, Daniel. You've been able to make two announcements. I thought we could begin by you walking us through them and telling us what is going on currently at Freemelt. Sure. No, it's for sure been a very exciting week. Two announcements that really belong closer to each other as well. Firstly, to update our strategy from developing and selling 3D printers for metal parts. Now moving more into also manufacturing qualified parts for end customers. Secondly, the order, of course, connected to this as well, with the fusion parts order from Fusion for Energy, which is the European part of ITER. I think these two announcements together is really now rewarding because we have seen this market shift now happening, and we talked about this since quite some time. Really to get this, let's say, confirmation and proof with this order of our new strategy is really rewarding as a company. The timing is a little bit peculiar because, as you said it, one announcement sort of relates to the other in this case. That sort of sparks me to wonder when it comes to the change in strategy, what has provoked it? Has this been internally something you've thought about at Freemelt for a longer time, or is this client and demand driven? I think it is more of a natural kind of evolution. First of all, we are one of the leading E-PBF suppliers. We are number two in the world. We have sold 45 systems. I think that kind of foundation is strong and clear. What has changed now is the demand. Customers in the past, it has been a lot of focus on prototype printing within especially metal manufacturing, and also to prove the technology. Now it is moving more to serial production. Customers now more asking for also to get access to the production capacity for manufacturing of extreme materials for critical applications. It is really driven of demand from customers. I think also if you look into the whole geopolitical situation that we have, which is also driving more of regional resilient manufacturing, and I think a good example is China. China has already taken this kind of path. If you take BLT, which is one of the largest Laser Powder Bed Fusion OEMs, I would say they have hundreds, maybe even thousands of printers in-house manufacturing parts for end users, like in defense, in aerospace, in China. I think this is really the kind of position that Freemelt now trying to take in Europe. If we zoom out and look at Freemelt from more broad perspective, you now stand with one platform and two business areas. I thought you could elaborate a little bit on what those areas are and the differences now between them. Yeah. In simple terms, one customer will like to purchase machines, and the other customer will like to purchase the qualified part. If we go to the first one regarding purchasing the machine, that is typically one application area is MedTech, so orthopedic implants. This, I would say, is a mature application that is for at least the past 10 years really stepped into a big serial production of implants. These customers, we then sell our machines. We service the machines. We really try to act as a productivity partner during the life cycle for these kind of customers. The other customer then, and that is specifically maybe a bit more immature from a supply chain point of view. If you take fusion, I would also say in defense. These customers, they ask us to step in and help already from the design of the part to help them to develop the material process, so the recipe of the material, to do the application development, and then also supply the parts in the volumes during the schedule. Having those two different options, I think we can be very customer-focused and really agile towards the customer needs as well. I think that's really a flexible solution that we have in place now. Does it address also a sort of issue in pricing? Are there customers who would pay per part that might one day also buy a whole machine? I think that it's a very good question. I think at this moment, the majority of the purchases is in equipment, but I think this industry definitely when it becomes more mature, I think you will see more instead of selling the machine, you actually also then have a price per performance or price per part to the customers. But I see that that's more in the future. The potential in this business area, do you see them as separate or unified? I think the potential is. If we start with the potential of selling equipment like we've done so far, that total accessible market is somewhat SEK 20 billion-SEK 30 billion, which is, of course, in itself pretty big. If we zoom in more on manufacturing parts, maybe even in the future, assembly also different kind of parts into functional components, then the accessible market suddenly we talk about SEK 450 billion-SEK 550 billion. That's really where the big opportunity lies. With that said, I think it's important to remember that if you take the total metal parts manufactured, it's around 5% of the total. Of course, still you have a huge opportunity to grow both the capital sales but also the manufacturing of parts as well. We'll talk more about the business area, but I feel these items sort of staring back at me, and I'm very curious. I assume these are the parts that you're making for the order that you were also unable to announce. Yeah, you're right. This blue part here is just a small replica to showcase where those tungsten tiles. This is a tungsten tile. This can look like this is like a cube. It's difficult to manufacture. I think this is one of the most difficult parts to manufacture in materials. This has the highest melting point, which means that you can't have a mold because then the mold would melt. That's one part. Here it's 3,400 degrees to melt. The other part is to get this solid or fully densered. This is something that we can manage well, even we can manufacture it in microstructure that can lead out the heat and so forth in an efficient way. This is crucial to understand because in this fusion reactor, which Pressure Vessel is demonstrating, here we have 150 million degrees Celsius. It's hot. It's a lot of radiation as well. This is why it's important to have materials that can resist that in a good way. This order that we have got now, which is Japanese reactor, it's the largest in its kind. We're going to produce 31,000 of these tiles and monoblocks over the next 22 months. The customer is Fusion for Energy, which is the European part of ITER. This is a European-Japanese collaboration. I think ITER as well is really one of the technology platforms that is sharing its technologies to other fusion products. From that point of view, it's also critical for us to get the trust in this case and also showcase for further opportunities. But yeah, I think this order is really a breakthrough order for Freemelt as a company, and also it's not prototype volumes. We're talking 31,000 parts over 22 months ahead as well. I'm very excited about this. It's quite a big volume, or correct me if I'm wrong, but I feel I need to ask, what is your production capacity today, and will you need to scale it up? As a small company, this is a fairly big commitment as a company as well. The order value, I should say, the base value is also SEK 55 million, which is the single biggest ever. We have five options that the order value could be up to SEK 84 million. Of course, we try to also connect the business value here with also the investment. At this moment, the first batch from the kickoff, it will be delivered in five months. For this, we use our existing infrastructure, we use our existing tools that we have, and also we work closely with partners that has the experience and the knowledge also to support us in making this happen. Will this mean significant capital investments from your side? No, I wouldn't say so. Again, we don't invest on hope or speculate. As I said, we must be smart using our money, really focus on what's really needed per customer contract as well, so we don't, let's say, tie too much of our working capital. I think the good thing here as well, as a company, when it comes to this type of business, in this case it's a contract over two years. It's also a fixed, let's say, expected revenue, which means that we can also find other kind of funding, like asset financing, for instance, connected to the contract. I think that's also what we try to focus on moving forward as well for the additional, let's say, business opportunities as well. Freemelt has used the term equity light before. Is that an example or is this an example of that? I think this is a good example, actually. Because to grow without tying up too much capital by owning everything. As I said, we try to be very smart now and only invest and own what's crucial for us and then work with partners, as much as possible to be able to provide the service in the end to the client. I think also it's important to mention that our technology, the 3D printers that we develop, it's also neutral from applications, from materials, which means that we can also utilize the investments and the technology for other, let's say, business opportunities in the future as well. This all sounds very positive. You're addressing a new type of client, you're broadening your addressable market, and you're doing so, as you call it, equity light. But, considering that, if we remove the order out of the equation, this business area is still unproven, do you see any fundamental risks moving ahead with this? If so, which ones? I'd rather see it opposite, to be honest. I don't really see this as a risk. I think, first of all, the technology, as I said before, we have had this technology out in the market since 2019. We have sold 45 systems. We have worked closely with industrial clients with tough demands for quite some time as well. We have done a lot of projects, I would say more than 40 projects over the past two years as well when it comes to qualification and development of these type of parts. So on that side, I don't really see the risk, but more than the opportunity. I think the bigger risk actually is that I mentioned about the geopolitical situation. Both China and also U.S., they are now establishing these kind of advanced manufacturing hubs or ecosystems, to get this resilience for the critical applications for extreme materials. This is also what Europe now must act on, and this is where we try to take that position. If we don't act now, yeah, then I see a bigger risk. With the new strategy comes also new financial ambitions. You're remaining firm on your SEK 1 billion annual order intake by 2030, but now you also aim to be EBITDA positive during 2028. What are the main drivers that you expect will get you there? I think now with a different kind of business mix as well, we definitely will have a more sustainable business as well. Currently with the transactional sales of equipment, which can really vary quarter to quarter here, to get larger contracts like we announced today, for instance, the order intake and to build up the order book that also then predict the sales or the revenue over time is much better. We also step up more into the value chain in providing maybe not just the parts, but the components. So that also should generate, let's say, a better kind of gross margin as well. But the big upside here is definitely when it comes to the manufacturing side of the business. For investors who follow Freemelt and read your quarterly reports, what are the most important KPIs to keep track of when it comes to these ambitions? I think still, in the phase we are, I think it's the volume. Order intake obviously. I think also the order book, to see that the order book is really healthy, and the order book is special, when it comes to contracts and on manufacturing, you see that you can harvest from. Lastly, I think the business mix would be the third one. If we look further ahead and perhaps a bit more broad, the ambition of your vision over the next few years, where do you expect this new strategy to take Freemelt? Our ambition I think is clear. We really would like to become an industrial platform in Europe for extreme materials and for critical applications. We don't only want to be someone that is printing parts, but also more take responsibility to generate an end-to-end complete kind of solution for our customers. If you zoom in again on fusion that we talked today, I think a good example is the plasma-facing part of the reactor where we have really a strong position, where we have really strong capabilities as well, which I think is proven by the order that we have received. Here, I also would like to take a broader responsibility of end-to-end solution rather than just the tile that we are printing now, for instance. I think the market now is shifting from just providing the technology to more of an industrial kind of scale, and that's where we need to have a clear and strong position within Europe. Daniel, that was all my questions, but would you like to give the viewers some final remarks? Sure. Freemelt now is taking a clear position within extreme materials for critical applications in Europe. The market is moving. China and U.S. has already started, and Europe is behind. This is where Freemelt really want to establish a clear position. I think also it's important to understand that this is happening now, and I think our order that we also showcased today, it's a clear proof that Freemelt has the trust to take this position. Thank you very much, Daniel Gidlund. Thank you.