Good morning, ladies and gentlemen. On behalf of Montega, a very warm welcome to today's roundtable with Intellego Technologies. Joining me on the call are Claes Lindahl, Founder and CEO of Intellego, as well as Hans Denovan, the recently appointed CFO. My name is Tim Kruse, and together with my colleague Ingo Schmidt, I am the responsible analyst at Montega for Intellego, and I'll be the host of today's call. The main part of today's event will be an analyst interview, preceded by a short company presentation and some comments on recent developments. The reason for the interview format is that over the past weeks, we've received considerable interest in Intellego and a lot of questions. I'm very thankful to the management that they've agreed to answer these questions or address these questions in this format. As a reminder, this call is being recorded and will be available on the company's website. With that, I would like to hand over to you, Claes. Thank you very much, Tim. Very good to be here. Thank you for the introduction. A special welcome to Hans. This is his first digital presentation, I think, with our shareholders and the investors. Very much thank you for that. Intellego Technologies, we know that there are some people here that haven't heard a lot about the company before. We're taking a step back and going to explain, okay, what do we do? I think one of the things that we would like to mention first thing is the skin in the game that we think is extremely vital to have at Intellego. For example, myself have invested over EUR 4 million into shares in Intellego in the last couple of years. Hans has a stock option program with a strike price of EUR 226 per share. If he decides to exercise that, he needs to pay up around EUR 10 million. I think that shows really what we believe of the company and how we see on the future of this company. The reason why I invested the money, why Hans believes in the future is a lot thanks to this. As you can see here, Intellego has had tremendous financial success in the past with a very strong growth curve. Not only have we been able to excel on our sales, but we have actually also, in the same process, been able to increase our margin, making the company even more profitable. This is something that we've been doing for the last couple of years, and it's something that required really hard work. We are extremely happy that we have been able to deliver this kind of growth. That's great, but that's also the history. How are things going right now? We are really not slowing down. The Q2 numbers were something that we were really happy about. We had really strong growth on the revenue side, but we also had really good, excellent, strong growth on the market side. Something that was a little bit extra enjoyable and fun for us as management was also that the cash flow significantly improved, and we ended the quarter with about SEK 100 million or roughly EUR 9 million in the bank. Great. We had very nice past success. Q2 seems to be developing really good financial results also. What is behind all these numbers? Where are these numbers coming from? What do we actually do? Intellego was founded in 2011. We had about 15 years' timeline to figure things out. We are a deep tech company which has a patented technology. As of today, we have granted patents until 2042. What we do primarily is that we develop different kinds of quality assurance tools for different processes or different production industries, for example. Our focus with these kinds of products is to deliver high-quality products, which also then has a premium pricing. I am the largest shareholder with about 12% of the ownership in the company, and I've been the largest shareholder along the whole journey of the company's lifetime. We sell these color indicators, what you'll call, but we're also selling capital equipment. We're doing this in specifically mainly these three main focus areas. We have disinfection, for example, where you have UV disinfection specifically with UV radiation in the healthcare space, for example, hospitals, but also in the water space where using UV radiation to disinfect water is actually one of the most common methods to disinfect water today. If you go to some of the biggest cities in the world, you can actually find out that the whole city's water supply is being disinfected with UV radiation. You also have food disinfection where you're also using UV radiation, which is a worldwide spread method to disinfect fruits and crops, for example. You have our other, one of our other big application areas, which is in UV curing. UV curing is a production method which is being used globally, 24/7, 365 days a year. This is a production method that is used to actually produce many of the things that we have around us today. It can be the computer screen that you're looking at, or the computer, or your cell phone, or the furniture that you actually have in your home. Also, medical devices, for example, are being produced, can be produced with UV curing processes, such as medical adhesives, for example. We also have our a little bit smaller business area for right now, which is horticulture, where you can use, for example, our color indicators to make sure that the lighting conditions in indoor greenhouses are sufficient. Great financial numbers in the past. Q2 seems to have been developing really well. These are the application areas, but is there a market here? If so, how big is this market? If we look, for example, to the disinfection side and just look at healthcare, there's a significant market in that area. By the end of Q2, Intellego had, as a group, revenue of about EUR 40 million. If we just look at the disinfection side, we estimate that that market is worth about EUR 1.6 billion per year. These numbers are estimated by using the number of UV disinfection runs that are being done across the globe on an annual basis, and then using that to extrapolate. If you then start to assume that one single dosimeter would be used for every run, that's how you end up on the EUR 1.6 billion market opportunity. I think it's fair to say that we have just scratched the surface. The group, again, has EUR 40 million in revenue as of end of Q2. The market potential used for disinfection is EUR 1.6 billion. It's a massive market where we have a lot of work still to do to get access really to that. If we look at the curing market, we expect that market to be significantly bigger than the disinfection market for a couple of different reasons. One of those is because the curing market has been around for a longer period of time. It's been around for decades. It's well established, well accepted, and it exists across the globe. Also, if we look at the horticulture side, there is a significant market potential to do that. If you add all these market opportunities together, you get some really nice, big, fantastic numbers. I think, again, we're very far from reaching those numbers, but we are definitely moving in the right direction. A little bit on the success that we had so far and why. Great success in the past. Q2 has been doing well. We have a solid product here, but why are customers choosing Intellego Technologies' technology? We as a Swedish deep tech company, there should be a lot of other companies out there. The core thing that we have seen is because of the quality and the reproducibility that we have in our products. We can offer very stable products that are very reliable and very exact. This is, for example, the big part why we have been able to form collaborations with some really big companies out there. For example, Henkel, which is one of the world's largest actors in the PSA market, pressure-sensitive adhesives. That's for the UV curing side. Also, Likang, which is one of the top three disinfection companies in China, with over 8,000 hospitals as a customer in their portfolio. We are, of course, very honored, very glad to have these companies as collaboration partners, and we look forward to expanding these collaborations moving forward. Coming back a little bit to the financial side, as we have seen, we would like to claim that things are definitely moving in the right direction. Things seem to be moving very well. Revenue is developing very well. Same thing with our EBIT margin. EBIT margin, as we've seen, I think is actually better than what we have communicated long term. Also, our operating cash flow, which is so important for the growth and to continue the growth, is also showing significant improvement. If we look at our balance sheet, I think, again, what's our main takeaway from the Q2 numbers is really the cash balance that we have by the end of Q2 of roughly EUR 9 million or SEK 100 million. We will dive into the cash part and the utilization of that a little bit later on. Looking ahead, where are we going from here? We are firing on all cylinders. We are moving ahead in all the global markets that we have. Intellego has a very good strength in that we have a global distribution network. We have the ability to sell pretty much across the globe. Our three to five-year goal is to have a revenue of approximately EUR 200 million and a connected EBIT to that of EUR 60 million. We are looking forward to getting closer to that target and to reach it as soon as possible. I think that's it for the presentation. I know there is a fair share of questions. Tim, let's dive into that. Sorry, Tim, I think you're muted. I'm sorry for that. You can't live with... Okay, no, no problem. Thanks, Claes, for the introduction. Actually, I'll start with Hans. Hans, now you've been on board a few weeks. What are your key learnings about Intellego so far and also the UV market? I guess this is a new one for you as well. Yes, so good morning and thank you, Tim. Over my first weeks at Intellego, I would say that somewhat three key insights stand out. Firstly, I've been struck by the company's strong innovative culture and also the willingness to support me whenever needed. I think the company has built a very scalable business model and the team has a very rare combination of technology expertise along with a very strong commercial drive. Secondly, when it comes to the UV market, I believe that the structural growth is there and the increasing global awareness around hygiene, health, and sustainability is driving them all. Regulatory developments and standardizations are increasing the adoption of UV solutions. I also perceive somewhat a fragmented market, which makes the company's technology and partnerships very highly differentiating. Finally, somewhat of some sort of forward-looking insight, I see opportunities to enhance our financial reporting and investor communication and that we ensure discipline in the capital allocation going forward. Okay, can you share how the connection was made to Intellego Technologies and what made you join in the end? Yeah, for sure. My connection with Intellego was made through my professional network. What convinced me to join, apart from trying to convince Claes and the board, was somewhat also threefold. First, I think the entrepreneurial spirit of the company. It's very agile, it's innovative, and ambition in its mission. The business model itself is very compelling with scalable revenues and the proven ability to commercialize the technology globally. Finally, I would say the underlying business is already growing and profitable. I think that is very rare for a powerful combination of a company of this size and stage. Altogether, I felt it was a very unique opportunity where I was very eager to join. Okay, as you already touched upon this, also some work to do, I guess. What do you see as your main priorities, like for this year, next year, and beyond? Yeah, so looking ahead, I would say first, I mean, I want to work closely with our CEO, Claes, as a co-driver. We ensure we balance the entrepreneurial drive with some disciplined execution. That really comes down to strengthening our financial governance, our reporting, and processes, just so we are prepared for the next stage. I also want to prepare Intellego for a potential uplisting. I mean, that requires enhanced transparency, building investor confidence, and aligning our processes with the standards that are expected from a company operating on an even more regulated list. As we all know, it's not only about meeting the listing requirements itself. We also need to demonstrate that we can perform and communicate at that level. Lastly, I would say, but for sure not least, I want to support the continued journey of this company and position ourselves as a trusted global leader in the UV market. That also comes down to continuously aiming to improve things like our working capital, accounts receivable structures, capital allocation, our people, etc., etc. Ultimately trying to direct our resources to the areas where we see the highest shareholder value, really. Thanks. Yeah, looking forward to that. Claes, there's been a few comments on the low number of employees in the actual parent company compared to your market cap of almost EUR 500 million. I guess that's a bit unusual for a company. There's no actual physical head office or main office. What advantages do you see in that structure, and could you address potential investor concerns about that? Yeah, no, for sure. I mean, it's, you know, I ran into an investor that said that, hey, you know, you guys should have like a big penthouse suite in a corner office with big windows over Stockholm, and, you know, mahogany table and all of that. It's really, I mean, that's really not the Intellego DNA. Intellego DNA is really, part of it is to be very, very cost-efficient and cost-aware. I think that had been a part of Intellego DNA from the beginning. If you look at, for example, the first 10 years of Intellego being around, we raised less than EUR 2 million in venture capital during 10 years accumulated. I think, to be honest, it's closer to like EUR 1 million that we raised in total during these 10 years. I mean, I think that just shows on a cost discipline, which is, you know, I haven't seen many companies actually have that. When it comes to these kinds of things, like offices and things like that, if we need an office, we can get it tomorrow. We have a co-working space in Stockholm where me and Hans can go and have meetings, for example. Right now in Stockholm, it's only me and Hans. The reason, sure, we can get an office and have that, but to be honest, the way we think is that, okay, say that we get a, you know, a nice co-working office space. It might cost EUR 2,000 a month. That's EUR 24,000 a year. We can take that money and hire, you know, an additional R&D resource instead of that. In addition, for example, me, both me and Hans, we live outside of central Stockholm, so commuting into Stockholm would be like 45 minutes if everything goes well, one way. We don't really see, you know, why should we actually have an office because no one will be there and it's just me and Hans. That said, of course, if our staff in Stockholm is being expanded, we will for sure get a more fixed spot. I mean, always have to judge and weigh like, is it worth it? Is it worth the cost? Or is it just nice to have? If it's just nice to have, I mean, then we are not going to do it. Okay, I guess especially Hans will probably be building some sort of team, but that would not necessarily have to be in one place, I guess, with nowadays working opportunities, etc. Absolutely. If we start to hire more people in Stockholm, we can get an office tomorrow. We take it step by step. We don't see any reason to increase our cost basis unless we have to. Talking about employees, two rather prominent employees left recently. You've got a new addition also, but maybe can you just, on more general terms, speak about the risk of losing key personnel and what steps you have in place to retain key talent? Yeah, no, for sure. There were two people leaving us. This is two people leaving their job, which is something very normal that happens. It's not having any kind of material effect on Intellego. We wish Mervyn and Mike all the best for the future. The company's developing, the company's changing. Some people will leave, some people will join. For example, Mervyn, who was running our subsidiary in the U.K., the Daro Group, has left the company, but his replacement has already been in place since, was it August? That's a new person coming in and he will be starting in the beginning of December. This is normal. For example, now we are also looking to hire a Head of PR and Communication, and we look forward to communicate that here in the near future. Some people leave, some people join. Of course, keeping our key employees is something that we always look at. I think the good thing with Intellego is that so far, we can do that on a personal level. Some people get more of a kicker of having stock options. Some people just want to have a fun job. Some people just want to have a higher salary, for example. It's very much on an individual basis. That's something we're talking about with our employees on a regular basis because we want them to be happy, we want them to be comfortable. If they are, then I think everyone is going to be happy. Maybe just a quick follow-up. You just mentioned sort of one area where you would like, or where you are looking to add additional people. What are the other key areas you're looking to expand in the next months or quarters? I think we need people in almost every area of the business. The company is growing really rapidly, and if we want to keep this growth going, we need to hire more employees. That's on the R&D side, the financial side, the sales side, the marketing side. We're going to have to move people around, shifting focus from one area to another. This is constantly happening, and the organization and the company are constantly changing. This is something that we have to do constantly, really, because, for example, on the R&D side, we're stuffed with projects right now, and we need more people in order to be able to execute on those projects. Hiring, finding a new person that fits in the organization, it takes some time, so you have to start to plan that ahead. Okay, thanks. Maybe let's move on to your collaborations and corporations. You just mentioned two very important ones in your presentation, Likang and Henkel. Can you comment on how important they were for the growth in the recent months and what you see in terms of their importance going forward? I mean, yeah, Likang and Henkel, of course, two very important parties for us due to many different factors. We are very happy with the development of both projects, and we see that they are definitely moving in the right direction. I think it's also important to mention that this scale-up of these collaborations is taking time. It's not something that happens overnight. These are big organizations, often with quite long lead times, and we just have to be working together with them on a day-to-day basis to make sure that we have all the support that is needed in the market and from a technical standpoint, and make sure that we really have the best products out there in the market. Maybe just a follow-up to those two clients, like with these big accounts, how does that order process actually work? Is it a centralized thing or is it more a decentralized thing? Maybe just to get some color, how much lead time do you get and how much time do you get to fulfill orders then on that respect? Yeah, no, order flow is a centralized process. It usually comes from one of the big offices in a region. We get an order from one place, deliver it to another place, and then the products are usually being spread out across the globe from there. How much time do you need for, that's probably very dependent on the size of the order, but is it like, do you get a plan for the quarter or something, or is it like, hey, bam, this is the order and then you have to fulfill it? I think right now, because it's a scale-up process that is happening very rapidly, it's extremely hard to really project exactly what will happen in the next quarter or so, for example. We have no control of how big the orders are coming and how often they are coming. What we are seeing is that orders are coming in more rapidly. There is a gradual scale-up that is happening. Absolutely, if it's a smaller order, we can deliver it, I think, in around four weeks or something like that. If it's a bigger order, then it's going to take a longer time. Okay, maybe to follow on those sort of customer topic, can you estimate roughly how many customers Intellego has in total, and maybe how many ordered already this year? I think I know that we have hundreds of customers on a global basis. It's the variety and the size of the customers varies a lot. It's smaller customers that order the minimum order quantity, like $500 or EUR 500, up to the big giants, which order significantly bigger amounts where it can be above EUR 1 million per order, for example. In terms of customer wins, can you say what percentage maybe came through your sales activity, or is it more customers coming through your proactive approach, or are customers actually approaching you? It's a combination of all of it. I mean, it's everything from doing cold calling to other companies that have seen the PM about Henkel or Likang that comes to us and say, "Hey, you know, we saw that you're doing this with these guys." Because it's also when you get a big collaboration like that, all the other places in the market understand that, okay, Intellego's products are actually real and they're actually of good quality. That gives you a running board into these new accounts. It's a little bit like success breeds success. Yeah, it's great to see. Everything from calling up new customers to people see these PMs with big customers. Other people find us just through Google. It varies a lot. Okay. Can you, I mean, on sort of all, I think it's important for people to understand how it's a, it's a, it's for a lot of people, I guess it's a new market, not a trend market where you can, you know, you can look up things online because things happen in factories and, you know, behind doors, right? Can you just say what is a typical order frequency of a customer? I know this probably goes from both sides, but maybe just something that springs to your mind as an example, maybe what happened in the last weeks or months where you could say, "Hey, yeah, this, you know, this caught my attention because it was special for some reason." Maybe also, is there a difference between the segments, curing and disinfection? Yeah, sure. I mean, it's very widespread. We have customers, you know, almost buying on a weekly basis, and then we have customers buying on, you know, a quarterly basis. It's very different on how it's being used. What I can say, for example, one of the big collaborations that we do have, in the beginning, we started out with, okay, we got an order. Six months later, we got the next order. The order after that came after just three months. Now that's been down to on a monthly basis, recurring orders. I think me and Hans actually did an exercise on that. I think we have about roughly 60% of our customers are recurring customers that come back and buy a second time. That's a number we're working hard on continuing to grow. What is sort of the scaling model? I mean, just to understand how customers, the one you mentioned, I don't know if this is a specific example we can elaborate on, but do they test with one facility and then start rolling it out internally? What are the usual habits or structures there? Yeah, no, so it's very much usually a gradual increase. Especially among the big companies, I mean, the big companies really want to avoid risk. For example, ordering a lot of products and just putting them on the shelf, that's a lot of risk. If something happens with the product, you show that you can see that it doesn't work, there is something wrong. I mean, that's not going to be a fun situation. What we see is that they order, they sell it out to their customers, then they reorder, and then usually they increase their reorder. It continues to gradually go like this. There is no one that's coming in and just giving you a humongous order on day one. That doesn't happen. It's not the way that we see that these big companies that we collaborate with at least are doing business. Maybe you could follow up on that. I mean, as you say, a lot of, or most of your customers, or all of your customers, resell the actual product, or a lot of them resell the product you provide. How do you control that the product is sold through to the end customer? In that respect, how do you control risk of returns or oversupply? Yeah, so risk of returns, I mean, we don't have, the customer doesn't have any right to return products to us whatsoever, unless there is, you know, a significant quality issue. That's the only reason. What we do is that, you know, we work with our customers. We see how they order, we see how they pay. We also see the direct feedback from the end users of the product. Yeah, we follow up on that. I think, yeah, those are a couple of factors to see that, you know, okay, you know, is the product actually moving out in the market or is it just sitting on the shelf? Of course, that's very important for us because the product needs to be out there, needs to be used. Otherwise, I mean, it's not going to provide any value. I think that one of the big components there is that we see the end customer feedback coming in and we can take part of that to see that, you know, hey, it's working well, it's going well, great. Is that part of the setup you have in what you've set up with your clients, that they have to give you that feedback, or is it proactive feedback, or is it that the end customer is also in the loop in the product development, or how does that work? Yeah, no, exactly. The good thing with this also is that we get that constant feedback, so we can actually, when we get that feedback, already start to plan for the next iteration of the product, like the 2.0 of the product. That's really helpful to be able to plan for the future, and that's really how we stay ahead partly of our competition because we know what's coming. For example, a part of this was the development of our app system, where our app system enables you, if you have an exposed UV dosimeter, to take a photo with your cell phone. The app translates the color change into a numerical value interval, so you can get a much more exact readout from the dosimeter suddenly. For example, that was based on customer feedback to see how, because then you can also get that numerical data, which is more exact. You can save that into an online quality system. I mean, this just opens up, suddenly you go from the analog indicator to the digital app system, which just opens up a whole new world for business opportunities where suddenly you can lock in the customers in a way, which is really good. Also, you can start to make a lot of money from that app system itself by selling that also to the market together with the dosimeters. So yeah. How far along are you with that? Is that still sort of? For a digital app system? Yeah. We have paying customers for an app system. The app system is being launched and aimed towards the professional industries. This is not necessarily something that you will find in the app store or Apple Store or something like that. It might become available later on. Right now, the way we do this, the customer won't be using the app. We send them a link, they can download it, they can use it, and they pay for it. Do you think that will be a substantial part of your business model going forward, or is it still in a testing phase at the moment that you fine-tune it in terms of what the revenue model is and how you integrate it? Yeah, I think we definitely hope that it's going to be, you know, become a bigger part. I mean, the feedback we're getting is very positive. I would say it's still in an early phase, it's in a rollout phase. Things don't happen overnight. This is going to take some time. If we do it right, if we get it right, this can open a lot of new, very exciting revenue opportunities. Revenue opportunities is a good sort of a good bridge to the next sort of part in terms of market potential. You've mentioned in press releases that you see a potential of roughly SEK 10 billion in revenues in the future. Can you walk us through like how do you derive that? I mean, you gave us an impression of the market sizes as a rough ballpark where you participate, but how do you go about sort of planning that out and taking your market share of that? Yeah, no, exactly. That's like, you know, on a three to five-year time scale, we see, you know, market potential. If we do a lot of things right, we do a lot of investments internally, we see that can be reachable. It's not a financial goal, but we see that, okay, you know, it's out there and it can be reachable. That's, you know, a continuum on, you know, the disinfection market continues to scale as it is. Preferably, we start to see more regulations, you know, regulating the UV disinfection industry in more and more countries. At the same time, we continue to scale on the curing side. For example, Henkel in the PSA field does one application area in the UV curing, but there are also several other curing opportunities or application areas we need to address. We need to go into those. Again, coming back a little bit to this, you know, the people thing and our employees and things like that, I think, for example, that we need to hire a dedicated curing team for the future so that we can go after that market more and utilize all these other application areas in the UV curing more. Like coatings or paints or what have you, that kind of. Exactly. I mean, if you look at the number of food packaging which is being produced today, I would say that it's a significant chunk that is being produced with UV curing. Getting into that printing application area of UV curing would, of course, be very, very interesting. Getting in there is not something you do overnight and you can't spend five minutes on it. You need a dedicated team that really, really goes after that market. It's a combination of things of how to reach that SEK 10 billion. How would you go about addressing a market like that? Would you make the product and then approach the customer, or would you approach the potential bigger customer, a bigger account, and try and establish some kind of collaboration? Maybe you also comment, I know you spoke to me about this, how long the Henkel collaboration, for instance, took in developing the actual product. Yeah, no, we always start with the customer demand and the customer problem or issue that they are trying to solve. We tried the other way around many years ago to develop products which we thought the market was interested in, and that didn't play out well. It's super important for us to start with the customer demand, see what they need, get the commitment from the customer that they actually want this product. What is the price point? What are the volumes? We start the development project. That's how we do it, and that's the most efficient thing and the best way to spend the money because if you develop something which is not connected to the market, it will fail. It's just a matter of time. It's very important if you develop something new that you have a commitment from the customer because sometimes you run into people that want to develop things, but there is no plan behind it. Usually if there is no plan behind it, then it will likely not develop well. Can you say, you just touched on the regulation part, there's talk about FDA regulation and regulation in China. Can you say how that tightening UV regulation could affect your business, the combination with your hardware business and how that could, you know, hamper or even improve the business where you sell or lease or rent actual UV devices with dosimeters? Yeah, I mean, first of all, we are very happy to see that these kinds of regulations are starting to come into place. I mean, finally, you have to prove that these kinds of devices actually work. In many countries in the past, there wasn't even that kind of regulation. It's very, we're very happy to see that. China is, we would say, the front runner. They have come the furthest and they also have the strictest regulations so far. Canada is following that now and also the U.S. Canada and the U.S. quite recently launched that, coming up with those kinds of new regulations. I mean, from a dosimeter standpoint, we think it's great because what we compare with is that, sterilization, for example, if you disinfect something, it's this clean, for example. If you sterilize something, it's even cleaner. In sterilization, which is used globally, in many countries, it's actually regulated by law, by regulations that you have to be using a color indicator with every single sterilization run. Only in the U.S., we know that over 20 billion medical devices are being sterilized every year. Sterilization is, for example, if you have surgery and you have a scalpel and different surgical tools, you put them in a tray and you put them into a big dishwasher and it's being sterilized with heat and steam and things like that. You can start to understand how big that market is if they sterilize over 20 billion medical devices every year. Again, in sterilization, it's mandatory with having a color indicator. What we hope is that, and again, this will take years before it's being implemented. What we hope is that the UV disinfection market is moving towards that kind of regulation. If it is, it's just a matter of time before it's mandatory that you quality assure that every single UV disinfection run is being done. I mean, today, if you don't have a color indicator, you don't know even if the machine is on. I mean, if you invest $100,000 or EUR 100,000 into a disinfection device, you have no way to really know if it's working or not. I think that that's a bit interesting. For the dosimeter side, we think it's very interesting and very much welcome a new kind of regulation. For the capital equipment side, the capital equipment that we handle through UVO, one of our subsidiaries, there is a new regulatory process that you have to go through in the U.S., for example, or in Canada. We know that the devices that UVO is handling are working. They're a good product. You need to come up with some more documentation, but that's it. We don't see any significant hurdle in that sense. Would you be doing that application, or is that the OEM, the provider of the device that actually does the regulatory filing, et cetera? It can be both or either. It depends a little bit on how you want to do it. Okay, maybe moving over to the more qualitative side, you've exceeded your guidance a few times this year. One could argue that your last guidance was already a low ball maybe when you issued it, which you proved when you outgrew that two weeks later. Can you tell us a bit about how you think about guidance and what approach you take in terms of setting targets? Yeah, no, absolutely. I mean, exactly as mentioned, we over-exceeded our shared target, sorry, our annual target a couple of times. I think we learned the hard way last year where in Q4, we actually missed our annual revenue target by about 10%, I believe. No one was happy about that. The market wasn't happy. We weren't happy. We took that to us and said that, hey, let's put more conservative financial goals in place. That's what we have been doing in the last period. Fortunately, we have been able to reach those financial goals prematurely. What makes it really hard is that, especially when it comes to the big collaborations, we have really no control of when an order is going to come or how big that order is going to be. This makes it very difficult for us to make a very solid financial goal, set up really solid financial goals moving ahead. It's something we need to learn and we need to adapt. I think, especially now when Hans is on board, we're going to be looking over that process and see how we can do it in the best possible way. I appreciate that. I think investors would likely have conservative goals and then overdeliver in the end. The last guidance sort of implied that you would have a lower financial performance in the second half year than you did in the first half. Is that something that actually can happen? I mean, you just mentioned that you have big orders coming in and it's not, I mean, it's been a pretty straight line, but that doesn't have to be. Is that something you want to just put out there, that is something you might imply in the guidance at some point? Yeah, I mean, absolutely, a lot of things can happen out in the market. I think a lot of turmoil can happen. You have wars happening. You have a lot of different things that can affect the market in different ways. You have to tread carefully. Again, we rather focus on, you know, put some conservative financial goals and then try to achieve those as quickly as possible. Absolutely, I mean, everything can happen and it's every day's game there. You can't relax a single day because, I mean, yeah, you don't know really what's behind the next corner. I mean, we see that if we were seeing now that, of course, that there would be a significant downturn, we would have to communicate that to the market. We don't see that now for the foreseeable future at least. Okay, when you've always, you know, surpassed your current financial goals, in that respect, when can investors expect that you sort of reset your goals for this year? If we are going to reset our goals? I mean, you already surpassed the EUR 400 million EBIT sort of goals. When are you planning to issue a new guidance, or will you issue a new guidance, or is that sort of? It will come in a quarterly report. Okay. Mentioning the quarterly report, some of the reports have contained typos or inaccuracies in presentation. How do you want to ensure a more high quality or high quality reporting going forward? Yeah, for sure. I mean, that shouldn't happen. It's just very, very unfortunate. That's part of why we're extremely happy to have Hans on board, for him to help us with that and really taking charge of that process so that moving ahead, it would be a real solid and concrete report. Maybe connection to that question, sort of what other kind of engagement formats, communication formats can we expect going forward? I mean, today might be an example of some new formats you're trying. What are you thinking about maybe in terms of investor letters, quarterly calls, or something similar? Yeah, no, absolutely. I mean, the communication front is something, one of the areas that needs to develop further for sure. We're right now looking to hire a Head of PR, for example. That's a part of the wholesale also. We're looking into how to grow into the costume that we have. Perhaps starting to do earnings calls after each quarterly report and things like that to help all the investors to understand what are we doing, where are we going, what is the goal? Talking maybe also about the reports, there are a few sort of, yeah, terms you use like available liquidity. Can you explain what that actually covers and what are the non-cash components of that calculation? Yeah, sure. Available liquidity, we classify it as cash in bank, credit assured receivables, and unused credit. That is sort of assured receivables plus what you have as a bank draft, right? Yeah, exactly. I mean, if we have an overdraft in the bank or something like that. Okay. Maybe in that respect to the secured receivables, can you explain how that's EKN, EKN mainly? Maybe you can explain who EKN is. I don't know if everybody in the audience knows that and how that system kind of works and how do you select the receivables you actually insure? Yeah, absolutely. EKN stands for, in Swedish, it's [Foreign Language] Exportkreditnämnda, which is a Swedish government agency that is there to help Swedish companies expand into the global market and decrease or remove the credit risk for that Swedish company. What EKN does is that if we have a receivable towards a customer, they can go in and credit assure that. EKN goes in and pretty much takes over the risk for that receivable. For whatever reason, if Intellego wouldn't get paid, then we would still get paid from EKN. EKN will, you know, make sure that they get paid from the customer in the final round. This is a great collaboration for us. It helps us a lot. It minimizes the risk for the company. Yeah, it's a collaboration that's working really well and we continue to collaborate with EKN. What can be good to know is that, you know, EKN does sort of a financial due diligence on the customer itself that are buying the product. They're asking for an annual report for the last couple of years, for example, to verify that, you know, the customer has the ability to pay. How do you select the, is it by customer or do you select certain orders you insure? I guess it's more the customer. I mean, obviously it has to be an export customer, but 99%, I think, or a high percentage point of your products are export products. Can you talk about the selection criteria? Yeah, no, for sure. I mean, we only use EKN when it comes to a little bit bigger receivables because that's when it makes sense. That's where you have more of a risk. Yeah, we utilize this primarily on those areas and primarily in areas where we don't have as good of a reach. For example, EKN usually, I believe this is the case, they usually don't cover Europe or North America. They cover other regions like Asia or Latin America, for example. Okay, can you comment on current volumes or volume restrictions you have with that collaboration? Yeah, so EKN, you know, I don't think that EKN itself has any upper limit on how much they can really credit assure. It comes down more on the company, Intellego, and on the customers. Of course, you know, if you have a customer which is very, very big, EKN can credit assure a higher level on that customer compared to, you know, a small customer. It depends a lot on, you know, what kind of financials the customer is actually having, if and how much EKN can credit assure. Okay. In your annual report, there was a mention that at the date of publication, the volume was roughly 80 million. Is that like a ballpark volume range that people can think about what you're using at the moment? The amount of credit assured receivables is pretty much a constantly moving target because we get paid from previous receivables and then we credit assure new receivables. It's a bit of a moving target, but of course, we are looking to maximize that opportunity in the best possible way because it's providing some really good value to the company. Guys, we're getting sort of to the end of the scheduled call time. I still have a few questions. Are you available for a few more minutes to take up some more questions? Sure, I am available. Okay, great. In terms of profitability, the dosimeters have high gross margins. How do you see that going forward? How defensible do you think that is? What could influence that? As a drawdown, it spills over to EBIT margin, which at the moment, I guess, is also very reliable on your very, very lean structure. You said you probably increase internal structures and have to increase, but what can we think about margin defensibility and profitability going forward? Yeah, no, so I mean, right now our margins are developing in a very positive way, as we have seen in the last couple of reports. We're very happy about that. Of course, as we grow, we have to be on our toes every day. We have to keep innovating, come up with better products, new products, do it better compared to everyone else. Realistically, it's just a matter of time before competition is coming around the corner. I think, looking at coming back to Henkel and Likang, why did they choose us? They could have chosen any company in the world to collaborate with, but they choose us. There is a reason for that, and that's because of the reliability and the quality in our product. Again, we have to be very careful, keep innovating, keep developing like the app system, so you create a better type of locking mechanism with the customer. Even if the margins on the indicators itself would go down, you can make the money back on the app system, for example. Yeah. What would be a scenario where margins could go down? Do you, is that a potential competitor or maybe that would be really interesting to see? Is it, do you see competition as other chemical indicators or do you, would you see a potential radiometer competition as the more tougher in your personal view? Just one follow-up then in terms of actual margin. I mean, we had 70% EBIT margin in Q2. Is that something you feel comfortable with looking forward or do you think that was an extraordinarily very good quarter and it's somewhere between what we saw in the beginning of the year and maybe what we saw in Q2? Yeah, I think 71% was extremely good, to be honest. I think it's fair to assume that that margin will actually become a little bit lower, just because, you know, what we mentioned, we need to expand our organization. That's going to increase costs, right? That margin will come down a little bit. At the same time, if we hire more people, we should be able to sell more also. It should compensate, contract each other, those two things. Yeah. If we move over, like sort of the flip side, maybe growth is great, margins are great, receivables are high. We've talked about sort of the EKN mechanism, you know, you have some assurance there. I think this is always the elephant in the room when it comes to your company. How do you assess managing risk in terms of receivables? Maybe also interesting, would be interesting, is there a trade-off between growth and receivables or longer payment terms? Yeah, no, for sure. I mean, we also recognize that. I mean, we manage that by working with EKN, for example, but also primarily working with our customers. The customers that had a little bit longer payment time, they also have a longer history with us. We know that they pay their bills, they pay them on time. That's how we work with them. We know that they are solid and that's also why we are comfortable with the receivables. At the same time, we know that we need to keep an eye on it. It has been growing in the last year at least. We need to continue to work with that and especially lower the payment time for our customers to get. It's always a balance on how you work with the customers there. I think the main point is that we feel comfortable around the receivables, and we know that we're getting paid. Maybe to sort of put the finger on sort of an actual sort of number or development of numbers. Days of sales outstanding in Q2 was 170 days, down from over 300 days from the end of the year, up a bit from Q2. On a general perspective, should we, you know, is this a target going downward or should we get used to that kind of current levels or, you know, just as an indication what can be expected there? Yeah, I mean, that is something that we are working on to get that a little bit lower. At the same time, if we, for example, have a credit to show receivable, we think we can offer a little bit longer payment term because we know in the end that we are getting paid. That's something again that we are working on shortening that payment term. It's going to be a balance. If we can credit to show, we can perhaps offer a little bit longer payment term. In that respect, I mean, your clients are like maybe smaller outfit mom-and-pop shops. In some cases, you have the big conglomerates, as you said. At least for the one with the longer payment terms, you're playing their bank in a way as a growing startup company. How do you think about working capital management? I guess that's just a part of the market, and could factoring play a role here that you can free up some cash there. Yeah, absolutely. I mean, we're in Q2 with about SEK 100 million in the bank, so we have a good cash balance. Absolutely, we can utilize factoring if we want to. We have a lot of different opportunities to further strengthen our cash flow if we want to. Okay. Do you already have, are you working on, is that something you could do with the current partners or would you have to onboard or have you already onboarded potential partners for that? Yeah, we can utilize factoring as of tomorrow if we want to. Okay, interesting. The last part or last two parts is also on this one on revenue, revenue recognition actually. In your quarterly reports, the revenue by region has fluctuated very strongly, especially in Q2. What's the reason for that? Can you say what the criteria actually is for attributing revenue as you do it? Yeah, so I mean, we've seen that in the past quarterly reports that the revenue per region can fluctuate significantly. It can go up and down, and that's just part of the fact that we are scaling or growing very rapidly. It can be very binary, like if you get an order delivered on the last day of the quarter or it falls into the first day of the next quarter, that can make that volatility go really, really high. To be honest, we expect that to continue. That is going to continue in different regions. The geographical distribution, why it looks like it looks, is, I think it's important to understand also that just because perhaps one region has a significant part of the revenue doesn't mean that the products end up there. It just could mean that we're shipping to a warehouse that is sitting in that region. For example, one of the biggest collaborations we have today, we get the purchase order from one region, we ship to another region, and then the products are being distributed globally. The products end up all over the world. If you get a PO and deliver it to Europe, but then the company is redistributing it to, say, Latin America or the U.S., it will look like the revenue in the U.S. or Latin America is nonexistent and it's just very high in Europe, but the product is actually being used in the other regions. Did I get that correctly? It's where the sort of the bucket of regional sales is where you actually deliver the product to, the warehouse you deliver the product to? Yeah, we deliver the products to, and yeah, where we get the PO from. Okay, that could be two different things, right? I mean. Yeah, for sure. As we have it right now, this is where we deliver the products to. Okay. Would you agree that there's sort of, as you just mentioned, a bit of limitation in terms of informational value of how the revenue split is currently done? Are you thinking about maybe other geographical segmentation or other segmentation, maybe by product line or anything that could help investors more understand the underlying business as it currently is? Yeah, for sure. I mean, that's something me and Hans is looking at, you know, talking to investors to see how, you know, can we make it more transparent. Okay. The last part is actually about capital allocation. I mean, you've built a cash reserve in Q2, and maybe you could comment on your expectations on actual cash flow going forward. I mean, that revenue and margins and receivable management implies that in a way, but I think it's good to hear from you, like what your expectations on cash flow are and what your priorities would be for capital allocation. Yeah, no, absolutely. I mean, we ended Q2 with SEK 100 million in the bank and I mean, that money is more than enough to fuel our expansion to hire the people that we need. We have a substantial amount of excess cash. We're just looking at that. This is actually a matter that the board is sitting and discussing right now. What do we do with excess cash? Do we just sit on it, or do we do acquisitions with it, or do we even go in and, you know, do buybacks or pay dividends to our shareholders? Those options are on the table and that's something that the board is discussing at this point. I think this is, I mean, you've partly answered this, but could factoring there be also a possibility if you find like a good capital allocation channel that you free up some more cash from the capital which is currently bound in your receivables? Sure, absolutely. All right, yeah, looking at time, I think I'm done with the largest part of my questions. I have nothing coming to my mind at the moment. Thank you very much, especially to you, Claes, and I look forward to speaking more with you, Hans, going forward. With that, I would like to hand over to Claes for some final remarks. Yeah, no, thanks everyone for listening. We know there's been a lot of questions in the last couple of weeks. We hope we could clarify some of that. We are looking forward to develop the company full speed ahead. Thank you.