Hello and welcome to today's webcast with Ovzon, where CEO Per Norén and CFO Viktor Bremer will present a report for the first quarter of 2024. After the presentation, there will be a Q&A, so if you're calling in and want to ask a question, press star nine to raise your hand and then star six to unmute yourself when you're handed the word. You can also send in questions via the form to the right, and with that said, I hand over the word to you guys. Thank you, Ludwig. Good morning, good afternoon, and warmly welcome and thank you for joining us today on Ovzon's earnings call for the third quarter of 2024. I'm here today with our CFO, Viktor Bremer. Thank you. You're welcome. The first nine months, and especially the third quarter of 2024, has been very busy and exciting for Ovzon. As you all know, hopefully, we successfully launched the Ovzon 3 satellite in January earlier this year. And since July, it's in commercial service with signed contracts with some of our core customers. And we are in intriguing sales pursuits and commercial dialogues with current and potential customers. We will for sure get into more details in a few minutes. But before that, as always, let me provide a short introduction to Ovzon. Next slide, please. Good. Ovzon is a leading provider of the most advanced integrated unique satellite communication solutions, where spearheading the progressive development of the most sophisticated and resilient satcom solutions in the world. We continue to be fully dedicated to our vision, connecting the world's critical missions via satellite. What we see as our greater calling of connect and protect, meaning connect and protect nations, alliances, organizations, people, and the environment. The company was established in Sweden in 2006 and is traded on Nasdaq Stockholm. Today, Ovzon provides unique satcom solutions with unparalleled levels of connected, mobile, and resilient performance. We work very closely with customers, partners, and end users currently across the United States, Sweden, Europe, and South America. We have invested over SEK 2 billion in a new revolutionizing technology platform during the past years, resulting in a cutting-edge solution we call Ovzon 3. Next slide, please. To put everything in context, satellite communications have been available for decades, but in recent years, the demand for and the investments in technology advancements to progress satellite communications have accelerated considerably. There are several structured drivers behind that. First of all, the concerning geopolitical tension in the world continues to escalate. Nations, alliances, and organizations are therefore accelerating their development and investments in total defense, national security, and public safety. Countries with little to no satellite infrastructure are now shaping plans for more sovereignty and dependent independence. In case of conflicts or natural disasters, guaranteed communication with non-disturbed and continued uptime is crucial on land, at sea, or in the air. Secondly, secure and resilient communication is becoming a very important requirement in all parts of society, especially for our target markets and customers. Cyber violence is becoming more advanced, and progressively developed and strongly protected systems is a must. When land and mobile-based communication are down, satellite communications is essential and will provide secure communication across the networks. The third driver is simply digitization. Our lives and all types of organizations are today powered by improved digital processes, and quick access to data and information is expected. Satellite communications is therefore becoming an integral part of the integrated communication infrastructure globally. And finally, climate change. Most recently, we saw the terrible situation and pictures from Valencia in Spain a couple of weeks ago, the same in Florida and southern parts of the United States. With the change in weather patterns and increased flooding, storms, and wildfires, satellite communications is, in most cases, the only answer to quickly execute fast and agile rescue missions and saving lives. Next slide, please. What's unique about Ovzon is that we deliver a solution where we manage and control the entire value chain. With Ovzon 3 now in operational service, we manage the most advanced communication satellite in space, also as a satellite operator, controlling our own capabilities and capacity. We complement that with lease capacity when and if and where needed, a very powerful and strong position for Ovzon. This picture shows that we deliver satcom solutions with immediate connectivity from one, left to right here, the smallest, lightest, and most high-performing mobile satellite terminals, to two, managing high-performing and agile and steerable satellite networks. Three, we partner with a selected few secure gateways providers where we implement our own hardware and secure racks to manage and control our service delivery. And last but not least, we manage all of that through our dedicated 24/7 support from our network operation centers globally. Our customers require continuous communication and expect 100% uptime and performance. Only Ovzon can guarantee resilient connectivity in contested environments. It is positioning us as the premier solutions provider. Next slide, please. Here is a graphical description of our positioning. And the way to read this is mobility on the x-axis, performance, meaning data speed and throughput on the y-axis. And integrated and built-in is the ability to deliver continuous and resilient communications. These three components, performance, mobility, and resiliency, are what set different services and service providers apart. Our next generation platform on the Ovzon 3 satellite has moved us even more up to the right in this picture, enabling us to add even more value as a niche solution provider for critical missions. The Ovzon 3 platform is lifting the customer experience to totally new levels. Next slide, please. Now, that's Ovzon in a nutshell. Let's go to the accomplishments of the quarter. I want to highlight a few personal reflections on the quarterly report, as I'm especially pleased with three things. One, the increased EBITDA result. It's now on positive levels. Very, very important and pleasing to see. Two, the revenue growth for the quarter. And last but not least, the migration of the first customers to Ovzon 3, which sets us in a very, very good position for continued growth and expansion. Okay, I'll walk you through some of the most relevant accomplishments in more detail on the following slide. As I mentioned earlier, Ovzon 3 was launched in January this year. In June, the satellite arrived at its designated position in space, its orbital slot. And on July 5th, the satellite entered into commercial service. For those that are not familiar with our industry, this is quite an achievement by our company. In August, we announced our first large order on Ovzon 3 from our long-term customer, the United States Department of Defense, and a couple of weeks later, we also received an order of additional Ovzon T7 terminals from the same customer. In August, we signed an initial limited but still important order from the Swedish Space Corporation for use of Ovzon 3 for specific missions. In September, we received a 12-month renewal for Ovzon SATCOM- as- a- Service from Swedish Space Corporation at SEK 115 million. This order was thereafter expanded in November with additional Ovzon On -the -Move terminals, and the order value thereby increased from SEK 115 million-SEK 132 million. The total order value will be paid before the end of 2024. We'll go into more details on the Swedish Space Corporation order in just a few minutes. This morning, we also announced an extended estimated lifespan for Ovzon 3 after new data and analytics and information from the manufacturer. The lifespan has increased from 15 to 18 years. This will have positive economic effects for us. Next slide, please. Some words about the commercialization of Ovzon 3. As previously mentioned, Ovzon 3 arrived in June in its dedicated position, 59.7 East after a five-month journey and orbital raising. After successful in-orbit tests, Ovzon 3 was on July 5th ready for commercial service, all according to our plans. The satellite covers a third of Earth with its six high-power steerable spot beams and is equipped with our patented solution and unique software-enabled capability, what we call the Digital Hub in the Ovzon On-Board Processor. A quick summary of what makes Ovzon 3 unique. It's purpose-built to the smallest mobile satellite terminals on ground. It has an all-steerable antenna architecture. It's industry-leading in transmit and receive performance. And the Ovzon On-Board Processor is enabling single-hop communication between ultra-compact terminals, something no one else had been able to do in the world previously. And as mentioned, the launch and commercial start of Ovzon 3 have been conducted optimally without incidents. Based on data and information from a manufacturer and our own and their experts, now assess the lifespan of 18 years compared to 15 years previously. This means that this is good news for our company, basically, and our customers and investors as it improves the return on investment with a reduced depreciation of SEK 20 million annually on this extensive and highly strategic investment. Its end of life is now expected to be 2042, but satellites can live longer. Slide 8, please. Let me turn to order intake. I think that's the wrong slide, actually. I'm on order intake here now. Oh, no, no, no. Correct. Correct. Let's see. The first order from Ovzon 3 from the U.S. DoD. We received our first large order on Ovzon 3, what we call Ovzon Pegasus services from our long-term customer within the U.S. Department of Defense. We started delivery on August 1st. The contract is for 12 months with an order value of $6.2 million. And for those of you that follow Ovzon closely, you will recall that we received an eight-month order from the U.S. DoD in December 2023. That contract ended at the end of July this year. The contract was rescoped in December compared to previous years. But it's very positive that we now transition without any gap over to a 12-month contract on August 1st to shift from leased capacity to the powerful Ovzon 3. With that, we've also further strengthened our position, and it allows us to continue to add value to the United States Department of Defense with satcom solutions based on Ovzon 3. We can go to the next slide, please. During the last two-plus years, we have purposely rebalanced our geographical revenue distribution. That means that we really established our position in Europe. About 40% of our revenue in the quarter comes from Europe, which equals about 55% year to date. During the past 12 months, we've initiated a very solid partnership with Swedish Space Corporation, what is called SSC. On this slide, we've highlighted and explained a little bit of the business outcomes of that partnership so far. In December 2023, we received our first large order from SSC of SEK 135 million for the delivery to a critical end customer. This order was for Ovzon SATCOM-as-a-Service, including a larger amount of Ovzon mobile satellite terminals. In September 2024, the service part of this contract was renewed for SEK 150 million for 12-month delivery of Ovzon SATCOM-as-a-Service. This renewal did not include any terminals as they were already delivered. Yesterday, we received a further expansion of the same order by adding Ovzon On-the-Move terminals to a value of SEK 17 million. That means that the total order value is SEK 132 million. Another important dimension to note with this expanded order is that we'll receive full payment of the total order value of SEK 132 million before the end of 2024. That improves our liquidity and enables us to continue to focus on growth and to concentrate on the solidification and capturing of new business opportunities. Next slide, please. We'll now turn to the financial section of the presentation, but let me begin to talk a little bit about order intake, which is very important. The continued development for Ovzon during and after the third quarter signals a commercial breakthrough. Our order intake has accelerated since our first own satellite, Ovzon 3, was put in commercial service during the summer of 2024. Our order book has clearly improved during the last quarter, providing us with much better financial predictability. This means that we expect the company's growth rate, profitability, and cash flow to strengthen in the coming year. The order intake for the quarter amounted to $17.8 million, which equals SEK 173 million. The rolling 12-month order intake was at $47 million at the end of the quarter, translating to SEK 474 million. Looking at our order book, it was at $22 million or SEK 222 million at the end of the quarter. Our deliberate and decisive shift in focus to customers in defense, national security, and public safety is proving to be the right strategic move. It has and can lead to larger and potentially longer contracts. I will, however, note that this market, with very strict government procurement and evaluation processes, is somewhat cumbersome, complex, and time-consuming. But as we start to see, definitely worthwhile when you have a unique value proposition and can deliver fast as we can. I would now like to hand over to our CFO, Viktor Bremer. He'll provide some more detailed information on our P&L. Over to you, Viktor. Thank you, Per. I will now give you some details on the financial performance for the third quarter. The revenue of SEK 95 million in the third quarter is split between Ovzon SATCOM -as -a -Service of SEK 65 million and Ovzon terminals of SEK 29 million. We can see that the revenue from Ovzon SATCOM -as -a -Service is recovered from a dip in the first and second quarter and now back on the same levels as in 2023. In addition to this, we managed to deliver a high portion of Ovzon terminals as well. When we are looking at the run rate for Ovzon SATCOM -as -a -Service, we are continuing in the positive trend from last quarter, and the run rate is up to SEK 259 million. Next slide, please. As mentioned, during the second quarter, EBITDA was gradually improving, and I'm now glad to be able to present a positive EBITDA of SEK 12 million in the third quarter. The improvement is a result of revenue from Ovzon terminals, but also a reduction in operational cost compared to the second quarter. The reduction in operational cost is a result of harsh cost control and seasonal effects. EBITDA margin improves from -31% in the third quarter 2023 to +13% in the third quarter 2024. As we communicated in the second quarter, EBIT and EBIT margin are in the third quarter affected by increased depreciation due to the activating of Ovzon 3. Next slide, please. Cash flow from operations amounted to SEK -14 million. Even though EBITDA has improved substantially, the third quarter is affected by payments of interest following the activation of Ovzon 3. Total amount of paid interest affecting cash flow from operation was SEK 23 million in the quarter. Cash flow from investments amounts to SEK 27 million and are mainly related to the finalization of Ovzon 3. And I will come back to this subject in a minute. Net debt increases from the second quarter with SEK 75 million, which is mainly a consequence of net negative cash flow for the period, but also the effect of activation of Ovzon 3 and deferred contractual payments as explained in note 10 in the quarterly report. Next slide, please. We have received questions of how much that remains to be invested in Ovzon 3 before the project is finalized, and we can now narrow down this figure. During 2024 to 2025, the remaining part of 2024 and the whole 2025, we estimate the total remaining cost to be SEK 62 million. And in note 10 in the quarterly report, you can also read that we have deferred contractual payments to suppliers involved in the Ovzon 3 project, which amounts to SEK 60 million in total and will be paid between 2028 and 2023. All amounts are subject to variations in currency rates, mainly in U.S. dollar and euro. Back to you, Per. Thank you, Viktor. Very, very good. And hopefully, everyone recognizes the transparency here. Yep, we can go to the next slide, please. All right. I'm going to summarize our financial key performance indicators in a little bit here. And I would like to highlight our rolling 12-month development, which better illustrates our financial performance as our quarterly development still varies quite a lot. If you focus on the lines in the graphs on this slide, you can see that our order intake, revenue, and EBITDA are trending in a positive direction, most obviously during the third quarter. I'm particularly pleased, as I said before, with the positive EBITDA result. We do expect and plan for improved profitability going forward as well. Next slide, please. All right. So we'll conclude this part of the webcast before we go to questions and answers with some further comments and forward-looking remarks. First of all, I'm obviously really pleased that Ovzon 3 now is in commercial service in its orbital position and with the first customers providing roaring and excellent feedback and references on performance, mobility, and resiliency. During the remainder of 2024 and 2025, we'll continue to further intensify our focus on sales of Ovzon 3-based services. The sales cycles within our target groups can be long, but we did start early, and we have received great response results and references from customers and through trials that we are conducting and have conducted, and that proves that I think we'll see some positive results of that in the future. We are now able to optimize with Ovzon 3 our utilization of satellite capability and capacity, mixing and shifting to Ovzon 3 and other networks and services based on leased capacity. It gives us a very strong position to operate from. We will continue to focus on execution to drive a step change towards profitable growth, and we clearly strive to improve and strengthen our predictable order intake. Our core customer segments and geographies are very focused. They are to be found in the United States, Sweden, and Europe for the time being and within defense, national security, and public safety. At Ovzon, we have a unique value to deliver, and we know we are the top-rated solutions provider of sovereign and resilient satcom solutions, delivering continuous connectivity in contested environments measured in performance, mobility, and resiliency. We're concentrating our sales efforts towards longer-term commitments of satcom solutions based on Ovzon 3. During the coming year, we'll continue to accelerate our industrialization initiatives. We've come quite far, to be honest. But it means that we're going to scale up both in quantity, quality, and efficiency when it comes to production of mobile satellite terminals, scaling and automating service delivery, concentrating, and we're very concentrating and laser-focused on sales, business development, and marketing, and in-depth partnering with relevant and handpicked partners whom we share the same objectives with so the collaboration is aligned, efficient, and seamless. We'll continue to accelerate and position Ovzon and Ovzon Satcom solutions for customers, countries, and alliances with critical missions. We know that nations and organizations are strengthening their capabilities and investing in sovereign capabilities for total defense, national security, and civil defense. It bodes well for us. After a period of years with pretty heavy investments, Ovzon is now entering the phase where ongoing technology programs will be finalized, and we should be able to see return on investment from them in the coming year. Our financial position, as mentioned by Viktor, by managing both growth, managing costs, and scarce resources is and have always been key to Ovzon. We'll continue our discipline in this area and scale up as we grow and develop the business. In summary, I'm very pleased with our quarter and the progress we're making. I'm more convinced than ever that our ability to deliver results and meet the needs of the world's most advanced requirements for satellite communication is ours to take. I want to finally say a big thank you to you, Viktor, for the great work you've performed in your role as interim CFO. It's been a pleasure working with you. And my sincere thank you also to our team for their dedication and heart and smart work. With those closing words, I want to hand it over to the operator as we are ready to go to questions and answers. Over to you, Ludwig. Thank you so much for the presentation here. And as you mentioned, we'll go ahead to the questions. So if you're calling in and want to ask a question, press star nine to raise your hand. Then star six to unmute yourself when you're handed the word. And our first caller is the number that ends with 8721. You have the word. Yes, hello. Can you hear me? Absolutely. Yeah, hi. It's Mikael Laséen, Carnegie. I was thinking about the revenue mix in the quarter, so how much of your service revenue in Q3 was generated with Ovzon 3? Was the U.S. DoD on track from August 1st, or did it have any delays or anything like that? Yes. Good question. Hi, Mikael. Good to hear your voice. I'll start by saying this. There were no gaps or glitches in the service start with the U.S. DoD. So on the 31st of July, the previous contract on leased capacity ended, and on August 1st, they were transitioned over to Ovzon 3. So they have been on performance with Ovzon 3 from August 1st, and thereby, the revenue numbers are according to the $6.2 million order we had for 12 months with that. So monthly, you can probably calculate that for yourself, how much that is. So no glitches there. We had a few small orders as well on Ovzon 3, as you know, during the quarter. But they are not having a huge impact on the revenue stream. So the foremost revenue on Ovzon 3 comes from the U.S. DoD for the time being. Okay, good to know. Thanks. And when it comes to this mixed effect of launching Ovzon 3 and starting operating that service, how did that impact the gross margin so far? And how should we factor in fixed costs associated with operating Ovzon 3? Yeah. I mean, I'll give you a general description. We can't go into all of those details. But I realize that it's pretty hard to actually, if you're on the outside, to understand when terminals are being delivered because the revenue is recognized as the terminal is delivered to the customer. Sometimes it goes over quarters, sometimes over a month or so on. It's really difficult if you're on the outside. Actually, it might be difficult sometimes on the inside because most of what we do is basically we're trying not to bind too much capital into inventory and trying to have a very strong forecasting model for supply and demand, especially on the terminals. It is fairly easy to track, and I'll let Viktor maybe say a few words, to track the service revenue because it's pointed out in the report, the service revenue and what it is for the quarter, and thereby, you can also divide it into what it is per month. That's how we manage the business. What I look at personally is actually a strengthening of that service revenue as they are more subscription-based, right, month by month during the 12 or so months of contract we have. So that's our stable base. And the terminals are a little bit more cyclical and not as per-month basis creation of revenue. Do you want to comment anything, Viktor, on that? Yeah. And I mean, since we are operating the full Ovzon 3, we have the full COGS for Ovzon 3 as well included. So all incremental sales will be pretty much down through the P&L. Okay. So you have full cost, but far from utilization, of course. But it looks like the gross margin was quite high, actually, either on the terminal sales or the leased capacity and so on. Yes. Can you help us understand the mixed dynamics here to figure out the gross margin? We can. In short, the following. We are optimizing the leased capacity to 100%. So that helps. We have been able to get strong price points both on Ovzon 3, even though that's only on basically one customer, but also on the leased capacity. And we have managed to also manage the cost side of that as well. So that increases the margins, yes. And we do have solid margins on our terminals as well. And if you compare with the third quarter last year, there were unsold capacity in that gross margin. So we're expecting the increasing gross margin this quarter. Yep. So in essence, the summary is price points. Our value proposition is very strong. We can get premium price on both leased and on Ovzon 3, even more premium, obviously, as it has a higher value. And we're managing the cost side of what we can. We're optimizing and utilizing all leased capacity, and we have solid margins on our mobile satellite terminals. Okay, and the final one is on the pipeline and the timeline. If you can provide insights into the size and maturity of your sales pipeline and how many active prospects that you're engaging with currently, and also how many potential customers that are actually testing Ovzon 3 right now? We cannot actually reveal any of that, honestly, and many of the conversations are, I mean, some are in advanced stages. Others are in early stages. Others are in trial stages, etc., etc., but we have a solid pipeline and stages of communication, demonstration, and architecting together with customers and partners and how to do it, so I have a positive view on the strength and depth of the sales pipeline, both in time for 2025 and 2024 and 2025 and beyond that. So it has broadened and it has deepened, and it has shortened in time span. I think that's what I can say at this moment in time. Okay. Fair enough. Thank you. Thank you. Thank you. Thank you for the questions. We'll now go ahead to the question caller who has number 8632. You're welcome. Thank you, operator. Hi and good afternoon, Per and Viktor. Thank you for the presentation. A couple of questions from me. So initially, I'll try with another question on the pipeline. Perhaps it's also difficult to comment on, but are we talking about new potential customers or rather in-depth discussion with existing customers? And in terms of the size of these potential contracts, are they significant as the DoD or SSC contracts or closer to the contracts you had in France? Thank you. Let's see. see. Hey, and this is Simon Granath from ABG. Just so everyone knows who's asking the questions, I think. I don't know if that was clear. So let's start with the questions here. Now, we can't really reveal if they're equal, bigger, smaller, longer, or shorter. They are the world we live in with selling to government organizations foremost have historically been 12-month contract because there are budget cycles. What we are striving to do is to get into strategic positions with those government organizations and try for longer-term contracts. But when you have something new like Ovzon 3, before you have tested it, you can't really expect to get enormously long contracts for it. But the strive is to get at least the 12-month contract that we have now. That's how much I can say. So I think that's the way to think about them. There might be shorter-term contracts. You could see here, we didn't reveal the number here, but we have a very exciting collaboration with FMV in Sweden on an unmanned ground vehicle. That's obviously part of it, and we're utilizing Ovzon 3 in that, and that's obviously part of building up the use cases for the asset that Ovzon 3 is and how it can drive seamless, continuous, and resilient communication for unmanned cases, for manned cases, and both in the air, on the ground, and at sea, so that's how the sales cycles go. Sometimes it's a direct sales because there's a direct need, but when you have something new and as powerful as Ovzon 3, you have to actually build it up step by step, so that should be viewed as a positive signal of test and trial. Thank you so much for expanding on that and also clarifying on who I am. Continuing here, you mentioned in the report that the Ovzon On-Board Processor is expected to be commissioned during H1 2025. Could you elaborate on what this means for your operations and the customer use case? Is this an important aspect from customers, something that they are waiting for? Yeah. Very Very good question and a very detailed read-through of the report, which we appreciate as we put work into the words and try to explain the business in a proper way. Very good question, so what it means is that the onboard processor actually works today. It's just that we are building out systems of systems architecture for it so it can be used both on a combination with what we call Ovzon Pegasus service and Ovzon Orion service and a combination thereof. What I think we see in the market is that if you haven't used an onboard processor for continued communication, you want to try Ovzon 3 first with the Ovzon Pegasus services and then start to evolve into the onboard processor work with use cases and so on and so forth. So it's a very natural plan that we've always had to have the basic levels of service available for it. But we don't see that someone outright jumps in and buys the Ovzon Orion services outright before they've actually rolled into Ovzon Pegasus and service, which is the traditional Ovzon 3 services that we have and then the onboard processor. I think what we're just saying is that there's still some investment and work to be done that also Viktor highlighted in his slide where he talks about remaining investments on Ovzon 3 where the Ovzon On-Board Processor is. You should view the comment in the report. I gave you the sales and operational answer, but I also now gave you what's remaining of investments. And that's what you see. That's very clear. Thanks again. And then, as you mentioned earlier, you are currently fully utilizing the leased capacity. Is the current scope of capacity enough given that, or would you like to increase or perhaps reduce this in the medium term? I know that there is a balance between this and utilizing the Ovzon 3 capacity, of course, but any color on this would be very helpful. Yeah. And this is a very important aspect of running this business from a financially sane perspective, right? So if we felt that we did not have prospects that were strong on Ovzon 3, we would flip over the users on the leased capacity to Ovzon 3. So that's the first point I would make. Secondly, we don't want to carry leased satellite capacity that is not utilized because it becomes an anchor around your neck from a cost perspective. So we have visibility of the cost of the leased capacity and the contracts and the customers we currently have on it and can have on it if we so want. So with Ovzon 3 and leased capacity, we now can mix and match. And thereby, as the previous question came from Mikael Laséen, we can also see how we can optimize margins, but also meet customer needs in different regions of the world and with different service levels that they might request. So that's probably the best way of explaining it, I think. Perfect. Thanks. Thanks, Thanks, Dan. Nope. Good. I agree. Good. Okay. Thank you. Then I have a final question, and it's probably for Viktor. And it's a technical question. You announced the news of the expanded lifespan for Ovzon 3 to 18 years. Did the depreciation in Q3 reflect this new lifespan, or rather the old lifespan of 15 years? Sorry, what did you say? The depreciation? Yeah, the depreciation that was booked in Q3. Yeah, those are reflecting the 18-year. Crystal clear. Thanks for taking my questions. Thank you, Simon. Thank you so much for the questions. We'll now go ahead with some questions that have been sent to us. How are you going to finance 2025? Loans or new equity? How are we going to finance? Listen, I think it's a good question. Number one is we foresee to be financially solid ourselves and have liquidity and cash flow in order to fulfill the loan requirements we have today. So first of all, it's about running a healthy core business. Secondly, we are in good dialogue with our lender regarding the future structure of that. So it's likely that that will be the path forward for us. There are other means as well, but we don't foresee any strange things. We will continue with the financing we've had. We're going to try to find a path forward with that, and we're going to run a healthy core business and add liquidity and revenue margin and growth to accomplish it. Thank you. How much of the SEK 95 million in revenue in Q3 was Ovzon 3? That one we will not disclose. I understand. Thank you. My question pertains to the difference between Starlink and Ovzon. I would like Per to clearly clarify the differences, how Starlink isn't a competitor, or if it is, how they plan to coexist, mitigate that threat to become a winner. Yes, I'll be happy to. First of all, Starlink is a very impressive and formidable provider of satellite internet or satellite communications, foremost for consumers. You have to understand that. The foremost objective is to provide connectivity to people and organizations in remote areas or where there are no infrastructure or where you need it as a backup for consumers. That's not competing with Ovzon. In our market, Starlink, which is Low Earth Orbit Constellation, can be used for things like crew welfare, meaning when you're not in mission-critical mode of any sort. So it's a complement to us in that regard. We have actually been in a number of trial cases where we coexist, whether it's with Starlink or OneWeb or any other of the LEO providers, just for the reason I just described. So Ovzon is used for the high requirements of unmanned manned operations, both on the pause and on the move for mission-critical things. And then the LEO constellations are used for everything that is not mission-critical. So we coexist, and we are basically the top of that value chain. That's where Ovzon sits, and we complement the broad base that the LEO constellation of connectivity that the LEO constellations can provide. So we actually see a benefit in having more Low Earth Orbit constellations up there for the consumers that can bleed into some of the applications in our market because we can take care of all of that. We can take care of performance, mobility, resiliency, continued contested connectivity for very critical missions. So complementary, very positive to it, and it's actually good for us and good for those operators that we coexist and an architecture can be built from the customer's point of view to utilize all of it. Thank you. Very clear. This question is for Viktor. In the report, you mentioned that the $65 million loan was in breach during the quarter on two covenants and that one of them, the extended order from SSC in November with full payment in 2024, strengthened liquidity and suggested there will only be one covenant unmet. Can you clarify which one this other unmet covenant is? No, I don't want to get into those details, but we do have a close and tight dialogue with the loan provider, and we are confident that we will find a very pragmatic solution for that one. Thank you. And a question for Per here. Per, you have been explicit in the past that further capacity to cover the Pacific by additional strategic capacity would be a possible next step. Is this still the case? And if so, when will this undertaking commence? Did you ask about the Pacific? Exactly. I can read the question again if you want to. Oh, yes, please. Thank you. You have been explicit in the past that further capacity to cover the Pacific by an additional strategic capacity would be a possible next step. Is this still the case? And if so, when will this undertaking commence? Yes. So now I understand the question. Absolutely. Again, we'll do it from the top. Our core markets are defense, national security, public safety. Secondly, our focused regional domains right now are the United States, Europe, and Europe for the moment. We have some business in South America as well, but those two, U.S. and Europe. But we are also obviously looking at, in our core markets, we're looking at where the need is. And there is, with the geopolitical tension and with environmental and weather conditions, the need in the Pacific is there. When we get use cases or customer cases there, we will then turn on. We won't go and buy on speculation satellite capacity. We have access to, we believe we will have access to in very short notice, good leased satellite capacity. So when we win a customer or a use case, we will then go and acquire and turn on Ovzon Satcom services for that region. So nothing we carry around, but we are exploiting the opportunities. Thank you so much. That was all the questions we had for today. Thank you for presenting here and asking all questions, and thank you all for tuning in. I wish you a pleasant weekend. Thank you very much, Ludwig.