Good morning all. We're just going to give a bit of time for people to join, probably another minute or two and then we'll be kicking off. Okay, we're going to go ahead and kick off. As a reminder, this meeting is recorded and you will find it and the presentation and the report on Teneo AI investors about investors on our website. With that said, I'm very glad to present another quarter of growth for Teneo. I also see that we have quite a small crowd today, so if you wish we can make this interactive. If you raise your hand as we speak, then I'll be happy to take questions as we go along as well. Otherwise, we also do have of course questions at the end, but just since the crowd is quite, quite small, it's a great, great quarter. We have some product development I'm going to dive into a bit more, why they're exciting. We have some concrete customer feedback with real KPIs that are really interesting to see. We've had a few of these over the years, but this is really, really interesting to see how people react to using our technology. Also, concretely, I'm going to show why I'm still committed to our $20 million ARR goal at the end of Q1. Without further ado, I'm going to step right into it. As you can see, the presenters are known to almost all of you on the call today. It's me and Fredrik. We've been at this now for a while and we are now feeling that we are at the end of a major transition where we're also going to start delivering the new customers that we have all been waiting for for the last year and a half since we started that push. I do want to start, however, with a market update. I think it's quite important to take stock of where the market is, and that is the general AI market and then specifically our market, the contact center market. I'm going to start with the AI market. There have been many, many things happening in this space lately and one of the more important ones during Q3 was that the report from MIT, which was later developed upon by Harvard Business Review, you can read it here on this link, which says that 95% of AI projects fail to deliver measurable returns and we see this. Almost all the really big ones in our pipeline that I'm going to talk about later have tried to develop only on top of a model or with a thin layer of veneer on top of a model, which I famously call Lipstick on a Pig, which means you just basically have a prompt that I provide. I'm the supplier, you supply to your customer, the customer puts the prompt on top of their RAG model and then you hope that everything is going to work. It turns out it doesn't, and there's many, many reasons for this, many technical reasons. Happy to go into those too. Some of you who are following this space may have listened to the 2 hours 20 minutes interview with Andrej Karpathy, who of course is one of the most proficient users of AI technology today. It is not like the AI Agents are going to take over tomorrow. If you saw the launch of Atlas this week, or maybe potentially the new Gemini Agent Builder, that was this last night. There's so many things happening at the same time. Are you prepared to let Atlas, that's the new browser from OpenAI, which is brilliant, go in and log in as you and do things on your behalf at this point? I think not. With the hallucinations and the other problems we have, you're not going to do it. Is an enterprise going to do it? No, they're not. There still needs to be a rigorous enterprise framework, which is where Teneo 8 or launch really comes into play. This is interesting also because it's of course made by, I believe I made this with Gemini or GPT, can't remember. It is a market in flux and you see some of the designs and so forth being incorrect. What this is symbolizing to me is at the bottom you see all these contact center providers and there's loads of them, right? We focus a lot on Genesys because they have the really large customers in our markets, but there's many, many. I mean there's a local one in Sweden called P that recently was acquired by a PE. There's all these, there's Odigo in France, I'm in Holland today, there's three local Dutch providers that are contact center providers, and in the U.S. there's a plethora of them. The interesting thing is what the contact center providers are seeing now is that you see AI, the Conversational AI companies, they're sort of shooting past them and this is very obvious when it comes to the ones that are going agentic or lipstick on a pig. What they're trying to do is replace the contact center. They're saying, hey, the phone number comes into my agent, the chat comes into my agent, I'll just automate everything, you don't need a contact center. Of course that makes these contact center providers very, very nervous. That's why we saw the NICE Codigi acquisition at $1 billion recently. We see lots of interest in the market to work with us as OEM. Of course, others are coming to us for other reasons than just being an OEM. We are committed still to our partnership with Genesys. We're also building out, as you'll see in our product update, to be able to integrate to any contact center. This market is really opening up and people want to automate that. So far for a market update. Let's move on quickly to a business update. All KPIs grow year-over-year. The ones that we track and are most important to us is the growth in SaaS, software as a service. The ARR there is growing quite aggressively year-over-year. You remember, we have seasonality, so we're very focused on the quarterly performance year-over-year. We also saw great revenue growth in the SaaS API calls year-over-year. This is very important to us because that drives another number, 87% gross margin, which is the most important part for us. We've reduced the cost of delivering the service, but at the same time, the more calls that come through the platform, that's where we make money. API calls, once they're above a certain level at a customer, are just about pure margin. You'll see why that's important to us and why we're focused on this ARR goal that I'm talking about. We also had a very good net revenue retention. This is still very, very good. You've probably seen other reports, especially in Swedish SaaS, the Notero reports, where that is a very, very good number, 121%. Some of the operational highlights obviously spoke about the growth in revenue already and API volumes, but we have a new sales agreement. This is the first of the big ones that we've been talking about in the pipeline. This one is very interesting. It is essentially a company that is in the HR and staffing world, but what they provide is staffing for things like contact centers as well. What they're building is software as a service, and they're selling in geographies where people are quite happy to replace the people with the software as a service. We've done meetings together also with their customers, with new customers, with them. Apart from the project of converting existing volumes and existing customers, for obvious reasons, as an ARR we're not going out with more details around what the company is, but it is an interesting development. It is BPO, so business process outsourcing. This was a paper initially from JP Morgan in, let's say, April time frame. It's now been picked up by many others. You talk about instead software as a service, you talk about service as software, meaning you deploy services, but you do it in the form of software. Obviously with the agentic AI platform, Teneo, you can do that in many different ways across phone, chat, email, etc. The other things, we've renewed quite a few agreements over this period. We have a partner here, EBO, that you see at the bottom. Quite interesting. They are building a proof point for our customer NHS in Qatar in one of their hospitals, which is pretty much populated by U.K. doctors. It is one of those hospitals where great service is provided to just show that even a VIP hospital really likes to use Teneo to pick up the phone and do patient calls, as in, can you come in at 10:00 A.M. instead of 11:00 A.M.? Or we have a procedure for you tomorrow at 12:00 P.M. Of course, the big operational highlight from a product perspective is Teneo 8 that we've been working quite hard on, that really addresses some of the things that the market is going to be looking for now in the next, with this big contact center, being scared of the AI push investment on new sales. This is a slide we've used now for the last few quarters. I'm not going to dive into the calculations in 1 and 2, but we do measure the pipeline only with the subscription, not with the API calls. We measure it in probabilities. That's what everybody does, of course, and what you see is that it's almost doubling again. We are really building in the pipeline. We're both progressing the pipeline, but we're also adding more and new into the pipeline and some important development there. I can just mention FGS. FGS is in Turkey and we see great interest in our services in Turkey and there's many reasons for that, but not the least of it. Their economy is not doing great. Cost saving is on the table and very much a very large population that are very tuned to calling because a lot of people don't have smartphones. It's a country that is developing very, very quickly, but of course, as some of you will know, big inflation problems, meaning big, big cost push there. Very interested in the perspectives in Turkey as well. Actually, one of the big ones in our pipeline is a Turkish but global company. They actually are. I'm in Amsterdam to meet them today, but the headquarters is not in Turkey. They are a Turkish company. By my origin. Here's a customer. This is Medtronic, one of our customers in the medical field. As you can read in the report, they have Virtue Earl, named after Earl the pacemaker inventor, which is a virtual assistant that goes across many different solutions from diabetes to heart disease. For patient communication we can skip sort of the ones above. Yes, it's millions. Yes, they save a lot of money. If you start looking at customer satisfaction, this is + 8 percentage points. It's not + 8%. It's + 8 percentage points. If they see that, they didn't close what their CSAT was. Let's say it's 50%, that means that this is 58%. Let's say it's 90%, that means this is 98%. That is significant. The customer satisfaction with talking to a bot is higher than a human. We saw that before in transactional NPS. That is, I make a phone call, I get a survey afterwards. This is actual surveys of customers where they ask the specific question. Very, very happy to see that this type of numbers obviously they cut wait time by 37%. That is probably why customers are more happy. I don't think they really like necessarily just talking to the bot instead of a human. I think that the bot solves it and the fact that it's fast, that is what people really appreciate with these type of solutions. Their abandonment rate is down. Abandonment means somebody calls in and they hang up before they're helped and they improve their service level as measured by the customers by 18 percentage points. Very, very happy to see good KPIs in real surveys to real customers here as well. Which again validates that this is the way to go. Now I'm going to talk about the goal. It seems like a bit of a Superman stretch to reach the goal. I asked Microsoft Copilot to draw this very Superman-esque drawing here where you see comments and other stuff coming against us as we're reaching for the goal. I want to quantify why I still stick to the $20 million end of Q1 ARR. It's not really superhero stuff. If we start on the right of the slide, you see that existing customers I calculate in Q1 including the new customer is going to be $11 million of ARR. Exiting Q1, we're going to have $11 million ARR from existing stock. That means we need an additional $0.75 million or $0.8 million additional revenue in March. That means if you break that down into just API calls, there's obviously also subscription revenue. If you just do API calls, which is not measured in that pipe we just discussed, this is why we are addressing these customers. We did roughly 80 million API calls, which is roughly 13 million calls per month. I did the 13 million- 80 million based on the pipeline. Some of our customers are more, some are fewer. Depends on what the pipeline is, right? Let's say we need 80 million API calls, 13 million calls. The current pipeline that we have right now is we have one customer where we are currently in an active pilot. This is an existing customer where we have half the estate, somebody else has half the estate. We are now in the pilot and we are very secure that we're going to be able to prove that in the pilot that it works. We're also fairly sure that we're going to be able to do the contracting through the existing contract, meaning that we should be able to transact before the end of the quarter. There are 36 million calls per month. The next one is 34 million calls per month. Again, very large volume. Fairly certain we're going to be able to transact at the year end because they have a budget and we're in negotiation. 9 million per month. We're already negotiating with procurement. We already proved our point on this one. We proved that it works. We have another one of 4 million month and then we have 3.3 million per month. These are the big ones. As you can see, we could do the nine plus four, we could do one of the 36 and one of the 34, or we can do eight times eight of the 2 million call per month customers we have. We have good coverage to see that we can reach this. The only question here would be timing. As you may know, I did say I expected Q4 before. The big thing that has really been pushing these out is that we keep getting these LLM questions that we have to tackle as well. That is getting less and less, especially with Teneo 8 as DLLMs are simply native and you don't have any issue of taking the lipstick on a pig and quickly in a few hours doing exactly the same thing. Very, very good pipeline. Very proud of the team's work. Here we have a brilliant, as you may remember, we invested in what we call solution architecture. We build the pilots ourselves, and that has really progressed the pipeline quite a lot. This is something different than just an LLM with some lipstick on it, which has been the major delayer in all these. We were also Genesys experience in this quarter, that was in Nashville. The containment within this, this is a captive market, we like to call it. We address the 1 million plus phone calls per month customers within Genesys. That is our prime market. That's where we do most of marketing, that's where the sales do most of their outbound calling, most of our planning. We have others which are more opportunistic inbound things that are not Genesys, but Genesys is our prime market. We're on the Genesys App Foundry, of course. What we see, why this market is important, is that they have very, very low containment. It's mostly keypad IVR still, and they are less than 1% containment across the board. They have high abandonment rates, etc. Because it's very large customers, very complex environments and difficult to build unless you have television. The other AI Agents that are on the App Foundry are at question because they attempt to take revenue away. They do that where Sierra AI, for example, which is a pure LLM play, they try to say, okay, come to Sierra Chat first and then we'll just take away the need for phone calls to Genesys. If there's a phone call, we'll manage it on voice barely, but we'll try to at least not use Genesys because that's the cost. That means that the Genesys sales people feel more secure with us. We have several of these we initiated on site in Nashville and we're very happy to also participate in Paris in November. I think it's in three weeks, and that's a similar thing, obviously for the geography, EMEA and Middle East, which is also interesting territories. Now we come to the big public update. I'm going to show a video of some of the benefits of this as well. I want to highlight some of these benefits of public API. What does that mean? It means that you can address the core functionalities of Teneo from outside, from another interface. Let's say that you have a solution built in your contact center, you have a rudimentary IVR, but you want to make it voice enabled, but you don't want the customer to leave your contact center environment, your development environment. You may be a smaller contact center provider. Now it's possible to OEM and white label us. The reason we did that is we see all these smaller players which we cannot address their customer base, that's not profitable for us. Addressing that player that may have 150, 000 200,000 or 300,000 customers that have five seats, so very small customers, but they have many customers. If we can OEM to them, that's going to be very important. We saw that during the summer, immediately after the Cognitive acquisition, which led to these discussions. We were in a few of those. We've added this into Teneo 8, where now you could essentially use all the Neo power level functionality, all the enterprise functionality, but you can use it from your own interface. We also built in the AI agent builder, which makes it very easy to build AI agents. You can have a deterministic business process, but you can use AI agents as parts of it. Let's say that you can use the AI agent to go out and have a long discussion with the customer, capture the keys out of that discussion, put that into Teneo linguistic markup language, TNML, and now you know what the customer is talking about, but you have a very pleasant, nice conversation. Or you could just build an agent that goes out and does something like goes into Salesforce, captures an invoice, brings up the invoice PDF, reads it, then have another agent that OCRs it, so reads it and then serves that back to the customer. Another important thing is Teneo Secrets. That means that sensitive data, not only are we already addressing what's called role-based access, so different people in the project or different business users in the context don't have access to all the data, that's already locked down. Now it's even possible to lock away some data. Let's say sensitive passwords, sensitive data, credit card data, etc., you can lock that down in a separate vault. This is very, very important to customers. Then deferred annotations, which basically means you don't have to rely on very expensive LLM calls. You can basically choose which model to use where and lower both cloud cost and latency based on that. The contact center framework is just a way for these OEM or others to quickly connect the contact center into Teneo. We generalized what we did for Teneo AWS Connect and now pretty much any contact center can leverage our technology. We've seen recent customers that are using Twilio as a contact center, they use Sinch as a contact center and this is very important. Prospects and customers, I'm going to show you a video of what's possible with Teneo 8. This is our prime marketing video. It is of course on our website, but I'm going to show it to you now. The video is on. Just give me a thumbs up that the sound is actually working. I don't know if you caught it, but I think you did. The big thing here is of course that instead of having to have API-based or computer-based integration between you and your suppliers, your subcontractors, etc., now you can use voice. Obviously that's for human to you, but you can also use you as a person. You're probably not going to buy Teneo to do it, it's too expensive. With Teneo, a company today that sells, let's say, iPhones can actually provide the full service experience instead of saying oh no, it's with UPS, here's your tracking number, you go find out. You can actually with a very low cost integrate to UPS by actually calling on the behalf of the customer and then coming back through WhatsApp since the customer is a busy person. I think this new development of using voice as the agent interaction means that the voice is instead of integrating two systems, it's going to be incredibly powerful for our customers going forward. I'm very happy with that piece of Teneo 8 and the other developments such as building this into all sorts of contact centers as an OEM white-label. I'm just going to show this slide again which is the last piece. As some of you, if you're new, the reason today was better than the others is because we have very high accuracy of understanding what the customer said, not the text string, right? When you watch YouTube you see auto dubbing. It's not what we're talking about. We're talking about understanding. If you say hey it's raining outside today, but I really, I got a divorce and I really want to know why my insurance premium is high. All you really needed to know is why your insurance premium was high. That's what Teneo will understand and Teneo will bucket that. That's easily searchable, easily actionable. With Teneo, TLML, and again patented technology, we have customers that are above 99% today of understanding, which is way beyond what a human would have. KPI is growing year-over-year. I'm really proud of that gross margin that bodes well for the future and for our goal to get to $20 million, which as you saw is totally, totally possible to do by the end of Q1. It's not superhero stuff, it's just gritting down and continuing to get signature on these deals that are in the pipeline. With that, I'm going to give it over to Mr. Fredrik Törgren. Thank you, Per. Let's then just do a quick reiteration of Per's message. I think overall strong year-over-year numbers, and as you have already seen, we continue to see a strong NRR. Also key here in our operations is actually our revenue model, which showcases basically that volume impact from higher API calls creates a lot of operational leverage and also is resulting in a very strong gross margin, and in this quarter also a stable 87% gross margin. I would say a very solid foundation for further growth. We can go to the next slide. Per, please. Already to some extent mentioned by Per previously, in the third quarter our internal focus has been very much on maturing our pipeline, progressing deals and PoCs with existing but also new customers, and essentially building for our long-term growth. As we mentioned in Q2, to a large extent on our existing use cases we are more or less fully built out, and that's why we are then also focusing on building or adding or expanding with existing customers as well as then also bringing in new deals with new customers. That's the internal focus that we are extremely focused on and working hard towards delivering. As mentioned already by Per, the pipeline looks very impressive and that's what our focus is actually in the quarter. No surprise to the audience here, currency has had a significant impact on our ARR and our revenues. During the third quarter 2025, we have approximately 70% of our revenues in USD, so the appreciation of the SEK during the year has obviously had a negative impact versus last year numbers. Nevertheless, SaaS API call volumes and revenues grew 35% and 39%, 35% and 39% respectively year-over-year. Even more impressive, I would say, is the fact that we had a 49% growth year-over-year of our SaaS API core revenues in constant currency. As we always kind of message in our calls, key for our success is API call volumes and especially the SaaS API call volumes. Since we're transitioning all customers towards SaaS, and to showcase that these numbers are growing significantly is quite important for us in the long term. That's why we think this is super important to message to our investors. Currency adjusted, the SaaS ARR still grew with 30% year-over-year, so still a solid number even though we obviously want even more growth than that. We also continue to increase our proportion of SaaS revenues, so now constituting 73% of totals and recurring revenues amounting to 100%. Per also mentioned NRR at 121%, still a very impressive number, especially if you benchmark versus the industry as a whole. This is a very, very strong number in this market. As mentioned already, gross margin stable at 87%. From Q1 2025, I think we also communicated that for 2025 we will invest in sales and marketing, and that is something we are doing, but we still keep cost control. In this quarter, we also improved the adjusted EBITDA versus previous year, and the EBITDA amounted to -$4.5 million in Q3 2025. Next slide. Lots of numbers here. NRR, just to recap, during the last three years our strategy has been to grow on existing accounts, help them grow on existing use cases as well as adding new use cases, and our NRR basically measures how well we manage to grow existing accounts, and a number exceeding one means we are growing in this aspect. As mentioned, NRR at 121% is very strong in the B2B enterprise software space if you compare within the Nordics but also internationally. Obviously, current focus as mentioned is to add volumes from our strong pipeline to generate even more revenues. Still a very strong NRR in the quarter, I would say. Next slide. SaaS API call volumes. That's a key indicator of how our business grows, and this is a KPI that shows how our customer applications and usage of them are growing. The more applications, solutions, covered regions, the higher API call volumes. We grew the volumes year-over-year with 35%, and we also experienced an increase quarter over quarter, even though not that significant, but still a fair 4% growth quarter over quarter. New volumes are underway from our pipeline, and as we close new customers and new projects with existing customers, this metric will obviously also continue to grow as mentioned when looking at the pipeline and the potential in the pipeline. We expect existing accounts to continue to build out new use cases and expand, and also that we can close new deals with new customers. We see a lot of potential for the future in terms of API call volumes. Next slide, please. Already mentioned, currency had a negative impact on our ARR in the third quarter. Therefore, we think it's very important to show the currency adjusted growth rates since that's really how the business is evolving, and it says ARR in constant currency versus Q3 2024 grew with 30% year-over-year, and total ARR grew with 4% year-over-year. Overall solid numbers, even if we obviously look for significantly higher growth rates ahead. Obviously, same metric in nominal values. Still, we experienced 22% year-over-year growth of our SaaS ARR and a slight increase also quarter over quarter there as well. Key for us is. Sorry, I think I lost you. We're on 26 then, right? Yeah, 26. Okay, good. Sorry. Go ahead, Fredrik. Yeah, we can move to 27, I think so. Gross margin, yet another stable quarter in terms of gross margin, 87%. I think it's very good that we can continue to show high gross margin as this is key also for our long-term profitability and also showcasing the operational leverage in our revenue model as we already mentioned in this call. It's also evident for those of you that have been on these calls before, commission from new deals can have a significant impact in one quarter. That's why we're also showing gross margin in these tables, excluding commission costs. In the long run, obviously the gross margin is very important for us. Higher SaaS API call volumes will further improve our gross margin as we have mentioned in previous calls as well. A solid gross margin development in the quarter as well. I would say we can move to the next slide. Parent OpEx run rate in Q3 amounted to $113 million. Already mentioned in Q1, we guided for increased costs as we continue to invest in sales and marketing activities during 2025. Despite this, we have somewhat lowered our OpEx run rate Q2.3 versus previous quarter or previous quarters. We keep cost control but still focusing a lot on our internal operations and use the spending in a very wise way, I would say. We will still continue to invest in sales and marketing, but we'll carefully steer investments based on customer wins. It's a daily operational task to drive investments in different forms and we do that very cautiously. We can move to the next slide. Par, please. Cash position $40 million adjusted. Cash included, collected receivables amounted to a bit more than $40 million end of quarter. We start the quarter with a strong cash position and with that I leave over to you, Per. We're going to summarize with the operational highlights once again. I would say that the really important things here are, of course, performance year-over-year, our new sales. We've started selling new again to a very important, interesting segment and customer. Of course, we released Teneo 8, which is a very, very, very, very important step for the world of agentic AI that everybody talks about. We have been delivering already for a few years, and if you look at that way to use voice to integrate, very, very important. Thank you, Fredrik. I will move over to Q and A, and as usual, there's A to unmute. You raise your hand, I unmute, and then you unmute. We have Fredrik here. Just find you. There you are. I unmute you first. Now Nick. There we go. Now Fredrik, you unmute yourself. Thank you very much. Can you hear me? We hear you. Loud and clear. Great, great. I want to start with your ARR target. I think the slide you showed was very good, but still, I mean there's just six months left and there's usually some lead time before you get API calls, at least to the full extent. I mean should we really expect to see a great impact from those potential deals within six months, or is the timeline a bit uncertain, or I mean how should we look at that? The subscription revenue of course comes directly, but I was just looking at the API calls and the reason for that is if you look at this, we have built already the pilots, which is essentially the 1% call pilot. The way we used to implement was if you look at Telefónica Germany, we implemented one. It was a partner technique, 1%, 10%, 100%. We've already done the 1%, which means that the scaling is going to be very quick. Two of these already said that they need to have that scaling done before the end of the year. Even so, they have quite tight timelines themselves to be able to fix this. Yes, I believe that we'll be able to scale that again end of the quarter. Right. Meaning that that March number is going to be the number to look at, but I believe so, yes. Great, that's clear. Also, regarding the pipeline, you touched upon it. If we could get some more color about the mix, is it mostly growing by additional potential deals, or is it mostly current discussion reaching later stages? I'd say 50/50, and it's a bit, I actually, so the number I took from September, but I'm probably a bit colored by what happened in the last few. We had a lot of inbounds now in the last few weeks, so maybe that has shifted a bit. If you look at that November number, I would say 50/50. So 50% of it is progression, 50% of it is new deals. That's how I would, that EUR 3.9 million number, which is the end of September number. Today we're getting a lot of inbounds. It's really, really, it's really coming in. The pipeline is really growing on that sort of non-qualified stage as well. Okay, I see. Interesting. Lastly, regarding the refinancing, what are the takeaways and feedback from the process so far? Are you confident in finding a solution based on depth? We are confident. Maybe Fredrik, take this. Fredrik says it's going to be more expensive, so I let him talk. No, I mean Fredrik, as you know, our loan at the moment is probably at very favorable rates. I think we are not expecting to get those rates. Obviously, 4% flat rate is really good. Right. We have a number of ongoing discussions with banks, credit funds, etc. I think also, looking especially at our pipeline, we are very confident that when we come into the beginning of 2026 Q1, Q2, this will look pretty attractive to many of our prospective financiers. We are quite confident we will be able to refinance the existing piclo. Okay, that's all for me. Thank you very much. Thank you. Fredrik. Any other raised hands questions? We have Forbes. I am allowing your mic, and now you can unmute, Forbes. Thank you. Yeah, just one question here on the profitability as you see ARR ramping up now into the beginning of next year, costs look quite under control. How should we think about profitability throughout 2026? We're not guiding on that. Right. If you take that gross margin that we have on these large API call implementations, I think that we're guiding for a slight increase in cost. That's going to be inflation and so forth. We're not really looking at expanding the organization. Maybe that's, maybe that's. We're not actively guiding on the profitability there. All right. On the customer that you, let's say, won in the quarter and started executing on, could you just give some more color on that, how the ramp up looks like and so on? This one is a bit slower ramp up than I'm expecting for the others in that it's a very specific, it's an area that we haven't been in before. Let's put it that way. It's one step to the actual contact center in here. We're helping them rebuild a bit. I would say that the first implementation, the first, let's say that it's going to take 60 days instead of 30 days. It will be mid October before the APIs, no, sorry, end of October before the API calls start coming in there. Slightly slower because it's a new area. It is, however, an area where we're going to take that knowledge probably ourselves and take that to market. It might be that they take it to market as well, but we'll see. It's very interesting. It's essentially enabled by Teneo 8, so it's an interesting way to look at AI Agents taking over from human agents. In short, bit slower than I expect the large ones to be, where we already have built the pilot before signature. Here we had not. Here, we're pretty much building the first use case, helping them build the first use cases. All right, thanks. In terms of pipeline growth with new customers, where are you seeing the best traction? Is it from your own team in the U.S. or from partners such as Genesys? The traction is from our own team still. We expect that once we get two or three really large Genesys customers, we're going to get more traction through Genesys. At this point, it's definitely we are the drivers. Yes. One thing that has picked up, and actually also in meetings here in Amsterdam, is Microsoft coming to us with cases. For those of you who've been with us for a while with UI Forbes, we did spend quite a lot of time on partnering up with Microsoft in the beginning. Microsoft then had a slightly competitive stance that has now disappeared with the reorder that happened over the summer. Now we have, I think it's four inbounds that come through Microsoft. Microsoft salespeople come to us and say the customer needs this, and of course we can fulfill through the Microsoft Transact framework. No need for legals or anything, and the salespeople get commission. That's an interesting development. We're not quite there with Genesys yet, but one or two large deals is going to make a difference. Perfect. To just finish off here, the two large potential customers that you hope will come through, you've already done the 1% implementation, was that correct in one of these? We've already done the 1% implementation in the other one. Let me show that slide as well. Where is it? I just need to refresh myself on which is which because I didn't put the names in because I want to disclose, of course, the names. If somebody watches this who might be wanting to sell the same thing. Who knows. In the first one, we just started the pilot and the pilot is at this point we finished off building that it works. That one I would say is quite far along. This one could be deployed by December without a problem. The $34 million one is probably a bit behind that. That one would be more deployed January, February time frame. Okay. Right. How will you guys communicate around these customers? If you win a new customer throughout the quarter before next earnings, will you press release once you do the 100% implementation, or when will you press release a new customer or that you're ramping with an existing one? That's actually a very good question, Fred. I don't think we follow that, but we would personally sign them sometimes, maybe with the name as well in some of. Since two of these are now, actually the three largest ones are not going to go on our paper, which means we're probably not going to be able to put in that we can use their name. The sec. We would release we've signed, but Fred, how would we personally do we. I don't know if we have any thoughts on that, but maybe it's a good suggestion. Yeah. Yeah. I mean normally we communicate when we have signed new customers. I think that would be the route forward as well. As you know, are aware of Forbes, quite often we are not allowed to share names of the customers. When we have the opportunity, we will obviously also release the name. All right. Thank you. Thank you Forbes. Any other questions? Excellent. We're going to close this out. Like I said, great quarter, very high hopes here for the future where I really believe we're on the right path to get to the $20 million and you know, we could be a bit above that, as you see, but that's still our aim. That's our goal because we know there with the gross margin, etc., we know that that's a very good position to be in. That's our goal. That's what we're working towards now for the rest of this year and the beginning of next year. Thank you all and have a great day. Thank you.