Good afternoon, and welcome to today's web presentation, where we have ZignSec presenting the Q1 results for 2024. With us presenting, we have the CEO, Glenn Mac Donald, presenting the Q1 report. And if you'd like to ask questions, feel free to use the form that's located to the right, and we'll take that up during the Q&A section. And with that said, please go ahead with your presentation. Well, first of all, good afternoon, everyone. Thank you for joining us today as we present our Q1 results for ZignSec. My name is Glenn Mac Donald. I'm the CEO of ZignSec, and I'm very much pleased to share our progress, achievements, and share also some of our challenges with you this afternoon. As just mentioned, indeed, let's give some space and time for some further questions at the end of this presentation. First of all, a small agenda to give some structure on the conversation. I will start with just a personal view on matters looking back on the Q1 of this 2024 year. You know, we work through some blocks from summary to you know, the closing remarks and the future outlook. In every phase, we will do a standstill with the most relevant information we believe that you know we need to share, and we would love to share with you. Yeah, let's start as in my opening statement for the Q1 period. Of course, you know, two weeks ago, I also did the annual report of 2023, and basically, it gives me confidence and a good feeling that, looking now to the results of Q1, basically the projections and the ambitions that we shared, there are still very much in sync with the results that are being shown, right now on the Q1 results. So also during Q1, you know, we remained very much dedicated to leveraging our core technologies, and strengthening and expanding on our market presence. In the meantime, we were also continuously further increasing on our operational efficiencies, and with that, we're still on a path of sustainable growth. Yeah, that is always important, you know, that we finally find some stable navigation, a strong focus with the company and with its partners in a way that is good for the company, and that we also start to create a kind of stability in our forecasts and in our performances. So that's, I think, a big takeout of Q1 as well for me and hopefully also for you as an audience. If you then indeed zoom in on those results, you know, I think that we made some significant advancements and milestones that you know, basically reflect on that commitment and that focus that we have. If you look just to the revenue amount, we basically performed quite well in the Q1 of 2024, particularly if you compare it to the Q4 results of 2023, where, yeah, we saw a quite, you know, harsh decline of revenues that was fairly unexpected. But we recovered very well from that. So, with the SEK 21.4 million, we basically plus approximately 6% compared to Q4. Of course, that's still a small 3%, 3% lesser than the same period last year. But I think there are some softening circumstances to take in consideration there as well. But let me come back to that later on in the presentation when we zoom in more on the financials. If you look to the operating profit loss, the EBITDA, then there we see, of course, a significant improvement, eh? If you look to Q1, we are now on an estimated or practically SEK 1.8. We come from a SEK -5.3. And what you see here is basically, and finally, I always would say, we see kicking in the cost reduction measures that we have been taking in 2023. That's, you know, has been staffed, but it also has been on the processes, on the way of working, and further integrations of our technology stacks. With this, you know, EBITDA rate, we are in a way more healthier situation. And yeah, that gives me also, again, a good energy, and of course, it's still our ambition and aim to further improve on those EBITDA ratios. We've mentioned before as well, that you know, we want to become a profitable business, and that's definitely the case, and we want still want to do that as soon as possible. But not by all means, in all fairness and all transparency as well, because you know, it's not only about managing costs for the company, with the growth projection that we have and also with some of the issues that I will come up later and stipulate later on also in the presentation. I think at a certain moment, it's also important to further invest in the company, making it a better company. So it's a company continuously, it will be a balancing act between cost management and also investment in the company to make it a better company. In the end, if we want to fulfill our ambitions, you need also to focus where do we need to put additional investments in the company? But for now, you know, a good step forward in our EBITDA ratios. Just, and it's not on the slide, a quick remark about the cash and cash equivalence amounts. For Q1 now it's about SEK 7 million. Last year it was SEK 15 million. In the previous annual meeting session, I already referred to the matter of cash availability. Particularly in light also of the, you know, current process that we recently announced with regards of the rights issue, that's actually also one of the core reasons why we are doing this. We saw the downturn on revenue in Q4. We elevated out of debt, but still, that gave us a hit. The net proceeds of the previous rights issue were not the amounts that we had hoped for or we are anticipating for. And we also had to deal, as I mentioned last time, with cleaning up some legacy costs and obligations from before 2023 even. But we went through that, and the good thing is that by now, we have ironed out most of, if not all, legacy integration efforts, matters that we have. I think we can move forward now with a stronger and way more transparent financial position. Therefore, this rights issue that is upcoming, and that is about to start, is definitely something that will also enable us to truly make the company better and even, you know, start accelerating on already the high ambitions and manifestations that we have. So, basically, that's that. Sorry, I'm going a little bit too fast with it because I forget something. If you look to the highlights of Q1 in 2024, the EBITDA I already mentioned, and then the strategic review. You know, this review is really part of a comprehensive evaluation of our current strategy, but also our operations and our market position. It's really something that is good for the company, in my belief. You know, as a stock-listed company, we are continuously looking and need to balance what's best for the company going forward. With all the different and changing dynamics in the market, it's good to do so now and then, a standstill and think and evaluate on the strategy going forward. We do have a manifested strategy. We know where we want to go, as a company, but is it also achievable? And if we want to make it happen, what is needed therefore? It's basically a fact check of our adaptation to the market changes. Are we aligned enough with the market developments? It's then further identifying growth opportunities. So yeah, are there any untapped opportunities and partnerships that we missed out or that have been overlooking? And how is our competitive advantage? So by no means the strategic review is something that you can solely or should solely interpret it as an exit strategy for the company. By no means. It's basically evaluating what's best for the customer, what's best for the company, and what's best for the shareholders that are, of course, you know, facilitating and supporting this great company. Hopefully, that will boost also the shareholder confidence that, you know, we are proactive in how we want to move forward, and that we also put a mirror for ourselves in our face, and for that, you know, we use external support as well. What the outcomes will be, I don't know. We just started the process, so, you know, bear with us, and and let's see what comes out of that. If you look to the customers, there's, you can see the Nordic-Baltic Banking Group mentioned. Of course, there's more than that only. You know, there are about 30 new deals closed in Q1, both for KYC and KYB. So we see a very, you know, stable and good division of both areas of products that we are serving, offering to the market, so that's good. And, there are indeed also very much the indications that also looking to the type of customers that we're selling, that they neatly fit also in, you know, our drive to, to go into more growth, growth markets, emerging markets, and that it's also very much linking to the core products which we are focusing on now today. And I will come back a little bit more on that also, later on in the presentation. Again, I mentioned also new markets. Well, new markets for us is that, that's everything outside of Europe, basically, very roughly stated. What you see is that, you know, in LATAM, in Africa, in APAC, there's still a very fast and steep development in digitalization, but also in legislation. The best position always is that you grow with your customers, and that we're factually doing. So what we see recently, due to regulatory and changes, you know, we have been able to grow fastly in the LATAM territories with existing customers. But also, you know, with the aim and the focus that we have on other territories, we see a significant growth in territories like Africa and APAC also, with already the first contracts. But we also see a steep increase in lead generation and interest out of those territories in the way how we now handle our presence there in those markets. So that's good, because there, you know, we need to find our further growth. Europe is really a very mature market, a very crowded market also in that respect. I think that, due to the fact that we have a lot of global capabilities and that we are quite scalable and accessible in you know any type of region in on the globe, that gives us a good position to move forward on that trajectory. Then, of course, product enhancement with AI. Well, you know, we are continuously improving our services with AI, with the large language models. And, you know, I think the team is working hard. Do not forget, you know, also, the daily operational burden is also something that, you know, with the small team, we need to absorb and to dedicate. So, as much as I love innovation and creating new products and services, we should definitely also not forget just to perform great today, with what we have already. And that also puts a lot of attention and capacity on the matter. But yeah, going forward, I'm confident that we will continue on that road to enable and to inject AI capabilities or new software capabilities that will be out there, in our service portfolio, to continue keeping that customer close to our chest. And also evaluate with the new changes in markets and regulations and demands. And then the rights issue. I already mentioned it, in the early stages of this presentation. I think, you know, it's a very healthy thing that we do now. It's a conscious decision also to do the rights issue. It gives us comfort and, also, you know, the possibility to make the company truly better for its next phase in its maturity growth. In that sense, potentially also a different dynamic with this rights issue than the previous ones, where the previous ones were more indeed, you know, driven by, "Hey, listen, we are feeling the stress of, you know, a too shortened runway. We need to do something here." Now, with the ambition that we have and with also the target that we have ahead of us, we really want to create a runway where we can truly invest not only in product development and innovation, but also in a very surgical way, look at sweet spots in our current organization. Where can we add talent? Where can we beef up capacity? Because you know, it's very slim with you know, 60 people, roughly, covering 50 countries, and you know, more than 360 customers. Yeah, that's some now and then, really a challenge, and hopefully, this will definitely help to that extent. So, you know, if you then step to the, what does it mean? Achievements shaping the futures, we call it. Well, you know, think about technology for tomorrow. Well, I wish I would know what would be the technology of tomorrow, because the developments are going so fast, and it's really an accelerated way going, happening at the moment. And I think that's in any industry, but particularly also in the RegTech industry, where data, smart software, and reliability are of key essence, it even counts to more. So that's why we continue enhancing our ID Scan solutions for the KYC propositions, you know, to indeed, you know, stay ahead of the fraudsters that also found their way to AI, deepfakes, and manipulation of data. I think it's very important to continue on that road so that our customers feel assured that if they use us, that, you know, they are guaranteed with the best possible result in onboarding and screening their customers they're dealing with. It's AI-enabled solutions, as I mentioned before, not only to scrape URLs of companies, of merchants, but also indeed to use even better data insights to make factual and correct risk and, you know, fraud assessments on traffic, on individuals, and on companies. You know, it's also about continuously in search who's the best partner for us as well. You know, as you know, it's fairly impossible to have everything that we offer in the wide space of KYC and KYB offering solely proprietary. You always will be depending on third parties. The trick is that you deal with the ones that are best equipped, that you also strengthen and foster your existing relationships as well, and they are also in an evaluation track. So, it's good, meticulous, you know, orchestration there needed, to safeguard the technology for tomorrow. All of this, in the end, results or should result in growing with our customers. And if you look to Q1, you know, we won several good customers in that respect. We won a nice customer in the Nordics, Fitness24Seven, and of course, the Nordic-Baltic Banking Group. You know, the funny thing is, I often get a question, "Oh, yeah, but why are you not always mentioning names?" Well, we would love to, but, you know, not every customer of ours is willing or is in favor of sharing their names in our supplier relationship because they see it also as a risk for their competitive advantage. So, again, to reassure everyone, where we can name the customers that we have, we will do, but often it's not allowed, and then we, you know, we respect it. First of all, we want to build a good and positive relationship with our customers. So, if we don't mention a name, it's not because it's a non-existing customer. It's... everything we say is true. Sometimes they're just not willing to let the name drop happening. So, you know, what we see as well is that, you know, we talk about a dynamic market. So some of our customers are also in a strategic review or, you know, in a consolidation process. With that, you know, recently also a new opportunity arose because one of our esteemed customers became part of a wider organization, and immediately we jump on that, and, you know, are now talking about facilitating the whole new group with our services and capabilities. So that's exactly also what we are aiming for. We're not only looking to new business, we try to understand what's happening with our current businesses and our current customers, and how can we help them, but also how can we help ourselves to stay close to those development that they are undergoing as a customer. And, you know, again, I see a lot of things happening. SCHUFA is one of those nice customers that we also talk often about. As mentioned, you know, we went live in January. And we see every month now a growth of transactions, of verifications, verification transactions on that platform. And of course, we are not there yet. It's not fulfilling the initial statements that we foresaw way back. But the good thing is, you know, we see now growth. We see a positive development going on there with SCHUFA. And of course, we will help SCHUFA as much as possible, but in the end, you know, we are not doing the selling on the platform. We only facilitate and support the platform, and we build basically the platform. But where we can support, we will enable SCHUFA to do even more business. But I'm very positive stamped about this, and we will continue keeping a close eye so that it keeps also have the positive development. Well, customers launching in LATAM, basically, again, organic growth. You know, we grow with our customers. So, one of our larger customers, you know, saw an opportunity with changing legislations in South America. And then we immediately step up, and we say: "Hey, listen, we can solve it for you." And we run into them with them in that new territory, and that is beefing up, and it's supporting definitely our revenue to that extent. And that's why it's so important that you have a good customer relationship, that you're early stage in the dialogue with each other, so that we can strategize on how can we help each other. And last but not least, something that we really revamped again, we have an academy driven out of our Web Shield entity. Basically doing training and education for acquirers and processors out there. We recently beefed it up, renewed it, created a better platform and a better experience, and that already shows again a good, a very positive results. I can say that, going forward, already Q2 is fully booked for the online sessions, and in Q3, we have a in-house session that is also fully booked. Again, it's good because it shows our thought leadership as a company, and it shows that we have expertise that is unique in many cases. But it's also creating again better and closer customer relationships, and you know, from one thing can lead also to another thing, and that's exactly what we do. You know, we continuously try to find that added value, and find, you know, things that really fulfill a need, a desire, or a demand of our customers, and also hopefully new customers in that respect. So operational highlights. If you look at, you know, highlights that's shaping the future, very positive. We are starting to see more customers that we can invoice, because it's nice if you have a customer in your portfolio, but if it doesn't transact, then you still don't earn money with it. So, you know, what we identified as well, you know, compared to Q4, is a steady increase of more customers that we can invoice, and that's good. So it also puts a new target in that extent, because I now want to go as soon as possible to 400 customers, obviously. But it also creates positivism in the sales teams, in the marketing teams, and to see that their effort is now bearing, starting to bear fruits. And with relation to marketing, I must give them kudos. You know, if you see what happened last year, we dramatically improved on our SEO capabilities in the way how we do lead campaigns. That really created an increase of almost 260% of incoming leads. And take in consideration with, you know, 6, 7 salespeople, digesting all those new info of leads is quite a challenge. But I see it as a positive problem, positive problem, to be honest. But it shows that, you know, on all aspects, we are trying, and we have been improving, also during the Q1 period. Coming back on the market expansion, you know, about 30% of our new deals in Q1 are from East and Central Europe, APAC region, or beyond. So we definitely see those growth territories that, you know, we can find some traction there, with the current team and the current focus that we have. Again, technology that attracts, well, we increased the volume of customized platforms. Think about My Connect Schufa, but also think about the Malta Business Registry platform, which indeed, you know, runs very smooth. There's a steady, continuous flow of constant transactions that is also growing. We're also already working with the Maltese governments also to, you know, think about the future relationship going forward and how we can strengthen that and also make it more sustainable. And so we're already early stage starting also negotiations, okay? So let's see what comes out of that. We also now are live with a new proof of address functionality, a type of service that has a really high demand in specific areas of the, think for instance, gaming and gambling. And it's good that we have it now, so I see that our salespeople also are now in very good and positive conversations also with those type of companies that are in need of proof of address services. So I'm really happy with that. And yeah, shaping what's next. I basically already mentioned it, rights issue a strategic review. Of course, that's not the only thing because, you know, rights issue in the end is only about money. A strategic review is nice and, and it gives you a good view on, okay, what's the long-term future of this company? But in the meantime, you know, every day we are shaping what's next. Every day, the team is working hard, and every day a little bit better than yesterday in, you know, how we deal with customers. How we process our administration, how we report on the financials, how we indeed reach out to customers, how we engage with shareholders. So, you know, shaping what's next is not only a very, you know, academic thing, it's every day happening on the work floor today. Of course, you know, with this story, it's not only a happy flow. We do have obviously also challenges and a risk to manage, and you can already read between the lines and some statements I made. You know, there's a lack of sales capacity starting to arise. Because, you know, with the growing amount of leads, but also with, you know, the traction that our new services and new capabilities are giving, it becomes a little bit tight for our salespeople to handle everything in a sufficient and in a timely manner, eh? And you want to always avoid, as a sales-driven company, that your leads, you know, run cold. That would be a pity. So that's something that we meticulously are monitoring as well and already start thinking about, okay, but how do we solve that? And of course, the outcomes of the Rights Issue will help there, in a positive way, obviously. And the same is a little bit also with the IT resources. You know, we have a dedicated team of very skilled, developers and resources, in-house. But, you know, with the fast increase of also innovation, new feature development, but also continuously adapting to the new legislations and the methods that are taking place, it's getting really, really, tight. And so also there, we are really looking at, hey, to what extent can we still, you know, bear the velocity of the agile development teams as we want to have it, to fulfill our ambitions with the roadmaps, to meet our client demands, et cetera? This is also a next phase for the company because it basically also mean that we also tighten the people procedures in this company and also are starting more forward-looking on resources, et cetera. Something that didn't happen a lot in the past, in all honesty. If you then look at it, all of this, of course, is needed for that future technology drive that we have, staying relevant, keep continue delivering added value, and, with the risk of repeating myself, it's all about continuous improving, that you stay on top of the latest developments, both technology-wise, both future-wise, both knowledge-wise, and that's a hell of a job. So, how does that lead then to a financial performance oversight? Well, as I already stated, in the beginning, we have a need, you know, SEK 21.4 million revenue for Q1 2024. As mentioned, a slight decrease. Take in consideration that decrease with last year also has to do with an anomaly in the revenue last year, where a specific large customer did really a big verification process that also had an impact on the size of the revenue volumes, to be honest. And secondly, you know, we do this revenue with a FTE base that's 10% lesser than last year. So apparently, also, we increased on our effectiveness. That's at least also one thing I want to give in consideration, looking to that slight decrease of revenue compared to last year. The positive thing is really that we really did a good recovery related to the Q4 results. So again, that also leads to that very much improved EBITDA. Again, as I mentioned, we will continue driving on that because we want to be a profitable company as soon as possible. Probably, and that's the aim and the goal that I have, that by the end of Q4, we are that profitable company. But I'm also very much aware that, as I mentioned earlier, we need to add also some good people, I think, to the base, to really be able to realize on our ambitions that we share with each other. One thing about the equity assets ratio, you know, of course, it's an indication about the proportion of a company's assets that are financed by shareholders. Most of them are you. It's a very healthy percentage, 77, 77%. It shows at least also a solid equity base, with a relatively low financial risks. We try to navigate to keep on that ratio, and also there, of course, create continuity and stability, where possible. You know, the cash flow, yeah, it's looking to the cash flow, it's lesser than last year, but that's why we do the rights issue as well. You know, again, about the rights issue, it's if it's fully subscribed, it will generate, and our target is about SEK 33.5 million. Yeah, now it's, it will happen soon. We start the 17th until the 31st of May, where people can actively participate in this rights issue. Then some closing marks and future outlook. Well, you know, looking to the achievements, our continued focus on sales, operations, and product enhancements starting to impact in a positive way the amount of invoiced customers, the interest, and the engagements. So that's good. The challenge is to keep it in that way, to keep on the trend, to continue on that path, and that's not always that easy. With, you know, better strategies, better insights, and even more focus, so we really focus on our product offering. We want to build more presence, even more presence in the new markets, and that's really a challenge also for a relatively small company as we are. And of course, we will continue trying to grow organically with our existing customer base, but again, also, new clients are always an everyday welcome to our portfolio. On the long term, leaping over the Q1 period to the future, again, it's about the dedication to keep continually delivering our core technology strength, and expanding market presence, whilst also increasing our operational efficiency and drive sustainable growth. I think this is basically the update I would like to give, also based on this presentation, with regards to the performances and a little bit of context around the numbers of Q1. Of course, yeah, you can always communicate with us. We have our dedicated IR email address. I also really open to receive questions, suggestions, or whatever. I love to engage with the shareholder community within the boundaries that are possible, obviously. We have some upcoming events as well. There will be an annual general meeting on June 14th, and the Q2 report will be on August 23rd, and the quarterly report 3 will be on November 25th. Again, I mentioned it already, the rights issue, the subscription period runs between 17th and 31st of May, and the prospectus of that rights issue will be available the 17th of May, so by the end of this week, to be honest. That's basically it for the update for now. I think it's now good to open the floor or the mic for some questions if there are any. Thank you very much for that presentation. Like you said, now we'll jump into the Q&A section here. And we'll start with the first one. Do you have any plan or forecast for when you will, you will become profitable? And can you share more information about the goals regarding growth, margins? Mm-hmm. -and profits? Yeah. Well, I think it's a good question. Partially, I think I already gave an answer during this presentation with regards to profitability. First of all, yes, you know, the full focus is on becoming profitable, and we are aiming to become profitable by the end of Q4 of this year. Of course, we will also continually be diligently investing in the company to make it a better company and also to make it possible to accomplish on our goals and ambitions. Again, how are we doing that? Well, that's foremost, continuing also, on the road that we are taking now, so that's indeed, first of all, bringing KYC and KYB much closer to each other, so starting really to deliver on that orchestration platform vision that, that we already talk about for quite some time. But, you know, bear in mind for that, you need also to integrate the technology stacks of different companies from the past in one, and we are very much on that trajectory. We also do that with a long-term strategy, so basically everything will be driven out of microservice architecture going forward as well. That's also a lot of work that we should not underestimate. It's something that we often don't see from the outside. It's things that happen under the hood. So it's all about, you know, future-proof technology, and then enhancing and also fine-tune our product offerings, based on the specific demands and needs that are out there in the market. And the challenge for this company will definitely be also to create focus in which markets do we want to primarily want to be present. Because, you know, if you are too broad, the risk is that you're competing with the whole RegTech world. Looking to the size of the company, I don't think that's a very smart move to do. So, that's also the challenge for my product teams, the challenge for my R&D, the challenge for my IT specialists, and the challenge for salespeople is to identify those further the sweet spots where we can find healthy growth, which also is achievable and maintainable from a technology point of view. And that we will do not only in Europe. We will never walk away from Europe because, you know, Europe is our bread and butter for now. We have a legacy, a history there. We are all European companies under the umbrella of ZignSec Group. But the growth and the expansion in is definitely in territories like Africa, APAC, and LATAM. There's still so much happening over there, and, you know, particularly in territories like Africa, they will basically surpass certain growth phases that the Western economies had to go through and go even quicker in the digitalization forces, and we need to be there. It's very important that we take a piece of that market, and we can do it with our cloud-based capabilities. I hope this is a kind of answer to the question. Thank you. We'll move on to the next one here. With respect to the latest Nordic Baltic Bank customer, you mentioned that it's strengthening the relationship with the banking sector as a whole. Do you see further leads there yet, and is it solely KYB or KYC demand for the banking sector as well? Now, I like this question. First of all, you know, we are very happy that, you know, we were able indeed to get to an agreement with this banking group. It shows, not only the team, but also the other world, that we still can indeed make it with these kinds of parties. With the competition out there, that's a huge achievement. That said, it also gives proof that there is a fit and there's a true existence of capabilities, not only for this specific banking group, but then also for other banking entities. You need to take in consideration that, with dealing with large bank institutions, that it's always a long sales cycle. Yes, we are already, you know, putting the seeds in the ground. We're trying to have as much as possible conversations with bank entities also, not only for the KYB capabilities, but also indeed for our KYC capabilities. The challenge is always that, you know, due to the enormous regulation strife that have taken place in the last 4, 5, 6 years, we also have to deal with, you know, lengthy contracts that they already have with different suppliers. So it's a little bit of a navigation act, but we're definitely, you know, I'm a finance guy, so I know how to deal with these customers, and I do understand definitely also their pains. We're definitely eyeballing to further grow and enrollment of our capabilities and services to that specific segment. What, to what extent are you aiming to grow the sales team going forward? And do you have a concrete execution plan for this expansion? Yeah. Yes, of course, I have an execution plan. But, you know, that depends on, on many variables. So, you know, if we indeed, now have found the way upwards again, then it's only logic that we need to extend our sales team, because, you know, again, and I mentioned it also during the presentation, we are dealing with 50 different countries where we do business. We're having, you know, 370 customers by now, and soon 400, as I mentioned. Again, that's my goal. So we need to invest in the way how we engage with customers, how we engage with potential new customers. But, you know, again, it also means that we need to start thinking in how do we organize our partnerships management slash our account management. So we definitely need to start investing in sales and sales-related functions. That's part also of the, you know, grown-up phase of the company nowadays. I do have definitely a clear projection for that, because in the end, you know, looking to 2027, I basically want to get as close as possible to that EUR 20 million revenue target, but that is impossible with the current amount of salespeople that we have in-house. So there, we need to be realistic, and that's what I mean also, that we need to continue investing in the company going forward. What was the size of the revenue generated from the project in Malta executed by Wyzer? Well, you know, those numbers have been stated in the various Q reports. I'm always a little bit hesitant to really share concrete revenue numbers with current existing customers. What I can say about is that, you know, there are two projects basically with Malta. It's a business portal project, and it's a Malta Business Registry. And basically, the Malta Business Registry is yes, the company house office of Malta, where if you have a new company, you need to subscribe yourself, you need to administer yourself, of course, you need to pay for that. And that whole process, you know, that basically we have been building for the Malta government, and it's live now, and it's rolling steadily. With that, we have now a healthy, recurring amount of revenue. It fluctuates a bit based on the amount of interaction with that platform, of course, and how many companies need to subscribe or need to change something on that. But, it's, you know, it's a steady revenue, way more than 10,000 EUR a month. So it's really healthy revenue. If you look to the Malta business portal, that's still a project, you know, that we need to further finalize. It's a lengthy project. So, there we see that we need to touch upon certain phases in the project delivery, and then we will get paid like a normal IT program, an IT project. In the end, it's a good project. But yeah, as many large IT projects, it took way longer than expected. But to be honest, I've never seen a large transformation IT program being delivered on time, within budget. So again, it's a healthy revenue. Do we win the world with it? No. But it's well worth the effort, and yeah, we will continue also creating new opportunities with the Maltese governments because they are very happy with what we deliver. And we are also discussing other opportunities to further work with them, and in that respect, also create invoice-able revenue for-- at them with a cust-- as a customer. Thank you. We'll move on here with the next question. I'm curious about potential and negative impacts on Q1 revenue due to the holiday season, such as delayed invoice payments. Have we observed any adverse effects from this? Well, I have to think about that because, to my recollection, I don't think that we are experiencing or have been experiencing any specific holiday seasons related to Q1. So there, my initial answer would be no, we have not seen any such adverse effects. And, yeah, for me, I don't see Q1, honestly, as a holiday season. I see it as one of the busiest seasons of the year. But yeah, perhaps I misunderstand the question in that respect, but that's my response to it, for now, I would say. Okay, thank you. I will take one final question here. Regarding the rights issue and capital needs, is our goal still to achieve cash flow positivity in Q2? And if not, could you give us some more insights into when we anticipate reaching this milestone? Yeah. Well, I think by now, and also with the previous answer I gave, and explanation I gave, no, Q2 will not be the marker of cash flow positively. I know that that has been stated previously, but that's before we, you know, were aware of the drop of the Q4 revenues. It was before the, you know, legacy commitments that we financially had to resolve before 2023, and it was before we knew that, you know, the rights issue in November, December, didn't deliver that amount that we initially had anticipated for. So there were several factors why eventually that Q2 was not attainable. With the current rights issue, as mentioned, I have strong conviction that we will be cash flow positive by Q4 this year. Okay. Thank you very much, Glenn, for presenting today and also answering all of our questions. Also thank everyone who followed along for this webcast presentation with ZignSec. Hope you have a great rest of the day, and until next time. Thank you very much. It was my pleasure. Thank you!