Napatech

Hello everyone and welcome to the Napa Tech Q3 2025 IMS. My name is Nadia and I'll be coordinating the call today. If you would like to ask a question, please press star followed by one on your telephone keypad. I will now hand over to your host, Lars Aboyleson, CEO to begin. Lars, please go ahead.

Good morning, I'm Lars Bøylesen, CEO of NABATECH. I'm pleased to welcome you all to the NABATECH's presentation for the third quarter of 2025. Joining me today is our Chief Financial Officer, Heine Torsgaard. Our third quarter 2025 report was released earlier this morning on the Oslo Stock Exchange and is also available on the NABATECH website. For your information, a recording of this webcast will be available later today. Slide two, please. There will be a question and answer session following the presentation. During and after these prepared remarks, you may submit your questions via text on the webcast page, or we can take your questions on the phone. If you'd like to ask a question, please follow the instruction on this slide. Slide three, please. Please note that this presentation contains forward-looking statements that are subject to risk and uncertainties. Our actual results may differ from those discussed in forward-looking statements. Slide four, please. Today's agenda will cover four areas. First, we will provide a business status for the third quarter of 2025 with focus on the major news items that capture the notable progress by NABATEC towards achieving our goals to transform our business. Next, We will provide a market update that shares information about the opportunity ahead of Navitek. We will then shine a spotlight on some of the most recently announced wins and how those will positively impact our business in the future. We will then provide detailed summary of our third quarter financial results. Finally, we will then conclude with a question and answer session open to the attendees of today's call. Slide five, please. We have made considerable strides in meeting important milestones of our strategic plan to strengthen our position as an early leader in the new and evolving mass market for programmable network interface cards or NICs. This includes both strong improvements in our core business and making measurable progress toward our design wind goals that underpins our growth aspiration to deliver 16 to 80,000 units a year when those design reach peak production. This has progressed according to plan, and as we compare our position to just one year ago today, we found ourselves in a much stronger position. Slide six, please. I'm excited to share our third quarter results for 2025, a quarter that exceeded our expectations on many fronts. Revenue came in in Q3 at $6.3 million, up 25% year-on-year. 31% growth compared to last quarter in 2025. Gross margin was stable at 70%. Staff and other external costs was 35 million Danish krones compared to 43 million Danish krones same quarter last year. Year-on-year, a decrease of cost of 23%. EBITDA is improving. Minus 6 million Danish krones in the quarter. This is an improvement of 11.5 million compared to last year. Net cash flow was slightly positive, equal to an improvement of 22.5 million Danish krones compared to Q3 2024. It's encouraging to see that revenue continue to go up and costs continue to go down. It was a good quarter for our existing packet capture business. Beyond the numbers, we are making great strides with our strategic accounts, including our previously announced tier one server vendor and an emergent AI inferencing vendor, D-Matrix. As for later, since last we met, many of you have seen numerous industry and financial press and analyst reports about the launch of the D-Matrix Jetstream AI networking interface card. Our partnership with D-Matrix and the server company remains strong and our developments are progressing well with our deliverables on track. Further, we are working with both companies on new and expanding projects. In summary, Q3 2025 was a quarter of strong growth operational discipline, and strategic progress. We are entering the final stretch of the year with confidence, a robust pipeline, and a clear path to sustain value creation. Slide seven, please. In this next section, I would like to share an update on our market and how it is positively being impacted by artificial intelligence. Artificial intelligence is not just the boss in the present, it is the future, and it is exploding in many of the segments we serve from network infrastructure, storage, cybersecurity, and more. AI begins inside of one processor in one server, but it only achieves its goal while working among an array of processes tied together across a neural network, connected at very high speed over secure links with ultra-low latency that are highly dynamic and able to evolve quickly. These are networks that think. You will come to see in the next section why Navitek's networking cards, co-created with market maker IntelliTerra, are the efficient solution to power these new networks. Slide eight, please. There is no shortage of application services within the mass market data centers driving their demand for advanced NICs. They include high volume designs for cloud and artificial intelligence. It also includes business critical applications like cybersecurity and financial services. And it includes advanced network infrastructure like 5G mobile infrastructure. Slide nine, please. These megatrends create the opportunity for Navitek. As shown in this inside the box view of a server, Navitek's advanced NICs play a crucial role in modern data center server designs. Our product provides the access from the outside world to the CPU and GPU resources that deliver the AI cloud, mobile, security, financial, and other critical services. Our advanced NICs ensure these servers can deliver those services at the optimal mix of price, performance, space, and power for the data center operator. Slide 10, please. Modern data centers replace the basic server network card with an advanced programmable network card. Navitek advanced programmable NICs bring three important improvements to the data center and servers. First, They improve the performance of the CPUs by offloading and accelerating the networking, security, storage, and other burdensome tasks from the CPU to the advanced NICs. This significantly increases the performance of the server and those tasks, while at the same time returning the CPU resources to the core function of AI, cloud, and mobile services. Second, the advanced NIC is fully programmable, enable the data center to reconfigure itself as often as needed to respond to changes in technologies, new applications, new services, unforeseen problems, and new cybersecurity threats. Third, the increased networking performance improves CPU capacity, dramatically reduces power, space, and cooling requirements, and enabling the data center to expand as needed to meet the new demands. Slide 11, please. Advanced network cards are widely used today by the largest data center operators, known as hyperscale cloud operators. They were the first to deploy AI, cloud, and other advanced services and ran into these issues. Lacking merchant solution, they deployed massive software and hardware engineering resources to build their own advanced NICs and deployed more than 12 million units last year. It is important to note that Intel Altera helped to make this market and is deployed in nearly all the largest data centers globally. Today, as large enterprises, telco operators, neo clouds, and tier two regional cloud providers accelerate the adoption of AI workloads and cloud native infrastructure, they are facing the same networking challenges as the top hyperscale cloud operators. Unfortunately, these next wave users must solve the same problems without having hyperscaler level hardware and software engineering resources. This creates the urgent demand for immersion-based product and solution to fill the gap. As the primary provider of solutions to hyperscale operators, Intel Altera has partnered with NABATECH to deliver immersion solution for the mass market. Based on Intel Altera's proven winning hardware and software design, that is widely deployed in the largest early adopter hyperscale networks. Navitek is uniquely positioned to deliver the turnkey production grade complete solution to the IT buyers in the mass market. Slide 12, please. A unique aspect behind Nabatech's business model is an innovative go-to-market plan that lowers our operating expenses and increases the scalability of our business. Nabatech and Intel Altera have partnered to deliver advanced NICs to the mass market. This partnership brings four valuable points to Nabatech. The first is increased volume. While Nabatech has been building NICs for nearly 20 years, our solution have historical target critical, but smaller niche application with lower growth. This resulted in a stable business that drew around 5,000 cards per year. The Intel Atera hardware and software design for the hyperscalers is now also addressing the mass market outside hyperscalers. The application and services addressable by their enhanced design now enable Navitek to target a new set of customers and use cases that are at the transformational scale, often requiring 1,000, 5,000, 10,000, 25,000 or 50,000 cards per data center per year. Second, we can scale our reach beyond what we could have on our own, limited by size, geographic, and cost. As a part of our partnership, Intel Altera does a significant portion of the sales, marketing, market creation, and business development, bringing Navitek into opportunities who have already embraced the solution and are looking to Navitek to fulfill their demands. Third, because of Intel Altera's desire to strategically develop the mass market based on their hyperscale success, they have granted NABATECH access to the largest CPU and FPGA technologies, creating an incredible first-mover advantage ahead of other companies looking to enter this rapidly emerging market. And finally, the partnership requires frequent engineering collaboration throughout the joint product developments, we gain high confidence technical guidance from Intel Altera, proven hardware and software solutions that significantly de-risk our product roadmap and engineering designs. Slide 13, please. In a clear sign of our shared strategy and commitment to mutual success, we are pleased to have recently announced our latest product to target this emerging market. The Nabatech F3076X is a 400 gigabit data processing unit, a DPU that aims to ignite the next wave artificial intelligence and cloud infrastructure. The product was jointly funded and defined by Intel Altera, Nabatech, and a tier one global server manufacturer. And it is in the hands of multiple high volume prospects and design wins. Slide 14, please. While this unique partnership with Altera has been two years in the making, the products and solutions have largely only been in development over the past year. In this next section, I would like to share with you both updates and news related to just a few examples of the success and potential we see from our new solutions. Slide 15, please. As we look at the totality of our business, two bright spots emerge. We continue to expand our total pipeline in both the number of opportunities and the total value of those opportunities. Both are far beyond any Nabatech historical metrics. They continue to expand each month and are anchored primarily in our new products and solutions created in partnership with Altera. Also, as we have seen lately, our core business on packet capture has improved we're starting to see a real and good pipeline on existing products in our portfolio, particularly in areas such as fintech and cybersecurity have been notable strong in the last few months. Slide 16, please. Recently, D-Metrix completed the public launch of its new product Jetstream, including Napotech. We remain excited about the potential from this design win. D-Matrix is the creator of Corsair, the world's most efficient artificial intelligence computing platform used for inferencing in data centers. Inferencing is the cornerstone of artificial intelligence. It transforms the knowledge from trained models to create prediction, decisions, and insights that are practical and beneficial in real-world applications. There are several things that underpin our excitement about this design. It is in the very hot space of artificial intelligence. It is a strong validation of everything we are doing in our partnership with Altera. It is a niche solution for AI infrastructure in the AI data center backend network. And as such, it is an extremely high volume deployments. It also is the same product we delivered earlier to Nabatech's announced tier one server manufacturer. This D-Matrix product design included a master supply agreement with five years of product availability, volume commitments, and an NIE fee for the work related to the software to power the solution. We actively pursuing the increasing list of companies looking for AI infrastructure solution. And this is a great example of our investment strategy of building a winning solution and leveraging that investment across additional customer with similar requirements. Slide 17, please. Our work with the tier one server manufacturer continues to go off the plane. We have met on time delivery for all hardware deliverables according to their and the Altera specification. The design is anchored in an innovative hardware platform that includes a smart NIC, that includes the ability to add an optional CPU, turning it into a data processing unit or DPU. We offer the DPU in two configurations optimized for servers of different sizes. These hardware programs was developed by Navitek Engineering at an incredible pace, and we met each critical milestone ahead of schedule, exceeding expectation of all parties. As the hardware projects matured earlier this year, the teams began the parallel work on many key software requirements around network storage and security offload and an acceleration. This will allow development of the customer solution for their use cases to begin on the hardware throughout 2025 and beyond. We're happy to report exceptional progress so far, resulting in stunning benchmark for each of those demonstrated today. The delivery products are now being tested at five different divisions within the tier one server manufacturer. This includes several interesting high-volume use cases within AI and cloud storage, data content reduction, cloud tenant services, and finally 5G mobile infrastructure and more. Slide 18, please. As I wrap up the business section of today's reporting, I would like to invite you to come to NABATEX at one of these great events throughout the remainder of 2025. If you happen to be in one of these great cities during one of these events, we would love for the chance to meet you in person and talk to one of our experts on hand. Slide 19, please. The last few slides of our update today provide more details on the financial results for our third quarter. I'd like to ask our CFO, Heine Torsgaard, to provide this update.

Thank you and good morning. Let me walk you through our Q3 and year to date financial performance, discuss our cash flow and liquidity position, and provide a short update on our ongoing initiatives to optimize net working capital. I'll also provide some perspective on our progress as we head into the final quarter of the year. But let's start with our consolidated income statement for the third quarter and year to date. Next slide, please. Nabatech delivered robust topline growth in the third quarter. Revenue in US dollars increased by 25% compared to the same quarter last year, and by 31% sequential from Q2. In DKK, revenue was up 18% year over year, and for the year to date, revenue in US dollars is up 26% versus 2024. We're seeing healthy order intake across our core markets and our sales pipeline remains solid. And as the sequential acceleration in revenue also reflects, we see a clear improvement in our traditional market segments. Our gross margin for Q3 was 70.5%, representing a 3.6 basis point improvement over Q2. We continue to prioritize high-value solutions which support both our margin profile and long-term market differentiation. Q3 EBITDA was negative 6.1 million DKK. While still negative, this represents a significant improvement of 11.5 million compared to the same quarter last year. of our EBITDA loss is driven by both revenue growth and our ongoing efforts to control costs. Looking at the year-to-date figures, we see a consistent pattern of improvement across all key financial metrics. Revenue growth, margin expansion, and the reduction in EBITDA losses all point to a business that is moving steadily towards sustainable profitability. We remain focused on executing our strategy, driving operational leverage and positioning Navitek for long-term value creation. With that, let's review our cash flow and liquidity position. Next slide, please. In the third quarter, our net cash flow from operating activities was at a break-even level. This is a substantial improvement compared to the negative 22.5 million DKK in Q3 last year. Our net working capital at the end of Q3 was 91.2 million, Free cash flows from the quarter was negative 1.7 million DKK, which is 24.3 million better than the same period last year. We ended the quarter with 117.7 million DKK in cash and cash equivalents. Looking at the year to date numbers, our cash flow metrics show consistent improvement. We've reduced cash outflows and strengthened our balance sheet, which positions us well to manage near-term uncertainties and pursue strategic initiatives. Next slide, please. Let me also provide a short update on our networking capital initiatives. Throughout 2025, we've taken targeted actions to reduce our networking capital. These actions are designed to free up cash and improve operational efficiency. NABATECH's main initiatives to improve networking capital are focused on reducing inventory levels and optimizing the planning of future product production. on negotiating better payment terms with key supplier and current vendors and current customers and on optimizing payment terms and sourcing model for new high volume agreements. During 2025, we've been consuming the excess components in our supply chain, resulting from sourcing decisions made in 2022 when our supply chain was still impacted by the effects of the COVID-19 pandemic. This is completed now, and we are starting to accelerate the depletion of our own inventory. As a result, we are expecting significant improvements in our net working capital in the coming quarters. Back to you, Lars.

Thank you, Heine. The guiding remains unchanged. We expect Q4 will continue the good trend we have seen since late Q2, and it will secure that we end up within the guided revenue range with continued stable high gross margins. This ends our recorded presentation. Thank you for listening. We will now go to the live Q&A session.

Thank you. If you would like to ask a question, please press star followed by one on your telephone keypad. If you would like to remove your question, please press star followed by two. When preparing to ask your question, please ensure your phone is unmuted locally. If you have joined via the webcast, please use the Q&A chat box provided under the slide. And the first audio question goes to Christopher Bjornsson of D&B Carnegie. Please go ahead.

Hey, good morning. Just wondering, the guidance for the full year reiterated, it kind of implies that there will be a material acceleration in the year-over-year sequential growth in Q4. So just wondering if you could help us understand that this is just simply due to the core or legacy business catching up or normalizing, or if you've kind of baked in some initial momentum with these new data center-oriented customers and that expectation for Q4.

This is Frank for you, Christian. What we are saying on guidance is that, I mean, in general, we don't like to guide because it's very hard. It's very easy to guide on our packet capture business, but very difficult to guide, honestly. So we only guide because it's a requirement from the Danish legalization in Denmark, the Danish law. So what we're saying is that we expect packet capture to maintain its good momentum it has now. We expect on non-NetScout, which is our biggest client, and it's very predictable because they place an order like six months ahead. So on non-NetScout, we expect 20-25% growth from Q3. So that's really good momentum. On NetScout, it might be lower. So we need to have a better quarter in Q4 than Q3, and that's what we are expecting. despite Netscal will be smaller. So this will bring us within the range. And that's what we are saying. So we are not expecting, when it comes to the more strategic deals, this will be 26 and 27. So this is, we expect that good momentum and packet capture will continue in Q4. And this will bring us into the guiding range and maintaining strong gross margins.

That's great. That's super encouraging. Thank you. And then into that, just if you don't want to guide for next year, but giving the kind of the sequential improvement in the business and the fact that, you know, have some customers that are a headwind this year, is it fair to assume that there's no really any reasons why 26 shouldn't be a decent growth year for the packet capture business or the legacy business or what do you want to call it?

I think, Christopher, it's very encouraging to see the existing business. I will also say that for the first time in a very long time, we have a really interesting pipeline on packet capture. And we're moving into security. We're doing really well in fintech. And we are seeing projects which are larger than normal. But at the same time, it has been very disappointing in 2024, very disappointing in Q1 in 2025. So we would like, of course, to see this. But I agree with you. It's looking much better for going into 26. But let's take this quarter by quarter. But right now, it's looking really good. And for the first time, we see some really interesting results. opportunities on packet capture within security within monitoring and also fintech financial so this is um this is this is positive and we hope this will continue it's great and finally finally from us on them on the kind of let's call it the new opportunities um so it seems clearly that you guys are doing uh or delivering everything you promised to these customers and

and the ball is kind of in their part of the court now. So can you just give an update on how you feel your customers have been developing in terms of their progress to launch products? They have launched products, but in terms of where they are in terms of getting to revenues, like how that's changed over the last three to four months?

Yeah, I think the engagement is really good. Obviously, on D-Matrix, you have seen that they have launched, officially launched Jetstream. And Navitek is the I.O., Ethernet, SmartNIC, scale-out partner. You know, we are the one who helps them to take it from one D-Matrix box to 100-plus boxes, right? That's what we do in that corporation. So we have delivered everything on track. We're supposed to deliver here in November and we'll do this on time and delivering latency number, which are better than we hope for. So that's going really well. And we're also engaging in other projects. So that's what we do. We are 100% focused on delivering more than the clients expect. And in this case, if they sell, we... They basically have a rack with eight Demetrix cards, and for each rack, there is two Nemetrix cards, right? So if they sell, we sell. And we are completely focusing on delivering more than they expect, and then we are hoping they are selling, right? But that's not something we interfere with them on, so we'll have to wait for their news on that. And when it comes to server manufacturer, I mean, we also stating in the report that we are engaged in not only a cloud project, but also within storage, with tenant services, with enterprise, on compression, decompression, et cetera. So four or five different projects we have, we are now being tested for four or five different use cases. And there's a lot of engagement there. So we also hope that, you know, that this, that this will lead into high volume already in 26, but also particularly high volume in 27.

Great. I'll jump in the back of the queue. Thanks. Thank you.

Thank you. We have no further audio questions. I'll hand it back to the management team to go through any written questions.

Yes. So I see there are several questions online here. Let me just, I just need to open the window just a sec. So one first question from Lars Erik Hansen is what has the Intel journey delivered in book sales so far in 2025? If any. So we started a cooperation with Intel Altera, now only called Altera, in late 2003. We have now based our NT400 products, SmartNIC, mainly for packet capture, and then our DPU line as well from Intel Altera. I don't know the number in NT400. That's one of the products that's really selling really well. Many clients are upgrading from 200 gig to 400 gig. So that is already selling in 25 in the hundreds of cards. Is it 1,000? I don't think so, but I will need to check. And when it comes to the tier one serial manufacturer and D-matrix, that's based on Intel cards as well. So this is what the journey has delivered so far. Next question is from Christian Einvik. Can you elaborate on what volumes we are talking about related to commitments in the D-matrix deal? How are these volumes distributed over the five-year agreement? Yeah, so normally when we enter design wins, then you kind of are hoping that they will turn into big volume. In this specific case, we managed to get a commitment. This is a commitment of two, 300 units. And they, of course, using the units for testing, et cetera. But when we get into, when we finally deliver the product, there will still be a couple of hundreds cards, which they will have to take next year. Lars Knudsen, do you have any view on how many of D-Matrix customers are testing the solutions? So we cannot comment on any activities D-Matrix does. That's something they control. We are focused on delivering the smart NIC ahead of their specification and time schedule. So that's something D-Matrix will have to comment on. Christian Einwig, Have you made any adjustment on expected sales to Demetrix in 2026? Earlier you said it takes three plus months to deliver cards and that you were having a sit down with Demetrix in October. Are there any orders made for the next three months? So we cannot comment on their sales activities for Demetrix. What we expect is, like we said before, that they have launched a product. We are delivering final product this month. And we are hoping to see already good volume next year. But big volumes will be mainly 27. Ola Mellingsetter. Can you quantify the expected revenue ramp from D-Metric partnership in 26, including any Unis commitment on Jetstream? So that's, again, we have a commitment of several hundred cars. That's a little bit unusual. You get that kind of commitment. We managed to do that. So that says something probably about how certain they are they will be in volume next year. And when it comes to next year, we have guided volume in the 10,000, 11,000. So what we have done is we have put in very uncertain to say what the number will be. But we have guided around 2,000, 3,000 units on D-matrix. This is obviously lower than what they have told us, but it's very hard for us to guide correctly there. We're completely relying on what they're selling. But we hope for at least some several thousand units already in 2026. What are the main risks to achieving the on-trains 2000 guidings, such as supply chain issues with Altera and potentially US Tavrif? Are you having to mitigate to avoid a 2026 capital increase? So when it comes to the capital raise, I think you can see that we have taken costs down compared to last year. You can see that our sales is up. So we're not so far away from breaking even, for example, in Q3. If we have got another million, then we'll probably break even. So right now we feel very good about our cash position, our cost level, and also packet capture sales. And then next year we will get some deals from the strategic deliverables. And they, of course, they're already being delivered this year. So it's not a lot of development required to when they actually start selling. We are delivering this year. So the risk on 2025 guidance to get inside the guiding range is just that we need to deliver a Q4, which is better than Q3. And the only risk there is Netscout. They had a very strong Q3. So then normally they will not place so many orders in Q4. But we are expecting non-Netscout clients to deliver 20% plus growth in Q4. So that will take us inside the range. So that's our best estimate right now. From Lisa, can you comment on the change wording regarding D-Metrics win? You previously said target Navitek completion in Q4, development on schedule in today's report. So that is what has changed. Nothing has changed. We will deliver to D-Metrics on time. So they will get everything on time, on schedule here in November. Question from Lars Erik Hansen. Is the guiding of 10,700 units for 26 that you have provided in the Q2 report? Yes, that's what we, that's still what we are seeing from. So we are still, we have guided that, that's correct. And that's still our guiding for next year. We will come back to that in February next year, but right now that's still the same. That's still standing, correct? Question from Christopher Bjornsson. One can arguably say that DMetrix and the Tier 1 server has validated the use case Navitek has been talking about for years. How proactive are you now changing incremental opportunities with other Tier 1 or Tier 2 server OEMs, AI accelerator developers? We would think that you can go and pitch what you've done for D-Matrix and Tier 1 and other OEMs. That's a very good question. That's exactly our focus now. And we are also giving that we are also now doing better on the packet capture. We see we can do significant investment into replicating these really interesting strategic deals. The timing is excellent because we have delivered everything on time now. So we can actually demonstrate for the next tier one server OEM, for the next AI partner that we are not, it's just not something we're saying, we're actually delivering this. So that is our main focus going forward, both in Q4 on the business development side, but also for 2026. Christopher Bjørnson, how is the NVIDIA investment in Nokia and the plan to move AI inferencing more densely out in telco mobile networks impacting the future demand for smart NICs in the telco space? So I think in general, you can say AI inferencing is becoming super hot these days. It makes a lot of sense. to basically take some of these mature training models and put them on some really advanced hardware, where I think if you look at the AI inferencing market, then D-Metri is probably in the lead there. They have some really, really spectacular advanced hardware, where we are then the IO roadmap scaling partner, so they can move this from one box to 100 plus boxes. I cannot comment on the NVIDIA investment in Nokia, so... But AI inferencing is certainly something that is really hot these days and a key solution to how you take down the complexity on your training models where you mix mature and non-mature training models. Lars Erik Hansen, could you please give us the status on the F5 journey? What has been the sales and volume delivery in 2025? This is a packet capture deal we did for a few years ago. I think you're referring to. In that product, at that time, they had a CPU which was in the life. We then had to redesign the place. We have now delivered and we are now waiting for that to start selling. We are also in contact about the next product in the same product line. We're also discussing with F5 how to to make sure that they have an updated version from our site. Ula Mellingsetter, the report knows a robust pipeline of 200 opportunities worth $400 million. What conversion rate do you anticipate in Q4 and H1-26, particularly new markets like that? I mean, this is basically, we are showing that we have a huge pipeline. This is coming mainly from Intel Altera. A lot of this is in... also in packet capture. So I cannot talk about a specific conversion rate for this. But we see a lot of interest. We have a lot of, we see a lot of interest for our DPU product line as well. And also we are now putting more resources into replicating D-Matrix and the tier one server manufacturer. Jarle Birkland, hi. You say our performance this quarter removes concern about the need for capital increase in 2026. I see this as huge positive. For this to hold up, do you need accelerated top-line growth? I think we, as you can see, we have taken costs down from 24%. with around 20% to 25%, and sales has increased 25% to 25%. So I think what we're just saying is that we also now see a really interesting pipeline for our packet capture business. So in many ways, we do not expect to have these quarters we had in 24 and Q1 this year, where we are losing up to 20 to 30, 40 million Danish krones in the quarter. Our ambition is to not lose money. Will we be able to do that? I cannot guarantee that, but we are very focused on costs. We are very focused on, you know, increasing the sales. And right now that's going pretty well. And obviously, when you are bringing down cost losses to one digit number in Danish million crowns, then it will take many years. If we keep doing that, that will take many years before we need to raise money. I think this ends. This was the last question.

Great. Thanks, Lars. I'll hand it back to you for closing comments.

Thank you for listening. Thank you.

Thank you. This now concludes today's call. Thank you all for joining. You may now disconnect your lines.