Good morning and welcome to Aiforia's first half earnings announcement event. Today we have, yeah, actually two presenters: myself and our our CFO, Antti Ojala.

We start first with business highlights, what happened in the past six months and after that so we go to the number side of the event, and after that of course there's a room for questions and answers after that. It has been a interesting first half, I would say, so that okay, we have been moving forward gaining new customers.

As you may know and remember, we already have a contract with the AP-HP, the Paris Hospital region, which is the biggest one in Europe. It has 38 hospitals and they are already kind of successfully using in a production our prostate models.

In a first half of the year, we got an additional five hospitals from from that group, which is a really good achievement on that side and and France as a market is also interesting in that sense so that they have this program in place from a government to fund the first two two years usage for AI models, and Aiforia is the only solution AI solution for diagnostics that has been accepted on that one. That's that's why we have been fairly successful in a French market, and expect that that will be a major market in in coming coming months and years to go.

The other kind of significant deal what we make was in Spain. We already have in Spain Castilla y León region, which is quite significant one, and now we got an additional kind of healthcare region in in a country.

That's moving forward nicely. Of course there has been some some smaller deals happening so, but I think these were the kind of clinical side, the major major achievements from the first half.

Then the partner network. Because this is a ecosystem play, because we do AI solution to support the diagnostic decision making in in a pathology, kind of analyzing those cancer samples and supporting the decisions and a diagnosis on that, but there are plenty of other kind of components: software vendors and hardware vendors that we need to partner with.

We we are collaborating already with all the major scanner manufacturers. Then manufacturers, then they are also image management vendors like Proscia.

Proscia is one of those new partnerships what we have, and it's a it's a logical one, because already last year, when Siemens chose us to be part of their program, Proscia was already there. Proscia is providing the image management part, and we are providing the AI-assisted diagnostic part on on that that offering.

Proscia was the one of the kind of one of the many, but okay, one of the meaningful partnerships in a in a first half. Of course, we did the IPO, as you remember, back in the '21, and when we did it, we promised that okay, we start building a portfolio for clinical side and we start focusing on on getting the first referenceable customers on on a clinical market.

I come back to the customer side in the next slide, but also on the product side, we've been moving forward nicely. I think we have the the best portfolio, most competitive portfolio in in this market.

We have currently 12 CE-IVD mark solutions, and in the first half of the year, we added additional two models on a portfolio. One of our targets was that we we have a kind of portfolio of AI tools that covers more or less 80% of the typical clinical workflow.

That target was by the end of the decade, and we are in a good speed on that, we are we are clearly over 50% of the kind of workflow coverage. From a solution side, we are moving forward nicely and also we are adapting new technologies as well, foundation in since foundation models and upgrading the the kind of offerings in in a today's standards.

That's moving forward really really nicely. Of course, as we are growth company and and and investing heavily on R&D, investing heavily on building the market, we we need funding.

We have done two major activities in the first half of year: first of all, negotiating with the EIB, the loan arrangement with them, and Antti will cover that a little bit more in detail later on this presentation, and then we did this direct share issue in June. All in all, our financial position getting much much better by by doing these two activities, and and it also kind of tells that the market still trust in industry and us on on performing in in in this market.

All right. I would say that this is the probably the most meaningful slide on my presentation, the customers.

Because this is a new industry, and some companies, some competitors have some solutions for one particular problem, prostate or breast, but we have that wide portfolio and and very few companies have all the regulatory regulatory part sorted out so that having the CE-IVD, having all the kind of security-related certification is in place so that you can actually sell to this market. Then the last point is that okay, you have been actually selling and delivering, and then the customers are using it.

You you see on on the right-hand side that barometer, or kind of a volume buttons so that okay, we just listed the customers what we have, because so now the complexity here is that okay, we have closed really nice deals, but then who has been starting to use the solution, not all are in a full production. None of them are actually in a full production.

With the Mayo Clinic, we are really successful. 4 years ago, we already made the deal.

We have delivered the breast cancer suite, and it has been in a production for multiple years. There's a lot of upsell opportunity in the Mayo Clinic as well.

Same with a couple of others, I would mention the NHS, already 3 years ago done deal. Now it's implemented.

We have got the money from the deal, and customer starts using it now, but it's not in a production yet, which is a interesting. There are multiple reasons why the customers are not starting to use it immediately.

Our delivery is fairly fast, we can deliver our software piece in a month, more or less. Then you have a complexity of these all the other solutions, some some customers are upgrading their LIS systems and we need to wait until that is done.

Some customers have have not yet invested in enough scanners so that they will would have a kind of a digital images enough, to kind of ramp up the volume. They are moving all are moving forward on on on that track, because scanners are quite an expensive investment, image management systems as well, but the gains are coming from AI and digital and AI-assisted diagnostics.

In a way, we are in a good position, but unfortunately there's a certain kind of time lag from kind of closing the contract when the customer starts and start using it. On that barometer, the green ones are the ones who are actually in a production, the yellow ones are that okay, has been delivered and the production routine use is starts just starting, and then you have a list of customers that okay, have been contract has been done and they will start using it.

There's a little bit of delay when when it happens. All in all, we have roughly about 20 clinical customers today, and when every everything is kind of up and running and the right volume, there's already kind of a significant revenues coming from that side.

There's this kind of a time time issue on on on a place so that when when it happens. These are all happening, for sure, but okay, the timing is the thing.

A positive thing is that okay, like in Paris, we have already multiple hospitals and we have a few of them in a production already. When we now sign up with those additional five hospitals, it means that okay, the the core software and all the kind of the surrounding system have been implemented and all the integrations done.

When they start using it, it's actually happened much faster than in in a greenfield customer. If you work with the customer that okay, goes the first to digital pathology, then goes to kind of AI-assisted diagnostic, then then there's a time lag so when they transform the organization, get all the kind of tools in place and then they start using it.

When we sell to these customers who already have something in a production and we upsell, then it happens really fast. There's a kind of a different type of customers in a play.

That links a little bit back to the previous slide, because we have at least yeah, we have a two two kind of a different type of revenue generation models in in place: we have right to access, right to use. The difference is that okay, if we implement the software on customers' cloud or on-premise, then it's a right to use.

When the when the kind of software is implemented on Aiforia-hosted cloud, then the revenue recognition will happen a different way. We used to have a little bit more on this right to use customers, and it will show a little bit on our numbers as well that you could recognize when the kind of usage started the whole whole block, and and when when it's in the Aiforia's environment, then the recognition will will happen over the years.

It's a kind of a software-as-a-service type of model that we are going more and more, but in a long run, I think that's really sustainable and a good model to go go forward. Just that okay, they're different type of models in place, plus then two types of customers: so if it's a totally a new greenfield customer or is it already an existing customer.

I can give another example: Paris was one, but we have this big deal in Lombardia. They haven't we have implemented the software and we could recognize something last year, but there's a 32 hospitals and there's a certain plan so when they start kind of a hospital by hospital start using it, and it's a three-year plan so that okay, when they ramp up the production in in that organization.

Eventually, it will be really good, profitable, large customer for us, but it happens step by step. When when you kind of maybe sometimes when we say that okay, we close a deal with the customer who has a million slides, then somebody calculates that immediately it's a revenue like that.

It will be, but it's kind of it's need it needs to go through those steps, step by step. Just to and I we can of course answer some questions on this topic on on the Q&A part.

The other positive thing is that the market is there. The demand, need for these solutions hasn't changed, so that okay, it's it's growing.

There are a couple of drivers for that. Cancer cases are unfortunately going up, and the demand is there.

On the other hand, the number of pathologists is is kind of staying the same or going down. There there was a statistics from US, but that applies applies all over the world quite well, 40% of the pathologists are over 60 years old, meaning that okay, now, on the other side, the volume is picking up, you need to do more, and at the same time, in the next coming years, the yeah, most of these, or at least kind of some of these people are going on a retirement and and and then the kind of people who can actually handle that manually, it's disappearing.

I I told last time this example already, but like in that Lombardia case, they have a 409 pathologists, 100 is retiring in the next two years, and only nine new one is coming in. They roughly lose over 25% or 20% of the workforce, and that's the reason that they have to go on on modernization and start using the latest technology.

The demand is there, need is there, so that's for sure. Then, of course, the expectations for the diagnostics and diagnosis is is getting more and more kind of higher.

It's more complex. You test multiple things, you want to give the patient the better treatment and more precise treatment.

In in a way, the complexity is growing up, and then the kind of capabilities to eyeball those samples with the human eye, it doesn't give the results or precise results that you need for for the kind of for next steps, for the treatment or medication decisions. All of these drivers are are kind of moving moving on that direction that the market is there, market is growing.

On on that topic, I a little bit modified, or we modified the slide on on the workflow, because we've been always talking about the taking the physical samples in, preparing the kind of slides, putting the staining, doing the scanning. Then if you look at the digital pathology market and AI-assisted diagnostics market, so that's that's a one bulk.

This area, there's a lot of interest in the ecosystem. There has been a lot of partnering happening already, some really nice big acquisitions happening.

The thing is that okay, when you sell scanners, when you sell the image management, you can't sell it without having an AI story top of that, because AI is bringing the value on on this whole play. That's the position where Aiforia is.

On our market, it's going to grow nicely, plus 17% on on a annual basis going forward. Yes, and it's a new market, we need to get in.

We have a fantastic offering, we have the references. We are in a good position on that.

We are also thinking that okay, we also want to expand our footprint in a customer and making Aiforia more strategic in that sense. If you talk If we talk about the image management and a workflow, we we work with the all the kind of a major major companies on that side and having an integration.

Every single one of these 20+ customers on a clinical side what we have, when they get an AI-driven results, they look at the images, look at the reports, everything from Aiforia viewer. Basically, we are there already on the image management side.

What we are missing is on a little bit on a workflow management, little bit on on the storing the images, the PACS side of side of that market. We are already heavily in on the image management side.

As said, we are kind of focusing on getting a solution, which is a AI native diagnostic tool for for these these kind of samples. That includes some of the functionality from the image management side.

Meaning that okay, our addressable market is is growing on that direction. Then, to the other side, we already have a predictive model done with the Mayo Clinic for the colorectal cancer so that you can you can predict the patient outcome and and link the treatment on on that information.

We also this week, some of you may have noticed, we announced a partnership with the Swedish company who's doing a prognostic models as well, and and and that's the next step. When when AI has done the diagnosis for the H&E slide and IHC slides, they can now order a report through the Aiforia viewer, just one click, and it it gives a risk assessment for the breast cancer cases.

That's additional business, but this is kind of market that it's only available when when the AI is in in place, but it's it's definitely going to that direction, and and the value add is getting more it's getting higher and higher for the AI on that side. My point here is that okay, we are in an interesting market, in a key position on that, plus we are a little bit expanding our addressable market that we are having a more kind of a complete solution to offer and and a bigger part and being more strategic for for our end customers.

That's that's kind of a big picture. On a product side, this is a really competitive offering what we have, and and typically, when we go to head-to-head comparison, we win.

That's that's a really really good news. Our kind of idea when we started to build this one was that we are not just focusing on one algorithm, but we actually providing a platform and enough solutions so that you can cover majority of the workflow and giving kind of a one user experience and and solid solid results for the for the users.

Then, tactical things as well, because of course we recognize that what was the financial results and and of course telling those reasons so why the kind of a revenue recognition is is a little bit delayed. We have done some changes on a tactical level.

We will actually have a new Chief Commercial Officer. He starts next week.

We've been recruiting more direct sales people, and really shifting the company on focusing on on scaling up phase. On a scaling up, we have these elements so that we have the direct sales that needs to be really strong, and I expect that that will perform most of the deals what we will get going forward.

At the same time, we invested on on building up the channel. We have actually a kind of a loose reselling channel network globally over 30 30 companies, but I would say that handful are really relevant.

We set up an organization so that we can support and train the partners and and scaling up the business through the channel. That that was a one of the concrete actions what we did now.

We have a certain markets like a Nordics, we have a France, we have a US where we have a kind of a good good, and Italy, where we have a good kind of direct sales people in place, but then we have a markets that okay, we need to address through the partner network. We want to kind of scale up this and put it in a more professional level how we manage this.

The other concrete thing what we did, we have also kind of a separate team for customer success management in that sense, now when we start having enough customers, +20 clinical customers, really important thing is that they actually start using it in a in a kind of real-life production, and and we want of course to find new new opportunities how to expand the footprint, how do how do we kind of add more AI models in in a portfolio, and so on. Being with the customer and seeing where the bottlenecks are, what issues they have, sort those issues and then then upsell and make sure that the customers are happy and they're using using our solutions.

Those two concrete kind of organizational changes, plus then, of course, in in sales and marketing overall, we've been kind of looking at kind of new ways: how do we find kind of potential customers, those ones that fits our kind of ideal customer profile; then we set up all all the kind of basic things that okay, you you qualify those and see that okay, where where do we actually invest, where do we have a good opportunity to close and win, there we put on our investment. I don't want to go too much on a tactical here, but I just want to show that we have been taking and and continuously kind of follow up this so that okay, what works, what doesn't work, and then try to improve the activities what we have on on a go-to-market side.

Then business targets mid-term: nothing has changed since the last time, but we are looking for the financial independence by the end of '27, and so we can cover this this on on the next part and questions as well, but it means that, so that we of course expect the sales going up, and we we need to control the costs what we have and see that okay financing is is kind of in a good shape so that we can continue. We see this market picking up, and we are ready to invest, we are ready to kind of capture the opportunities.

I mentioned this portfolio: 80%, we are on on well on track on that side, the offering is good, and we will add few more models, but already we have enough to sell. Having a kind of a good, solid, quality product is not anymore a problem, we have the portfolio and now it's time to kind of monetize that, I would say.

Then achieve 50 key accounts: so we have a 20 and we we aim to go to 50 or even more, 50 is a number, but but it's just tells you that okay, we want to get the bigger organization, where we have a significant volumes, and 500 they should all have kind of more than a half a million annual kind of revenue potential in place, it it doesn't happen immediately, but it has to be a sizable organization that we can grow in that level, and then it's a good profitable business for us and it's a good business and good acquisition for for the customer as well. Then, of course, the technology, we will kind of I told you about the markets and how do we expand and what type of ideas we have there, a little bit on the image management side and a prognostic side, but kind of playing the major role as as a leading AI diagnostic platform in in the diagnostic area.

That's it from my side, and I'll be back answering your questions, but now I will hand it over to Antti to continue.

Thank you, Jukka. Good morning, everybody, also on my behalf.

Like already mentioned, my name is Antti Ojala. I'm the new CFO in Aiforia.

It's my pleasure and honor to be here giving a presentation first time in the earnings call. Before starting, just want to remind that numbers in the parenthesis in the financial part are from the reference period H1 2025.

The group revenue was €753,000. Last year, during the same period, the revenue was close to €1.4 million.

From geographical perspective, 43% of the revenue came from Europe and other regions, 1/3 of the revenue came from North America, and 24% came from Finland. As a Finnish company, we are happy that we have good Finnish customers, and it is also important that we can show good presence in the domestic market.

The investments during the period were €2.9 million. Last year same period, the investments were €3.7 million.

The investments were mainly capitalized R&D expenses. EBITDA of the reported period was -€4.7 million.

Last year on the same period, the EBITDA was -€3 million. The EBITDA was impacted obviously by decrease in revenue, but there was also one large one-off noncash item of €1.1 million that was related to decision to extend the subscription period of employee stock option plans.

The EBIT was further impacted by increase in the depreciations and amortizations in accordance with the plan. The number of employees stayed almost on the same level as last year on the average basis, and our number of employees on average was 68 employees during the first half.

The cash at banks was €9.9 million at the end of June '26. Last year end of June, the cash at banks was close to €12 million.

The order book was €3.5 million at the end of June '26. The order book stayed actually on the same level where it was at the end of year, at the end of December last year.

However, the order book decreased by 32% from H1 '25. Like you can see from this graph, the decrease already happened during H2 '25 when part of the H1 order book was recognized as revenue.

It is now important to actually note, like Jukka already also mentioned, that we have different kind of agreements in the in the order book. Some orders are short-term, but there's also orders related to multi-year agreements, and in those multi-year agreements, the revenue will be recognized more or less evenly throughout the agreement period and actually on monthly installments in case of right-to-access customers.

The revenue decreased by 46% from last year H1. The decrease was driven by decrease in clinical revenue.

The clinical revenue decreased by 57%. However, it's important now to actually go back to the previous slide and remember that the order book of €3.5 million included €2.8 million of order book for clinical business.

The H1 '26 revenue was negatively impacted by delays in some customer cases. Then when we look at the H1 and H of last year and H1 of this year, like Jukka already indicated, there's different kind of revenue recognition happening between these two year halves.

This year year half, we can see that almost entirely the revenue is annually repeatable, meaning that it either comes from annually recurring license fees, or it's it's based on the usage during the period. On the other hand, when we look at last year H1, we had there revenue recognized from multi-year agreements on a single point of time.

Today, when we look at the agreements that we have and also agreements that we are negotiating with the customers, we are clearly seeing that the market is more evolving towards right-to-access type of agreements, where the revenue is recognized more evenly over the agreement period. Then lastly about financing.

Like Jukka already mentioned, we had the equity financing round, but this time we are also happy to discuss other news in the financing space. We have signed a venture debt loan agreement with European Investment Bank for up to €20 million.

The agreements was signed 1 month ago at the end of July. The loan agreement includes three different tranches: €5, €7, and €8 million, and each of these tranches has their own availability period.

The longest availability period is 36 months from signing the agreement. EIB made the thorough due diligence on Aiforia during the negotiation phase and decided to commit to us.

We see that this is a very valuable external validation on Aiforia case. The loan financing complements equity financing, while it limits immediate dilution as the related warrants are synthetic and will be settled in cash.

The company intends to use the loan financing to accelerate the product development, and it also supports the commercial expansion. The contract has been signed, but none of the tranches has yet been raised.

Each of the tranche is conditional on certain milestones, for example, related on revenue. We can conclude on this that the capital is available as soon as we deliver results to EIB.

That would be all from my side. Thank you very much.

We can move to Q&A.

Okay. Thank you, Antti.

Any questions?

Hey, Antti Luiro from Inderes. Maybe starting from the kind of feeling among your clinical customers: like looking at the market, there seems to be still a clear need for the efficiency solutions and change the way pathology is done.

In a certain sense, it just feels that the sense of urgency hasn't been as high so far. Have you seen any change in that, given that the kind of, yeah, customers, they're taking time to take the solutions into use?

Are they kind of feeling the pressure mounting in the background, or how do you see the sentiment changing?

I think the time timing is getting better and better on this topic. Because we have those few customers who are in a production, one in Finland, which is kind of moving forward really nicely.

They are actually kind of consuming more than they originally planned. The thing is that once they start using our solution, they are not going to go back.

Then the challenge is that okay, so as I mentioned before, you need to have all the components in place, you need to do the organization. I think some some organizations are underestimating all the transformation in a human side so that you change the organization habits.

Once they start using it, they're not going to go back and they are really happy, and that's a positive and really comforting news for us. The other one is Paris.

They have this prostate in a production, and they told also publicly publicly so that they are extremely happy on this, they would never go back to the old habits. We have some customers as well and because that that tells me the concrete with the market sentiment.

We have a big customer in Italy, what we delivered already a couple of years ago. They didn't have the scanners, and they it took for them actually three years to get finalized the scanner scanner kind of a purchase, and now they are coming next week according to yesterday's information, but they are getting it finally.

Meaning that okay, everything is implemented, once they get the scanners in place they did get the digital slide, then there's an opportunity to kind of pick up the volume. It has been taking far too long, but okay, it it's it's happening.

A positive thing was also I was visiting US customers a couple of weeks back, and and they are very large organizations, and now it's totally different than it was a couple of years ago. They didn't have their scanners.

We visited the one that has bought already 36 scanners, the full new laboratory. They bought an image management system, and now the next step is to kind of finalize the whole project with the AI.

You need to have those steps in place, and you always a little bit underestimate the time how long it will take from one point to another. Because already 3, 4 years ago, it was obvious that this market will will be the driver and it will happen.

Now it seems that when you get all the components in place, then then it starts happening, and it can start happening quickly. The other thing is obviously so that okay, the demand is there.

As I mentioned that 40% of the pathologists are over 60 years old, meaning that okay, eventually it has to happen because the the case volume is there, it's growing, and then the capacity how to handle it is it's going down. All the drivers are there, but we'll see.

Yeah. Maybe continuing on on what you just said there with some customers investing in scanners before they start talking to you about AI.

Is it fair to say that in the past, it's been a little bit the other way around: that they get excited about AI and then they realize the scanner needs and what they need to build, and now that they're kind of more focusing on infrastructure first and then coming to you? Do you see a shift of that sort in the market?

Okay. We have some customers, and I still believe that logic.

We when we negotiate, we said, okay, once you implement the laboratory information system and image management system, it makes sense to implement all the AI AI components, and that's what they did. Then they were kind of delayed on on the actually getting the hardware in.

The good thing is that now it's everything is implemented. Then it goes the other way around with some some customers.

I don't I don't see the kind of a big shift on on on that. The scanners are good today so that okay, you have a multiple choice with the high-quality scanners, you get high-quality images.

That that's not an a problem at all. Also the all the all kind of technology, software technology components are in a in a solid level so that you can actually do and you you start having a referenceable customers, which is really important so that we have people who are willing to talk about Aiforia implementation, how they're using it and how they're happy, and and that speed up the kind of adaptation for the next next next customers to come.

Yeah. Maybe going to geographies a little bit: Europe has obviously been the strong market so far, with most customers coming from there.

US has taken longer time. How does that market feel to you right now?

Are there kind of more movements happening there? Is the regulatory landscape going to a good direction?

How do you see it?

Meaning US?

US, yes.

Oh,

yeah.

I I spent three days, I visited three very large customers, and and I think they are all all ready to move forward. The regulatory part is not the problem, they use the LDT, laboratory laboratory-developed test process so that they can qualify themselves.

There's no competition They are a couple of companies having something on a FDA-approved, maybe the viewer or something, but not the solution. There's no competition that would have an FDA-approved offering in place.

Everybody use the LDT, and and then it's it's a kind of but those are different than the European ones. They are kind of private organization, nonprofit or profit organization, but the the decision-making is different compared to European public sector-heavy tendering processes, and so on.

In US, they want to test, they want to take a pilot, they they evaluate themselves, and then when they are ready to go, they go. I I see that the US is picking picking up as well.

Then for Aiforia, the question is that okay, where we should focus? We definitely keep our kind of presence in the US, but but European market is really the one that we have a biggest advantage at the moment.

Hmm, yeah, yeah. Going to the sales topic in in general, you did mention that you have a pretty long list of partners that you're working with and are working with you on on sales.

What's your feeling of that kind of channel's importance going forward? You did mention there's a few that are kind of have more weight in in your mind on that channel, but is Do you think that channel is is going to pick up, or is that something that is kind of a slower, longer tail of?

Okay. We need to when we talk about the ecosystem play, we have of course these big partnerships: so we have the partnership with the all the cloud providers, we have the partnerships with the scanner and image management vendors on all on on on a technology side.

There we have some co-selling: they find an opportunity or we find an opportunity, both sell their own own things and that works nicely. Then what what I was mentioning on a presentation, I was referring the reselling partners that actively find opportunities, actively drive sales cycles, and on that one, we want to kind of take the learnings from from the software industry, other industry, how to manage the channel so that we need to little bit focus on the ones who who are willing to invest on a topic, maybe train some people, who have an access to a customer, who have the skills to sell it, and we can provide then support on that activity.

We need to a little bit categorize so that okay, where do we invest? If we invest on some partnership, then the partner needs to put something on a table their side as well.

I honestly, I believe that okay, the channel is the way to scale up. If you look at the very large software companies like okay, totally different category, I mention SAP.

If SAP has kind of their own professional services with the 10,000 people, but they have 40,000, 50,000 from Accenture, they have a Deloitte, all all the kind of a big guys having tens of thousands of people working on SAP practice, and I think that that is the way to scale up that company. The But when you are entering the market, then you need to build it yourself.

You cannot trust on a partners. When we start getting more volume, then it attracts more kind of a partner and and speed up the scaling up.

That's that's something that we need to start investing on now and make it in the next level. We have actually 39 partners globally, but as I said, maybe five are really kind of meaningful that they bring opportunities for us and we work together.

A lot of companies who wants to kind of partner.

For sure. When going back to revenue a little bit, I think you commented on this quite a bit already, how your customers' usage of Aiforia has been developing.

I guess you said the kind of diagnostic volumes, they're going up very very nicely. Just to kind of go there, because the clinical revenue came came down quite a bit, was there any kind of influence of a clinical customer reducing or kind of backtracking their intended Aiforia use, or was it simply just the kind of revenue recognition that was playing into this?

Okay. All right.

Thanks thanks for asking this question, because I really wanted to comment. I read from some some comments in different places saying that okay, have we lost customers?

We haven't lost. That's why we have this customer success team in in place now as well.

The target is that okay, the logo churn is zero, and and the revenue churn is zero. None of the customers on a clinical side who started to use have been kind of stop using or decreasing the usage, everything is going up.

The same way that okay, we haven't lost any logos on on on on those clinical customers. It probably will happen someday, but okay, so far, all good in that sense.

Our biggest challenge is that okay, we get it in a in a routine use. Once the first applications are in a routine use, then it's easy to kind of expand from that.

All good on that side.

Okay. That's all for me.

We have two questions from the chat, and these are these are actually in Finnish. Let's take these, and maybe you also can answer in Finnish as I I believe we have partially, at least, answer to these in in English.

First one is: onko havaittavaa

vastustusta ilmennyt

iäkkäiden patologien

halussa ottaa

käyttöön tekoälydiagnostiikkaa? Ja.

No, miten sen sanois? Voisin vastata, että on tai sitten ei.

Ainahan sieltä löytyy joku, joka niinku haluaa hidastaa sitä sitä käyttöönottoa, mut kyllä se yleinen trendi on se, että et jos aiemmin mietittiin, että korvaako korvaako tää AI tää AI-diagnostiikka sen patologin, no ei korvaa, mutta tuota toisaalta tää on taas modernit työkalut ja ja ihmiset, jotka investoi moderneihin työkaluihin ja osaa käyttää niitä, niin patologit, joilla on AI-kyvykkyyksiä, niin korvaa ne patologit, joilla ei oo. Mut tuota se vaan tapahtuu, mutta pääsääntöisesti ei vastustusta.

Yksittäisiä henkilöitä varmasti löytyy, että kaikkien puolesta en voi puhua. Kiitos, Jukka.

Seuraava ja viimeinen kysymys on Antille: mikä on jatkuvalaskutteisten ratkaisujen suhteellinen osuus prosenttilukuina sekä tilauskannassa että liikevaihdossa H1/26 versus H2/25 ja sitten taas versus H1/25? Joo, aika monta lukua kysyttiin samassa kysymyksessä.

Tuota jatkuvalaskutteinen osuus, niinku tuossa totesin esityksessä, niin H2 öö sorry, H1/26 niin nähdään, että se oli 98 %, ei ihan näin niinku tarkkaan prosentteina, elikkä lähestulkoon koko liikevaihto oli semmosta, me nähdään, että se on vuosittain toistuvaa liikevaihtoa. Aivan tarkkaa prosenttiosuutta nyt sitten taas vertailukauden jaosta, niin ei oo ei oo antaa.

Sitten taas jos katsotaan sitä meidän tilauskantaa, niin tilauskanta kyllä keskittyy vahvasti näihin jatkuva- tulo tai tilauksiin, joita tuloutetaan jatkuvasti kuukausitasolla sitten sen jälkeen kun on se käyttöönotto tapahtunut, elikkä siellä ei tämmöistä niin kuin right-to-use -tyyppistä asiakkuutta, joka ois useamman vuoden sopimuksia, niin ei ei oikeastaan merkittävissä määrin sitten ole. Kiitos, Antti.

Thank you. Now we actually got in one more question in English.

Describe your understanding of FDA regulation possible changes. Is your company involved in discussions with FDA and time tables?

I can start from that. That we have regular contact with FDA, we've been visiting them, we've been discussing on this topic how it should be done and how it's involving.

Of course, within the FDA, there has been a lot of changes within the new administration in in US. The earlier challenge was that okay, they they were talking about the digital pathway so that once you take an FDA approval for certain AI model, you need to have in the same process or same kind of approval, you need to have the scanner, you need to have the image management system, you need to have the screen, you need to have the AI model.

The challenge on this approach was that if one of those components, like let's say that the scanner is going obsolete, then the whole process is obsolete at once. It's quite a significant investment for companies, so that's why the companies, not just us, but okay, everybody else, they are hesitant to invest on that process, because it's it's not a sustainable model.

The discussion what we have with them is that okay, can we kind of decouple these components? If that is happening, then then it opens up the path to kind of get an FDA approval for for the diagnostic AI models as well.

Thank you, and I believe those were all the questions for today.

Thank you.

Thank you.