Thank you, Kjeld, and good morning, everyone. Please note that this presentation is being recorded and will be accessible afterwards on our IR website, where you will also find earnings press release, quarterly report, and presentation materials.

With me today, we have our CEO Vegard Wollan and our CFO Pål Elstad. They will share details about our third quarter financial performance and updates on key business developments.

Following the presentation, we will move on to the Q&A, as Kjeld said. During this time, live questions can be submitted through the Q&A dial-in feature.

For instructions on how to dial in, please refer to the earnings call invitation available under stock exchange notice on our IR website. Please keep in mind that the dial-in is required only if you like to ask questions.

As a reminder, this presentation includes forward-looking statements that come with inherent risk and uncertainties. Actual outcome may differ materially from statements expressed or implied.

We highly recommend reviewing our detailed Q3 quarterly report and the 2025 annual report for a deeper understanding of the risk and uncertainties that could impact our business operations. With that, I will hand over the microphone to our CEO, Vegard Wollan.

Thank you, Ståle, and good morning. As you will see, Q3 was another quarter of solid, profitable growth.

Continued market growth and solid customer demand offer good growth opportunities for us. At the same time, we continue to strengthen our competitive position and expand our addressable markets with new products.

We increase the lifecycle value of our products, both for our customers and for Nordic. Financially, we achieved record revenue, both on a quarterly basis and on a rolling 12-month basis.

Revenue for the quarter came in at $235 million. This is up 32% from the same quarter last year and 8% above the second quarter.

This brings revenue for the last 12 months to $816 million, up 26% year on year. As in the first and second quarter, we saw year-on-year growth both for the short-range and long-range businesses, and for large customers and the broad market, and across both the consumer segment and the industrial and healthcare segments.

We maintained a solid gross margin at 52.8% in the third quarter, up from 51.9% in the third quarter last year and slightly below the 53.1% in the previous quarter. Overall, this generated an EBITDA of $40 million when adjusted for non-cash cost effects related to the Memfault acquisition.

This is up from $18 million in the third quarter last year and from $36 million in the second quarter. Summing up, we saw a continued healthy market and good revenue growth, a solid gross margin, and an increase in the adjusted EBITDA margin to 17% from the 10% in the same quarter last year.

Things are moving in the right direction. While we continue to see growth among our top 10 customers, the strongest growth has come in the broad market over the past year.

Regaining traction in the broad market has been a key priority for us, and the current strong growth reflects higher activity with both existing, returning, and new customers. I see this as a strong validation of our position as a clear leader in our target markets.

Given the high design activity in the pipeline, we continue to see a positive development, both for large key customers and the broad market. Looking at the end-customer Bluetooth Low Energy certifications, we have had 30% share of the certifications over the last 12 months, and we have about three times the number of certifications compared to our closest competitors.

Designs based on the nRF54 Series now account for more than 25% of our certifications, and we expect this to continue to increase in the coming time. As we have repeated many times, this simple design count does not distinguish between high-volume and low-volume end products.

These figures hence cannot be translated into volume or revenue market shares. As I started out, we are continuing to strengthen our competitive position and expand our addressable market by further broadening our portfolio.

Our most recent announcement in short-range is the nRF54L10, Nordic's smallest multiprotocol system-on-a-chip. It's especially well-suited for tags and trackers, as well as compact smart home sensors.

End products like these are often low complexity, but hard to build. They are made in high volumes, and every millimeter and every cent counts.

That has traditionally meant choosing between size, cost, and capability. The 54L10 eliminates these compromises.

It is small and cost-effective, and still delivers Nordic high-performance wireless capabilities and the advanced security these products need. Like the rest of the 54 Series, this new short-range device is part of our complete solution from chip to cloud.

Even the smallest tag or sensor powered by the 54L10 gets access to the same software, easy-to-use tools, and cloud lifecycle services, enabling customers to reach the market faster and to keep their products secure and up to date, in line with the EU Cyber Resilience Act. Similarly, we are expanding the addressable long-range market.

The nRF93M1 smart modem is generally available now and brings Nordic's long-range offering into more data-intensive applications using LTE Cat 1bis. These are applications typically using video and audio, or payment terminals, metering, healthcare monitoring applications, etc.

We are working now with lead customers across many of these applications and markets at the moment. The 93 Series smart modem is easy to use, and just like our short-range products, it can easily access nRF Cloud for efficient and compliant lifecycle management of devices in the field.

I'm often asked which new applications will require edge AI. The answer to that is: all of them, all applications.

Edge AI is becoming an essential part of almost every connected product. Most design in development today among our customers use edge AI technology in some form to become more intelligent, more responsive, or to use less power, or all of that.

We are delivering right in the middle of this transformation. Our leading integrated edge AI solutions combine compute performance, memory, low power consumption, and compact size.

We see strong traction and a growing pipeline for products with the Axon NPU, our AI accelerator, and we see increasing use of Neuton, our easy-to-use software for building ultra-small AI models using customers' own data. Together, these two technologies are unique and add great value to our complete solution.

We also see rapid adoption and a fast-growing usage of the AI-assisted development tools, which we launched in May this year. This industry-first launch from Nordic was primarily for coding assistance, and now it includes expanded capabilities, including hardware debugging assistance and AI-assisted power optimization.

Our strategy of supporting all language models and AI coding agents is a success factor for the Nordic solution. Additionally, the tools are reliable because they are built on Nordic's mature documentation, software protocol stacks, which the AI assistants are utilizing.

This means more accurate results, faster development cycles, and higher-quality products for our end customers. Nordic is well recognized as the developer's best friend, and we are committed to be offering best-in-class developer experiences.

With these tools, developers get more done in less time with more confidence. Summing up, we are continuing to strengthen our chip-to-cloud solution across hardware, software, and cloud lifecycle services, which is unique to Nordic.

Over the last two years, we have now launched more than 50 new product variants of our hardware. We have advanced our leading software and AI capabilities, and we have significantly expanded our cloud services.

This has been an effort the Nordic team can truly be proud of, and there is much more to come. With that, I will leave the mic to Pål to take you through the financials.

Thank you, Vegard. Revenue amounted to US$235 million in the third quarter of 2026, an increase of 32% from the same quarter last year and an 8% increase from the previous quarter.

This is the highest quarterly revenue we have ever reported and above the previous high of $219 million last quarter. On a rolling 12-month basis, revenue increased by 26% to $816 million, also an all-time high.

All three technologies grew year on year. Short-range is driving our growth, with revenue up 30% to US$216 million and representing 92% of the total revenues in the quarter.

The nRF52 and 53 Series still account for the bulk, while the nRF54 Series is generating gradually increasing revenue. Long-range revenue grew 70% to US$17 million, up 14% from the previous quarter, with higher product sales for both cellular and satellite applications, a broader customer portfolio, and growing nRF Cloud services revenue.

Other revenue was $3 million, up from $2.5 million last year and down from $4 million in the previous quarter. Turning to the end-user markets, all areas grew year over year.

Consumer revenue increased by 31% year on year to US$146 million, up 16% from the previous quarter, and now accounts for 62% of total revenue. Consumer growth continues to be broad-based across most verticals we operate in.

Industrial and healthcare revenue increased by 30% to $81 million and accounts for 35% of total revenue. Revenue was down 6% from the previous quarter.

The year-on-year increase reflects a growing customer base, although this area remains dependent on individual large customers, and as we've said before, quarterly variations should be expected. Other amounted to $8 million, up from $5 million last year and $7 million last quarter.

Other revenue mainly reflects online catalog sales, supporting the positive development in the broad market, and accounts for 3% of total revenue. Gross profit was US$124 million in Q3, up from $93 million in the same quarter last year.

The gross margin hence increased to 52.8% from 51.9% last year and slightly below the 53.1% last quarter. The improvement versus last year reflects changes in customer product mix, an increasing share of sales to broad-market customers, and a positive contribution from cloud services.

We expect the gross margin to remain above 50% also in the fourth quarter, and reiterate our long-term ambition to keep gross margins above the 50% level. With 32% revenue growth and improving gross margins, gross profit increased by 34%.

With higher volumes, we also see the effects of operational leverage in our business model. Whilst revenue increased 32%, opex only increased by 13%.

With revenue growth, gross margin improvements, cost management, the adjusted EBITDA margin increased by 6.7 percentage points to 16.9%, and the adjusted EBITDA increased by 117% year on year to around $40 million. Splitting our cost base, you can see that R&D increased in absolute terms, but decreased in percentage of revenue.

We continue to invest in the short-range portfolio, although this area accounts for less than 60% of R&D spending despite accounting for more than 90% of revenue. However, we still invest significant amounts into R&D in long-range and our early-stage businesses, and combined, these account for more than 40% of R&D despite accounting for less than 10% of revenue.

These are investments for the future, and as revenue grows over time, we expect gradually more balanced R&D-to-revenue ratios also in these areas. SG&A opex also increased somewhat in absolute terms, although the higher revenue means that SG&A to revenue percentage declined by 1.6 percentage points to just above 13%.

Now turning to cash operating expenses. Cash operating expenses were $87 million in Q3, up 17% from $75 million in Q3 2025.

Cash payroll expenses increased by around $7 million to US$59.5 million in Q3 from $53 million in Q3 2025. Of this, approximately $6 million relates to organic workforce growth, salary adjustments, and accruals for variable pay, while around $1 million is attributable to currency effects from a weaker dollar.

If you compare against Q2 2026, cash salaries has increased from $52.6 million to $59.5 million. This increase is explained by holiday pay in Q2, salary increases, and more employees.

We've added 41 people during the quarter, in addition to higher variable pay accruals. The latter is an effect of the strong results.

At the end of the quarter, Nordic had 1,506 employees, an increase of 7% compared to last year. Other cash operating expenses amounted to $27.8 million, up from $21.9 million a year ago, driven by higher hardware and software spend, along with increased sales activity.

Capex in the third quarter was $12 million, up from $8 million in the second quarter and the highest level of the past five quarters. Capex is primarily related to the purchase of additional testers in the supply chain, as we continue to invest in manufacturing capacity and continuing to launch many new products.

Capex was 5.2% of revenue in the quarter, above the 3% to 4% range we have typically seen. On cash flow, cash flow was reduced by $9.3 million in the quarter, from $276 million last quarter to $267 million this quarter.

However, the underlying developments matter more than the headline. Cash flow from operations was +$10 million, compared to $20 million last year.

EBITDA after capitalized development cost was about $33 million. However, working capital absorbed $73 million during the quarter.

The main driver is inventory, now at $236 million. This is a deliberate front-end loaded build to secure supply and capacity.

We have raised wafer purchases to support the ramp of next-generation products, notably the 54 Series, and built inventory ahead of additional test capacity coming online in the supply chain. That capacity is also visible in the capex of $12 million this quarter.

Accounts receivables also rose to $164 million from $99 million last quarter on higher revenue and the timing of customer payments. Other operating adjustments of $40 million are a positive item.

They mainly reflect the higher ship-and-debit provision due to higher sales volumes and price adjustments. Net working capital was $234 million, up from $138 million a year ago.

As a share of last 12 months' revenue, it's 28.6%, up from 21.2% a year ago. Cash and cash equivalents ended at $267 million.

In addition, we have an undrawn revolving credit facility of USD $200 million, giving available cash of $467 million. Finally, before handing the word back to Vegard, we'll have a look at the Q4 2026 guidance.

Based on current customer orders and forecasts, we are guiding for revenue of $215 to $235 million in the fourth quarter, corresponding to a year-on-year growth between 27% and 39%, with the midpoint of 33%, a slight reduction sequentially from Q3. We reported a gross margin of 52.8% in Q3 and expect the gross margin to remain above 50% also in the fourth quarter.

With that, I'll leave the floor to Vegard for some closing remarks.

Thank you, Pål. I started out today saying that we have seen continued market growth and solid customer demand, which offer good growth opportunities.

Financially, we reported 32% growth to a record-high revenue of $235 million for the third quarter, and with improving gross margins and good cost control, this translated into more than a doubling of our EBITDA year over year. However, our focus is on executing on our growth plans to benefit from this market development.

Operationally, we maintained strong momentum in the short-range market, with growth for our nRF54 Series. We also see strong growth and expanding addressable market in long-range, and we see rapid adoption and high usage of both our AI-assisted development tools and our AI-accelerating hardware.

Strategically, we are working closely with key customers to position ourselves for the wave of new products and more intelligent applications we expect to see over the coming years. We have clear ambitions to take more than our fair share in this market development, as we believe we are a leader in edge AI with our current solutions.

With that, I want to thank you for your attention, and I believe we should open for questions. Over to you, Ståle.

Thank you, Vegard. We will now open the line for questions.

Again, for instruction on how to join the Q&A, please refer to the earnings call invitation posted on our IR website under the stock exchange notice section. To allow as many participants as possible to ask questions, we kindly ask you to limit yourself to one question, and following our initial response, you will be able to ask a follow-up question.

With that, I will hand over to the operator to begin the Q&A session.

Taking my question. Congrats on a great quarter and guide.

Just wanted to start out with what seems to be an outperformance for you guys relative to some of your key peers. Maybe you can help us understand what is kind of driving this growth you're seeing, strong growth year over year in both Q3 and guidance in Q4, despite other companies in the industry kind of showing signs that they're struggling with the weakening consumer electronics market in particular, potentially due to memory-led demand disruption and so on.

Just what do you look at to kind of get confident that this isn't pull-forward or any other kind of temporary tailwinds that might go away into the next year and so on? We can start there.

Thanks, Christoffer. Great questions and many questions, I think what we do see clearly is the growth we are currently experiencing is broad and across thousands of customers.

As I think we commented on, particularly happy with the broad market growth, which has been a lot of focus at that within Nordic. We have lots of new customers coming on board, also existing and returning and even new programs.

That is a very positive. I think if you look at the markets and level it up a bit, as I think you asked, we probably participate in a part of the consumer markets with our end products are maybe a bit higher quality type products where you utilize the best-in-class performances which you get with Nordic on one hand.

On the other hand, I think, and maybe the most important, is that relatively few of our end customers are sitting with a larger memory aside us. We have the memories mostly integrated in our products, and I would say probably in the high 90s, most of our customers are only using the memories they get from Nordic.

That's maybe the biggest difference on that end.

That's helpful. Then my follow-up is kind of along the same lines.

It just seems like the last year or so, you've kind of seen lower seasonal variations in your top line than what has been kind of the norm in the past. Is that kind of a new norm that we should kind of think about going forward, and if yes, are there any kind of structural reasons behind that, either internally or externally, that's kind of driving that for you?

Appreciate that question, Christoffer, but we, as only guide for the current quarter. I think as we have said on this one, which we currently also see, some customers are trying to balance out and equalize their production maybe a bit more throughout the year, while there obviously still are seasonal effects in the consumer market, which is a major part of our business and a strong part of our business, which we are proud of, while we simultaneously develop and grow industrial healthcare.

That's probably as much as we can say on that. On top of that, again, of course, with the fantastic product renewal phase we have been through and still are in the midst of, I think it's also the growth is coming a bit unlinear in the sense that our customers are launching their products not necessarily equally spread throughout a year.

Of course, with all these new products launching, the new products are also starting to contribute more meaningfully to us right now.

All right, thanks a lot.

Thank you.

Hi, everyone. Thanks for taking my question.

The first one will be on the short-term. How do you see the opex trending in the fourth quarter?

How should we start modeling 2027? Do you have any kind of indication on how do you see opex evolution, Q4 and 2027?

In Q4, and a little bit like in Q3, we see very high activity to capture growth. Then we have been releasing a lot of new products in the last two years, and we continue doing that.

We increased number of employees by 40 in Q3. We don't expect that many new in Q4.

Adjusted for the salary increase effect and holidays in Q3, pretty underlying flat in Q4. When it comes to 2027, I think it's too early to comment on that.

It's based on current developments.

Okay. Coming back to the input cost evolution today, how do you see the input cost trending for next year?

Do you have initial discussion with your foundry partners on the cost of manufacturing for next year, or it is a bit too early and this is something that you are negotiating right now? Thank you.

Thanks. Good question.

I think obviously we cannot share details on that, but I think it's fairly widely known and commonly known that cost increases across the semiconductor value chain is happening. That's well known.

We have the effect of material, substrate, labor, and most of our supply chain part of that, and also capacity expansions. Nordic is obviously not immune to this either.

There has been and is still an element of cost changes happening, and I think we are managing this in a very good way with our suppliers on one hand and our customers on the other hand.

Thank you.

Thank you.

[unclear] Hi, [unclear] and how we should think about sustainability going into Q4. Thank you.

Amelia, was it really hard to hear you. I don't think we captured any of that question.

I don't know if you can try to do something on your end with the Or

microphone or try again. Please.

It was very hard to hear the question, please try again if you can hear us.

Next question I think, then.

Yeah.

Morning, guys. Thanks for taking my questions.

The first is just on pricing. We're hearing a lot across the industry about how the tight supply environment is driving semi suppliers to increase pricing.

Wondering if that's a dynamic that you expect to benefit from, and what magnitude of price changes you're seeing kind of across the portfolio this year and maybe into next year, if you can give color on that.

Thanks, Harry. Good question.

As I commented on, I think on the inbound side, I think it's well-known that there are some cost increases happening across the semiconductor value chain, both on the raw wafer manufacturing part of it, but also on the test and assembly and with the back-end part of it. That is, to this degree, happening.

Then I think it's naturally that we are also implementing price adjustments across our portfolio to reflect the higher cost base. That's something we are doing, and we are managing closely.

We are obviously working closely with both our suppliers and customers to manage this situation as best we can, and I think that's as much as we say on this item. Thank you.

Got it. Thanks, Vegard.

Then just my follow-up is on the nRF54 Series. Wondering whether you can comment on kind of like the make-up of the sales that are coming through there.

Are you seeing the majority of nRF54L sales going to customers that had previously used nRF52, or are you seeing the improved performance is kind of driving new use cases? Then as well as that, would you be able to comment on momentum of the H Series and what type of use cases you're seeing driving sales there?

Right. Good questions on the 54 Series, Harry.

I think overall with the amount of design wins we have in the pipeline we have on the 54 Series, which is quite large at the moment, I think it's obviously a mix of everything. It's a mix of people transitioning from the 52 Series.

It's a mix of new products, new designs for existing customers, but also new customers and so we have all permutations of that, as you can expect. I think I'm indicating that it is a fairly large pipeline.

Of course, with that, it's probably fair to say that also in the statistical spread of the timeline our customers need to enter production, it's probably fair to say that a lot of the 54 Series is starting with what we on the customer split we report on is more so on the broad-market side at the moment. That's coloring a bit how 54 Series is starting.

On the 54H20, which is our highest performance device in the 54 Series, built for the most demanding applications, we still are in the pipeline with the solid key customer design wins on that, which is being progressed. It is a very complex product.

We are also mitigating not launching this to the broad market with the 54LM20, which is a fantastic product, also with Axon NPUs in its B variant, also with 2 MB of memory, and it's also competing very well for us in the broad market. That's still the situation there, Harry, and until more happens, that's the situation, and there is more to come.

Great. Thanks, Vegard.

Thank you.

Morning. Thanks for having me on.

I just had a question following up on the 54 Series. As to the strength that we've seen year-to-date in the broad market, is there a reason why the 52 Series is still remaining very sticky on those broad-market customers, and sort of why haven't maybe those customers designed in on the 54 in the year-to-date strength?

Yes, that's a very difficult question. It's a very good question.

The spread in design time is very different from customer to customer, project to project, and product to product, for natural and a lot of reasons, obviously. Complexity of the product, also when people potentially use us is obviously depending on our customers' planning also, not necessarily always linked to when we launch a product.

Though we are clearly developing all of our new products in very close relationship and dialogue with our key customers. I think the spread is probably between six months to 36 months or something.

Some very fast movers are launching their products quickly, but also lots of customers are spending a lot of time. That's very common, I would say, in the industry.

We are working hard to make this journey easier for our customers and have them develop with us faster with our AI-assisted development tools, which we are seeing fantastic traction, and we really were a first off and pleased with our position in that space, particularly when we see how many of our customers that are transitioning to use that as their new toolchain. We are working to have our customers move as fast as possible, but still, there is a lot of development, validation, prototyping, qualification, etc., before piloting and launching end products, which our customers do.

Thank you.

Great. Thanks.

Just as a follow-up, you mentioned on the R&D side that you hired 41 people in the quarter. Is there a specific area, whether that be long-range, short-range, or on the software side where you're increasing your investment and anything to flag there in terms of a specific area where you might be increasing investment?

Yeah. It's a very selective hiring.

It's in most areas. It's mainly to get the products out and speed in execution here.

It's in most areas, it's not particular to one business unit.

Great. Thank you.

Thank you.

Thanks for letting me back on. I was just wondering, I think you've kind of historically indicated that in terms of the new products, everything is progressing pretty well with long-range and the short-range business.

Then there remains some questions, for instance, on Wi-Fi. Could you just maybe shed some light on your priorities these days, and how you're feeling about the rollout of new products and the development, in particular on Wi-Fi, where I think you have a new series due at some point this year, and then also how you think about the momentum in other new areas like PMIC and Memfault and all these new categories, which we're all very excited about?

Thanks, Christoffer. Pleased to try to shed some light on that.

I think on our cloud lifecycle services, I think that turns out to be a strong and good and very positive strategy, to comment on the last one first. I think particularly with the EU Cyber Resilience coming up even more strongly on us now in the coming time, but also with the additional features from a very very solidly increasing range of people trying it, more and more people are falling in love with the functionality you get to be able to observe, monitor, update, and work with your products and the fleets of products when they are out there in the field.

Of course, I think it's also fair to say that on the cloud lifecycle management side, while we were quick on getting a initial offering, really building it seamlessly together and now starting to fit this into the strong and powerful software and solutions of Nordic is something which is happening and has happened more recently. Very strong and solution and good conversations with the users on cloud and nRF Cloud.

PMIC continues to gain very positive traction on the back of a broader portfolio, and we have I would say across the Nordic customer range from key customers and broadly accepted as a leadership solution to use our PMICs aside our SoCs, and even some people only using our PMICs, where we can try to value up and cross-sell SoCs, connectivity SoCs. Very pleased with the progress we're making with PMICs and the attachment rate there, which we don't publicize, but I can assure you it's increasing very well.

We are pleased, very pleased on that progress. Wi-Fi, I think, as we have said up until now, it is a very limited and specific offering we have with the nRF70 Series companion chip, which we only use in specific use cases and has a limited reach.

We have our next-generation 71 Series built on Nordic's top-notch 22 nm platforms in the pipeline, which is a powerful, much more traditional, very low-power SoC with the memories and everything you want integrated, edge AI accelerators, and all you want to see integrated in a powerful SoC. We have previously said that's coming towards the end of 2026, and that is still our expectations.

Thank you.

Great. Thank you.

Hello, good morning. I had a few questions on cellular.

You previously said you expected the first customers to launch products with satellite in the second half of this year. I was wondering if you could shed some light on if I now have seen the first of these product launches and how these are progressing.

We can start there.

Hi, Stein. Thanks, good questions.

As we don't typically comment on specific customers or specific products on the customer side. We'll have to let them do their launching and communication on their products.

I think it is fairly public that there has been some of these launches happening or they are happening as we speak. Of course, I think we have commented that there are some consumer market launches even with products on the satellite side.

Satellite traction and satellite leadership is really continuing to be very important and strong for us on the long-range side. We are very pleased with the progress on that.

We'll have to see more of the customer products.

Great. On the 92, and I know it's not generally available yet, but I guess you've been sampling with some early customers.

What has the initial responses there been, and when should we kind of expect the first products being launched with the 92 Series to come out?

Yeah, 92 Series, very powerful products. Of course, the natural successor of the 9151 and 9160s, which are the two main runners today.

92 Series taking up the processing performance many, many times, lower power consumption, larger memories, Axon NPUs again for edge AI, and lots of important and cool stuff integrated into the same single SoC. Great product, and we have started sampling, as I think we have said, our first customers.

Because it is a bit more made as a successor from the 9151, maybe some of the first guys utilizing that's going to have somewhat faster development times, but they are obviously in their development times at the moment. The broad launch for the 9251, have we said next year, or have we said something more specific?

Broad

launch.

End of next year.

I think we have said broadly available second half of next year.

Thank you very much.

Thank you, Stein.

Hi again. Thanks for taking this follow-up.

On long-range, the business has picked up quite substantially from Q2 to Q3. Was it driven more by cloud services, or it is product-driven, or both?

Just a clarification there. Attached to that, now you are trending with $17 million of revenue in the third quarter.

What kind of visibility or backlog do you have for the coming quarters on long-range? Because now it seems to be trending on a higher level of revenue.

Thank you.

Thanks, Sébastien, and appreciate a lot the interest in that. Obviously, we also don't guide on specific products or specific segments, but I think it's fair to say that the pickup is of course a mix of hardware and cloud lifecycle services, which is bucketed into that same reporting segment.

They are both growing in a good way. I think it's very important to underline.

We're not separating out that reporting, and neither are we commenting on the coming time outside that trend. We are very pleased with the trend, pleased with the momentum, pleased with the pipeline, and it is really multiple products and customers and multiple things happening at the same time, which is something we are pleased about and we see in a good way.

Thank you.

Hi, good morning, folks. Thanks for taking my question.

I just had a question on the cloud services business. Love to understand just the revenue model here.

Is growth here just a function of growth of devices under management, or is it a case of sort of services that you add essentially going forward, or is it on upgrades pushed through? If you could maybe give a sense of how revenue is growing.

What's the underlying function here of revenue growth? That'd be helpful to understand.

Thank you.

Thanks, Craig, and again, appreciate obviously the interest for more details there. For competitive reasons, we are not sharing details of it.

What I can say, it's a mix of everything you said, both additional services, additional products, and cross-sections, which it's being support by the cloud lifecycle management solutions with Nordic. More devices in the field, more Nordic products, more customers.

That's the short answer. Thank you, Craig.

Thank you.

Thank you. Before we close this session, we have a one, a one brief announcement.

Nordic will conduct two post-Q3 Q&A group calls for investor community. The first call for US investors will be hosted by DNB and is scheduled for today, Thursday, 22nd of October at 6:00 p.m.

Central European Summer Time. The second call will be for European investors, hosted by ABG and is scheduled for tomorrow, Friday, 23rd of October at 11:00 a.m., same time, European Summer Time.

Both calls will be attended by CEO Vegard Wollan and Pål, CFO, and the IR team. Each call will be moderated by the covering analyst at respective brokerage.

For registration details, please visit the IR calendar on our website. With that, I will now hand over to Vegard for his closing remarks.

Thank you, everyone, for joining us on today's call. This concludes the call.

Thank you. Thank you.