It's 9:00, and we're going to kick this off. Fredrik, can you just tell me, am I coming through loud and clear?

Absolutely.

Thank you. Great.

We're going to kick this off. It is a very different Teneo this time around than it was last time in our reporting Q1.

Most of you have seen the press releases coming out, not extremely communicative because there's been a lot of work that had to be done for each one of those. I'm going to try to give a picture where we stand.

It is a totally different company. It's a totally different route to market.

We're going to grow profitably, and also importantly, it's a rebuilt product. With that, I'm going to start the presentation.

Oh, by the way, this is being recorded as well just to make sure everybody knows that. Presentation will be published soon on the web as well.

I'm presenting, I'm the CEO since 5 years here, very much responsible for what's been going on. Fredrik, our CFO, who is also going to be presenting and talking about the restructuring from a financial standpoint, but also, of course, the numbers for Q2.

Starting off with that, a lot of things happened essentially from February to June, July, but very much accelerating also in April. There's no real way of sugarcoating it, what I'm going to try to do is, of course, use AI to explain this in an infographic.

Those of you who are avid users of AI will know that this came from Gemini. Gemini, Claude, prompt craft, of course, get to be part of everything we do, as well as open source models that we use internally.

I want to start by just going through sort of what happened and where we stand, and I'm going to use this infographic for that, so. We became very dependent on one partner in the US, and this was not a good idea.

Not necessarily because it was a partner, but more because this partner, we let them take over the control of the customer in such respect that they were building, and we trained them, and they were delivering to the customer. Now, that's the way a partnership should work, but what we also needed to have is not just contractual protection against a partner taking over the business, but also we should have had more engagement directly with the customer throughout the process.

That's something that we totally have learned in how we're going to be approaching this now. I've never seen anything like this before, but of course, it's been discussed in both Q1 and in other press releases as well, what's happened here.

Very, very bizarrely, people that have acted very, very differently from what I'm used to in business. That's their problem, and it became our problem.

The challenge was also that we failed to adapt to the buying experience. The buying experience today is very much driven by people using AI themselves at home, like ChatGPT or Gemini or something else, and then feeling that the way that we were presenting ourselves was not as cool or as easy to use as these tools are.

We really weren't providing that experience in the first sort of phase of it. This very much was shaped by Sierra, ElevenLabs, and others that were sort of providing that experience upfront.

That's something that we missed to adapt to, and our Teneo wasn't really perceived as being as sexy. We tried to plug this by always going for a pilot, but even if the pilot proved that we were much better, it still was difficult to get the CXO layer, essentially, to accept that they wanted to buy that product.

Also what we failed to do is implement AI for our development processes. We tried many different ways to break out the old sort of Teneo stack, and we broke it up, you might remember.

We made it into different pieces that communicated with each other so it would be easier, but we still failed to really take the latest AI development tools and use them for our development. The AI development tools today are, of course, very, very powerful, and that also meant that we had both slower development, but also we failed to adapt the organization to that.

All this resulted in a significant revenue shortfall. We're talking going back 2, 3, 4 years in time to see that type of revenue from Teneo, from the product.

However, we still have great customers, and we're seeing now also that the new product, which I'll come into, is providing great feedback from customers. All this, of course, led to a liquidity crisis that was well published in press releases as well, and liquidity crisis led to us not being able to pay obviously suppliers, but also salaries.

Also, this led to a pause in the M&A process. We couldn't really keep discussing with the potential buyers when we were essentially in the liquidity crisis, which was breaching the covenants in the loan agreement.

We had to do restructuring in that process as well. That is starting up again soon, but I'll come back to that.

We had to make the changes during the summer in hyperdrive, and some of these changes very painful, but there was intense internal pressure to really save the company. I believe that that is what we have done.

What we did was Sorry, I need to click, apparently. What we did was we started by looking at the Teneo product already back in March, April, saying, okay, since we're not really managing to use AI to rebuild Teneo 8, we're just going to build a new product with the same type of concepts that we had before.

It is a complete refactoring of the product that we've done using the latest AI tools, but also building our own model for AI development. We now have our own model for building, which is the model that not only builds, but also tests the software that we're building.

That's an in-house AI model that we've been building up during this period. Now, that enables a lot of the changes that we've done, but it also was really crucial in order to get customers to accept the product.

I'm going to dive into a bit more what it was and how that changes affects. The really regretful thing in this is that because of the cash squeeze and the fact that well, there essentially still no cash, but we'll come into that, too, we were forced into a collective dismissal and restructuring of our Spanish entity.

There's a great AI team in Spain that is now available if somebody needs an AI team, and we're going to be publishing that on channels as well. As of today, essentially, that team is no longer with us.

This is very painful. It's a team that's delivered really great results, and it's definitely not the best way to part ways, but it was the only way to sort of manage that the whole company wouldn't have to go into due to the liquidity.

Very, very painful restructurings during the summer, which has now resulted in, which I'm going to talk more about as well, of course, the from scratch rebuild of Teneo, which then has produced what we call Teneo 10. Teneo 10 is currently in preview.

Because of the changes, we can't really implement today, we have a slight delay in implementation because we're taking it into full production in October, and that, of course, has to do with the testing schedules. As we have ISO, SOC, HIPAA, GDPR, EU AI Act, all these compliance things that we need to adhere to, and that's what we're testing currently.

We've shown it to customers, we've done pilots with customers with Teneo 10, great feedback, and we have two customers also that already have said yes, we're going to implement this. One is Medtronic.

They're going to put a voice to their ServiceNow, an AI voice to their ServiceNow implementation, meaning that Teneo is the interface that gets to talk to customers and patients and employees rather than having an AI model that doing that directly. Very, very great message.

Of course, ServiceNow runs a lot of the business processes internally at Medtronic. Then we have the telco in Turkey, which had already started, where we're now going to just move this into Teneo 10 as we move along.

Those two are sort of the big potentials that are also going to bring us up to the goal that I'm going to talk about going forward. Also, what this enabled, and unfortunately, not in a great way as well since these reductions in Spain happened very abruptly, is a 50% cost reduction in the company.

The company is going forward with using an AI build process and also running internal processes with AI, which enables us to really restructure very quickly. Now, there's a bit of a lesson in this that we might go into sometime, but restructuring an ongoing operation with AI is quite difficult, this is really a complete rebuild of the company from scratch with a lot fewer people than before, but not done in the best possible way.

The results are now that we're going to be at a 50% cost reduction versus before. Also, very, very importantly is because of the rebuild of Teneo, the cost of sales, it's a factor lower.

It's a factor 10 lower, meaning that we can enable now a much larger ICP. It used to be that we dictated who we sold to by the fact that our instances cost quite a lot to provision.

It cost a lot to set up a new customer, meaning we couldn't really sell to smaller customers, which is why we went after the 238 customers that we did. This ICP is much, much larger, and that already shows in the pipeline that we can now go after also and win business, but also make money on business that is smaller.

Although that revenue footprint is not going to be as big, the profitability is going to be good. Strategic focus going forward, given all this, the big restructure, the new build of the product, and rebuild of the organization, is that we're going to focus on the existing customers and pursuits to bring us to profitability, and that is the focus.

We're now moving away from trying to grow into a cost structure. Instead, we're trying to reduce the cost structure, get back to profitability, and then build from there.

Partly, this is because it's obviously impossible to compete with the Americans that have billions of dollars in venture capital, and we're going to compete instead from a happy customer perspective in the traditional sense like a true Swedish company would do as well. That is our pure focus.

We're going to go cash-positive. The whole organization is triggered on that, is bonused on that, and then we're going to be growing from there.

Also, comment quickly on M&A and legal. M&A process will kick off again.

That is not going to be the focus of the company itself, rather the board and, of course, JPMorgan. There is still interest in that.

The technology is still very interesting in the space. The legal process, we're going to also not focus on, but we are going to try to find somebody that finances that, and we have discussions on that already, somebody that finances the legal process, that is the process with the partner, and then the proceeds of that will, of course, come to the shareholders.

This is the infographic that captures what happened during the summer. A lot of really painful restructuring.

Really like to emphasize again, we have a great team in Spain that is very versatile and useful for AI development, but it's just too big for us and the revenue footprint that we have going forward today. With that, I'm going to let Fredrik talk about the main work that's been happening on the financial side and the restructuring side during the summer.

Fredrik, over to you.

Yes, thank you. A lot of happenings during the summer, as most of you have followed in press releases, as Per mentioned.

One key event during the summer was the fact that we, in constructive discussions with our large lender, Capital Four, agreed on a principle agreement to restructure the existing senior debt of 290 million, including accrued interest. This essentially means that the company is becoming debt-free.

At the same time, we also managed to receive a 10 million bridge funding from a shareholder, and that will partially be offset in the rights issue that is ongoing as we speak. So 8 million will be distributed to the rights offering, and 2 million will later on be repaid to that shareholder.

During the summer, we also agreed with the lenders that provided 25 million in a subordinated loan earlier in Q1 to essentially set off that against shares at 2.5 times the issue price in the ongoing rights offering. Following this transaction, Capital Four will hold close to 30% in the company, and they will also have the right to the first 25 million as similar to a profit-sharing agreement that will go to the lender in scenario of a public bid and similar.

On top of that, in the rights offering, 10 million SEK will be also repaid to the lender. I think all in all, a very favorable outcome for all parties in this transaction, I think, with the current structure.

We can go to the next slide, Per. Just briefly on the rights issue that is ongoing, there is a fully secured rights offering bringing in 74 million SEK to the company, excluding transactional costs.

This was also then announced on August the 10th. Subscription price will be 0.05 SEK per share, and the rights offering was covered with 20% of existing shareholders, including board and management, and 80% was covered through a guarantee led by Pareto.

I'm coming back a bit on use of proceeds, et cetera, but as we mentioned, 10 million from the rights offering will be used to repay the lender as part of the agreement. 2 million will also be repaid to the bridge loan financier.

There will be some repayments, and then we will also have some transactional costs of approximately 10 million for the different transactions related to these kind of joint transaction. I think they are all dependent on each other, so.

The intention now with as Per mentioned, it's basically to fund the operations and the development of Teneo 10 until we can hit cash flow positive. Very much as a smaller company and a lower cost base and then driving growth from there.

As you can see, also the dilution for shareholders not participating in the rights offering is quite substantial, hopefully as many existing shareholders as possible will subscribe in the rights offering. I think we can move to the next slide, Per.

Yes, recapping on what Per already said. Unfortunately, we have been forced to take measures in order to reduce the cost base, and part of that is also that we are actually today dismissing and will dismiss over the autumn all employees in Spain, which is really sad day for us since it's a lot of well-reputed and skilled people in Spain.

That has also been measures that we have been required to do in order to also save the company given this challenging situation that we have been in during the summer and following the exit of the partner that Per mentioned earlier. Over to you, I think.

Yeah. Maybe just add to Fredrik's there.

Affärsvärlden has been looking at asking us questions. Apparently, our press releases have not been informative enough, but it's been in Affärsvärlden as well.

Fredrik, the CTO, CFO, COO, we're four people in management team today, and we're all taking our pro rata of this. Maybe that's an important thing.

Now, press releases have not been informative enough, it has been very, very difficult negotiations with many stakeholders at the same time, and sometimes things could not be published, and sometimes they could. That's why we're trying to bring everybody up to speed now so everybody has the same information.

Yes, we are taking our pro rata, of course, in this. If you look at the valuation of the 30% versus 300 million, essentially, the lenders converted at a 1 billion valuation SEK, which is kind of interesting in this as well.

Of course, aligned interest, which is a lot easier for us as a management team. Focus is obviously lower cost base, no doubt, very focused.

We have a broader ICP, we can sell to more customers, which is what we're going to be focusing on, right? Selling and serving Teneo, nothing else.

The management team is going to be focused on that, not the board, focus on JPMorgan. Potentially a separate entity or separate organization might be focused on the process with the partner, the legal process with the partner, but we're going to focus everything on Teneo 10 and converting that into revenue and getting back to profitability.

Essentially, this is how we've been working through this process. We have a revenue base right now of 2 million.

Fredrik is going to dive in more to that. We have commitments to start as soon as we get Teneo 10 implemented to lift that into 1 million already, and then we have growth in the existing customer and baseline that lifts us an additional 2, which gets us to 5 million cost, 5 million revenue.

Our aim is to do this during Q1, to get to that break-even line during Q1 and then build from that. It's not to invest before, but now it's reducing the cost and making sure that we can grow profitably going forward with this great product.

I want to talk a bit about the great product. We call it Teneo X in our development.

It has been totally refactored and rebuilt, and that enables several different things. Before we dive into deeper in the financials, I really want to talk about this because I think this is the meat of the company.

Actually, I do want to mention one thing also before on the focus going forward. We did try with our patents that have been valued at very high valuations.

We've been trying to get somebody to either buy them or to license them, but it turns out that the process of getting there is very expensive, meaning that with our balance sheet and with our, it's just not something that's doable and is probably not financially viable to do that at all, right? That's why I'm no longer talking about the patent strategy.

We did try. We tried several different avenues, but really the focus is now M&A, where there's most interest before we had this blow up where everything went on pause.

We're going to reactivate that, actually starting, I believe, next Wednesday. Then it's Teneo 10.

Let me get into Teneo 10. We always used what we call hybrid AI, but hybrid AI is a margin lever for us, but it's also a margin lever for our customers, and we're going to be much more focused on explaining this to customers now that we see that a lot of customers are getting upset about the fact that they are paying too much for LLM tokens.

Very, very much hybrid AI is important to us and the customers. We put a totally different observability on this.

What does that mean? A lot of our customers were actually still sending Teneo and other data to India for transcription to data mine what customers are talking about.

That is no longer needed. With Teneo, you have everything in one product.

This is a separate sort of thing that customers had to do to get real analysis. No longer, observability here is full.

You get everything served through this internal AI model that we built. Brilliant grasp of what your customers are talking about.

We're adding the voice telephony thing directly into the product. If a customer wants, we can provide them with a phone number, the speech-to-text, the text-to-speech, the full solution rather than just a part of the solution.

Now, that turns out to be very important, especially slightly below the enterprise level. With our old 283 customers, not that important, but with this layer So Medtronic wouldn't be using that, but our sort of customers below that would probably be or are looking very happy about this, and we're in discussions with a few such smaller customers today about doing this.

That is going to change slightly our cost of sales since we're now going to put input in, but it's also going to increase our revenues since we're going to be adding revenue, of course, on top of that, or margin on top of that. The authoring UI is totally changed.

You can now go into Claude and build your product, you can directly work from Claude, for example, prompting. It is also very graphical, and it's very much what people are now used to from developing in Claude Code or Codex in OpenAI.

Much, much faster to develop and get a solution up to speed. The testing suite we built in now was something our customers used to rely on external source.

That is something that is now built in, the system tests itself. We have agents that actually run the process that you built.

The business process you built is run by agents through the telephony or through the chat or whatever you want to implement. It's tested before it comes out.

Then, of course, it's still that proven-at-scale technology, but now delivered at a much lower unit cost. We're talking a factor 10 of the unit costs for us to deliver.

With that, I'm going to again give it over to Fredrik to go through some of the financials, which again are not looking great at this point, but this is where we start.

Thank you, Per. No, indeed, and I'll try to be quite brief on this.

Net sales in constant currency amounted to 6.6 million versus 22.1 million the same period last year, a significant drop. Per already mentioned the reasons for this decline, I will not reiterate that again.

Same with SaaS ARR in constant currency amounted to 12.2 million versus 65.2 million, also a significant decline. Total ARR in constant currency amounted to 21.4 million versus 83.7 million last year.

This is, obviously, not to reiterate too much, but linked to mainly the full exit of our previous distribution partner in the US. Also, this forms a bit, as you could see on previous slides presented by Per, where we're starting at roughly a revenue base of 2 million SEK per month, and that's the starting point.

Also there where I will come into that later also on our current cost base of roughly 5 million going forward. Gross margin amounted to 70%, a drop from 88 last year, and that's mainly related to the, yeah, decline in volumes.

As many of you recall, we have had, even if we now have a lower delivery cost going forward with Teneo 10, we are still dependent on also having volumes again to bring up gross margin. EBITDA adjusted amounted to -17 million versus -3.9 million last year, a significant impact there also from the drop in volumes.

Adjusted cash position as of June was 3.5 million, and the actual reported cash position was 1.4 million. I'll come back a bit on the cash later on in the presentation.

I think we can move to the next slide, Per. Also here, SaaS ARR and total ARR in yellow and SaaS ARR in purple.

As you can see, same as on previous slide, but also over time. We have had a very tough half year and a quarter, and that's where we're starting off with this rebuild of Teneo essentially.

I think we can move to next slide, Per. No, this is also, as said on the first slide on the financial parts, 70% gross margin and an effect essentially of lower volumes.

We can move to next slide, Per. OPEX, important aspect here.

As you can see, to the left side, we have Q2 2025 and Q2 2026 annual operating run rate costs, yeah, close to 115 million. As Per also mentioned, we are bringing down the costs approximately 50%.

When we start September, we expect to have roughly a cost base of 60 million SEK in operating expenses, so that is equivalent to 5 million per month. That's how we're steering the business going forward with roughly 2 million in revenues and then 5 million in cost base.

Then the intention is to as quickly as possible bring in more customers and reduce the cash gap essentially to become cash flow positive. Can move to next slide, Per.

Just quickly on cash. We had, as I said, 1.4 million in cash and bank positions as of June 30th and adjusted 3.5 million.

We are now bringing in 74 million in the ongoing rights offering, and this will also make the company debt-free. We can move to next slide, Per.

Also a bit just to recap on what has been happening. When we ended June, we had 1.4 million in cash in the bank.

Following that, we agreed with a shareholder on a bridge loan of 10 million, adding to our cash position. Then we are now adding 66 million aside from the 8 million of the bridge loan that will be converted into the rights offering as well, adding up to 74 million in total.

Then we added 66 million there when we get the funds in from the rights offering. Following the rights offering, we have agreed with Capital Four to repay 10 million to the lender and then also 2 million to the bridge loan provider.

That roughly means that we have 65 million as a pro forma balance as of June 30th, and this is excluding transactional costs. That's where we stood pro forma in June, and now we're approaching September and with full focus on delivering in new customers essentially.

Over to you, Per.

Thank you, Fredrik. I'm going to summarize, but before I do that, I have two questions in the chat, I'm just going to start with those right away.

We talk about addressing smaller customers with Teneo 10. Essentially, a smaller customer here would be a million SEK annual revenue, a lot smaller than our traditional customer base that we address.

Now, that is something that's going to be sold through partner channels, but with a totally different partner governance structure than we've had before. That is so essentially offering partners a complete solution for their type of customers.

Then there's a question there on Fredrik in the chat, which I think is more for you. "SEK 5 million monthly OPEX run rate excludes cost of sales.

With the Q2 gross margin of 70%, how does SEK 5 million monthly revenue in February result in break-even against the SEK 5 million monthly cost base?" The SEK 60 million, yep.

Yeah. I would say that we will also with higher volumes improve gross margin, but also as a counterweight to that, we may also bring in customers with at lower volumes, and that's also why we have rebuilt one of the reasons we also rebuilt Teneo 10, right?

To have a lower delivery cost. I think we will have an opportunity to also to bring the gross margin up from this when we bring in new customers.

Then we have a question on the OPEX run rate. "From September, is critical to get to flow guidance.

How much of those are already completed and contractually secured?" What can we say there, Fredrik?

Maybe

that's

what we can say. A large portion of that is secured, Peter.

We're quite sure we're going to get to the 5 million in cost. Halil has another question, which I'll probably just get back to this.

Tom, I'll take your question, but I'll just get back to this from Halil first here. "How much shorter and cheaper is a typical Teneo 10 implementation?"

What we've done is we've basically given customers a choice. They can go from AI first, that would be the Sierra, Decagon, the sort of what I call LLM wrapper approach, very fast.

We're talking today we take a customer's website, and in a few minutes, we have a working solution where in the first meeting with the customer, they could call and talk about flows that are on their website. Now, that obviously is not integrated into their environment.

That is the portion that might take some more time. Usually there is when our balanced approach becomes in.

We have the LLM-y type conversation, but we use the old hybrid AI approach, a lot of deterministic values as well so that we ensure that we can go in with compliance into the back-end systems. This is typically a problem with what I call LLM wrappers.

You don't open up your back-end systems to OpenAI and Claude, etc., especially if you're in the regulated industry or bank, finance, etc. Then the fully controlled, that's the one that's more for pharmaceutical or companies that really need no hallucination in the dialogue, let alone in the output, right?

The output we always guarantee from balanced, from stage 2 and onwards, we guarantee that the output is 100%. However, this is somewhere where also the conversation needs to be fully controlled, you can't let it flow naturally.

It has to be fully controlled. Now customers start with AI first, and that's very fast.

Then the implementation also needs integrations. Now, we're looking at that in the ongoing, again, like I said, getting to the 5 million revenue line, keeping the cost line at 5 million, including the cost of sales.

Getting to that is going to be very much done in the ones that we are already in late planning stages of implementation. In those implementations, integrations does take an additional 3, 4 weeks, that is for the customer to open up their internal systems.

The first comment here on total remuneration, that is something for the board to comment and not for me to comment myself, of course. You also mentioned management participate pro rata in the rights issue.

How much does this represent in SEK?

Just to be clear on that. Board and the management team will subscribe for close to 5% of the rights offering.

Close to 3 and a half million, I would say.

The ownership position, so that is essentially then 5% as well, Fredrik, since that's pro rata 5, right?

Yes.

Yes. Great.

Those were the questions out of the chat. Okay.

As for management, not including board. I don't know, Fredrik, if you know that.

I think it's roughly half. 2 to 1 and 1/2, 2, yeah, yeah.

Roughly half of that. With that, I'm going to move over from the chat questions to you may raise your hand.

I will unmute you, and then you can unmute yourself right after doing that. There was another question in the chat before I start that.

Hang on 2 seconds. No, the three the 2 million is what we expect the actual recognized revenue to be.

Like I said, the September number that's 2 plus 1. The 1 is what we're working on, but that is going to be delayed somewhat now since Teneo 10 is essentially live October 1st.

That's when we take those customers live. That 1 million is an already built implementation, but we're now doing the last testing of that.

So 2 million is the monthly recurring number. With that, let's see if I can see everybody, I can see any hand raised.

Maybe I'll just stop sharing quickly. See if there's any raised hands here.

Give that a few more minutes. I don't see any raised hands.

Let me quickly do the summary, and then we'll Yes, I can give an expected ARR contribution from those three, actually from the two. It is not something I can do with EXL, since with EXL, we're essentially working towards their customers, basically they go to their customers and present that they have this capability, and we don't have full visibility of the pipeline on that.

For the ones we're really looking at when we're looking at the 5 million is the Medtronic and Turkish telco. The Turkish telco is very big, so that is a traditional, really big enterprise, whereas Medtronic is not, since they don't have a lot of interactions.

It's just very important interactions that they have. I'll come back to some fully built out numbers there, but what is really key with Medtronic is that is on top of ServiceNow, which opens up a market that's very interesting because ServiceNow is now very very prevalent in the US regulated industries, and giving a voice to the ServiceNow data is something a lot of customers are looking at.

That's what we're going to be using as a reference there. For the Turkish telco, we moved our pricing slightly from API to minutes, but it's essentially the same thing, it's just translates to the same thing.

If you look at the volumes we have addressable, it's about a million dollars per month in total. We're not counting on getting there within this time window at all, right?

We're just counting on getting that first initial baseline revenue, which is the project that is in scope right now. The total volume and Turkish telco is very big because Turkish telco also runs customers contact center.

It's not just their own contact center, it's also their customers contact center. I'm just going to move quickly over to a summary, and then we'll see if there's more questions as well.

No, the strategic review went on pause due to all this that happened during April, May, June, July. The strategic review went on pause, and it is being restarted, but this is now going to be a board responsibility fully, and it's going to be restarted, I believe it's next Wednesday.

It's next week that there is a meeting with JPMorgan to restart the process. We did have discussions, but they died off without profit cash warning, and the process was just too difficult with the lender and the covenants and everything going on, it died off in April, May timeframe.

Sort of everything is blurry now for the last few, but I would say it's May we published that press release somewhere right, Fredrik? Probably.

Anyway, I'll just move to the summary, and we'll see if we get some more questions as well. Obviously, debt eliminated is quite key.

It has been controlling our strategy. It's a debt that was accumulated a long, long time ago, a long time before Fredrik and I started here.

The fact that it is no longer controlling our strategy, but our strategy can be grow profitably rather than grow into a debt repayment, is very positive for the management team. I think that's a great thing moving forward.

The rights issue is secured. Obviously, it's still time if you are a shareholder to also step in and take your rights if you do wish so, but it is secured, if that is obviously a way to just make sure that it didn't come in short because that wouldn't give us enough runway to run this restructuring process.

The 5 million SEK cost base, I'd say we're 90% there. We are going to be getting there, so that's something that we're that's a key to having all this work.

70% gross margin, although we had a much lower volume, so that shows that we're delivering now. It's going to be even better once we start deploying Teneo 10.

We're obviously going to be moving also existing customers to Teneo 10. I'm not sure I commented that here, it's in the report, but we did lose also Swisscom during this period.

Swisscom was, of course, one of our last not converted to software as a service, has a lot to do with Switzerland versus EU, and we just were never capable of moving them to software as a service. As you probably know and have heard, we have been moving resources away from the on-prem type implementations, the old Teneo implementations, because it's just too costly for us to manage.

That is also something that has impacted the revenue line. That going forward, it's going to be Teneo 10, which provides better gross margin in customer implementations since it's low cost of sales.

The Teneo 10 is really shipped in preview, it is with customers, but in preview form. What does that mean?

It's not fully tested, certified, and compliant yet. It will be tested, certified, and compliant within the next 4, 5 weeks, and then we're going to be putting it into production and working with that first for that 1 million pipeline.

Then Oops, sorry. Someone got a phone call through my Do Not Disturb here.

Then profit in sight, obviously, this is what we're building towards now. Instead of trying to grow into a loan repayment with very large customers, we're now going to be building on profitability and happy customers.

That's sort of the end of the presentation. Again, very happy to take questions now.

I'm going to stop the presentation so I see if somebody raises their hand, I will unmute, and then you can unmute yourself. There seems to be no further questions.

I'd just like to say we have a great product. It is still very interesting in at a global level, but we're now going to grow it from a profitability standpoint, and I think that is the right strategy for the company going forward.

Very committed to building that, and again, the whole team is committed on doing that and bonused on doing that as we go forward. Thank you all, and thank you all for being with us during this very difficult transition period, and now it's time for us to deliver real shareholder value going forward.

Thank you.

Thank you.