Senzime AB (publ) ($SEZI)

Hello, everyone, and welcome to today's Live Q with Senzime. With me here, I have the CEO of Senzime, Philip Siberg. First of all, we will hear a presentation from him. And after that, we will have a Q&A session. And also, on our website, you can see that you can send in questions to the Q&A session. But first, we will hear the presentation from Philip.

Okay. Good morning, pleasure to be here. I am pleased to announce the Q1 2026 report from Senzime. So just to start off with kind of a high-level summary. So Q1 2026 was a little bit of an outlier quarter. We reported a temporary dip on our growth journey, yet, at the same time, we reported strength in margins and good cash flow. And the full year targets remain intact. What kind of stuck out in Q1 was slower sales in the U.S., specifically of closing new monitor deals, and mainly driven what we've seen as delayed purchasing processes and a year starting with a bit of macro concerns in the U.S. Nevertheless, we reported 40% growth in our sensor sales, calculated in constant currencies. Our underlying gross margin continues to improve very nicely. And we also reported a good traction on our operating cash flow. So all in all, I remain confident in our full year targets despite the growth dip, and I will explain a little bit more on the background. So let's deep dive a little bit specifically on the U.S. market that I mentioned. If you look at the U.S. business, it grew 11% in local currencies in U.S. dollars. Specifically look at disposables, the sensors, it grew at 55%. But then we were affected by, of course, the strong Swedish krona and the weak U.S. dollar. So versus the first quarter of last year, it was about 15% lower. So this ultimately led to our reported sales decreasing with 5% in the U.S., which was about SEK 2.5 million (sic) [ SEK 0.75 million ]. But as I said, the growth, I would say, was predominantly delayed because of TetraGraph deals that were delayed and many of them moved into the second quarter. We do not see any of our deals that have been lost to competition. On the contrary, we've been secured with a number of verbal commitments, and we know that they are in the pipeline to close as they come. So during the quarter in the U.S., we shipped out 246 TetraGraphs, and I will tell you a little bit more about a new business model that we've launched as a complementary service. And of those 246, 120 of them were part of our new TetraGraph-as-a-Service model. So if we look at the TetraGraph-as-a-Service, this is a business model that we've introduced in the U.S. It's a little bit of copying what's been common typically in the robotic surgery world. So what we do is that we provide the TetraGraph monitors on subscription. So we own them and we place them with hospitals. And then we charge customers with a premium on the disposables that are used. So for hospitals, this is a compelling rationale, because it shifts kind of the capital purchasing process rather to operational processes and costs. So it simplifies and accelerates purchasing processes. And for us what it does is that it shortens sales cycles. The 2 deals that we have secured during the first quarter were closed at about half of the time versus a typical capital purchase. And if you look at the type of deals that we sell to customers, the value for us over time is about 90% of the revenues contribute from the sensors. So by having a variable sensor price, it creates strong margin enhancements for us over time. So the first 2 key wins in the U.S. were to 2 Ivy League hospitals on the East Coast, and we supplied them with 120 TetraGraphs to their hospitals. So we have had a tradition of focusing very hard on the U.S. market, because that's where the conversion to our technology is happening the fastest. This is a map that I've shown before. We've had a lot of announced and big hospital wins over the last 15 months. And if I now start to add up to that one, and I put in -- so what we've done so far this year? And I'm saying year-to-date April. So we've had a number of important accounts. We secured a big hospital extension in Florida. We recently announced a statewide IDN expansion deal. This is to become one of our larger customers with a run rate of about SEK 6 million a year. We announced an IDN entry. So we've entered into one of the largest IDNs in the world, secured a number of hospitals, both on the Central U.S., but also on the West Coast. And there's a huge potential for us to further leverage that opportunity. We've won a very important children's hospital in Texas and the Ivy League hospitals I already mentioned. So just to just give you a few of what's going on in the first 4 months of the year. So right now, in the U.S., we have about 250 hospitals as customers. Okay. So to wrap up the U.S. and try to conclude a little bit and comparing the numbers apples-to-apples. So if you look at what it was last year. So last year, in Q1, that was the time when we rolled out the new next-generation TetraGraph. Quite a few of the rollouts were demo monitors and some were upgrades to accounts we already had. So if I compare that and then I look at, okay, what happened this quarter. So I had my reported sales, and then I had about SEK 2.5 million in currency effects, and on top of that, I had the TetraGraph-as-a-Service where it did not have a capital revenue, rather the long-term enhanced margin revenue on sensors. So if we look at that all in all, and just compare these apples, just to explain, there's about 6.5 million, the ratio of difference here. So the underlying business in the U.S. is still moving in the right trajectory. Okay. So let's move on and look at, in general, the global business. So we continue to grow our installed base and grow our shipments of TetraGraph. So we've shipped over 5,500 TetraGraphs by now. In the quarter, we shipped out 376 in total versus 443 last year. And again, last year was a little bit boosted by upgrades and demo units that came out. If we look at our disposable sensors, remember, this is a razor-razorblade business where each patient connects to a sensor. We continue to grow the sensor business very nicely. We passed the milestone during the quarter of 1 million monitored patients. And this is an important milestone for us. Not only does it help to enhance margins, we get economies of scale, but it also provides kind of the reference base for further growth. So if you look at the rolling 12 months of the sensors, and sometimes go up and down in volume, it's a 66% (sic) [ 27% ] growth. So to sum up a little bit of sales numbers. We've talked about the U.S. here first in line. Europe has had a decent start of the year, almost 60% growth in terms of disposables. We also had a small currency negative effect because of the euro. The rest of the world had a little bit of weaker start of the year, still very strong belief in the opportunities in Japan and South Korea, and we will certainly catch up that during the year. So you can see, if you look at the spread of our business today, U.S. is a little bit less dependent and the sensor sales continue to be very strong as part of our company. Something that was announced during the quarter and that we have preannounced before, but during the quarter, the actual publication of the new pediatric guideline was published. So this is a guideline set that was created by the European Society of Intensive Care and Anesthesia. And really what it says is that children that receive neuromuscular blocking drugs as part of surgery should be monitored using a quantitative neuromuscular monitor and preferably use an EMG-based solution because of the higher accuracy and reliability, and that's exactly what we offer. So the pediatric opportunity is interesting. I mean it is a smaller part of our overall business. I would say it's about 5 million patients a year versus about 100 million in total for adults and all patients. But children are a specific group here. I mean, residual paralysis is common. And with residual paralysis, I mean that they wake up and they're still partly paralyzed. The consequences of this are serious. Children end up in postoperative care and they get all kinds of different respiratory issues. And the issue has been here, lack of available technology and a lack of kind of practice standards. So I think this is a very strong guideline, and we have had the fortune to work with a lot of the guideline authors. We've conducted a number of webinars and seminars, and I believe we have the support to really grow this business opportunity. And to look like where are we in this pediatric opportunity. It has been a small yet important part of our business, but it's a notable number to see that in Q1 -- the number should actually be here 2026, I can see -- we actually threefold increased the sensor units, and we sold 65 TetraGraphs specifically delivered to pediatric operating rooms. So definitely a trend shift here, yet from small levels. Another important news piece we had during the quarter is that we introduced what's called the TetraCom. The TetraCom is a novel technology that enables physicians and IT personnel to connect the Senzime TetraGraph directly to hospital health records, meaning directly into Epic and Oracle and other types of systems. And we do have a suite of partnerships where you can connect the data through providers such as Philips, Masimo, GE, and Mindray. But with the TetraCom, you can connect seamlessly, wirelessly directly into these systems. So it's a way for us to provide a service and also monetize on the data and the value to the customers. Let's look a little bit more about the numbers. So gross margin, I mentioned initially that the underlying gross margin continues to improve, and it does. So in the quarter, the underlying gross margin was 69.3% (sic) [ 69.2% ]. We continue to improve it versus end of last year and Q1 last year. We continue to have a number of effects on the gross margin that are, I would say, beyond the company's control. We have the U.S. tariffs. They are still hitting us. We will see where that ends up, and we have the currency effect. So we had quite a hit on the currency in Q1. So the reported gross margin was 63.1%. We continue to increase pricing. We are noting U.S. pricing levels now for us increasing. So I continue to iterate that the gross margin will improve over time. If we look at our operating expense level, I've iterated before, we continue to keep it very flat. So we try to grow this business rapidly with a flat operating expense curve. We were actually down 5% versus last year and almost 17.5% versus Q4 of last year. And this is important, because we continue to invest in sales, in marketing, in med affairs, and we continue to do a lot of science to be the industry leader in our field. If we then move down the profit and loss and look at the cash flow. So I think the cash flow stood out this quarter. It improved by 33%. Yes, we are still negative, but as we work diligently on optimizing working capital, we're starting to see that the burn rate is significantly getting down. EBITDA was slightly better than last year. Net earnings improved drastically, which was majority of focus or a result of currency effects. So we had SEK 55.3 million in cash by the end of the quarter, and then we have a credit facility of an additional SEK 42.5 million. So I think we're well funded for our venture. And to comment on the credit facility, this was something we announced in conjunction with our Q4 report, but just to iterate it again, we had a group of key shareholders and a bank, DBT, which is part of NOBA Bank Group, that provided us with a credit facility of SEK 50 million. This is to be used for working capital purposes to give us the flexibility to grow very fast. And there are no warrants, no dilutive instruments or any other type of special conversion rights. We have called for SEK 7.5 million of this, and that was part of a contractual obligation as part of the credit facility from DBT Group. If we look at our shareholder base, if we look at the kind of the top 10, it hasn't changed very much. There are some small changes, but the top 5 shareholders remain very strong and intact. We have 3,600 shareholders. There has been some good trading volumes. So definitely has been shares trading hands. I don't have the specifics of who's been buying or selling at this point. Okay. So a little bit back on the goals and where are we. As I've said so many times before, we're on a mission here to radically build and create the undisputed market leader within quantitative neuromuscular monitoring. We're targeting a very big market. There's a lot of hospitals, and there's a lot of operating rooms left to be converted. And the outlook for our business is that we're going to continue to grow in line with what we've done in the past. So if you look at our full year goal, it remains strong and intact despite this little dip in the growth rate of Q1. And we're going to make this happen by continued streamlining and optimizing the gross margin, continuing to scale down on the operating expense level and continue to grow our recurring base of revenues. So just a minute on what is it we do again. So remember, we have developed -- we're the first in the world to have pioneered a technology, make it available in operating rooms to make sure that people are intubated at the right time, that they get the right amount of these paralytic drugs and the reversals of them, and that they are extubated at the right time. Sophisticated technology. We have over 109 patents now, 40 years of research behind this, but a very smart real-time technology to assess and monitor the level of paralysis in the patient. And this is specifically important in operating rooms where, for example, you're doing robotic surgery. This is just an example picture from a Swedish hospital, a good customer of ours. But what's been seen in published research, if you use the type of technology we have, you can eliminate complications related to these dangerous drugs. And you can actually reduce the amount of these drugs by 70%. So you're not only saving the patient, but you're saving the hospital a lot of money on this. So to wrap up on the key takeaways. I mean, we are in a hyper growth journey. We've had a CAGR of almost 60% over the last 5 years. Yes, Q1 stuck out a little bit, but that curve is going to continue. Operating expenses and margins, we are improving. We're on the path to profitability. There is a strong demand for our products out there. The pipeline is strong. We have a lot going on and I think will materialize, and I'll come back to that. And again, the guidelines are there, the science is there, and the clinical need is there. And we have the people, we have the technology, and we have the funding to make it happen. So join us on our mission as we safeguard every patient's journey from anesthesia to recovery. Thank you.

Perfect. Thank you very much for the presentation.

Thank you.

So we have received some questions, and I'll also have some questions by myself. First, maybe we can focus on the sales. Came in a bit lower than expected. You also stated that this is mainly due to FX, also a softer U.S. market. You also believe that this is temporary. What kind of arguments do you have for that statement?

Yes. I mean, like I said, it was an outlier, a little bit of kind of a onetime quarter. I think we saw that so many of these opportunities have been working on for a long time. Just had a difficulty. I mean there's these budget processes, the year starts, and it was difficult this year to really get it to close as fast as we were hoping. So we just saw a general -- specifically in the U.S., that is like 60%, 70% of our business, which is pushed forward. And it was difficult to put a very, very sharp kind of excuse on it, but just hearing like, okay, macro level, we're a little bit concerned about what's going to happen in inflation rates in the U.S., et cetera. So it just kind of gently pushed. And I think we caught up a little bit here and some of the things that happened early April. And I feel that the market is kind of waking up. And I've noticed some industry colleagues and peers seeing similar types of -- a little bit of a whirlwind in the U.S. market in Q1.

Because also, if we look at your press releases during Q2, it has been a better order flow. However, of course, you do not press release all of your orders.

No, we don't.

But you would say that, in general, it looks much better during Q2?

I mean, so far, so good. We're just 3 weeks into April, but I feel more confident now than I did a couple of weeks ago. And I feel a different tonality, so definitely.

Perfect. I was actually a bit surprised about the sensor sales during the quarter, because if you look at your installed base, it continues to increase. And I expect the sensor sales to increase quarter-by-quarter. What is the reason behind that? Is that delayed orders as well?

Yes. I mean there's always a little bit of fluctuations between months. And some sensor orders came in on the 30th of December and then it kind of stocked up. So I think I don't see any -- there's no kind of worrying trends or differences. It just kind of comes and goes with a little bit of ordering patterns. But perhaps what I noted a little bit -- I was looking at the same thing, why it's a little bit -- it's just -- I mean, we had a number of big hospital opportunities and wins that we did last year. And it's just taking time for things to materialize. And for example, we were awarded this big NHS contract in the U.K. in December, and the hospital is still working to get everything installed and getting it planned as part of their operations. So we're a little bit tied in the hands behind the big hospital systems.

And what about the rest of the world markets? It was also a little bit of a setback there as well.

Yes. So if we start way to the East, so Japan, we announced in December that they got the regulatory approval for a new system. They started rolling it out early January. They've secured -- so we had a pretty good kind of volume shipment to them in December. They've now started to win deals. So they're on good progression. Japan is going to do the big kind of major launch in May in the Japanese market. South Korea keeps doing well. We're still struggling with the regulatory approval. It takes time in South Korea. So a couple of months left, I believe. And South Korea is on a good trajectory. It was just a little bit of phase between the quarters in terms of sensor shipments. So nothing really that stood out in any way. But South Korea is a little bit awaiting the new TetraGraph to be approved.

But do you still expect a little bit of a bounce back?

I do. I do. Yes. And I have -- I mean, in Asia, I have 2 very strong partners. They give me very clear, like accurate pipelines. So I feel more confident working with them.

Perfect. Also, I received a question from an investor. You write that no deals have been lost and that several purchases were postponed into Q2. How much of these delayed deals have already materialized or been confirmed after the end of the quarter?

Yes. I mean, good question. And the deals typically, specifically in the U.S., are always -- the larger ones are competitive in some way. So the hospitals invite 2 or 3 of us in the industry, they evaluate it and they test it. And so we always try to understand like did we win this competitive deal or not. And we continue to have very strong win rate when there's a competitive deal. Then there might be deals happening outside that we know of, of course, but others are winning. But as I noted, we've seen that a number of these deals, we typically get a verbal acceptance afterwards. They say, okay, we've chosen your system, there's been a vote, we like it, and now it goes to contracting purchasing. And that's the process that sometimes takes time, because you end up in a big bunch of contracts and sometimes it takes a week and sometimes it takes 9 months. But overall, some of these things that we knew about came in now and they keep on coming in. Yes.

Perfect. Let's leave the sales for now and focus on the costs, because I also received a few questions about the cost development. OpEx during this quarter came in at SEK 35.6 million. It's a little bit of a decrease. What kind of level should we expect in the upcoming quarters?

I mean, we're going to continue on that type of a level that we are now, potentially even a little bit lower. I mean, we've invested heavily in bringing out a new technology to market. But I think the larger we get, the bigger scale and the leverage we have. So as we're now inside IDNs, we're inside hospital systems, the cost of sales will reduce over time, because we can automatically get scale effects from where we are. And we've done a lot -- a lot of groundwork has been done. So that's why I keep on saying, we're foreseeing that we can keep this level potentially even a little bit lower, just being a lot more effective and a lot of the work done, so now it's just about execution.

So when you also say that maybe OpEx can even go down a bit, is that mainly, if we talk about the specific line item, is it selling expenses and so on?

Just always being super cost conscious and keeping everything under control.

Yes. Also, if we talk about -- you changed your business model a bit when you're now offering the TetraGraph for free. So my question is, what has the market response been?

Yes. We don't offer it for free. We offer it as a service.

Yes.

So I think the response has been very positive, because even the hospitals know that contracting purposes or process can take over 2 years. So by doing this, by coming in, it just changes the opportunity to be more a standard operational. And the deals that we announced were closed in just a couple of months. So it's a different shift. And I mean, some big hospital systems, they want to own the capital. They have the funding and that's part of their business. But many are used to this kind of just a service process. We take care of it. And we can control it. And if they don't deliver on the volumes that we want them to, we simply take them back and we move into the next hospital. So it's a flexibility for us. But again, the value is here in the premium price that we get on the sensors. And then we do a lot of other kind of compliance requirements in terms of training and other things that they should do. So I believe this -- I will come back in the next quarter to show that this is actually going to drive up utilization.

But if you look at the number of monitors that were delivered during this quarter, it was 367 sic [ 376 ], if I'm correct. And was it around 250 in the U.S...

Something like that. Yes.

And 120 of them were as a service.

Yes.

Do you expect it to be like 50-50 between the...

Roughly, probably a little bit lower on the service side, but somewhere around there.

Yes. Great. Also, another investor wanted to know more about TetraCom. Also about that. Maybe you can -- what has the...

Yes. I mean, as I presented it -- I mean, it's a platform technology offering connectivity of our systems directly into electronic health records. And when you sell this, you typically sell it under the IT budget. So the IT budgets, if I generalize them, there is a little bit more elasticity there, there's a little bit more funds available. They understand the cost. So by doing this, we can add a cost. We sell the TetraCom at a specific price point. And then we also charge for an annual service fee for this. So we kind of introduce both. We upscale the TetraGraph hardware device, but also get even more kind of recurring revenues on it. And then there's some other benefits to this is that we can actually pull out the data as well. We can use the data for continued product development, research purposes, and can help the customers to summarize the data and kind of AI-generated reports to see how are they doing, how are they progressing to guidelines and to best practices, et cetera. So there's a number of benefits.

But it's always -- sometimes the rollout, it always takes some time and so...

It does take some time. We're just about to wrap up the first big installation with the TetraCom.

Okay. But when do you expect that we can see significant numbers in quarterly reports?

I think, later this year.

And you will disclose it separately or...

I will try to, yes, hopefully.

Great. Also, I wanted to talk to you about the contract that you signed with this major IDN in the U.S. So maybe you can just talk more about that, because it's a huge potential.

It is. Yes, definitely. I mean, again, IDNs control a large part of U.S. health care. It's like big clusters of hospital systems. Some of the bigger ones have up towards 150 to 200 hospitals. So there's strong powerful kind of mechanisms. And getting in there, the benefit of them is that you can ultimately get centralized contracts, but it's a long path. And you need to work your way [ underwards ] and you need to win hospitals and then get key opinion leaders who drive and mandate for your technology and then get them to ultimately convince the C-suite on top. And we've been working on this big kind of umbrella IDN for a long time, and we've now made our way into different corners of this IDN, and we identified the champion who is driving this internally. So why I wanted to make a news announcement about it is just because I think there is an apparent opportunity to grow this and become kind of a centralized vendor within the IDN system. So that was one important. I mean the other one that we announced last week was also interesting because there, we're already in, and it shows just how we can expand within an IDN once you're in. Sales process is faster. It's already validated. And again, I can grow the business with limited expenses, because I'm already in the system.

But what's the probability -- if I talk about the first IDNs, up to 150 or more than 150 hospitals, what is the probability that you will, let's say, a couple of years or a few years that you will have TetraGraph monitors on each of these hospitals?

I think it's unlikely that we'll have it in 150 hospitals. But I think there's an opportunity to become a big supplier to the whole of the system, definitely. And as guidelines increase kind of the requirement of them, I think, yes, there is ultimately an opportunity to have it. I just want to be moderately careful in my expectations.

Okay. Great. I'll turn to the next question actually about the U.S. market, about your whole addressable market. How much would you see that you are penetrating at the moment?

We're just skimming the ocean here. Like I said in the presentation, we have about 250 hospitals as customers. The U.S. has roughly 5,500 hospitals. On top of that, you have a number of ambulatory surgery centers. So there's a lot left to be done. And the driving force is, again, references, the products, the guidelines. And one thing that stood out that I'm starting to hear, there's more and more legal lawsuits going on in the U.S. market, where hospitals have not had adequate monitoring, patients have had complications, and they're now saying that, okay, well, we need to have this type of technology, because we're not guidelines compliant. So that will ultimately help to drive our business and accelerate it.

Great. And also, what would you say is the -- when you have these dialogues with hospitals, of course, you have a high win rate, but what are the biggest reasons why hospitals do not want to adopt TetraGraph?

I've always said that the worst competitor I have is kind of the anesthesiologist who's been doing one way for 40 years and doesn't want to change.

But now you have the guidelines.

Yes, yes. So I mean, we have a target to have 80% compliance. That's what we see. And some of our best customers are up towards 90% compliance, but you will never get 100% compliance of any technology in a hospital despite guidelines or standard of care. There's always going to be discrepancy. So it's just hard work time and then getting -- we're trying to help every single hospital to adopt kind of protocolization and make it standard of care, so you get to that 80% to 90% compliance rate.

Perfect. But if we look into the rest of this year, and maybe except the U.S., what other markets would you say will be extra interesting to follow in this year?

I mean, we've always kind of tried to keep it focused on a couple of Asian countries, Europe and the U.S. We have some interesting outlier markets that are popping up. I mentioned last year, we got approval in Mexico, for example. We've had some notable deals won during the first 4 months here in Mexico. So that's an interesting market. Mexico kind of resembles a lot about U.S. Recently, we had market approval in Saudi and a couple of Middle Eastern countries. I think Saudi is a very interesting market. And I think that's going to be our major markets in the future. It's just a little bit disrupted down there right now, so it's delayed some of the things. But we have a great partner. They are working on getting the kind of local buy-in. So I think we're going to have traction in there. And then we continue to expand very carefully, very sharply without more expenses, but we got approval in Vietnam. We got approval in Taiwan. So we're expanding carefully with partners.

Yes. Also, you stated in the report that you continue to have the objective to become cash flow positive at the end of this year. Looking into this quarter, a little bit of a setback, you expect a bounce back in upcoming quarters, also cost to maybe be flat or even decrease a bit. But how confident are you that you will be cash flow positive in Q4?

Yes. So a number of things need to happen. One, we need to keep on growing. We have a strong pipeline, specifically U.S. market, but also together with our partners. So we need to continue to leverage on that. We need to see that the recurring revenues -- remember, the sensors are recurring revenues. And they were, what, 70%, 74% of the business. So that keeps growing up. The gross margin, I've talked a lot about before, it will continue to grow. There are some volume things happening here. We kind of celebrated this 1 million mark, and that triggered kind of a volume price component to it. So the gross margin has all the prerequisites to really increase. And we'll see about the tariffs. We just started the project yesterday. I was trying to get back. We have paid about roughly SEK 5 million in tariffs to the U.S. It would be fantastic if we get that money back. It's going to probably -- we're probably going to get a little bit back, I believe, now hearing, but it's going to take time. And then the third part is strict cost control. So these 3 things, plus working with working capital, getting paid faster and then being optimal there, all those stars aligned together, I still believe strongly that we have the opportunity to get to these goals.

And as you mentioned, the gross margin, if we look at your numbers in the presentation, it was at minus 4.4% in currency effect. Do you have any plans for any actions to maybe reduce that? Because it's always difficult FX.

Definitely. I mean, we increased the prices in the U.S. I'm seeing -- there was about 5% increase now that I saw on the average sales price. So it's started to kick in. I think we're trying to always get a higher price point, and we're building into every single contract that we are independent of tariffs, et cetera, that, that will -- so we've backed off to do kind of currency hedging, because there's always -- it's a lottery here, which way it will go, we do not know. And for now, we're just trying to stabilize the cost.

And also your other, not objective, maybe it's more of a guidance that you have a sales growth in 2026 in line with previous years. Are you still that confident of that one?

I am. And that's why I reiterated that the long-term targets remain intact, yes. We set up -- I mean, we haven't guided anyway this year in terms of quarter. We set a goal for the year, and we said that we want to continue to grow in the same pace as before. And that means in absolute terms to grow in the same kind of base that we have. And again, we do it by recurring base of business, winning new deals and getting more recurring on that one. And the further we progress as a company, the bigger the base is, and we're just -- we're getting scale. That's really the message here.

And what about the cash situation? Yes, do you believe that it will be sufficient to...

Yes. I mean, we were clear in the report and the annual report. I mean, we have the funds needed to do this. If we, for some reason, foresee that we need to accelerate things again or do differently, then things can change. But I have the support from strong shareholders. We did the credit line to have like a backup, and we're not foreseeing any low-priced rights issues or anything like that to happen.

Perfect. Just one last question before we end. Or is there anything else that you would like to highlight?

No, I'm just -- I mean, I wasn't -- when you're on a growth journey like we are, I've tried to kind of raise a warning signal in the past. Some quarters will have a little bit of a dip. You can't have -- but I've had the fortune to, every single quarter, quarter after quarter the last 3 years, always have a fantastic growth. So it hurts, and I'm annoyed when the growth curve takes a dip, but it just creates more energy and more confidence. We're going to get back. It's just about grit and delivery.

Yes. I hope that we see a really good bounce back in Q2. Thank you very much. Thank you for being here.

Thanks.