Earnings call transcript: 4C Group's Q3 2025 sees stock plunge amid restructuring

4C Group AB reported its Q3 2025 earnings, revealing a challenging quarter with net sales of SEK 72.7 million and a negative result of 16%. The company is undergoing strategic restructuring, focusing on its core defense and expert services. This shift led to a significant pre-market stock decline of 26.86%, closing at 14.15, near its 52-week low of 9.66. The market reacted negatively, reflecting concerns over the company's reduced focus on its resilience product domain and the associated restructuring costs.

Key Takeaways

• 4C Group's Q3 2025 net sales reached SEK 72.7 million, with a negative result of 16%.
• The company is reducing its focus on the resilience market, reallocating resources to defense and expert services.
• Pre-market stock fell by 26.86%, reflecting investor concerns over strategic changes.
• Restructuring costs estimated at SEK 8-9 million will affect Q4 2025 and Q1 2026.
• The defense segment now accounts for 77% of total sales, up from 72%.

Company Performance

4C Group's performance in Q3 2025 showed a decline in net sales to SEK 72.7 million, with a negative result of 16%. The company is focusing on its defense, training, and expert services, which now represent a larger share of its sales. This strategic shift comes amid slow growth in the resilience market and ongoing geopolitical uncertainties, particularly in the US.

Financial Highlights

• Revenue: SEK 72.7 million for Q3 2025
• Annual Recurring Revenue (ARR): SEK 270 million
• Adjusted EBIT margin: 3%, improved from negative 5% last year
• Order book: SEK 281 million

Market Reaction

4C Group's stock experienced a sharp decline of 26.86% in pre-market trading, closing at 14.15. This drop places the stock near its 52-week low of 9.66, highlighting investor apprehension towards the company's strategic pivot and restructuring costs.

Outlook & Guidance

4C Group anticipates stabilization in the US market following the government shutdown. The company remains optimistic about growth in the European and APAC defense markets, while maintaining current resilience revenue levels. The focus will be on defense, training, and expert services, with potential large-scale deals with European NATO countries.

Executive Commentary

CEO Jonas Jonsson stated, "We are moving forward with a reduced effort, primarily when it comes to sales and marketing towards this domain," reflecting the company's strategic realignment. CFO Veronica Wallin assured investors, "Our assessment is still that the current financing is sufficient to cover the investments and the working capital needs for 2026."

Risks and Challenges

• Restructuring costs: Estimated at SEK 8-9 million, impacting future quarters.
• Geopolitical uncertainties: Especially affecting the US market.
• Market saturation: Challenges in the resilience market with low investment willingness.
• Competitive pressures: Particularly in the resilience domain.
• Economic conditions: Potential impact from broader macroeconomic pressures.

4C Group's Q3 2025 earnings call highlighted significant strategic shifts and market challenges, reflected in its stock performance and investor sentiment. The company's focus on defense and expert services aims to capitalize on growth opportunities in these segments, despite current market volatility.

Full transcript - 4C Group AB (4C) Q3 2025:

Jonas Jonsson, CEO, 4C Strategies: Good morning, everyone, and welcome to this third earnings call for 2025 4C Strategies. I'm Jonas Jonsson, I'm the CEO, and I'm joined here today by Veronica Wallin, our CFO.

Veronica Wallin, CFO, 4C Strategies: Good morning, everyone.

Jonas Jonsson, CEO, 4C Strategies: We're going to guide you through today's presentation. I'd also like to say that the Q&A section is now open. Please, if you have any questions, write them in the chat as we move through the presentation, and we'll come back to those at the back end of today's call. We're going to take you through a little bit of a key update from the start and then into the high-level numbers overview. I'm then going to guide you through our segments around the world with a bit of an update on what's been going on during the third quarter. Veronica is going to do a bit more of a deep dive into the numbers. After that, I will be coming back in a bit more detail as well to the strategic update that we've announced this morning as well.

If we start by looking back at what was a slightly slower third quarter than we were perhaps expecting, especially on the North American side, we did have solid progress, I would say, across the world. We did make a couple of core deliverables, especially within the NATO realm. You can see that small picture there on the left-hand side is from a delivery of a project called Talos, which is really important for us, and I'll come back to it a little bit more in the EMEA update. We've made good progress in core markets. We've also made good progress in our expert services here in Sweden. We maintained, I would say, a strong momentum in the defense and training segment. We have seen a continued slow uptake on the resilience side.

Based on that, as I mentioned, for those of you who have had time to read the report this morning, we have made a strategic decision to realign our position going forward. In terms of being able to more focused drive profitability and scalability for 4C Strategies as we continue to progress in the current macro environment. I'll come back to more details on that as well a little bit later on the call, because I want to give you as much detail and understanding about where we are, where we're going, and how we came to this conclusion as well. I'll come back to that. If we look at the numbers in brief, we can see that Q3 2025, we delivered SEK 72.7 million top line with a negative result of 16%.

That is significantly less than the comparative quarter last year, which was in a way also a little bit impacted by a few large deals that were signed in that quarter. As I mentioned, it was a softer quarter than we were expecting, mainly impacted then by not being able to achieve as much deals as we were expecting during the third quarter in the North American segment. We know that when it comes to expert services and EMEA. The third quarter is always a bit slower due to the seasonality and the holiday period. But we were expecting to get more out of North America than we actually were able to achieve. On the positive side, we can see that if you look at the last 12 months of sales, we're still above SEK 350 million.

And we have increased our ARR up to SEK 270 million due to a number of new COTS deals that came in in the quarter. So. I would say all in all, a bit of a mixed bag when it comes to the third quarter, not what we were expecting, not what we were pushing for, but at the same time, a lot of positive activities have been taking place, which. Position as well towards the future. And there is a lot more to come as we move forward towards the end of the year and into next year. Looking a little bit more in depth then at the different segments. So we're going to take you through EMEA, APAC, North America, and then end with expert services.

So here in Europe and our EMEA segment, which also covers our NATO customers and our global customers of that aspect, we have had, as I mentioned, the lower activity due to the seasonality. So here in the Nordic region, but also in Europe, July and August are significantly slower when it comes to making new deals with government officials and customers. But we did maintain good activity despite that, I would say. We have delivered a couple of core projects within NATO, where. The first delivery of the Talos project has put. Our external product in a position that NATO themselves described as the new standard for delivering, testing, and evaluation and trials and experimentation within NATO. And we are then obviously expecting that to spill out into the NATO countries and allies as well.

In addition to that, we also, as part of that security continuation and expansion of that specific contract for approximately SEK 15 million, which will be delivered by the end of 2025 and into 2026. We've also delivered additional trials and tests together with three additional European NATO countries, which we are then working hard now in terms of progressing those into the next phase towards the end of the year. So really promising progress there. I think it's important to mention as well that we are seeing, especially now in Europe, the fact that. This change, which is there's been a lot of money pumped into the system, but a lot of that money has gone to purchasing of new material and new weapon systems and so on. We are seeing now that that is starting to convert into also producing capabilities.

So that comes with training, that comes with readiness assessment, and that comes with the continued question of what are we getting from all those investments. The increase in the services and the software that we delivered is continuously high, and it's growing all the time, I would say. It is also processes that take a long time and therefore continues to impact the quarterly volatility a little bit. If you look at APAC, comparatively to last year, slightly lower quarter, but still strong. We achieved the key contract that we were targeting for the third quarter, where we renewed and expanded with one of our key strategic defense customers in the region. We've also broadened our work within, where we sell our defense product within the public sector. We've delivered our initial projects together with the counterterrorism centers in Australia and New Zealand.

We've also expanded our work with other government customers, such as the Australian Maritime Safety Authority, which is going into a very exciting exercise next year that we will be part of delivering. I would say a good quarter as expected in APAC, slightly lower than last year, but it is an exciting and interesting market that is growing at the rate that we were hoping for. They are both cash and revenue positive. Being on the other side of the world, that's obviously an area that we're quite keen on to continue that expansion. If we shift focus then into North America, as I mentioned, a slower quarter than we were expecting. There's quite a lot of turmoil in the U.S. at the moment, with everybody knows that currently, as of today, the government is still in shutdown with no new budget approved.

I think this impacted a little bit also back in Q3 that there were concerns about how things were going. We have delivered new contracts. We are continuing to expand our COTS space with key defense customers selling directly to our end users. I think that that strategy still holds. We are expecting a more normal way of working once the government comes out of this shutdown and either a continuing resolution or a budget is approved. The comments that we're hearing from the customers as well is that once we get through this, then the defense budget will be in a much better position, and the defense and those who are able to spend that defense budget will be in a better position to be able to commit to things as well.

We can clearly see that our offering is very much aligned with the new direction that comes from the newly established Department of War and the government administration, which is to buy ready now and COTS software to be able to deliver effect quickly. I'm looking forward to a more stable situation in the U.S., and I think that our position that we've strategically gone into is the right one, and I think we're making progress towards that. I think we'll be stronger out of Q4 and into next year as well. Finally, on the expert services side of the house, a very important part of 4C Strategies and one that is growing well as well. It was a little bit hampered during Q3 due to the fact that we are a bit challenged when it comes to growing our team, our pool of resources, our delivery consultants.

This is in part impacted by a stronger interest in the market, which is a bit of a catch-22. Our customers are recruiting the same competencies that we are recruiting, but at the same time, they're trying to buy additional competencies. We see a very strong position going forward. Our order book is strong, and we've signed a number of new projects during Q3 as well of quite significant nature going into next year, where we are helping sector-wide exercises and sector-wide government agencies to deliver more of a total defense capability across Sweden, really. This is followed by an uptake in the U.K. as well, but in general, for expert services, the Swedish market and the Nordic market is our core market, and it's something that's going to continue to grow as well.

I'll stop there with the sort of segment overview, and I'm going to hand over to Veronica to take you through a little bit more of the numbers.

Veronica Wallin, CFO, 4C Strategies: Thank you, Jonas. The chart on the left side illustrates the net sales by segment together with the adjusted EBIT margin over the last 12 months. We can see that revenue growth has decelerated during the third quarter, with the latest 12 months sales increasing by 4% year over year, reaching approximately SEK 352 million. Defense continues to drive the majority of our business, now accounting for 77% of total sales, up from 72% a year ago. Global expert services and EMEA remained stable, while North America and APAC saw a softer activity due to delayed customer decisions and timing effects. Last year's results were also boosted by large individual contracts affecting the compensation. The adjusted EBIT margin shown by the green line was 3% for the period, up from negative 5% last year, the latest 12 months. That reflects ongoing cost efficiencies and stronger project execution.

Here we can see the contract assets in orange, and it has continued to rise through 2025. This reflects strong product activity. It also reflects delays in converting assets to cash. That is mainly due to slower customer decisions in the US. We can also see that cash remains stable, while higher working capital from major defense products and ongoing deliveries led to an increase in net debt. We continue to expect a gradual conversion of contracts into cash as products advance, supporting a stronger cash position in the upcoming months.

Jonas Jonsson, CEO, 4C Strategies: Yeah, and I think to add to that, as Veronica mentioned. As I said initially as well, we did see a slower conversion of contract assets in the US. Our North American business over the third quarter than we were expecting. We are still a bit challenged there, obviously, with the current US government shutdown, etc. We are looking forward to an increase in this over the next three to six months. We still assess all of these contract assets as very secure and strong contract assets. We are working hard throughout the company to improve our cash conversion and also looking at this very actively when it comes to new contracts and contracts coming in in terms of how do we ensure that we position ourselves in the best possible way to move forward. To improve this position.

Veronica Wallin, CFO, 4C Strategies: Yes, year-over-year intake is shown on the left side, and it has continued to strengthen year over year. It has increased from SEK 331 million to SEK 510 million on a 12-month basis. However, intake for the quarter came in slightly below expectations, and that is mainly due to delayed customer decisions. Even so, the order book remains strong at SEK 281 million, providing solid visibility for the coming quarters.

Jonas Jonsson, CEO, 4C Strategies: Yeah, and this is driven by our key core defense projects around the world, so both here in the EMEA, also in the U.S., but also in our expert services. We've got a strong order book and a continued positive order intake if we look at the horizon. Looking in a very positive way, and we've got a number of key deals in the next three to six months, I would say, coming towards this. You can also see quite clearly in the graph on the left-hand side the fluctuations between the quarters. When we signed some of these big long-term deals, as we did earlier this year and the back end of last year, obviously that has quite a significant impact on order intake. We're actively working to convert larger scope deals as well coming towards the end of this year.

Veronica Wallin, CFO, 4C Strategies: Yes, here, if you look at the chart on the left side, the ARR has continued to grow steadily, and it has reached SEK 207 million. In the third quarter, up from SEK 181 million in the previous two quarters. The increase was mainly driven by the defense segment, which now represents 77% of the total ARR. We can also see that this reflects a solid progress across ongoing contracts and renewals, providing a strong recurring revenue base and good momentum going forward.

Jonas Jonsson, CEO, 4C Strategies: Yeah, no, thank you for that. Again, this is part of what I said earlier. We were a little bit softer than we were expecting when it comes to converting new contracts, but our current contracts are continuing to grow, and we've seen that expansion in the COTS market in the US as well, with new customers coming in. I think that's going to be a key core market going forward as well. It's been a little bit more turbulent maybe than we were expecting over the past, I would probably say, six months now. We are very much looking forward to a stabilizing situation in the US economy and the US government. We look forward to continuously increasing this and to deliver on our conversion of contract assets and also to grow quite rapidly within the defense space towards the future. With that, thank you, Veronica.

Looking into the strategic update, for those of you who have seen this morning's report, you will see that we have decided. We have been continuously assessing for a long time, and we have now made a decision for a strategic change when it comes to our product offering. If we look at the resilience product domain, which we have been actively pursuing for a long time now, we have a number of really great customers that we've been working with, and we have gone through a significant effort, I would say, over the last couple of years when it comes to packaging this, when it comes to market outreach, when it comes to growing our effort really to try and advance our position with the resilience domain from Sweden through the UK and Europe into APAC, and most recently also into North America.

What we can see, though, is despite all these efforts that we've been putting in and the level of investment that we've done, it's not yielding the result that is required, and we're not seeing the uptake happening at the speed that I was expecting and that we as a company were hoping for. This, I believe, is due to a number of different reasons. We can see that there is a number of different competitors in the market. It's quite a tough market, and a lot of those have been in basically a race to the bottom when it comes to pricing to grow their customer base.

We have seen a high interest in this space when it comes to continuity, risk management, incident management, but that high interest has unfortunately been coupled with quite a low willingness to invest and actually also invest in software to support effort when it comes to this. We see the same things being strong in expert services, but we've been struggling to convert our resilience product domain. In the light of that, we have decided to move forward with a reduced scope. We're going to streamline our operations. That comes with both a staff reduction and other external costs. All in all, totaling, this will be a reduced OPEX by approximately SEK 40 million in annual savings. As you can clearly figure out, that comes with quite a significant staff reduction as well.

We're not expecting this to impact on current resilience revenue as it sits right now and going out of the year, and we are expecting to be able to continue to deliver on all our promises and all our contracts towards our existing customers and also to be able to manage inbound sales as they come in, and as we get them through our expert services initiative as well. We are moving forward with a reduced effort, primarily when it comes to sales and marketing towards this domain, but also reducing efforts when it comes to the future product development. We will stabilize the product that we have further and then continue to deliver on our existing contractual obligations. We will also be reallocating some staff towards our defense expert services and training products. All in all, obviously, 4C Strategies is a small, medium-sized company.

From a company perspective and a personnel perspective, this is a big thing. This is a big change. A lot of people will be impacted, and we will obviously work actively to support all of those in the best possible way to move forward as quickly as possible. From a strategic perspective, from my perspective and the board's perspective, we are in active agreement that this is the right way forward.

We're going to make significant cost reductions, which will allow us to look at investments in the future, but also it will allow us to become much more focused in terms of really making sure that we are targeting the market as we see it right now, which sits inside these defense projects, delivering our defense product to our core customers, delivering a growing expert services within the total defense domain and the additional markets that they are servicing, but also looking at how do we ensure that we can provide our defense products, i.e., training, readiness management, capability development, making sure that you are prepared through exercising and testing your capabilities to customers that sit in the near realm of these defense customers. We will be actively working with governments. We will be actively working with agencies and corporations who are looking to improve their business.

I believe that, based on where we come from, the pedigree that we have as 4C Strategies, and the products that we have, which are tested within the defense domain to a really high quality, and we see that there is a continued increased interest in this space, also in the non-defense realm, I believe we will come out of this stronger, and we will be in a much better position to actively pursue the core markets as we see them grow. A big change for 4C Strategies today announced, and I'm looking forward to seeing how we can progress this with a tighter organization, a reduced OPEX to start with, and then really focusing in the whole team on making sure that we can deliver value where we see the best possible potential outcome as we move forward.

A big change for us, but really the right decision to make as of today, I think. As with that, we will move into a Q&A section. We will start taking questions from the audience. Thank you very much.

All right, thank you for all the different questions. We will start covering some of them. The first one is, what's the expected revenue impact from scaling down on the resilience business? It is a bit tricky. Obviously, from a longer-term perspective, we are expecting, we're looking at a reduced growth ambition. From our strategic objective that we've had over the past years, we were expecting an uptake in the resilience domain, which we have not seen materialize. We are not necessarily expecting that this change will impact our current recurring revenue that we have within the resilience space. We are also expecting to continue to grow that a little bit as we move forward, right?

We are expecting to be able to retain the level that we have been at, hopefully with a bit of increase over the years, because we still see that there is an interest in the market. We will predominantly be looking at reductions in the sales effort, in the outreach effort, and in some of our sort of marketing and trade show initiatives and so on. The plan is that we will retain our current customer base and continue to work with those, and that we will also continue to grow and deliver a really good service to those customers. Hopefully that is going to continue to grow a little bit. Let's look at the next question then. How will budget delays and uncertainties under the current US administration affect Q4 in 2026? I mean, obviously a difficult question.

As I alluded to in the presentation, there are uncertainties. We have seen bigger uncertainties, I would say, during 2025 than we were expecting going into this year. At the same time, I believe, and from what we get from our advisors and our US Board of Directors and so on, that once we are through this situation, we will be seeing a much more stable position moving forward. I do believe it will have some impact during Q4. I also think that coming into 2026, as I mentioned as well, we know that our offering is very well aligned with the ambition and the intent on the market. Buy now, ready now, and buy COTS, and do not go into these large long projects, which they have done in the past to develop their own software, etc. I think we will be seeing an uptake in the US market.

I also think it might take—the current uncertainty with a government that is in shutdown is obviously something that is impacting us from multiple different perspectives. Once that situation is resolved, then we will come out of this stronger on the other side and hopefully be able to convert both new deals and current contract assets in a quicker manner. Right, let's see here. We have a question. I think I'll hand this one on to—yeah, let's see here. Yeah, so another question on the risk of conversion of contract assets due to the US government shutdown. Thank you, Viktor. I don't necessarily see a risk with the actual conversion of contract assets. It's more of a timing question. Some of our development projects, which are ongoing, our deliveries, those are slowing down a little bit, but the majority of them are continuing at pace.

We don't see a risk in the conversion of the assets, but rather a potential bit of a slowdown, which we've also seen so far. I don't see a risk with anything that we have in the order book or anything that we have assessed so far. We're working with our customers to continue to deliver, and we're pushing hard to be able to do that and expecting that to continue. Another question. Veronica, I'll give this one to you. What is the question for the restructuring program, and when will that cost be taken?

Yes, so the cost will be approximately SEK 8 million-SEK 9 million, and we will take most of it in Q4 and then in Q1 2026.

Yeah. So we've got a question around. I think we've answered that one. We've answered this one as well. The government is in shutdown, but is the Defense Department also in shutdown? A question here. In part it is, and in part it's not. The Department of Defense is obviously, in a way, excluded from the government shutdown, but at the same time, they are very heavily reliant on civilian employees as well, who in part are impacted. Also, the fact that there is no current operating budget means that there is a very challenging situation to get new commitments and to be able to progress on certain deals. There is a building backlog of things that need to be pushed through the government administration, and it is a challenging situation. On the other hand, we are expecting a positive situation coming out of the other side.

The mood music is that it's not necessarily the defense allocations or the defense budgets that are being contested. It is other parts of the U.S. government where the House and Senate are not in agreement. It's a tricky, difficult situation, but obviously we are working both with our end customers, but we're also working quite actively now with other prime contractors in the U.S., the large defense primes, etc., to see what we can do in the meantime and how we can both position ourselves, but also potentially get in on other programs which are also currently active. Working hard on that situation. I should also re-emphasize that whilst this is happening in the U.S., the European defense market is obviously progressing really well. That goes to another question here. We've got a question about potential large-scale deals that we're currently working with.

I won't go into too much detail about where we are, but I mean, as I mentioned in the report and in the presentation, we've conducted additional tests with three additional European NATO countries. We are quite far progressed in those discussions, and we've had very positive outcome of those tests. We can see that the interest from the continental European countries is something that has increased significantly during this year, and those will. We're working actively to be able to materialize those deals in the near future. Hoping to add new flags to the map within the near future, and the size of those deals will range depending on where they start and if it's going for a single training establishment, a part of the armed forces, or an enterprise-wide contract. A number of different opportunities that are progressing. We also have a question here then.

Does the current financing cover your investment and working capital needs through 2026? I'll give that to Veronica.

Yes. Our assessment is still that the current financing is sufficient to cover the investments and the working capital needs for 2026. As we have communicated before, of course, we will continue to monitor the developments closely, and we will maintain an active and constructive dialogue with our banks and so on. It is also worth noticing that the fourth quarter is typically strong in Europe, as we have mentioned before, and that will also have a positive impact on the cash flow.

Yeah. That is, I mean, the fourth quarter is strong both from a deal conversion perspective, but it's also strong from a contract conversion perspective, which we know from our historic contracts. We will have a positive uptake on that side. The SEK 40 million annual saving, will that go directly bottom line, and when will that kick in? I'll start, and then you can add to that. Obviously, we're working to implement these savings as quickly as possible, but also, as I'm sure most on the call are aware, a large portion of our staff is located in Sweden, which comes with a number of different sort of restrictions and complications when it comes to doing restructuring. We believe that we will have the full effect of this sometime towards the end of Q1, I think.

Yeah, end of Q1.

Yeah, that will go towards the bottom line. I don't know if you want to add anything.

Yeah, most of it will go to the bottom line. I would say maybe 75-80%, and the rest of it will go against CapEx.

Yeah. So yeah, positive impact on cash. Obviously, it takes a little bit of time to do this conversion. I think it's, I mean, this is a strategic change for the company where we will be really focusing in on making sure that we can utilize the trends that we see in the market. We see a really strong growing potential within our defense offering. We see that we really need to focus in on that and to deliver towards those customers and make sure that we're in the best possible position. Both when it comes to how we invest, but also when it comes to where do we focus our efforts and where do we focus our staff in a way that we can capitalize as much as possible on this.

Because, as I mentioned briefly, we haven't seen the full effect of the rearmament process, which is going on in Europe yet. There has been a big surge in buying materials, and we can see those announcements weekly. It now comes a time when we need to start, when the armed forces need to start, and we need to support them to start to convert this into capabilities and be ready to actually work with what we've got and how to rebuild that. Also being able to ask the question, where did all those investments go? I believe that there is a surge in terms of the capabilities that we're delivering. We hear this in the conversations that we have with our customers and potential customers as well.

I do think that both in the U.S., but especially in Europe and to a degree in the Asia-Pacific region as well, there is going to be an increase in defense sales over the next, well, for a really long time. I don't necessarily think that that will be impacted either way by the geopolitical changes that we all hope are going to come in Ukraine and so on. Right. We have one question here about recruitment of developers. I mean, it's a bit of, and the question is, can you comment on the recruiting of senior developers in Australia and what their roles will be? Are they needed for local adoptions, and will this be the model for different regions as well? I think this will, in a way, they are sometimes needed for local adoptions.

In this case, it's about the fact that we have a strong growing customer base who has some requirements for local security-cleared personnel. As you're aware, we've got staff now in the U.S., in the U.K., in Sweden, and in Australia. Will we need to continuously grow this? I'm not sure we will if the market is there to carry it and we get investments from our customers who will go towards investing in these areas. I think it's a good opportunity to have our development teams, our engineering teams, as close as. I think in this case, we've seen that we've got a very good effect from this team working very closely with the end customers out in Australia. I don't necessarily see that we will need to recruit developers to meet the requirement from our new customers in Europe.

I believe that we will be able to deal with that from the U.K. and from Sweden as well. It's a little bit of a mixed bag depending on where you are in the world, but all in all, I'm very happy with this team growing. As I mentioned, they're both cash and revenue positive. We'll hopefully be able to announce more positive news from Australia during the next couple of months. I think with that, we will end today's call, and I would just like to take the opportunity again to say thank you for everyone who's joined. Thank you for your continued support for 4C Strategies. As I mentioned initially, not necessarily the final Q3 numbers that we were hoping for. We have seen some delays, but on the other hand, we're now pushing hard into Q4.

I hope to be able to make some announcements in the near future. Really utilizing the situation that we have towards the end of the year here. We'll be pushing hard into Q4, really making sure that we deliver on these European contracts and hope to be able to share more positive news with all of you in the near future. Thank you very much for your attention this morning and have a good rest of the day.

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