Earnings call transcript: Invisio Q3 2025 reveals mixed performance

Invisio Communications AB reported its Q3 2025 earnings, revealing lower-than-expected revenues. The company’s stock saw a modest increase of 0.17% in early trading to $32.04, reflecting a cautiously optimistic market sentiment. According to InvestingPro data, the stock currently trades 32% below its 52-week high of $47.43, while maintaining impressive gross profit margins of 58.5%. New product launches and significant contracts with defense agencies are expected to drive growth in the coming years.

Key Takeaways

• Revenues for Q3 2025 came in lower than forecasts.
• The stock price increased by 0.17% following the earnings announcement.
• New product launches and defense contracts are expected to boost future growth.
• Operating margin fell to -1% for the quarter.
• Delivery delays impacted over €100 million in potential revenues.

Company Performance

Invisio’s performance in Q3 2025 was mixed, with revenues falling short of expectations. The company, now valued at $1.47 billion in market cap, reported a rolling 12-month revenue of DKK 1.7 billion and quarterly revenue growth nearing €900 million. Despite challenges, Invisio remains optimistic about its long-term prospects, supported by new product innovations and strategic contracts. The company maintains strong fundamentals with a 27% return on equity and holds more cash than debt on its balance sheet, according to InvestingPro analysis.

Financial Highlights

• Revenue: Lower than expected for Q3 2025.
• Operating margin: -1% in Q3, with a rolling 12-month margin at 17%.
• Gross margin: 57%, affected by currency and tariffs.
• Cash flow from operating activities: €105 million, down from €152 million.

Outlook & Guidance

Invisio anticipates a stronger Q4 2025, aiming for a 20% long-term EBIT margin. The company expects significant growth from its new product lines and continued market expansion in 2026.

Executive Commentary

CEO Lars Hoegard Hansen stated, "We expect market activity to remain high for several years to come." He emphasized the importance of the company’s product portfolio in driving future growth and highlighted the broadening of their system offerings.

Risks and Challenges

• Delivery delays have significantly impacted revenue.
• Operating margin pressures may continue to affect profitability.
• Currency fluctuations and tariffs pose ongoing challenges.
• Expanding into new market segments involves execution risks.
• Maintaining competitive advantage in inventory management is crucial.

Q&A

During the earnings call, analysts inquired about delivery delays, which affected over €100 million in revenues. The company addressed concerns about hiring challenges and tariff impacts, noting minimal effects on future US sales.

Full transcript - Invisio Communications AB (IVSO) Q3 2025:

Conference Moderator: Welcome to Envisio’s presentation of the interim report January to September 2025. The first part of the conference call, the participants will be in listen only mode. Now I will hand the conference over to the CEO, Lars Hoegard Hansen. Please go ahead.

Lars Hoegard Hansen, CEO, Envisio: Thank you, and welcome, everyone. So the outcome of our third quarter twenty twenty five is to a great degree already known since we have published the key figures already some weeks ago. And therefore, I will focus on some of the operational and business highlights in the quarter. It has been a very busy quarter on all parameters. We have seen high levels of activities in all geographies and all customer areas, and we saw results in terms of strong underlying intake of small and medium sized orders.

And with the delivery delays that we announced some weeks ago, this means that the order that we had at the end of the quarter has been significantly strengthened. Even though we also still see some impact from tariffs in The U. S, we still maintain healthy margins. But the fact of the matter is that this quarter, from a financial point of view, of course, is disappointing since we have lower revenues than expected. And because of our business model, we also have manufacturing, our operating margin is doubling and it is around minus zero in this quarter.

But back to the operational highlights because it has been very, very busy and three things that stand out. First of all, the ten year freight order agreement that we had with The U. S. Postcard with a value up to USD 99,000,000 or KRW $930,000,000. After the quarter, we also entered into a five year framework agreement with the Netherlands MOD in sub defense with an option for another two years.

And apart from that the quarter saw a massive amount of product launches from an issue in connection with the trade show PCI in London. It is probably the largest number of new products we have in the launch. So I’ll get back to that as well. Looking a little bit at the numbers. As I said, good underlying order intake, down DKK 500,000,000 almost.

And on a rolling twelve month, we are at DKK 1,700,000,000.0. So continue to be good spread across our different product categories and our different user types and the other fields. Good mix across the board. And it means that we leave the quarterly revenue growth close to €900,000,000 And as usual, the majority of the orders are expected to delivered in the next two quarters in Q4, which is going to be final in Q1 twenty twenty six. So as we have already said, our revenues were impacted by delivery delays, And there were several reasons for that.

One of them being that sometimes our hearing protection solutions are delivered together with the communications radio or together with a certain vehicle and so on. And if that communication radio has a different delivery time from when we were expecting to deliver, we just now have to postpone our deliveries so that the end customers can receive the whole system including communications already in one go. Another reason this is becoming more relevant is the fact that over the last three, four years, this year has developed greatly. A few years ago, our core product solutions was a hearing protection headset with a control unit and a few cables, meaning four or five products or order lines per user. Now one of our advanced systems for instance, the intercom and wireless link can count up to almost 100 order lines.

So there are so many different parts of the delivery. And this also means that if the customer is requesting a little bit of a change to one of these 100 parts or if there is a slight deviation from any of our suppliers in one of these counterparties, there will be a slight delay. Normally, it would be spread out over the year, but just in this Q3, we had a little bit of a currency storm where several things happened at the same time. So but all in all, as we always say, you have to look at an issue on a row in 12 patients and not on individual quarters because of the usual calculations. Our gross margin was still solid in Q3.

We did see some tariff costs still impacting our gross margin of about 4,000,000. We also see some impact from currency, 3,000,000 towards the dollar especially. But we think, again, if we look over a longer period of time, the last four quarters, are close to 60% gross margin in average excluding the third party revenue deliveries. And as we have said several times, we think that our product portfolio with many new products coming into the mix will continue to support a strong gross margin for the company. Our long term OpEx trend has been steadily growing and also now in Q3, although at a little slower pace.

Our headcount is up 16% this year. And as I think you all know by now, this is driven heavily by investments in new products and also in our sales team. We have in the last twelve, eighteen months announced a wide range of new products and additions to our sales team to be able to handle the customer contacts and sales of many of these new products. And most of these new products have not really come into the market yet. So we expect starting point to be 2026 for a lot of these new products.

So on the margin side, yes, very clearly, we have a business model with outsourced manufacturing where revenues are lower, it hits our margins, our operating margins directly. So we ended up with minus 1% in the quarter due to lower revenues. Still on a rolling 12%, we are at 17% margin at the end of the quarter. Inventory has been a competitive advantage for a very long time and still is albeit in this quarter we were not able to compensate with our inventory for some of the delivery delays. But still going forward, we believe that inventory value is going to be a significant competitive advantage, and it is a decision for us to continue to do this because it is standard products and there will be many situations where customers are asking for deliveries with a very short notice.

Cash flow operating activities, EUR 105,000,000 against EUR 152,000,000 comparable, and that decrease is primarily due to the results during the quarter. So not much to comment on that. Now into the more point of view, our daily operations. So first of all, the ten year contract that we have secured with the U. S.

Coastal, the largest agreement to date and a really company milestone. This is something we’ve been working on for almost three years throughout the company and with a very, very teamed and focused effort to be able to achieve this. It is a contract that is related to our intercom system combined with our new VisionLink wireless solution and headsets, controllers and intelligent cables. And what the customers have the government told us is that they intend to install it on a large number of what they call small loads, whereas public information is available, they have several thousand. The agreement is worth up to $930,000,000 over ten years.

And we already have received the first small order from last year’s project that they will be delivering to them in the 2025. In itself, it’s a milestone to be asked to equip the U. S. Coast Guard to move us with this very, very advanced communication solutions, but it’s also an entry point for us into a new type of users that we haven’t been able to address much earlier. So we believe that this coolestown entry will open doors for us with coolestowns globally and not only in The U.

S. It will also open doors into our military marine applications where our WiseLink heavy to come system is going to be very relevant. So this is starting point of a new application area that we see extremely interesting all time for Indonesia. Next, the framework agreement with the Dutch Minister of Defense. Now this is a contract that is for five years and includes the majority of our initial products, including headset control units and intelligent cables.

It’s according to the customer worth up to $365,000,000 five years with an option for two one year extensions. We do expect the first orders to be received already before the 2025. And if this follows the pattern for many other contracts that we’ve seen over the years, this will be a very long term relationship with the Dutch MOD and we look very much forward to start rolling out the program and responding to the communications needs that they have. Then over to some of our product announcement launches. First of all, the T30, we have already explained quite some communication time on this in terms of press releases and all this.

But we still think this is one of the most important product releases in the history of Immizio because it is our first own internally developed stand alone over ear headsets. We have over ear headsets before like the G7, but that has more been especially application headsets towards maritime environments on the walls and so on. This is the T30 is the sort of conclusion of everything we learned in the last fifteen years. So this is really a standout state of the art communications headset that are very versatile and can be used in many different situations, including those that are not equipped yet with their own communication radio. We are at the final stages of ramping up in manufacturing.

So we expect that the drug will be able to contribute to our growth significantly already in 2026. At the same time, the technology we acquired earlier this year from Ocelis is now turned into the InVisio H series, data hubs. And this is a very exciting product area where we are able to connect many different devices that were not originally developed and intended for being connected. So through our data hub, we are able to do that. We are able to transport all the data and power throughout the entire system.

This was one of our most busy areas at a recent BSCI trade show in London. So we believe we have a real winning solution here, and we believe that the V2X series will act as a catalyst for development of future innovative and cutting edge products in the Endicia portfolio over time. So we also expect this to contribute to our business revenues already in 2026. Turning to the NVIDIA Link Wireless addition to our intercom. As I said, this is what the cost outs have chosen.

And this is definitely a solid product portfolio addition that will be a cornerstone for future growth, and this also attracted a lot of attention. This is a product that is already ready and shipping to customers, so this is something that will contribute to revenue already in 2025 and onwards. So just an update on our shareholder structure where our largest shareholder, the Media and Beyond Foundation, have increased their shareholding just after the quarter with 2%. But other than that, a very solid and strong base of shareholders, both in Scandinavia, Europe and U. S.

That has been supporting the initial case and growth for a very long time. In summary, as we have said now many quarters in a row, we expect market activity to remain high for several years to come. There is so much going on in especially Europe, but also in The U. S. And modernization needs to continue.

We all hear every day in the news how this is urgent and how we need to speed up. Budgets are being increased. And even though we are a little later in the timelines and record systems and itinerary and so on, we can see that there is a high interest for all types of products, and we assure that we will be part of this ramp up shortly. So in this position, we now look forward capitalizing on opportunities that we see in the market and with a very strong product portfolio, the best ever with some new large frame order contracts in the bag. We are very much looking forward to the fourth quarter and into 2026.

So this was the short summary of the quarter. I will just mention also, I’m sure there will be questions around the shutdown in The U. S. And yes short time curve it has a little bit impact on us right now in October, but we do not expect this to have any significant impact on us in Q4 or going forward unless the situation escalates or gets really, really lengthy. But so far no real impact at us.

Thank you for now. And I am open for questions please.

Conference Moderator: The next question comes from Adrian Elmland from Nordea. Go ahead.

Adrian Elmland, Analyst, Nordea: Hi, guys. Hi, Lars and Thomas, and good afternoon. I just want to say that I think there might be some technical issues with your mic, Lars. I have at least had some hard time hearing, unfortunately. But I’ll shoot my questions anyhow and hope that you haven’t answered them already.

But first off, could you quantify in any way the magnitude of the order that was pushed from Q3? What sales would have been if these orders were delivered in time?

Lars Hoegard Hansen, CEO, Envisio: Adrian, I’m really sorry about the speed quality. Can you hear me okay now?

Adrian Elmland, Analyst, Nordea: Yes, it sounds better now.

Lars Hoegard Hansen, CEO, Envisio: Okay. So well, we have not really quantified that because it is in a sizable, let’s say, we are talking more than EUR 100,000,000 at least that were moved, but I don’t have the exact number because there has been things we were able to move forward as well as compensate a little bit. So it has been a little bit like an offer, at least EUR 100,000,000.

Adrian Elmland, Analyst, Nordea: Okay. And also another question here, I guess. Could you give any sort of comments into the sort of the current trading into Q4? I think that you mentioned that at least the majority of this order should be delivered in Q4, right? But and we also we have seen the underlying order intake here in Q3 was really strong.

I suppose that, that will continue. And I think that you previously this year said that you expect kind of a stronger end to the year. Does that still hold?

Lars Hoegard Hansen, CEO, Envisio: Yes, I think so. If nothing else happens, yes. I think, as usual, the order book that we hold, we should be able to invoice the majority of that in Q4 and Q1. So that’s I think I can stick my neck out and say that Q4 will definitely be better than Q3.

Adrian Elmland, Analyst, Nordea: Okay, perfect. And kind of a question here regarding the supply chain risk. Do you think it is it fair to say that it is systematically higher now following the huge influx in volumes in the entire sector in the last couple of years? Or is this just normal course of business that you have to deal with being in the defense sector?

Lars Hoegard Hansen, CEO, Envisio: Yes. I think for us, it is more the consequence of the complexity of having so many more proper lines in one system. But in we don’t have any manufacturing issues. We don’t have any component issues, and we still have a large inventory. So it’s more matching the exact inventory to customer orders and then also just the timing of making sure that all products in one system are delivered at the same time.

So it’s more the complexity of timing. At the same time, we are also, of course, constantly updating and reviewing our supplier setup to make sure that our capacity is adequate for the business that we see going forward. So I see this more as being a short term thing for Q3.

Adrian Elmland, Analyst, Nordea: Okay, perfect. But it kind of sounds to me at least that we should expect, I guess, a higher risk going ahead? Or is there anything you could do to kind of mitigate this risk going forward?

Jacob Marken, Analyst, Danske Bank: Yes.

Lars Hoegard Hansen, CEO, Envisio: There is. And I think part of it is also because we have been balancing deliveries together with making all of our new products ready for deliveries and sales. So it always takes longer when you are in the ramp up phase of a new product line rather than just manufacturing what you already have running. So it is a little bit of a perfect storm that also includes the many new products that we are making ready for cusapam.

Conference Moderator: The next question comes from Jacob Marken from Danske Bank.

Jacob Marken, Analyst, Danske Bank: Same as the previous speaker, I had some issues hearing you during the conference call. So I’m sorry if I asked any questions that you’ve No already problem. I apologize for that. So first of all, I was wondering if you can say any comments on the geographical sales split. I mean, it’s the lowest sales to U.

S. In a very long time. Is it fair to assume that a lot of the push deliveries was related to The U. S? Or is there anything else happening there?

Lars Hoegard Hansen, CEO, Envisio: No, there was some some of it is definitely related to The U. S. But also to Europe. So it is a combination. But there was delays in both geographies.

But from an order intake point of view, I think we have seen good order intake from both North America and from Europe.

Jacob Marken, Analyst, Danske Bank: Okay. And then I had sort of a question on the eight Series, which you talked briefly about. You said before that you expect significant impact also from that in 2026. Is that something that still holds? And how is the sort of client feedback from that

Lars Hoegard Hansen, CEO, Envisio: going? Absolutely. Yes, absolutely. I would say that the interest has been very, very high for the data ops. It was one of the stars of the show in London, and we are talks with several customers and several programs about the hubs.

So whether the orders will be in early twenty twenty six or in the latter half, I don’t know, but there’s definitely real business potential in the quarter.

Jacob Marken, Analyst, Danske Bank: Okay. Perfect. And then last question was just on order intake size. Of course, a very strong quarter on small and medium sized orders. And I think you said,

Daniel Thorson, Analyst, ABG Sundal Collier: if I heard you correctly, that you

Jacob Marken, Analyst, Danske Bank: have been working on the U. S. Coast Guard order for three years now. I’m just wondering how many or if you can say anything about sort of the amount of discussions in sort of that magnitude in the U. S.

Coast Guard or The Netherlands order or the framework. How many of those kind of discussions are you in currently?

Lars Hoegard Hansen, CEO, Envisio: Well, there are several. I don’t want to put a number on it for competitive reasons, but there’s definitely an interesting number of similar or maybe not similar to the Coast Guard, but at least similar to the Dutch MOD and others where we are in constant talks and preparations. So yes.

Jacob Marken, Analyst, Danske Bank: Thank you. That was Thank you. I’ll get stuck in line.

Conference Moderator: The next question comes from Daniel Thorson from ABG Sundal Collier. Please go ahead.

Jacob Marken, Analyst, Danske Bank: Hi, Lars. Two questions from me, please. First one, gross margin, 57%, a bit below ambition, but also expectation. So can you share any picture on the gross margin profile of the order book would be highly appreciated? And then secondly, do you see any hiring risks in the sector given that basically all competitors and players in the market trying to grow significantly right now?

Do you see any strong salary inflation to keep employees or hire new ones?

Lars Hoegard Hansen, CEO, Envisio: Thanks, Daniel. First, on your last one about hiring. So no, I think given the fact that we where we are geographically, are not really under pressure from competitors. So I think we have not seen any issues with hirings, and we have not seen any high pressure on salaries or anything yet. So we are in good shape.

And I think we have several means of keeping our employees bonus programs, some option programs, but also competition clauses. So I think we have a good mix of tools to be able to retain our people. Plus the fact that according to our surveys, people actually like to work here and stay here for a long time. So it hasn’t been a big issue. Regarding the gross margin, well, yes, I can’t really share the profile of the coming deliveries, but I can say that in this quarter, there was probably a couple of percent impact from currency and from the tariffs.

So without that, we would have been close to 60%.

Conference Moderator: The next question comes from Yiwei Zhu from SEB.

Yiwei Zhu, Analyst, SEB: Hi. Thank you, Lars, for taking my question. Also two from my side. Firstly, Lars, if I recall correctly, you had like almost nine large contracts won in 2019 and most of them have like five years term. Now we are almost finishing 2025.

Could you give an update on those contracts? Is there like any re tendering coming up or is ongoing? Or you have Without at least extended

Lars Hoegard Hansen, CEO, Envisio: having gone through them one by one, I would say the majority of them has just been prolonged with AI,

Daniel Thorson, Analyst, ABG Sundal Collier: which we

Lars Hoegard Hansen, CEO, Envisio: do. So the customer has just continued and prolonged the contracts even longer. So I would say just from my gut feeling is that they are all still in force.

Yiwei Zhu, Analyst, SEB: Any of them are put up for retentering, if you can confirm?

Lars Hoegard Hansen, CEO, Envisio: Not at this point in time. We have had one, which was a Swedish lease, but we got that as well. Again, so I can’t recall any one of those that has been put up for retails or no. Okay, cool. Thank you.

Yiwei Zhu, Analyst, SEB: And next question on EBIT margin. You just raised the long term target 20% flow. And when I looking at the first nine months, and you have to deliver a extremely good quarter in Q4 to meet the 20% EBIT margin target this year, Should we assume that this year, you will not be able to meet that target?

Lars Hoegard Hansen, CEO, Envisio: I don’t know. That will depend, of course, on what happens in Q4. But I would say, as we say, when we look at the last four quarters rolling, then we are 17.9%. So we are close. And I think when we decided to increase from 15 to 20, it is because we have been above 15 rolling for a long time.

And therefore, it makes sense to raise the bar to 20. That doesn’t mean that we need 20 all the time because then the target is too low. So I think the target is still something we have to work for to meet. But Q4 will tell whether we do it in the calendar year. Again, for the rolling 12, we are at 17.9%.

So close.

Conference Moderator: The next question comes from Tom Ginchaad from Pareto.

Adrian Elmland, Analyst, Nordea: Two questions from my side. First of all, the sort of split on the gross margin here going into Q4, we have more FX headwinds. Should we expect continued dilution on the gross margin for the coming quarter driven by FX? Or can you compensate with a positive mix here in the delivery schedules?

Lars Hoegard Hansen, CEO, Envisio: Would be my Tom, that would be my expectation that we can compensate with the product mix. Without having all the details at hand, I would say, yes, unless the FX headwinds suddenly return really, really bad, then I would say, yes, we can compensate.

Adrian Elmland, Analyst, Nordea: Perfect. And just a sort of follow-up on that on the tariffs here SEK 4,000,000 for the quarter. Any changes to that in relation to volumes moving forward? I mean, course, depending on who you’re selling to, but if we look at The U. S.

Isolated?

Lars Hoegard Hansen, CEO, Envisio: No. I think most of the sales we have to The U. S. Is actually related to contracts where it is duty free entry. And that also goes for the new contract with the U.

S. Coast Guard. So I would still think that the majority of our revenues from The U. S. Will be without tariffs.

The tariffs are hitting us now when we are selling to public safety, police, law enforcement, firefighting and selling to individuals from our warehouse in Atlanta. And prior to the tariff discussion, we decided to move quite a bit of inventory over to The U. S. To try to compensate some of it. I would say the majority of our sales in The U.

S. Will be duty free.

Adrian Elmland, Analyst, Nordea: Perfect. And just a final one on the two new frame agreements. Do you have any gut feeling on the timing of deliveries here?

Lars Hoegard Hansen, CEO, Envisio: Yes. I think regarding the Dutch MOD, it will probably happen in the I think the majority of the vehicle deliveries in the orders will come in the first half of the five year agreement. That’s what we often see, at least. When it comes to the cost down, we are a little bit more new to this area. We think they have a huge need.

They’ve been asking for this type of solution for many years. So they are really happy that they now have it. But we also know that there is a logistical thing into this because you need to get folks into how are you going to install certain things and get people trained and so on. So it’s a little longer process of, yes, making training and installations. So we’ll have to see, but I’m sure that the need is very high among the posters and we are quite sure that they will be spending a large amount of money relatively early into the ten year period.

Adrian Elmland, Analyst, Nordea: So you would assume ’27 should see larger volumes from the Coast Guard order then taking a year to implement train?

Lars Hoegard Hansen, CEO, Envisio: ’20 as well. I would hope twenty six would also show good orders because once the lockdown is over or shutdown is over, they should be going back to normal ’26 projects. As you know, they started in October, new projects in The U. S. And so we should start seeing orders already coming into ’26 is my guess.

Conference Moderator: The next question comes from Jaumur Alberg from Redeye.

Daniel Thorson, Analyst, ABG Sundal Collier: A few questions from me. Maybe first on the U. S. Coast Guard framework there. I think you mentioned that you had something like 16 competitors, if I understood correctly.

Is that competitors have met before? Or it seems like a lot of competition for that order. Can you talk a bit about that?

Lars Hoegard Hansen, CEO, Envisio: Was information this was information that came from U. S. Coast Guard when they also was part of Form in the press release, and we are actually not totally involved or informed about who all these companies were. I would explain that some of them might have been hopeful, small startups or similar that was trying to see if they can get a foot in the door because I’m not really sure I can count to 16 competitors who no matter what I do. So no, I’m not really entirely sure who they were.

Daniel Thorson, Analyst, ABG Sundal Collier: Okay. Got it. And I think, I mean, you kind of asked this kind of question before, but looking at framework agreements going forward, this was your new record size here. Do you see more of this kind of large long term framework? Again, in comments, is there any trend in longer term, larger contract in your sales pipeline, let’s say?

Lars Hoegard Hansen, CEO, Envisio: They are definitely present, but I wouldn’t call it a change. I would think, in general, the order sizes, when we talk about small and medium, these are the ones we would call large orders five years ago. And it’s all back to the fact that we are now selling a much larger, broader system. The average price from intercom systems with accessories is so much higher than what we need to sell for a solar system. So I think in general, there will be larger order sizes even for what we call a medium size.

So but cost cut size framework agreements are there are more, but they are not that many of that size.

Daniel Thorson, Analyst, ABG Sundal Collier: Got it. And then as you highlighted, you have several new products with that seems to get a lot of interest. I mean, you look at the market, the potential for growth from here, I mean, you do see high market activity. You have this new product portfolio with more products. What do you think is most important for achieving your growth target over the next five years?

Is the new products more important than market growth? Or if you can elaborate on that a bit?

Lars Hoegard Hansen, CEO, Envisio: I think, as always, we have been driving market growth ourselves with our ever increasing product portfolio. And I think the product portfolio we have now will, to a large degree, drive our growth, but it will also open up the market even further. Because as I said, with the for instance, with the solution for the Coast Guard, this is something that no one has had before. And there will be many customers around the globe that will be looking at this and say, hey, this is a totally new in the past, we used to have cables lying around the apartment. We both now we can have a wireless solution and move them around freely, and we can hear everything and talk with this very witty and noisy.

And so it’s a totally new capability we haven’t had before. So I think to a lasting degree, we are driving the growth with our continuous development of our new product.

Daniel Thorson, Analyst, ABG Sundal Collier: And maybe a final question. I mean, you do see high market activity. Can you also give up the kind of defense budgets? I think you said earlier that you hope to see some clear indication that these are affecting the demand. Do you see anything there yet?

Lars Hoegard Hansen, CEO, Envisio: Yes. I would say the framework agreement regarding The Netherlands is definitely a response to that. So this is part of the ramp up in The Netherlands that now everyone needs to have a very, very good communications and video protection solutions, both on the ground and in vehicles. Absolutely, that’s the first result of that.

Conference Moderator: There are no more questions at this time. So I hand the conference back to the CEO, Lars Hoegardt Hanssen, for any closing comments.

Lars Hoegard Hansen, CEO, Envisio: Yes. Thank you all for listening in. I apologize if the sound quality in the microphone has been poor. We will definitely make sure that this is corrected before next time when we speak in February when we have our annual Q4 report. Thank you.

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