Good morning, and welcome to ArcticZymes' Third Quarter Results. My name is Michael Akoh. I am the CEO, and as usual, I am joined by Børge Sørvoll, our CFO, as well as Paul Blackburn, our Chief Commercial Officer. The title of today's presentation is Strategy Execution Drives Strong and Profitable Growth, and that really captures the main message of the quarter. We are delivering strong sales growth, particularly within biomanufacturing. That is up 44%. At the same time, over the last nine months, we have been improving profitability. We have been strengthening our position with CDMOs. Sales to CDMOs more than doubled this quarter. We are also expanding our enzyme platform within RNA, and Paul is going to go through our new portfolio of RNA enzymes a bit more in detail. In other words, this was not simply a strong quarter.
It is evidence that the strategy we presented at the Capital Markets Day is beginning to translate into tangible commercial and financial results. Next slide, please, Børge. I am going to start out our presentation by going through some of the key highlights, and I am also going to try to put the quarter into the context of our strategy. Paul is going to take us through the commercial performance and progress we are seeing across markets and across our customer base. Børge is going to cover the financial performance, including the impact of currency during the quarter. Last, I am going to return with an outlook and also go through the progress in regards to execution of our strategy, and I am also going to leave you with a couple of key messages. Last but not least, we are going to end with a questions and answers session.
Next slide, Børge. Let me start by the main message in the quarter. Sales revenue increased by 15% to just shy of NOK 33 million. At constant exchange rates, growth was 24%. That really demonstrates that the underlying business performance is stronger than the reported numbers suggest. Biomanufacturing was a principal growth driver for the quarter, increasing by 44%, as mentioned. We are seeing that more CDMOs are starting to onboard our SAN enzymes, and importantly, we are also seeing a growth in our GMP enzyme sales.
That is important because it shows that our enzymes are being embedded in customers' programs and not just in early development phases, such as process development, but we are also being applied in manufacturing workflows. In molecular tools, our protease is now being integrated as a critical component in an FDA-approved oncology workflow, and the customer is also currently working with additional applications within lung cancer.
Finally, the quarter ended by us hitting a significant milestone. We entered the RNA therapeutic market by launching two enzymes, RiboCleave and RiboClean. Looking back at the first nine months, sales grew by 23% or 33% at constant exchange rates, while EBITDA increased to NOK 12.1 million. The overall picture is therefore one of strong underlying growth combined with improving operating leverage. Next slide, Børge. You have seen this slide a couple of times, but I think it is important to go back to it because it is a center pillar in how we are running the business. The logic behind our strategy is straightforward. We are evolving from being a product-oriented supplier of individual enzymes into a more customer-focused solutions provider. We want to understand the customer's workflow on a deep level.
We want to identify where our technology makes a measurable impact, and we want to become embedded in that workflow that the customer has. We are applying that across the four strategic pillars, and this creates two important benefits. First, it allows us to expand within existing customers and applications. Second, it gives us broader and more diversified platform across markets, products, and customers. The strong biomanufacturing performance we saw, the continuing development of molecular tools and the entry into RNA all demonstrate that this strategy is now being executed on, and we are seeing commercial progress and momentum, which is what Paul is going to report on. Next slide.
Good morning, everyone, and thank you so much for joining. It is really great to have you all here. Over the next 20 minutes or so, I would love to share three things with you. First, obviously, how we got on in the third quarter in total, by region, and by segment. Second, where we are standing after nine months, because that is really where our story comes to life. Third, as Michael mentioned, the launch of our first RNA enzymes, which actually went live just last week. I am really excited about that one, and I know you are going to be excited too. My message today is a really simple one. We have got real momentum, and where we know there is more to do, we know exactly what our priorities are. I am going to be positive because I think these results deserve that.
I am also going to be honest, and where the areas where we have still got work to do, I will mention that too. Let us get started. Next slide, please. In the third quarter, we delivered sales of NOK 32.9 million, which is our best quarter of 2026 so far. That is up 15% compared with the third quarter of 2025, or an increase of NOK 4.4 million. We did that against a currency headwind of around 7% compared with the same quarter last year. At constant currency, our growth was 24% compared with the third quarter of 2025. I think that is a really strong point. The demand underneath is even stronger than that headline number shows. Our customers are buying more enzyme from us.
It is just that the exchange rate was not on our side this time. It is also our third quarter in a row of double-digit growth. Every quarter this year has grown more than 10% compared with the same quarter 2025. If you look at the chart on the left, you will see that the fourth quarter of 2025 was NOK 34.1 million, which is, of course, higher than this quarter. I think that serves as a useful reminder that individual quarters can be bumpy and project-based. Order timing naturally moves revenue from one quarter to the next, so I would really encourage you to look at the trend that is the chart on the right-hand side. This shows our 12-month average is now at a new high of NOK 32.7 million per quarter.
That is up 34% from the low point in the first quarter of 2025, where it was NOK 24.4 million. It has risen for six quarters in a row, and every single quarter since that first quarter of 2025. It gives us, if we look backwards, NOK 128.5 million of sales over the last 12 months. That is six quarters of steady improvement. It is not just a one-off good quarter. This is real lasting momentum. Next slide, please. Where did that growth come from? The short answer in Q3 is Europe, which has been our Q3 growth engine.
Europe delivered NOK 18.9 million, which is up 26% compared with the third quarter of 2025. It made up 88% of our total growth this quarter, and the main driver was CDMOs. These are our contract manufacturing customers that produce on behalf of pharma companies. Within that, there was obviously some variation. For example, the U.K. was a little slower this quarter, and that is something we are keeping a close eye on.
Over in the United States, sales were NOK 12.1 million, which is flat compared with Q3 of 2025. Let us be honest, flat isn't where we want to be. But the picture underneath is more encouraging. We mentioned previously U.S. East had slowed down somewhat. That is recovering nicely as the H2 progresses. At constant currency, the Americas are actually at 4.7% growth. So, once again, currency is hiding some genuine progress and demand. Just to mention APAC, I am really pleased with this. I know the revenues are modest at NOK 1.9 million, but that is up 40% compared with the third quarter of 2025. That is driven by some larger distributor orders in India and China. We are actually also focusing on some really exciting projects in Japan, where we have deliberately put more resources this year.
APAC is building nicely, and it is really nice to see that trend continuing. In short, Europe is leading the way. APAC is building well, and the U.S. is steady, but it is recovering as we predicted in previous investor calls, specifically in the East Coast. If we go to next slide, we turn to our segments, starting with biomanufacturing. Honestly, this was a breakout quarter. Biomanufacturing sales were NOK 18.8 million. That is up 44% compared with the third quarter of 2025, and up 18% compared with the second quarter of 2026. It is our best biomanufacturing quarter since the fourth quarter of 2022, and our third-best quarter in the history of the segment. The reason behind it is really encouraging. Our CDMO customers are moving into GMP manufacturing, and they are taking our products with them.
In fact, NOK 11 million of this biomanufacturing sales this quarter went to CDMOs. Now let me walk you through the numbers on the right-hand side. First, GMP. GMP-grade sales reached NOK 7 million, compared with NOK 2.1 million in the first third quarter of 2025. That is up 227%. So GMP now represented 37% of this segment compared to only 16% a year ago. That really matters because GMP is where customers are moving into clinical commercial manufacturing. So, once our enzymes are designed into a GMP process, that tends to be lasting and repeat business. Second, M-SAN continues to be our growth engine. It added NOK 8.5 million, which is up 165% compared with the third quarter of 2025. Just to balance the picture, SAN HQ and HL-SAN were slightly lower than the same quarter last year. Third, and I have mentioned it already, CDMOs.
Direct sales to CDMOs doubled and was up by NOK 5.3 million compared with the third quarter of 2025. If we look at the broad base that we have got, six customers each bought more than NOK 1 million from us in the quarter for biomanufacturing. They are all CDMOs, and most of them have been with us for a long time. What this tells us is that we are growing alongside our customers. We are not just taking one-off orders. The fourth thing I would like to mention is that the average biomanufacturing order size was at NOK 75,000 compared to NOK 51.6 in the third quarter of 2025. So our average order size is up 45%, and that is what customer scaling up looks like. Finally, on new business, we welcomed 21 new paying customers across biomanufacturing this quarter. Next slide, please.
Now if we move to molecular tools. After a record run, this quarter was a little bit of a pause, but not a reversal. Molecular tools were NOK 14.1 million, which is down 8% compared to the third quarter of 2025. Let me give you a little bit of context, because I think it really helps. In the second quarter of 2025, the business was at NOK 8.6 million, and then it grew all the way to NOK 18.8 million in the fourth quarter of 2025. So NOK 14.1 is for sure below that record, but it is still well above where we were just over a year ago. If we look at the first nine months, I will come back to this, molecular tools is up actually 39% compared with the first nine months of 2025.
If we look at our 12-month average, it is up by 41% compared with third quarter 2025. What happened this quarter? It comes down to timing of deliveries. We took some purchase orders in the third quarter, and we needed to repeat some of our production runs to allow delivery in the fourth quarter. That revenue will be invoiced and recognized in Q4. If we look at other good news, all four of our key product groups are on track to grow in full year 2026 compared to 2025. We are showing a broader customer base, and we are showing strong growth across several key accounts. We have got more paying customers compared to the third quarter of 2025. This broader base makes our business stronger and more resilient and less reliant on individual customers.
To sum up this slide, it is a pause after a record run, but the underlying trend in molecular tools is still heading upwards, as I will reinforce on the next slide. Next slide, please. Let us take a step back for a moment and look at the year to date as a whole, because I think this is the most encouraging picture of all. In the first nine months of 2026, sales were at NOK 96.6 million, and that is up 23% compared with the first nine months of 2025, or an increase of NOK 18.1 million. At constant currency, growth was actually 33%, with both segments growing. Molecular Tools delivered NOK 46.6 million, as I mentioned, up 39% compared with the first nine months of 2025. Biomanufacturing delivered NOK 50 million, which is up 11%, and it has really gathered pace in the third quarter.
Every quarter is up on the same quarter last year. The first quarter up 37% compared to Q1 2025, the second quarter up 19% compared to second quarter, and the third quarter up 15%. The growth rate is easing a little because the 2025 quarters that we are comparing against were stronger, but each quarter is up as we keep moving forward. Other indicators are telling the same story. We served more unique customers in the first nine months, and we increased our average order value. Metagenomics, which we haven't mentioned for a little while, has got sales that have gone up by 65% compared to the third quarter of 2025, although the revenues are still relatively modest. What we have here is broad-based sustained growth, and that's something we can all be proud of. Next slide, please.
That brings me to the future, and this is the part that I've been really looking forward to. On the 27th of October, just last week, we launched two new RNA enzymes, RiboClean and RiboCleave 1, and we have an early access program that is already underway. This is our first step into RNA manufacturing enzymes, and these launches have been a direct response to many customer opinion leader conversations, so they've been driven by feedback from the market. Because RiboClean is a dsDNase, it builds directly on something we already do well, and it takes our expertise into a new and fast-growing area. RiboCleave 1 is the first-ever site-specific RNA restriction enzyme to be launched by any manufacturer, so that's special too. If we could go to the next slide. Let me explain in simple terms what these products actually do.
Enzymes are precise tools that help make RNA therapeutics cheaper and faster to produce. We all remember from biology that DNA makes RNA makes protein, and it's really that RNA that is being used by drug developers. That RNA is basically a set of instructions which tells the body's cells how to fight the disease. The best-known example is perhaps the recent mRNA vaccines. Step two in the customer's process after they've made their RNA is to remove the DNA that has been used as a template for this production. That's typically plasmid DNA or a form of double-stranded DNA. RiboClean, we have demonstrated independently, does this using 10 times less enzyme, and it cuts the nuclease cost per batch by more than 80%.
The other critical thing here is because you're using less enzyme, there is less protein burden that customers need to be concerned about. The third step is to check the quality of the RNA so that it can be made into proteins. To test that the RNA is correct, RiboCleave 1 cuts the RNA to check what we call capping efficiency, and it reduces the time to check this capping efficiency down from six hours to around 30 minutes. Put simply, we can help customers clean their RNA more cheaply and check it much, much faster. When manufacturers are producing batch- after- batch, that really adds up. Next slide. Why does this matter? First, for our customers, it allows them to manufacture at a lower cost per batch. It allows them to generate faster test results, and there is no negative trade-off.
These products fit into existing processes, so they are relatively easy to adopt. Second, for us at ArcticZymes, RNA becomes our third growth pillar alongside molecular tools and viral vector, and that diversification is so important as we build a more and more robust business. It is a large and it is a growing attractive market, and RNA is behind not just mRNA vaccines, but a growing number of new treatments. Also, RNA production uses a lot more enzyme steps, many different enzymes compared to viral vector production, which means that there is more to do for us to develop and supply different enzymes for these processes. I want to be realistic. We are very excited about this, but this is a launch, and it is not a revenue line just yet. Our focus right now is on the early access program.
We are getting our enzymes into customers' hands, we are building our evidence, and we will turn that interest into orders. If I bring that all together, this was a strong quarter in a strong year. Q3 was our best quarter of 2026, up 24% at constant currency compared with the third quarter of 2025. For the first nine months, sales were up 23% compared with the same period of 2025. Our trend has improved now for six quarters in a row since the first quarter of 2025. Europe has been our growth engine in Q3, but the U.S. is showing the recovery that we expected, and APAC is building well under our new focus. Biomanufacturing has had a breakout quarter driven by CDMOs moving to GMP, and molecular tools paused mainly because of these production reruns and delivery timings, with Q3 orders taken for delivery in Q4.
Our priorities for the fourth quarter are clear: deliver those orders that we have taken, return the U.S. to clear growth, and continue to widen our customer base with more customer projects. With RiboClean and RiboCleave 1, make RNA our third growth pillar. The momentum that we are seeing is real, the team is doing a fantastic job, and I feel genuinely confident about where we are heading into the fourth quarter and into 2027. Thanks very much, and over to Børge.
Thank you, Paul and Michael, for the introduction, and the great introduction here, and also the launch of the new products that we have done now just recently here. Over the next few slides, I will move into a little bit on the finance specifics for the quarter and for the first nine months of the year. We will be talking a little bit about sales and EBITDA over the last seven quarters, including how the margin has developed and a little bit reasons why it declined in the third quarter. We will also talk a little bit about the currency effect because it has had a major impact on the business so far this year.
I will also say a little bit about the cost development, where I will split between temporary items and growth-related items, the investments that we have done in the business over the last year. I will round off with a little bit on our cash and financial position in the organization here. The overall message on the financial side is that underlying growth is strong, as Michael talked about. The quarter's profitability was held back by identifiable items such as currency and some temporary costs, and our balance sheet remains solid. First of all, looking at the headline picture here. Sales and EBITDA over the last seven quarters with EBITDA margin.
You can see the development on the left-hand side here. Our Q3 sales, as reported by both Michael and Paul, ended up on NOK 32.9 million. They were up by 15% compared to the NOK 28.5 million we had at the Q3 last year, and around 23%-24% with a constant currency, which you can also see here in the subtitle here.
EBITDA ended up on NOK 3.9 million with a margin of 9%, and this is also compared to the 12% we had at the end of Q3 2025, and we also had a 23% margin in the second quarter this year. The margin is down both quarter-over-quarter and year-over-year, and there are basically two things that is explaining this, and that is the currency and some of the temporary effects, including the growth-related investments that we have done. If we are to look at the EBITDA now, and we use the constant currency that both Michael and Paul talked about, it is important that our EBITDA would have improved from that NOK 3.1 million to an estimated NOK 5.5 million if we were using the same conversion rates in 2026 as we had in 2025.
That basically meant that our EBITDA would have increased by NOK 2 million compared to the same quarter last year. Looking at the first nine months of the year, our sales ended up on NOK 96.6 million, up 23% from the NOK 78.5 million last year. We have an EBITDA of around NOK 12.1 million versus NOK 3.7 million at the same time last year. On this one, if you do the same comparison on constant currency, our estimated EBITDA would have been NOK 7.7 million higher, or at NOK 19.8 million for the first nine months of the year. This is also the operating leverage coming through. Revenue is outgrowing the cost, and more of it will convert to EBITDA as we move forward now. It is important to highlight that our margin will fluctuate. It will be impacted by currency. We will have timing effects.
There will be one-offs from time to time. But the direction since 2025 is clear, and we are moving in a positive direction here. Let us look a little bit into the deeper side, look deeper into some of the details here. On the right-hand side, you can see two charts, and that is the development of USD and the USD towards the NOK and the EUR towards the NOK. As we have talked about in previous presentations, we invoice our customers primarily in USD and EUR. When the Norwegian krone is strengthening against both of these two currencies, it has a negative impact on the underlying growth of the business here. Our reported sales are lower, actually.
If you look at the numbers, the Q3 reported sales, we ended up on NOK 32.9 million, but when we also do that constant currency conversion, our Q3 number would have ended on NOK 35.3 million, or a NOK 2.4 million change, which impacted the numbers by 7%. Looking at the first nine months of the year, we reported NOK 96.6 million, and if we do that same constant currency conversion, we would have ended on NOK 104.3 million, or a NOK 7.7 million difference. The takeaway here is that the underlying commercial growth is stronger than the reported revenue, what the reported revenue line shows. We do, however, get some cost benefits from, that we have some, a cost base that is also FX, but this base is extremely much, it is significantly lower than the revenue base that we have.
Also, let us look at some other items on our financial statement for the third quarter here. That is looking at some of the temporary or timing-related items that impacted our third quarter. We had NOK 0.7 million in cost, under cost of material because of production reruns we had to do in the organization. There is also a little bit more added cost to this one, relating to property, plant, and equipment, where we have acquired more raw materials and other items. It is important to highlight that we have this under control now, and these were one-offs in the third quarter, and we do not expect this kind of, that NOK 0.7 million that we ended up in the third quarter to be carried on moving forward now. Also, as I talked about, there has been a currency headwind.
We have also seen expenses, that will impact, has impacted business in the third quarter from a currency perspective as well. Looking at temporary and timing-related investments, we have increased our We have capitalized NOK 1.5 million in the development activity for new launches. This goes to the RiboClean and the RiboCleave that we just talked about. We have higher bonus accruals now this year compared to the same time last year due to the performance of the business. We are performing a lot stronger than what we did last year. We have also invested more into external support to drive the top-line growth. All this is also coming back to what Paul talked about.
We have made some investments on projects into the Japan area specifically, and that impacts our P&L for the quarter, and it will impact it in the coming quarters as well, but not at a significant level. We are It is important to say we are investing in the business as well. This brings us over to the cash and the cash position of the company. Cash at the end of the quarter was NOK 191.9 million. We had short-term investments of close to NOK 80 million, giving us a cash balance of NOK 272 million. This is up from the NOK 269 million we had at the end of the second quarter, and also compared to the NOK 258 million we had at the end of Q3 last year. For the quarter, you can see that our changes in cash and short-term investment was around NOK 2.5 million.
This includes changes in short-term investments of NOK 0.08 million. For the first nine months, the combined position is up by roughly NOK 6.8 million, and this was also achieved while we carried some currency headwinds. We have had some temporary costs, and we have invested internally in the business. To sum up, we have a strong cash position here. It gives us the flexibility to do organic growth, but it also gives us the flexibility to act on selective investments if we see there is a strategic fit. We are also looking at other opportunities that Michael will talk a little bit more about now in the outlook and summary.
Opportunities that we presented at the start of the year at our Capital Markets Day. As you can see, our priorities have not changed. We are focused on building a high-performance commercial engine. We are focused on driving innovation, not only through internal R&D, but also through partnerships. We are focused on expanding our SAN business through penetration to more CDMOs. We also see an important priority. Since the Capital Markets Day, since we presented the core priorities, is that we now have more evidence that the strategy is working. Next slide. This slide shows the evidence of the execution of the strategy. First, the commercial engine, as Paul just has gone through, is gaining significant momentum.
Is gaining significant momentum. 20 27, as we have now seen that the model is working. Second, our innovation model is producing tangible results. We launched two new enzymes, RiboCleave and RiboCleave 1, as Paul walked you through. These are not just me-too enzymes. These are enzymes that deliver tangible benefits to our customers. I was so lucky to be at the European Society of Gene & Cell Therapy Conference in Hamburg last week, and it was exciting to see the reception of the enzymes, as well as the interaction with customers across the board by our dedicated BD team. The products have also been developed in a new way, as Paul also talked about.
We've had beta site testing ongoing at four different sites, and their input has directly affected the application, data, and support that we've been able to provide straight from launch, with very tangible examples of how the enzymes impact the customer's RNA workflow. Another priority is, of course, the expansion into CDMOs, and Paul has already walked you through what we're seeing. We're seeing increasing adoption of M-SAN and SAN at CDMOs. The sales doubled, and we expect that we can continue that trend into 2027. Paul also talked about metagenomics. We are seeing increasing sales within that segment, and it is a segment that is building currently, but it's a segment that is also diversifying the business, making the business more resilient for the future. Finally, one of the core priorities was to establish RNA as a scalable growth pillar.
The two launches of the two new RNA enzymes is a first step in that direction. We see a lot of future growth potential within this segment. We're going to be launching more enzymes, more variants, as we move forward. All in all, tangible process in execution of the strategy on all four, five priorities. Next slide, Børge. A quick summary. I'm not going to mention the numbers again. I think you have heard them a couple of times during this presentation. I'm going to say one thing in regards to capital allocation. The board has asked the management to evaluate capital allocation options, and this includes a potential share buyback and the possible use of treasury shares in future acquisitions. This is something that the management team is looking into as we speak.
The last thing I'm going to say is that I have now had the great joy of being heading up ArcticZymes for the past three years, and I'm really pleased with what I've seen from the team in Q3, but also during the first nine months of 2026. The business is in a good place, and we're going into Q4 with a lot of positive momentum to close out the year in a great way, and also continue to build for 2027. The milestone in regards to launching the RNA enzyme is something that is crucial for the company to continue on an aggressive growth path for the future. With that, I would like to thank you for tuning in to all of our investors.
Last but not least, I'd also like to thank all our employees for a strong delivery during the first nine months of 2026. Thank you. That means that we can start to take your questions. I think we already have quite a few questions in the questions section, and we're going to try to address as many as possible, but I can't promise you that we can go through all of them. We're going to pick as many as we can. Børge, please go ahead.
Okay. I will start with the first question here. It is a little bit uncertain about it. It is stating that Q1 operating costs exceeded Q2 in each of the last four years, also by NOK 7 million this year. How much of the Q1 to Q2 margin improvement was cost timing rather than operating leverage? What is the normalized quarterly cost base going into 2027? I think I can also comment a little bit on that one. When we are talking about the first and the second quarter in this business, it is important to remember that our personnel expenses are always lower in the second quarter compared to the first quarter, primarily because of the Norwegian accounting system. We do not have salary in Norway due to the holiday pay, which has been accrued throughout the year. So for June, we do not have a salary expense.
It has been accrued over the other 11 months, meaning that Q1 is most likely to be higher than Q2 moving forward. Looking at the normalized cost base for 2027, we have not done all the figures for 2027 yet, but of course, we have made investments into the organization. There are more people in the organization, and we plan to expand the business as we move forward as well. This is also coming back to the operating leverage we have talked about. We will continue to invest in the business, but it is important that we invest in a good way that also kind of is aligned with the top-line growth that we are looking at. The next question here, at the Capital Markets Day, you show EBITDA margins of 10%-15% at NOK 120 million revenues and 2027 at NOK 150 million.
It is also a question about where does Q3 sit against that model, and you still stand by it. I can probably answer that one as well. I think what we presented at the Capital Markets Day was an illustration of how we believe this business can grow. I think given from where we are, I think Q3, maybe not the isolated quarter sits very well with that, but if you look at the full year as such, the model fits quite nice, I would say. Right now, we have a margin of, I think it is 12%, looking at the first nine months. So I would say it fits fairly nice with what we have already said, and I think it will fit fairly nice with the future as well. All right. Looking at the next question.
Your FDA-approved diagnostic customers that customers test launched commercially in the U.S. at the end of September. Did the autumn scale-up order ship in Q3, or does it fall into Q4, and how large was it? You have said this account could become your largest customer within three to four years, but your published 2030 forecast for it is about NOK 19 million, below what your largest customer buys today. Will you update that forecast?
I can take that one. We did ship some material during Q3, but we will also be shipping some material during Q4 for their scale-up. I am not going to comment on exactly how large that is. That would not be appropriate of me. We did say that this account could become our largest customer, and we still believe that that could be the case. The forecast of NOK 19 million that we put forward previously is just that. It is an estimate that was provided by the customer. There is a couple of things that was based around one oncology test, and as Michael mentioned, we are currently being validated into another test. The forecast is exactly that. It is not an exact science, and it depends on the success of this customer, how commercially successful these tests are going to be.
We were basing it on the data that we had, which it was provided by the customer. We actually think inclusion in more tests and that success in the market of their diagnostic kit could make it higher than this.
Okay. Thank you. How much of that molecular tools revenue moved from Q3 into Q4 now, caused by the production reruns? Has it been shipped now, or when do you believe it will be shipped?
Again, I am not going to comment on exact numbers. Quality is at the heart of everything we do and it was important to do a particular rerun. These things do happen, of course, in manufacturing. I am not going to comment on the exact size.
Okay, that's fine. Moving a little bit into the new product introductions that you talked about here. How many customers have ordered the RiboClean since the launch? Are the four beta test sites amongst these?
I think it's important to mention that we launched the product last week, first of all. You can commit further on it, Paul.
Yeah, our priority is not to generate revenues. In the first instance, our priority is to get the enzyme into the hands of customers so that they can validate it in their workflows, they can work with us to produce or work independently in many cases to produce results for the market. So, the partners that we've been working with during the beta test phase continue to be our partners. They are excited, they're pleased with the enzyme and we will start to report out on that product line as time goes on. But it's too early now. We literally launched last week.
I can also just mention that last week I had the opportunity to have dinner with one of the beta site testers, and that beta site tester is CDMO, and they are extremely pleased with the performance of the two enzymes, and they're currently considering to implement it on their platform. The initial reception by the beta testers has been really positive, and that gives us a lot of confidence. It is a segment that has our attention. It is a segment where we are going to build a strong portfolio of enzymes in the future.
Regarding these new product offerings that you have now, is there planned a GMP grade or is it going to be ISO 13485 or? How do you see the development of these products moving forward now?
That is a good question and I can answer that. If we look at the RNA market, then it is a market that is still developing. It is a market with not many gold standards of how to do things, which is good when you are a new entrant into the market space because it opens up a lot of opportunities. It also means that quality regulation standards are not as harsh at the start. We launched research use grade of the products; that is good to get people testing, trying. We are going to launch ISO 13485 grade in the future. The timing has to be decided. When we look at RiboClean, then our expectation is also that we are going to be launching a GMP grade in the future. The timing has to be decided.
What is important in regards to this is that we have the exact capabilities to launch both the ISO 13485 in the future, as well as the GMP grade, and that is the confidence that we need to also translate to our customers. It is something that is in our forward-looking plans that we are going to be also, just as we did with our SAN enzymes, do different quality grades upgrades in the future.
Okay, thank you, Michael. I think we will also head over to a few questions on the revenue side of the business. You said that you had, how has Q4 so far been? How is Q4 looking? Can you quantify anything on that note?
I will not quantify anything, but what I will say is that we have continued with good momentum into Q4.
Okay, thank you with that one.
Paul, that is exactly right. We have good momentum and now I am not just thinking about the actual sales numbers. I am thinking about also the quality of the dialogues that your team are having. I was really impressed last week with the relation building that is going on, and that is something that tells me that we are moving from a more transactional way of working to actually establishing really strong relations with numerous customers, biotech, pharma, CDMOs, molecular diagnostic customers. So, it promises well for the future.
Thank you. Looking at the strong growth in biomanufacturing, particularly the significant increase in CDMO sites and GMP-related business, do you see a structural shift towards more recurring and predictable revenue streams, or are you just seeing increased customer commitment and growing production volumes amongst existing CDMO customers? Should we expect this to translate into more stable quarterly revenues going forward?
Yeah, I think the short answer is stability is going to be difficult in terms of individual accounts. It comes from, I think it is more important to focus on having enough accounts that are purchasing to GMP. Now, we have more success getting robust forecasts for customers for GMP material. They know that it is a little bit special, and we need to understand what their campaigns, their manufacturing campaigns are going to be. So, I think it is more a question of having enough customers so that project bumps can be smoothed out. The progression from design into commercial is not linear. There are pauses, there are customer sort of milestones, and these things do cause what you might regard as some hesitation in the order timings. So, you cannot simply draw a straight line for each customer.
It becomes a question of having enough customers, as we are doing, to stabilize and to kind of smooth out those project-related bumps. It is absolutely going in the right direction. The GMP conversations are more committed than the non-GMP conversations because this material is being used for patients, for clinical use.
Okay. Thank you. Thank you again, Paul. I see that time is running quickly. I think we will take one final question before we will round off this presentation and third-quarter webcast. It's a little bit about the long term here. You have said that you wanted. Earlier, you have set a target of NOK 180 million by 2026. Back in 2022, you promised to review your long-term commercial goals. Is the 2026 target still valid, and will you also publish a new quantified revenue target?
I'm not going to comment on revenue targets that have been set on setting new targets. I think it's important for us to continue to improve our guidance of the market. We came out at our Capital Markets Day with some clear ambitions, and during this presentation, we've shown you how we execute according to those, both the core priorities as well as the ambitions. At the moment, where we are in the company's development, that is the guidance that we are going to give. Is it going to change going forward as the company matures, becomes larger? Most likely.
But for now, the targets that we have are the ones that you have seen from the Capital Markets Day presentation. From here on, it's very much about executing on the strategy and, of course, delivering growth long term for the business, which we are on track to do, as you've seen in the numbers that we've presented today.
Okay. With that final note, I think we thank you all for your participation and listening in on this webcast, and wish you all a great day. Thank you.