Good morning, everybody. Welcome to Huddly's Q3 2023 Results. I'm Graham Williams, I'm the CEO of Huddly, and I'm joined by our CFO, Abhi. Later on in the session when we get to Q&A, Jostein Devold, our Chairman of the Board, will join us for the Q&A. All right, let's get into it, and let's get to the first slide. So these are our key highlights. Revenue was NOK 58 million for the quarter, which was pretty similar to last quarter, and gross margin of 48%, which was once again pretty similar to last quarter, adjusted. So we're maintaining our 2023 guidance. We guided between NOK 200 million and NOK 250 million for the year. And we're maintaining that. We're also maintaining our gross margin guiding of around 50%.
Under the heading of strategic review and financing, a strategic review has been initiated after we received interest from a global industrial player. Sansa Advisors has been chosen to assist the board of directors in this respect. The board's also appointed Pareto Securities to explore financing options. So let's move on. Abhi?
Thank you very much, Graham. So let us get back to the fundamental question of why we exist as a company. So the why for us as a company is that we empower human collaboration, and the way we do that is we challenge status quo to make hybrid teamwork productive and inclusive. And the hybrid teamwork is one very important notion, which I'll get back to in the next few slides. So the result of the why and the how, that's the what. So we craft intelligent camera systems that combine AI, hardware, and software. So this is really at the core of what we are doing every day at Huddly. Looking at the market, we are riding a quite interesting and quite attractive wave of hybrid workplace.
So for the past few years, there's been a convergence towards hybrid teamwork, where people are approximately working from home or from the office about two to three times a week. So around 2020, 2021, there was quite a big spread between employers' plans and employees' desire, but that has now converged towards two to three times a week. There are some differences between different segments. So, for example, typical white-collar industries such as IT, finance and insurance, and professional and business services, those are typically the industries where we see a lot of work from home or work from or hybrid teamwork, and these are also typically the segments that we see a lot of demand for our products. So what does that mean for us?
What it means is that we are well positioned to monetize on this mega trend. There's been historically a time before, during, and after COVID-19. So before COVID-19, there was this general form of collaboration. Typically, people were sitting at the office, and there was not very much use of video conferencing. That changed a lot during the pandemic, where people were forced to work from home, and that wasn't actually a particularly good time for Huddly because we are mostly into the meeting room spaces rather than personal devices. But what we're seeing now is that we see a hybrid workplace, where some people are working from home and some people are working from the office, and with that, it's really.
We really see a lot of complex interactions and a lot of challenges with collaboration. So one example is that it's a lot more harder to capture non-verbal communication, feeling included, when you are a remote participant in a meeting. So we need to have technology to solve those issues, and Huddly, we have those technologies to solve that. Talking about the market, the market is big, is a billion-dollar market, and it's set to grow going forward. So current penetration rate is around 10%-13%, depending on the size of the meeting room, meaning that that's the share of rooms being video-enabled, and that is set to grow to around 20% something in the next five years.
Growth is not only driven by penetration rate, it's also driven by increasing prices because customers are demanding intelligent and better features to solve those problems, as mentioned in the previous slide. We have products addressing all of these scenarios and all of these types of meeting rooms. With that, I'd like to give the word back to you, Graham.
Thank you. So there's been lots of talk about AI everywhere, really, you look at the moment. It seems to be AI doing everything for everybody. Huddly's been doing AI in the collaboration space since 2013, which is 10 years ago now, and it's been quite a journey. So we started off doing artificial intelligence on our second generation camera, the Huddly IQ. And then we moved that more recently, in the last year or so, on to the Huddly L1, which is our large room camera, the Huddly S1, which is the medium room camera. And then, more recently, this year, we've now brought out our Huddly AI camera system, which really means it's 3 cameras or more working together, and they're aware of each other as AI should be.
Each one's a little person, if you like, as our founder, Stein Eriksen, likes to refer to all of our cameras as little people. It's getting more and more close to that now. Each camera is aware of each other. They working amongst themselves, they decide who the boss is, which is very democratic, and then that person becomes the director. This AI experience, our UX, user experience team and our engineers are working very hard to get the best possible far-end experience, which generates inclusion, it generates attachment to an organization, it increases equity, it increases participation. Because people have got a better understanding of what's happening in the meetings generated by these cameras, driven by AI.
So just reinforcing there that we've been in this AI game for quite a long time now. Next slide there. So just talking to people this week, it's really reminded me that we need to spend a little bit more time talking about what we've built over that time at Huddly. So we've really been through quite a structured process of building the technology to lead us to this point. And the very beginning of our journey, and as some of the people probably know on this call, Huddly has invested just about $70 million in R&D since we've been in business, which is quite a considerable amount of money. But what have we spent it on? What have we achieved? So I think the first thing is, and the bedrock of Huddly, is really our image quality and processing.
We believe it's the best, if not one of the best, in this collaboration space. Our image pipeline, that's really where it begins for Huddly. And then what comes next? We've spent a lot of time building what we call networked devices. These cameras, which are aware of each other, have to sit on a network. They have to be networked devices, and in this collaboration space, there really isn't anything like it. So, that was quite a big effort that took several years. And then the last part is then the AI level and the machine learning level, which harnesses that image quality, which harnesses that network device, and then produces the example of that product, which is our Huddly Crew multi-camera solution.
But you need all of those things to produce the experience, and that's what Huddly spent, you know, nearly, nearly 10 years doing. All right, let's move on to the next one. So when I started in January in my new role, I'd like to be very, very clear on what we're doing at Huddly, and that applies to everything. People, you know, focus is absolutely paramount. So, the number one for me, and is today and will always be, is leading with technology innovation. That's the reason we exist.
And as I said to the engineers in Oslo only a few weeks ago now, at a stand-up, is that the work that our engineers do, and our UX people and our designers and all the talented people in that group, they are at the heart of Huddly. And that they're our heartbeat, and that's what we're all about. The team's done a tremendous job this year. We're executing very quickly with our technology. We're delivering quality products. We're working very well now with the main collaboration platforms of Zoom, of Microsoft, and of Google. We're very focused on being a good partner for them.
For some of you may know already, but really, half of our technology team is already working on products that we're going to be shipping in 2025, and we're super excited about that. But of course, we won't be, you know, having any details of that. But number one, we've really pretty confident we've got that right. Strengthen strategic partnerships and channel sales. Even though the revenue is not where we want it, and we don't hide from that fact, and we're not happy with that fact, and we don't enjoy it, but we're working super hard. You can see the split is roughly where we wanted it to be, 50/50, as I said at the beginning of the year.
Obviously, we'd like the strategic part to be bigger. We're not going to hide from that. But our channels business is growing. As Abhi will talk about later on, you'll see that our channels revenue has increased 29% quarter-over-quarter, which is a pretty great growth. And that comes off the back of a lot of hard work by our channels team, and that comes from having a different product mix, including our Huddly Crew, and it comes from the early introduction of our channel program. So we've put a lot of work into that area. Our relationships with our strategic partners, Google and Lenovo and Crestron, is really great. We work really hard with those people. They're out there selling our products.
We're working really good to be, you know, hard to be great partners, and I think we're achieving that. Increased gross margins, well, our gross margins are about 50%, and that's where we targeted them to be, and it's great to see them land there. It doesn't come without a lot of hard work by people in our manufacturing and supply chain, and a lot of other people in the company. We're reasonably satisfied about where those gross margins have been, and those gross margins are supported and driven by our software, in particular, our AI software. Because at the end of the day, people only pay you for the value you provide, and with Huddly, that's our AI software.
Managing costs, we've done a lot of work on this, and but as Abhi said, with some of that hard work's been eaten away by the weakening NOK, and some other things, but we do have less people than we had at the beginning of the year. But we've got about as small as we can now, while staying true to our goals and our vision and our ambitions. So we've managed our costs in I would say the right way, with a really clear eye on the future and not jeopardizing our long-term growth. There's no value in us doing that. And so I would say we're keeping these focuses for this year, and we'll do that right until New Year's Eve. Next slide.
Abhi, you can take this.
Yes, thank you. So let's try to summarize what we've been talking about for the last few minutes. So, Huddly is all about humans at work, plus AI at work. So we started this presentation by talking about customer pain points, which is quite present in the hybrid teamwork with not capturing non-verbal communication and not feeling included in meetings. So those are real customer pain points worth solving, and we have the technology to solve that. We have, as Graham explained, the AI, and we have the fundamentals in place to solve that. The market is attractive and growing. There's been some challenges in 2023, but we expect the market to improve going forward.
In addition to that, we have created barriers to entry ever since we started our journey in 2013. Image-based AI and machine learning is very hard, so we built a moat around our products and our capabilities, which is then again protected by IP. So Huddly is all about in the intersection between humans and AI. So that concludes the first part of the presentation. I'd like now to move on to the financials. Starting off with revenue. Revenue in Q3 this year ended at NOK 58 million, which is a small increase from Q2. That was mainly driven by increase in channel sales, which we've seen quite some positive trend the last few quarters.
So we've seen quarterly growth three quarters in a row now. Strategic partners had a small decline in this quarter compared to Q2. And as Graham mentioned, we are not happy about having a significant decrease in revenue in 2023, which has been mainly related to downstream supply chain issues and the inventory buildup. But we're working really hard to get on track, also on strategic partners, while at the same time doubling down on channel sales, which we're seeing results coming in already. Moving on to gross margin. Gross margin development has been rather positive in the past few quarters. So gross margin Q3 ended at 48% versus 34% Q3 last year.
So this is mainly related to change in the customer and product mix in addition to a few other factors as well. Just a few short comment on Q2 gross margin, which is a bit higher than usual. That is mainly related to a positive one-off effect related to release of sales provisions. So if you exclude that extraordinary item, then gross margin in Q2 was at around 50%. So year-to-date, gross margin is around 50% again, which is a quite good level, and we are at around the target level, which we've been working very hard on the past year. And we expect that the full year 2023 gross margin will be around 50% as well as guided.
Looking at the profit and loss statement, as mentioned, we have a revenue decline compared to last year. Gross profit, as a consequence of reduced revenue, has also seen a hit. However, that is partially offset by increased gross margin. So we expect that this year's revenue will represent our baseline for continued growth, and that will see that growth will regain momentum in next year. Then a comment on operating expenses. So we are actively addressing and controlling the cost base. So end of this Q3, we had 117 FTEs compared to 135 start of this year. In addition, we are planning to sublease parts of our new office premises in Oslo.
If you see on the P&L, it says that there's a 3% change in operating expenses. You may ask the question, why that is not proportionally the same as the reduction in number of FTEs, and that is due to a number of factors. So, the first one, and probably the most important one, is that a significant portion of our salaries is tied against NOK currencies and with depreciating NOK. That has had a negative impact on operating expenses. In addition, we have additional accruals in 2023, which has led to higher OpEx in 2023 so far.
And, there's also social taxes having effect from first of January this year, which is also having a negative impact. But we are controlling, and we are managing our cost base, and optimizing it, and working very hard to maintain it and to keep it stable, and/or improve it going forward. Looking at R&D investments. So we talked about technology, and all our R&D investments, capitalized R&D, is put into the organization. It's put into our engineering capabilities, building up our product roadmap, which is then enabling future opportunities so that is still important for us and will be our our priority going forward. So R&D cost, capitalized has remained stable in Q3, around NOK 22 million.
Looking at cash flow, cash balance end of Q2 was NOK 54 million. Cash flow from operations was NOK 15 million in Q3 compared to NOK 25 million in same quarter last year. So that improvement is mainly related to change in the working capital. Cash flow from investments is as explained on the previous slide around NOK 23 million. Looking at financing activities, that is mainly related to loan proceeds from the loan facility provided earlier this year. So that is from the NOK 25 million drawn out of the committed total of NOK 50 million.
End of quarter cash balance is NOK 66 million, and if we include the undrawn amount of the loan facility, which is NOK 25 million, then we have available liquidity end of Q3 of NOK 91 million. That concludes the financial part of the presentation. I would like to leave the word back to you, Graham.
Sure. Okay, let's just move on to the next slide. So really, I won't go everything I've said before in details, but our focus going forward is the four things I just mentioned. I'll quickly go through them again. To continue to lead with technology and innovation. The numbers that Abhi just went through show you where we're spending our money. Continue to strengthen the strategic partnerships and channel sales. That's a day-to-day job we do here. Increase our gross margins. I'll probably change that now to stabilize our gross margin. 50% is what we're guiding for the year, and we're around that at the moment, and continue to keep a very sharp eye on cost. So that's. Yep, next slide there.
Yeah. And I'll, I'll take this one.
Sure, thank you.
So we are maintaining guidance for 2023. Year- to- date revenue is NOK 167 million, and our gross margin is 50%. Cost base stabilized and reduced. For the full year 2023, we maintain the guidance of NOK 200 million-NOK 250 million in revenue. And with regards to gross margin, as mentioned, around 50%. We expect and have clear ambitions of increasing revenue next year and to regain momentum as we see that the market is continuing to improve next year. So summarizing, we have an ambition to return to positive cash flow by late next year or early 2025.
Yep. So that's-
That's presentation, so we'll head off on the Q&A section now. And
That's great. Great, and our chairman, Jostein Devold, is joining us, so welcome, Jostein. So I'll field the questions, and please submit as many questions as you can, because we enjoy answering them. I'll take the first one, if you like. So someone's typed in here: "Your sales has crashed by 50%. Please explain how we should think about your revenue level. Are you talking about strong position and great crew from a NOK 50 million base or a NOK 500 million base?" I'm not sure if I understand the question correctly. So when we say our sales have crashed, I think this is a great question, and we need to understand why they have gone down by that amount.
It fundamentally comes down to one partner, one strategic partner, who have got a lot of our stock, and they're in the process of shipping that out, and that's what's impacted our sales. As Abhi just said, the channel sales has gone up 30%, so that's really the major contributing factor. We're not guiding for next year at the moment, but the level we're at at the moment is the level we're looking to build from. And when that partner works through the stock, and we. As I said before, we're working super hard with them, then we're reasonably confident that they'll start buying more. When that happens is in the future.
But there's really one reason for the sales crash. There's another one from Bart. So Bart, so Jostein, this is gonna be a question for you. "Is it true that Huddly received an offer to sell its IP to one of the global players? If so, why wasn't it accepted? Give us, please, some perspective." So you take that one, Jostein?
I can do that. It's not true that we received such an offer, so that's the short answer to that. But I should perhaps comment a little bit on the interest we got. I mean, as we touched upon in this presentation, we think the main value of Huddly is our people—or the engineers, the technology, and our products. That kind of competence we have in that team with AI capabilities in relation to video, that's not something you find on every corner anywhere in the world. So, to comment on that is that we haven't got an interest to do some industrial combination for Huddly as a company. That's the case.
No, that's great. Thank you. Another couple of questions, which is similar, related to Huddly Crew and how have the sales been going, and what are we doing there? And I think Henrik was even more specific and said: "How many of your 850 customer demos have been converted from Q2 to Q3?" So basically, the Huddly Crew is a very new way of meeting and a new way of collaborating. So we've now gone from the demo stage in Q2, which we spoke about, and now we're into rolling out what we call early adopter and preferred access programs. So now we've got several hundred systems in the hands of those users, and they're evaluating.
And that's where we're at at the moment. So then the next stage will be how many are they, those then gonna be rolled out into general deployments. But we're where we'd expect to be now, and the product and the solution, you know, is very well received. I think there's three questions about the same thing. So, there's one about margins, which I'll give to you, Abhi. Why are you not able to drive margins as you have started selling Crew? And I think I probably answered half that question for you in my previous answer, but do you want to add anything more to that, Abhi?
No, I think it was pretty much answered there. It takes time, and we won't see the results showing up in the financials with the launch that we just had in general availability in third quarter. So, depending on the sales, that will, of course, drive gross margins going forward.
Well, that's good. Okay. Lots of them are sales-related questions, which is good for me. Okay, you say that the post-pandemic hybrid workplace leaves you in a very strong position. Why does this not show up in your numbers? When do you expect to see this effect, this very strong position you're talking about? That's a great question. And as I said before, our numbers have been skewed by the amount of inventory one of our partners is holding. But I think it's super important to understand that this partner is actually shipping that product out. So our product is being sold by this partner, it is going into solutions, it is being deployed, but for Huddly, that revenue is recognized earlier. So our product is.
So the reason I think why the numbers are not showing up is because of that inventory situation. Other than that, you'll see that our channel sales are up 29% quarter-on-quarter, which is a fantastic achievement by that team. And I think that speaks to our technology. We've got some very capable competitors that we don't underestimate, and to take, you know, to have that kind of growth, we're pretty happy about. So I think there're the main questions, most of them about Crew and revenue. So there's one final question here, once again, about Huddly Crew. Everyone's talking about Huddly Crew, which is fantastic. You keep saying that Huddly Crew is a game changer, but many competitors offer AI solutions. What sets Huddly Crew apart?
That's just a really great question. As I said earlier on in my presentation, the Huddly Crew is built on three foundations. It's built on having fantastic cameras, and fantastic image pipeline, and what we do with that image, and there's a whole bunch of work in there which has been done, and by the way, continues to be done. We've got more great stuff we're doing there. You then need to have the network cameras, so all the cameras need to be networked, and most, if any of our competitors have got network cameras in this collaboration space. And then you've got to have the AI.
So I don't like talking about competitors, I'd rather focus on what we're doing, and what we're doing is very unique, the fact that it does those things. And we're only at the very beginning of the Huddly Crew experience. I don't want to start revealing our roadmap, but, well, the AI is a learning intelligence, if you like, and it gets better the more data it's exposed to. So at Huddly, and our UX designers are learning more, our customers are learning more and providing us with more inputs about the specific experiences they wanna see, and the collaboration partners are giving input to what they wanna see on their collaboration platforms as well.
So that AI will just get better and better, but as I said before, you need the network cameras, you need the great quality, and you need the artificial intelligence we've been working at for 10 years. There are some more questions which have come up, which is great. So, Jostein, I'll give this one to you. Financing options, what are they? Are you looking to issue equity at the prevailing share price?
That's a question that we will explore together with both when and also today together with Pareto, how to do it. So, it's difficult to answer direct on that question today, but we will explore the alternatives, and the board will take a decision together with the advice of Pareto in a fairly short time, I would say.
Yep. Thank you. And there's a question here now about announcing a new strategic partner. When do you expect to? It's a great question. I'm not sure what I can say. We're constantly talking to people. We're constantly evaluating that. People are constantly talking to us. We do have what we call meeting the channel partners, people we work very close to, people like Shure is a great example, where we integrate well into their solutions, and we work very closely. Shure have got Huddly Crew in their demo facilities in London, which I visited. And so they're a strong partner. Barco is another strong partner we work closely with on their ClickShare solution.
As far as a new volume strategic partner, it's something we're working on, and it'll be in the future. Another question here for you, Jostein. Having issued NOK 250 million at 15 or so, do you have the credibility to do another equity issue below 1 NOK per share?
As I said, this is something we have to explore and discuss within the board and with our advisor. What we need to do is to find a solution, financing a company, through to cash flow breakeven, in the best interest of our shareholders. It's really nothing more to add to that today.
Well, that's great. All right, and I think that's the end of our... Oh, there's more questions coming, which is great. If a business combination has been discussed, why have you not reached the deal? Why not inform market about what you're doing? That sounds like a Jostein question to me. Jostein, over to you.
Yes, I mean, to give kind of a broad overview first, I mean, the video conferencing business is an industry where most of the players know each other very well. And, it's fair to say that we, like Graham just said, we are having contacts and discussions with several players in the industry, which we tend to meet at different stages. It's also important to recognize the development among the platform players like Microsoft Teams, Google Meet, Zoom, Cisco WebEx, which is, of course, impacting what we do. So that's players we're also following very closely.
So, it's fair to say that there's been contacts and discussions during 2023. But what changed now in recent weeks is that we have got a firm interest from, I would say, from a very large global player in the IT space. And of course, it's the duty for the board to respond to this situation. That's also why we reached a stage today that we thought it was necessary to inform our shareholders about that process. So that's where we are now.
And, we're not able to say more today, but of course, if this process develops and we reach some stages in the future, we will sort of revert to the shareholders with more information if that turns out more concrete.
Thank you. And, another question for you, Jostein. So, I read you as seeing lots of interest for your company and crew, and having lots of value in your IP and people. You need financing. Why not try to bridge the gap here before you agree financing terms, and then further clarified by bridge the, the valuation gap, that is?
I'm not sure I understand that question completely. Could you sort of-
Well, I think the question that I'm reading, it says there's lots of interest in the company.
Yeah
... and the IP and the people. We need financing. So why not bridge the gap, bridge the valuation gap before you agree financing terms? That's the question.
Yeah. Well, I mean, this is why we actually recruited Pareto to have these discussions to find out what's the best solution. And of course, we will need financing for next year. And at the same time, we have to do it in the best way for our current shareholders.
Yeah.
And the outcome, we have to go revert to our shareholders a little bit later.
That's great. I think that's the last unless any. Oh, hang on. There's one more question. What need in the market is covered only by you, and who are the users for that? That's a fantastic question. So I'll take that one. So let's take it the other way around. Let's start with the users, because that's where I always start. Who are the users, and what value are we adding, or more focused, how are we improving their day? What value are we adding? Because at the end of the day, that's what we get paid for. So the users we're talking about are, as Abhi said in his presentation, the new people living in this hybrid workplace. So let's then define what is the hybrid workplace, as Abhi said in his presentation again.
So what we're fundamentally talking about is white-collar workers. We're talking about people who sit or used to sit globally in office towers. They're the people who now are choosing to sit at home or in their mountain house or in their summer house or somewhere else and work for whatever good life, work-life balance is. So that's. So they're our users. Who our users work for, and I guess they will be our customers, are basically large enterprise. And it's a super interesting question, because this group, really there's two main groups we're seeing. First of all, large corporations, large multinational corporations, very large ones, that really recognize that they've got a productivity issue.
Speaking to people who chair large companies like this, I'm told that the productivity drop is around about 25%. So companies really want to make sure that they can get that productivity going. And then why has the productivity dropped? It's not because people don't want to work hard. It's not because people aren't focused and doing their best. It's because they don't feel connected to the organization. They can't contribute. They don't feel that they're part of the meeting. They don't feel listened to. They don't feel valued. Then there's a whole bunch of downstream impacts on culture.
So the people who have these problems, as Abhi just said in his presentation, I think you called it the pain point, Abhi, they're the people with the pain point, and plus the people who are sitting in the meeting room who can't really understand what people at the far end are doing, or people at the far end who don't really feel like they're in the meeting. So that's the problem we're solving. And that's what Huddly is fundamentally all about. So we're using artificial intelligence on our network devices with our great camera quality to do that. So we're not saying that this market is covered only by us. What we're saying is that we believe we have the best solution. And that's our opinion.
And we don't just sit here happily in Oslo believing that to be true. We go and talk to people. As I said before, we've rolled out hundreds of early adopter kits and programs, so now we're getting a lot of feedback back. So we believe that we do the best job at that, and that's validated by customers that we've dealt with for a very long time, who use. Most customers nowadays use just about most people's gear. There's not many customers just using one product anymore. Some are, but most don't. So these large enterprises have seen our competitors, and they tell us that the experience is the best that we do. And just to be clear, we haven't finished. We're just getting started. This is how AI works.
Google Maps, I'm sure, is much better today working than when it was first released, just as an example, and any other AI you want to think of in our lives gets better. So Huddly Crew will be the same. The other interesting. Because I could talk about users, because it's my favorite subject. Because basically everything comes out of products, which goes into users, which turns into revenue. You get some gross margin, take away costs, then you get profit, and everyone's happy. But it all starts with products and users and the user experience. So the other interesting group, which we're seeing come out, which keeps coming up time and time again, as Abhi would know, is education, particularly universities, which is a super interesting vertical, that we need to really look.
But we do believe we have an edge, and as Abhi said, the combination of our camera's quality, image quality, and the way we can manipulate that image pipeline together with these network devices, together with the artificial intelligence, is basically what we're about. Oh, hang on. Here's a question for you, Jostein. You ready?
Yeah.
When is the loan you have got of NOK 50 million due?
It's due in three years' time. So, that's, that was planned like that, in June, or in May, June time when we did it. And, so, so yeah, that's three years.
Another question on Crew, traction on Crew, please. So, Crew's doing as we would expect. So, Daniel and his team did the 850 demos, which was a lot of work. We've now rolled out several hundred of these, of these, what we call early adopter and preferred access kits. And they're now- and now we've got a- we're working with that group of people, and now we're starting on, on, on larger rollouts, of multiple systems. So that- that's where we're at, and that's what we're focused on doing. Another question, I'll give this one to you, Abhi, because it seems to be a numbers question. What can you do per month, quarter numbers, please?
Yeah. So it's a bit unclear whether that's related to Crew or what type of product, or if that's in general, but-
I'm not sure, but I thought it was a good question.
So, we can, of course, just disclose what's historical numbers here. So we had NOK 452 million in revenue last year, and that was the best year so far. So, what we can expect going forward is lots. I mean, it's the potential is big, the market is big. So, of course, I think the opportunities are there. And, we expect to gain good momentum again in next year.
Yep. That's great. Thank you. One for you, Jostein, why don't you pull the last NOK 50 million of your NOK 100 million availability?
Well, the last NOK 50 million is not committed. And we're sort of thinking of what to do with that possibility together with Pareto in this financial review. So we'll get back to that.
Yep, thanks. Thanks, Jostein. And then, another question. I mean, I'm happy to answer questions all day. They're, they're great. This is a really good question. It says: "I still cannot see your USP, unique selling proposition, that make you a clear position in the market. Why you?" And that's something I think about every day, and it's something that I've thought about my entire career. Unless there's really no point of any company really existing unless it has a unique selling proposition, in my opinion. I mean, it needs to be a sustaining one as well, not just one that, you know, is there today and gone tomorrow. So our unique selling proposition is our camera quality, and that's lots of things go into that.
It's our network devices, and it's our artificial intelligence. But the unique selling proposition actually exists in the overlap. So when we're building a unique selling proposition, and I've done this in quite a, you know, few times now in my career, is the more overlaps you can get, the stronger the USP and the more defendable it becomes. So we take that USP. I know it's very technical, but that's kind of what it is. We're a technology company. And then the next piece is, it's all great having a USP, but how do you sustain it? And at Huddly, we've done a lot of work on our product roadmap, which we're pretty happy with.
I've always executed that USP through a three-year rolling roadmap. So I could talk to you about product roadmap all day long, and I'm happy to, 'cause I'd really enjoy it. But how you sustain that USP in the long term is the most important thing. But that's really a fantastic question, Elton. I really appreciate it.
I'd like to add one comment on-
Yeah, please
as well.
Go for it.
So I think, talking about the technology stack is one very important part, of course. And then the question is, what are the benefits for the people using that technology? And probably the most important or the most clearest benefit is that, depending on who you're asking, what kind of scientists you're using, and what kind of research you're using, approximately 60%-70% of human communication is non-verbal communication. And Huddly, with its AI, it understands context, it understands non-verbal cues. So it points and captures those types of communication, and there's no really any alternatives on the market that can do it in the same way that we do it. So Huddly Crew is the best example of it. It captures non-verbal communication.
Would you have a meeting where you're not capturing 60%-70% of the communication in the meeting room?
That's great. Thank you. Thank you, Abhi. I think that's the end of the questions. We've had a lot of questions, which we're really appreciated all of them. That's what we're here to do, is answer your questions and try and, you know, explain what we're doing and what we're working incredibly hard, and what the whole team at Huddly in Oslo and, and globally are working very hard on doing. So really appreciate your questions. We really appreciate your support and your attendance. So thank you very much, and we'll wrap up. And thank you, Jostein. Thank you, Abhi.
Thank you very much.
Bye, everybody.
Bye.
Yep.