Good day and thank you for standing by. Welcome to the Fingerprint Cards Q2 Results 2025 Conference Call. At this time, all participants are in a listen-only mode. After the speaker's presentation, there will be a question and answer session. To ask a question during the session, you will need to press star one one on your telephone. You will then hear an automated message advising your hand is raised. To withdraw your question, please press star one and one again. Alternatively, you may submit your questions via the webcast. Please be advised that today's conference is being recorded. I would now like to hand the conference over to your speaker today, Stefan Pettersson, Head of Investor Relations. Please go ahead.
Thank you, Sandra, and good morning, everyone, and welcome to FPC's Rarnings Call following the release of our Q2 report this morning. We will start with a presentation of the report by our CEO, Adam Philpott, and then by our CFO, Fredrik Hedlund. If you're following the call on the web, you can post questions throughout the call. With that, let me now hand over to our CEO, Adam Philpott.
Thank you, Stefan, and good morning, everybody. Thanks for joining us for our Q2 earnings presentation. Just by way of agenda, I'll be walking us through an executive summary of the results. We will also then talk about the new board members that we announced recently at the AGM. We'll talk about the transformation plan. We've been very clear on every single earnings call for the last eight quarters. This is the transformation plan that we have in place for this company, and what we'll show today is continued progress and successful execution of that transformation plan. As we think about that, we're in the accelerating growth phase of that transformation plan, and we'll talk about the things that are helping us build that growth as well. Finally, I'll hand to Fredrik Hedlund.
Fredrik will talk about the Q2 financials in a little more detail before we go to some Q&A. Let's move on to the executive summary. First of all, core growth is one of those pillars of our transformation plan, and I'm really pleased to see strong growth again this quarter in our core revenue. Our ongoing operations increased by 40% year- on- year, really strong growth, particularly as you compare that to the market growth of around 20%. Really good execution from the team. If you look at the first half, 66% growth for the first half entirely. Really good performance in our core business. Very pleased to see that and appreciate all the efforts from the whole team, from our partners, and of course, the faith that our customers put in us as well. At the same time, it's not just good growth.
It's also good growth with continued strong margins. 48.1% for the quarter, 53% on average for the first half. We talked about stability being the first phase of the transformation plan, and this shows that we've really improved gross margins compared to where they were a couple of years ago. Great performance again from the team to maintain a very strong gross margin. Slight delta between last quarter, simply just because of some of the mix. It's a relatively small revenue base, and the mix has skewed that slightly, but really, really strong margin nonetheless. The other piece, a key piece, I think, of the transformation plan is around asset monetization. We have some great assets as a company. We have a great brand in our markets as a company.
We were really pleased just after quarter end to announce another deal monetizing our PC assets, meaningful cash onto the balance sheet as well. It is really important for us to continue to fund the business and be able to fund our future investments as well and drive future growth. Great upfront cash in that deal as well. Really pleased for us to be able to announce that recently. Also, we focus on new growth as well. We've invested in a joint partnership with Anonybit on our identity cloud. We launched the initial product a few months ago during Q2, so really pleased to get that, excuse me, initial product out to market. We've got more products coming, and we're now really starting to invest behind that so that we can start to see new opportunity and in turn new revenue coming out of that partnership.
I'll talk a little bit more about that later. The final pillar is around business modernization. Of course, we continue to be focused on managing our operational efficiency. In this case, you can see continued execution on managing OpEx, particularly headcount, a big part of our overall OpEx. You can see the change year on year in terms of headcount. That's something we'll continue to do, is make sure that we keep a firm eye on OpEx, but at the same time get the right balance between having the right OpEx for our business, but also investing in growth. Growth doesn't come for free. It's something we need to invest in, and then thinking about how we manage those investments. Again, I'll touch on that in a little more detail shortly. This is all about building toward the positive EBITDA and free cash flow.
We feel good about the track that we're on. We feel good about the progress we're making towards that double-digit profitable growth is helping us. In addition, monetizing those assets then brings additional cash in to make sure we've got a well-funded business. Really pleased about the way we're executing the transformation program. We've been very open and transparent about what it is, and we like to hold ourselves to account to demonstrate we're executing extremely well against that plan. If we go to the next slide, we've also got a new board that's going to help us continue to drive this transformation and grow the business. John Lord has joined us. John's got incredible experience in identity specifically and with biometrics too. He's a successful founder, been able to monetize and sell his company, True Narrative, to LexisNexis in 2021.
He's got incredible experience driving growth both organically and through acquisition as well. Great to have John on the board. We also have Carl Johan based in Sweden in Stockholm. Great track record in building and scaling Nordic and European tech ventures too. Carl Johan is also a board member in other high-growth tech companies, specialist in go-to-market and a specialist in creating operational scale. We actually streamlined the board by having John and Carl Johan with us. Now we're down to four board members, including myself, John, and Carl Johan, and of course Christian as the Chairman. A smaller board, agile focus, really reflecting where we now need to go as a company. If we go to the next slide, I want to keep the transformation plan top of mind for all of you as investors.
This is something that we've been talking about, as I said, for the last couple of years. It's an important transformation for us as a company, but what's also important is that we're very clear on how we're executing against this plan too. You can see of this second phase of the transformation, there are four pillars. I've talked about those in the executive summary. One thing I will say is we feel really good about the stability we've now created in this company. Good, stable growth, good, stable margins. We're bringing cash into the balance sheet, not only through ongoing operations but also through asset monetization. We feel like we've got a really nice stable venture here that we can build upon as we move to the accelerated growth phase of this transformation plan.
In proof points around these four pillars for asset monetization, I mentioned the Egis deal, really important deal for us, not just in terms of bringing cash onto the balance sheet but also in terms of an ongoing partnership there too with ongoing income through royalty, which I'll touch on in just a moment. The core business continues to perform as well. Great year-on-year growth both for the quarter and for the first half as well. Really pleased to see that we're getting good growth out of that core business as we continue to focus on those higher value, higher margin segments as well. In the new business, it's a much newer venture for us. Some joint partnerships that we have in place are starting to manifest in joint product.
We launched that first product, and now we're doubling down on how we drive go-to-market around that new business to start to put revenue and opportunities on the table. Finally, in terms of business modernization, a whole lot of things that we're doing there to ensure that as we grow the business, we're not growing our OpEx base at the same level. We're maintaining a good OpEx level but getting growth off it through productivity using tools like AI as a modern business, but still managing headcount, still managing OpEx in a really smart way so that we run a good financial operation. I'll just spend a bit more time on each of these things. I've talked about the asset monetization deal for Egis, really important deal for us. There are other things that we're doing in asset monetization too.
There are other licensing opportunities that we're pursuing, and of course, there are the patent partnerships. They take a bit of time to manifest, but we're heavily engaged in our patent partnerships, looking at where there's opportunity to monetize our IP through that process also. As we look at the core revenue growth, I mentioned 40% year-on-year growth in core revenue. Really pleased to see that. There are other things that we're doing to drive core revenue growth as well. If you can go to the next slide for me, please, Stefan. We're working in our marketing engine, so completely revitalizing our website, which is no longer reflective of who we are and where we're going, changing the website.
Not only is our storefront using that, it's a much better way to capture leads, incoming leads, your extremely important part of a company like ourselves to look at making sure we're taking those leads on, distributing them, and effectively acting upon them as well. A lot of change in terms of our marketing engine to drive top of funnel by turning marketing into a leads engine. The other thing that we've spoken about is moving up the value stack. We used to be a sensor company just selling sensors. We've moved up the value stack to be a systems company, including MCU software and other components.
We can really see in our pipeline how well we're moving up that value chain, driving an improvement in gross margin and getting a greater wallet share with our customers at the same time, whilst also helping those customers reduce the number of components they need because we have a greater set of componentry in our systems offers. Pleased to see progress on all of those items for core revenue. On new revenue streams, again, I mentioned the first product was launched. We've got more products to come in terms of our identity cloud, but also we've started to increase capacity in the identity space too. A new rep on board in the U.S., a new business development person on board in the U.S. as well, just to focus on those new revenue streams, on that software in the identity space as well.
Really pleased to now start to put some wood behind the arrow as it relates to new revenue streams. Finally, on business modernization, I mentioned what this is about is ensuring that we're operating as a modern business using modern tools, not just throwing headcount at every problem, which creates obviously OpEx increase. We're going to manage our OpEx in a really smart way. We are making smart bets as well, though. We are investing in growth, such as additional capacity for identity, but at the same time, we're being smart about how we modernize, for example, our revenue operations using best practice tools, including AI, to be smart around how we maximize our sales capacity, how we minimize the amount of people we need to get things done, how we offload administrative tasks and automate them, etc.
The same is true across the business, augmenting our team with AI-driven support. A lot going on in that space, but at the same time, continuing to manage the overall OpEx. The final thing I'll talk about before I hand to Fredrik to do a slightly deeper dive into the numbers is, of course, the Egis deal. We announced this, I think, last week, just after quarter end. Really important deal for us. We're monetizing unused assets. We exited the PC market. Those assets are still of value and still in demand. Great that we've been able to monetize those assets in line with our strategy. It also strengthens our balance sheet. It brings cash onto the balance sheet and gives us improved capital flexibility around how we run ongoing operations, but also how we invest for future growth as well. Extremely important deal as part of that overall strategy.
The majority of the cash will come in in Q3, and there will be some in Q4 because it's much more than just a one-off transaction. There's some joint work we're doing on ASIC design, but there's also royalty associated with it. There is this additional revenue stream that comes as a result of that deal, as well as that upfront that we've spoken about. A good strategic deal for us, great strategic partnership, and good for the overall strategy. With that, Fredrik, let me hand to you, and maybe you can talk a little bit more about some of the numbers in Q2.
Thank you, Adam. Let's look at the key figures for the second quarter. First, on revenue, in the second quarter, we grew 40% year- over- year, and we had a gross margin of 48.1%. If you look at the first half, so first quarter plus the second quarter, we grew at 66% year- over- year with a gross margin of 53%. We feel really good about those two numbers. From an EBITDA perspective, it was down $20.3 million, free cash flow down 18.4%, and we had 32.7% of cash. We feel really good about this cash balance.
As Adam and I have reflected on the plan that we set at the beginning of the year and all the thoughts that went into the rights issue in February, we are slightly ahead of where we expected to be from a cash perspective, and we feel really good about the revenue growth and the margins. All of that is in line with where we expect it to be. Also, from a headcount perspective, it continues to trend down 49% at the end of the second quarter, down 59% year- over- year. Remember that headcount is roughly two-thirds of our OpEx. It's one of the KPIs that we look at very, very carefully on a weekly basis.
Finally, we feel now we feel good about our cash position, not only the 32.7%, which is slightly ahead of where we expect it to be, but Adam just talked about Egis, the $24 million asset monetization. When you combine the two, we are able to invest behind growth and continue to support that 66% in the first half and ensuring that we continue to deliver a gross margin for the year above 50%. If you recall from our last call, I think we said that we really tried to price our deals closer to 60% gross margin, and that's what we feel that we belong at, closer to 60% based on our new products and based on moving up the value chain. That's something we continue to push on continuously.
This investment is absolutely key because growing at, call it, three times the market for the first half, it just requires investment, especially commercial resourcing investment. We feel good about our runway towards a positive EBITDA and cash flow, and we will continue to execute for the rest of the year. Back to you, Adam.
Thank you very much, Fredrik. Just to conclude before we go to Q&A, let's go through a quick summary. As we look at the fundamentals, right, look at execution against the strategic turnaround, we've got really strong year-on-year growth ahead of the market. Very positive to see, as Fredrik just said, you know, growing at 2x the market in Q2, growing at 3x the market for the first half, really positive to see. We've completely changed the gross margin profile. If you remember back during the PC and mobile days, very, very low gross margin, much, much stronger gross margin now, very stable as well. Very pleased about how we've been able to change the GM profile for the company. At the same time, continuing, we've done a lot of work over the last 18 months- 24 months in making sure we have the right cost base.
We don't just take our foot off the gas, you know, mission accomplished. We continue to focus on that to make sure that we're not seeing creep in terms of our OpEx and loosening the purse strings unnecessarily. Really keeping a tight rein on all of that, but making sure we help the team be productive using AI tools and other tools to drive productivity. We've also achieved some really strong milestones. The Egis deal, second deal with Egis, first was on mobile, of course, second is on PC. Really pleased to see that deal come to fruition and our partnership with them continue to grow. We strengthened the board as well.
A really strategic part of what we need to do as an organization is have a very strong board that helps us go, it helps us take us where we need to go with some of the skills they have in scaling business, in M&A, and of course, in operational excellence as well. Also thinking about future revenue streams. As we solve the problems that need to be solved around passwords, around identity at scale, clearly cloud and software is an important part of where we need to go. We launched our initial product, and now we're investing behind that to ensure we have focused go-to-market to help grow pipeline and drive revenue growth in that segment, of course, as well.
As we think about where we're going, continuing to execute the transformation plan in this second year, moving to this accelerating growth phase, also, of course, focused on getting the business to positive EBITDA and positive free cash flow through some of the disciplines and the transformation plan that I've mentioned. Expanding the company, leveraging what we're very, very strong at in terms of high efficacy, high quality biometrics, moving that at scale so that anybody can benefit from biometrics as a means of identification versus using legacy things like passwords or other complex tools which have tried to replace passwords but have not been able to, is a really important future direction for where we're going in the company and something in which we have a key role and a key right to play in as well. With that, I'm going to pause there.
Stefan, let me hand back to you. Perhaps we can take some questions.
Yes, let's begin by taking some questions from the phone line.
Thank you. As a reminder, to ask a question, please press star one one on your telephone and wait for your name to be announced. To withdraw your question, please press star one and one again. We will now take the first question from the line of Markus Almerud from DNB Carnegie. Please go ahead.
Yeah, hi gentlemen. Markus here from DNB Carnegie. A number of questions. Maybe starting with sales. Very good sales growth, of course. It's a little bit slower than the first quarter. Just to understand what kind of, how is sales? Is it big tickets? Is it small tickets but many? Should we expect this to be lumpy? If you can just talk a little bit about what's in sales.
Yeah, good question, Markus, and thanks for kicking us off. I would say, I mean, I've been in sales for, gosh, a very long time, about 30 years. I'm used to seeing different profiles of businesses. In an ideal profile, you have some big deals, but then lots of smaller deals to fill out the trough between the peaks. We have both. We do have larger deals and we do have lots of run-rate businesses as well. Because we're a relatively small business, you do see some fluctuations. I wouldn't call it lumpiness. You know, it's a little bit peanut butter sometimes, but it's not wild swings that you would see in a company that's very dependent on very few large deals.
We do see some ebbs and flows in terms of the overall linearity across the quarters, but I don't think it's a substantial swing as perhaps we may have seen in the past. The difference between Q1 and Q2 is really just some of those lumpy deals making a slight difference.
If we look at the market, you're talking about 20% market growth. Is it the same with the market, that the market is kind of, I mean, the market is growing steadily, or is it, what's the profile of the market?
There are many segments. If you break it down, there's a number of different segments. Of course, when you speak to different analysts, there's a number of different perspectives on what each of those segments is growing at. In the software space, typically more predictable because those are based on ARR cycles. That tends to be more predictable. Hardware can be a little more lumpy because it's typically product-driven, and with hardware, you need to order ahead in order to bake the product into your product. That tends to come with batch style orders as opposed to just on-demand licensing. It varies by segment in this space, but I think hardware tends to be slightly lumpier than software.
On that software-hardware difference, the gross margin is around 50%. Let's call it 50%, which is, of course, significantly higher than where you have been in the past. Given the limited history here, what is kind of a, and there's so much going on behind the scenes, what is kind of a, what level should you be at? What is kind of sustainable gross margin?
Yeah, Fredrik, I'll bring you in on that one.
Yeah, I think the first half market is good, so that kind of just above 50% is a good kind of baseline. As our mix improves towards us capturing a larger part of the value chain, like for example, with AllKey, which we announced a couple of quarters ago, which is an excellent product that's very, very competitive from a margin perspective. That 50%, I think it's a baseline. We are doing everything we can to get closest to 60%. On individual deals, we will be able to get closer to 60%. Remember, our revenue baseline is fairly low. The key here is to get the gross profit to grow as quickly as possible. The gross profit has to be bigger than our OpEx for us to reach EBITDA positive and eventually then free cash flow positive. It's a bit of a trade-off that we do today.
If there's a larger deal price that's slightly below 50%, clearly we're going to have a discussion with the team. Do we go with it or not? We like to grow our gross profits fast. That's why you're going to see some deals, perhaps some larger deals, below 50%. On average, I would expect us to continue to be able to operate at the first half of the gross margins. Another, I think markets are another way to look at it. You can look at other companies in this kind of space and see where they are. I think they're quite similar to where we are. It feels like it's sustainable.
I would assume that this is mainly still mainly a hardware business, but I assume that you will grow the software part and the software is obviously higher margins as well.
Exactly, exactly. It's a kind of 100% hardware today, pushing very hard to get into the software space. We have a path. There are companies out there in our space that's doing 100% software, and there you can see where the gross margins are, and they tend to be closer to 80%. Obviously, our goal is to get to the right mix between more of a 50% to 60% hardware business and an 80%+ software business.
The next question is on the license deal that you made with Egis in the quarter, the SEK 24 million. Just looking at, first of all, how much of these kind of assets do you have on the balance sheet that you would be able to find these kind of deals with? Maybe I'll start there.
Yeah, sorry, Fredrik, maybe you can talk about the balance sheet aspect of that. Here's what I would say is we've got a deep well of intellectual property. That doesn't mean that, you know, we're going to be writing these types of deals every quarter. I mean, you can see, you know, we've done a few of these. We did a deal with our friends at Smart Eye earlier in the year. Obviously, we did a deal with Egis last year as well. You know, we see some good opportunity to continue to do these deals. I think a bit like I talked about the profile earlier of large deals and small deals, these things don't come along every quarter. Plus, we also need to be smart about how we monetize them.
What we're not looking to do is monetize things that are core to us that could potentially create another competitor or give away assets that we need to use as we look to continue to serve our clients. I think it requires a balanced approach. Perhaps, Fredrik, you can talk a little more on the balance sheet if there's anything for you to add.
Yeah, exactly. I think I agree with that. It's a balanced approach. Obviously, we'd love to get cash into the company from unutilized assets, right? That's the right thing, right way to fund the business. Obviously, it extends the runway we have as we continue to drive towards having a positive free cash flow. It also enables us to invest behind growth. You know, these are incoming calls. It's not like we're out there a lot, knocking on companies' doors, but we get incoming calls because we have great IP. The legacy fingerprints, they have great IP. We have lots of patents. We are very fortunate to have that and to own those. It needs to be the right price as well. It's a willing buyer and a willing seller. We have said no to deals because we felt the price wasn't right.
When the price is right, when we feel like we can utilize that cash in a really smart way, we're going to do these deals. Are we able to do more deals? Yes, we are. Do we have more IP we are not using? Yes, we have. We just have to see when the price is right for those assets and when the demand is there.
Yeah, just one other thing I would add, Markus, to what Fredrik said as well is, you know, let's also not forget that where it's in segments that we're no longer active, it not only brings cash upfront, but there are also royalties on an ongoing basis in this deal in particular. It creates a revenue stream from something that we previously exited. Now, you know, there's risk around that revenue stream, how big it is, etc., but it creates, you know, a side bet of opportunity as well.
You use the word deep well when you talk about it. I assume there's definitely more to be done on that.
There's more there, definitely. Like I said, I want to be slightly guarded about that in terms of expectations. We're not going to be writing these deals every month, every quarter, but there's certainly assets there that we can monetize, not only through these asset monetization deals as per Egis and other ones, but also, as I mentioned in the presentation, through our patent portfolio, of course, too. A number of different vectors there. The patent one in particular takes quite a lot of time because there's a lot of legal aspects associated with it. Those are some of the options. Again, for me, it's about creating optionality.
If we have a number of different things that can yield income, as long as we don't have too many that we can't focus on, but equally we don't go the other way and have too few so that there's risk, we create a balanced opportunity for income.
Finally, maybe on your new board, you talked a little bit about it. Looking at the profiles, it's a much smaller board. Looking at the profile of the board right now and looking at the profile of your new board members is, call it company builders. They built a lot of companies, a lot of tech ventures. What do you think this will mean for, looking a couple of years ahead, your continuous growth?
Yeah, I mean, I've got to say, Ali is super exciting. I've had people talk to me about how for a small company we've been able to build not only a world-class executive team, but also how we've got a world-class board as well. We are really punching above our weight here, really strong set of individuals. That's what people are investing in in this company at the moment. I meet a number of shareholders, and that's what people are investing in, the confidence of the plan that we've put together and the capability of the people who have come in to create that plan and execute that plan as well. It's really exciting to have these new board members in, really credible, really successful and experienced individuals that can help take us to another level.
For me, in terms of where that takes us in the future, I think it's really exciting. I think there's lots of exciting things that we can do organically. I think there's lots of exciting things that we can do inorganically as well. These guys have the experience to help us navigate that. I couldn't be more excited about the new boards, really pleased.
Okay, perfect. I think I'll leave it there for now. Thanks a lot.
Thanks, Markus. Appreciate it as always. Stefan, maybe let's come back to you to see if there's other questions that have come in.
Yes, let's take a couple of questions from the web. First one, biometric payment cards. Can you please comment on any progress in that area and also on the most important growth areas for FPC going forward?
Yeah, absolutely. I think I forget which call it was. I believe it was in our Q4 earnings call for 2024 that we talked about a pivot because what we were seeing is that there was this single bet on payment cards and it was too slow. It does not mean that it was not going to happen, but it was just too slow. As I talk about having balanced bets, we needed to open the aperture to have more opportunity than just a single bet there. On biometric payment cards, what I would say is that that market is renowned for being very conservative and very slow. Why? Because it is a high-scale market and it is about money, people's money. There is a high level of conservatism there which creates quite a slow pace in there.
We do still see an opportunity as it relates to payment cards, but as per the comment I made, as I have said, I believe in Q4 reports, we pivoted to a multifunction card because there are many things that a card could do. There are many things that biometrics on that card can enable and unlock around identity such as proof of age or for access or for crypto, etc., etc. Lots of different features that we can offer on a multifunction card that does not just need to be payment. We do see opportunity across that suite. What we may see is certain elements of that take off quicker than others.
One thing I think is very interesting at the moment as I kind of zoom out of the financial market and look at what is going on is around fintech, or crypto as some people may call it. You look at the Genius Act that has been passed in the U.S. Look at what is going on with stablecoin as a way to tether, if you like, a crypto to traditional capital. It is very interesting to see how that market is being disruptive in the way financial transactions are delivered.
We are already starting to see quite a lot of demand on the crypto side because if you are carrying around a card which is linked to your crypto that you want to make transactions, or if you are carrying around a crypto wallet, identity is really important because you have got a lot of assets on those things that need an additional level of security. We are in conversations with a number of organizations around that. As we think about payments, fintech is a really interesting area that we are involved in at the moment as an organization. We have been for a year or two, but really starting to see some interesting things happen there with some balanced bets that we've placed with some of our customers in that space. I think that's very interesting.
I think also the multifunction card is very interesting as growth opportunities for the future. In their own right, these are all bets that we need to place because we're not sure which ones are going to take off yet. Really making sure that we are thoughtful about where we invest our capital. Like I said earlier, we don't have too many bets, but equally we don't have too few. It's kind of Goldilocks. We want to make it just right.
Thank you, Adam. A question on headcount. Would you say that FPC is now at a stable headcount level, or how should we look at this?
Yeah, it's a good question. I mean, I would say that we've had a very, very rigorous focus on OpEx, but at the same time, we are balanced, you know, because we want to make sure that we keep one eye on OpEx, but the other eye on growth. It's about the levers that we pull. We could lock down OpEx further and further and further, but the more we do that, it comes at the expense of growth. For us, again, I've used the word balance a lot today. I didn't mean to do that coming in, but it seems to have come up a lot. We need to be really balanced about how hard we pull the OpEx lever, but also how we think about investing as well.
As we think about this runway to EBITDA and free cash flow positive, part of what we're thinking about there is how we gear the business for growth as well. It'd be very easy to start to deliver some of those things by just cranking the OpEx handle, but it would not be good for long-term or medium-term shareholder growth. That's kind of the balance that we make. Yeah, things are very stable, as I've said. I feel like we've stabilized the business very well, but now of course it's a case of using that platform to pivot off to drive growth.
All right, thank you, Adam, and thank you everyone for your questions. Let me hand back to you, Adam, for any closing remarks that you may have.
Very good. Thank you, Stefan. I want to thank all of the shareholders on the call and for those not on the call for coming on this journey with us. I hope you can see the work that we're doing to really execute the transformation plan that was necessary for this company and create a platform for growth moving forward. The year-on-year revenue is very strong. Margins are very nice as well. Plus, of course, we're augmenting the cash on the balance sheet by doing some of the asset monetization deals that you've seen us do relatively consistently over the last 18 months to two years as well. We're going to continue to execute, going to continue to shift the company into an accelerated growth phase, and we appreciate everything you do to support us on that journey. Thank you.
This concludes today's conference call. Thank you for participating. You may now disconnect.