Welcome to today's event, where we have the pleasure to present GomSpace. Today's topic, the Q1 trading statement and the progress here in the first part of 2024. If I should give it a headline, backwards-looking indicators still showing signs of the cleanup last year. Forward-looking indicators continuing the momentum we also saw in the end of 2024. To help us through today, we're joined by you, Carsten Drachmann, CEO of GomSpace. Welcome. To everybody listening in, there's a potential to ask questions in the box down below. We have already gotten a lot of questions. I will see what I catch. I will group some of them, but do not hesitate to ask questions. You can do it in Danish and in English. If in Danish, I will try and translate to the best of my ability.
But that one was my words, Carsten. I think you will take over from here.
Thank you, Michael. Yes, and, and welcome again. I saw there was a lot of questions, so I'll try and get through the presentation so we have time. First of all, just wanted to introduce you to our electronics production. We have people sitting here working. This is where we do our assembly of products. So we have battery packs, power modules, et cetera. It's happening here. And what you can't hear, what I can hear, we have an SMD machine, so the thing that's mounting all the little components on the print board is running in the back here. But let's take a look at the first quarter. We have done it as a trading statement instead of a full report, and I'll get into that very quickly, why we did that.
So the agenda, what you can expect today, is the why, the change in reporting, the journey. I want to recap a little bit where we are, and Michael was alluding to it. We'll take a look at the Q1 highlights. A quick reminder on GomSpace, as I usually do. I have a why invest in GomSpace slide, just so we are on the same page, and lastly, a summary. Okay. Clarity and communication, I think I've said that ever since I started. This is, this is close to my heart, and this is, this is what we're trying to do all the time. So why did we change the reporting at the GomSpace? Well, we aim at this clarity, frequent communication.
The reason for changing this, and the reason for changing now, is if you're gonna make change, do it in the beginning of the year. That's. I think it's important. We're setting a new standard. We've changed our organization. I want to make it more concise, more readable, more efficient, and also that it's coming out sooner. So going into the future, the first quarter and third quarter reports will be in the shape of a trading statement that you have seen. We will now, from third quarter onwards, you will receive it quite a lot earlier, so four weeks earlier than we had originally anticipated. So it's about four and a half weeks after the closing of the Q3. It makes it easier for us.
We have most of the information that's really relevant for you, and I hope you enjoy reading it. We're giving you a lot of information. So rather than reading long balance sheet and statements, et cetera, which is fine, but they don't really change much quarter to quarter, we can get this information out sooner. Part of our change, part of driving GomSpace into the next era here. We're also sharing it with you more in the shape of how we run the business. So business units are new. You can see we're reporting on that. I think that would be helpful for you. Just a note, we are - we report it, we are reporting on the order backlog and order intake. We actually are not obliged to do that.
So just a note, we're actually giving more information to the market than we are required to do, but I think it's important, and I want to tell the story about where we're heading. This is quite common in Denmark, not in Sweden, so we might be pioneers in on the Swedish Nasdaq at doing trading statements. Okay, but before going into Q1, I really want to take a look at the journey. You saw this last time for the Q4. It's a summary of what I said in April last year, that this is really a transformation. It's a journey. We are working towards a more stable situation, financial situation for GomSpace.
We are focusing on profitability, we are focusing on free cash flow, and we want to reach a state that we are self-funded from our operations. We don't wanna take more capital into the market, only for further investments or strategic investments, but from an operational perspective, we need to be able to run. We're gonna do that by focusing on product business, project profitability, and expanding in North America. So remember, it's a journey. So I want to talk a little bit about where are we on that journey. So if you take a look at it, describing 2023 in a few words, uncertainty. I'm sure you, as shareholders, felt beginning of last year there were some level of uncertainty on the company. Change, a lot of change. You may have felt or seen some change, I hope, for the better.
Internally, I can tell you it's been a lot of change for the organization. It's gone well. People are working along. And we were in a clarifying mode, so what do we focus on? What do we need to do? So to me, that's 2023. So where are we now? 2024. I think we have a lot more clarity. We know exactly how to execute, how to measure our business. We understand the dynamics, and the strengths that we have. We have a good idea of the market around us. We created stability. I've talked a lot about that. What do I mean by that stability? But we have created a financial stability that enables us to really manage our business, and then we can start driving the right sales. Now we have a bit more calm. We can pick projects.
We can try and take projects that fits what we're really good at, and not taking any project that can create a risk. So that's important for us. As part of the journey, so of course, the desired state, where do we want to be, going to the future? So the first one is product business. I keep saying that it's really a good business for us. It runs very well. We have a quite healthy contribution margin. What we need to do there is have a much more focused sales approach, and we are well on the way of doing that. Product sales doesn't have to be random. Product sales can be managed to a certain level, which is aligned with the market.
So it doesn't have to be something that's fluctuating a lot year on year. Quarter by quarter, yes. Year on year, no. Structured product roadmap, we need to make sure that the investment money we spend are spent on the right thing that will help us generate profit, either from the market by selling directly or because it's supporting our programs. Really, really key. And then marketing, we have to, we have a really strong brand, but it needs to be reminded, the market needs to be reminded that we are here, we have good products, we have a long heritage. Two, program profitability. We want to deliver profitable projects. Four bullets here. Stay relevant. We need to make sure that we have the platforms, the satellite platforms that are relevant to the market and the market trends.
We do, and you have seen, we'll talk more about the MicroSatellite order we got from Unseen. This is really important. Selecting the right projects, improving execution. We, of course, have to be good at executing. It's not enough closing good business, we also need to be able to execute. So we are focusing a lot on that, on improving our processes and procedures, and how to, to work better with our customers. And then it's business to business, it requires patience. There is no such thing as, "Oh, let's close the deal next week, and we'll just do it." It's a long road. We started it, years back. I would say we strengthened the focus a lot, the last, 12 months.
And you also, I hope you've start seeing that there's a little bit more coming in all the time, and a little bit more means also there is more out into the near future. So patience is important. And then North America, biggest market in the world for us. We need to be there, we need to be present, we need to have partnerships. SAIC is a good example that's progressing. And by the way, did you see that they signed a contract with Pentagon for AI in space? And, and GomSpace was mentioned in the headline. It was really, really cool. It doesn't, it doesn't mean business tomorrow, but it means GomSpace name is right now at Pentagon as part of the SAIC AI strategy. Guys, how much better can that get in a North American market? So this is really, really good.
And patience, patience, patience. And now, the punchline: Can we afford to be patient? And the answer is, yes, we can. And that is the point of Q1, and I want to help you read it, what we have in Q1. We can afford to be patient now. This is a good thing. Things can accelerate quickly, a little bit slower. It's okay. We're not gonna die. We are in a good position. So with those words, let's go into the first quarter summary here, and look at, look at the facts. Well, on the right-hand side, you see a free cash flow, minus SEK 12 million. I'd love it to be positive, but actually quite okay. It's still very much within a good range, and you'll see that on the coming slides.
Oh, yeah, by the way, compared to first quarter last year, it was SEK -42 million. So yeah, relative to that, quite, quite okay. Our cash in bank reduced a little bit. We're still fine. We're not in a critical level here, but obviously, with a negative free cash flow, it's gonna go down a little bit. Employees, we are 130 permanent employees, and we have some consultants and student workers in addition to that. But take a look at where we were in the beginning of the same quarter last year. We started actually our 2023 with 215 people. It's a huge difference. It's a huge difference. And you also see that in... Yes, we have a lower sales, and EBITDA is perhaps a bit lower. It is what it is.
I'm not so worried about the EBIT right now, it will come later, but our cost base is so much stronger, and that's important. We are now executing in the new business units. We have key executives in place, senior executives that can drive the business. We are reporting to you exactly in that format, so you see the order intake, you see the revenue per quarter, per business unit. This is good. This is how I run the business, and I'm showing you exactly how we do it. We got during the quarter some good orders. Unseenlabs, our best friends, partners, customers, of course, they gave us more orders on the existing technology.
During the first quarter, we also closed business with Germany, and we announced earlier our product order intake was around SEK 20 million in the first quarter. I'm okay with that. I want it to be bigger, yes, but I'm okay. It's actually sufficient to keep ourself rolling forward, like I say, so we can be patient. Next phase of satellite partnership, we confirmed with SAIC, and actually, after that came the Pentagon announcement. I'll give you an update on Indonesia by the end of the quarter, as I have promised, and I know there are questions in the pipeline, and we'll talk about that after the presentation. And not in Q1, but this week, order from Unseenlabs on MicroSat.
I'll dive into what it is, but this is really, really good news for us. So look at some of the key figures here. So order intake, SEK 57 million. We sent a bottle of red wine to those of you online who has calculated 55.2. Well done. So I don't even need to report it, because just go to the chat room, they had already figured it out. But it's trending positively. So, remember, we had a huge reduction in backlog purposely, purposely. We said we focus on profitability, so we reduced the backlog with more than SEK 200 million month-on-year, and that was a lot in the second quarter. And thank God we did it, because then we're not losing money on that.
But of course, it has an impact in terms of the revenue. We would have had a much higher revenue had we kept the projects, but it wouldn't have contributed to positive cash or contributions, and it wouldn't have helped us. So I'm fairly okay with the revenue. Would be nicer it would be a bit higher, but I'm sure that's gonna come now that we start closing more projects also. EBIT, it is what it is. I don't want to spend too much time on it. EBIT will be resolved once we get to traction and we manage the cash flow, and then we'll be okay. Employees, I talked about already. But let's dive into the new information that we are sharing. So, order intake and revenue per business unit.
So you see here programs, remember, programs are the satellites, projects that we contract, a customer contract with us, and we deliver a lot of resources and technology production, and we have a contract with milestones that we are delivering. Products is customer see, customer like, order, supply chain, production, deliver, and collect cash. So more, more of a, I wouldn't call it exactly off the shelf, we still do manufacturing to production, but it's not an engineering-heavy activity, product specifically. North America, primarily selling products now, that's our strategy in the beginning. We don't want complex projects in, in North America. I'm sure we can get them if we wanted to, but let's just start and get some traction over there with, with products that we can control and manage. Overall, the backlog went up slightly from SEK 152 million to SEK 161 million.
It's okay, it will come up more into the future. And then you saw from a, from a revenue perspective, it's interesting that actually the products, which is key for us, remember, good contribution, actually gave the bigger revenue contribution in the first quarter, with about SEK 23 million, trailed by programs at SEK 20 million. I think that dynamic will change, but I'm pleased to see that the revenue from products is relatively good here. Okay. So, ladies and gentlemen, free cash flow, it's all about cash. Said that many times, I repeat it, it's all about cash in 2023, it's gonna be all about cash in 2024. So where are we? Well, okay, we are minus SEK 12, compared to previous quarter, we were plus SEK 21. That was a really good quarter.
Very, very happy with the year end. But I did a little math to try and summarize and trying to give you a perspective of where we are, and why I'm so excited about we have exactly the right platform for going into the future. The last three quarters, we are plus SEK 9 million. The three quarters before that, we were minus SEK 120 million. Step 1 more quarter back, take a 12-month trailing. We were burning SEK 200 million in cash, SEK 200 million in cash per year. We are burning just below zero the last 4 quarters. This is good news. This is why I say: Can we be patient? Yes, we can. We can. We have a situation now with our cash, we can manage our business. We know what we can sell.
We know what we need to do. We're never gonna have these extreme losses per quarter. Those days are over. Now, we're ready to be patient, and then gradually we'll see the sales going up. So take a note of this, and we keep our guidance unchanged for the second half to be a free cash flow positive situation. Okay, a quick reminder on GomSpace, for those of you who are joining the first time, we've been around for a long time. We were founded in 2007. We went public on Nasdaq in 2016, listed publicly. So 17, 18, running on 18 years of experience as a company. Actually, our founders launched the first satellite in 2003. Funny story, go in and check the label, the naming of the satellites. All satellites are a very unique name.
You will see it was the first satellite in the world, it was the first CubeSat in the world, so that was pretty good. That's us. We have a big production facility, lots of space missions, flight heritage from our products. Does it matter? Yes, it does, because you don't know what's gonna happen in space. We have more flight heritage than most other companies, which is also why we see people are coming back to us. We see our product sales start increasing because they know, well, if you buy from GomSpace, there's a pretty good chance that it works.
We have a global footprint, more than 60 customers around the world, and we are present in Aalborg, Denmark, in Sweden, in Luxembourg, Toulouse in France, and also in Washington, D.C., in order to expand into the North American market. So what are we doing? Well, my previous slide said we're building small satellites, 5-50 kilos. Guess what? Now, we're also doing micro satellites, 50-150 kilos. This is a very important move for us to get the trust from Unseenlabs to move into that. This is new technology, it's a new platform. What does it do? What does it do? Good question. Well, it's basically more energy. You have more surface, so you have more possibility to take energy from the sun. That's important. So you can recharge more if you like.
You have more power available. You can basically, if you put loudspeakers up, you can play louder music if you want to, for a longer period of time. But you basically, you have more power available, so you can put more onto the platform, and it's bigger, so there's more space. So why is this a trend in that direction? It doesn't mean the small satellites continue. We have a great pipeline on that, but they will not go away. But it's very clear that there is a trend towards MicroSats, because it's becoming a little bit more efficient to, we can, we can get more out of one satellite with a payload that's significantly bigger. As you can see, we're talking with Unseenlabs order, it's about 100 kilos, versus what we're doing now is about 25 kilos.
So Unseenlabs get more bang for the buck, if you like, by doing it this way. So this is, this is important, an important trend, in the market that we are now following, and we will enter that journey together with our very good friends, Unseenlabs. Just touching upon, so to be absolutely clear on the first contract with Unseenlabs, this is for development work. This is for the first phase of designing and specifying together with Unseenlabs. We already have a specification, but we are refining it with Unseenlabs, deciding all the bits and pieces, and really have a design ready to build satellites. It is not for actual amount of satellites yet. That is to come, to be negotiated in the coming quarters. So it's simply Unseenlabs has a very good business case.
They raised good money, and they are committed to fly in 2026 together with us, and we are committed to make it happen. So we're starting quickly on a development phase, and then soon we will agree on actual number of satellites and, and also delivery terms, et cetera. Okay, so products for satellite systems, that's the other thing we are doing. Like I said, it's a different dynamics. Oh, and by the way, also including MicroSat. So a small comment on what does it mean that you go to this MicroSat platform compared to the NanoSat platform? Well, the structure is different. It's a little bit bigger. You have a different framework. Imagine the aluminum frame that we have, it just it simply looks better. There's some other dynamics coming into play there.
But we do it as an evolution because we can use a lot of the products from our NanoSats. We can take power supplies, and we can just add more power supplies in there. We can take solar panels, we just add more solar panels. So, rather, it's not a big jump where everything is changing. We are reusing as much as we can, but designing it in a new structure that allows Unseenlabs to do what they need to do. So, online, there's a lot of questions on the projects. I wanna highlight the three key ones. Startical is on track. We have delivered the first milestones according to contract, and we are pushing forward. So far, we are on track there. ESA launching in with Juventas, we're launching in October.
It's not a question of being on track or not. You're on track when you work on this. It's gonna fly, as you know, for 2.5 years, and it's the launch is in October, so we will be ready and things are progressing there. Unseenlabs, we have many projects now. If you look at the different announcements, there are many different kind of projects that we're doing. So they're all on track as orders placed in the last three, four months or further back, and now we have a new order that we are starting and gearing up to now. Actually, we are already geared up. We are already running on that. So on track. Why invest in GomSpace? Very quickly, remember, there's a market demand. It's growing.
There's a forecast of 19%. We see space explorers like NASA, ESA, we see commercial applications, we government. We are addressing mega trends. This is also key for the whole space industry. Why on earth? Why, why, why, why on earth? Doesn't make sense, or why in space? Are we in space? Well, because there are certain things that we can only do from space. For example, global climate is very much depending on our ability to measure and look at our Earth from the sky, from space. Information infrastructure, passing data, voice, et cetera, in a more flexible way via space is absolutely growing. National security. What do you think, guys? Is there a higher need for national security and alertness? Yes, absolutely.
I'm telling you there is, and there should be, and you cannot necessarily rely on friends from the past. You need to have some of your own technology as well. These are the mega trends that we are tapping into. We have a strong foundation for competing. We just increased with the MicroSats as well, and we're on a journey to profit, and I just showed you that we are doing quite okay on the cash. Here's our benchmark. You can read it after what you've seen it before, but this is, since we were listed, we are tracking that. So of course, we are working on beating 2023, both in terms of revenue and EBIT. In summary, three business units, products, programs, North America.
They are tapping right into our focus of increased product business, expanding North America, and profitability on program side. So it's very clear. And accountability, yes, we have. We have a strong executive team in place. Frank Tobin has been with us in North America for a long time. He's doing a great job over there. You can see the news coming in. Patience, but it's gonna come. Oliver Schiewe is here to run our programs. Very, very strong background from the space industry, and Henrik Kalstrup is here, homeboy from Aalborg, but working for Cobham for 30 years. He knows how to do products, and we have a really, really good team in place. So in summary, we are scaled to a manageable level. We can manage the business as an example. Last three quarters, +SEK 9 million in cash flow, free cash flow.
Previous three quarters, minus SEK 120 million. Going back a little bit further, we burned SEK 200 million in cash every year, negative. Not good. Are we doing that this year? No, absolutely not. So we are maintaining our guidance for positive free cash flow, second half of 2024. Indonesia update, you're looking for it. I'll give you that at the end of the quarter, and we are now also in a MicroSat segment. So let me repeat, selling takes time in this business, especially in terms of mission projects. Be patient, and we afford to be patient. Yes, we can.
And, just as a last note here, somebody asked me the other day when they saw this, "Would you, Carsten, ...?" I can probably, I have a bigger vocabulary than one of them, and I think I can speak clearer than the older one.
You're younger also, Carsten.
I am younger. But you know what I said to them? "Nah, it's much more fun leading GomSpace." So, with that, thank you very much for your trust, and I'm looking forward to 2024. Thank you.
Perfect. Let's jump into some questions. You know, let's start by the Indonesia. You know, there is some specific questions, whether there's a application through IFC and/or financing, what is stopping the process? And I know you have promised us to update us in Q2, which is soon, so... But I don't know how much you can share about this on the Indonesia, which seems like a very large potential. So of course, investors are very interested.
Of course, and so am I. This is great. This is the patience I'm talking about, having patience to, can we wait for this deal to close? It's okay if it takes longer. It's okay. We'll be fine. It's okay. So, yes, it's clear that Denmark has committed to Indonesia for EUR 1 billion. That's public information. Have you put in an application for IFC? Of course, that is how, that's what you need to do. Lars Løkke Rasmussen has been out there. He paves the way together with IFC to make this agreement. When that agreement was made, it was a thought to have GomSpace and some other projects there. We have then convinced the Indonesians that this is, this is the right thing. Is there a delay?
I wouldn't say there's a delay. This is just government business. It just takes time, and in Indonesia right now, they're going through an election that just finished. You can say it ended well for us because our political supporters are in game still. So it's just government to government. So I wouldn't say that it's what's delaying. It just takes the time it takes, and again, we can be patient. It's okay.
Perfect. Then a little bit on your new reporting structure. I think you have really said why you are doing it. And I think the only thing to say is there was a little bit comments, and I think they came in before we saw it. What you will be guiding on, now, it's cash flow, in the future might be something else. That you will also update us on in the quarterly trading update.
Yeah.
That, that is correct. Perfect. Then I think that's clear. Then, of course, there's this talk about the collaboration with the EU States, you know-
Mm-hmm
Should they make their own security network, surveillance, and data network?
Yeah.
Ukraine are showing this. And to just justify what you said, that it's a mega trend. I just saw a piece on Bloomberg where a politician has written a letter to the public, a lot of the private sector, saying, "Is it a good idea that Elon Musk..." Now I mentioned the man is the only one with a running system.
Mm-hmm
S howing data, right? So I think you are totally right. So your thoughts about this, are you seeing any start politicians starting to realize that a part of security is surveillance, and a part of security is what do we do if we get this, you know, hybrid attack and our-
Mm-hmm, mm-hmm
O ur information systems? And lastly, we have seen Russia also going after-
Mm-hmm
Having a program, maybe attacking satellites-
Mm-hmm
T he big satellites in space. So a little bit about your feelings. Are we starting to have these talks, and what do you see there?
Yep. So, the answer is yes, yes, and yes. If you ask my personal opinion, should Europe and Denmark have its own network for surveillance? Absolutely, yes. And honestly, it's not that expensive as you think. It's much cheaper than some of the other things we're investing in right now. So absolutely, yes. Is there a tendency? I'm not gonna talk about how EU and others come together. I think you read that more than I do. But, do we feel a trend towards, getting more requests and discussions with politicians? Absolutely, yes. We've been invited to several events, with the Danish government to, discuss what could be the future, near future, what can we do, what about the Arctic, where we have a big responsibility. It's definitely there.
It's on the political agenda, and Putin and a couple of other people in the world have made it very, very urgent. I wish we have entered this a couple of years ago. We would have been in a better position, but it's not too late. And the statement perhaps want to make here, slightly political statement is, don't look upon this as a research project. Let's see what we can do in space. We can already do it. We can already do it. We know how to launch a satellite. We know how to build a network. We already know how to do it, and there's a danger now that we think it's a 10 years project. No, it's not. Two, three years, then we can surveil the Arctic, and that's a message we're trying to get through to the politicians.
It's not the technology we're waiting for anymore. The technology is here. We're waiting for you to actually figure out how to make some decisions so we can move forward. Just, just to be clear, this is not a delay in technology, it's a delay in political decision-making.
Perfect. I know there's a lot of questions regarding that, but I think, until we see a lot of-
Fair enough.
Y eah, I think you are really alluding that politicians are starting to listen. You are being invited.
Yes.
I think that's-
Thank you for that, politicians.
That's, that's-
Yes. Yeah.
Then there's a question: How much of the current technology can be used in the MicroSatellites? I think you alluded a little, a little bit to it.
Yeah.
So just to get a feel on how much do you need to develop, how much of Unseenlabs of this first order, which is not an order, but
Mm
But a development contract. Are they paying for that, and is that… And the last question, then, I can also… You can answer that, and then I can ask my, my last question.
Mm-hmm.
But yeah. So a little bit about this technology, how much you can reuse and how much of Unseenlabs is actually paying you for making this transition?
So let's start by reuse. We have a very clear strategy to reuse as much of our technology as possible. But if I... Let me try and illustrate it with my hands. This is the size of the CubeSats. This is the size of the MicroSats. So mechanically, there are changes, and because it's different power levels, like I say, we have bigger amplifiers, we need to have more ways of catching solar energy. There are some design changes. But if you go down into the smaller pieces, are we using the same software-defined radio, as it's called, the way we communicate with between Earth and the satellite? Yes. Are we trying to reuse our power supplies? Yes.
So we, we will reuse as much as possible, and I, I have to, I'll make every effort that this doesn't become an engineering project that runs forever. We're gonna do it as incremental as we possibly can. As to what contract we have with Unseenlabs, I think we have disclosed that in the press release. There's a value in there-
Yeah
Fo r the contract, and this is the first page, so I'm not, probably not appropriate I say more about that. But it is based on, you can go and read on Unseenlabs website or their LinkedIn pages. It is for a new payload that they have designed. So the payload, which is the functionality that's monitoring the fishing traffic, for example, that's we have one from the past that we still use on smaller satellites. They developed a new one, so they're also stepping forward in their technology development and what they're doing for their market, and they need a bigger satellite to do that, and that's why we're coming together.
If I understand you correctly, they need a bigger satellite because they are now also going to watch space and actually the land masses, which demands, so being able to pick up signal, is that correct? Do you understand-
Yeah, I mean, there's just, there's just a lot of things you can do with more power. You can, you can monitor a bigger area from one satellite. You can probably apply other application techniques as well that require a bit more energy than we have on the smaller satellite. So yes.
And then, a last question, and then I will let you go, Carsten.
Okay.
Is that a new strategy for you, you know, building this with partnership instead of going there yourself and having a part of that finance through to this? Is that a new way of your thinking and strategy to run this with lower risk?
Yeah. Yeah, a very good question. Thank you. I would say at the state we are in, and you, we just talked about the cash flow, how it's improving. We're pretty arrogant to go in and spend SEK 100 million and ask the shareholders to give us money to develop a MicroSat platform. So the answer is yes, at this stage, we're absolutely looking for... And we do have some of the technology, so remember that. We are looking to build this together with customers, and luckily there are customers that are trusting us. I hope there will be more in the near future. So right now, yes, we are not gonna spend a lot of time on developing our own satellite platforms. We spend time on our products, which have a good business.
Next year, going into the future, once we are even more stabilized, company stabilized, meaning actually start accumulating cash, I, I wouldn't say that that's a, a fixed strategy. It really depends on, on what we decide later on for-
Yeah
... a longer-term strategy.
Perfect. I will let you off with someone suggesting, and it's of course a suggesting, so listening to shareholders that maybe if you could start giving monthly update also on product orders and intakes. I don't know whether there's any problems. Now it's giving to you, Carsten.
Yeah
T o have a more follow. It's ups and downs. I know there's drawbacks and positives by doing this, but-
Yeah. So two things to that. We last year started doing these press releases when we felt that we've, you know, had a decent story to tell on the products, but also because we were not reporting on order intake per product business unit or per business unit in last year. Now we are reporting it, so you get it per quarter regardless. And remember, it's an extra service. It's not something that by any means are required. So you get it from us and from nobody else, so you should all... This is already a really good thing in terms of informing investors. Will we give updates in between the quarters? Maybe if it makes sense, and I deem it makes sense, but I'm not gonna do it monthly. That's way too much to ask.
But I think you have, if you read it through, you have really good information. Listen to my words of where we are and what we're doing. You have very good information in the trading update, including you can visibility to the product evolution. And we are announcing as we go along, right? When we have big orders, we have a big product order, we'll announce it, of course. So, so I think, I think you're pretty good off, to be honest. And, and to the chat room users, keep writing. I'm reading it all, and I am listening, and I'm trying to figure out, maybe there's something we can do here that makes sense. So, so keep telling me what you're thinking.
Perfect. I think that was a very good exit for us. Thank you for the listeners listening in on this call, and thank you, Carsten, for taking us through your quarter and trying to pinpoint the real points out of the-
Yeah
This quarter's, or this quarter's figures. So may everybody have a nice weekend.
Yeah. Thank you, Michael, and good weekend to everybody.