Per Ottosson: Okay. Good morning. It is top of the hour. It is 9:00 AM, so I suggest we get started. Just as a reminder, this presentation is being recorded, and it will be on our website later today. You can also find the presentation on the investors site on Teneo.ai. With that said, we will go ahead and start. Today presenting is Per and Fredrik. It is, of course, the Q3 report.
Per Ottosson: We have been around now for quite some time, Per and Fredrik, although last quarter was somewhat different than maybe we had hoped for when we started the year with the whole since Q1, Q2. We do have a background from this area, both of us, so quite experienced in the business of software. I am going to start off with an update from me, and then Fredrik will go into the numbers.
Per Ottosson: It is not too much to talk about in the numbers. It is pretty much the same as we did forecast in our Q2 report, which, of course, was in connection also to the rights issue. For those of you who were there, it is not that much news, but thank you all for joining again. We have three phrases to describe where we stand today. It is debt-free, recapitalized, and rebuilt to act.
Per Ottosson: It was a very demanding year and quarter. It all, of course, has to do with our former US partner that broke our contract, and there is just no way to sugarcoat this. It is a big drop in revenue, and that, of course, resulted in a severe cash squeeze. As they say, you never waste a good crisis.
Per Ottosson: In the third quarter, we worked hard to make sure that we could emerge stronger, faster, more agile than before. First of all, debt-free. Our balance sheet has been a major issue for shareholders, for M&A, and also for our large customers, and it has been so since Fredrik and I joined. What happened in the quarter is we completed a full debt-to-equity refinancing with Capital Four. We no longer have a loan, meaning that Teneo is now debt-free.
Per Ottosson: Capital Four is likely to be our largest shareholder with 29.9% of the shares. We are also recapitalized, so thank you, shareholders, for supporting us in this tough period. You contributed through a rights issue of SEK 74 million. We ended the quarter with SEK 25.8 million. That has a lot to do with the fact that we, of course, had, during Q2, several months where we couldn't pay the bills at all.
Per Ottosson: There was also quite a lot of catch up that we had to do, apart from also the transaction and some repayment of loans as a part of the transaction here, the rights issue. From October, we run the company at about SEK 5 million a month, which is close to half of where we were a year ago.
Per Ottosson: The cost is about half of what we had a year ago. We also say we are rebuilt to act. What does that mean? The new organization is slim, it is small, it is agile. The first proof of this is the delivery of Teneo 10 and its reception that we have seen in the market.
Per Ottosson: We rebuilt Teneo, but instead of taking the old code and starting to recoding it, we still took 20 years of code and design principles, the concepts that we have been building on, the concepts that customers love, and we redesigned the platform from the ground up. Why did we do this? There are two reasons. Number one, we want to enable an AI-driven software development life cycle.
Per Ottosson: What does that mean? Instead of developing where all code is written by humans, both the code and the coordination is done by the AI, meaning that we have a model in the middle, and then our developers are working towards that model. This enables a far faster development at a much lower cost than before.
Per Ottosson: Also, since Teneo 10 builds on everything the customers required from a contact center solution, it is the stability, it is all the confidential compute, it is the auditability, it is security and all this in one and the same platform. But now you do not really need to log on to Teneo 10 to change a flow or to build a solution in Teneo.
Per Ottosson: You can simply prompt Claude or ChatGPT. This is what is called headless. It is, of course, a big craze in the SaaS industry because if you charge for the people that log into your platform, charge for seats or users, this is an issue. For us, it is not because, of course, what we charge for is the API calls. Now we transform that into charging per minute, but it is the same thing. We charge for volume.
Per Ottosson: That is a very quick update of where we stand, and give you a summary here on what I have been talking about. There is one thing I did not mention here, but the Spain exit is completed as of this Monday. We are holding our gross margin. We are having a much lower delivery cost with Teneo 10 as well. Going forward, we will definitely be able to climb up again on the gross margin.
Per Ottosson: We also stabilized the ARR, of course, in this quarter. A lot of senior debt has been eliminated, and of course, that is transformed into a 29.9% stake, implicitly actually valuing the company a lot higher than what it is valued at on the stock exchange today. But that is, of course, a different matter. Let me talk about Teneo 10. I think that is the most important thing.
Per Ottosson: This is what really is going to take the market now and what we are focusing on. We are focusing first on a few large engagements we are engaged in to roll this out, but we are also at the same time presenting this to new customers. I was in Turkey last week, presented this. I was in London the week before.
Per Ottosson: We presented this as prospects to customers, and they are loving it. It is a very, very big upgrade to the usability of the platform, not to the stability, not to the confidentiality, not to the auditability, but to the usability. So it make it easier and faster, even easier and faster to build. The typical voice AI today, which we have seen hundreds of companies pop up to do, is that they have the language model to both generate facts and actions.
Per Ottosson: They use OpenAI, they use Claude or some other language model, and the language model goes into your back-end systems, looks a bit, it has read-only access because nobody allows the LLMs to write into a back-end system. Into SAP, into Dynamics, into Salesforce, into ServiceNow. Because if you would, you would probably get bad data into your system of record, which you do not want.
Per Ottosson: The language model in a typical implementation, Sierra, Parloa, and the others, it generates the facts and the actions. This means that the owners of the systems, say ServiceNow, SAP, or some other back-end system, the security people and the compliance people cannot prove what the LLM agent will do. Therefore, they are saying, No, stop. We are not going to allow you to interact with our back-end systems.
Per Ottosson: This is very much what we saw at Medtronic, where other LLM systems could not interact back to ServiceNow and then also to the patients or the users of their devices. What happens instead is in a traditional voice AI implementation, it answers the question, but then a person still does the work.
Per Ottosson: You still have a person to sort of check and make sure or go into this back-end system and actually enter what the LLM has sort of decided to do. Instead, what you see on the right is the Teneo approach here. We have all facts and actions running through a controlled, tested, auditable layer. What does that mean? First of all, it is not going to put out anything that is not correct.
Per Ottosson: It is not going to put out anything that you cannot afterwards see why it put out that answer, where did that come from, and who did it give the answer to? It is very important for enterprises, even more important in the EU today and even more important in regulated industry. The language model, which we still use, we still use LLMs, but it will only take the words and answers that were already verified.
Per Ottosson: If there is a placeholder, which is a fact, it is never going to change that. It is just going to be able to change the sort of dialogue around this, making it a more natural-sounding dialogue. All the three roles, the security person, the owner of the system, and the compliance people that typically block these projects can say yes.
Per Ottosson: That is, of course, why we have read-write access into customers' back-end systems because we can prove that Teneo is not going to change things which are incorrect. What we also have now is a replaceable model. During Q1, Q2, we primarily used the American LLMs. What we found is that customers are no longer, and that is both in the US and Europe, customers no longer trust these models.
Per Ottosson: Of course, a lot of that has to do with what has happened in Anthropic. When Anthropic says they are retaining your information, they are retaining the right to also train on it, meaning that they can take your processes, your way of working, and train on that. Also in Europe, a lot of customers are asking for either European, like a Mistral or a local LLM, so having no US ownership.
Per Ottosson: Most of our competitors today have US ownership. All the big ones that you might hear about that have lots of money, they are all US-owned. This is quite a unique selling point for us that we are not US-owned. We are obviously owned by you guys on this call. We can also deploy anywhere. This is quite important in, for example, Turkey. It is also becoming more and more important in Europe.
Per Ottosson: I am in Germany next week, where this is becoming quite important too. It is security concerns and it is concerns about the US in general. We can deploy now Teneo 10 in the cloud as usual. We sell it as software as a service. We can provide a private cloud solution. If you have Azure Private Cloud, Microsoft Private Cloud, we can provide there, which is in country in your data center.
Per Ottosson: That gives customers a lot of flexibility to meet the demands that are coming, the EU AI Act, it is the GDPR, it is KVKK, it is new ISO standards. One of the most important factors is that we have a fixed price per minute. This is the API call translated into minutes, but it is a fixed price. You know the cost of your solution before you even start writing a line of code.
Per Ottosson: That is not the case for any other voice AI solution based on LLMs, because the LLMs will always charge you per token. You do not know upfront how much cost your solution is going to cost, which also means you do not know the ROI of the solution upfront.
Per Ottosson: Whereas with us, you get a fixed price because we do not need to use that LLM in the actual production, meaning that we can price according to we know our own compute instead of somebody else token cost.
Per Ottosson: You probably saw the numbers this morning in Wall Street Journal that OpenAI, sorry, Anthropic lost $74.6 billion in the first nine months of this year, which of course means that they are going to need to raise the prices at some point. This token cost thing is a big issue. We have seen customers paying $1.5 for simple FAQ calls, so simple answer question calls about facts on your website, essentially, to these voice AI providers.
Per Ottosson: Teneo 10 has a hybrid AI margin lever that is for the customer and for us, meaning we provide a fixed cost, but we also know our cost in the background, so we do not have to use the LLM. The hybrid AI is good for that, but also, of course, for making sure that you provide the right answer. We have the observability, which is something that, for example, Medtronic could never be without.
Per Ottosson: There is no way to provide information about a pacemaker without afterwards being able to say what information you provided if something goes wrong. We have a voice gateway today that we built in, meaning that we have both voices and STT engines that we price in our minute price, which means that there is less third-party spend for somebody else, but also we can retain larger portion of the margin so we can provide a larger portion of the total value to the customer.
Per Ottosson: The authoring UI, our own UI, is very fast, very easy to connect MCP connections into. It also has, of course, like customers now are expecting, like an OpenAI ChatGPT type interface. But it also has the graphic interface that a lot of the more trained developers are going to need.
Per Ottosson: We have a testing suite built in that is quite important because it is going to be testing the solution and providing recommendations as you go, meaning you can improve the solution without really taking human talent to use that either. And the endpoint and engine is still the endpoint and engine that had 120 million interactions last year at Microsoft with an accuracy and scale that really has not been proven anywhere else.
Per Ottosson: So you get all the good stuff of the new way of developing, all the good stuff of security and compliance, and then all the good stuff of a proven model. I want to talk briefly also about the team. It is a lean leadership team today built to first take the company to cash flow positive and then grow from there.
Per Ottosson: So we slimmed down the organization enormously. And we are now 22, 23 people, but retaining that SEK 5 million cost baseline, which is the most important thing for us, including compute, of course, that we are providing to customers. So, we have Johan, our chairman. Per is, of course, me. Marie now runs, she is the Chief Revenue and Marketing Officer.
Per Ottosson: Marie has a long background in both sales and marketing, from Sweden, also from Qlik in the US during their stock introduction and also in our space in the US in a private company as well. Patrik has worked both in sales, pre-sales, and Chief Operations Officer roles before. Also manages our existing customer. Fredrik, of course, on the call, our Chief Financial Officer.
Per Ottosson: Then Andreas, and this is where our biggest organization sits under Andreas. He is our CTO. We have a head of cloud and ops there, and then we have product marketing and head of product sitting under him. And head of product, of course, there is AI and there are people underneath there. And of course also in cloud and operations. We are operating a 24/7 operation for our customers, of course, in the SaaS product.
Per Ottosson: Also important just to mention, we are keeping M&A and the legal position with the board, with some external parties working on that. So the M&A project is ongoing. It is managed by the board. It is not something that we as management teams spend time on except when we have to present something, but it is not our focus. Same thing for the legal case in the US. We, of course, do not have the money to finance that legal case.
Per Ottosson: So we are working still to find a financing partner for the case. And, I present in those, but I am not involved in the whole process at all from that perspective. So it is really very much a focus on sales. We focus on growing the revenue, and reaching that positive cash flow. And the way we do that is primarily is to focus on our existing engagement.
Per Ottosson: It is Spectronic. It is FGS in Turkey. FGS is our partner in Turkey, which has several customers, one of them being the telco there, which is our initial implementation here. We had to because of the data center implementation. It is not in our data center. This is on-prem, so this is in a Turkish data center owned by this partner. We have to compress the onboarding now because we have been a bit delayed in the local data center.
Per Ottosson: That has to do with the fact that the data center is moving technologies, going from VMware to OpenShift, which is something a lot of data centers do today. But in the middle of that, we cannot really deploy. Instead of going live in September as we were projecting, we are going live in November. What we are doing is we are training, for example, the B2B sellers now.
Per Ottosson: We are also going to be selling the solution to the telco's customers. Right today, actually tomorrow, we are training the business-to-business sellers at the telco. We are also working on starting to build the first flows in workshops, although we do not have the live data center yet. That is to speed things up and to work while we wait for the deployment.
Per Ottosson: We also have a Nordic telco that is projecting to go live in December. These go lives are not fully controlled by us, but we are very focused on them because this is what is going to take us to cash positive. AI Call Guardian going into production and Nordic Telco. What is AI Call Guardian? I did not talk a lot about that before here today. AI Call Guardian is essentially a receptionist in the network.
Per Ottosson: The network, the telco in the network has a receptionist which picks up a phone call that goes to you, Axel. Axel picks up the phone for you, says, "Why are you calling me today?" or whatever greeting you would like to have. You talk to it in some language that you choose. Then the person's phone gets an SMS that says, "Would you like to let this person through?" You can also, of course, filter and say, "Do not let these types of calls through," et cetera, so you do not even have to get the SMS.
Per Ottosson: This is a very powerful solution today, but it is even more powerful when you consider the fact that, for example, I use Grokbot today, when I need to book a hotel or something, and I have Grokbot call hotels, which means that now people are getting home calls from bots.
Per Ottosson: The amount of scam calls or sales calls or calls you got before are just going to multiply as soon as somebody has your number in some database. This is, I think, a quite important development, AI Call Guardian as well. We are projecting that with these, we are going to be in Q1, around Q1, we are going to be able to have that cash flow, revenue flow, which is for a breakeven target.
Per Ottosson: Very much a focus on existing, then, of course, a few of us are also spending time building up a pipeline on the side for the going forward. That has a lot to do with enabling partners. It is a different set of partners than we had before. We learned quite a lot about how to work with partners from this big debacle in the US.
Per Ottosson: Let me start with the last point here. What we are looking at here is small and mid-sized partners that sell to small and mid-sized customers. For example, contact center providers and not the large ones, the ones that are going to have the money to be able to try to build something themselves on top of an LLM.
Per Ottosson: That is the voice AI, the left side of what I was showing, which a lot of these large ones are building, like Genesys, for example. Remember, we did have a great partnership with Genesys at one point until they thought that they would build their own voice AI on top of LLMs. Smaller players in the market where we know that they are not going to be able to develop this themselves. That is our focus right now.
Per Ottosson: Bringing existing projects into revenue from the top here, AI Call Guardian, of course, very important. FGS, important. Medtronic, very important. Medtronic is also important because it is on top of ServiceNow. We are going to go hard after the ServiceNow market, once this is done, not by going necessarily through ServiceNow, but through all their smaller partners.
Per Ottosson: Strict cost control, very much on Fredrik's plate to make sure that we maintain this rate. We cannot have cost overruns, then we need to find things to tune, which is much easier in the new setup than it was in our old setup, of course. Then the Teneo TEM that we have been around showing, of course, we want to convert that into signed contracts.
Per Ottosson: What we see is that regulated European companies, very important to them, what we provide in Teneo TEM, the fact that we can provide a purely European solution. This is where we are aiming also as we speak. At this point, that is the main focus. With that, I am going to hand it over to the financials. Again, it is not much more than what I said, so we had the supporting slides, but I think Fredrik will go through this, and give us a sort of top line view of it. Fredrik, the floor is yours.
Fredrik Törgren: Thank you, Per. In line with what you said, Per, what we see in terms of revenues and costs is essentially where we operate from, as a new organization. Also, already mentioned, the pure and sole focus for the management team now is very much to increase the revenue line. The increased revenue is going to take us to cash flow positive and with the existing organization that we currently have.
Fredrik Törgren: Significantly smaller organization, lower costs, obviously. Key here now is to drive revenue expansion. That is what we are all working every day and every hour on reaching, essentially. For that reason, I will not go into too much details on the financial slide because I think it is rather straightforward.
Fredrik Törgren: As you all are aware of on this call, the main deviation that we see in the revenue line in sales and SaaS ARR in Q3 is very much linked to the decline in sales from a former reselling partner, as we have mentioned in a number of calls, and also in the reports, in great detail. I will not cover too much about that.
Fredrik Törgren: As Per also presented, the company's pipeline of ongoing engagement is continuing to develop favorably, during Q3 and Q4, and we expect that to also generate a revenue growth going forward. In the quarter, net sales in constant currency amounted to SEK 5.5 million. So a significant decline from the previous quarter last year of SEK 20.4 million. SaaS ARR in constant currency amounted to SEK 12.6 million, versus SEK 66.3 million in the same quarter last year.
Fredrik Törgren: Total ARR in constant currency amounted to SEK 21.4 million versus SEK 82.2 million in the same quarter last year. So a significant drop in top line growth in all those metrics. Gross margin wise, we deliver a 76% gross margin despite the significant volume decline. As Per also mentioned, we expect to improve the gross margin going forward with higher volumes, combined with also a significantly lower delivery cost. That is what we have worked a lot with Teneo 10.
Fredrik Törgren: In Q2 and Q3, we have reduced all costs possible in order to adjust the cost base to the lower sales volume. That has also resulted in that we are reporting an adjusted EBITDA in Q3 2026 of SEK 11.3 million. This number is obviously adjusted for one-off cost and restructuring costs.
Fredrik Törgren: At the end of the month, we also report an adjusted cash position of SEK 27.7 million as of 30 September 2026. With that, I think we can go to the next slide, Per. Already mentioned, SaaS ARR and total ARR in constant currency of SEK 12.6 million and SEK 21.4 million. Apparently, as you can see here in this historical overview, what I already mentioned in the previous slide, we have seen this significant decline due to the reselling partner, and the loss of that client essentially as the main driver for the decline that we now see.
Fredrik Törgren: We are stabilizing, but also see somewhat increase as well on the revenue lines quarter versus quarter. So some positive, but as mentioned earlier, focus is very much to drive revenue growth ahead from the ongoing engagement that we are working on, and which also develop really favorable.
Fredrik Törgren: We can move to the next slide, Per. Gross margin wise, nothing really more to say. We are at 76%. We expect this to improve with higher sales volumes and also with the lower delivery cost going forward. Next slide, Per. As mentioned during Q2 and Q3, the company concluded a number of cost reduction measures across the group, including dismissal of approximately 50 employees and consultants since Q1 2026.
Fredrik Törgren: As a consequence, the operating expenses in September amounted to approximately SEK 60 million on an annual run rate basis. So that is linked to the SEK 5 million target that we set in the Q2 report, and which we now also have seen in actual adjusted numbers for September. So this is where we operate and tune going forward. I think we can go to the next slide, Per. Cash position.
Fredrik Törgren: We have a reported cash position of SEK 25.8 million at the end of the quarter. Adjusted also then for that is SEK 27.7 million due to collected accounts receivable following the quarter end. What we can mention here is also when we look on cash, we brought in a bit more than SEK 75 million as a combination of the rights issue and a bridge loan from one shareholder, which was partially offset with the rights issue.
Fredrik Törgren: Consequently, I think we have been through a long period of working on this refinancing. I would say more than 2 quarters, I think we have worked on the refinancing rights issue and also agreeing with our lenders on a new financing structure for the company ahead. That obviously also have driven a lot of costs associated with that. So that also explains a significant part of the cash position that we have now.
Fredrik Törgren: We brought in SEK 76 million in new cash during the Q2 and Q3. Then we have also had costs associated with repayments of loans. We have also had a number of fees related to the rights issue and guarantee fees, et cetera. But also coupled to that, also significant legal fees and other advisor fees related to the refinancing. So has been a rather costly quarters here from that perspective, but also very much necessary.
Fredrik Törgren: On top of that, we also had deferred payments that we have had to pay during the quarter as well. But when we enter Q4, I think we are in a very good position, both from an equity perspective, being completely debt-free, which we believe will favor our operations and business ahead. Very much a restart, recapitalized as we mentioned in the headline in the earnings release. With that, I leave over for you, Per.
Per Ottosson: Sorry, I was muted. This is in summary. Obviously, it is a company that now is totally different from a balance sheet perspective. Obviously, we have a totally different delivery model. We have a much lower cost to deliver to customers. We also have a much lower cost base in total. We still have a very strong product.
Per Ottosson: It is difficult to understand, I would say, and I get that question a lot from shareholders, why aren't we selling more of the product if it is so good? I think that the difficulty in the market is that there is so much going on around the LLMs, that a lot of people just want to play with them and do things with them first. We see now the third generation, I call them.
Per Ottosson: First you had the people that were working with the old way that we were also working 4 or 5 years ago, the pure machine learning. The second wave is people are building pure LLM. Now the third wave, now customers are waking up to things like compliance, making sure the back-end systems can actually be operated. We have seen reports from Gartner recently that only 23% of all projects based on LLMs actually get to talk to back-end systems.
Per Ottosson: Those are mostly things that are analytical. That is our Teneo 10 product that is going to attack this market full on. Of course, we are building towards profit, not necessarily by before, like we are having to increase the revenue a lot, but we only have to add, or only, but we have to add SEK 3 million per month to get there.
Per Ottosson: With that, I am going to move over to Q&A. It is, as usual, a double muting. I will warn that we have had some issues with this before, but this is a Teams functionality that should work. You raise your hand, then I unmute you, and then you unmute yourself. I see a raised hand from Forbes. Let me go to Forbes here and unmute him. Why can't I unmute there? Forbes unmuted from my side. Now you can unmute.
[Analyst 1]: Yeah. All good. Thank you. Thank you so much. I have a couple of questions. Maybe we can start with the pipeline opportunity, and you are talking about Medtronic, FGS in Turkey, and another Nordic telco. How confident are you in these three opportunities?
Per Ottosson: All of them are in implementation phase. That is what we are building on right now. They are sold already, so it is in the implementation phase.
[Analyst 1]: How confident are you in those scaling to your target, another 3 million in ARR, so to say, per month?
Per Ottosson: Yeah, I am sorry. I should have listened to the full question.
[Analyst 1]: Sorry.
Per Ottosson: Yes. The total volume far exceeds that in those three. So the total revenue far exceeds that. What we essentially need to get to is somewhere in the range of 40% to 50% of the opportunity in that timeframe.
Per Ottosson: We are certainly aiming for it. We are certainly going for it. Do I have 100% confidence? No. I would say probably 60% to 70% confidence. Do I have 100% confidence we will reach it before the summer? Yes. But the aim is, like I said, to do it before end of Q1.
[Analyst 1]: Great. In terms of other opportunities, can you talk about how many proof of concepts or other engagements you are working with at the moment on Teneo 10?
Per Ottosson: We are working with three large opportunities with Teneo 10 as we speak. We have a slightly different way of addressing the market right now, where we do workshops and build the first use case instead of doing proof of concepts. Maybe you call it proof of concept, but we call it workshop. We have three such workshops planned now the next 2, 3 weeks.
Per Ottosson: We still have some opportunities from before that sort of halted when we had this press release in June, which was about our cash position, and those are being reactivated as well. We do have a pipeline of other deals as well. But we are not betting on those for the cash flow positive side. Those are icings on the cake as we go forward. Our main focus is going to be this, and then selling new is going to be once we are at that more stable level, because that is the main priority by far for us right now.
[Analyst 1]: Good. Thank you. In terms of pricing, you said that you are moving to a price per minute model compared to the previous API call model. How does that impact your ARR and gross margins looking forward?
Per Ottosson: Yeah. Essentially, three API calls are a minute. It is a rounding, and it is going to go a bit up and down if we go from minutes to APIs, but it is essentially the same metric. It is just that the market has moved to minutes instead of API calls, so we had to do the same, but it is not going to have any impact on the revenue per call necessarily. It is going to be the same as long as there is more than one call. If you have a collection of calls, let us say 100 calls, it is going to be the same number.
[Analyst 1]: Good. I think that's all from me. Thanks.
Per Ottosson: Thank you, Forbes. Do we have any other questions? Raise your hand, and I will unmute, and then we unmute you. Mats Karlsson, let me unmute you. Unmute. There we go, Mats. Now you can unmute yourself.
[Analyst 2]: Yes. Thanks. Thanks for the presentation. One question on Spain. Can you elaborate a little bit more on that process? Are there any associated costs that we can expect going forward from that? What happens to the patents, et cetera? Thanks.
Per Ottosson: I can just take the patent question. We do not have a lot of focus on the patents going forward. We have tried to sell those. It has been as long as we are such a small company, it does not really matter with that. But the patents are only valuable in connection with the new customer base.
Per Ottosson: So if there is the necessity to have those, then those would be connected to our software. But right now, we are not going after the patent litigation at all because of our size. So we found that we are way too small for that. On the cost side, Fredrik, I think all costs have been booked.
Fredrik Törgren: Yeah. On the cost side, I think we will probably have relatively few costs going forward. With that, I mean more hundreds of K SEK, so relatively small costs associated with Spain. I think that will be the only cash impact that we will have. So relatively, I would say minor costs ahead. So costs have been taken, and we have had relatively small cash impact from those costs, and that's also what we expect going forward.
[Analyst 2]: It's fair to say then with the current costs of SEK 5 million per month and revenue of approximately SEK 2 million per month, you have 9, 10 months of runway, if no improvement, that is.
Per Ottosson: You're right.
Fredrik Törgren: Correct.
Per Ottosson: Right. But the revenue, of course, is going to start increasing now, so yes. But you're correct. If we did nothing else, it's 9, 10 months of runway.
[Analyst 2]: Yeah. Okay, thanks.
Per Ottosson: Any other questions? Okay. I will close the call as it is. I just would like to share something that is the reality for people that are building on pure LLMs, which we thought was very interesting. I just wanted to show that. Of course, the call is finished, you do not need to watch this if you do not want to.
Per Ottosson: This is the OpenAI presentation from, is it last week or the week before? I cannot remember now. Of their latest AI agents that are supposed to work in the contact center. You should buy those from OpenAI instead of from Teneo. So was the assertion. One of the things we always say is accuracy, and there is no SLAs. There is no service level agreement on any LLM model in the world because you can never know how long it is going to take for it to answer.
Per Ottosson: That is purely stochastic. Let me just show you this, which I thought was quite amusing when they show in the contact center version. Billions of dollars, but at the end of the day, a stochastic probabilistic technology is a stochastic probabilistic technology. Thank you all, and thank you all shareholders for your support very much. Also, thank you, of course, Capital Four, and our shareholders. Thank you all.
[Analyst 1]: Thank you.
[Analyst 2]: Thank you.
