"During the third quarter, we focused on promoting the introduction of the PPT business model and improving our operational efficiency. The projects of certain customers progressed and we received small production orders. Net cash flow improved this quarter by EUR 2.3 million or 53% of a year ago, even though we increased investments into product development and sales and marketing. In accordance with our strategy, we continued to expand geographically and advance projects related to new indications. Our product development pipeline remained at the level of the previous quarter at 30 projects.

Revenue in the third quarter was EUR 0.6 million, which was 58% more than in the corresponding period of 2023 and 34% less than in the previous quarter. The development of revenue is affected by the transition to the PPT business model in accordance with our strategy, as well as delays in prototype deliveries. However, with the progress of our current customers' projects, our order backlog has grown steadily throughout the year. The projects in the order book are expected to accumulate revenue mainly in 2025. Although the revenue we get from the PPT model is still low, the related device deliveries progressed in the third quarter more quickly than before.

Our extensive investment program has been completed and the related implementation costs have decreased, which is reflected in profitability improvement. Measured by EBITDA, profitability increased by 50% to EUR -1.3 million. In addition, the reduced amount of commissioning work for production equipment enabled a record amount of work in product development itself. The total costs of our operations have decreased since the beginning of the year by 28% compared to the comparison period, although we have continued to increase our efforts in product development, sales and marketing. Operating cash flow improved by 63% and was EUR -0.6 (-1.7) million in the third quarter. The development in the operating cash flow is also clearly visible during the first three quarters, when it improved by 70% to EUR -1.6 (-5.5) million.

The development of our business models is bearing fruit to an increasing extent and can be seen in the growth rate of the install base as well as in customer feedback. Our role as a customer's partner has grown both in terms of the scope of what we do and the importance of our solutions. The goal of our projects is always the commercialization of our own products. Geographical expansion in line with our strategy is also progressing, and thanks to that, we received a couple of orders for the production phase during the past quarter. Geographical expansion has also led to finding new customers in our most important market, the United States.

The third phase studies are the focus of our clinical work, and new hospitals are being included in the studies at an accelerating pace. The customer feedback we receive in research projects from both doctors and pharmaceutical companies is very positive. As one study expanded globally, we introduced our first PPT business model device on the Australian mainland.

In addition to solutions intended for medical purposes, we also develop products for other high value-add applications. Thanks to the unique capabilities in high-power single-mode laser technology, in the third quarter we were able to deliver a product that a major company in quantum computing ordered from us in the previous quarter on a fast schedule.

Our product development pipeline remained at 30 projects. These projects focus on the commercialization of our product platform in several different indications and medicines. We also acquired new customers during this quarter, but our cooperation with these customers is not yet mature enough to report them as their own projects. In the product development pipeline, we focused on advancing existing projects, and based on customer feedback from projects in the third phase, we made good progress.

Investments in our factory's capabilities, such as production capacity and biolaboratory, have strengthened our competitiveness. In addition, the synergies of our platform solution are seen more and more often as a positive competitive factor and a differentiating offering. We have also continued our long-term and multifaceted work to promote sustainable development. We believe that these investments and measures will be significant for customers in a positive way. Our extensive expertise and vertical integration enable us to make better products in a shorter time period.

In the current global situation, our own state-of-the-art production facility is one of our most important strengths. It is also significant that our customer base has clearly expanded both this year and last year. We have very interesting customers, but also a good cash position and the ability to react quickly to market opportunities, for example by increasing our product development. We will continue to focus on activities in line with our growth strategy, such as expanding our PPT model, promoting projects and utilizing technology in the short term while keeping long-term strategic opportunities in mind. We believe that our operations and strengths in accordance with our growth strategy will contribute to our business returning to strong and profitable growth in our strategy period that runs to the end of 2025."