Verisec reported revenues of SEK 15.9 million and thus fulfilled our revenue estimate of SEK 15 million in Q2. Reported EBIT was SEK -4.4 million versus our estimate of SEK -3 million, driven primarily by lower gross margins due to increased partnership sales in the revenue mix. Operationally, significant progress has been made with BBVA implementing its Freja ID solution through US and retail customers. The financial implications of this progress are likely a progressive endeavour financially. The effects are already discounted in our intrinsic value. The competition is ferocious and the company must be able to swiftly adapt to its changing competitive environment. Our DCF value of the company is maintained at 50 SEK per share in our base case, while our bear and bull case scenarios indicate SEK 30 and SEK 85, respectively. The BBVA order is important, but does not change the investment case on its own.