Okay, good morning, everybody. Welcome to ActivePort's Q1 FY 2026 update. Really appreciate everybody taking the time to attend. Let me start. For the people that haven't seen ActivePort presentations before, I'll just do a quick overview of what we do. ActivePort is a software development company. We write a software product that's used by the telco industry and the data center industry to automate their network provisioning processes. We have a customer-facing product for telco. If you're a telco operator or you have a network in a data center and you want to present a customer-facing portal that allows your enterprise customers to automatically connect to the cloud or connect from rack to rack or connect from their office to other infrastructure in the world, ActivePort software out of the box for those enterprise, for those telcos and data center operators, delivers that user experience for them and lets them generate new revenue from those products and services. You can see the two examples here. The one on the left is ActivePort software orchestrating a connection between two racks across two different data centers. The one on the right is ActivePort software orchestrating a connection from a data center rack to a cloud service like AWS, Azure, or Google Cloud. Of course, that type of service today is in very, very hot demand due to the huge ramp-up of demand for cloud access driven by the AI boom at the moment. I think AWS report was out this morning, something like a 35% increase, quarter- on- quarter, across demand for their cloud services. All of that is consistent across Microsoft, Google, Oracle, all the cloud providers, all driven by the huge demand for AI in the world. That demand is flowing through to ActivePort as these operators look for software that makes it easier for their customers to connect to their infrastructure. What does our software do? A telco operator or a data center operator will use our software to create new self-service products. Telco operators certainly use our software to augment the reach of their network. I can talk about one of the projects we deployed to production this month in Telekom Malaysia, where they're now adding Megaport's network to their. Traditional domestic Malaysian network to give their customers global reach, extending the reach of their network from just the 14 regional points of presence they have on their own network to another 900 points of presence just by augmenting their network. They use ActivePort software to make that connection. We deliver edge core cloud and GPU orchestration, GPU orchestration being the hottest topic in that sentence. We have a fantastic GPU orchestration platform. We're rolling out GPUs to what is the largest telco on the planet by user count. At the moment, we're deploying thousands of GPUs across the Reliance Jio network and across telco networks in 24 other locations around the world. GPU orchestration software is really coming into its own with the onslaught of demand from AI. Amongst all that, our customers use our software to ensure they retain their customers, provide their customers with better visibility of their network, and of course, that makes their services more sticky. The great thing about ActivePort software is that when we sell it to a customer, it's a customer-facing product that generates new revenue. If a data center operator is generating AUD 100 million of revenue, ActivePort software could create another AUD 10 million of revenue on top of that to their top line. It's very profitable revenue, being networking revenue. Our software becomes very essential in their supply chain for driving their business, which makes our software quite a sticky product. We're very excited about the traction we're getting around the world for our product. Now, the purpose of the presentation today is to talk about the Q1 results. People that saw this presentation from Q4 would remember that in Q4, we had a fantastic quarter where we closed out the Reliance Jio project with our partner, Radian Arc. We signed the contract finally for Telekom Malaysia to deploy our software across their global network. We signed a contract with one of the larger ISPs in India called Ishan. We signed 200 circuits on our new local Australian FibreconX-based network-as-a-service platform. Q4 was a fantastic quarter for booking new deals. Q1 was where the work began. In Q1, we spent all of the quarter deploying as much of that product as we possibly could. Most of that product was deployed late in the quarter. Obviously, these projects are complex. They take some time to get live. We worked very, very hard. The team worked around the clock to successfully get at least two-thirds of that Q4 new business booked. Most of it won't generate revenue until Q2. For example, the first GPUs in India will be live in the next month, and that will start to flow through to revenue. The Telekom Malaysia project was signed off into production just this month, and the first invoice for Telekom Malaysia will be delivered in November. Ishan, similarly, was live late in September. First invoice is due in November. There's a raft of other business that we closed and then delivered in Q1 that would drive revenue in Q2. As a result of that, our revenue was fairly flat. The software revenue was up. Software revenue was fantastic because we do have some regular cadence from our traditional customers in Lightstorm, Radian Arc, and others. Software revenue was strong. The SaaS revenue, the revenue that we generate from our software on physical infrastructure that we operate, was somewhat slower as we rolled off some legacy contracts, but we added a bunch of new contracts in the quarter for Cascale, Axon, [VW Management Works]. We added the nbn, or we're adding the nbn capability to our network-as-a-service platform as well. Most of that revenue starts to come through in Q2 and certainly starts to ramp up very, very quickly in Q3. Our cash used was fairly consistent across Q3 and Q1. Q4, there were some anomalies, mainly through R&D receipts and a few other things that came into the quarter. The uptick across Q3 and Q1 was really just due to seasonal variance and financial year costs, audit, etc. Our receivables have increased by 10%, and I think that reflects the new business coming through, really, as a result of the invoices that we're starting to send for the new projects that we've sent out. The quote at the bottom says it all, while revenue results lagged activity in the quarter, the multiple deployments that we completed and the new contracts that we've closed since in Q1 will certainly drive revenue growth in Q2 and start to accelerate through to Q3. If I look at some of the milestones that we achieved, and I'm very, very excited about this because it's probably the busiest quarter we've ever had in delivering new projects. I'll dwell on a few of these because I think strategically they're very important for the business. If I start with Telekom Malaysia, and you see the image there of what they call their storefront, this is their customer-facing portal driven by ActivePort software that enables their users to access networks across the world. It is the first Tier 1 national telco in Asia to use our product. In fact, it's probably the first Tier 1 telco in Asia to have this capability available at all. I think the next closest would be Syntel. Certainly, if you compare Syntel's portal capability to TM's, it's chalk and cheese. Telekom Malaysia is certainly the leader in self-service automation for a Tier 1 telco in the Southeast Asian region. We're very excited about what they're planning to do with the software and the volume that should drive. The point about Telekom Malaysia, and this is common across all of our telco and data center contracts, is that the revenue is based on volume. For us, we earn a flat fee per month for the points of presence that we've deployed for Telekom Malaysia, and there are five of those at the moment. We've automated network access in Kuala Lumpur, Bangkok, Hong Kong, Sydney, and Singapore. There are nine more locations around the world that they plan to automate for their international traffic. We get a base fee for each of those points of presence in U.S. dollars, and then we earn another fee on top of that based on the volume of traffic through those points of presence. That revenue could scale to multiple millions of dollars a year as the volume on the Telekom Malaysia network grows that's orchestrated through this product. When you think that Malaysia is a hotbed of development for new data center capacity, there is a lot of international traffic trying to get to the Malaysian data center hubs in Johor and other places. Singapore, as a data center hub, has always been the backbone of data center capacity and cloud capacity in Asia, but Singapore is power constrained. Malaysia is less power constrained, and Malaysia has become the place to construct data center capacity in Southeast Asia. With Telekom Malaysia being the major carrier in the region using our ActivePort software to orchestrate access to those data centers, we're just seeing a huge amount of demand for inbound traffic from all points on the globe to get to the data centers, the hyperscale facilities that are being built in Malaysia at the moment. We're very excited about the contract with Telekom Malaysia because our license revenue scales with the volume across that network. We think with this AI revolution, the network volume is going to be very, very significant. The success of having the most effective self-service portal in Tier 1 telcos in Asia deployed using our software is that all of the other telcos in Southeast Asia are paying attention. We're engaged in numerous conversations with telcos across Singapore, Philippines, Indonesia, and Vietnam. Across the whole region, telcos are looking at the Telekom Malaysia experience and very quickly realizing they need to be on that bandwagon. In particular, other network operators want to funnel traffic into Malaysia, looking at how they can use our software to automate the connection across networks. Connecting the Syntel network to the Telekom Malaysia network or the PLDT network in Philippines and the Globe network in Philippines into Telekom Malaysia. We're building a network-to-network interchange in Singapore to facilitate that traffic. I think those telco-to-telco connections will just accelerate the traffic across the Telekom Malaysia network even further. As I said, the more volume, the more revenue we earn. We're very excited to have that live. The team did a huge amount of work building out new features and functionality for Telekom Malaysia: their role-based access, a new billing engine, and microservices-based front-end architecture. It was a monumental effort to get that product live. What's been fantastic about it is it's certainly hardened our product and forced us to create new enterprise features that just make it more effective for the next telco that rolls it out. Telekom Malaysia is an exciting milestone for us. We've been working on it for a long time. We're very excited to have it done. I think it's the right place at the right time, given that there's so much activity being driven towards that part of the world for data center access right now. The next one across is Ishan. Ishan's a large ISP in India. If you think about the ISP market in Australia, it's dominated by the likes of Superloop and people like Aussie Broadband. They're significant ISPs with maybe 300,000, 400,000, 500,000, 600,000 customers, up to a million customers. In India, there are at least 200 of those size of ISPs. We won Ishan. We've deployed the product. We're in the process of rolling out the integration and doing the work we need to do to turn it on. What we will then do is take that solution and replicate that in as many of the other ISPs across India as we can. India is one of those markets that if you build a product and you can sell it at scale, the market is very, very deep. We're quite excited about having an ISP-specific version of our product that we can really cookie-cutter out to a bunch of other ISPs across India. We're engaged with at least six of them at the moment. As I say, there's 200 at least, and there's a lot of demand that we're finding for this self-service capability across the ISP market in India. Ishaan is another fantastic milestone that we reached in Q1. As it is with these other projects, revenue will start to flow from that project in Q2. The Reliance Jio GPU project, again, we're building probably one of the largest GPU clusters for cloud gaming in the world with Reliance Jio. You cannot get a bigger cloud gaming customer on the planet than Jio, given that they've got 500 million subscribers on their mobile network. Jio are chasing 100 million cloud gaming subscribers on this platform. The first 1,600 GPUs have shipped. They're starting to land in different parts of India at the moment. ActivePort software plays a few roles. Three roles. The first thing we do is manage the self-server, the zero-touch provisioning of the hardware. As a new server is deployed to a data center on the Jio network in India, it automatically finds home, configures itself, and makes itself part of the cluster. The second thing that we do is we connect the users to the games. If a user on a mobile phone commuting in India wants to play some Call of Duty, they connect to our software. They obviously don't know that. They click on the icon on their screen to play the game. The software on their phone connects to our server, finds the local GPU closest to them, instantiates the game, connects the user to the game, and they play. The third thing that our software does is optimize the streaming of the content off the GPU to the user. Our software is, we work very, very closely with AMD to optimize the performance of the delivery of the frames or the delivery of the game, video stream, sound stream, and control stream between the GPU server and the end user to make that experience seamless and smooth for the user and fast. We're at the forefront in the world of building that type of software. There are only two places in the world to go for cloud gaming. If you go to NVIDIA, you get GeForce Now. If you go to AMD, you get our software. We've optimized it for low ARPU markets like India, and it's been very, very successful. Our partner, Radian Arc, is the distributor of the software in that sector. They also won True in Thailand, which is one of the larger networks in Southeast Asia. They're working on Telkom Indonesia and a bunch of other projects around the world where they're deploying this software for the cloud gaming space. We're very, very excited to have Reliance Jio as a customer because it is set to be the largest gaming ecosystem on the planet, all driven by ActivePort software. Lastly, we did a huge amount of work to get our network-as-a-service business in Australia live. The first circuits on the FibreconX fiber network went into production last month, and we started to invoice them in the quarter, which was fantastic. Since then, we've added nbn. We're in the process of integrating fiber nbn to that service. The purpose of adding nbn fiber to the service is that if a customer has 50 branches around Australia, maybe it's OPSM with retail outlets, maybe 10 of those are on the FibreconX network in the high-density areas like CBDs. The other 40 may be in other locations around the country. To provide that comprehensive service, we need to be able to connect all 50 of the branches. The best way to do that is to add the because the nbn reaches almost every location in Australia. We're adding nbn capability to our network-as-a-service so that we've got a complete edge solution, what we call edge connectivity solution, meaning that from any location, edge location being a branch, an office, a mine, a factory, whatever it is in the country, can use our software and our network-as-a-service to connect those branches into the cloud. We also announced in the quarter that we're adding some other features. We announced and will roll out this quarter what we've called our private cloud superhighway. That's optimizing access between those edge devices and cloud infrastructure and data centers in Australia. We just this week announced our intercap network, which is connecting the different cities in Australia, starting on the East Coast from Brisbane down to Melbourne. With a dark fiber, a wavelength solution that allows our customers to be able to buy very large pipes, high-speed pipes between cities, we're building out that network-as-a-service infrastructure as quickly as we can. I'll talk a little bit more about some of the strategy behind that in a second. Network-as-a-service is really being driven by AI demand again in Australia. I was just talking about our last mile product on the left-hand side there where we've got FibreconX and nbn coming on stream, our private cloud superhighway, which is DC to cloud, our intercap network, which we're building out this quarter, and then carrier NNI. I think in terms of strategy here, somebody from one of the telcos asked me last week, they said, "Why do you really want to get into nbn?" The answer is that we don't want to get into nbn provisioning to become an ISP in Australia. That's the last thing on our agenda. What we really want to do with this network in Australia is use it to connect carriers from outside of Australia in and inside of Australia out. If you think about the scenario where an Australian customer wants to get to a data center cluster in Singapore or Malaysia, the best way to do that is to get from wherever their branch is onto our distribution network, our last mile network in Australia, get to our NNI interchange point, and from there, they can hop onto a network of any carrier in the world, almost. Most data centers in Australia host network nodes for most of the major carriers. If you go to the Global Switch facility that's now owned by DigiCo in Ultimo, there are at least 200 carriers connected into that data center. With our network interface there, we can connect, say, Syntel, through the NNI exchange out to our distribution network on Fibreconx and nbn so that any Singaporean customer can get to any destination in Australia, but also any Singaporean customer or Australian customer can get to a network that heads up into Southeast Asia. That NNI exchange plus a distribution network in Australia, for us, the strategy is to make sure that we're facilitating international communications more so than just domestic communications. As I will repeat over and over again, because it is a theme that's at the forefront of almost everything we do, access to various clouds to drive AI applications like ChatGPT and Grok. All All the edge inferencing clusters that are popping up around the world is really driving demand for this international network carriage very, very hard at the moment. We're seeing a huge amount of demand for this NNI solution in every region that we operate in, whether it's Australia, Southeast Asia, India, the Middle East, or Europe. We're very excited about our ability to automate network connectivity across these countries using NNI. That leads me to an interesting example. This is something that really confirms the demand that's flowing through the network orchestration. I do apologize for the complexity of the diagram, but I thought it was a really good opportunity to show an example of one of the projects that we're working on in Saudi Arabia, of all places. They sent us three customers, the data center operator by Saudi Telecom. Saudi Telecom is one of the largest telcos in the world. They've got at least 150 million subscribers on their network, so think of it as six times the size of Telstra. If you look at the data center industry, one of the major constraints for data centers building hyperscale facilities at the moment is access to power. One of the places on the planet where construction of new power capacity is not so constrained as it is in other parts of the world is the Middle East. Saudi Arabia have got plans to build dozens, if not hundreds, of data centers. To support that, they're reconstructing the national fiber network. A large part of the fiber network reconstruction is focused on international access. This is an RFP that we're working on, which I just thought I'd include. There's a really good example of the application of ActivePort software in other parts of the world because this is a very common theme we're seeing in all sorts of regions. This is a revamp of the national network in this part of the world. It connects all of the existing data centers and all of the existing telco exchanges, plus the subsea fiber access from Saudi Arabia to other parts of the world. The idea here is that ActivePort software would orchestrate provisioning of circuits across that entire network. It's difficult to read, but in the left and right-hand boxes that protrude out from each side, it depicts their subsea fiber networks that connect to other NNI exchanges in Europe and in Southeast Asia. The reason for that, of course, is to get traffic into the cloud provider, the cloud infrastructure that's being built in Saudi Arabia, but also to get access out of Saudi Arabia to other parts of the world. We're seeing this as a common theme and a common architecture being considered by a lot of major telcos in different regions. We're seeing it certainly in Europe, in London. We're seeing it definitely in Southeast Asia, where we're really driving that strategy hard ourselves. We're starting to see it at the fringe of the world in places like Australia, Sydney for NNI as well. This is a really good example of AI driving revised demand for new network infrastructure and new projects where the operators need a customer-facing automation solution to make it easier to consume the network services. We're still finding when we bid for these projects that we are one of the only operators or the only providers of software that has that comprehensive capability to address a network solution that's this complex. We're very, very excited about the prospect. This project alone is worth some tens of millions of dollars in software license revenue over the next three to five years. We're very excited about this sort of project. As I say, we're seeing this with the major telco operators in almost every country that we go to. If I focus back on our sales pipeline, the left-hand side of this screen, you start to see some order to the logos on this page. On the left-hand side are the new logos that we added this quarter that will flow through to revenue in Q2. What I'm excited about is these are the biggest operators in the region. Reliance Jio, the biggest network operator, phone network operator in the world. Telekom Malaysia, the second largest telco in the Southeast Asian region, one of the biggest in the world. Lightstorm, up-and-coming DC to DC network operator in India, funded by I Squared Capital out of Miami. The Lightstorm of telco, where their entire business operates off our software, and they're growing from strength to strength from zero to multiple billion dollars of revenue very, very quickly. Of course, Ishan being the leading light for us in the ISP market in India and certainly in other parts of the world as well after that. On the right-hand side of the line, you can see some of the other telcos we're engaged in with and data center operators. Just to pick a few off, there's people like [Aurora] and [Achoora] in Australia that we are working somewhat with. Syntel for NNI in Southeast Asia, Telehouse being the fifth largest data center operator in the world, owned by the second largest telco in Japan, KDDI. center 3 that we talked about in Saudi Arabia. People like Tata Play Fiber, which is one of the bigger ISPs in India. Indosat being one of the biggest telcos in Indonesia. Some younger BHP being fantastic enterprise customers with some really interesting problems that our software can address. Some Australian operators like DigiCo, Superloop. This quarter, we became a Rackspace partner. Rackspace provides private cloud infrastructure for the likes of Commonwealth Bank. We're working on integration of Rackspace's private cloud infrastructure to our network in Australia. Globe in the Philippines. I could go on. Orange, Edisolab, Sri Lanka Telecom, British Telecom. This is just the tip of the iceberg for us. We have absolutely no shortage of opportunities for us. It's just now about keeping our head down, focusing on delivery, and getting to revenue as fast as we can in all of the accounts that we close. We did have a very successful quarter in capital raise. We raised AUD 9 million across the quarter. We have an option for some other facilities that could almost double that. We do feel that at the end of the quarter, we're fully funded for the first time in probably two years. That has certainly helped us refocus our efforts on growth. If I look at the corporate objectives, our growth target, of course, is to reach that magical rule of 40 figure where the combination of our revenue growth and our EBITDA exceeds 40%. We think we'll be able to get there toward the end of this financial year. Our revenue target is an exit revenue run rate. We're hoping to get to AUD 25 million. We want to do that on the back of our fixed cost base of about AUD 16 million. We think that we can scale the revenue quite well from here on a fairly consistent cost base. Our focus, now that we're properly funded, is just delivering software, building new features, closing new deals, getting the product live, and getting to invoice with all of these customers so that we can scale the revenue as hard as we possibly can. We have very aggressive targets to reach a profit in FY 2026 and generate some material positive free cash flow heading into FY 2027. We're on track to get that done. We're seeing a huge amount of demand. We're still the leader in the domain that we operate in. We're still finding that when we bid for a project in a major telco or a data center, we are the only vendor. We've still got that comfort of knowing that there's not a lot of competition, if any at all, given the comprehensive nature of our product and customer-facing features that we have. We're very, very excited about the prospects, and we hope to deliver a fantastic revenue result in Q2. On that note, questions? Yes, we've got three in the chat there, Peter. I can read out the first one for you. Are there any opportunities? Sorry? Yes, we've got three in the chat there, Peter. I can read out the first one for you. Are there any opportunities? Sorry? Yes, we've got three in the chat there, Peter. I can read out the first one for you. Are there any opportunities? Sorry? Yes, we've got three in the chat there, Peter. I can read out the first one for you. Are there any opportunities? Sorry? Yeah, go for it. Thanks. Sorry, mate. Are there any opportunities to raise ATV's market profile? For example, could ATV prove up its ability to solve some of the recent high-profile global outages like with Amazon and Azure? I think the opportunity for us to raise our profile is significant. The one thing about the telco industry and the data center industry, it's a fairly small club. There are a number of conferences around the world where all the major operators get together. After you've been to a few of them, you realize that telco industries, although a AUD 4 trillion or AUD 2 trillion industry, or if you add gaming and data centers as well, everybody's fairly well known to themselves. They do tend to follow trends. For example, when I spoke to Edisolab two weeks ago at a conference in the Middle East, and they asked, "What does our software do?" we talked about NNI. We gave the example of Syntel and Telekom Malaysia, and it was just an instant walk-up start because they're looking for a similar sort of solution. What we're finding is word of mouth and these references that we have now with the bigger operators in the world makes it much easier for us to open doors in new telcos and new opportunities. That also means that we can accelerate our marketing effort across the 750 or so Tier 1 telcos that there are in the world. I think, yes, there's an opportunity for us to increase our profile in the telco and the cloud and data center space. I think it's just made a lot more easy because of the references that we now have in the market and the reputation we're gaining amongst the Tier 1 operators as the vendor of choice for anything customer-facing on the network. What was behind the—sorry, [Paul], I can see this—what was behind the decline in SaaS revenue? We had a couple of legacy. Contracts roll off in the services space, but they were replaced in Q1 with new contracts from the likes of Cascale and VW Finance and a few others. Plus, we're hoping to replace most of that legacy revenue over time, not replace it, but certainly ape it with revenue from our network-as-a-service, which is starting to flow through as well. Of the 200 circuits we signed in Q4, we've deployed almost a third of those in Q1. The majority of those were deployed late in Q1 and will start to generate revenue in Q2. Plus, these new features we're adding to our network-as-a-service, which is all in that SaaS bucket, will start to outpace the fluctuations in the legacy business anyway. I think we've probably got one more quarter where the revenue from all these new projects won't outweigh fluctuations in the traditional business. We've probably got one more quarter of bouncing, and then we should see a consistent exponential rise in revenue because the new projects we're putting in place are all the revenue scales with volume, and the volume's going to grow, and it's going to grow quite fast. Just had a new one there, Peter. Can you please talk more about ActivePort's competitors? And are we ahead in our development? Is NVIDIA more expensive? That cuts across three things. In the telco and data center network automation space, we are, as I said previously, still the leader in that space. We are still seeing, when we talk to a Tier 1 telco, Edisolab, close to case and point where we are the only vendor that they've come across. Obviously, Tier 1 telcos see all the vendors available in the world because everybody beats part to their door that has out-of-the-box the capability to deliver NNI and the customer-facing automation that they're looking for at the moment. We still find there's no other competition doing what we do in that customer-facing automated provisioning sector. That's orchestration. The NVIDIA question and the GPU question is a different question. In the use of GPUs for cloud gaming, which is a niche use of GPUs, we have a moat like no other vendor. Our software is the most efficient platform for streaming games available today. We had to achieve that to make it successful in low ARPU countries like India. I mean, the difference between a cloud gaming platform that NVIDIA delivers at $14 per user per month and a cloud gaming platform that Radian Arc delivers at AUD 1 or AUD 2 per user per month is significant. Being able to deliver cloud gaming service at AUD 2 a month profitably is a result of the work that our Engineering team have done to optimize gamer streaming on the AMD platforms. We work hand in glove with the R&D team for AMD in Shanghai to optimize their drivers and our software to make sure we can stream as much volume from an AMD GPU as possible. People ask us, should we then deliver that same solution for AI inferencing? The answer is yes, but in AI inferencing, there are a lot of people trying to do that. It's not as complex a problem as gaming. Not only are there a lot of people doing it, a lot of people are being successful. That's why there are probably 30 different preeminent or eminent cloud ecosystem providers for AI inferencing out there. People have seen the likes of Thermos pop up with their immersive solution. When you get into that space, you're competing with Groq, which is a multi-billion dollar operation from Chamath Palihapitiya in the U.S., who has obviously got access to a ton of money. You've got operators like Cerberus, a lot of big, and then all the major cloud providers, AWS, Azure, etc. For us, what we're very, very cautious of doing because we've got a limited number of resources is we only pick fights that we can win. We know we can win in cloud orchestration for telco and data centers because we have no competition. We know we can win in cloud gaming because there's only two vendors, and one of them is us. We're very, very reluctant to dive into the inferencing side of the market for GPU orchestration because it's a race to the bottom, as was Bitcoin mining in the day. It's a fantastic market. It's growing fast, but the real niche for us in that space is connectivity. If we were trying to compete in orchestrating cloud for inferencing, it would be tough. When we compete for connectivity to inferencing cloud services, we've got the market to ourselves. We're sticking to the knitting, and we're focusing on building out these national networks and automating access to these national networks because that's how people are getting to these inferencing clusters for AI. Anything else? Yes, we did have a couple more questions. What was behind the decline in SaaS revenue? Are there additional—oh, I think I read that one. Yep, done that one. Sorry. Scrolling across. Example of what project implementation looks like and where you see opportunities to shorten the time to go live for first revenue. The implementation is getting a lot faster. We started rolling out Telekom Malaysia in July. We had it complete in October. Four months, which was a record for us. I think the last large telco was Lightstorm. Probably took a year. We've certainly shrunk the rollout. The one thing to consider in that four months is the guys built a lot of new software, which was quite exciting. The next one, Ishan, was live within two months. I think we're getting to the point—if we can get to the point where we can deploy one new customer a month, we can scale the revenue through AUD 80 million over three years, which is very, very exciting. That would be the ultimate. At the moment, we're deploying one every quarter, which still gets us to that rule of 40 growth rate once the revenue kicks in. What I'd really like to see us be able to do is one new customer, being an NNI customer, a data center customer, or a Tier 1 telco customer. If we can get one of those businesses online every month or every two months, our revenue will really start to accelerate. Once we've got this network-as-a-service solution fully built out in Australia and that revenue starts to accelerate at 10, 20, 30, 40, 50 new circuits a month, that will fill in the gaps. We're on the right path. We've certainly got the right customer base, and we're building out the correct infrastructure. We just need to keep our head down and make sure we focus on the things that we can do quickly and the projects that we can win and get to revenue for these contracts as fast as we possibly can. Okay, I just noticed that we are 10 minutes over. Did we want to answer the rest of the questions in the packed presentation? Yeah, we can probably feed back through the chat. People wanted to hang around, they're more than welcome to. If there's anything else of significance there, [Paul], I guess people can drop off as they choose. From the attendee list, there still seems to be an audience, so there's a couple more questions happy to answer. Yep. I just want to very top. Please explain the logic behind denying retailers' shareholders who participate in the. SPP access to not insignificant shortfalls. The sweetheart deal with MWP, where you increase your holdings of FPOs and options, would appear to be totally disrespectful to all retail holders, especially those that have been with Active-based since listening. Maybe we should have got a short, [Paul]. We do our best. We definitely did our best over the last 12 months to make sure that where we raised money, we raised it over. We raised it through rights issues to address that particular problem. The fact is that there are constraints around rights issues and timing issues that are imposed by the ASX rules. It is not always possible to execute a rights issue. The board has two obligations. They have an obligation to look after the primary obligation, look after the shareholders as best they can. There are two ways to do that. The first is to make sure the shareholders get access to all of the raises and rights issues that are done. The second way is to make sure the company is adequately funded by taking the money that's on the table when it's available. The board makes those choices in the best interests of the shareholders, and we try and balance those interests as best we can and make sure the company is growing as fast as we possibly can to get the share price up. As I always say to people, when the share price is at AUD 0.01, it's possible to buy and market. When we do a round at AUD 0.02 and the share price ramps to AUD 0.04, there are two ways to buy shares, either in a placement or on market, and sometimes one is more successful than the other, but those options are always available. I think that question pops up quite a bit. Sometimes it's the same person asking the question over and over again. I think the answer is that the board is doing its level best to make sure that the interests of the shareholders are met one way or the other. I had some other questions. We've seen huge quarterly— Sorry, just one more. Huge quarterly growth reported by the tech megacaps over the past few days. MS Azure is 40%, AWS 20%, Atlas Cloud 26%. The highlights significantly. It's a significant user growth that is only starting. How do we think about the implications for multi-site users in these environments, and what is the demand pool for ActivePort software solutions? That is the theme. That is the theme across the industry that we're seeing in all corners of the globe. It's flowing now down to the domain of hyperscalers, so the likes of AirTrunk, up until this year. This year, what we're seeing is that the demand for data center capacity is really outstripping anybody's ability to build it. People have seen the latest projects from the likes of Google in the U.S. knocked back for environmental reasons and community reasons, and that just makes it even harder for them to find places to put the servers that they're buying. I'm finding, as we move around the world, even in Western Australia, data centers that have been empty for years are suddenly full because there's a huge demand for people to deploy inferencing capacity for AI applications. That's common everywhere. It's just driving demand for more connectivity. Facilities that haven't really needed to add new fiber and new access for a decade are suddenly demanding new communication solutions to various parts of the world. It's also driving a lot of demand for construction in places like the Middle East where they're not so constrained by environmental rules and community issues, as you see in places like the U.S. and probably Australia. There are constraints that are starting to force the operators to disperse their compute capacity to different parts of the world. That just creates more demand from the telcos to be able to provide connectivity. The benefit that we're seeing is that more telcos are revamping their networks. More telcos are looking for a way to get their customers connected quickly to that infrastructure, and our software is the best way to do that. Our software is a customer-facing product that makes it very, very easy for an operator of a data center or a telco network to get customers connected from point A to point B. The constant growth in demand for data center capacity is driving demand for our software, which is fantastic. It's freeing up budgets to invest in our software, which is also fantastic. This constraint on construction in some parts of the world that's pushing deployment to more and more locations just compounds the demand for network connectivity. It broadens the places where people have to run fiber. We were dealing with an operator in India that's a startup, and they're building connectivity amongst 135 data centers across India. I mean, they're building a fiber network that's probably bigger than Telstra's, and it's just one operator connecting dark fiber between telcos, and they're looking for software to automate the utilization of that infrastructure. Yes, this growth in demand for AI infrastructure is certainly the driver that we're seeing create demand and free up budget to purchase our software, and we're very excited about it. This question probably follows on from that. You have spent some time in India recently. What is the plan for growth in that market? Are there any opportunities you are pursuing in that market? Yeah, the India market for us, we're doing two things. We're setting up more tech resources there because we provide software to telcos, and most telcos run their telco infrastructure out of India, and so there's a lot of expertise. The second thing is that the data center market in India is significant. In fact, the data center market, when you look around the world, it's driven by two things. It's either driven by a country's ability to deliver power, so that's the Middle East example versus the U.S. It's also driven by the need for sovereign cloud. When you look at countries in Asia, they tend to want to keep their AI inferencing and their AI training in-country, or at least in the region that they're comfortable with. Singapore and Malaysia, for example, Vietnam, Philippines, when they're running inference and models that are using local content for local intelligence, they want to keep that content in-country. Every country's got new demand for data center construction. From our perspective, in a place like India, it has both of those demands in excess. India is a place where power is readily available. Power construction is not so constrained. The capital market's quite efficient. Certainly, there are enough billionaires able to build power plants in India than most places in the world. It's a great location for people to build new hyperscale capacity for general global use. They, like every other country, have got a sovereign requirement to keep a lot of data in-country, and that just compounds the construction of data center infrastructure. We're seeing a lot of network operators. We deal with the majors, being Jio and Bharti Airtel, and a few others, Hathway and Voda. We deal with the Tier 1 operators, but we're also seeing people like Constl and Lightstorm and others popping up that are just brand new telcos that have come from nowhere and suddenly built AUD 3 or AUD 4 billion of fiber infrastructure to connect data centers. Yes, I think India is one of those locations, which is why we're focused on it. It is one of those locations in the world where the activity of construction of new fiber capacity, network capacity to connect new data centers is being driven by AI. India is one of those hotspots in the world. Malaysia is a hotspot. Indonesia is becoming a hotspot in Southeast Asia, again, because they've got land and the ability to deploy power. India is certainly one of the major centers in the world. The Middle East is just booming in that space. We're delving into Europe. Europe, though, has got similar constraints to the U.S., which is why we've started with these regions. These regions that we're operating in at the moment are really some of the hottest places on the planet for data center construction and new communication services. That just plays into our lap as one of the few software providers around that can automate that infrastructure out of the box. I think that's the main questions there we've got. All right, that's fantastic. Thank you, everybody. I think we'll stop there. Obviously, anybody has any questions, feel free to call. Feel free to email, feel free to find me on WhatsApp. Always more than happy to talk to investors. Appreciate everybody's attention today, and have a great weekend.