With me this morning, we have the CEO of BetMakers, Jake Henson, the Executive Chairman, Matt Davey, and the CFO, Carl Henschke. Before I hand over to Matt and Jake, just a note that we will be having a Q&A session at the end. If you have any questions, please type them into the Q&A box you see at the bottom of your screen. I would now like to hand the webinar over to Matt. Please go ahead. Thanks, Danny, and thanks everyone for your time today. We appreciate you giving BetMakers some attention. When I joined over two years ago, we set out with a very clear mandate. The first step was to right-size the business, get it operationally fit, and ensure that the company was cash flow positive. The next step was really to kind of drive top-line revenue growth and expand the business. I'm really happy to say that we've achieved those two steps in the last financial year. Our return to growth, we've shown, and really you should think about this year as a year of two halves. The first half was really getting to the baseline, and the second half was really demonstrating the kind of growth that this company is capable of. We've returned to growth with over 5.6% growth for the second half versus the first. We've recorded our first positive adjusted EBITDA and actual EBITDA, I'm happy to say. Obviously, with the second half outperforming the first half again, and we delivered over AUD 6 million in operating cash flow during the second half of the year. I'm extremely happy to see that 80 organizational changes have been effected, but also we've launched this company with new technology and a much stronger platform, and that's gaining market share in the marketplace, which Carl and Jake will be able to walk you through. This has all been achieved through a really disciplined approach to executing on our readjusted cost base. The key here is not just to cut costs, but to actually deliver the business into better health with better platform and a better product. I think you can see that through the results we've delivered today. In addition to that, we needed to strengthen the balance sheet, and I'm happy to say we have nearly AUD 20 million in unrestricted cash and zero debt. To recap on BetMakers and what attracted me to it in the first place is that it's a racing-led wagering B2B supplier. By that, I mean it focuses on the horse racing industry, but it includes the entire broad set of products necessary for sports betting offers around the world to offer exciting and compelling products to their customers. We have today a leading platform, critical infrastructure that is necessary for our customers to operate their businesses. We're expanding both domestically and internationally. We have a very strong pipeline, and Jake can talk to that in a moment. Now we've laid the tracks of a significant quarter-by-quarter record of achieving the deliverables we set out to achieve. Our focus is now very strongly on growth, and we feel very comfortable we've got the right pieces in place to achieve that. To give you a real feeling for the operational transformation of the business, I think it's key to kind of step back to where we were back in 2019 and look at how we've ramped the business up, and that was largely through acquisitions. Those acquisitions needed to be consolidated, restructured, re-engineered into one unique platform and operating business model. We've achieved that today. You can see a couple of the key signs that I look for. In particular, we've stabilized the top-line revenue. In fact, we started to grow that in the second half of the year. We've expanded our gross margins, which has been key to help drive more of that revenue down to the bottom line. We expect that gross margin expansion to continue at pace with a long-term goal of 70%. You'll note that in the second half of the year, we achieved 68%. We're knocking on the doorstep of that gross margin goal. That helps us drive more of that revenue through the operating costs and into the adjusted EBITDA line. We delivered AUD 4.6 million for the full year, a significant turnaround from previous years. We have a margin of 13.5% for the second half of the year. We are targeting 25% +. You can see the company is tracking nicely to the long-term strategic goals that we put in place. I'm very happy to see it's a technology-driven, product-driven turnaround, not just a focus on cutting costs. The team has done a phenomenal job, and the market has responded. You can see the results in this full-year result that we've delivered. With that, I'd like to hand over to Carl to step you through the financials. Thanks to everybody who's joining us today. This slide really highlights some really important things about our revenue mix. Firstly, that our revenue base is highly recurring. 97% of our revenues were generated from customers who had contracts in place at the beginning of the year. Many of those contracts are multi-year contracts. In fact, some of those contracts are well north of five years. That gives us a very predictable and stable base from which to forecast and plan our growth strategies. Secondly, our revenue profile is highly diversified, both from a customer perspective and from an international or markets perspective. From a customer perspective, our top 10 customers account for only 26% of total revenue. Our largest customers are mid-single digits. We're not overexposed to any particular customer. We recently renewed one of our largest customers. From a markets perspective, whilst the Australian markets are a very exciting growth market for us, it's a very important home for our flagship products. It's a very important racing market globally. It was only 27% of our overall revenues in FY 2025. The vast majority, approximately 3/4 of our revenues, are generated in international markets, which gives us exposure to the world's largest gaming and wagering markets, as well as the world's fastest growing emerging markets. On the far right there, something that I think we're particularly excited about in this post-technology-led transformation is that where we're a little bit different to some other B2B technology companies, we have exposure to both fixed and variable revenue or fixed and variable fees. We have a nice chunk of fixed fees that help support the operating cost base in FY 2025. That was 42% of revenues. 58% of our revenues were generated from variable fees. This gives us exposure to improvements and growth in our customers' turnover and margin, which was a key contributor to growth in FY 2025, and which we're very excited about as we move into FY 2026 and further deploy our products both here and internationally. Just taking that a little bit further, as Matt said, FY 2025 really was the return to growth. Our investment in technology and product drove that return, and you really saw that in the second half. Our Apollo platform was really fully deployed at the back end of 1H. The uptick in revenue there, half on half of 5.6%, is exciting for us and consistent with our long-term goals of growing at 10%+ year -on -year. The second half not only benefited from our upgraded technology, but also some of that variable revenue that I was talking about coming through and some of the other transformation growth initiatives that were implemented earlier in the year and in FY 2024. On the right, this is some new information we haven't given previously. It puts the business more from a product perspective as opposed to a divisional perspective. As you can see there, a significant portion of our revenues are underwritten by a highly stable tote business. We then have our digital platforms, both the tote and fixed odds platforms, and our data and API products together generating 35% of total revenues or 37% of total revenues. We're particularly excited about the growth opportunities in these revenues as we roll out our new products globally, and then the remainder generated by the strategically important part of our business, the content revenue that we generate through the distribution of our products. This next slide talks to our gross margin profile in FY 2025. Those who've joined us throughout the year would have heard us talking about this. We've been very pleased with how our investment in tech has flown through to improvement in gross margin. What you can see there on the left is the step up in gross margin entry year, 59.7% in the first half, 68.1% in the second half. I think a blended 64%, which is very pleasing. That's stepping closer and closer to our long-term goal that we set for ourselves of 70%+, which we've really been traveling ahead of our own expectations with that, which is really exciting. On the right, you can see the step down in the absolute cost of goods. In particular, something else that we've been talking to the market about is this reduction in cloud costs generated from our investment in product. You can see there from FY 2024 to FY 2025, cloud costs reduced by AUD 5 million, bringing them down to only 32% of total COGS, which inbuilds a second limb of operating leverage, not just from our sort of fixed cost base, but also from our variable cost base as we continue to generate improving incremental margins as we scale the business in future periods. As Matt mentioned, we've certainly done a lot of work to optimize the cash operating cost base. Once again, this has been driven by our investment in technology, allowing us to operate more efficiently and focus on the strategic priorities of the business. This slide shows our cash operating costs, which is, I guess, our P&L OpEx grossed up for our capitalized staff costs. For FY 2024, that number was AUD 71.6 million. It's come down to AUD 57.3 million. This is a reduction of almost 20%. We're obviously very pleased with this. It's been a lot of hard work from the team operationally. We think this puts us in a really strong position to generate operating leverage in future periods as our growth strategy unfolds without any real further requirement in the near term to materially invest in our cost base to deliver that growth. There's a bit going on on this slide, so I'll just unpack what everyone can see here. On the left, you've got both from an operating cash flow and adjusted EBITDA perspective, the performance of the business half- on- half. For both these slides, for operating cash flow, we've actually used the 4C, cumulative 4C cash flow for the year, as opposed to the financial statements, as we think this gives a better picture of the operating performance of the company. On the right, the same again, the full year numbers, operating cash flow in black and adjusted EBITDA in pink. As you can see on the left, half- on- half, a really strong turnaround in operating performance driven by increasing revenue, increasing gross margin, and lowering cost base. The second half gives us, I guess, a good window into what the business looks like on a post-restructuring and transformation basis and sets a very strong platform as we enter into FY 2026. You can see similarly the year-on-year numbers, which I guess remove any impact of seasonality or anything else entry year. Once again, very strong improvement in financial performance, AUD 11.8 million improvement in adjusted EBITDA and approximately AUD 12.4 million improvement in operating cash flow. This is another little new slide. In the second half, we got asked a lot about what's been generating some of our growth, people wanting to understand a little bit more about the impacts of the Apollo rollout. We thought we'd just dive in here a little bit more to and particularly look at our platform product, which I guess is our flagship Apollo product and its performance during FY 2025. As you can see, a very strong uptick in revenue half on half. Revenue grew 16.5% half- on- half, which is obviously more than double that on an annualized basis. That's driven both by improved revenue generating from the existing customer base, you know, because of the performance of our technology and our exposure to our customers' turnover and an increase in customers during the period. I think what's most exciting is that, you know, we continue to have a strong pipeline of customers to add to this product. As we enter FY 2026, you know, the run rate in 2H, the exit run rate for 2H FY 2025 would be stronger than the numbers that you're seeing there. I might hand over to Jake just to walk through a bit more of an overview of the company and the strategic initiatives we've got moving into FY 2026. Thanks, Carl. Thanks to everyone who's joined the webinar today. Certainly really proud of the FY 2025 result and especially proud of the team that worked so hard to deliver it. The BetMakers Network extends all around the world. As Carl mentioned earlier, 73% of our revenue in FY 2025 came from outside of Australia. We've continued to win new business and expand our footprint into new territories. We've got global staff with global capability and support, a diversified customer base, including some of the largest wagering operators in the world. I'm really happy to say we're expanding into new markets and we're now powering that growth with great new technology. Our goal is really to become the central interconnected platform for horse racing betting, connecting 20,000 global sportsbooks with as much racing-related content and wagering menu types as possible. We're doing this at the moment through two key operational pillars, and we're really focusing on expanding this out in our market communication so that you can see, and Carl touched on our cloud costs and efficiency earlier, and also the growth of the Apollo platform. Our market-leading cost per bet basically enables our operators to streamline operations and reinvest more into above-the-line marketing and much more product-led development. Also, our efficient margin realization. To me, the most underrated and important element of a wagering operation is nailing economics around return to player. Our product suite is designed to drive efficiency. An efficient trading margin across both tote and fixed odds allows operators to reinvest more into their generosity strategies, which drives bet frequency and engagement. Our market-leading platform. BetMakers has been building an ecosystem that combines our technology and product to create a network effect that our customers can directly benefit from. Our market-leading global platform is now underpinned by our proprietary and innovative technology and expanding network effect, a modular platform to allow for deployment to all levels of operator. Content and data, including Punting Form and RaceLab global racing databases. Our experience with global regulation, we currently hold over 45 reg approvals and licenses around the world, and deep integrations and relationships across the global racing landscape, spanning media partners, racetracks, and racing bodies. Onto our product mix. These are the products that are driving this global wagering ecosystem that BetMakers has created. Our diversified suite across fixed odds and tote wagering is enabled by our platforms GTX and Apollo and our shared operational services. Our scalable technology can power all aspects of the wagering ecosystem, ranging from a startup through to a Tier 1 operator, which leads me into the depth of our product suite, as you'll see in the next slide. Relative to our peers, the BetMakers product offering is the most in-depth and advanced in its field. I think this is validated most by our diversified customer base and the quality of operators who rely on BetMakers products to run their daily wagering operations. An important part for me of the last 12 months has, throughout restructuring and rebuilding, been the work done behind the scenes in integrating all of these products and making them into a much more streamlined sales funnel. This makes the products more accessible to more of our customers. This initiative will drive strong incremental margin and help us onboard new customers faster. AI, one of the best buzzwords in technology. I'm really proud to say that we're not only talking about it, we're delivering it in action. One of the most pleasing things about our upgraded technology has been the speed of new deployment and speed of new features. This is obviously one of the things we're leveraging with our AI workflows. AI to us is not a way just of improving our efficiency within the business, but it's also driving the broadening of our product set. I'm very proud to say, as at today, our current AI-driven workflows within the business include probability and pricing predictions for fixed odds market creation across a wide variety of our bet types, predictive risk and customer modeling, allowing for an incredibly granular approach to things like risk management and generosity. We deploy AI agents for operational tasks throughout the back office, race day control, and data management. We're using AI to power our development and test automation. This is leading to more rapid release times with minimal rollbacks. We're also using generative digital asset creation AI, as seen with our global Jockey Silks engine, graphical overlays for streaming, race day banners, and promotions. We're actively working to embed AI further into our workflows internationally, and our new technology suite is allowing us to make rapid progress in this regard. Onto the value chain. Our new and improved product set is helping us solve more problems for our customers and in turn allowing us to upgrade them further along the value chain, driving deeper integrations, long-term partnerships, and getting access to a greater share of wallet. In new and emerging markets, we're now positioned to capitalize on revenue share and success share-based commercial arrangements that will best monetize the BetMakers network. With that, I'll hand back to Matt before we take some questions. Thanks, Jake. One of the benefits I really enjoy about a technology-driven turnaround is the compounding effects it has, not just on our customers who get better products that work out the gate. It also improves the rate of happiness and engagement our staff have. They love showing up to work now and getting products that can be delivered. Our stakeholders get to benefit from these results as they transfer through the business. It's one thing just to cut costs. It's another thing to have it driven by product and technology. I think BetMakers has done a superb job of threading the needle to deliver that. As shareholders, what do we see? We expect to continue to grow our top line. This is the key area of focus now. We have both a domestic as well as a very strong international position. We can grow in two ways: new customers into new territories, but also new products to existing customers. I continue to see a very strong pipeline coming through during our monthly meetings. In addition to that, the start of Q1 has been quite robust. In fact, it's ahead of expectations, which continues on the momentum that we delivered over the last couple of quarters. That's quite exciting. The driving of the top line revenue, though, this is critical because now we have this fixed cost base that is right-sized for the business that we have. We have a technology platform that allows us to scale dramatically without real incremental improvement in the cost base. Therefore, our gross margin should continue to improve. We have a target of 70%. I'm challenging the team to think more about that because we may need to upgrade that. We'll see how we go. Right through that, we get into our operating leverage and driving around our adjusted EBITDA and EBITDA targets. I'll remind listeners that we have a long-term incentive plan that targets a AUD 20 million EBITDA number and a stretch target of AUD 30 million. I feel very comfortable we're heading in the right direction to achieve that. I look forward to bringing more results to you over the coming quarters. With that, let me hand back to Danny. Thank you, Matt. We will now move to the Q&A session. Once again, if you have any questions, please type them into the Q&A box on the bottom of your screen. We do have a fair few questions already. We will kick off. The first one is maybe around gross margins. There's a couple of questions here about gross margins. For you, Carl, can you talk to where you see gross margins and whether or not you expect them to continue into FY 2026, please? Yeah, thanks, Danny. Yeah, as Matt just mentioned, we're definitely focused on continuing to improve our gross margin. First up is this long-term goal of 70%. You know, we still have some initiatives in place that could generate additional gross margin from our existing revenue, particularly the rollout of our GTX platform. Certainly, as we grow, we would expect to generate much higher incremental gross margins, which would continue to lift that GM. Yeah, we continue to be very excited about that profile as we move into FY 2026. Thanks, Carl. Maybe another one for you, Carl, around the cost base, since we're dealing with the financial questions first. Are you targeting further optimization of the fixed cost base, i.e., will that be EBITDA margins coming from the gross margin target of 70% dropping through, or is there more OpEx reduction to come? Look, I guess we're always looking to operate the business as efficiently as possible. We're post the restructuring of the cost base. We feel like we've really optimized that cost base using our, I guess, driven by the efficiencies that we can generate from our technology. I think we would consider that cost base to be optimized, and we do expect to see significant operating leverage. We don't expect to have to invest in that cost base materially to generate the sort of revenue growth that we're expecting. Thank you. The next question is from Allan Franklin from Canaccord, and the question is, how are you feeling about the health of the Australian market leading into the Australian spring carnival? What is different for you this year versus last year going into the carnival? Yeah, Jake, do you want to grab that one? Take that one. Thanks, Allan. I think more broadly at a macro level, there's been recent commentary that suggests that from a racing perspective, the dip had sort of bottomed out a little bit. I think that the data is certainly suggesting that. We're obviously in the midst of reporting season where we're getting a bit of a lens to that, and some of the major operators, including TAB, yesterday released some strong results in that regard. I think there's a little bit more renewed optimism around the trajectory of the Australian marketplace. Margins have been really healthy in recent times. If I was to predict, I would say some of that margin goes back into generosity through the carnival, which is normally a good thing for engagement. Overall, I think it's in a decent spot heading into the carnival, and certainly from a BetMakers's perspective, the technology suite we've got is in the best place it's ever been. Really looking forward to this carnival. Okay. There's another question from Allan Franklin at Canaccord. Is there a way to contemplate how much revenue growth is baked into financial year 2026? You mentioned Apollo growth, and it looks like it could be adding AUD 2 million - AUD 3 million incremental revenue year- on -year. You want me to take that? Yeah, look, I guess we're not in the habit of breaking down by product contribution in terms of revenue growth, but I think we've been pretty clear here about our target of 10% long-term growth, and we're comfortable with the consensus numbers that are in the market. Okay. The next question really is around Tabcorp, and there's actually been a couple of questions around this. Maybe if you can speak broadly in regards to Tabcorp, but the genesis of the question is, it indicated its firm intention to create a national tote pool this financial year to replace the current three totes, Super TAB, New South Wales TAB, and UBET. Can you maybe just talk through, is this an opportunity to explore some kind of partnership or technology cooperation with Tabcorp to help them deliver this major project, or will they remain sort of a direct competitor? Yeah, I can take that one. Thanks, Andrew, for the question. I think the two parts to it are: A, the marketplace will benefit from a national pool. The economics around that obviously is up for Tabcorp and the racing bodies to decide in terms of bet types and takeouts and things like that. Where it gets to over time is where I see the opportunity for BetMakers, and really that's getting the product in front of more people. At the moment, it's obviously a relatively single vertical across TAB channels, but there's, as mentioned, there's 20,000 digital operators out there around the world, and from an Australian racing perspective, the opportunity is to get the product in front of all that audience as well. I think that's where BetMakers can play a crucial role. Certainly connecting our operators not just to the TAB national pool, but to other pools around the world, particularly around exotics and big jackpots. Okay, thank you. The next question is around the pipeline. Do you think the pipeline will be converted at a high rate? Yeah, I can touch on some of that. I think from a product perspective, it certainly helps when you've got a new product suite that's delivering results and getting great reviews within the marketplace. From a conversion on sales perspective, I think that's really healthy and helpful. From an onboarding perspective, to take our products now, it's as easy as it ever has been. That helps from sales cycle. Obviously, it differs customer to customer, and you're always at the mercy of resources and other constraints with customers onboarding. Certainly from the parts that we can control, I'd say we're in the most streamlined state we've been in for quite some time. Okay. There's a couple of questions around the fixed odds racing in the U.S.A. Can you maybe just talk through that with regards to West Virginia and Louisiana and in respect to Bet365 offering fixed odds? There's a chunk here, so I'll try and swoop through all in one, Danny. In terms of fixed odds in the U.S., noted West Virginia and Louisiana and the role that BetMakers could play in the expansion of fixed odds product there. One of our larger customers is Penn Entertainment, who operates the racetrack in West Virginia. We consider ourselves well positioned to assist them in their fixed odds journey. In terms of the market more broadly, it's still trying to get its head around the best operating model, and there's a few different takes out there at the moment that are potentially slowing down the rollout. I think it'll eventually get to a stage where it'll be operator-led, and ultimately I think that's when we can play our most important role because ultimately what we do is create products for those operators. In terms of Bet365, Colorado, New Jersey, I think what we've delivered so far there is relatively in line with what we thought. It's a single operator in a few states that has somewhere between 3% and 10% market share. It's at nowhere near full penetration there. In terms of what we wanted from it, it was a working test case to be able to build from, and I think you can see that as discussions start to spill over into other states. It's great to be in a position now where that accretion and growth will be complementary to our base and certainly come in at a really high incremental margin. Maybe one for you, Matt. Congratulations on the bottom line turnaround. Can you maybe just talk about in broad detail the recent cap raise participants? Yeah, look, we're really happy to get the response we did when we went to market. We were looking to achieve two things. One, one of the ongoing criticisms, I guess, of the structure of the company had been the debt that we had and the kind of the cash balance that we had. We wanted to address that. I think we've done that comprehensively. In fact, there's still more of that cash to come, assuming shareholders approved my investment as well. I'm happy we did that. Second, we also were able to bring in some institutional support, and it's been difficult, I think, with a small cap company for institutions to get positioned. We're really excited about the reception we got and the onboarding we had there. I think you'll start to see a healthier share register. A lot of our retail investors have been in the stock for a while. I started over six years ago, so it's been on quite the journey. Now it's a moment for us to be able to address that structure and improve the health and operations of our share registry. We've done two things. We've improved the balance sheet. I'm really happy with where it's at today. I think we continue to add cash to the balance sheet as we move forward. It gives us the optionality to do what we want in terms of capital allocation. We're no longer looking to the market to help support us. I think that's great. The second part to that is actually really improving the share register and making sure we have the right long-term shareholders that are focused on the business and can enjoy the journey that we think is ahead of us as we continue to execute. We're happy with that. I might note that we're oversubscribed both on the institutional side and on the retail side. We're very comfortable with the market message getting out there. Okay, thank you. There's a couple of questions about recent deals and maybe just some update or progress on where you're at with them. Maybe one for you, Jake. Maybe talk about Sportradar and GTX and what's happening there. I'll try and swoop through a few of these. On our B2B partnerships front, I think four of the main ones we announced or have put through trade release are Delasport, Sportradar, Gaming Innovation Group, and Sportingtech. I'm really happy to say we launched our second client with GiG just last week during the Ebor Festival at York, which went fantastically well, start to finish in less than two weeks from their platform spin-up to our racing integration, which was fantastic, and the customer was thrilled with that, which was great. Sportingtech, throughout LATAM and also in Africa at the moment, we're going through testing and onboarding with customers, some key industry conferences over the next few months. It'll be really exciting to chat with their customers on that front. Sportradar integration is largely finished, and we're working with them to onboard customers at the moment. Finally, Delasport, which is actually in production, and we've made really strong progress throughout the second half of FY 2025 with Hollywood Bets Live in the UK and now talking through expansion into South Africa, which is great as well. Thank you. Maybe another one for you, Jake. There's a couple of questions about global tote revenue. Can you maybe just talk about the opportunity there and the sales pipeline where the opportunities are? Yeah, sure. I'll touch on GTX because I missed it then as well, because that ties into a little bit of the strategy and revenue structure for global tote. GTX is basically the digital suite that supports our tote business. This could be the service layers that players interact with or websites interact with. It could be the settlements engine or the full platform that's deployed either on terminal or on digital device. We have been building that behind the scenes, obviously, over the last 6 - 12 months and deployed our first customer about three or four weeks ago, and our second customer went live last week in Malaysia, which has been a great success. Most pleasing for me anyway is that we're now talking about onboarding more and more of our current base as opposed to having to fix operational bugs. I think that speaks to the work the team did behind the scenes and the experience we've had throughout our product upgrade journey over the last few months. That's a key part to the next six months for global tote, getting an upgraded digital experience in front of our operators. That way we can deliver them more product and more bet types in a way that has higher incremental margins. That's key and certainly more broadly across the tote. I think we just expect it to continue to support our guidance around revenue and growth goals of being 10% + is what we're shooting for. We expect that to play a part in it. Jake, Norsk Rikstoto, is that fully operational? It is fully operational, yes. Yep, going really well. I think there's some more opportunities within that deal to help with digital products and content from RaceLab and the like, but certainly from a tote delivery perspective, that's now fully operational. Great. Okay, the next question, maybe one for you, Matt. Can you speak to the alignment of executive incentives with long-term shareholder value creation? Love to. It's been one of the key focuses here. You know, my focus is to deliver to our shareholders an ASX success story, both on the domestic as well as on the international stage. I think we have an incredible market to address. The international sports betting market and the domestic market are very strong markets, and I think they lend towards digital products. We have one of the market-leading B2B technology suppliers in that industry. It's still very fragmented. I think there's still a lot of growth there. We're very focused on making certain we deliver that. How do we deliver that? We've told the market that we have three kind of key targets here. We want to increase our top line revenue. We want to improve our gross margin to 70%. I think we can address that in the future, but that should drive a 25% EBITDA margin over the long term. I think if we can do that, 10% + top line revenue growth, good strong gross margins, and 25% + EBITDA margins, I think that's a great company. I think we're well on track to achieve that. That's how we will deliver significant value to our shareholders. How does that translate to management incentive? I think the team have already gone through and ticked the box on getting back to cash flow positive. That was just a key milestone. We had to get back into a healthy mode where we were funding our own operations, and we've done that. The next target is AUD 20 million in EBITDA, and that's what we're focused on. How do we get there? It's not going to just be through cost cutting. I think there are a couple of questions around that. It's going to be through driving that top line revenue growth, maintaining and growing that gross profit margin. That will deliver a growing adjusted EBITDA number. Clearly, our focus now is on that AUD 20 million number there. I think we're well on track. We definitely have the setup for it. We have the right market. I'm really excited about the market. I find it really fascinating. We have the right technology and products, and we have the right team in place. We look forward to getting back in front of all of our investors with future updates on this. Thanks, Matt. There's a couple of technology questions, maybe for you, Jake. The first one is obviously AI is topical. Is BetMakers investing in AI automation or predictive analytics to enhance product value for clients? Yeah, we specifically included a slide on this in the deck as well. We definitely are. I think the major call out there is the new platform build has enabled us to get into this space in a much, much cleaner and much faster fashion. Deploying AI and AI use cases into old technology is very difficult and cumbersome. Apollo specifically over the last six months has made huge strides forward in this regard. It's the most topical part of any product league discussion. To be honest, it's really great to see the team driving that. That's not just for me. That's embedded into all of our teams. Okay. Another one for you, Jake. Which BetMakers products are gaining the most traction internationally? Yeah, it's a good question. I think the one that's underrated is probably a better way to pitch it is RaceLab and what we're doing with RaceLab. RaceLab is our content database that sits below the surface for the most part. Now we're packaging it up in ways in which we can deliver content to operators, be that preview information, suggested or curated bets. Yesterday we launched RaceLab Live, which is an intraday insights platform that people can connect to via platform API or widget to get real-time insights throughout the day and curate bet types and messaging. We've also got RaceLab Insights that will go live during the spring carnival, which is really exciting. I think that's something that will complement our product suite and ultimately is there as an engagement driver to drive more bets through tote and fixed odds funnels. Okay. Just a reminder, if you have any questions, please type them into the Q&A box at the bottom of the screen. We have a couple more questions. Maybe another one for you, Jake. Matt just talked about having a very strong executive team. Do you anticipate any additional managerial hires or structures to your team? No, not at this stage. I think the job the team's done throughout all leadership positions inside the transformation has been fantastic. Certainly our intention is to continue to reward them and set new challenges for them to hit. Personally, I've been really proud and thrilled with the work of that team. No, we don't anticipate any changes there. If anything, we want to continue to give them challenges and opportunities to grow because I think that team's really stepping into their work and those results are finally now being seen by all. There's a late question that's just come through. Given the existing services BetMakers provides to Betr, PointsBet, and MIXI via Betim, is there an outcome of the current battle for PointsBet ownership which presents a more favorable commercial outcome for BetMakers? It's a good question because it's certainly topical. In terms of those four operators, I guess we happen to deliver services and products to all of them currently. In terms of the best way to cut the current M&A conversation, there's probably not a best way for BetMakers. I think all will be existing customers going forward. It's just a matter of which products they take and where that shakes out. Certainly, I think from a market perspective, the valuations and the interest in the space is really healthy and certainly a great showcase for some of our products. One of our big focus areas has been ensuring that we're not tied to the number of operators in a space. We're tied to the size of the market and doing that, doing so via some of the variable revenue products that Carl mentioned earlier. In the face of any consolidation, I think that's sort of the catch-all for it. Certainly in this case, we're cheering for everyone and hopefully we can continue to provide services to each. Excellent. That concludes the Q&A session. I will now hand over to Matt or Jake for any closing remarks. Thanks, Danny. Look, we really appreciate everyone's time today. It's been a real pleasure to be able to show that we've actually delivered on the results now. We've got the company into a safe and strong position. I think the next couple of quarters and years ahead of us are going to be incredibly exciting. You should see those results translated into the financial numbers that we deliver. Jake and Carl, did you guys want to wrap up with anything else? Nothing else for me, but I appreciate everyone's attending. If there are any questions that do come through, I think we've included Danny's email contact details on the forms as well. Feel free to shoot any through and we're sure to follow up. Thank you, Matt, Jake, Carl. Thank you to all the participants on the call. You may now disconnect. Thanks, everyone.