Good day, and welcome to the iAccess Alpha Virtual Best Ideas Fall Investment Conference 2026. Our next presenting company is BluGlass Limited. If you would like to ask a question during the webcast, you may do so at any point during the presentation by clicking on the Ask Question button on the left side of your screen. Type your question into the box and click Send. I would now like to turn the floor over to today's host, Jim Haden, Chief Executive Officer and Managing Director of BluGlass Limited. Please go ahead. Thank you. It is great to be here. We are going to go through this presentation, and as you enter the questions, we will come back to them at the end in case there is an answer to your questions later in the presentation. BluGlass is a publicly traded company. We are working on the next evolution of GaN laser technology. We are a publicly trading company, so a standard forward-looking statement. Basically, what we would like you to get out of this is an understanding that we deliver world-leading visible GaN lasers, and we are working with some of the largest government agencies, defense primes, technology companies that there are in the world. We are doing that as a relatively new turnaround startup. BluGlass, as I said, delivers the world-leading lasers. We are expanding the markets well beyond traditional IR lasers. I will talk a little bit about the IR lasers and how we are playing in that very mature domain. Basically, it is enabled by our proprietary manufacturing processes and our ability to design lasers that provide solutions for our customers. We have 58 patents. We are vertically integrated, and basically, what we are doing is creating high-fidelity lasers at high power. Our longest-running contract now is a subcontract through the U.S. Department of War, and it is totaling AUD 4.4 million so far over a few years. We also have recent contracts that we have announced this calendar year with a Tier 1 defense prime, a Fortune 500 data storage company, a small, innovative startup called Uviquity, and we are also dealing with some of the leaders in quantum lasers for quantum computing. These are projects that are leading to products. This is what we call a project-to-product strategy. We have a growing pipeline that we have been running for a couple of years now, and it is staying robust and healthy. We have three specialized fabs, one in Australia where we do the first step of the program. Everything else is done in the United States in our Silicon Valley fab and also in our Nashua facility where we do the packaging and the rel testing. We have traditional revenue that we are moving away from. This is a look at our growth in the projects, the lighter blue, and products, the darker blue. I joined the company in fiscal year 2022. Brad, who is also on the line, made a pitch to pivot the company from an equipment innovation company that was licensing the equipment that we were developing, which was called RPCVD. It enabled us to create an innovative way of making these GaN lasers, and that is why we are able to already get a little bit of revenue after one year in fiscal year 2023, and then you can see the ramp throughout the fiscal year 2025 and 2026. There was a slowdown, as you know, in the transition. There were U.S. government shutdowns, continuing resolution problems, and we were able to. When the year shifted to the calendar year of 2026, in the middle of the government's fiscal year, we started getting announcements. We had four announcements in the first part of the year, and then the latest one was a AUD 1 million deal with Uviquity. You can see the revenue growth and recovery as we move through the different, into the Q4 of our last fiscal year. Omer joined the team about a year ago. He was introduced to us by some investors, mutual investors in another company he is on the board, Amaero. He brings a great breadth of experience and is very talented in the capital markets, understands the U.S. markets. As we are moving more toward that, his experience and help is fundamental for us getting to where we are today. We had our biggest capital raise ever this year, and we are here to discuss the progress we are making. I have been in this industry since grad school. I have liked lasers my entire life, and I think that is a prerequisite of doing well, is enjoying what you do. I have been in such companies. I started at HRL Laboratories. Joined my first startup straight out of grad school. It was called SDL Inc. We merged with JDS Uniphase for, it was a $41 billion deal. JDS Uniphase then split into two companies, Lumentum and Viavi. Lumentum is a portion that I belong to as SDL Inc. I went from Lumentum to Coherent, where I ran their semiconductor business unit. From there, I became the COO of nLIGHT, and then after that, I participated as a consultant in a company called K SLD Laser. They actually were SLD Laser. Our successful exit there was a merger with Kyocera, hence the K. These are going to understand now why markets are interesting and basically they are everywhere. They underpin all of the major macro trends that you see in the world today, the global economy. Basically, it is a huge TAM. They are in healthcare, defense, AI, advanced manufacturing, clean energy, in the space quantum, all of these places that you hear a lot about, lasers play a role and a fundamental role in that. If we look at what is happening in the laser market, these are some of the companies that I talked about that I have been involved with. If you look at the lowest line, that is the Nasdaq, and it maybe does not look that impressive till you realize that was a 33%. That is not a flat line. That is very healthy growth. But the laser market, the photonics market overall is doing better than that market. If you look at where we are playing, we are GaN. Traditional markets, which are called IR lasers. IR are invisible light. You cannot see it, but it delivers a lot of high power, and it is in all of these industries and more. The focus we have is looking where visible light does not have to compete directly with the IR light. The three areas that we are focusing on are defense, aerospace, quantum, biotech, and biomed. Those are areas where the technology, the applications are being enabled by the high-energy visible light. I will get more into what that means for us. We also look at places where the light competes with or disrupts actually the IR and the LED technologies. From there, why gallium? Gallium nitride lasers is a very efficient and effective way of making the visible light. There are ways of making it from IR light, but it is very expensive, very cumbersome, and very large. This is a critical semiconductor. It has been identified as a critical semiconductor by the U.S. government. We are able to generate lasers from UV light all the way to green light, and this high-energy light interacts with the world differently. It is essential for applications in defense and quantum and biotech. The reasons I will go a little bit more in detail, but basically, it is critical for things like navigation in GPS-denied environments, like the problems that you are seeing over Ukraine. It is essential for improving underwater visibility and LiDAR for undersea warfare applications. It is uniquely positioned to interact with organic materials such as coronavirus and other things. It basically sterilizes and kills pathogens in a way that the IR light cannot do. This next slide sort of does a comparison of the emerging technology on the top and the IR traditional on the bottom. You can see where we have a target is where we hit very specific functionality that cannot be achieved or is not achievable by IR. There are other areas where the circles, where both of us, the IR and the visible can achieve it. If you look at quantum computing, quantum sensing, IR is always going to have a big role there, but visible is going to play a role as well. In the med tech and sanitization, there are things that IR is always going to do better, but some of it like the fluorescent markers in carcinogens and DNA mapping and killing pathogens requires a high-energy light. In the atmospheric detection outside of planes and aircraft, you just have to have the visible light to scatter off the clear air. I will go into a case study on that. The IR light just scatters too weakly. It has a different application, but it cannot do the clear air turbulence. Underwater, IR light is absorbed in millimeters where the blue light could be propagated for LiDAR or for hazard detection, or communications underwater that you just cannot do with the IR light. If you look at the conventional laser market, as I showed, there was a very good growth from the companies, the photonics companies that represent a large part of that market. The accelerating forces for that conventional market are AI, quantum computing, defense, and security. That is driving a lot of it. Some of it is post-pandemic, but also growing the growth in the U.S. is reshoring technology after the pandemic issues and the way we saw China respond and close their markets. The U.S. and its allies are very keen on having. Sorry, I do not know why it automatically went there. I think somebody else is moving slides. All right. If someone's doing that, please stop. Emerging technologies from these markets. You can see the conventional market is growing at a higher rate, 6%-8% CAGRs is projected to 2030. Because of the enabling factors of this, the visible light market is growing 2x-4 x in the same market, but enabling applications that can't be addressed by the IR. These are some of the household names that are participating in the photonics industry or potential customers or customers we're already talking to. If you look at that, I'll walk through why lasers, why GaN lasers specifically, who's interested, and now why BluGlass. Driven by the tailwinds of these markets and our onshore strategic footprint where we've got Sydney, Australia, which is actually great because there's a, you probably heard of the AUKUS alliance, which is the Australia, the U.K., and the U.S. There's a big alliance that they have done that require photonics. Then we have our Silicon Valley and Nashua packaging facilities that support the Make More in America Initiative. Then we have the product portfolio that we provided. I'd like to say that our competitors are all part of huge conglomerates. I mentioned SLD Laser, a startup I worked at was acquired by Kyocera, a multi-billion dollar Japanese corporation. There's other corporation in Japan, Nichia, that's a huge one. All of the competitors that we have are embedded in these large organizations. It's a little bit like Henry Ford when he was first starting the company, he said you could have a Ford in any color as you want, as long as it's black. Well, that's what our competitors do. You can have the lasers any way you like, as long as you get it in a TO-can, which is only one of the several solutions that we provide. That is why companies are moving to BluGlass. We have the flexibility, the know-how to do packaging and solutions that our other competitors are not interested in doing. It's all part of our project to product strategy. Some of the customers I've talked about, government agencies, defense primes, prime subcontractors, OEMs, so forth, they have an idea of a product that they need. They need lasers to go into that product, into their platforms, into their planes. They'll come to us and say, "Look, we want to fund a project for you. Here's the product we want." If everything aligns, it's a product that we can and want to make, then we'll take an initial development order for prototypes that we develop, and then we move it through the product life cycle. Most of these contracts come with the desire to enter manufacturing supply agreements at the end of the project. One project that we talk about as a case study would be with a defense prime, and one of the largest in the aerospace and defense business. They are doing atmospheric detection. One of the aspects of the atmospheric detection is looking for clear air turbulence. The clear air turbulence is basically updrafts, downdrafts that cause planes to drop very quickly and violently. It could lead to damage to the planes. They estimate about AUD 100 million a year, in addition to hurting the passengers. Last year, someone actually died by hitting the top of the plane. It is a very real threat, and it is invisible threat that is undetectable by traditional mechanical and IR sensors. Our customer leads the field in supplying those solutions. They came to us. They looked at a small order in 2025 for some of the products we made. They ordered from two of the Japanese companies and a European company and the other U.S.-based GaN company that is owned by a Japanese company. They evaluated all of us, and they chose the 35-person company, not the huge conglomerates because of the features that I told you about. Basically, our technology with the high fidelity, they are called DFB lasers. We are able to provide very high fidelity at high power. Basically, our technology reveals the invisible, which positions us as the first deployable GaN-based solution for clear air detection. What this means for our customer's customers is enhanced mission safety and resilience for both military and commercial fleets, reduced passenger injuries, and this next generation atmospheric intelligence for predictive flight management that is going to make both manned and unmanned flights safer. The key is that this could be done with very large lasers, but they do not fit well on planes. Our technology is taking very large lasers, putting them in what is called SWaP, that is basically making them smaller and more size, weight, and better power consumption. Our strategy to go after this market is basically a four-pillar strategy. The first is focusing on our technology, our technology leadership and industry partnerships as we are building those with the announcement we already talked about this year. We are expanding our partnership with U.S. government. We are growing the market share, and we are looking at both inorganic and organic growth. If you look at the supply chain, where we start is at a component level. We have already validated, and you could see at the component level, our growing revenue that I shared, and we are getting into modules. Those modules are integrated solutions. At the first level that we are going into, if you looked at something like quantum computing, it is about a 2x - 3x reduction in the optics required for a quantum computer. That is going to be necessary to start getting larger volumes as we approach 2030. 2030 and beyond, 2035 and beyond, you are going to need photonic integrated circuits. We will continue to move up the food chain into subsystems as well. This is a way to accelerate the growth. We basically are then taking that, putting it into an outlook that is expanding our capabilities and moving to, it is a higher mix program, but a higher ASP program than what our competitors have, where they are focused on very high volumes, very low mix, and they are doing things like the white lights for headlights for replacing incandescent bulbs and those types of things. Just to recap, recent achievements. We are entering another year with the Microelectronics Commons Department of War contract. We are delivering on our milestones in all of the previous years and just wrapping up another year before the end of the government fiscal year at the end of this month. We have partnered with industry leaders in defense and commercial as well. We are powering the first human safe laser, so you could do viral mitigation in rooms where people are occupying. The milestones we expect is continued growth in all these areas, the three main markets, continue the partnership and build our U.S. government alliances. Basically, we're going to continue to work our funnel and advance these capabilities. What we've covered now is that lasers are a critical technology. GaN lasers with the high energy are enabling new and innovative applications. The timing is perfect with the growth market in overall laser market growing faster than it traditionally has. If you look at what we are doing as an industry leader, we're providing this high fidelity light that could be used to interrogate the atmosphere, used to interrogate DNA, used to interrogate different cancers. It's because it interacts differently with the world than the traditional lasers. We're in the fastest growing, least crowded laser market, and BluGlass delivers the high fidelity and precision necessary to go after these aerospace, defense, quantum, healthcare, and the biotech applications. Thank you. It looks like we have some questions. All right. What sectors are driving the revenue today, and what sector will be the largest segment over time? Brad, do you want to grab that one? Sure. I mean, largely today it's defense and aerospace. We actually see the advancement of quantum as quantum computing and quantum sensing moves from lab-based systems into commercial systems. There's a big opportunity for BluGlass. All right. Thank you. The next question is, how important is U.S.-based manufacturing when competing for defense, government and large OEM programs? It's very important for us. I'll start off, but I'd also like to get Omer's opinion on this as well. It's key when you have things like ITAR and government programs that require security and U.S. participation only. It's vital to have these sites that are both what's called CUI and ITAR eligible sites. It's huge for us to be able to do these designs, especially if we are going to get into very specific government programs. Right now, we are building a broader technology, and it hasn't been a huge issue, but it is rapidly becoming more so. Participating in the Make More in America Initiative, that is something that the U.S. government values, and they want to have the secure supply chain. This is something that Omer and his investment team are keen on, so I would like to get him to answer as well. Yeah. Thanks, Jim. Again, thanks, Brad. We haven't really introduced, so Brad is our VP business development, and I consider him also one of the founders because originally he was the one who led the pivot into GaN Lasers. Just wanted to introduce him. As Jim said, I am the Executive Chair. I joined the company about a year ago as a board member. A few weeks later, I assumed the position of Executive Chair. I am also the largest individual investor. This is also important to say that the board and management are completely aligned in terms of our investment in the company. So we are all investors also as well. We are not just executive running a company. This is part of our strategy. We always, when we invest, roll our sleeves and join great management teams, and this is what I found when I joined BluGlass. Again, thank you, Jim, for this presentation. Now, with respect to the question, U.S.-based manufacturing is key and what we see today and when you think about the Iran war and what you see in Ukraine and all over the world, the de-globalization, it doesn't really matter if you have the best technology in the world. If your supply chains goes through China, Russia, or other countries that you cannot really control the production or supply chain, you have a problem. There is a big push in the U.S. to bring industrial base back home, and that is what we are focused on. What we see also in many projects, the requirement is for the system to be produced in the U.S., but also sourced in the U.S. For example, we saw a project, Port Authority for LiDARs, and the requirement was that the LiDAR would be manufactured and sourced in the U.S. So, the fact that we are an onshore company with a U.S.-based CEO is key. Also where we grow the wafer is one of our ally countries, Australia. With that, I will give Jim back. Jim can continue with the question. Okay. A few more questions coming in. What needs to happen for the current project pipeline to convert into large recurring product revenue? Well, there's a couple things that need to happen, but, in general, it is to move through, as I showed on that one slide, from prototypes that are going into bench tops, at our customers, then get into their prototypes that they start to deploy. For instance, they'll go put them on a plane. They have planes that they'll start running before they go to the commercial level. So it has to go through our qualification, our customer's qualification, which is usually a couple contracts. The next one is sort of, what should you watch over? It segues really well with this one over the next several months is, we'll continue to deliver on the existing contracts, which should then lead to next gen contracts. As I mentioned for Microelectronics Commons, we're wrapping up our third year. We should be getting a fourth year coming up. As you start to see these longer-running programs, that means that we are moving things into more maturity. So watch for more announcements and watch for our quarterly reports on how we're doing with the existing contracts that we have. Then, which end markets are showing the strongest customer demand today? I would say the biggest market for us is aerospace and defense right now, because that's where we are getting a lot of the funding. The thing that we like in that market, for instance, directly in the aerospace, that particular customer owns most of the commercial and military markets. So that one is dual use out of the gate. But all of the other things, if we go to defense and aerospace, defense and aerospace, they're looking for warfare applications, the war fighter, how to protect the war fighter. So there are things that may be applicable there that then can go into a commercial, like sensing for blood sensing, those types of things. Those commercial markets, they are interested in navigation in GPS-denied environments. It could go into then what's called a nitrogen-vacancy magnetometer. These are all things that are dual use. This one I wanted to give Brad a chance to answer a little bit as well. Yeah, I completely agree with Jim's sentiment. The defense and aerospace pull currently is the largest. I think that's driven by one large component, which is these lasers, which are really the engine for a lot of the systems that the defense customers are interested in, either weren't available within the U.S. or weren't available in the form factor to be integrated into higher level components. That is really what we're seeing for the largest amount of pull from a demand standpoint from our customer segments. Thanks, Brad. One last question, or actually I seem to be able to get to all of them it looks like. Do you plan on up-listing in the U.S. and what timing? Omer mentioned the strategy he has for onshoring. If you look at what's being done at Amaero, it seems to be working well in that case. We are interested in doing more in the U.S. It's where most of our customers are. As a public company, we can't quite say exactly what we're doing there. We just ask you to watch and work with us and maybe if you want to join our Q&A session tomorrow. Omer, do you want to add anything to that? I think, yes, we are looking to become a U.S. listed. I think BluGlass, at the end of the day is, the center of gravity is the U.S. The fact that we were able to grow in Australia is great, and we're using, and we're thankful to our Australian investor, and I think they'll also benefit from our increased exposure to the U.S., especially given our market is here and our clients are here, mostly government and others. So yeah, this is something that we are exploring in the near future. Well, thank you everybody. Thank you. That concludes BluGlass Limited's presentation. You may now disconnect. Please consult the conference agenda for the next presenting