Within ClearVue. Martin Deil, the CEO, who's beaming in from London. Thank you for joining us today, Martin. Secondly, Chuck Mowrey, who's the Executive Director and heads up our U.S. operation as well. We're probably going to spend a lot more time chatting with him. I've got a bunch of questions that have come to us ahead of this, so we're very grateful for those, and we'll work through those. For those that want to ask questions during the webcast, I'll get you to just add those as we go through and we'll work through them. It's a 45-minute session. We'll be pretty tight on time. If we don't get to answer all the questions, we will endeavour to get back to those that have asked them anyway. Without any further ado, let me hand over to Martin to get things underway. Yeah, Adrian, thank you very much. Once again, a very warm welcome to everyone joining us here for the ClearVue webinar. It is the second of our webinars that we will now always have following the release of our quarterly updates. This time, as Adrian mentioned, very excited to be joined by Chuck Mowrey, the President and CEO of our operations in North America, ClearVue North America. Chuck is going to provide us with an operational and strategic update on what is happening in the United States. The format, as you will have already noticed, is a little bit different this time. Adrian Mulcahy, who is the Managing Principal of Atomic, will take us through the event, and he will guide us also through the questions that we have received and will be receiving throughout the event from you, the audience. Without further ado, Adrian, please, may I hand back over to you? Yes, thank you, Martin. I think I'm going to hand over to you, Chuck, because I think you wanted to make a couple of opening remarks before we get into the first questions, and then we can get things underway. Chuck, just lead us off now. Yeah, I'd appreciate it. I thank you for having me, and hello to everybody, all the investors. I appreciate it. I know it's a Q&A, and I'll answer any questions they have. I do think it's helpful to spend five or six minutes and just give a quick overview of my notes that I look at every day. It's good timing. Tomorrow or the next day, May 1, it's been one year since Martin and Victor hired me to be full-time in the US, and I'm as excited as ever. I look back at some of my notes. I just want to start with some good news, and then I'm going to give you kind of a reality check on some things, and then we'll finish with some really good news of where we're headed here in the future. I look back, it's a very large market with a confirmed need. ClearVue has a product line that's a direct hit on the need. We've got a strong value proposition when you consider the full facade and good competition with Onyx and Mitrex. Quite frankly, we probably need more if this is going to be as big a deal as I think. What does all that mean? I mean, a large market, there's nearly a billion sq ft of facades that get put into North America buildings every year. 40%-50% of that's vision glass. The rest of it's opaque materials, which we have products for. There's probably, it's hard to tell, but likely over 50 billion sq ft of existing building stock that's going to be either raised or renovated to bring up to code. The market is huge. The confirmed need, buildings use 40% of the world's energy. The built environment has got to be more efficient and generate clean energy on site to approach net zero. Most, if not all, of our cities in the US have some type of language, conversations, or goals to get to net zero. If the confirmed need is to make buildings net zero, facade is going to be where they're going to do it. That's also a confirmed assumption that the BIPV on the facades is the only way to get buildings to net zero. And ClearVue has a direct hit on these products. The value proposition, again, vision may be a bit weak. It doesn't generate as much power now, and we're still working on increasing our vision efficiency. Because we tie in the spandrel on the cladding, and I'm purposely bringing it all together with a systems integration, something I call EID, Electrical Integration Deployment. We tie that together. The only way to get the power back to the building is to have our EID plan, which combines vision and spandrel, which is different power outputs. The competition, again, there's good competition, but we are in a leadership position. Not all have an answer with vision glass, and not all, from what I can tell, are focusing or making this EID priority like I am. I quickly pivoted to EID, and that's something I just came up with, but it's Electrical Integration Deployment. Getting power from BIPV to the building is not something that's easy. Yes, there's been 25 years of a PV business with rooftop solar and car ports, but that's all the same size panels. Getting the power from unique sizes is different than facade materials that are varying outputs with different sizes. We had a challenge to conquer, and we've done that. Meet the AIA in Greenville. A lot of questions on that. Yes, I did that first. I wanted to do it first. I'm glad I did it first. It was a lot of money. Sorry, didn't think it would be that much. I wasn't there to get a bunch of orders. I was there to educate, create awareness, and seek feedback, just like I did when I met Victor two years ago, and I had never heard of ClearVue. My knowledge of the construction industry, and I don't know everything, but I've been in this market since 1982, and I hadn't heard of it. AIA and Greenville allowed us to take a very broad brush across a lot of architects, owners, city managers, green people, and let them know ClearVue is here. Here's our product line. That was a box check that needed to be checked. Create awareness, educate, and seek feedback. We asked them about the market size, the need, the BIPV, the net zero, and we got confirmation, yes, that's the future. It's a 20 to 30-year future to get this all done. It's so much square footage. It's all good news. I think all we're off on a little bit is the timing of where we're at along that. Things take time. A few things that are, I wouldn't say bad news, but let's just maybe hit the reset button on a few things that I've learned since I started. Initially, big setback on electrical integration. We need to figure that out. We can't rely on licensed fabricators or installers, general contractors, electrical engineers, or architects or building owners to figure that out. By the way, the questions that come in, you guys all remember everything I write or say. I respect that. You probably remember when I did the intro, when Martin and Vic intro'd me, I said the first thing I was going to do is go look at the channel and make sure everybody in the channel wins. Because if somebody in the channel's losing, we all lose. When I looked at the channel, I discovered no one else has really figured out getting various outputs of power from the facade back to the building. What's been done with wires and inverters and solar electricians was all rooftop business, which is not. We have a much tougher challenge. I was fortunate to find Sole Motive, Chris Klinga, Keith, they're partners of ours. They're a company. We can't hire them, but we've negotiated an agreement exclusive. They can't work with other BIPV companies. They understand electrical engineering and solar to the degree that we need it with various levels of power. Partnership with Soul Motive to check the box that I wanted to check with EID has been done. We're ready to go on that. They'll need some time as we start throwing projects at them to learn along the way, but they're ready to go. Certifications roadmap. Martin and Vic have had this before I got here. It's understood, but it's not complete. I mean, as of today, our first order, if I could get one today, and I likely could, we can't deliver into a Q1 of 2026. That's just a timing reset. Until we get certifications on all of our products that I'm about to sell, we can't install them in the US until they have those certifications. Looks like Q1, they'll all be complete. If we push a few things that we're really close on, it looks like Q1 will line up to when we can start generating revenue. I think I said I'd get revenue in 2025. I fully intended to do that, but we're faced with these roadblocks. Domestic supply, boy, now more than ever with our current administration, I wish we could make it locally, but we can't. So we're going to have to deal with importing for a while. We have to have a roadmap to making this stuff in the US, regardless of how the administration plays out. Until then, we've got some uncertainty on tariffs. That's another reality check for us. The last thing is, despite a big market and need, market adoption takes time. I mean, nobody wants to be first. Low-E was a simple coating on glass for a dollar a square foot that let in light and stopped heat. It took 25 years for commercial market to adopt Low-E to 90% of the commercial market. Twenty-five years. It's a big market. a good thing it is a big market because this ClearVue business will last for decades. Nobody wants to be first. It's going to take time to adopt, and we've got some obstacles to overcome with domestic supply and getting our certifications and figuring out the electrical. Just, again, not bad news, but just want to make sure we're all on the same page. A lot of the questions are, sell, sell, sell, market, market, market. I just think we're a little bit too much on marketing and sell the sizzle, and we need to get the steak on the grill before we can sell the sizzle. Let's talk about licensing. It's another one. I hit that. I said I was going to hit that. I backed off. No licensing or franchise model has ever worked without the existing stakeholders proving and making the market themselves. We can't just license people and expect them to go knock down these barriers like EID. We have to do this first. We have to sell a couple of jobs. We have to make sure the channel wins and it works, and then we can license and go from there. I'm really focusing on selling vision and spandrel glass or cladding to customers. I'm trying to pick my customers. I like customers that when we win, we win big. I can't really say what we've got going on exactly, but I'll give you as much of an idea as I can until Adrian says maybe stop. We're working with a very large window and door organization that's been waiting for ClearVue glass for their products for some time. We're engaged with them. We've got samples. They're putting them into their patio doors. It's probably a one-year product development plan before they can market those. Again, they're waiting on our certifications as well. We've got a tiny home developer that wants to put five models of tiny homes on a piece of property. People come in and shop those homes and buy this model or that model. He expands the whole development. These tiny homes are 26x 30 ft long by 10 ft wide. It's about 1,200-2,000 sq ft of cladding around the perimeter. If we do that with ClearVue products, vision and spandrel and cladding, we can get these homes to be net zero. It's kind of a great park, a home on wheels on a property, and you've got a net zero home, possibly even charging a car in front of it. A very exciting development. Once that we win at that, it's a continuous scale of more product we sell to that tiny home developer. A big county in the U.S., a county manager is renovating one of their nine-story buildings, 15,000 sq ft of vision and spandrel. Again, waiting on our EID, which we've confirmed to them we got, waiting on our certifications. We had a meeting set up with them recently that I postponed because the next meeting we do have, I've got to position the March delivery versus maybe this fall, as we had mentioned before. We are managing that project. A large consortium representing over 20 contractors. We are working with the consortium, and what they do, they scale to all 20 of their contractors. This is a real scalable engagement. We have product in their mockups. They are evaluating it. They are testing it. They're going to start marketing it to their customers. When we win with them, we'll have 20 contractors out in the U.S. basically selling for us. One of the largest modular home builders in the US is considering adding CVPV to their product line. A little bit on finance. I watch money like a hawk, believe me. We spent $137,000 in April. I'm sorry, March. We'll close April next week. We have an accountant in the U.S. that helps me with this. We track all of our spend. I agreed with Victor last October what we would spend between then and this June, the end of our fiscal. I hope to get this July 1st through next June kind of increased a little bit. Victor's got me kind of tight, but we're spending about $135,000 a month. I'm sitting in a warehouse, very fortunate situation. We have 5,000 sq ft of office, 10,000 warehouse. We do not really need that, but we have a lot of stuff going on. It is nice to have. It is probably marketable for $50,000 a month. Downtown San Jose is right out the door here. I am paying $2,500 a month to a building owner. They can kick us out with a 60-day notice. I know the owner, he has his hands tied on developing it at this point. It is just a win-win situation where he is helping us out. Greenhouse, that looks like a pretty good market, better than I might have thought a year ago. We have two orders, as you all know, and people have a lot of questions on that. Again, the UL certification, my fault. We should have it by now. We do not. Once we get it, those orders get fulfilled, and we hang 500 panels times two, 1,000 panels on a greenhouse in Watsonville, California. That Systems USA company will then market it for future. That is a great market ready to go, but we cannot ship the product yet. That is kind of, again, there is much more than that, but I will take the questions. We will kind of weave in some more with the answers. I wanted to get through an overview of really good news, a little bit of reality check and timing in the middle, I hope you heard, and then finished with some good news. We could talk about some more when you ask me the questions. Adrian, why do you not go ahead and fire away? I have seen many, many questions. I don't know if we'll get to all of them, but I'll answer anything you ask me. That's great. Chuck, look, great overview. Some of the questions may go back to some of the comments you've already made. Thank you for that. It's a good starting point. It certainly sounds like the glasses are full, which is obviously, I know talking to you, that's kind of where you see things unfolding. This is a kind of a going back to the start type question, a bit of a Dorothy Dixter in some ways, Chuck, so an easy one for you to start off. You're a leading figure in the U.S. glazing industry for the past few decades. Can you tell us why you joined ClearVue as a board member and then as president of the U.S. operations? Yeah, Victor's a really good salesperson. I went over to Australia for the first trip of Australia in my life. I went over there already. I'd been on the board for four or five months because I had met Victor previously. I left the contract glazing business after a great career with Apogee in 2009. I started in 1982, and I had run Harman, their largest curtain wall contractor. I stepped away at that point to go proactively look for new technologies that could fill what I used to call holes in buildings. More and more, we used vision glass, the less efficient buildings got. I joined Guardian. I got to travel the world for five years looking at technologies. I looked at all kinds of different energy-efficient technologies, electrochromics, thermochromics, VIG, etc. When I met Vic, I was already looking for things. It hit me with what Vic described, the clear glass nobody's got, the spandrel glass, the facade combination. It's something that you didn't need to build a new $300 million factory to go figure out a new coating like when I got involved with the electrochromic Solidion, which ended up being Vue in 2009 or 2010. It just feels like something that could happen quick, and it could scale fast because we can license to many people. The market's huge and everything I just went through. All that stuff still checks. I'm a little impatient. I wish it would have been more of a revenue-ready company than a product development company than it is. It is what it is. I'm back helping Martin and others. We're getting the products developed. We're knocking down the barriers with electrical integration. We're making sure we're on the channel wins, and we're going to go sell glass. Yeah, happy to be in the technology side versus worrying every night about how much labor we're spending on curtain wall installation in the field in Minneapolis. Go ahead, Chuck. Sorry. No, no, great. Just stepping through these questions. Another one, which you've covered areas of this as well already. What do you see as the biggest opportunity for ClearVue in North America? What were the biggest obstacles you had to overcome? You've made mention to that already. The biggest opportunity right now is, again, I went through some things very high level, so I don't get in trouble from you and others. The large consortium of contractors that really is looking at this as a way to build their contracting business and incorporating our stuff into their stuff and building facades with precast and precast that has solar in front of it, that could scale fast, and it could scale large. We do not have to do much other than fulfill the orders. The wiring and integration, we have already thought through how you do that with their products. It is a pretty easy product development path. That is probably the biggest opportunity. I mean, national window companies and tiny home development, those are not small. In nine-story buildings in Colorado, we have to go out to architects all around the country and find many more nine-story buildings. That is like one building at a time. I think the scalable things I've engaged with, the consortium, the tiny homes, and the window company, those things, it can scale fast. The barriers are importing from China with Donald Trump. I mean, right now, we really are in a tough spot as of today. I'm hoping things play out a little differently. Not being able to manufacture it in the US is a real problem. Certifications and EID were big problems for my first 11 months. As I sit here today, I feel like it's just about timing. That could change in a moment's notice as well, no doubt, Chuck, as we've come to know. This is going back to some of the comments you already made as well. Can you talk about some of the activities you've undertaken to build a business and a sales pipeline? Yeah. We're at ground zero here. We don't have any employees, really. I have a limited budget. I have partnered with people. I didn't mention Miles Barr, but let's mention Miles. I've known Miles for 12 years as he interviewed me or inquired if I wanted to be CEO of Ubiquitous back in 2012. Ubiquitous has now run its course and ran out of money, but it was a great technology. I never took that job, but I've known Miles for a long time. He now is available, and he's on my staff here in the US as a consultant, small stipend every month I pay him. It's not much. Boy, I'm getting somebody that was chasing a clear vision solar glass market thought as a young CEO. He's still young. He's 40-something. I really value my relationship with Miles. Finding Soul Motive, Chris Klinga and Keith, the best solar engineers I found on the planet. They're my partners. Christa, Executive Admin, but she and I kind of, and Randy, an electrical engineer. The three of us are the only three full-time employees. We're here in this showroom every day working together. Yeah, the infrastructure, again, it's non-value added, but ClearVue's in Australia. Nobody was in the U.S. To hire employees, we have to have payroll. We have payroll taxes. We have insurance, healthcare. I had to set up that infrastructure with IT and insurance companies and payroll just to be able to hire someone and pay them every two weeks. I spent a lot of time on that May through June of last year. As of today, we're up and running. We're a business. We have full-time employees. We have consultants. We're all kind of marching to the same drum of understanding what we're trying to do to get the products engaged here in the U.S. Thanks, Chuck. There's a bit of support for your honesty and transparency, by the way. Well done, particularly with AI and certification issues. You're getting some support from the audience here. Just on that kind of thing, there's no doubt investors want to see commercial realities, ultimate points in time. Question here, when do you think we'll see the first facade projects delivered in the U.S.? I think I predicted last year, and I was wrong. I'm not going to take another shot. Here's what I'd say. If they were listening to the first segment here and the market adoption, once we get going and we're the market leaders with some competition, which is great, I wish there was more competition. I wish there were 10 companies that are chasing BIPV because a billion sq ft of facade a year is a lot. And $50 billion of existing that needs to be renovated is a whole lot. Once we get going and then we have certifications and we've done a project, we've done a nine-story building, we've wired it, it's a success, and then we've got an engagement with a precaster or a window company, it is going to grow exponentially for decades. That is the excitement. That is what you're investing in. I don't know when it's going to start. Again, I'm not being funny. Glass is just a simple coating on glass, and it was only $1 a sq ft. I was alive and promoting it when it came out in 1985. It took 20 years to get a 90% adoption on something that obviously you would use. At first, people were like, didn't want to be first, couldn't see the coating because it's vacuum deposed. We'd have a cigarette lighter up to the glass and show two flames to prove there was a coating. It's crazy. Low-E Glass didn't take off in one or two years. That had no codes or restrictions or wiring involvement. Nobody wants to be first. They want to see us be successful. We've got some obstacles. It's going to take time. New projects get designed and drawn and bid. It's a two-year, it's a six-month, a three-year schedule from when an architect says, "I want that," and the owner says, "Okay," to when it's on the building. We have a channel to go through that takes time. The renovation can go quick. By the way, that's why I looked for some renovation. The Colorado building, the nine-story is existing. We don't have to wait for it to be built. We just have to go renovate it so we can be on site in three months. I believe 2026, we will start that revenue, and it should scale rather nicely for three decades or more. That's more guidance than any manager is prepared to give. Three decades is not bad. Well done, Chuck. Just going back a step, on areas that you just touched on a moment ago, and just about the competitive landscape in the US, who are your main competitors in the solar glass BIPV market, and what differentiates you from other competitors in that market? Yeah, Onyx, I give big congratulations to you. They've been over here. They've had a salesperson in New York for a decade and knocking on doors and promoting all their manufacturings in Spain, highly automated. I've not been, but my consultants I'm involved in have been. The Sole Motive people have been over there. Very automated, and they're totally vertically integrated from the cells and stringing the cells and laminating them. They're going to be selling solar spandrel on BIPV. Now, they don't have vision glass, so that's our leadership position. I met with them, and I was not really tipping my hat as much, but I did not feel that they are as concerned about electrical integration deployment as I am. I have talked with other people, and that is true. That is not good. They have good products. They have good manufacturing, high quality. If the architect does not know how to use it, they are not going to use it. I think we are in a leadership position on EID with Sole Motive, and that is going to carry the day. Mitrex is another company. I do not hear nearly as positive things about their Canadian operations and how their quality is as I do on Onyx. Those are the two that I am aware of. Martin is well more versed in this globally. He probably can list a half a dozen competitors. The two I'm hearing about where people say, "Oh, yeah." First of all, not many people know there's products like this. When you do get somebody that says, "Yeah, I'm familiar with," they usually mention Onyx and Mitrex. They would come back and say, "We're in a leadership position with them on the vision piece as well as understanding they need help with electrical." Thanks, Chuck. A really very quick question because I think I know the answer to this question. When you talked about the first quarter of 2026, you were referring to the calendar year rather than the financial year, weren't you? The March quarter of 2026. Yes. Yeah, thanks. I did mention on my financial budget, June is our fiscal. I do understand we're on a fiscal year, July to June. I did mean March of 2026 is when I know Victor and Martin and others working on some of the I had a call with Martin just April 1st as I was getting ready to go to this meeting on Colorado. I think he's going to get that done sooner, but we conservatively position March as kind of a can't-miss date. As I go back to the customer, we're going to try to get this PO even before we have certifications. If we do that, we really can't miss. March is conservative. Maybe Martin can comment when he wraps up here that maybe things are going to be more optimistic than that. I'm counting on I'm trying to drive as much promotion and sales as I can with the understanding that we can't really deliver until March of next year. Chuck, just to put a full stop on that point. One of the questions about the UL compliance for the greenhouse glass. Basically, when do you expect orders and what the pipeline looks like for that particular product solution? It's a similar timeline, ultimately, what I'm trying to get to. Right. I know you said quick. I'm sorry. I don't do anything that quick. These are complicated answers, but try to be quick. First, let's unpack greenhouse and commercial buildings. It's very different. When I got here, I was really a commercial guy. I told Victor, "I'm not really a greenhouse guy, but I'm kind of helping oversee that." The greenhouse product is made here domestically. We've got a company, D2 Solar, that can put it together, not in high scale, but enough for these initial jobs. That UL process, as we got into it, we realized that wasn't complete. I stepped into that and took it over from Martin. I've kind of screwed it up a little bit. I've had it now since December, and we should be in testing, and we're not. It looks like now we have to back up and redo some things and then get into testing. I'm fully confident we will get UL approval on that product. Once we do, we have two orders waiting to fulfill, which we can do. We can make the 500 panels in 13 weeks and then make another 500 the following 13 weeks. Over six months, we'll have those two orders complete, and they'll be installed in Watsonville, California. On the commercial building, vision glass and cladding and spandrel, that's a different, there's a channel of window certifications that the windows work and they hold seals. There's a channel of electrical and UL certifications that are similar to the greenhouse UL, but different. Martin can maybe comment more on those. Those are the certifications I'm really focused on to be able to sell the county project in Colorado and engage with the construction consortium. Those are the certifications. Not that the greenhouse is not important, but I'm more focused and hoping we get the vision and spandrel and cladding certifications for commercial buildings done along with the EID, which I'm pretty certain I've got that solved with the Soul Motive team. Thanks, Chuck. Let's just change gears for a sec because just to give you a bit of a break and just a couple of questions, I think probably best answered by you, Martin. Can I just ask this first one? It is quite a pointed question. Why does our product margin remain relatively unknown with low commercial uptake? Does the market consider it too expensive or low energy generating? That is probably not product margin, but just the product itself, right? I assume? Yes. That is what we are referring to. Yes. First of all, I just want to thank Chuck for his sharing with us the operational status currently. I just wanted to mention absolutely the two players that Chuck mentioned. They are pretty much leading as competitors, and we respect them. Obviously, it is good to have them with us targeting the same market. The market overall, although the potential is huge, the actual market at the moment is not. It is being built. It is being expanded. That is the huge opportunity we see, that it is a mandated environment. People will need to deploy this technology, these products. Having these two players with us, who, by the way, do not have the ClearVue vision technology at all, which is very much our advantage, I think, is good. Again, I can confirm those two players. On the revenue side, I just want to confirm that we see there is a difference between securing orders and then the revenue, which is obviously money coming in. I just want to use, and I think our audience will certainly remember us sharing with the market back in October last year, that we secured 100 St. George's. That is now going to be installed during May, early June. The site is a little bit delayed, the building site in Perth, not down to us, but just the enabling site works are a little bit delayed. This is about an eight or nine-month period from securing the order to actually delivering. Where Chuck rightly confirms being able to then supply into America a product for installation March, you can just see if you then count backwards a little bit when we would then expect some orders to come in for this then to be actually installed. There is, as I said, a slight difference between revenue generating and actually securing the order. Obviously, we are very much focused in getting those orders through the door. We've shared with the market that we've got an ever-expanding pipeline of opportunities. Really, the main focus and what we're driving very much is converting these opportunities into purchase orders and then obviously delivering them. We do see some very positive opportunities ahead. As always, we'll update the market accordingly. Just back to your question, which I think is about a product remaining relatively unknown. I would say that generally, our technology is quite well known, and our brand becomes ever more known in this specific market. It is quite a special market that will be those architects, the developers, and so on that are in this field. They would have by now, I think, heard of us, certainly the big players. We've got a sample of ours in one of the largest architectural practices here in London now in their showroom where young architects go when they select products, and they can pull out our samples to get specified for deployment on their projects and so on. We are working a lot, and I think there is an ever-growing engagement with the market, but the specific target market. It's not really a product that you would buy in a corner shop around your neighborhood, but it is a specialist product. We are, though, getting a lot of attraction, not least from exhibiting at the shows, for example, in America that obviously Chuck was very much driving. That's why these shows were so important to us. We do think that the engagement with the market is as high as it's ever been, as we've also highlighted when we did the update recently and also the AGM. Of course, it's not just the pipeline that we're targeting. This is our own project pipeline, but converting these licensed partners into actual agreements. We're continuing these discussions. We hope to be able to report soon, certainly very encouraging developments over the last few days, even on that. Pricing, I think it's always clear that this new technology is a premium product. I think there is some acceptance. There isn't a project that we've lost because of pricing. Payback periods are interesting, especially when you deploy the technology across the entire surface of buildings, which is also something that Chuck mentioned, that you need to look at the building solutions as a whole. You deploy it across all the surfaces, which generates, of course, even more power. It is a very good value proposition. Yeah, I think you were also mentioning about alternative products or competition, but there is not really an alternative product because we are the only guys with the clear vision technology. Again, combining this with the other products that we can now clad entire vertical surfaces of buildings and turn them into a power generator, that is very unique. We maintain that the commercial thesis really is that we are operating in a mandated change environment. The target market is required to change. It may take a little bit longer than we had hoped for, but we are still extremely well positioned. The huge market potential is out there. As we've explained many times, there are many, many reasons why the target market has to, why the change is mandated, not just legislatively. As Chuck also mentioned, many constituencies, if you want to get planning permission and so on, you need to look at the carbon footprint and operational energy usage of your buildings and so on. Also, tenants, as we've mentioned, I think before, if you want to attract high-quality employees, future talent, then as tenants, if you want to attract these tenants of these A-listed companies, you need to offer a building that has the best star rating available and that you can have with our technology. I think we're on a very good path and, yeah, looking forward to converting the pipeline and the opportunities. Thanks, Martin. I might switch gears back to Chuck. Chuck, and just while I'm looking, I was going to say, I was going to say you have your hands full. Martin's not quick either, so. Yeah, no, no, that's fine. I'm enjoying the discussion. We did a lot more time. Chuck, just before we I just noticed you got a prop behind you. Did you want to talk about that prop? Also, it looks like the building owner needs to put some plaster in the ceiling as well. Let's put that aside. Tell me about that prop you have behind you. Remember, it's a $50,000 building we're getting for $2,500, so I can't really complain about the ceiling. I did paint everything. I should have shined it the other way, but we painted this showroom blue. This way looks nice for our customers. This is so clear glass. You probably didn't know it's glass, so I'll knock on it. Our solar cells are at the perimeter. I think the investors, unless there's some new ones on the phone that want a little bit of a tutorial, but our product is insulating glass unit, outboard light lammy, PVB that disperses light. We capture light and generate solar power at the perimeter as well as a little bit more to the diversion of light. This is the ClearVue Generation 2 Vision Glass. This is the only one I can wheel in the conference room. I've got one that's twice as big with vision and spandrel that we wheel out in the parking lot. We bring people over, and they're wired to DC electrical equipment so people can see the power really works. Thanks, Chuck. I hope you didn't mind me referring to the prop. Let's come back to some other matters that are of interest. Just in terms of trends in the U.S. solar market and solar incentives under the Trump regime and tariffs as well, which you have spoken about, how does it all impact and what comments would you like to make around those issues? Yeah. I do not want to get political. The last thing on my mind is trying to figure out our political landscape. What I would caution people of the news that is out there is just I think it would serve us well if we all just, we had the first 100 days, which was crazy. Let's give this three months. I certainly have time. I cannot really ship products until next March anyway. I am not looking to book many, many projects until I execute a few anyway. I've got some time to take a deep breath and just see what happens with this. There's a lot going on. The administration, I believe, is trying to get fair and equitable trade agreements with many countries, not tariffs. The way to drive that conversation and get people's attention to do more fair trade and to maybe have a better arrangement with China was to put tariffs out there. That's really hurt our stock market. We're all still very hopeful we can change our trade deficit, especially with China. Somebody had to step up and do something with China. I mean, their motto, "We make it, the world take it." That's what they've been doing for 30 years. If we do that for another 30 years, I mean, there'll be a larger economy than the U.S. I think this is serious business. Whether you like Donald Trump or not, it's not Donald. It's many, many people. 94 million people voted for this administration. We do want secure borders and better trade agreements. We're tired of China stealing our IP. This is serious business. It's not about tariffs. It's not about Donald Trump. It's going to take a while to flush out. I'm hopeful. I felt I wanted to manufacture ClearVue domestically when I took the job. Now I really feel I got to manufacture it domestically. I don't know what the path of that is. Maybe China tariffs are so high, cell manufacturers decide to make cells in Idaho. I can do the full channel spandrel glass and vision glass in the U.S. That's what I'm hoping for. I'm actually hoping the tariffs for China end up being very high so we can get some of that solar technology to the US. Many people want our products, but they all ask, "Can it be domestic supply even before Trump?" Understand. Thank you. Sorry to I don't know how that makes people feel. I tried to not get too political, but I think my last message, let's just wait three months and see how this plays out. Sure. Okay. It's hard to wait four years, isn't it? Just in terms of just sticking with the U.S., plan for licensees and other key partnerships in North America and just marketing plans this year. As much as I can do without getting over my skis, again, I've said this several times, the last thing I want is 10 orders right now. I want to execute the Colorado nine-story and make sure it works. And we do everything we said. Let me back up. The one thing that will kill this business is getting things rolling and failing on execution. When somebody in the channel fails, it doesn't work. Something wasn't certified. The wiring doesn't work. Somebody didn't meet expectations. I mean, I'm very cautious on not killing a business, especially when it's such a great big business with a large market that's got so much opportunity. I am more than okay with going slower. Now, I know public investors are not, but again, it's why many arguments people say some companies should be private, not public, because you start managing around 90-day quarters versus the right way to run a business. The right way to run this business is just take this market. It's huge. We have a need. We're going to win. We're in a leadership position. Just make sure we don't fail and step on our toes. That is why I don't want a bunch of orders. I can't wait to do one nine-story with vision and spandrel glass in Colorado. Thank God they're almost all the same size. Execute that and have everybody be happy. Then do another one. Slowly scale when we know we're not going to lose. That might be hard to hear for everyone that wants us to be $10 million, $30 million, $40 million, $50 million in revenue, but that's the way I'm running USA. Thanks, Chuck. I'll come back to you. Before we go to time, just a couple more questions, but one for you, Martin, specifically. It is probably best for you to answer this, just in terms of the Middle East as a market, that latest update there. With respect to the United Emirates as well, in terms of looking like a strong opportunity, comments around that region from you would be helpful. As we, I think, shared with the market, obviously with the forecast that we got an order for 100 of our modules for Africa, but it was actually secured via a general contractor in Dubai. I think we are already seeing some of those fruits. I completely agree with Chuck, and we have always shared this, that we are not aiming for 40- or 50-story buildings somewhere in New York or so because they are much too risky. We always wanted to tread carefully, but ambitiously carefully. Those kind of orders that we have in the pipeline and we start seeing being converted, I think are just ideal to show the product, to get the product out there. We call them launch projects to be able to show people, to take them there, and then just spread the message. At the same time, of course, learn and ensure that we have foolproof execution and delivery on those projects, which is critical. We do not want to obviously damage the name and the reputation as we start to actually take off and get those projects. Installations like St. George's will be very critical, of course, securing the project. Again, we will update the market. I do not want to repeat that myself, but that is the way it works. When we get the PO for the project that Chuck has mentioned, that will be very, very exciting. We have a lot of opportunities, particularly in the Middle East, but also Australia. I watch the space, but I do think that we will be able to share in the not-too-distant future some further successes in converting our pipeline. Also, by the way, we should not forget, we spoke a lot about the pipeline, but also getting additional license partners and distribution partners on board. I also, in this context, want to mention the South Korean partner that we recently were very happy to sign up. They continuously show us different markets for our product where they were particularly interested in the application for our product on sound boards, Sinrok in South Korea. Very excited. I think we, apart from the projects that in terms of securing, we obviously want to then advise the market on, but also particularly from the Middle East and Australia, as I mentioned, we are very confident on. Thanks, Martin. Adrian, if I could take just 30 seconds. I saw a question. It came in on my computer somehow, but the 268 leads from the Greenbuild, I think we had such a specific number because we had an app on our phone at the Greenbuild that everyone scans. That was a legitimate number. I do not know if we are tracking the numbers, but I can say this. Everybody from AIA and everybody from Greenbuild that we engage with, we were not really looking, as I said earlier, to get into engagements where we sell glass, but they were all interested. That is why we took their name down. We've given them follow-ups. We've given them letters. We just sent out another letter on our new website. Our marketing is sending out another letter in a couple of weeks on some more information. We are keeping in touch with them and doing what they said. Keep us engaged. Let us know when you do your first installation. Let us know when you have electrical integration deployment partners. We are just basically keeping in touch. There are a few that came from that. In fact, I'll give Martin all the credit. We are in Washington, DC at the AIA day one, and Martin's talking to this construction consortium person and said, "You need to talk to Chuck." That has developed into this construction consortium scalable opportunity that I can't really say much more on. There are some leads we are working. In general, I'd say the 268 from Philly and the upwards of that in AIA and DC, we're keeping in communication with all those people on the progress of our company. Thanks, Chuck. It was going to be the next question I asked you. Thank you for jumping in there. I've just got one final question for you. You already gave us a three-decade guidance statement, which I'm sure will just be a comment. Just your longer-term ambitions for the US operations, if we could just kind of finish off on that point, then I'll hand back to Martin after this. I mean, we're all one team, and Martin and I have great respect for each other. He doesn't mind me pushing back on things that just have to happen that are different. As much as we're all one team, USA is different than Europe and different than the Middle East and different than Australia and China. We have to be all one team as a large publicly held company. I've got to drive a business in the U.S. that makes sense for what people in the U.S. want from this product. It's not getting on the phone and talking to people in Perth, Australia, and China about business. I'm trying to drive an autonomous, independent business organization that can be successful for what the USA market needs. That's going to include domestic supply to where we're not really relying on China for anything. My challenge and my ambition is to, in one year, I've managed to set up a pretty autonomous organization where we still get support from the rest of the company that Martin's running. We're starting to stand on our own two legs with Sole Motive, the most respected electrical integration with Miles Barr, with some of our engagements. We need to get fully independent with supply of most of the supply and license partners that could buy most of the product they need to execute this in the U.S. domestic supply. That's my ambition, to be fully domestic supply to where we don't have to worry about tariffs or we don't have to worry about buy American. No limitations. We'll see. Thank you for that. Thanks for the time today. It's awesome. Good on you, Chuck. I can hear the passion in your voice, and the glass is definitely helpful. Thank you very much for that. Martin, I might just hand back to you to wrap things up and any kind of final remarks that you want to make. Yeah, I just want to emphasize, as I have often done, our global footprint. Here, as Chuck absolutely correctly outlined, the future in the U.S., and we see them as pretty much being independent and having local sources for everything. Having our Middle Eastern partner, particularly with Alutech, and I think we shared with the market that one of their group companies can run some of the components that we need for our window technology. Of course, the tariff situation is much better with the Middle East, very much lower than with China. We can already see some of the benefit of having this network of companies and partners around the world where we can then try to mitigate some of the impacts, particularly on the tariffs, by channeling some of the products and technologies through the Middle East. Yes, just again, I want to thank everyone for sharing their time with us, for listening, for feeding us with these questions. We hope to have answered them as per the expectations. We know that we've got a very critical quarter ahead of us. It's going to be also a very exciting quarter. We do see a few of those opportunities that we are going to convert. Again, we will share this with the market, also signing up some of these license partners. We have, I believe, some very positive news to share also from Hong Kong. That was a question that we have been asked before. We've obviously got the trial in Hong Kong. We know the data that was collected, and the results, in our view, are very positive. We're just waiting for the EMSD, the department in Hong Kong, the government department, which we unfortunately can't influence to then publish this data, which will only really re-emphasize not just the energy generation, but also the impact that we have in terms of reducing the solar heat gain inside buildings. Particularly on the trial there, we have combined, as with our Zero Window Technology, a vacuum unit on the inside and then our energy generation on the outside. We're looking forward to that very much. Yes, again, thank you, everyone, for listening. We will see each other latest in three months at the next webinar. Thank you all. Thank you all. Thanks, Adrian. Thank you. Yep. Thanks, Chuck. Yeah, thanks, Martin. Thanks, Adrian. Thanks for all the good questions.