Welcome, ladies and gentlemen, to DUG's interim financial statements for the FY 2025 year. Today we have Matthew Lamont, Founder and Managing Director, and Daniel Lamont, who's Acting CFO, joining us. They're going to take us through the financials. Just a bit of housekeeping: your research analysts are free to ask questions at the end. You can do so via the Q&A function or by raising your hand, and you can ask them live. You can ask those as you go along the way. Handing over to Dan and Matt. Thanks, Steve. Let me share the presentation. It's my pleasure to be with you again today with Dan, and I think it's exciting times for DUG, although the results are not quite what everyone would have hoped for. We're really excited, so let's get on with it. The highlights of the year is the order book. It's now growing again, and it's growing on the back of the MPFWI. Very strong forward momentum. The software revenue is up 22%. I've been sort of talking about that over the last few releases, saying that we're really excited about software, and finally we're starting to see that deliver, and I think we'll continue to see that accelerate. Revenue was down a little bit as we flagged it six months ago. We were going to be flat, and unfortunately we ended up slightly down on flat, but EBITDA was soft. We have been investing a lot because it's sort of like being two worlds for us, very disappointing on the share price side. Internally, everybody can see what's happening. Everybody knows our technology and can see our customers and our excitement and everything that's going on. It has been a funny six months in that regard, in such excitement and drive, and everyone's facing forwards internally, but there's uncertainty in the share market. The elastic MPFWI projects do look really good. We have eight that are underway, a couple that are nearly finished, and we've had follow-on awards now. It's going great. It really is. Just rethinking who we are and how we get that message across. Again, we are numerical physicists. We work for those global technology leaders in several different ways. We've made breakthroughs in geoscientific computing, in algorithms like elastic multiparameter FWI, first in the world by far. We work on the most complex of data. We work geographically all over the world. We've got some of the best supercomputing facilities and some of the most energy-efficient cooling systems for data. To maximize our growth, we have to sell across the entire planet. We are now open in Abu Dhabi, so we are now on five continents, and we are committed to delivering what we do globally. We are global to our core. Just as a reminder, services is where we do turnkey projects for mostly oil and gas companies, but also for carbon capture and storage, for wind farms, and for several other things. The majority of the revenue comes from oil and gas, and that's where the elastic MPFWI revenue mostly comes from. It does come from software as well. The software is in 40-odd countries. It is around big data analysis, big data storage, big data mining. Yeah, we're really proud of the software. It's a modern, broad software suite that sets it apart in the industry. HPC as a service, although in its own right is disappointing, and we've been relying on just a few clients, and as they change internally, the one we lost that affected the results in oil and gas didn't go anywhere else. They just changed their policy on what work they were doing internally. It supports and is a key part of the whole software story as well. Multi-client, this is a change. We've been doing multi-client for a number of years, a long time. We've worked for 12 multi-client companies. The change now is just that we all have our own multi-client assets. We've taken risk on multi-client projects before, but now we will have our own multi-client assets ourselves. It's a really big market and a really profitable market, and one perhaps we should have changed our strategy in a little while back. DUG Nomad, we're really excited by it. We haven't sold any, but we're very excited. It is genuinely mobile data centers or genuine edge data centers. It's different to what's it different to, Dan? Modular. It's different to modular data centers. Modular data centers is what you'll see most everywhere else, are like dongers. You take them to a mine site, and you get a builder in, and he sets them up on stumps, and then you get a plumber in, and you get an electrician in, and so on and so forth. Ultimately, a month later, you have a data center that's ready to go, and it's very good and useful and a good thing to do. Ours are different. Ours you can turn on while they're on the back of the truck if you've got the power. You can sling it under a helicopter turned on. You can put it in the back of a Hercules turned on. It uses our immersion cooling. It's very cool, but it is differentiated. It isn't the same thing. It's genuinely mobile. Of course, there's the BAC licensing of our patent, and there's a really cool movie that they've put out about how that fits into what they do. We'll highlight that link to you a bit later on. You've seen this slide before. It's our geographic spread. You can see orange are the countries we've worked in. We've worked most everywhere. They're genuinely global. Then there's our offices and our compute facilities. The new one on the block is Abu Dhabi, and our dotted line is our global fiber, where we transport data and access to supercomputers and so forth around the globe. One of the highlights, I sort of touched on it a little bit, is the excitement that is within DUG, because we can see the position that we're in, and our guys are getting those interactions with clients. Because of that, and because we believe that we can have a period of sustained growth, we've been investing strongly for quite a while now. Very strongly in the elastic multiparameter FWI pilot projects. They've taken a lot. We rolled out a big chunk of technology. Initially, you get little issues and things you didn't expect, and you work your way through that, which is why the pilot projects are important. The results have been really great. I think I expected incremental results for one or two reasons. We're not seeing incremental results. We're seeing quite startlingly better results. Middle East is important. We're getting access to some really big opportunities there now, and I think that's going to grow into a pillar in the DUG world. Again, if you see what you have the aspirations that we have for sustained growth and the belief that we have that we can do it and become a very significant player in the market, you need the business development to support that, and that's what we've been putting in place. You need the conferences. You need the travel. You need the interactions. We've been investing in that strongly. Our R&D team is exceptional. You don't lead the world in technology and license out your patents unless your R&D team is exceptional. It's made up of one percenters, what I like to call one percenters, and they're hard to hire. We've had a bit of a really great year last year. They're hard to hire. They're slow to hire, but we actually hired five last year, which is quite incredible. That's a fabulous year. In infrastructure, we raised money, as you're aware, to do the infrastructure upgrade, but an infrastructure upgrade was already underway as well. That is now complete, and that gives us 20% headroom. I think we'll talk about the further infrastructure to finish off the rest of the room is now underway. The planning for it is underway. The goalpost moved a little bit. The new computers are just so energy-rich. They're using so much power that they produce a lot of heat. We are having to up the ante on how much power we're providing to that new part of the data center and how much heat rejection we're putting into that new part of the data center. I'll pass now to Dan to do the financial slides. Perfect. Thanks, Matt. I think we touched on revenue at the top. Revenue is down 4%. We had services down 3% through the half. We had a really good result through January with AUD 13.4 million of awards, giving us a closing order book of AUD 42.2 million at 31st January. This really sets us up for a strong FY 2025 half-two. Software revenue was up 22%, which Matt's touched on was a great result for the team and driven by customer renewal rates, success licensing our processing imaging toolkit, which is something that's relatively new for us as a business, and increased adoption in the offshore wind market, which is companies using our software to decide where they're going to place offshore wind turbine pylons. HPC as a service revenue fell 46% on the half, which, as Matt touched on, was a disappointing result, but it's really important to highlight that the HPC as a service offering really helps us drive software sales. The two together really interlock and work well for us as an overall offering to the market. We had employee benefits increase by 10% in the period. A large part of this was due to the hiring of the technical team in the Middle East, which occurred mainly through July and August 2024. Those costs were carried through the period along with some relocation and training costs. We also undertook a restructuring initiative during the half, relocating shared services from Australia to Malaysia and right-sizing some other teams. That was a $0.7 million cost to us in the half with annualized savings of $0.9 million moving forward. We had other expenses fall by 7%. Important in this fall was no third-party compute. Over calendar year 2024, we've had the arrival of our new Intel and then our new AMD computers, including some that arrived in July 2024. This has given us great capacity both to pursue the pilot projects that were discussed on as well as to remove the need for third-party compute. We see these new computers come through in the depreciation and finance expense lines, with the step up there being associated with the new hardware and the associated asset financing that goes with it. At 31 December, we had AUD 17.3 million of cash on hand and AUD 24.3 million in debt. This debt is predominantly asset financing but contains some other smaller amounts as well. That left us with net debt of AUD 7 million for the period. In October 2024, we had the successful capital raising, so we raised AUD 31.4 million Aussie. Just giving a brief update on how those projects are going and the use of funds. We raised AUD 19 million for the data center infrastructure upgrades that Matt referenced earlier. These upgrades are progressing through design and planning stage at the moment. We've had AUD 6.5 million for the Middle East expansion. We've hired the team there. We've found the offices and the fit-out is underway now, so it's working and moving along well. DUG Nomad, we raised AUD 3 million for. We've had an early sales and engineering teams have been put in place. We've established the Malaysian supply chain, and we've also attended a lot of really key industry conferences there. In the balance sheet, one movement in the period is contract assets. What we are seeing as we move into new jurisdictions and we work with different organizations is we have less of an ability to negotiate payment terms and payment cycles. What we are seeing now is a lot of our new contracts are coming through as milestones rather than monthly progress billing. What we had at 31 December was just a few of these milestones lining up such that it caused a material uptick in the contract assets at the end of the calendar year. Most of these material milestones are due to be unwound in the first quarter of this calendar year. We also have PP&E that is flat over the period, and it is just worth highlighting there that we had the last delivery of AMD nodes in July 2024. While we had some depreciation come through the books, that number's flat due to those machines arriving. Into cash flow, payments for supplies rose, and it's mainly a timing thing as opposed to anything else. The third-party compute that we utilised over FY 2024, we were able to negotiate payment terms that stretched over a 12-month period. We had the last of those payments come through in FY 2025 half-one, albeit that we used the third-party compute in FY 2024. We also had AUD 6 million of cash invested over the period. Most of this is related to the final delivery of the AMD nodes that I referenced earlier in July 2024, and then also the first round of infrastructure upgrades that Matt referenced. Then the final big item through financing is the 19.7, which I touched on earlier, which is the $19.7 million equivalent net of fees that was raised in that October 2024 capital raising. Growth drivers. What's going to drive us forward? Why are we all so excited internally? First of all, the ecosystem in DUG, the integrated solutions, is going to underpin everything that we're doing. It's the proprietary immersion-cooled data centers, right? We save 51% of the power bill. Great for environmental, but really great for the back pocket as well. It's the science. It's the modern geoscience software that underpins everything we do with all its workflows and analytics and leading algorithms and an expanding multi-client library. I'm really excited about where that's going as well. For those that don't know multi-client, it's where we build up an asset, and then we can sell it multiple times to multiple clients. We only do this in a very risk-adverse way, so we won't be taking on liabilities there. Of course, underpinning everything is Nomad to get us into places we do not want to build data centers, but you cannot take data out of the country, and the immersion cooling. I put out a video recently on the Elastic MPFWI, and I would encourage everybody, if you have not had it, to have a look at it. You might want to have a look at it in pieces, and I think we are going to put it out again in pieces because you probably want to just take a piece at a time and understand it. It walks you through what we are doing and what that competitive landscape looks like and why it is so important both to DUG but to the industry as well as what we are doing. The key, of course, about this is just how much a well costs to drill in the oil and gas industry. Expensive geophysics is well worth the investment, and getting better results and getting them sooner is really valuable. That is the key to MPFWI in general. It replaces traditional processing imaging, provides better results, and provides it in a much shorter calendar timeframe, less manpower, more compute. The results that we've seen from the Elastic MPFWI, as I've said, are really something. We're going to see big news. We're going to see big things coming from this. If you look at the pictures on the right, I'm not going to get into it, but I just highlight the right-hand side sort of a quarter of the way through, a quarter of the way down. If you put your imagination in place, you can see a reef. It's actually a buried reef-type structure there. You can see at the top picture, you've got this sort of quite rough top to that reef. At the bottom, the top of that reef is quite resolved. I mean, that's significant. That's what you're seeing. That's just an obvious one, but that's what we're seeing throughout the Elastic results. We're getting it cleaned up. We're getting it more resolution, and we're getting it better. Oil companies are excited. The growth driver, as we've been saying, it is the next generation size imaging. Leading the way is the Elastic, but also the Acoustic as well. Terribly exciting. Those pilot projects are going well. As I said, you're rolling out a big chunk of technology, so you have little issues, which is why you do the pilot projects. We're cleaning those up. The results look tremendous, and we're already getting follow-on contract awards on the back of those. That is part of why you sort of saw flat, flat, flat, flat awards last year, and then suddenly you're starting to see momentum build this year. It's around some of those results starting to come through. And multi-client, as I said, is a high-margin, repeat license business, and it can bring great returns. We're looking at several really great projects. Now, it can be risky, but we're doing it in a very non-risky way in that we need every project to be underwritten before we do it. We're not taking a risk. The software. I've been talking about software for a year or two now, and we're finally starting to see the numbers come through. I've been saying that we've got a new lady running it who we're all just fantastic. She's doing a great job. She actually worked for us for a long time. She left and went to Santos. Now she's come back with a bit of being up on it and just doing a great job. I believe we're going to continue to see software sales accelerate. That's including sales of interpretation software to oil companies, but also processing imaging, which goes hand in glove with high-performance computing to small competitors. Doing projects that really we don't want to do. They're a bit smaller than we would ideally like to do, or they're in regions like the Sands or other places where we don't have a footprint. We don't do much work. The projects tend to be smaller and more difficult. We are working on a great strategy around interpretation, which is around getting into the larger oil and gas companies as well as getting the processing imaging software out there in the broader marketplace. It is an exciting strategy, and I think watch this space. Of course, the third growth driver is the non-oil and gas stuff, which is DUG Nomad and the immersion cooling. I'll start with the immersion cooling. I'd really encourage everybody to look at BAC's global new YouTube announcement. It is interesting, and it really gives you insight into how immersion cooling goes hand in glove with their big external cooling towers. You can see how it simplifies the whole data center. It's really worth looking at. Of course, Nomad, we are really excited by. It is the mobile data centers. I've said this before, but I'll say it again. is a really big demand across all sorts of areas for Nomad. Some of it has been ticked off by when Russia went into Ukraine, the first thing they did was bomb out all the data centers. They did that to knock out communications. That is one of the big focuses on Nomad, and that is where it comes from. Immersion cooling, whether it is in the Nomad form or inside your data center via BAC, is very compelling. It is really compelling, and we believe it will be the way data centers are built going forwards. There are a couple of hurdles to get over, but it is extremely exciting. Of course, as I've said, to bring this all together and to maximise our growth potential, we need to have a global footprint, and that's exactly what we do have now on the back of opening Abu Dhabi. We've also pushed into India and into Brazil. I think all the paperwork signed for Brazil, isn't it, Dan? It's painful to get set up in Brazil. I think we're just waiting for that paperwork and agreements now to get registered, and we're away. In India, we're doing it. Now, both of these are different to the Middle East. In the Middle East, we actually started with the same sort of strategy, putting a BD front to find more work, see what we could find there. In the Middle East, we got swamped with opportunities and decided to put in a proper business unit. In India and Brazil, we don't intend to do that. It is a BD front that we're putting in. The Indian work will be done in Malaysia mostly, and the Brazilian work in the Houston office. The order book is growing, and certainly the signs are that it will continue to grow. We're excited by it, and we're seeing the pilot projects convert. We're just continually gathering ground. We now see our competitors are now saying, "Yes, we're going to do MPFWI. Yes, we have him," but they're years behind. It's a really good place to be. Now we're just getting our HPC in order to cut off, maybe answer a question that's coming. No, we have no plans to buy compute right this minute. We have headroom in our compute, but we've got to get our data center ready to take because if Elastic takes off the way we believe, we are going to need more compute. For the moment, we don't. The order book as it stands, what we're seeing, we have the headroom in the compute to do what work we've got. Yes, we're seeing opportunities come from all the new markets. Why invest in DUG? To summarize it, this is the last slide. Game-changing technology in the MPFWI. Significant global pilot projects done to prove up that technology and great interest now from everybody from the super majors down. Modern geoscience software package, broad, modern. Broad is important because it means if you go with other software, you've got to have different software applications, and then your data is moving from one to another. With the DUG package, it's one package that goes from one thing to the next to the next. Tier 1 client base. As I've said many times, it's much simpler to tell you who we don't work for in the oil and gas space than who we do work for. Patented immersion cooling license, right? And we still believe we're going to see some revenue from this financial year. We believe we're going to see Nomad sales this financial year. Order book is growing. It's back really strong and growing. We've got the cash in the bank. We don't need to raise money. We've got the capacity in the data center to put in more compute when significant growth occurs and we need that new compute. There's no plans to do it right now. We have a fantastic culture. Everybody's excited. Everybody's looking forward. Everybody sees what's happening. It is an exciting time internally in DUG. We are now really reaching into most corners in the world, certainly all the corners of the world where we want to be. We have a lot of travelling down into Africa going now. We have no plans to start up any permanent people or offices in Africa, but we were in a tent, for example. We attended a Nigerian conference in the last few weeks and came back with a whole string of opportunities that look great as well. Thanks, everybody. That is my quick run through the PowerPoint or our quick run through the PowerPoint. Thanks, Dan. Thanks, Matt. Thanks, Dan. We might now move to questions. Just a reminder, if you are a research analyst and would like to ask a question, please raise your hand. We have a few questions online. Jack Daley at Shaw and Partners, if you could please ask your first question. Hey, guys. Hi, Steve. Hey, Matt. Hi, Dan. Thanks for taking my question. Congrats on the result. I think first one for me, good to see the, I guess, project awards that you called out in January. I guess when we think about the rest of the second half, is that obviously AUD 13.4 million is quite considerable. How should we be thinking about the awards moving forward in the short term and kind of building off the pipeline? Yeah, we're seeing it continue. We're still winning work. Thank you for the question, Jack, by the way. We're seeing the BD pipeline is strong. We're seeing opportunities and tenders coming through, and we're still winning projects. It is a really exciting time. I think you mentioned they're both kind of across Acoustic and Elastic. What regions are you seeing the most success at the moment? London and KL. Not KL. London and Houston is where we're seeing the best uptake of this. Middle East is just a bit more cautious. We've got several pilot projects in the Middle East and generating some massive excitement. I think you'll see Middle East joining them. The projects that have been awarded so far have come out of Houston and London. I guess just on the, I guess if you want 13.4, it probably implies about $4 million services revenue in January. Is that broadly correct? I mean, is that just a function of January being a bit quieter and you'd expect that to step up? I think January was $6 million revenue, wasn't it? Yeah, you've done your maths correct, Jack. For services work in January, that is the opening order book plus the wins minus the closing can tell you what we booked for services only in that period. What we see is those awards through January ramping up really quickly. We expect that number to lift through the second half. It will lift through the second half as these projects come online. January is a very strong software month, Jack. Okay. That is lots of renewals of software. January software goes strong in January. Okay. It was probably four services and then two software, it will take. I remember I think you had the strong software second half generally. I guess I remember the exact number for revenue in January, to be honest. It was not a weak month. It was a strong month. Okay. I guess just on the HPC as a service, it looks like I mean, I obviously do not know what the first quarter number was, but it looks like it has dropped quite significantly. Are you able to give, obviously, you kind of called out they went from, they changed their way of kind of billing, it sounds like, one of your biggest customers. Are you able to give a sense of what that looks like moving forward? It will build from here, I think. I was sitting in a meeting late last night with all the software and HPC global sales team. We are looking at lots of opportunities. I think the problem for that business, both in the non-oil and gas and the oil and gas, has been we had early wins, and they come and go. They use more sometimes. They use less others. That's what we're seeing come through the numbers. We just don't have the broad base of clients so that they all stack up to give a smooth result. There was nothing ominous about that result in oil and gas. That company just changed its policy. They didn't move anywhere else. The opportunities are there, and we're broadening that client base. I certainly believe you'll see it growing from here. It is very important to the software sales as well. Sure. Appreciate it. I'll jump back in the queue. Thanks for answering my questions. Thanks, Jack. Alan Franklin, you've asked a few in the chat. I'm assuming you might want to ask those verbally. If you could go ahead with your questions, please. Yeah, happy to. Thanks, Steve. Hey, Matt and Dan. Just a bit of detail on the Elastic workloads. I think this has been touched on a little bit already, but just in terms of the type of client that is looking to turn a pilot into real workloads, is it really only for the scale of the super majors? And/or is it reprocessing work or more sort of exploration on new assets? What we're seeing so far is not the super majors, although we have one or two tenders in from the super majors now for Elastic and MPFWI. As per normal in our world, the early uptakers of technology is the big independent companies, especially the American ones. And that's what we've seen in a big one. The projects are tending to be more on the production side than on the exploration side for the Elastic. The Acoustic is tending, which is what we expected. We're seeing the Elastic on the production side a little more and the Acoustic on the exploration side. Some of the most excited clients, though, are in the Middle East as well as Houston and London. The pilot projects are spread all over the world, but the early adopters is a company in a big independent in or two big independents in London and then a handful in a couple out of Houston and more money in Houston. Helpful. Thank you. Just on the sort of cost base, relatively flat through the second half, oh, sorry, through the first half. Just how to think about any additional items to think through the second half. I assume Middle East office comes on, but what other sort of lumpy cash growth or, sorry, cost growth items should we think about? Because of the way of lease accounting, we signed that lease commencing 1 July. The lease cost is actually coming through the books because although we had a rent-free period due to lease accounting, it is smoothed out as well as the staff there were mostly hired in July also. Most of those costs, there should not be a big step up there, obviously, hand over to Matt if you go ahead. Some of the costs that we have incurred in the last six months is we have moved the shared services teams now completely up into Malaysia, and we are building them there. That cost of redundancies and so forth are now behind us. We will still be restructuring always, but that big chunks have gone. Unless you and we have got enough compute to do workload that we have, as I mentioned earlier. Unless we see accelerated growth, which is certainly what we're believing in, it's unlikely we'll be ordering more compute this financial year. I think it's probably also worth highlighting, Alan, those Middle East staff through the period were getting trained, they're all working productively now. We've been putting a lot of resources into the eight pilot projects. On the staffing front as well, we feel like we have good capacity now globally to service and uptake in revenue. Yeah, helpful. I might just drop in one query on BAC. To what extent do you think they've actually formally live-launched the product now? To the extent of how you think the first couple of what sort of type of project the first couple of clients might be? Are these going to be more retro-fit type solutions or more clean new builds that they might be pushing for? I think we do not have perfect insight. I think the early revenue will be probably more likely on the refit side just because those projects are quicker to get up. They are targeting big new builds. That is what they are talking through. They have presented the solution now to hyperscalers as well. We got confirmation. It is a mix. I just think because of the time taken for a new build to come online, it is more likely that we will see refit as the early sales and new build as the tail. The follow-on. The follow-on. All good. Thank you for that. Helpful. Okay. Thanks, Alan. Ross Barrows, if you would go ahead with your question, please. Yeah, great. Thanks, Steve. Hi, Matt, Dan. Hey, Ross. Just start with some clarification around the Elastic offering. If a new client explores Elastic and starts a trial, that's fine. That's clearly all incremental. With an existing client, when they undertake an Elastic pilot, is that incremental spend on top of their current spend, or is there some kind of cannibalization from their existing revenue they might be spending with you? Yeah, it's a good question, Ross. I'm thinking of one particular client here. They had a project with us in the Middle East, and we're working the project. It's going well. They just, and it's a significant client, they can be a humongous client, and they will just say, "We would love to see Elastic on a part of the project that we're working on." We don't get paid for it, but we're very keen to show it. We also do not want in the early stages, you do not actually want production projects because you still just want to run a few projects through and sort out any issues that arise. You want a little less pressure. It is like that. Most of the opportunities are like that, or they are standalone Elastic little trials where you do get paid something, but you do not get paid very much. They are set up differently. They are not set up as production projects. Now we have got the production projects coming through. Okay. Thanks. Just two other ones. They are both related, I guess. You mentioned now that you are planning to or preparing to fit out the balance of the foreface in Houston. You have been quite clear today that you do not expect that to be fitted out anytime soon, but things could change. Given the density and the capacity that you have put in recently is kind of orders of magnitude more capable than the existing installed base prior to that, for you to kind of chew through and work through that orders of magnitude bigger compute with, I guess, the growth you've got to then expand the foreface by 20% and then deploy even more must imply that you've got that would have to be contract wins of a very meaningful size to justify that final fit out. Remember, Elastic uses a lot of compute and brings big dollars with it. You are just looking at a different world where a lot of compute is deployed. It does bring big dollars with it. Yes, you can't win a project unless you can win a project without the compute in place and then scramble like crazy to get the compute in place. You cannot win a project without infrastructure in place. We believe strongly in where we're going, and we believe we will have sustained accelerated growth. We really do. Therefore, you've got to get that infrastructure in place because it cannot be done quickly. You've got to put it in as part of your strategy. You can't put it in as part of winning projects because you're just way too late. Just to finish that thought, to have enough work to go through the capacity you've recently deployed, but then want to put more in would mean considerable visibility on demand. Yeah, we won't put more compute in until we really need it. That's been our mantra forever. You've got to have the infrastructure in. Yes, we believe we're going to need it, and we believe we're going to grow. We are a growth company. We always grow. We do have flat spots from time to time, but we always grow. On the back of the technology we have and what we're seeing in the market and the update from clients, we believe very strongly that we're going to have sustained accelerated growth, and we're going to need that capacity in the data center now. We don't need it right now. We've got enough headroom in the compute we have right now. As I said, when you need the compute, it's too late to put it in infrastructure. It's all over. You have to go to third party, and we know how painful that is. Yeah, for sure. Just a really quick follow-up. You mentioned earlier about managing the extra heat that's coming off or being generated by the compute. Can you just quickly talk about, I guess, how you're mitigating that and any costs that might be associated? Thanks. The new AMD machines, you just have a lighter load in each tank, so you can't fill up each tank. Or you spread them around. You spread those new nodes through tanks of all the old nodes so that you average it down to what the tank can manage. In the infrastructure upgrade that we've just finished, there is a kilowatt upgrade to each tank, but we were restricted because we already had a lot of electrical equipment and stuff in place for that. There was more electrical equipment put in, but we had the power boards at the end of the on the wall in place. We did not have the distribution or the PDUs in place, but we had the power boards. We also had all the plumbing and subfloor plumbing in place. We were a little restricted in what we could do with heat rejection and power there without throwing it all away and starting again. I cannot remember. There might be 30 kW now, so they are upgraded. It might be a bit more. In the new bit, it is not where we have got a little bit more of a blank canvas. It is not difficult. You put in bigger heat transfer units, you put in a different oil, you feed it more power. You put in more chillers outside, more cooling towers outside. The cost implication is not, remember, the infrastructure costs are small relative to the compute costs. If we roll this out, this will be a really big deal revenue-wise because these are big things we're looking at. Very helpful. Thank you. Okay. Thanks for your question. Lindsay at Ords, could you go ahead with yours, please? Yeah. Thanks, Steve. Hopefully, you can hear me all right, guys. Y es. Good. Thanks, Lindsay. We can hear you. Brilliant. Brilliant. Brilliant. Brilliant. Brilliant. I mean, it feels like everyone's kind of trying to pinpoint this capacity question. I mean, I know it's not this simple, but if we just have a look at maybe DUG historically, I think the most you've probably ever done in service revenues is $30.5 million or something. Is there a dollar figure or a dollar range that we could think of? Your current capacity is sufficient to support X dollars' worth of revenue, just so we could kind of frame it. Is there a simple answer you could give us? No. If it's not correct, I figured that'd be the answer. Okay. is sufficient to support X dollars' worth of revenue, just so we could kind of frame it. Is there a simple answer you could give us? No. If it's not correct, I figured that'd be the answer. Okay. is sufficient to support X dollars' worth of revenue, just so we could kind of frame it. Is there a simple answer you could give us? No. If it's not correct, I figured that'd be the answer. Okay. is sufficient to support X dollars' worth of revenue, just so we could kind of frame it. Is there a simple answer you could give us? No. If it's not correct, I figured that'd be the answer. Okay. is sufficient to support X dollars' worth of revenue, just so we could kind of frame it. Is there a simple answer you could give us? No. If it's not correct, I figured that'd be the answer. Okay. We can ask that question every time. Sorry, there's no simple formula. It depends. It depends on the projects and what you're doing and the clients and whether you the pilot projects, clearly, we're not getting a we're getting less revenue than a production project or sometimes none. We're certainly aiming, and on some of the one projects, we're getting more. We're getting a premium. If the machine's hit idle, we run crypto. We're not at the minute because everything's really getting busy now. At the tail end of last year, we're making $100,000 a month, roughly, from crypto. It depends on where that revenue stream is coming from as to is it traditional processing imaging? Is it Elastic? What is it that's or is it some AI work? Is it crypto? What is it that's producing that revenue? They all have different revenue profiles. Yeah. I figured that'd be the answer, but I thought I'd ask anyway. I mean, the $30 million contract wins, it's a pretty big number for a short space of time. I mean, we've seen this in the past. If we go back to, say, last July, I think you had nearly a $20 million contract. There's a $13 million in new wins. Is that a big contract and some smaller contracts? Is that a good spread of medium-sized contracts? How should we think about the makeup of the $13 million? There's some good spread, but there's some bigger projects in there and a good spread. Okay. Brilliant. I mean, you raised some money. You've talked about building out the sales and marketing team. I think in the past, maybe you yourselves haven't been that clear on just the revenue model for the Nomad business. Is there any more color you can give us there as to how that's progressing? Is it going to be a sale, leases, those sorts of things? We're really disappointed that we don't have a sale yet, but it looks amazing. It does look really, really great. The model is our ideal model is we lease the Nomad full of compute with all our software on top and manage it and manage it for them. But then there's other leads, significant leads, where they say, "No, no, no, for security reasons or whatever reason, we want just to buy the Nomad itself and no compute and nothing else." In practice, it'll end up being a mix of those two. All right. Brilliant. I think that's probably it for me. Thanks, guys. Cheers. Okay. Thanks, Lindsay. A question in relation to Elastic and the work that's been done over the first half. Did the focus on Elastic perhaps result in some of the slower pace of revenue being booked in the remainder of the second quarter? Yeah, it did. We didn't consciously do that, but you've just got a very exciting new piece of tech and a lot of client focus on it and a lot of questions being asked, "Do we do Elastic? What's the price point? Should we continue with our acoustic? Is it time to switch from traditional processing imaging? There is a lot of noise being generated, a lot of focus. It did take away some of the revenue. You have a lot of people working on those pilot projects and so forth. A lot of support is going into those pilot projects. You would have slowed down a little bit the other projects. It is all for the exactly absolute. Would you do it any differently if you did it over? No. It is all for the right reasons. Okay. Jack, returning to you if you have any further questions. Thanks, guys. If you kind of flag the multi-client, I guess, expansion into that kind of market, it would give a sense of, I guess, the sales capacity required, what the investment is from your side. I guess, how does that work potentially cross-selling or leverage your existing relationships and when kind of revenue contribution might look like for that? Yeah. Thanks, Jack. So first thing, we've been doing multi-client for a long time now, but our strategy has been to take a little piece of other people's projects. We work for 12 multi-client companies, and we will take risk on the processing in order to get upside. That's been our take on it. There's an obvious flaw with that model that you have to be very careful with is if they've got a well-underwritten, really exciting project, they won't give us a share of it. They'll just pay proprietary processing imaging fees. If they've got a project that's a little more risky, they will probably give us a share of it. We decided to do it ourselves as well as work for them, and that's working really well. The key here, though, is that when you do a multi-client project, you don't just go out, grab some data, process it with no clients, and then go and try to sell it. You build up a project. You generate a project. You document it. You say what you're going to do, have all your plans in place, and then your sales guys go out and show it to the oil companies and try to get what's called pre-funders. We are looking at several projects. One in particular I've got on my mind is we need two pre-funders before we kick off the project. Those two pre-funders will cover our costs. We don't have a risk here. We're not taking risk. We're not going to be making big investments into this business. We're going to be wheeling and dealing to get really lovely upside, but without putting capital at risk. All right. Thank you. Thanks, Jack. Lindsay, I think you have one more question. No, I don't think so. I'll put my hand up. It's because it's a mistake. No problems. Thank you. I think we have addressed all of the questions unless there are any that I have missed. Matt, would you like to make any closing remarks before we leave? Before I hand over to you, I would just like to remind everybody that Matt and Dan are in Melbourne and Sydney next week. Melbourne on the Tuesday, Sydney Wednesday, Thursday, Friday. If you would like to arrange for a one-on-one meeting, please get in touch, and we will make that happen. Yeah. Look, I'd like to thank all our investors who have stayed with us through quite a trial over the last six months. We are working very hard. We have everything we need for sustained growth. I hope you hang in there with us because I think it's exciting times coming. Thank you very much for hanging in there with us over the last six months. Hopefully, I look forward to meeting a lot of you next week face-to-face.