All right. Hey, guys. Nice to be here. My name's Leighton Carroll. I'm the CEO of Baylin Technologies. We are a company from Canada, three locations in Canada, four in the U.S., China, Vietnam, Sweden, Finland, Australia, literally all over the world. Little bit about us. This is not the right deck. That's fantastic. I am going to bounce around because somehow this is not the right deck. About Baylin, I've been with the company for about five years. I got brought in five years ago to do a hardcore turnaround. For the first six months before I joined Baylin in 2021, the company had CAD -15 in adjusted EBITDA and CAD 40 million in debt. Not a great place to be. We finished 2025 at half the debt level and CAD 6 million positive adjusted EBITDA. Ended up divesting a business unit overseas, really focused on competitive differentiation and growth. It's turned into a really cool company backed by a lot of IP. We do three things, right, in the legacy company. We do satellite communications, we do wireless infrastructure, and we do custom antennas. What does that mean? Satellite infrastructure, we don't put things in space. We don't make dishes. We do high-power gear that makes it work. Why does that matter? I think most of us have seen the NASA Artemis lunar space mission. The communication from the Earth to the lunar modules was powered by us. When you see NFL games on TV, when you watch the Masters golf tournament, those broadcasts are powered by us. Lots of NATO government work, including defense contracts. Really interesting business and obviously has some nice tailwinds within that market. Okay? We have a custom antenna group. We engineer custom antenna solutions that are then either embedded or a part of other people's products. Well, what does that mean? Okay. Well, you guys seen police officers and they have that wireless body armor camera on their chest, right? When they turn that on, it has to work. The video has to get to the cloud for storage, to the command center. We make the antennas in that. Company's name is Axon, formerly Taser. We do antennas for Google, Netgear, AT&T, Verizon, Charter. We make antennas for other people's products, and it's typically value-added engineering services that we then produce and deliver for them. Okay? The last piece is our wireless infrastructure business, and this is the most transformative. When I started, we had four discrete businesses. Obviously, divested one. It was by far the smallest of the four. Okay? It had probably the biggest upside potential. 2024 was the lowest capital spend year in the last six and dollar-adjusted in the last 10 in North America for wireless infrastructure. This business grew 40% in that environment. Backed it up with another 32.5%. By the way, its gross margins are now running north of 60% when they were low 20s when I joined. Well, what's going on? How do we do that? This business does really four things, right? We have an in-building wireless portfolio. This is an MGM property. Okay? MGM Casino selected our gear for all of their properties worldwide. The in-building wireless antennas is actually us, right? Hartsfield-Jackson, Dallas-Fort Worth, LAX, all our gears in all these guys and many, many more. Big in-building wireless portfolio. We do outdoor small cells, right? We've seen the cans, and they're out there, and we have a very big portfolio. We're actually AT&T's number one provider. We have some unique products in that space. As an example, Crown Castle awarded us Manhattan and all five boroughs exclusively for small cells, which as you can imagine, that's a great place to do business because of the quality of the products. We also have, and it's probably the most exciting leg of this, and it's kind of a crossover. We do a lot of stadium work, but have any of you guys been in a stadium or music venue and the coverage absolutely sucked? Right. We all have. Super frustrating. We've created a patented product that has now found its way into multiple new use cases called a multibeam. That multibeam solves that issue. Okay. The old record for the most amount of data we carried was at Rogers Centre in Toronto by Rogers. Okay. The old standard used to be the Super Bowl. Right. Super Bowl, the amount of data. That's not the standard anymore. Taylor Swift is the standard. Okay. At a Taylor Swift concert in Toronto, Rogers carried 30 TB of data. That is a huge number. That's the old record. I had friends who went to the Jays games, either for the ALCS or the World Series, and I would tell them this story, and they'd be like, "Yeah, you're right. I went to the game, and I had amazing coverage." You're welcome. That's actually us, right. That was the old record. This business, the infrastructure business, never sold into Europe. Last time I checked, they have cell phones, wireless carriers, people, and infrastructure. The new record was set by Deutsche Telekom during a trial, one of those big European music festivals. It was in the Hockenheimring. They carried 40 TB of data. Deutsche Telekom was so geeked out by it, they contacted us, "We want to do a press release As Deutsche Telekom and mention your company by name. Now, this is a sub-brand called Galtronics, but you'll see it is out there. I think it's on our website as well. It talks about Galtronics, a Canadian company, and it talks about the success. They did something I've never seen, okay. They produced a YouTube video as Deutsche Telekom highlighting our technology and what it did for them in the Hockenheimring. That doesn't happen by accident, right. You don't go from - 15 in six months to six positive with those types of growth numbers unless you got stuff that really works well. By the way, I've hinted at the margin profile. Customers see real value in it. It's a premium product that does something unique, and it's allowed that business to turn into a growth engine. This thing is all out of whack. All right. Secular demand meets structurally undervalued platform. Baylin, we've been running around a CAD 40 million-CAD 44 million market cap. There's a lot of history in Baylin, and there's bluntly a lot of shares in the market, and there's stories about how we got there. The company has turned and transformed. What I like is if I just take core Baylin and what we've done, and I'm proud of the team and the innovation, there's wireless CapEx recovery. There's a universal truth. Data usage continues to go up unabated. That doesn't stop, right? I don't know if you guys have seen anything on defense spending. It's different, and it's real. Europe is finally getting there, right? Germany now finally has a real budget. That's good for us. We sell in Europe already. We've already worked with multiple European ministries of defense. These are great tailwinds for us. Unfortunately, given the conflict with Iran, the U.S. government's spending. I will say that's lumpy, and it has long sales cycles, but that's a good tailwind for us. Embedded antenna growth. Wireless enablement of things isn't going away. Right? It's just not. Our custom antenna group typically has grown about give or take 10% every year-over-year with a nice margin profile. We don't see that changing. Right? The last thing is Kaelus acquisition. Kaelus acquisition, what's that? Well, we announced last year and closed in late May the acquisition of a company called Kaelus, headquartered in Sweden, operations in the U.S., Finland, Australia, India, and China. That is what? Incredibly complementary to my growth engine, to our growth engine, wireless infrastructure. As I bounce around here, what does it do? We go from about a CAD 76 million to CAD 80 million business, CAD 6 million adjusted EBITDA, to CAD 130 million business, CAD 14 million in adjusted EBITDA. Pretty reasonable numbers. By the way, this is a huge de-levering of our balance sheet. For perspective, I've been in the middle market now since 2014. I've run three different companies, past two PE-backed. Prior to that, I ran, among other things, the merger and integration function for AT&T Mobility. Both in the middle market and certainly at AT&T, this is my 18th transaction. We've planned this for a while, and the reason I'm sharing this is a lot of people get excited about doing an acquisition, and a lot of people don't execute. I am highly confident we're going to execute, and I'm going to talk about why in a second. Structure on this. This was a purchase price of CAD 42 million net of excess cash. It was a combination of cash and shares. The Baylin shareholders, the founder, 80 years old. This gives you a sense of why they were sold, right? He needed to monetize his business. By the way, we got it at a 4.6x multiple. That's a pretty good multiple. I've done this a few times. That's pretty decent value. CAD 26 million in cash, 52 million shares in Baylin with lockups, and in fact, the founder has told me he sees his estate as becoming a long-term investor in Baylin. Why did he do that? Well, he believes in the combination, and if you take effectively half of your purchase price in stock and the company does what he thinks it will do together, what did you just do? You got more value off the table for sticking it into the stock. You still got the cash. You're still able to pay your taxes, buy a nice car, whatever. But he believes in the long term of the company. What's the strategic rationale? I talked about we're just getting into Europe, particularly in the infrastructure line. These guys are headquartered in Sweden, operations through Europe, Australia, and in places that we have not been. That's geographic diversity. Their customer roles are different than ours, okay? Obviously, customer diversity. In fact, if anything, I would tell you I think their customer concentration is too high. Part of how we've grown is through customer diversification. We see that as an opportunity for them. Tier 1 OEM relationships. When we're in due diligence, I actually went and met with Nokia, with the CEO and CTO of Kaelus, and you can tell when a customer is blowing sunshine or when they're legit. They love Kaelus, right? They have a great relationship with them, as they do with Ericsson. We see this as a re-rating potential, and we see this as strengthening the balance sheet. Guys kind of seen this, but it really jumps us up. This is where we are now. By the way, eventually we're going to do something about the total share count that will likely come through a folding up of the stock, some type of reverse stock split to get things where they should be in terms of price. For now, it was job one, buy the company at a good value, get it to perform, show quarters of demonstrable growth, and then you have the opportunity for a reverse split. Okay? Interestingly enough, Baylin, for as good as it has been, if we're running around directionally CAD 20 million and I'm at CAD 5.4 million and then CAD 6 million adjusted to EBITDA, my leverage ratio is still high, right? Sub 4, now I'm a little over 3. Well, we have a new line of credit. It's CAD 30.9 million, but we only took out CAD 20.6 million. There's a CAD 10.3 million accordion on it. We extinguished our credit facility with RBC and effectively we're running towards a 2x leverage ratio. For a company like us, that is a much healthier place to be. Right? I have more options to invest, more options to grow, and I think I can think about capital allocation differently than perhaps I was able to in the past. Certainly when I walked in the door, there was not much thinking about what we're doing. It was go time. Okay? We raised CAD 10.3 in fresh capital from new investors. A common question I have is the insider shareholding. Before this transaction, my chairman owned just a touch north of 70% of the stock. I told him multiple times, "It's my life's mission to dilute you. That's way too much." Right? He agreed. The majority of that CAD 10.3 was from people not named my chairman. It's from third-party institutional investors who have been paying attention to our story and have seen the transformation of Baylin. That is going to allow us to get this done in a cost-effective way and drive growth. What are some of the indications that I think we may have gotten this right? We closed in May. Kaelus, and we just did a press release yesterday or the day before yesterday. No, I think it was yesterday morning we did it. Kaelus, just in the month of May, closed CAD 12.6 million in new purchase orders on a business that historically has been about CAD 48 million- CAD 50 million in revenue. That's a pretty big number, right? We now have a ton of backlog to produce. I look at this and say, "Yeah, this should be real." By the way, we haven't even talked about cross-selling or upselling opportunities and what we can do with these guys. There is a slide. Here we go. What does Kaelus do and why are they getting these orders? I talked about our infrastructure business, and this is a bit of doubling down on infrastructure because that's my growth engine. That's the one where I have all these relationships that have blossomed the margin profile. Well, I didn't mention that we did cell tower antennas. We really don't. That's greenfield for us. Kaelus has unique patented technology in this space and direct relationships, both Ericsson and Nokia, as well as multiple carriers, particularly not in the U.S. The patented technology, they have something called a beamthrough, which is actually, I can explain this, but the point of this is only three companies have that beamthrough technology. It's important to wireless carriers going forward. Those three companies are Amphenol, their Andrew division, formerly CommScope, and Huawei. What do wireless carriers like? Supplier diversity. Where is Huawei not going to sell antennas or gear? North America. That's a good thing. I like that. All right? RF conditioning. If you would like me to explain it, I can also talk to you about paint drying. This is a boring business, but it makes good money. It's filters, converters, duplexers, combiners. Why is it interesting? They have a very big, stable product set, good margin profile. They don't sell anywhere in North America in any measure. Nothing in Canada. Well, why is that interesting? Everybody I sell to, AT&T, Verizon, T-Mobile, American Tower, Crown Castle, Boingo, Boldyn, Rogers, Bell, TELUS, Telcel, AT&T Mexico. Same people who buy antennas from us buy those products because they need them. It's the obvious cross-sell. You don't have to think hard about that. It's just like, okay, we've got products. It's cross-sell go time right out the gate. In fact, that's the easiest synergy to go after. Cell tower synchronization is a new thing. Everything runs on data packets. Data packets need what? Synchronization, because you have to have timing stamps. That typically means a GPS or a GNSS antenna on cell towers. They are one of two vendors for Nokia, one of three for Ericsson, which means when those guys sell, there's a good chance Kaelus is selling. Moreover, this was just recently validated in Ukraine, Nokia deployed a new variant called an anti-jamming sync antenna into Ukraine during a missile attack and a drone attack. Everything gets jammed. Things stop working. Kyivstar's network kept going. Guess what? We now have big orders from Nokia for the next generation of the product, and Ericsson has taken their version of the product and demoed it to multiple NATO military organizations. Perhaps that has applicability in other markets. You guys understand why I'm excited about this business and the combination and I can actually look at you and say, in May, they sold CAD 12.6 million in gear, by the way, it was in predominantly their newer technologies. That tells me there's runway. Finally, they have a test and measurement business. This is never going to hockey stick or be sexy. They do test and measurement for equipment for when people build RF or deploy RF. How do I know? Well, when we produce in our factory, we test with Kaelus gear. When we send a new antenna to Verizon's test center in Texas, it's all Kaelus gear. It's good stuff. Sorry about the order here. Why own Baylin? Look, I'm heavily invested in this stock. My team and I killed ourselves during a god-awful turnaround. We're now to growth. This is a fun acquisition because we're already seeing the upside in it. We've been planning it for six months, the integration and how to sell. We think there's a real re-rating potential, particularly as we start demonstrating numbers on the back end of this. We do believe the stock is going to move. It's virtually tripled our adjusted EBITDA. At a good acquisition multiple, one that I didn't pay all cash for. We get a Tier 1 OEM channel. Nokia has already talked to us about bringing our full suite of antennas into them to white label. That's cool. Geographic mass, secular demand, I went through that. You see the backstory. Look, I've been running a business at four or five times leverage, which is hard. We're now low 2s and a path to Sub 2, and you get Sub 2 and an improving stock. What does it mean? Might not be our last acquisition. We think there's other opportunities to do tuck-ins and continue to build this for a much larger business. Guys, really appreciate the time. That's Baylin, our journey, and why we're kind of at this transformative moment. Thank you, guys.