Welcome everybody to our call today. I'm just gonna give it a minute here while people start to file in, and then we'll get started. All right then. Just so make sure we keep on schedule. I think we will get started with today's call. As always, greetings and welcome to everybody, to the shareholders and stakeholders to today's Draganfly 2025 Q4 and full- year earnings call. My name is Rolly Bustos, and I am the Internal Investor Relations Representative here at Draganfly. We appreciate you all joining us today. We will start as usual with our CEO and President, Cameron Chell, recapping the fourth quarter and full- year earnings highlights. Next will be a more detailed financial review with our CFO, Paul Sun. We will conclude by addressing the pre-submitted questions that we have received. Though I know I talk to many of you often, as always, you are welcome to reach out to me with questions directly at investor.relations@draganfly.com. I remind everyone that this presentation may include forward-looking information and statements. These statements are not guarantees of future performance or financial results, and undue reliance should not be placed on them. Any future event or financial results may differ from what might be discussed here. The company's results and statements are accurate as of today, March 24, 2026. We are under no obligation to update or renew these statements outside material press release disclosure going forward. The full forward-looking disclaimer can be found on page two of this presentation. Cam, if you're ready, please go ahead. Great. Thanks, Rolly. Appreciate that. Thank you everybody for taking the time and your consideration to be here. We appreciate you as shareholders of the company, enthusiasts and maybe even some fans. Certainly if there are any of our team members, employees or customers here, we deeply appreciate you. First and foremost, we want to just throw out all our blessings and prayers to all of those who are fighting for our freedom today and those who are in service and away from their families. We wish them Godspeed. Q4 and year-end highlights for 2025. 2025 was a really solid year for us, in terms of, in particular building on top of, our infrastructure in preparation for, the I'll call it the predetermined revenue ramp that, we will be experiencing throughout this year, and certainly into 2026. We did have record revenues in 2025. We were up 17.8%, and closed off the year with $7.7 million. We had gross profit of $1.3 million on that, which we're pretty pleased with given, all the R&D and all the, additional, work that we've been doing, into our systems, and trying to do our best to over-service, our customers. We ended the year with a cash balance of about $90 million. Strong balance sheet for us to continue to build on as we move into 2026 and 2027. A few of the operational highlights for us this year and there were many, but in particular, Draganfly unveiled a new product line or a new product within our product line called the Outrider. This was particularly built for the Southern Border multi-mission agenda or concept of operations. The Southern Border sheriffs have a very unique situation in terms of securing the border. Now, a lot of the border flow in terms of just the mass migration coming through has been stemmed. However, the human trafficking, the firearms, the drugs has actually become more intense. The Southern Border commitment that our sheriffs have down there is actually even more imperative now than it was before. From a Special Operations Command, we were referred into the Southern Border sheriffs and in particular to Cochise County. Now, Cochise County is renowned as a Southern Border sheriff county. They secure much of the entire Arizona border and the New Mexico border with covert cameras, an incredibly built from the ground up AI system and covert camera system that they built themselves. Now, when they get a hit on these cameras, the challenge is they've got up to two hours to get to that location. Their AI system is really effective on identifying if it's human trafficking, if it's drugs. They can even have a sense of what cartel it's coming from, or even or if it's firearms or a combination of any of those. They've got to deploy resources into that area. They've been experimenting for a couple of years with drones to be able to get to that area long before personnel can get to that area, whether that's by, you know, RZR, ATV, horse, or four-wheel drive. Often it takes up to a couple hours to get there. By the time you get there, the, you know, your situational awareness and the actual theater that you're operating in has changed dramatically. They wanted to get drones to that location. However, the majority of drones that were available to them, especially in particular the multi-rotor drones, really only had 30-40 minutes of flight time, which is enough to kinda get you there maybe. Doesn't leave you any dwell time, and certainly doesn't give you enough time to get back. Also, the smaller drones, they really don't give you the ability to interdict it, and really only provide ISR, so intelligence, surveillance, and reconnaissance, which is still hugely valuable. The concept of operations that they challenged us with was, how do we have a drone system that can get, as a responder there quickly? How can it stay, on task, for a long enough time? And how can it do multi-mission? Multi-mission might be not just doing ISR, but can it interdict, actually hold people in place? Can it act as a communication hub? That particular area is famous for very challenging communications dead spots, wild temperature swings, very large differentials in altitude, thin air, et cetera. You're starting at about 2,000 ft above sea level, and then you're going up from there. Your performance on your motors is quite a bit different. There's a lot of variable factors in there. We spent actually a couple of months working with them, embedding what we call our ITS team, so our Integrated Tactical Solutions team. They spent time on horseback in razors understanding the use cases, the concepts of operation. We went to work with the sheriffs designing a drone platform that would enable them to be able to execute on all the missions, which isn't just interdiction and law enforcement, it's often search and rescue or personnel support. What we designed with them, excuse me, was a drone system that could do everything a fixed-wing drone could do, meaning it could stay up for multiple hours, and it could do everything the multi-rotor could do, which means it could actually carry things into place. Because a fixed-wing drone doesn't really have a lot of payload capacity, also takes up a lot more room to operate, and generally can't work in as adverse weather conditions, which are quite varied in that particular area. What we designed for them was the Outrider drone. Now, this is a drone that can stay aloft for seven hours, and it can carry up to 100 lbs. It can be a communication hub, it can be an interdiction device, it can be a search and rescue device, it can be a resupply device, and certainly can act as a very sophisticated ISR device. They've got the best of all worlds when they did this. Now, the reason that we were able to deploy this very quickly is because Draganfly is one of only a very few companies, maybe arguably two, that have an entire product lineup. Everything from small FPV attritable one-way drones, suicide drones or sometimes called, that can be as small as five inches, right up to something as big as the Outrider, which is nine feet across. We took our heavy lift drone, which was an all-electric drone, and we actually built on top of that platform two diesel engines, a number of other modifications that gave it the capability to stay up for that amount of time and have that payload capacity. It also is interoperable with all the rest of our drone platforms. When the sheriffs are training on one platform, they have the capability to actually fly the other platforms as well. Often, you don't need a 9-ft drone that can carry 100 lbs if you've got an AI camera hit something that's closer, or if you've got a unit that just happens to be, you know, on the seat beside you in the truck, you just wanna grab it, throw it, and get eyes on the situation. You might only need 40 minutes of flight time in that case. All of these things are connected. They all provide multiple views to multiple different command centers. It might be search and rescue, it might be the sheriffs, it might be the local PD, you know, whoever the case may be. It might be border management or border control. They've all got eyes on this as well. This particular project has been extremely successful for us. We're really, really proud of the work that we did there, and we're very, very grateful to the sheriffs for trusting us and doing this work with us. Now, the nice thing that's come out of this is we now have a border solution. We have a very unique solution that's just not an eloquent piece of equipment that's integrated into law enforcement, but it's also a piece of equipment that was designed with the concept of operations in mind. We've got the experience working with the sheriffs in order to understand what are those operational requirements. That is expertise that we're now able to take into several border opportunities in multiple countries, multiple jurisdictions around the world. It's really become an area of expertise for us. The next thing that I wanted to mention is that we continue to resource up the company. We're very, very fortunate to bring on Victor Meyer and Keith Kimmel. Victor's a former Navy SEAL. Keith is a former Top Gun, both with incredible careers, highly educated, also very strong capital markets and sales backgrounds. They are leading our military board of advisors, which effectively is they're leading our sales efforts within the military right now. What we have seen is them bringing an incredible amount of expertise. Again, not that they didn't have great drone expertise, but what they really had was operational expertise and contacts that trusted them. We are learning so much from them and the organization that they're building within Draganfly that allows us to deliver solutions as opposed to just hardware or software. A really hot topic as many of you know, over the last maybe week or two has been swarming. Now, swarming is a really important part of the drone ecosystem. In particular, it's had some attention over the last couple of weeks. You know, we've been doing swarming work. In fact, we've been building FPVs within our company for over 15 years. An important story that a lot of people don't really know is that it was the U.S. Marines that developed FPVs, and they introduced them into Ukraine in 2022. Of course, the Ukrainians have taken it to an entire new level. It was the U.S. Marines that designed FPVs into battle plans. In fact, two of the folks that did all that original training work and much of the initial design work are now part of Draganfly. The swarming has always been an important component of what's going on. We're very fortunate to partner with multiple different swarming technologies. In particular, we're really excited about what Palladyne AI is doing. They've got a very sophisticated swarming system. They've won some recent contracts, which we also made some more recent announcements with just in the last week, talking about who we're servicing with those contracts, their military contracts, and how those are being integrated into the Draganfly line. Now, our view of swarming in some AI software is we view it very much like a payload. One of the things about the Draganfly line is that it has dozens and dozens of integrations. Often what happens is a customer shows up and they're like, "Hey, we need this particular surveillance camera," or, "We need this particular AI system," for whatever, you know, concept of operations that they're working on. What works really well with the Draganfly system is that as we have all these different integrations, we have a platform that's multi-mission that can service that particular customer with their exact requirement. Palladyne is a very important part of that, and we're really enthusiastic about the software and the work that they do and the contracts that they're winning, and that we are winning together. We did showcase at the Advanced Drone System at AUSA. That was a really big show for us. We did have a large Ukrainian contingent of military folks come over, participate, speak, workshop, and we had a number of the dignitaries from the DOD there as well. We performed a meaningful strategic planning session there, and we've seen, you know, a tremendous amount of things unfold since that show. Draganfly announced a strategic partnership with Defense P rime Global Ordnance. Global Ordnance is one of the largest DLA primes out there. They're really well known for their ordnance work. They provide about, you know, 80%- plus of the ordnance into Ukraine. They have an incredibly strong push into drones. They understand that in many cases, the drone is the ordnance. Not just in small FPV, but in larger formats, in swarming formats, in fixed wing formats. I believe that they are going to be one of the dominant DLAs in the drone space. We have a very strong partnership with them. We're integrating deeply with them and are working hard to ensure that collectively, that they are a DLA featuring Draganfly product capabilities, Draganfly's technology into their ecosystem as one of, if not the largest ordnance provider in the market today. Draganfly, we also deployed with Autonome a landmine clearing mechanism. They have a carpet that lays out and then has a number of explosives on it and very, very quickly clears landmines and creates a path or a road. We integrated with them on our heavy lift drone, where the heavy lift drone actually takes the carpet, lays it down, rolls it out, right? Backs off carpet explodes, takes out all the landmines, and then we lay the next one on top of it, and so on and so forth, and then it collects all the actual Autonome landmine carpets. We've had some great success with it. They're getting some significant traction in many areas of the world, and that's an exclusive integration that they did with the heavy lift. Look, one of the advantages that Draganfly or one of the differentiators, excuse me, that Draganfly has, because of our 27 years of experience, we really focus on those integrations. Again, whether it's camera systems, whether it's radio systems, whether it's having partners like Autonome Labs or Palladyne work with them, they're all looking for ways to deploy their technology. I would say that we are certainly really strong in our ability to integrate those technologies so that the Draganfly product line has as many options as possible. In addition, those partners of ours become a channel reseller for the Draganfly line. We're gonna continue. You'll continue to see from us lots of integrations, primarily in the public safety and in the military space, but also in the commercial space. We have multiple energy projects on the go right now where we're integrating very, very specialized either sensors or tools in the energy space on that Draganfly line. Again, the reason that we typically are winning those types of integrations is because we've got a product lineup that one can carry those types of tools. It's big enough drones. It's not all just these small ISR drones, but there's also multiple sizes of them. Sometimes you need two types of tools, but you don't need a 9-ft drone carrying a smaller tool. You might need our Commander 3XL, which can carry 22 lbs to go up and do some of the tooling for the equipment that's on a power line or a windmill or on a pipeline. To that measure, we had a Fortune 50 company, which happened to be a telecom company, purchase our heavy lift drones, in fact, standardize on our heavy lift drones, in particular for standing up cell towers post-disaster. This particular company, which is a household name, is now standardized on Draganfly. We're deploying drones with them on our heavy lift and on our Outrider, both tethered and untethered, in order to stand up cell phone towers. Now there's multiple other applications that they're looking at doing as well. Once we got the initial orders from the Southern border sheriffs, we actually launched a significant demonstration for multiple agencies down on the Cochise border. We showed, demonstrated the concept of operations. We actually demonstrated three or four different concepts of operations. It was that particular event that's now led to multiple jurisdictions, both national and international, that are looking at and or engaging with the Outrider drone as their border protection standard. Again, it's a brand new greenfield opportunity that we created with our partners because we're willing to take the time and we're really strong at being able to go out and do that integration type work. First of all, understanding what the customer is looking for. We have secured a number of military orders as well from the Department of War. This strategic international military order for a Commander 3XL would commensurate with that as well. We're seeing uptake not just from the DOW and also from the DND or the Canadian Armed Forces, CAF, but multiple military forces around the world. They look to, in particular, as you would expect, you know, what is the U.S. doing? What is the U.S. adopting? The credibility that we've been very fortunate enough to build within highly specialized special operations units, which you've seen by some of our press releases in this last quarter, are really lending to our credibility to be able to sell internationally as well, which has actually been a really pleasant surprise for us. We are, to that note, we do have some significant partnerships in the Asia-Pacific region. As we look at the different areas in the world where drone adoption is either in place or where the next places that they are really going to be adopted quickly, we have been pulled into many opportunities in Asia and Southeast Asia, probably with countries that you would expect, but also many other adjacent countries who are looking at the asymmetric situation in terms of combat theater of warfare and understanding quickly that they've got to try to catch up with this curve that's happening of every military in the world right now is rearming and they're rearming with asymmetric capabilities in mind. Asymmetric in terms of cost to build, cost to deploy, and maximum effect for dollar spent. Not only that, but the actual strategy and tactics that these new asymmetric tools en masse are bringing to the table are actually providing them with an advantage. Now, just because everybody else is doing it's kind of like everybody else has to be doing it as well, which I'll talk a little bit about in a minute as we talk about the Middle East. We also did receive another meaningful, very significant order win for us of FPV drones from the U.S. Army. We'll continue to see many of these from individual units and brigades and special operations commands as they get more and more exposure to the Draganfly product, the Draganfly team, and the work that we get to do with them in order to purpose build en masse equipment that is very specific for their needs. Then, of course, a subsequent event that happened, which we're very grateful for, is we closed a $50 million registered direct offering, which was a no warrant straight common deal. Just for a super quick review, our product lineup does not have the Outrider on here. Just haven't updated the deck. My apologies. It goes everything from the Flex FPV, which is a very, very unique FPV that was designed in Ukraine from our experience over there. We've been boots on the ground since 2022 in Ukraine. This particular drone is winning a ton of business with folks that get time on the stick because they understand the different capabilities that it has as opposed to just a typical drone. It does work extremely well as an ISR drone as well. It's got multiple capabilities in terms of you can change the blade and arm sizes on it. This particular drone can carry anything from 1 lbs up to 6 kg, anywhere from 1 km up to 10 km. Of course, you put fiber on it. We could go further. The APEX drone is a drone that would be a replacement for any of you drone nerds out there for the M30 drone. The M30 is the DJI drone that's the second-best seller that they've got, or the M30 or the M350 series. The Mavic, the small ISR, is their best one. You will see an announcement from us on that very shortly. That's relatively public news. I'm not telling anybody that that isn't out there already. We're not displaying it here yet. There will be a product announcement on that coming, which we're really excited about. This particular drone here can carry 6 kg, it can fly for about 40 minutes, can carry multiple payloads, and again, fits into that multi-mission mode. What we've learned from 27 years of experience is it's great to have a single-purpose drone, which could potentially be something like the Flex, but even that does ISR, or something like a DJI Mavic or, you know, some of the other great ones out there like the Teal or the X10. Again, even with the one that we have coming out, it does multi-mission. The more experience that drone teams get with these, the more that they wanna have them be able to do more than just one thing. It's extra weight they're carrying, it's extra things they have to worry about, it's cognitive load, and so they wanna have one platform. Typically, the more experience they get, they can do more than one thing. The Commander 3XL is a 22-lbs drone. It can carry about 22 lbs. Actually, it can do much more than that, but we keep it under the 55-lbs weight limit so that it's easy to qualify a Part 107 license. But this is a drone that's the workhorse of the unit. There's really not much it can't do in terms of missions. It's great for dropping FPVs from it. It's great for dropping ordnance. It's fantastic for doing logistics. It's just a big flying battery, so it's got terrific sensor capability, unbelievable ISR capabilities, and we're just seeing a ton of success with it. The heavy lift drone, this is a 9-ft drone, flies for about 40 minutes, can carry 67 lbs. Its variant with two diesel engines on it. Actually, the Commander 3XL can come with a diesel engine variant as well, so it can stay aloft for up to three hours. But the heavy lift drone with the diesel engine variant on it can stay up for seven hours and carry up to 100 lbs. You know, some really great capabilities. You know, when a particular unit, whether it's public safety or whether it's military, looks at the drone lineup, they come to realize, "Hey, wait a minute. We can solve all of our concepts of operations that we need, and we can come up with other ones as well because we've got variability in what we do." Now, why this is really unique is that it takes a couple of years at least to actually field a new drone system. While some other fantastic companies out there have been able to field a great, you know, small ISR drone, and they've stayed focused in that area for the most part. For them to build an entire lineup of drones, regardless of the amount of money that you've got, it just takes time. Because we've been around for 27 years, that's why we've got the full lineup. This is nothing new that anybody hasn't heard before, but certainly, there's been some events recently that have probably significantly grown the global market. The amount of inbounds, and I'm sure you've heard this from other drone companies as well, the amount of inbounds that are now coming in from the Middle Eastern area because of obviously the unfortunate war in the region, is enormous. What's really unique about this is that each of these jurisdictions over there, they want their own capability. Much like, the allied forces, the U.S. in particular, has taken a posture of, "We need to manage our own supply chain. We can't be at risk, from global supply chains. We have to have our own technology. All these other jurisdictions are adopting that same posture. Now previously, for most defensive type of equipment, most jurisdictions cannot adopt that posture because they can't afford to build it themselves. They can't afford to research it. They can't afford to test it. They can't afford to build the expensive facilities required for these very elegant precision weapons or equipment out there. What we've done now is we've entered into a realm of mass precision, and that mass can be built very inexpensively. You've got all of these jurisdictions out there now saying, "Well, we wanna build them ourselves so that we can afford ourselves that same protection through the supply chain, but also maybe have our own unique capabilities as well," which might be regionalized or might be nationalized for their own particular reasons. For that, I think what you've seen is, in particular, the North American drone companies have seen a swell of demand from that region over there in terms of, "Hey, how can you bring not just your device technology to the table, but your manufacturing technology, your experience in the field, et cetera, et cetera?" This drone market continues to shock me in terms of how big it is, and every time it gets a little bit bigger, it's like the internet. Once you've got one use for it, you know, then you realize there's two or three other uses or other people can. The more it propagates, the less expensive it gets for other people to propagate. You know, we're in a ten-year super cycle around drones, which is, in my opinion, a subset of autonomy. And it's really being driven by policy by every national government and every military in the world right now. Unprecedented. At this point, what I'd like to do is I'd like to turn it over to our CFO, Paul Sun, to run through our financial highlights. Paul? Yeah. Sounds good. Thanks, Cam, and thanks everyone for joining the call. Appreciate it. Looking at this brief income statement here, I'll take you through year-over-year changes. As Cam mentioned at the outset, revenue for the year was up 17.8% from 2024. Full- year revenue comprised of the $6.86 million from product sales, with $861,000 coming from drone services. Gross profit was $1.32 million for the year, compared to $1.39 million from last year. This year's gross profit included a one-time non-cash write-down of inventory of $259,000, while last year's gross profit included a non-cash adjustment of $627,000 related to inventory. Excluding these adjustments, gross profit decreased by $444,000 year-over-year. As a percentage of sales, adjusted gross margin decreased from the 30.9% in 2024 to 20.4% this year, and sales mix was the main driver here. Total comprehensive loss for the year, including all non-cash items, was $22.9 million, compared to a loss of $14.06 million last year. The comprehensive loss for the year ended December 31, 2025 included non-cash changes comprised of a loss in fair value of derivative liability of $2.64 million. As a quick reminder, that's legacy back to a financing we did that is in a different currency than our reporting currency, so we have to report it as a liability. We had a recovery of an impairment of notes receivable of $69,000, and that write-down of inventory of $259,000. Otherwise, we would have had a comprehensive loss of $20.1 million versus last year's $15.3 million, excluding that year's non-cash items. The largest contributor to the year-over-year change was an increase in office and miscellaneous wages and travel as we scale up the business. Following that, adjusted comprehensive loss per share this year would be $1.28 versus $1.46 that you see here, compared to the adjusted loss per share of $0.485 versus $0.445 last year, respectively, again, as shown here. Cam, if we could just move to the next slide, please. I'll do a quick snapshot of Q4 2025, doing a year-over-year comparison to Q4 of last year. Here, revenue for the fourth quarter was up 18.5% to $1.91 million, up from the $1.61 million in the fourth quarter of 2024. Fourth quarter revenue comprised $1.8 million from product sales, with $108,000 coming from drone services. Gross profit was $85,700, compared to $215,700 in Q4 of last year. In Q4, this year had a one-time non-cash write-down of inventory of $244,000, and otherwise would have been a gross profit of $329,700, compared to a same period last year, where there was a one-time inventory write-down of $167,000, making the adjusted gross profit there $383,2 00. Adjusted gross margin for Q4 was 17.2%, compared to last year's 23.7%, and this was a result of products and services mix comparing the two quarters. Total comprehensive loss for the quarter, $9.3 million, compared to a loss of $4.7 million in the same period last year. This quarter includes non-cash changes comprised of a fair value of derivative liability for the quarter of $788,000 at a one-time inventory write-down of $244,000, and would otherwise be a comprehensive loss for the quarter of $8.3 million versus an adjusted loss of $3.6 million in the same quarter for last year. The increase in loss primarily due to the higher office and miscellaneous costs and wages. We'll stay on this page, and we'll this time do, since we just did a year-over-year comparison for Q4, we'll now do a quarter-over-quarter look at Q4 this year versus Q3 of this year. Revenue for Q4 decreased 11.3% to $1.9 million, compared to $2.15 million for Q3 of this year, mainly due to lower product sales. Gross margin for Q4 was 4.5%, compared to 19.5% in Q3. However, if we back out that one-time inventory write-down that we mentioned earlier, gross margin for Q4 this year, 17.2% compared to 21.5%, adjusting for non-cash items in the previous quarter. Total comprehensive loss Q4, $9.3 million, compared to a comprehensive loss of $5.43 million in Q3 of 2025. Please recall we had that fair value of derivative of $788,000, the write-down of inventory. Q4 2025 comprehensive loss would've been $8.3 million, versus a loss of $3.54 million, excluding non-cash adjustments in Q3 of 2025. Again, increase in loss is primarily due to higher office miscellaneous costs and wage costs as we continue to scale the business. I think last slide here, Cam, is gonna be a quick shot of the some items on the balance sheet. Yeah, great. So you can see total assets here increased from $10.2 million to $101.3 million year-over-year, which is largely due to the increase in cash. Working capital surplus at December 31, 2025 is $95.2 million, versus $3.8 million from 2024, so quite strong. However, working capital would've been a surplus of $95.7 million, and shareholders' equity would've been $97.18 million if we versus the $96.5 million shown here if we X-ed out the non-cash fair value of derivative liability of $492,000. Last year's adjusted working capital would have been CAD 6.04 million, and shareholders' equity would have been CAD 6.81 million. Again, up strong year-over-year, and you can see we continue to have minimal debt. As Cam mentioned at the outset, cash at the end of the year was CAD 90.1 million, compared to CAD 6.2 million at the end of last year, 2024. Of course, our current cash balance is higher even still following the $50 million raise that Cam spoke about earlier. With that, Cam, I'll pass it back to you. Great. Thanks, Paul. Great job, as always. What I'm gonna do is, I'm gonna go next into a bunch of questions. Just stop sharing there if that's okay with you guys. Let me jump into a bunch of questions that have come in. The first question that came in is, you've had a lot of meetings with the government and military of Canada. Do you see meaningful contracts coming from that? Well, we're sure hopeful. The Canadian Defence Industrial Strategy is a paramount and monumental document put out by the Canadian government that outlines the Defence Industrial Strategy and the CAD 78 billion, I believe, maybe it's even higher than that, dollar spend over the next five years that the Canadian government is doing as it relates to Defence. A very large portion of that is scheduled to go into drones, in particular into Class I and Class II drones. There's, you know, two manufacturers of drones in Canada in that category. Neither of our product lines cross over with each other. We have been very, very active with the Canadian government over the last year. In fact, two weeks ago, we completed an exclusive Draganfly only capabilities day, organized by the Canadian Armed Forces or helped to be organized by the Canadian Armed Forces, which demonstrated the five vignettes or concepts of operation that they plan to put into immediate use, immediate being over the course of the next 18 months, using Category I and Category II drones. Within two weeks of that announcement, we were able to display successfully all five of those vignettes or concepts of operation, I would say flawlessly, and in an ice storm. That was four concepts of operation that we planned on displaying. The fifth was an Arctic one, which we did not plan on displaying, but weather wasn't our friend that day, or maybe actually it was our friend, because we did move ahead with the capabilities day, regardless of the ice storm, and it went off very well. There's a lot of activity happening there. I'm meeting with government at all levels, including Senate hearings, and I think we're well positioned up there. We'll continue to pragmatically move forward with the Canadian government. We are gonna have to earn the business. Just because we're Canadian doesn't mean anybody gets it automatically, but it sure is a big advantage, and certainly I think we have the capabilities, and we're building that trust. The other question is, why do we think we didn't make it past Gauntlet I in Drone Dominance, and do you think we'll reapply for Gauntlet II? Gauntlet I was an incredible experience for us. We actually didn't get notice that we were in Gauntlet I until 36 hours before, where most other companies had a couple of weeks to prepare for it. We did show up. We did perform quite well. There was one mission set that did involve live ordnance that because of the time frame, we couldn't perform. We think that's primarily the reason why we just didn't score on those particular points. We did score well on the other two categories. We think primarily that's why we didn't. We did learn a lot. There's definitely some things we could have done better. We are very aggressive about Gauntlet II. We've seen the other capabilities out there. They're great companies. There's fantastic industrial capacity that's being built in the United States because of this incredible, unique, and brilliant format that they've put together. We can more than compete with anybody there. You'll see us in Gauntlet II, and we expect to be doing very, very well in it. Canada says they're really focusing on drones. Do you think that Draganfly is in a good position there? Well, I think I addressed that already, so I'll just move on. The answer is yeah. I think we're in a really good position there, but we're not taking anything for granted. We'll continue to understand that we've got to earn that business, and it's a very discerning customer. There seems to be a lot more drone companies now than before. What are our competitive advantages to them? For sure, there's a lot more drone companies, and a lot more drone companies are gonna figure out that it takes a lot more than ordering parts off Amazon and putting a toy up in the air to actually be able to service a public safety, commercial, or a military client. You're fielding, you know, we're fielding aircraft here, highly regulated, incredible demands in terms of the expectation and the performance requirements to actually be a commercial public safety or military unit or military device. As mentioned earlier in the presentation, it takes up to two years to actually put a real commercial military or public safety unit up in the air. While you know, you can kinda feel it's like snowboarding. You can get really good the first day, but you know, then you're gonna spend two years being able to actually you know become a decent snowboarder, if you will. I think you know and there's lots of great innovation out there. I do think that the more successful startups are probably likely acquisition targets for some of the more established public players out there. Our primary competitive advantage is the amount of time that we've been doing this and that we have a full product lineup that is completely integrated. I would hazard to say that there's really only two companies in the world that have that, and that would be DJI, and the other would be Draganfly. We've been working on other product variants, or not product variants, product lines that come in and fill out that product line even more that you'll see come out this year. When we come out with a product line, you know, it's gone through the testing, it's been in customers' hands, and it's designed specifically for concepts of operations and missions that we were asked to build for. Because of that long-standing reputation, that capability, our infrastructure is built out. You know, the other thing a lot of these newer startups are gonna find out that it doesn't matter if you have the greatest whiz-bang. If you can't build 10,000 of them in a month or 100,000 of them or have, like, some ridiculous demands that you can scale on, scaling a drone is a whole bunch different than building 10 that work really well. You know, you build 10,000 that work really well and have to have all the variants for the changes in potential operations. That in itself is an entire manufacturing process, an entire workflow that goes so far beyond, you know, the understanding of how to put one or two or 10 elegant machines together at, you know, at a low cost. I think access to capital right now seems quite liberal. However, that is not going to be the case necessarily going forward as more and more winners are picked and customers become more and more discerning around, you know, knowing that they need to get a device and a company that they can rely on. I think we have a lot of competitive advantages. It doesn't mean that there's not gonna be great competitors out there. I've been watching these cycles for 25 years. Up until seven years ago, every North American drone company has gone out of business except for Draganfly. More competition doesn't scare us. I think a rising tide lifts all boats right now, and the more innovation, the better. The fact of the matter is that there could be 10 Draganfly or Red Cat or Audaces or whoever out there, it still isn't gonna meet the demand that's coming down the pipe. The last thing we're worried about right now is competition. We kind of revel in it because we like to see the innovation, and it gives us a great insight into what might be coming as we're focused on other parts of scaling. The fifth question is, do you see yourself doing any acquisitions? Seems like lots of the other drone companies are. Yeah, for sure, we do. I think we are somewhat fundamentally different, though, we are pretty organically focused. We have great capability internally. I think that we spend a lot of time refining our product with our customers. Not that others don't, but I do think the operational history pushes us that way a bit more. That's, you know. We're very focused in our acquisition strategy. We do have a number of acquisitions that are in the pipeline. However, they're not necessarily, not that they're not that they don't come with significant revenue. That's not the driving force for us. Fitting particular technologies that actually have a maturity of manufacturing in them or the design theory that's on them has a particular amount of experience that's been put into it that can allow it to be mass-produced and fit within all of our partners, multi-mission focused, et cetera. Those are things that are really important to us. Yeah, you'll see us do some acquisitions. They will not come across, in my opinion, as haphazard at all. They would be very, very strategic. Again, we're playing, you know, for the next 25 years. We believe that Draganfly, you know, in 10 years from now, it for sure will be a drone company, but really drone companies will be super intelligence companies. Nothing collects data better than a drone. Nothing delivers anything better than a drone. When you combine those two things in an autonomous world, the possibilities of drones are far beyond what the device is. You know, we keep that end in mind when we're thinking about what Draganfly will become and where our real leverage is. We tend to announce many partnerships and pilot projects. Are they translating into meaningful orders as your competitors? The answer is yeah, they are. But again, I believe that our approach is somewhat much more organic and blue ocean. If we think about the example I gave earlier around Cochise County, you know, that's been now a year-long project that's turning into revenue and has created a blue ocean opportunity for us around border management. We don't see anybody approaching drones as border management. Now, do we see people putting drones on borders? Yes. But do people have border management experience in terms of running, managing operations, designing, building, integrating information, super intelligence, autonomy, AI around a total solution that we can work with on our partners? That's really the difference, and that's why I think maybe our partnerships are perceived to take a little bit longer. We can go by revenue, but then we gotta integrate revenue. You gotta write down, you know, all the costs around it. It just, I believe anyway, at least where our skill set lies, is our customer deserves better than us just jamming a bunch of stuff, you know, on the top line. We are very capital markets focused. Please don't misunderstand me. We are a employee first, customer second, shareholder third organization. You know, if our employees are really satisfied about what they're doing, they'll win customers. If we're winning customers, we'll win shareholders. That's a philosophy that, you know, has allowed us to survive. Yeah, we've stayed small, but we survived for 27 years. Now we're really moving into a thrive mode. I don't think we'll be at any time soon be moving away from the core principles that have established us with some great product line and some fantastic people in the organization. Can you expand on your integration with Palladyne AI software stack and how it expands your total addressable market and potential new revenue. I think I addressed this a bit earlier, but the reality is, Palladyne's got a fantastic system, and their swarming technology is very advanced compared to many others that are new and coming out and etcetera out there. We ourselves do have some of our own proprietary swarming capabilities. However, we do not wanna compete with what the customer wants. We don't want to tell the customer or have to convince the customer what they're looking for. Palladyne has got an incredible capability and a customer set that is really looking for their very specific capability. What we provide is a unique and really professional integration onto a, not just a drone, but a platform of drones that can now be utilized for all of that swarming technology. Imagine if you will, you build a swarming technology for an FPV drone. That's a pretty cool capability. Now imagine if you can build a swarming technology for a set of fixed wings, a heavy lift, a Commander 3XL that can drop FPVs. You can have an APEX drone coming in and doing targeting acquisition. Your capabilities now are much more different than somebody who has a cool swarming technology on FPVs. Not that that's not important and impressive and all the rest of it, but again, it's really trying to hone in on what is it that the customer needs now and is going to need, and what are they learning that they actually need out there. I think that's what we're trying to address. While Palladyne is a really important customer and an exquisite builder of swarming technology, there are other swarming and AI-type technologies that will be incorporated into the platform. We want to be known as that platform that can do multi mission, right, and addresses many concepts of operation with as little cognitive load as possible. You don't wanna have to relearn a drone system, have different parts, have different supply chain, all the rest of it. If we can incorporate, you know, all that complexity of logistics to the battlefield, right? People don't have to buy different drones to get different swarming capabilities as an example, or buy different drones to get different ISR capabilities. They can buy one system that can provide them likely the most fundamentally important thing, which is capacity, logistics, and supply, where it's needed, when it's needed. That's what we believe, and that's what our customers have told us that they believe is gonna be a winning combination. That was the end of the questions that Rolly forwarded off to me. In closing, first and foremost, again, just, you know, blessings out to all the folks and the men and women who are fighting for our freedom today. Second of all, thank you very much to our shareholders. We absolutely wouldn't be here without you. Our customers, we appreciate the opportunity to be of service, and in particular, our employees, thanks for your belief in what we're all doing together. On that note, I hope you all have a blessed day.