All right, good afternoon. Your next microcap presentation is DIRTT Environmental Solutions, Benjamin Urban. Thank you. Good afternoon, everyone. Yep, my name is Benjamin Urban. I am the CEO of DIRTT Environmental Solutions. A little bit about us: we are based in Canada. We are over 20 years old. We've been traded on the TSX for roughly 11 years now. We're roughly 870 employees, and we have about 750,000 sq ft of manufacturing under roof within the United States, as well as within Canada. At a macro level, just some recognitions that we've received this year. We were awarded the most innovative manufacturing company in the world by Fast Company. At a micro level, we were also awarded a Platinum Medallion by the ICG Group for industrialized construction as the most advanced industrialized manufacturer that they've run an analysis on. What is DIRTT? We are multi-trade, prefabricated off-site construction that's technology-enabled. It's also everything that we do is designed for disassembly. Essentially, what that means—I'll go to this fourth slide here to make it a little bit more clear—it is a graphical representation of what we do. From a construction perspective, anything within an interior environment. This is a rendering showing raised access flooring, partitions, modular power connected infrastructure, so fiber optic networks, as well as some structural work that we do with mass timber. Why do customers choose DIRTT as a construction solution? It typically boils down to one of these multiple reasons. I'll just give you six as an example. It could be speed of construction, leveraging off-site manufacturing. Our lead times are 10 days, and we are designed for mass customization. What is a little bit different about us is because of our technology enablement, and I'll talk about our ICE software here in just a little bit. It is the backbone to allow us to do all these things: speed. We also have around precision, also performance, whether that be aesthetic, acoustic, rated. If we're doing rated partitions within a hospital environment or similar. Additionally, from an installation perspective, from a speed, we tend to shift construction schedule or project schedule by at least a month to the left, simply because we utilize many less trade resources with on a job site. An additional one is around environment. Because we are designed for disassembly and we are manufactured off-site, we greatly reduce what the on-site waste is. Additionally, the solutions we provide are engineered to essentially have a perpetual life cycle. That circular economy within the construction industry has one additional value to it. Back to that ICE software that I mentioned, it really is the backbone of everything that we do. That is when I talk about when I say technology-enabled. There are thousands of companies out there in the construction product industry that are manufacturing. However, none of them are as technology-enabled as we are. Effectively, we actually are two companies. We are a software developer. Of those 870 employees that I mentioned, 60 of them are actually on the technology side and programmers and engineers. They are programming that software not just for us, but we actually sell that software as well to other construction product manufacturers. The most notable of them is Armstrong World Industries, utilizes our ICE technology as their platform. Why it is so important is it is the common thread from order entry or design all the way through to manufacturing and automation. are many configuration softwares on the market. Many of you may be familiar with Autodesk, AutoCAD, Revit, etc. What no one else has managed to solve is to connect the configuration side to the automation side. Most manufacturers will still use a configurator. However, they are still manually or have created their own software process to do the engineering, and then they are trying to tie those two things together. There is great opportunity for us on the technology side as well as we continue to evolve that outside of our own use for DIRTT, but for other manufacturers as well. Let me just walk you through a quick process of how that works, which this is demonstrating here. Our actual distribution network that utilizes this software, essentially, they do the design work. They have designers on staff. We have 70 different construction partners across North America. They send us that ICE file, and then we take that, and then we use that. We do a quick audit on it. To give you an example, if you were to build out a floor of a building, all of the interior construction of that would come in that ICE software file, which is then received by us, processed, would take us about 30 minutes to audit that. We would send it to the floor for manufacturing. Ten days later, thousands of lineal ft of partitions, casework, flooring, ceiling, whatever it is that they have designed, leaves the factory and shows up on site. That is where that software becomes so critical, is in enabling us to do all of those things. What is the market that we pursue? It is actually all verticals, whether that is workspace, healthcare, education, public spaces. Historically, our largest market has actually been commercial office workplace. We are now seeing our healthcare vertical grow significantly more rapidly than that industry. We are seeing that begin to—it has not surpassed it yet, but it is where we see some of our greatest opportunity moving forward. Similarly, for education and public spaces, but I'll focus on healthcare and education. They are all very much time-sensitive, right? In that they are pursuing some sort of end occupancy date. Our solutions provide them price certainty as well as that accelerated schedule by providing these materials manufactured off-site. Why DIRTT? The construction industry is a huge addressable market. I am going to drill down conservatively. That is a $2 trillion market just in the United States. Half of that is interiors. Another half of that would be some of the work we would pursue, so call that $500 billion. If you're looking at just the market of what we would call off-site prefabricated or modular solutions in the construction industry, that's $40 billion. The addressable market is growing rapidly. As we continue to innovate and grow, there's a ton for us to be pursuing there. As of now, and I'll dig into this in a little bit from a financial perspective, last year we were $175 million in revenue. Of that, we are the top 1% of off-site modular prefabricated manufacturers. As far as our tenure and having been in business for over 20 years now, we've worked with 45% of the Fortune 500. Many of these names you'll find here familiar. In fact, some of you have probably been in an environment that was built out of DIRTT Solutions, and you may not have even known it. What does that opportunity look like? From a company perspective, we are super strong and we've got growth from—that's the one I want to look at. We have actually doubled our—across the board, our EBITDA. We have doubled our gross profit. The guidance that we have presented for 2025 shows expansion of 16% in revenue and 40% in EBITDA growth. That is just at a $175 million revenue level. The piece that is not shown here is what our overall capacity is and our ability to scale. Currently, we have roughly $400 million in capacity without adding any additional CapEx. The fixed cost leverage there is what we are keenly focused on. How do we grow that top line to take down some of that additional capacity? Essentially, what we've done to try to accomplish that, and we're starting to see traction in that, is we've actually diversified our go-to-market channels. In addition to our traditional partners, which I showed up there, there's roughly 70 across North America, we are now layering in what I'd call probably super partners that are general contractors and direct to customers. I'll use a Kaiser Permanente as an example. All of their buildings that they build are all DIRTT Solutions, and we're tethered directly to them. Therein is the opportunity for us to have that market expansion through diversifying the channels to take down some of that additional capacity. The other piece that I wanted to mention is from a performance perspective in what we manufacture. On a quarterly basis, we turn out roughly 800 distinct projects. Of those 800 distinct projects, we're at 99% on time and full, which is unheard of in off-site construction. As I mentioned, there are many other manufacturers that are in the same space we are. However, that's part of the reason that we see the opportunity to grow the software with them is because they cannot service the amount of backlog that they have through traditional methods, even off-site. That diversification also includes other pre-manufactured manufacturers that are utilizing our partitions and solutions within their own volumetric delivery models. With that, I will pause. I wanted to make sure we had plenty of time for questions. There's a lot to share. Yes. Correct. Yes. I will encourage all of you as a follow-up to today's presentation, if you want to go to our website, we have two decks on there. We have an investor deck that's forward-looking. We also have an investor deck that's rearward-facing, which is why if you'll look at this financial slide, if you look between 2023 and 2024, the change, you could replicate that again for 2022. We are very much on the other side of a turnaround. In the last two and a half years, the turnaround story has been remarkable, to put it mildly. That is how we've gotten to a point of now we have seven consecutive quarters of positive EBITDA behind us. We have also had the opportunity for some high-water months to test that capacity that I mentioned of the $400 million to prove out that we can actually double that amount of revenue without any adding additional CapEx, simply through indirect labor to actually accomplish that. If you go backwards, our high-water mark pre-COVID was $275 million US. We have been there before. We know we can easily get there with our, we'll call it legacy distribution model. What we've done in the last year and a half is through the diversification, we've actually introduced this Integrated Solutions channel, which is direct to general contractors, direct to clients, as well as other manufacturers. There's also some other collaborations we're doing with REITs and landlord owners. That opportunity is significantly higher. The differential there in how we go, yes, we can get it to $275 million, we've been there before. How do we go significantly past that is we have now proven in the last year and a half that we can deliver a solution that's cheaper than drywall. That really is our primary goal, as our vision is to transform how the world builds. In order for us to do that, we need to sell a whole lot more of our product. The way we go about that is in a direct model. I'll give you an example of one project that we have right now. We're actually doing the renovations for DFW Airport for the restrooms, of all things. That single project was a test. It's a pilot for us with Swinnerton Builders. That's $5 million to us for that first phase of it, where we're delivering the entire interiors of those restrooms, be it FF&E, obviously the partitions, casework, etc. They're using that as a testbed because for them, it's the most difficult environment to work in, whether it's TSA access for labor, whether it's schedule duration, you're trying to renovate a facility within an operating terminal. We're actually doing the same thing for Houston Airport Systems. We're going to do one in Toronto as well. These large DCs are using those as tests to prove that, yes, we can deliver, but at the same time, they're also training their own installers that are self-performing for these general contractors to deliver the solutions as well. We see great opportunity through that diversified channel. Yes. Correct. Yeah. It's all of the above. The piece of it that I think a lot of people don't see is the reconfigurability portion of it. I think that through the last five years, one thing that we've all experienced is change is inevitable and you can't predict the future. If you were to invest in an office space, for example, right? Our solutions, because they are designed for disassembly, and I've seen this firsthand, where we have our own product in its fourth iteration, in its fourth location with its fourth owner. They are fully demountable, reconfigurable, redeployable. Even though it is mass customization with how we manufacture it, everything that we manufacture actually connects together the same way and is backwards engineered for solutions we delivered 20 years ago to some of the more innovative ones that we're delivering today. Yes. The guidance that we put forth for next year or for this year, as it were, is somewhere between $194 million-$209 million. I mentioned with the 40% in EBITDA growth or adjusted EBITDA growth. What is interesting about that is we know that we can get to the $275 million through our traditional pursuit, if you will. What's unique about this diversified channel is because we are effectively replacing drywall, it greatly increases the opportunity on a single project basis. If I have 70 partners doing $175 million and I have, let's say, three or four national general contractors, they can easily deliver that same amount in the same year- over- year. The thing that we haven't been able to have visibility to is when will that happen. The thing that's also interesting is if you think about those large general contractors, what they're trying to solve for, we solve for them. What we've proven is we can be less expensive than drywall. What they're trying to do is they typically have, so I'll pick the smallest of the large ones that we're working with. They do $10 billion annually. $1 billion of what they do is actually self-perform work. What they're struggling with is access to trades, skilled labor, material availability, all the reasons that you would utilize a solution like ours because it solves for all of those. What it also does is because we install with a quarter to even, let's say, a fifth of the amount of labor, they can then take those 1,000 drywallers that they have, and it can actually be a multiplier of three for them. If all of a sudden, yes, we're cheaper than drywall, and you're trying to triple the amount of work, which is common for the top 10 GCs that they're trying to effectuate before the end of the decade, there's just not enough people to do it. This allows them to not only solve there, but then it gives them a new revenue stream and it allows them to participate in that margin as well. Yes. We have Canada and the United States. We have Savannah in Savannah, Georgia. What we do in Canada, it's a little bit different. We have a wood factory and a metal factory. In Savannah, Georgia, it's only metal. We also do our modular power and data networks there and some glass fabrication as well. Kind of to give you an idea of that, I'll use the tariffs as an example. Because we do manufacture on both sides of the border, even when there was the 25% on anything coming from Canada to the U.S., the net effect to DIRTT and to our customers was less than 5%. We have the ability to basically fluctuate between the two facilities. Yes. Yeah. Yeah. If you're currently, if you were to look at our financial reporting, it's actually under the line of services. We do around $2 million a year annually just with Armstrong World Industries. There's half a dozen other manufacturers that also we program for and use that same software. The opportunity there, kind of as I had mentioned, is we've only necessarily used it for ourselves. We have not expressly tried to commercialize that software. We're very much on that trajectory now. In all of our guidance as well, what we've projected is quite conservative. None of that includes any upside on what I've just been talking about with these large general contractors. None of it includes any sort of commercialization opportunities through the ICE software technology. There's about another half a dozen manufacturers that we're in negotiations with to do that software for them. Yeah. Correct. Currently, Armstrong is predominantly ceilings, some specialty products. The other manufacturers that use it, which I can't disclose who they are, but curtains, so glass curtain walls for structural steel. One of the largest data cabling companies utilizes it. There's three different finishes, materials companies that are all within the construction product vertical that also use that software. There's also another glass manufacturer that uses it. Yes, sir. Correct. Yeah. I think that what we projected is that a conservative projection for adjusted EBITDA is 15. Whether we go beyond that or not kind of depends. That also we wouldn't see any downward compression on our gross profit either, which is tracking around 40% almost regularly. If you were to compare us to any of our peers, we greatly outpace them in both gross margin as well as EBITDA at those numbers. The other thing that's interesting is if you look at that, we do have significantly higher OpEx to many of our other customers because of the solutions that we deliver. However, that is also baked into that fixed cost leverage, right? That back-end engine allows us to do $400 million versus $200 million with the same cost base. Yes. Yes, a bit. We are just about to do what we would call adaptive reuse of a commercial space where we're deploying DIRTT partitions to build residential multifamily housing through commercial office buildings, which has been part of the challenge as well and that many people have tried to crack that opportunity of what do you do with all of these? Some cities are worse than others. Minneapolis is a good example where you have these zombie buildings. What do you do with them because there's no commercial tenants available? To adapt them to residential use, it's simply almost impossible to do that with drywall and paint, particularly if it's a partly occupied building. This allows you to essentially have clean construction and do it at times that it isn't as impactful. You can also do it floor by floor. You don't have to do an entire building at one time. Historically, we have not pursued the residential industry. The other opportunity is we are a casework manufacturer. We are seeing some traction there as well in delivering our case goods for residential interiors, partly from durability. Everything that I've showed you guys today, we actually deliver a 10-year warranty on that on every solution that we have, again, with a 10-day lead time. I think that's my curtain call. Thank you all. I've got a lot of one-on-ones. If I have a freeze moment, anyone wants to hear anything or ask me any other questions, please do so. Thank you.