Thank you for joining us. Remember, this is fairly informal, and we do encourage questions to help you better understand the business and its growth path. Now I'll turn the call over to Raj to start his part of the discussion and presentation. Glenn, thanks so much for introducing us, and pleased to be here this afternoon to talk about Electrovaya. Of course, I'm joined by John Gibson, our CFO. As Glenn mentioned, we have a safe harbor statement here on forward-looking statements, and we'll take that as read. Who is Electrovaya? Who are we? Electrovaya has been in the battery technology and battery manufacturing space in North America for over two decades. Since 2018, the company pivoted around a technology which we now call Infinity Battery technology. What is this battery technology all about? Well, it coincides with its name to some degree. The batteries that we manufacture can out-cycle almost all lithium-ion batteries on the market, and much more than any other lithium-ion batteries with similar chemistries. It has outstanding cycle life, and that makes the life cycle of the battery very, very attractive for heavy use applications. On top of that, we have a separator technology, which is ceramic, and I'll come to that in more detail later. Ultimately, what this separator technology provides is a significant enhancement to the battery safety. We've manufactured millions of cells using this technology. We have battery systems operating well over 30,000 battery systems in the field using our technology with a perfect safety record. If you wanna leave this presentation with one thing, it is that Electrovaya manufactures very long-lasting, very safe lithium-ion batteries. What we've done since 2018, since that this technology has been starting to be commercialized, is we focused the technology on heavy-duty mission critical applications, starting with material handling. Material handling, why did we pick that application? Well, we had to pick one to start with, and these are vehicles that typically operate inside warehouses, inside buildings. If you order things online, those warehouses are operating 24/7, and the vehicles inside those warehouses are also operating 24/7. The duty cycle on the batteries in those vehicles is incredibly high. You know, think orders of magnitude higher than a typical passenger electric car. Not only that they operate indoors, so the safety element is of course critical. We've done very well in material handling and continue to do so. Today we're powering 16 Fortune 100 companies and a much larger number of Fortune 500 companies. We're partnered with the world's best OEMs in the segment. This performance in material handling has driven the current financial performance that you see over the last several quarters. What has that been? That's been 11 consecutive quarters of positive EBITDA. We've had a net profit in fiscal 2025. As we go into 2026, we're expecting to maintain that momentum. We're growing at a very fast clip. With this growth, we're expanding our manufacturing capacity in the United States in a place called Jamestown, New York. That expansion is also funded through a direct loan from the EXIM Bank, which is a U.S. federally owned bank. Everything is moving quite well in terms of our expansion, in terms of our core market. In addition to that core market, now we're expanding into new verticals, and I'll come to that in a bit. Going back to what Electrovaya is addressing is we're addressing markets which are sensitive to safety and cycle life. Of course, I mentioned warehousing, but it expands well beyond that. If you look at the current global macro trajectory for electrification, let's simplify things a bit here. You're looking at the use of data centers going increasing exponentially with AI. You're looking at robotics, again, influenced by AI, growing exponentially. You're looking at even autonomous vehicles, whether they are driving, robotaxis or other applications, again, growing exponentially. These, all these devices, and all these applications are going to need batteries, and they're gonna need batteries that can keep up with their robotic duty cycles, right, which are endless. On the data center side, they need to be very safe because data centers, as you may know, are very expensive, and they need to have very high performance. Our technology is aligning very nicely with the general macro trends for industry, looking for safety, longevity, performance. And then the last piece that it's also looking for is domestic supply chains. Just touching on the safety end a little bit further, why is our technology so safe? Well, mainly due to the ceramic separator membrane, which is a proprietary technology that Electrovaya has. Pretty much every single other lithium-ion battery in the world is based on polymer separators, which obviously work well, otherwise you wouldn't have them in your pocket, except they have an inherent issue if they get too hot. If they get too hot, polymer separators or even ceramic-coated polymer separators will shrink with temperature. These are relatively modest temperatures for electronics. You know, looking at, in the slide, 130 degrees Celsius for is not too hard to get to. In this case, in this example here, you see, the coated polymer separator, which is the very best of the standard industry, will shrivel up. If that happens in a battery, that battery has caught fire because the separator keeps the positive and negative, electrodes from touching each other. If it no longer does, you've got a short circuit and a fire. That's why Electrovaya's battery technology is really so safe. By weight, we're over 90% ceramic. It provides that stability no matter what the temperature gets to. We see this is a patented technology, one we are continuing to improve, and it's a key differentiator between Electrovaya and other battery companies. What we're focused on are these applications where this type of performance matters. Consumer electronics, electric cars, electric bikes, they don't necessarily need the safety longevity. They're doing okay with what they have. Of course, they have well-documented incidents in those, in those applications, but to some degree, they are tolerated. You would not tolerate a battery burning down a data center. You would not tolerate a battery burning down a warehouse, or a robot in a warehouse. That's the type of applications we're going after, and we're seeing great interest in all of them. How do we align ourselves in the industry as a whole? I'll start with the traditional lithium-ion battery companies. These are mostly based in China, followed by South Korea, and these companies have done a great job of bringing down the cost of lithium-ion batteries, through scale, through technology. They're very focused on really two main industries. The first and foremost is the automotive industry. They supply the big car companies. The main performance metric for cars is range versus cost, right? Dollars per unit energy is what they're looking for. We wish them well. They're doing well. I drive electric vehicles and so be it. We're not competing with that space. We're focused on the mission-critical, heavy-duty applications, are willing to pay premiums for the type of performance we provide. There are also a large number, a relatively large number of publicly listed battery companies looking at next-gen battery technologies. Most of these have to do with increasing energy density of the battery. They're looking at solid state, silicon anode, those type of things, which are great technologies again, they're focused on, again, what I believe will be niche applications relatively. There's a, there's a lot of good players, a lot of companies in that space. You're looking at potentially drones that fly in the air. You're looking at consumer electronics. But you're not looking at devices that need longevity or extremely good safety. As I mentioned at the onset, the general trend of the global economy is towards AI, automation, data centers, and we are very well-aligned in that, in that transition with our Infinity technology. Which are the verticals that we're going after? Of course, I've mentioned material handling already. This is an existing, well-established industry, which is going through two transitions right now. One from internal combustion to electric, and the other from lead-acid batteries to more advanced energy storage technologies, dominated by lithium-ion. So we're well-aligned to grow in that space. Robotics, again, robotics is a, it's a broad description, but again, devices that are automated. A lot of these are operating in warehouses themselves and sometimes outside of them. We're already shipping growing numbers of batteries in the robotics segment, and we believe that's gonna be a segment which has long, long-term legs for us. We're very excited about partnering with more and more companies in this space, and this is gonna be an OEM-driven, driven market. Airport ground equipment, we have, again, this is similar to material handling in some degrees. It's a smaller TAM, but there are only five large carriers in North America. These are the companies that make these decisions. We have our batteries close to the end of a pro-- testing process with one of the top five U.S., top four U.S. carriers, and we're quite bullish that this will become a significant market for Electrovaya's products. Again, the safety, the cycle life matter there. In defense, we already supply some defense applications. This is increasing in demand for us, and the reason being, again, it's performance and safety. What type of devices are we powering? Well, there are, we're working with two-- currently two defense contractors. One of them has a focus on submersibles, and the other has a larger focus on land-based systems. We're talking about hybrid drive. We're talking about autonomous electric, that, those type of applications which again, safety, cycle life matter. Finally, is the energy storage market. As I mentioned earlier, the large battery companies are, have a large presence for energy storage. There's a segment of this market which is not well addressed, which is the high power applications, especially those that are supposed to be parked next to critical infrastructure like data centers. Here we find our technology has a good fit, a good alignment. We're developing a system here for that specific application, and we're seeing a very good interest from where we are right now. In terms of customers and partners, you couldn't really have a better list of companies using our product, and these are primarily started, of course, our roots have been in the material handling space. Now a lot of these companies have inputs into energy storage, into robotics, et cetera. We're very well-positioned with our relationships. It's not, it's also trading relationships. We have a relationship with Sumitomo Corporation in Japan. Electrovaya's already shipping batteries from North America to Japan. That's sort of a change in direction that typical lithium-ion batteries go in. A little bit about other technologies that we have in development. Again, Electrovaya has substantial know-how in ceramic separators. We are working on a solid state battery, which will utilize a ceramic separator as well. In this case, the separator acts as the electrolyte a bit similar to some of the other solid state battery company names you've may have heard of. We're making small pouch cells. We've just invested in some additional pilot scale manufacturing equipment, which will come online later this month. We'll be starting to accelerate efforts in this area. Another one which I'm extremely excited about is our ultra-fast charging efforts. Ultra-fast, what do we mean by ultra-fast charging, ultra-fast power? That's sub five-minute charging. We have a cell in prototyping, prototype testing right now, utilizing some cutting-edge anode technologies, combining it with our separator and electrolyte platform which provides this outstanding performance. We see applications for this not just in robotics, which is what we had started with because there are some applications in robotics looking for that ultra-fast charging. We see applications even spanning into the energy storage and data center support specifically for this type of product. The last one is our next generation ceramic separator work, which is ongoing at our Electrovaya Labs facility. This is just improving what is already a world-beating technology and making it thinner, making it higher performance, higher rate capable, and it's very exciting work that's taking place right now. We're continuing to file new patents in this area, in addition to the pilot scale production which is already occurring. Of course, we're looking at other means of we're selling these wonderful battery systems. They pretty much every battery system that we have shipped in the material handling space is still in use, it's a testament to the longevity of these devices. We're looking to sell software systems to the customers on top of the hardware, and that's a effort that we've developed some new software systems which we're in the midst of launching and, we're excited to grow this area and get into a higher level of recurring revenue. Generally, the strategy for the company is continuing this profitable growth trajectory that we've demonstrated off the backs of the material handling space, which is gonna continue to grow, get into these additional verticals, as we grow our grow our business. Robotics is happening now, and we expect that to be a high pace of growth going forward. Airport ground equipment is a new product as well. Energy storage, you're looking more like 2027 onwards. Again, Electrovaya is highly differentiated from other battery players in the market. We also, when you combine that with the domestic manufacturing which comes online in 2027, the future is really quite promising. In terms of our footprint, we have operations in Canada and, of course, Jamestown, New York. We set up a office in Tokyo to support growing customer demands over there. We see Japanese OEMs in particular being very good partners for Electrovaya going forward. With the Jamestown site, construction is ongoing right there at present. A lot of activity is happening right now at the site. Where it's funded, it's moving along very smoothly, and the target is for production for our fiscal 2027. Very important, key points for this facility is the output of the plant will be eligible for 45x production tax credits. If we deliver energy storage systems, those systems out of this facility are using materials from this facility will be eligible for investment tax credits, making our energy storage products more attractive. Of course, the defense space is another sector which is highly sensitive to the manufacturing location, and this site can support growing needs in that space. John, you wanna jump on these ones? Yeah. Thanks, Raj. Very high level the last 12 months has seen some pretty significant improvements from a financial performance perspective for the company. These numbers are taken up to the end of December, which is our calendar our fiscal Q1. Almost $70 million in trailing 12 months revenue. Over $10 million of adjusted EBITDA. 11 consecutive quarters of positive EBITDA and net profit for the past four quarters as well, which is not something that a lot of other, of our competitors can claim. What this has really done is given us the platform that allows us to expand into these other verticals. With this stability we've got, we're allowing ourselves the freedom to diversify from our core business and expand further beyond beyond that. Yes. Yeah. In terms of cash, the company's very well set up going into 2026 and beyond. As Raj mentioned, the Jamestown facility is fully funded by the Export-Import Bank of the U.S., there is additional room if we need to expand that facility further to go back and ask for additional capital. From a working capital perspective, we're partnering with, we did partner with BMO with a $25 million ABL line that we can utilize as required. That gives us significant amounts of working capital to expand and to continue to grow the business at the rate that we're currently set. Just from a high level balance sheet perspective, the company's come a long way since from a couple of years ago. We have historically never carried a lot of cash on the balance sheet. We are a little bit more sensitive to those needs now. After the raise that was carried out in November, we're carrying a bit more cash in the balance sheet, and we're using that for specific projects. One would be as Raj mentioned, the expansion of the Labs facility and purchasing some equipment for that. That facility itself and the development of the next gen batteries has always been funded out of working capital. With this additional cash we have currently, we'll be able to put a bit more money into that and, hopefully, speed things up without taking away from the general operations of the business. A much stronger balance sheet, at the end of December than we even saw at the end of the fiscal year for 2025. Yeah. Glenn, with that, we'd be happy to take any questions. I'll stop sharing here. Perfect. Thanks, guys. We do have quite a few questions in the queue already. Again, to our audience, if you do have a question, please use the text box to ask it. I will note there are a number of questions in the queue, or at least several that sort of delve into guidance, and the company just can't give any guidance beyond what they've already stated publicly. There's also some questions that are specific to customers that have not been disclosed, and the company can't really get into more information on those specific customers. Outside of that, we'll get going. What's the largest or latest progress that you could talk about in solid-state batteries? You've talked about it in the past. Can you go a little bit further beyond what you noted in your comments? Yeah. Last year, we had gotten to a pretty good level in with our solid-state battery effort, which mind you, was for very small cells, some coin cells and then some larger ones. We were limited by equipment and in terms of taking it to the next level. It, of course, this takes time. You have to invest in facilities, and equipment doesn't turn up overnight. A lot of that has shown up over the last couple weeks, and it's being installed currently. We've added some more talented scientists to support that effort. Ultimately, I believe, the direction we were going was a good one. We were seeing positive, pretty good results for this type of battery, which mind you, is a technology which provides really good energy density, not necessarily the other properties of our Infinity technology. If I had to pick one that we're more excited about, actually, I would say it's the ultra-fast charging system, which is a lot of progress very quickly in that area. Ultimately, I see the applications for that type of product. They're both exciting technologies, both exciting products, but the second is probably more aligned with our business. Okay. Super. Thank you. Alternative battery chemistries are starting to gain market traction, in particular sodium and lithium iron phosphate are now in production. How do these alternative technologies affect your prospects? Well, lithium iron phosphate has been around for a long time, before my time at Electrovaya. In fact, Electrovaya has its history had been involved in the development of the original LFP technologies. We were the first manufacturer to produce the powders themselves in North America, from what I understand. We had a partnership with Hydro-Québec and The University of Texas, that's ancient history. LFP, sodium-ion, et cetera, these are new, these are chemistries on the cathode side. There are lithium-ion batteries, it's sort of like Baskin-Robbins. There are many different chemistries that can be used. Even within the chemistry, there's different versions of the chemistry. Same thing on the anode. It's not a one size fits all. Where Electrovaya fits in all this is somewhat we are agnostic to the chemistry. Our technology, the Infinity technology, is a platform. It's based on a separator membrane, unique electrolyte design and unique cell design. For instance, we have an LFP cell. It's certified. It's ready to go. In that sense, we're agnostic to the actual chemistry. When we're talking about ultra-fast charging, it is a change in the anode chemistry to make the cells charge faster. What we ultimately see ourselves as is we enable the significantly improved safety no matter what the chemistry is, and all lithium-ion battery chemistries need improvements in safety. It's not the differences between chemistry don't determine whether a lithium-ion cell is gonna be immune for catching fire or not. Safety, we bring in our separator. Longevity, we bring in our platform, and we can do that with any chemistry. Super. Thank you. This question is related to your material handling, part of your business. Can you talk about what's driving more growth? Is it new build or retrofits? I'd say it's a combination of both. If you just look a few years ago, it was almost all new builds. This year we see a significant number of retrofit activity occurring. It's most definitely a combination. It'd be hard for me to say what ratio it is between the two. Both are important to our business. Thank you. Do you have any strategic relationships that, sort of stand out, and can you talk a little bit about those in more detail? Yeah. We of course, we keep the OEM partnerships that we have are strategic in some cases, we've been working with them for five years -plus in the case of Raymond Corporation, and later Toyota Material Handling. That's a very important partnership for us, and one that we continue to build on. In terms of other relationships, Sumitomo Corporation, which I mentioned earlier, an important strategic relationship we have with them. Also in terms of customers who buy the product, not necessarily as an OEM, and those are typically large Fortune 100 companies or Fortune 500 companies, and we keep a close relationship with those companies. They also provide us a means to, for our technology to find, its way into, additional applications outside of what our, you know, core business has been historically. Thank you. Your two core differentiators are safety and longevity. Is one driving more business than the other, and if so, why? Good question. I'd say sometimes our customers align more with one than the other. For instance, in the defense applications, the safety element is actually the factor which is more important. However, when it comes to performance, the fact that we have very good cycle life, very good longevity, it means we can do higher, operate at higher temperatures. It means we can run at higher rates than typical lithium-ion batteries, and that also helps with applications. I'd say both are very important. When you look at robotics and material handling, the cycle life is a huge differentiator there. Again, safety is still an important parameter. Thank you. Can you elaborate on your comments that the gigafactory will supply large contracts? Are you suggesting that historically Electrovaya wasn't able to pursue or fulfill these type of contracts due to manufacturing capacity constraints? If so, does the new facility enable the company to bid on large service or large scale contracts going forward? It most definitely will, you know, having more capacity allows you to bid into larger projects, and that's an important factor for a lot of potential partners. Where we see an immediate area where that has an impact is on the energy storage side of things. When we're looking at 2027, 2028 projects, having more capacity is something you need to have in order to even play in that game. It is an enabling factor to some degree. Thank you. I think the second part of this question may be guidance, but I'll ask it and I'll let you sort of answer it as you feel appropriate. What utilization rate are you targeting for Jamestown, for the next 12 or 24 months post-commercialization? By the end of 2027, we wanna have, be fully utilized, right? There is a ramp-up period for any manufacturing site, especially one that's making something as sensitive as a lithium-ion battery. For me personally, quality comes first. Electrovaya has not had, any recalls or any safety events, and we wanna keep it like that. Keeping an eye on quality is top priority. Top quality and safety, that's what we'll continue to do. You know, we envision having this facility fully utilized as quickly as we can. Okay. Can you expand on your opportunity in the data center market? What size of power requirements in megawatts are you able to provide with your batteries? What type of revenue opportunities could that generate? Data centers are highly dynamic right now. One trend that is happening today is the trend towards 800 volt DC architectures for these next generation data centers. The part of the reason for that is to handle more power in a limited space. Higher the voltage, the less current, and things heat up less. For that next generation design, energy storage is fundamental to that design. That's what we're finding. The products that we're developing will be aligned to those design parameters. Very high power, supporting seconds to minutes of for these data centers, whether that's in combination with a generation or not, that's being nailed out at present. Thank you. How competitive are you on levelized cost in the ESS market, specifically compared to LFP batteries? I would say, you know, we're carving a specific niche. With, if you look at energy storage, the energy storage batteries that are doing well in the market, they are based on very large cells. These large cells might be 500 amp hour LFP lithium-ion cells that are very good for energy storage, but specifically energy storage applications where you're looking at really two to four hours of energy storage, and they're dominating that market. We are not going after those types of applications. We're going after the high power and safety sensitive applications, which are, you know, sub- 30 minutes. Okay, thank you. In the past, you've highlighted mining and construction, rail and heavy duty truck verticals. Can you comment or give any update on those verticals? Actually, there's fair bit of work happening in those verticals. You know, I don't mention them too much because, but high-voltage battery systems are common to those applications. We are working with one partner in an electric truck application. Our high-voltage battery is actually the largest. Current customer for our high-voltage battery products is in the defense space, and that's starting to scale. We see demand in the construction mining side of things. We have partnered. Again, these OEM projects, they take time before they reach startup production levels. We're working with a leading Japanese construction OEM, and I think the mass production is scheduled 2027, 2028. Lots of work happening in the background there for trucks, mining equipment, et cetera, that these typically utilize high-voltage batteries. Thank you. Do you see anyone else that has a similar ceramic type separator? Can you talk about your IP protection? Is your product more expensive, and if so, by how much? Well, all good products are more expensive than the cheap products. That's why they're good. Our separator, of course, is more expensive, but it enables us to do all the great things that I've talked about. I don't know of any other battery company that has anything similar. Okay, thank you. I guess, a number of questions around Jamestown. Maybe I'll ask you to talk a little bit about timelines, in terms of commissioning and then, you getting to, I think you already mentioned it, but maybe, say it again, the 100% utilization rate. Yeah. Predicting exactly 100% utilization rate, and that's crystal balling. We'll get there. We see the demand reaching there. Of course, as you ramp plants up, you have to do so carefully. In terms of the facility itself, there is already a growing team down there, working primarily on the construction and the equipment automation parts of the setup. We're expecting, we're already seeing equipment deliveries taking place right now, especially with regards to infrastructure. I won't get into the nitty details, but module production, battery module production will start up first, late summer. Also late summer, the factory acceptance testing work of the cell manufacturing equipment will take place. Of course, that will be delivered a little bit further back. In general, the plan is going according to plan. We're bringing in some great talent to the organization to support these efforts. Last summer, we brought in a engineering leader who came from LG Chem, had significant experience in a battery gigaplant setup for automotive company. We're bringing in another leader for cell manufacturing, again, coming from gigafactory experience in the U.S.. We're focused on bringing the right team in as we embark on this major expansion. Perfect. Thank you. I guess as a follow-up question to those, do you have plans in place beyond Jamestown once you get to 100% capacity? Yeah. We all start planning for expansion before we get to 100% capacity, right? As we start up, we'll be looking at the demand side. We don't wanna be, ever be in a situation where we don't have enough demand to utilize the, our facilities. The planning for the Jamestown site was modest and conservative at the onset, and that was the right decision. We own 52 acres, so it's a relatively easy process to expand and one which we've already looked into how that would take place. It will be planned as we progress in the setup of phase I. Okay, thank you. I know I asked you about retrofit or new build. I think this is a similar question asked differently. Maybe there's more nuance to it. Are most of your sales to new customers or are they for replacing batteries for customers who want the safety features of your batteries? Most of our sales are to large Fortune 100 and Fortune 500 companies who've already been using our solution and are buying more. We continue to add additional customers to that list, and that just grows the family for us. In terms of vehicle types that they're installed in, it's really a broad range, and buildings is a broad range too. I think there's over 350 warehouse sites that we have batteries in today, and that's growing every month. Okay, thank you. ESS systems typically require insurance and/or performance guarantees and a balance sheet that accrues for warranty provisions. How does Electrovaya deal with these commercial issues? We have a product which is safer, has a perfect safety record. The Infinity Battery Technology is, you know, in 35,000 systems. And we have a very good relationship with UL and certifications of our battery systems going backwards. In terms of balance sheet support for warranties, John, we've had provisions in place for last several years, and we've never used them. Yeah. I think a key to that would be to find a good partner as well from an integrator perspective. Yeah. In terms of the customers we're talking to, the potential customers for the ESS side, these are very large companies. These are not developers to start with. It's more strategic in nature in terms of what we're working towards. Okay, thank you. Can you talk about the current revenue capacity in your Canadian facility and then the revenue capacity of Jamestown when it comes online? Yeah. I'd say nothing has changed here from what we've said previously. You know, give or take, plus/minus something here, current capacity out of our Canadian infrastructure is about $100 million per annum, and Jamestown brings in another $150 million-$200 million. Okay, thank you. Can you talk about your battery cell suppliers? Expanding on that with a different question is just your overall supply chain risks as it comes to geopolitical risk? We've been, I'd say, somewhat prescient in that planning. The Jamestown site will utilize primarily cell materials from South Korea, Japan, and Canada, and the U.S. We've really tried to shy away from Chinese supply chains for the Jamestown manufacturing site. That's worked out well. Of course, there's a lot of planning that goes with this, a lot of testing, a lot of validation with batteries. It takes a huge amount of effort and time. We've gone down the right route here. Okay. Can you talk about your current capital position, your potential future capital needs as it relates to, I guess, any future needs for growth capital? Yeah. Thank you so much. I think from a capital perspective for our expansion in Jamestown, we have no need for any additional capital. We have that covered. Similarly, there's no real CapEx required to be brought into Canada either. We can operate effectively up here. From a working capital perspective as well, we have a lot of cash obviously on the balance sheet. We're not gonna spend that frivolously, but we also have the ability to borrow through our lender as well. From an overall cash perspective, there's no real need for any immediate cash injections to help us grow organically or to expand into Jamestown to get that facility up and running. Thank you. How should we think about your gross margin trajectory as the Jamestown facility comes online? Will that facility be producing cells and HV batteries or shifting some LV battery productions from Canada? The margin trajectory out of Jamestown, you know, will improve margins. The vertical integration generally will improve margins, especially as we get the higher utilization rates. When you take into account the production tax credits, it gets even better. In terms of its priorities in manufacturing, of course cells and modules are top of the order. You know, there are various scenarios which can play out, right? There's a scenario where Jamestown is completely occupied with applications which are very sensitive to domestic manufacturing. That would be things like defense and energy storage. I don't think Jamestown is going to produce significant amounts of material handling battery systems. Okay. Can you talk about the ceramic separator production? Where is it done, and is there a partner relationship there? There is-- We contract manufacture that in Japan. We also manufacture that at our lab site here in Ontario. We are investigating putting a line in Jamestown and an expansion of a line in Ontario as well. The next gen system, which is very, very, you know, we're very pleased to see the results so far, is going to be manufactured in North America. Okay, thank you. I guess this question is tied to current capacity constraints. How do you go about determining which customers to prioritize, both from a sales perspective and a filling capacity? We-- You know, of course, we make battery systems which are, we're selling at a +30% margin and we're not going after any application which can't maintain similar margins. That's part of our gating process. Then of course you can't do everything, right? We get a huge number of inquiries. Our engineering team has to be focused on the strategic objectives which we've laid out, which is really new applications for robotics, energy storage, and defense. These are the high priority segments. Of course we've already developed products which hopefully can be used in the other applications. Thanks. A couple of questions on this topic, so I'll ask it once. How is the tariff situation between Canada and the U.S., and in broader sense, any impact that tariffs are having on your business? You know, Overall I'd say our tariff exposure is less than most of our peers. That said, tariffs do change and have an impact on raw materials. Overall, again, you know, Electrovaya is somewhat shielded from all this because we have a very high amount of domestic manufacturing to begin with, a significantly growing domestic manufacturing footprint out of Jamestown. Finally, we're selling systems which are not commoditized to begin with. If you're selling commodities, you have more of a exposure on tariffs than if you're selling high-end goods, which we do. Thank you. For Jamestown facility, is your supply chain coming from Canada or from the U.S.? It's everywhere, right? there's-- It's still a global, complicated-- battery systems are complicated. They're parts from all over the world. Okay. Do you have any current or planned suppliers of graphite for anode material in North America? If so, can you say who? Can't say who, but we're testing one right now. Okay. Is your battery technology applicable for electric aircraft manufacturing? I guess that's the question. Certainly is applicable. Again, you know, we can't prioritize all sectors at the present time. We've laid out our strategic objectives. We're going after those opportunities first. Electric, if you're putting people in planes, you want very safe batteries. I think Electrovaya provides the ideal energy storage product for a device like that. Okay, thanks. We do have a number of questions still in the queue, I think most of them have been answered in some way, shape, or form, or can't be. A couple here that are left, unless some others come in. Can you talk about your customer concentration, and specifically any customer concentrations risk, and you how you see that evolving? Yeah. We-- Of course if you look at our financial reports, it probably gives you a false idea of customer concentration because of our relationship with Toyota Material Handling, where they act to some degree as a distributor of our products. We have a couple major. If you look at just the material handling, there is a large number of buyers, right? We have 16 Fortune 100 companies using the products. Some of course more than others. There's two very large end customers, but neither make up more than 30% of our sales. Okay. I think we've answered all questions that we could. I know there's some finance-related questions that we can't. If you wanna give any closing remarks, please do so and then we'll end the presentation. Glenn, really appreciate you hosting. You know, as I said at the onset, I think Electrovaya is extremely well aligned for the general trajectory of a global economy and technology direction that we're all headed in. We're very excited with what we've achieved thus far, which is really, you know, outstanding. Having a profitable lithium-ion battery manufacturer in North America is not something that can be easily copied, right? That has not been done very frequently. Our future is looking incredibly bright. That's how I'd like to close. Perfect. Thank you so much, Raj. Thank you, John. Thank you to our audience, and this concludes this presentation. Thanks. Thanks, Glenn. Thank you.