All right. Seeing that we're right on 10:30. Thank you to everyone for joining the presentation today on EnWave Corporation. I myself am Brent Charleton. I'm the CEO of EnWave. Been the CEO since 2018, but been in the business for over 16 years in a variety of different capacities, from investor relations and helping raise capital to get this technology to be commercially viable, and then on to the actual commercialization, pursuing food companies and cannabis companies globally through a licensing royalty business model for our drying platform, which we refer to as Radiant Energy Vacuum technology. Quick disclaimer. Who is EnWave? We are the de facto global leader in vacuum microwave drying. I'll get into the details of what that technology actually provides to its users in a moment, but at a very high level, it's a fast, less costly way to gently dry food materials so that a premium outcome occurs either as an ingredient, snack product, or other application in that industry. In the cannabis industry, it's more so consolidating the drying time. As folks who know that industry well, it takes multiple days to dry and cure that material, where for us, it significantly reduces that time by two to five days. Currently, we have licenses in place with some of the globe's leading food manufacturers, including PepsiCo, Dole, Calbee, a major snacking company out of Japan, amongst many others. BranchOut Foods is another presenting company here at the conference, who is a marquee licensed partner of ours, rapidly expanding their success in the U.S. market. The technology itself is patented by 18 separate patents, most of which are apparatus design patents, which protect the innovations, the nuance of ensuring that when you combine that microwave with a vacuum environment, you create a consistent drying process that's very difficult to achieve, hence the position that we have within this particular drying platform. We're headquartered in Vancouver, Canada. This was a company that spawned out of the University of British Columbia through a few food scientists who took a keen interest in thermal processing technologies, and then we've taken that to the next level. In regards to our capital structure, we have a market capitalization of about CAD 30 million currently, Canadian cash on hand, CAD 3.3 million, with CAD 1.4 million drawn on a credit facility provided by Desjardins, which is up to CAD 5 million. Of note, we have due from customers on contract and loans receivable of approximately CAD 3 million to collect, as well as about CAD 4 million in inventory, where we pre-built some of our larger scale units so that we can quickly deliver that to customers to recognize revenue fast. Looking at our pipeline, and we'll get into that in more detail, we believe that we have a robust opportunity to sell multiple large-scale units over the next 12 months. As a business, I mentioned the licensing royalty structure. Our goal is to build a rapidly growing, diversified portfolio of royalty streams through different licenses that we grant to various food and cannabis manufacturers, in which they will pay us a royalty, typically tied to the revenue derived from the sale of those products between 2%-5%. In certain cases, we'll charge a fee per kilogram or pound produced if the end product is not actually being sold direct to consumer. Maybe it's used as an ingredient in another application internally for that partner that then goes to market, so that model makes more sense. Whilst doing so, want to maintain high margins within our business. We actually sell the machines to the end user. We don't provide them typically on a lease arrangement or provide them for free and then collect royalties. Those sales have a 30% gross margin, and we want to make sure that our gross margin on a blended basis is at a minimum 30% going forward. In the past several quarters, we've been well above that. In terms of our expense structure in the business, we have about CAD 4.5 million that we need to cover all of our costs. Our royalties last year were about just under CAD 2 million. We anticipate that to continue growing over the course of this fiscal and into next. Of course, as we can get more and more royalties and those margins go up, there's an opportunity that eventually if we can cover our costs either through royalties or actually for royalties, the margin that we gain on the machine sales will fall to the bottom line plus additional royalties, which then would be used for buying back stock if the stock is not appropriately priced in market, providing dividends to our shareholders, and/or global expansion within our facilities. Last year, fiscal 2025, our fiscal year end is September 30th. We did just under CAD 14 million in revenue, and 82% of that was through machine sales. Large-scale transactions are incredibly material to our financial performance on a quarter-by-quarter basis, hence the lumpy nature that we've seen, from fiscal 2025 and now to fiscal 2026, whereas the first two quarters of this fiscal, we did not transact a large-scale sale, hence the weak performance the first two quarters. Within our pipeline, as I mentioned, there are multiple opportunities where if we're able to transact on the pre-built inventory we have, the next two quarters should be stronger, and then leading to fiscal 2027, where we look at our pipeline again, looks much more consistent than lumpy in regards to our opportunities. We sell these pieces of machinery. It's Canadian dollars, so about CAD 300K for our smallest scale units, which is often used for new product development and early-stage market trials. The large scale continuous lines that we sell go between CAD 2 million and CAD 3 million per unit. The royalties, as I mentioned, were about CAD 2 million or just under last year on base royalties. We also collect royalties on exclusivity basis sometimes. We'll grant a license, and there'll be a minimum threshold per year that they need to pay us in terms of royalties. If they don't make that up with actual product sales in market, they'll pay the additional top-up payment to make sure they can maintain that certain product exclusivity, which we've seen in years past, and it'll be illustrated on a slide forthcoming. The third way that we make money is through a toll processing facility that we established in Vancouver. The purpose of that was to provide large-scale processing using vacuum microwave technology for companies to take products to market first to prove that they'd actually sell. Oftentimes, it's a tough sell if you don't know the product's actually going to work, and as we know, many products don't. It gives them an opportunity to de-risk that CapEx investment, and we've seen more and more use of that facility. In fact, right now, we're negotiating three quite substantial toll processing contracts that if they move forward, we'll use 100% of the capacity on that particular facility for fiscal 2027, and hopefully those companies then transition into internal manufacturing and buy large-scale machines after that experience. This is the illustration of the royalties and how they've grown over the past several quarters. As you see, the last 12 months of Q2 2026 is sort of flattened as of fiscal 2025. That's a bit of an anomaly, and there are some reasons for that. BranchOut, thankfully, put out a news release, they're one of our bigger partners, that they built up a large portion of inventory. Obviously with other news releases forthcoming, they have customers buying a lot of that inventory now. Not just them, but there's actually three other partners that are similar in that regard. We're anticipating Q3 to be a much stronger royalty collection quarter and ongoing after that. We should see the last 12 months as of Q3 and then Q4 looking more on the similar trajectory that we see for previous quarters. Then a leading indicator for future royalty collection is how much machinery is actually being installed. This particular slide illustrates the incremental increase in the number of kilowatts of power on vacuum microwave machinery from us to partners that have been installed year- by- year. For fiscal 2026, we have a few large scale that have been installed as well as a number of small scale installed. We should see that again continuing to grow. Year- to- date, this fiscal, we've actually sold five small scale machines, and our typical cadence is about four per year, so we're ahead of schedule on that. As I mentioned, those large scale transactions, which we had hoped would have had come in Q1 and Q2, did not transpire. We're looking to push that forward in Q3 and Q4 here. As we continue to scale our business through deployment of additional large scale units, of course, that's going to happily affect our margin profile. As discussed, 30% gross margin on the sales of our large scale machinery and virtually close to 100% margin on all the royalties that we collect. Through that recurring and stable royalty collection that we've seen historically, overall margins will improve and ultimately, a better proposition to investors on a go-forward basis. Our classic trophy wall is shown here with the logos of companies that have committed to paying us royalties, bought machinery, and/or in intensive new product development with the group. Many of these companies you'll recognize, some of which you won't. One of the unique ecosystems that we've built now is that not all of our licensed partners are directly producing consumer products and taking them to market. Some of which are acting as co-manufacturers. They'll produce an ingredient which is then sold on to another food manufacturer that takes it to market. Which allows us, when we're going through the sales process, not solely thinking about perhaps selling machinery directly to some of the largest companies in the world, but showing them what is possible with the technology, and then also introducing them to existing co-manufacturers who can then take on those projects, produce the volumes necessary for these large companies now because of the infrastructure built, and then create royalties through our co-manufacturing partners and additional repeat purchase orders because of the demand being created through those larger companies, which wasn't the case a few years back. We didn't have that ecosystem in place, and BranchOut is one of those companies that plays a key role, as well as MicroDried, who those folks work with as well in Washington State. Globally, this slide illustrates where we have installations currently. We are working to get our first installations actually into Northern Africa and Morocco and Egypt forthcoming, and there will be more installations in Europe, which are confirmed now as well in South America and Australasia. We truly are global in the sense of the commercialization of this technology and also the global acceptance of the business model. Because of course if a company could discover another company who's going to provide vacuum microwave without a royalty attached at scale and was a reliable tech, they wouldn't engage with EnWave, but they engage with us because we're proven, we're the sole company that can offer large scale continuous vacuum microwave technology that works. In terms of the total addressable market, this is always my least favorite slide because you're collecting information from multiple industry reports. Least to say is that the market opportunity in regards to dried food products globally is very large. We are a minnow in the pond currently trying to carve out additional market share deal by deal. In terms of the value of actual machinery that is purchased per annum, CAD 2.9 billion in 2025. That's inclusive of freeze-drying equipment, spray-drying equipment, air-drying equipment, and of course, to a lesser extent, vacuum microwave currently. Whom we compete with directly primarily is freeze-drying. Freeze-drying's been around for many decades. It produces a very high quality end product, but it has its limitations. It's very long in process, it's expensive, and you can only go down to a very small range of final moisture content, which limits the different types of applications that can be produced. Vacuum microwave will provide you with a less costly process that allows you variability in final moisture content that's equal throughout the product load, so that you can create shelf-stable, chewy, crunchy, whichever types of products, and ultimately more appetizing to the consumer. Recent wins for us. As you see this fiscal year, we've had a number of news releases. I mentioned five small scale sales and a few integral development agreements, one of which the most recent was with a CAD 20 billion+ revenue company. There was a logo on the previous screen. We're allowed to talk about it in general but not be explicit in nature. But we're looking forward to continuing to develop that relationship. One additional news release that came out after that was a new development agreement with a Swiss-based cannabis company based on some great developments that we've seen with our partner in Canada, one of the leading LPs, in terms of data and the process that has been implied there. A bit more about the technology. We apply a vacuum that is going to lower the boiling point of water, then we apply a specific amount of power density in the microwave energy through different sections of a continuous machine. We have a belt system or a basket system that is transporting materials through different sections. Ultimately, we are targeting a final consistent moisture content and then have an algorithm within the machinery that will alter the power densities through each of the sections to ensure uniformity in the process. In terms of the gentle nature of the process, obviously, you lower temperature, you're not going to degrade the nutritional properties as much, as well as the shorter time period in which you're drying the product. Again, less harm to the product. Because you're drying under vacuum, you have less propensity for oxidation to occur, which is also a benefit to many products that are high in fat, which have rancidity issues in certain cases. With this platform, we've seen numerous companies apply their interest and deploy resources because of the opportunity for innovation. Typically, they're not using this technology to compete directly with something else, like apples to apples in market. They see the opportunity to diversify and to differentiate. That's been where the most of our opportunities have arisen from. Talked about higher quality, the consistency is critical, reduced footprint from an operational standpoint has also been a benefit when selling to the COOs in certain organizations. For more ESG-minded folks, green technology in regards to no water wastage, minimal energy usage to complete the drying. That's been a sales point in certain cases as well. Where we've commercialized the technology thus far, I split it up into the different market verticals. Primarily, the most of our successes come from fruit and vegetable ingredients and snack products with 20 licenses signed to date, 13 in dairy. We're talking about dried cheese iterations, yogurt products, cheesecake. We're now branching into some unique products in terms of mochi and others. Meat and seafood is one area that's really growing for us, with five grains and ramen, actually instant noodles. We're talking to Nissin right now in Japan about some instant noodle opportunities. Pet food is one where we're talking to every major pet food company in North America right now, and they want to co-manufacture. They don't want to do the manufacturing themselves. We are working with a few companies now to step up as that co-manufacturer to provide with the volumes to produce some of these products. If you have a dog or a cat, you know what you're willing to pay for these freeze-dried snack products that are raw. We can compete directly with the freeze-dried products, again, producing them at lower cost, but still being able to sold in market at similar price ranges. We're working on that. Cannabis, again, most recent announcement, we've got some really compelling data in terms of reduction of drying times. We talked about two and five days, and how that translated into the ability to produce more with less footprint. We're actively engaged with discussions with a number of the leading players in the U.S., Europe, and Canada right now again, which is sort of a revision of where we were maybe a couple of years ago, where that was very dormant compared to 2018, 2019. Additionally, companies will choose to work with EnWave based on our, you can ask Eric, he's in the room, CEO of BranchOut, 24/7 response. If they have a question or an issue with manufacturing, we're readily available from the engineering food science side. We're good partners to work with because we want our partners to be successful, hence more royalties being created and then flowing back to our business, as well as our expertise in the space. We've been doing this now for north of 20 years. We haven't had any viable competitor emerge with similar type technology that can take our space, which says something, and we continue to innovate. We have our core patents, but we don't sit on our laurels. We're continuing to file for new patents, which we will file for two new ones this year. For information on the license side, the term in each license to collect royalties is until the last patent in the portfolio expires. We apply for additional material patents this year. Hopefully, they're successfully granted. That'll elongate the royalty collection time for another 20 years. Third-party data. It's great for me to stand up here and say the product's better, because of course I'm going to say that, it's our business. But third-party analysis of the products themselves in regards to the appearance, aroma, texture, flavor, et cetera, done by McGill University in Quebec, Canada, shows that we are superior to freeze-dried in most cases. We provide that data to all companies that are evaluating the technology up front and encourage them to obviously do the trials and do their own tests themselves, but we sit in a very strong position in regards to that comparison. Our sales process. It was very painstaking when we were first commercializing technology, like north of two to three years to get something done for a large-scale line. We're seeing that accelerate based on the number of new products that are successful in market. Folks will look at a company like BranchOut and say, "Wow, they're on the shelves, their velocities are great, and can we do that too?" They come and ask, whether it be in Europe or in Australia, to try and do something similar to what is already successful in market. That's something we saw when we launched Moon Cheese. I'm not sure if anybody's familiar with that product. It was in Starbucks and Costco for quite a while. That went from a new product iteration to 13 licenses and multiple machines sold globally to replicate that similar style of application. We're starting to see that more and more with some of the new stuff we're developing, and we're excited about that. Hopefully it goes from 12 months where it is today to six to eight months and consolidate that timeline. It takes us six months to build our large-scale equipment, hence the reason for building inventory. Right? Why we carry a CAD 4 million inventory right now? Well, because we want to deploy quickly. A company that decides they want to commercialize a new product can't wait another cycle, another year. They want to move fast, right? We have to be prepared to do so, which we are. Of course, after the license and the rollout of those products, there's continued, again, support, development, because we want them to buy more machines. We want to introduce them to buyers of their product, so they exhaust their manufacturing capacity and have to come back and buy another machine. The machinery itself looks like this on the slide here. They aren't small machines at all. The medium and large-scale continuous lines are, I would compare them to a milk truck driving down the highway, that sort of size and scope of machinery. In terms of the continuous nature, you've got an inlet and outlet vacuum lock system similar to a submarine, which will put a tray or a drum full of product through to equalize the vacuum on the main chamber, and then systematically transport that through the machinery until it's done, and then it will go to packaging thereafter. Very simplistic. A lot of automation can be integrated which is important, obviously, these days to reduce headcount and reduce the labor costs. Again, we've built these machines many times over. Right now, we have 22 large-scale machines installed globally and north of 40 small-scale machines deployed, majority of which are used for commercial production, but some of which are used for R&D purposes or NPD. 10 minutes left. From a sales standpoint, we have invested in a rapidly expanding, very capable group. We have our lead salesperson actually with me today and for the conference to answer questions to investors about what's coming down the pipeline. We feel very good and confident about what that pipeline looks like in regards to repeat potential orders and new deals in play for the next 12 months. We also hired a senior salesperson domiciled in the Netherlands, who reports directly into Danna here, and she's been doing a fabulous job of building pipeline within that continent. You truly need to have boots on the ground to develop those relationships, and it's hard for a North American really to relate sometimes to the Europeans. We plan to continue that expansion as we grow. Right now identifying Southeast Asia and South America as potential additional hires for that team. We also attend every major trade show that you can imagine in regards to food technology. To wrap things up in regards to the investment highlights, looking back on fiscal 2025, very good year. We had a small net loss, positive adjusted EBITDA. Growth was like CAD 6 million over the previous year in revs. The first two quarters this year sucked. First two quarters were not good. We are confident in our ability to sell large-scale lines over the next 12 months based on our current discussions, and some of those larger deals that we had targeted for Q1 and Q2 didn't go away. They just got pushed into Q3, Q4, and Q1 of this coming next three quarters. We just have to execute, and if we can do a few of those, of course, it's going to reverse quite quickly given that our royalty collection's been very consistent. I'll stop there and ask if anyone has any questions. The 2 million in tolling, is that pet food? The tolling? You're saying 100% capacity tolling. Is that the pet food you were referring to? No, we won't be producing pet food at our facility in Vancouver. It's basically a tofu item, four SKUs for a leading Canadian tofu company, and it's for toddler snacks for a leading global company that wants to, again, get product to market to show that the philosophies are going to be appropriate for them to then invest for internal manufacturing. That's the plan, is that they go to market, does well, and they buy one or two large-scale to start, one in Europe and one in North America, and then expand from there. There's a third project that I can't speak to because it's NDA. Yeah. What will be the margin on the toll? Right now, targeting 25% gross margin on it. Of course, there needs to be some flexibility. Start at 25%, we'll accept 20% probably, but between 20% and 25%. I'm very curious if one of them identifies something that's patentable, is there an agreement they can't share? Yes and no. Every license is drafted the same in regards to intellectual property. If one company or we develop something new that's going to benefit them, it's made available to everybody. However, through NDA confidentialities, if they have certain trade secrets that they're implementing on the machinery and we don't wish to patent those innovations, then we would agree that they keep that for their benefit to continue to grow their own business. That's how we approached it, versus filing for a specific patent, which will complicate the ecosystem that we've built in regards to licensing. Yeah. Yep. When you're looking at kind of larger spreads, potentially kind of onboarding the customer How do you think about, I guess, size of orders? Are you going after potential customers that want to buy one or two machines or six machines, one machine? How do you spend your time sort of thinking through that sales process? It's an evolution. Ideally, you want to go to the largest customer and sell simultaneously six machines. That would be fantastic, that's simply not the reality for any company, large or small. It's a walk before you run. You get some product to market, you validate the product, you have volume demands, you pragmatically grow your source or input as internal manufacturer or from a co-manufacturer. As I said, we're dealing with some of the bigger players. They're going to likely buy one, two, maybe even three small-scale units to put at their different R&D hubs, use a co-manufacturer to get product to the market first, buy their own large scale thereafter. The potential for some of these are, yeah, multiple, like eight to 10, 12 large-scale machines based on the size of the prize, we're not there yet. The largest number of machines that we have with one singular partner right now is five large scale. Is there any potential, like future revenue stream on, say, upgrade, repair and upgrade on machines or anything of that nature? After-sale service is a component of it, but it's immaterial right now, which I guess is a testament to how robust the machinery actually is and the cost of componentry is relatively low, so that's a selling proposition to some of the buyers. Okay, we got 30 seconds left, so any last question? Yep, last one. In terms of customers- Oh, yeah. Do you have the tool for uptime and tasks? Absolutely. Exactly. Runtime hours we use as an auditing mechanism also for royalty report to come through to make sure that what they're paying is representative of the usage of the machinery. Also, we can get into the PLC and make sure that any software upgrades can be done remotely, as well as if there's a naughty partner that's not paying the royalties, we can just turn the machine off. In terms of remote updates, I assume in terms of the computer interface interaction. Correct. Yeah. We can augment the HMI easily, remotely if necessary, and put in specific protocols for whatever products they're producing so that someone who may not be as technically savvy, just an operator, can walk in there and be like, "Okay, three variables, and we're off for the shift." Yeah. Okay, I think that's my time. Thanks, everybody.