Welcome, everyone, to the Volatus Aerospace 2024 earnings call. I am Danielle Gagne, Head of Communications for Volatus Aerospace and the moderator for this call. Before we get started, just a reminder that we will welcome all your questions, and we will be having a Q&A session at the end of the presentation. You're welcome to submit your questions at any time during the webinar by clicking on the Q&A box at the bottom of the webinar screen and typing in your questions. If we are unable to answer your question today, we'll be happy to connect with you after the program. This presentation will be recorded and made available on our investor website within 24 hours. I would also like to take a moment to point out that certain information set forth in this presentation contains forward-looking information, including future-oriented financial information and financial outlook, and actual results may differ materially. The risks, uncertainties, and other factors that could influence actual results are described in the presentation, in the press release, and in our MD&A filed with Canadian regulators. This presentation also contains non-IFRS measures, which are also outlined in the presentation. There is a full disclosure on page two of this presentation, which we encourage you to read, and can be found on Volatus's investor website at investor.volatusaerospace.com. The company considers the earnings call as part of its routine disclosure to educate investors on information contained in the forward-looking results and related MD&A, and if you have any questions, please feel free to contact the Volatus Aerospace IR team at investorrelations@volatusaerospace.com. Now, with that done, it is an honor to introduce Glen Lynch, CEO, and Abhinav Singhvi, CFO of Volatus Aerospace. Thanks, Danielle. Good morning, everyone, and thanks for being with us here this early morning. My name is Glen Lynch. I'm the Chief Executive Officer of Volatus Aerospace, and I'm joined by Abhinav Abhi Singhvi, who's our Chief Financial Officer. 2024 was a year of transformation for Volatus. We successfully completed our merger with Drone Delivery Canada. We reduced our cost base, and we restructured our combined operations. These were considered foundational steps to position us for sustainable growth as we go forward. Today, during this session, we'll review the financial results of the past year. We'll look at what drove those results and talk about the priorities for the year ahead. So, with that, we'll start with Abhi and a review of the financials. Thank you, Glen. We will begin by discussing our full year 2024 results, followed by our Q4 2024 performance. For the full year, Volatus reported a revenue of CAD 27 million. Though this represents a 22% decline year on year, primarily due to a strategic shift away from short-term drone sales towards high-margin, long-term recurring contracts. This reallocation of capital is aligned with a focus on sustainable growth. In 2024, services accounted for 75% of our total revenue, and as we expect equipment sales to ramp up again in 2025, we anticipate a more balanced revenue mix of 60% of services and 40% of equipment. While overall sales declined, we achieved a notable improvement in our blended cost margin, increasing from 32%- 35%. This gain reflects our growing focus on annual recurring contracts and operational efficiencies. With our merger integration now complete, we are well positioned to scale our beyond visual line of sight solutions, which we expect will further enhance the contribution margin by lowering our direct cost. Though our losses from operations increased approximately by CAD 1 million, I want to draw attention to net loss excluding non-cash items, primarily depreciation and share-based compensation. When these adjustments are taken into account, we have seen a meaningful reduction in SG&A expenses across key items such as marketing reduced by 39%, personnel costs by 10%, R&D is completely optimized, the focus is on commercialization efforts of the existing technologies, office costs reduced by 18%, travel reduced by 55%, and though external partner cost has been increased by 145%, it's due to the one-time related cost of M&A. We don't expect any increase in 2025 in external partner cost. IT and tech cost has seen some increase, and that's because of the merger cost, and especially the technology cost. Turning to normalized EBITDA, excluding one-time merger-related cost, we achieved CAD 3.77 million in cost savings within the first 100 days post-merger. This exceeds our original target of CAD 3 million over the 12 months, underscoring the pace and effectiveness of our integration efforts. Finally, the most significant progress is illustrated on the next slide, which highlights our Q4 results and notable improvements in our EBITDA. The equipment and services overall revenue we did is CAD 6.8 million. There's a decline, and as mentioned previously, it's because of reallocation of capital and strategic focus towards long-term recurring contracts, which are between three-to-five years. Our gross profit remains stable despite decline in our overall services, highlighting the importance of long-term contracts with higher gross margin. Our overall blended gross margin increased from 27%- 38%. This is the highest gross margin we have ever recorded, and we expect this trend to continue as our focus is shifting towards more sustainable operations. Loss from operations remains stable, reduced by CAD 400,000, and if we adjust them for depreciation and share-based payment, which are non-cash items, the margin, it's a similar trend as explained earlier. However, IT and tech for Q4 alone increased materially, and that was because of the merger integration cost. We expect IT and tech cost to further decrease in 2025 as we complete the integration of the technologies across both the entities. The most important item is the Adjusted EBITDA loss, which was CAD 200,000 for Q4. The company has improved its normalized EBITDA profitability on a pro forma basis by CAD 3.14 million within a quarter. Our earnings/loss per share was CAD 0.01, compared to CAD 0.02, a meaningful improvement on a year-over-year basis. On the next slide, we'll highlight what we have done to strengthen our capital structure and the balance sheet. One, in Q1 this year, as part of subsequent events, this is something not reflected in our annual financial statements. We have converted CAD 2.6 million of debt into equity. We have received the agreement from all the debenture holders, and this is going to be approved within the next few days. We have successfully raised CAD 3 million in equity financing. It was oversubscribed and closed today within the 24 hours of the launch. In 2024 alone, we have paid a total debt of CAD 8.9 million. This is to strengthen the balance sheet and at the same time improve our net bottom line by reducing the interest cost. With this, I'll move on to the next slide and hand over back to Glen. Thanks, Abhi. So that's a look at the numbers. What I'd like to do is take a moment and look at what's behind the numbers, kind of the day-to-day activities that actually create those financial results. So kind of working through them in blocks, we'll start with the intelligence services, what we would have in the past days called remote sensing, all of the aerial data collection, processing, and delivery of actionable intelligence. We executed approximately 4,200 missions, accumulating over 12,000 flight hours, providing critical intelligence information across various sectors, including power utilities and oil and gas, for example. In our logistics services, while drone delivery and drone cargo is still in its infancy, we still completed approximately 750 commercial flights covering almost 2,200 km in distance. That's an area that we think we'll continue to expand, particularly as we shift our focus away from North America, not to say that we're not going to continue to pursue opportunities here, but recognize where we have demand and regulatory mechanisms that allow us to move more quickly in markets like the African continent, just as an example. In training and education, which we don't talk about enough, I don't think, as a matter of fact, I'll give a little shout out because this is an area that Danielle's responsible for. In training and education, we provided 2,388 online student courses and 83 in-person training sessions. Those are courses as well, resulting in the education of about 3,200 or more than 3,200 students. In our technical and consulting business, our team contributed 29 consulting days to large major OEM clients, offering strategic insights on regulations and technical matters. Our regulatory team facilitated the issuance of five waivers. We call them Special Flight Operating Certificates in Canada to expand our offering beyond the current confines of existing regulations. In our solution sales, as Abhi mentioned earlier, we had a strategic redeployment of capital due to some working capital constraints, but we continued to sell approximately 1,175 remotely piloted aircraft systems across the group. What's important to recognize is that these are more than just numbers. They represent our integrated approach to delivering comprehensive services to drive value for our clients and ultimately our stakeholders at large. I want to talk for a minute about our strategic partnerships, which people have asked some questions about. We actually had a webinar not long ago that talked about it. Really, I think all of us are living in the current environment of geopolitical shifts and uncertainties. Our approach to partnerships during this period has become more important than ever. By forging strategic alliances, we enhance our resilience and expand our capabilities to ensure adaptability in the face of global challenges. These collaborations allow us not only to share resources, but also access new markets, combine expertise, and enable us to deliver comprehensive services that meet continuous evolving needs. Our commitment to building and nurturing these partnerships reflects our proactive stance in navigating current world complexities, ultimately to achieve sustained growth and success again for all of our stakeholders. A key note I'd like to make before we move to the next slide is that each of these partners brings innovative technologies to the table, and Volatus serves as an integration and commercialization mechanism, providing an integrated solution, basically a single solution to an end-use customer and incorporating all of the technologies of our group. In 2024, we began an important process of commercializing the remote operations center that was developed over the last number of years by Drone Delivery Canada. The objective was to improve our scalability both for our new businesses, but also for our existing businesses through the use of this advanced automation. The Operations Control Centre, or we refer to it as our OCC, empowers our operator pilots to manage multiple drone missions simultaneously across vast distances to gain efficiencies and reduce the need for personnel in the field, effectively making our service more scalable, making our gross margins more attractive, and ultimately enabling us to gain additional competitive advantage. To provide our clients with a tangible experience of the capabilities, we actually transformed the Drone Delivery Canada test site, which is located north of Vaughan, into a state-of-the-art customer demonstration center. The objective here is that clients can witness the technologies in action, watching the drones being piloted from the OCC, but experiencing the on-the-ground impact of these missions firsthand. This holistic approach not only showcases our technological advances, but also builds trust with the clients by demonstrating real-world application. It also allows us to demonstrate our newest Surveillance as a Service offering, which was introduced to address the growing demand for improved border security. That's a nice segue into this screen and demonstration. So what we're looking at here, this split screen demonstrates the highlights of Surveillance as a Service by showing the dual sensor data and our detection algorithm. On the left, the RGB sensor is providing a clear daylight visual of the target area. On the right, the thermal sensor detects heat signatures, enabling the identification of people, vehicles, and animals regardless of their lighting conditions. This technology allows for precise monitoring and classification of targets while enhancing decision-making in real time. With the recent Canadian elections concluded, and as the government refocuses on national priorities, these capabilities are crucial for strengthening border security and responding to emerging challenges. Our advanced drone surveillance solutions are ready to support these efforts, providing reliable and efficient monitoring across diverse environments. As we look ahead to 2025, our focus is on executing key initiatives that will drive growth and solidify our market leadership. First, I guess I'd like to point out that we'll continue to commercialize our core programs. That's what's generated the revenue to date in each of our primary markets, but the next one that I want to spend a minute on is converting our pipeline into revenue, so I think I want to make sure that we understand what we're looking at here. When I say pipeline, it is the results of active files. It's a summary of all of the active files and the potential maximum commercial possibility of those files. Volatus has a very large sales team, about 17 dedicated sales professionals that are spread across Canada, the United States, and Europe, particularly in the U.K. We have four marketing experts that support them. And ultimately, they're continuously developing and pursuing opportunities that we have in a manageable pipeline. Now, in a mature industry and a mature business, we'd be able to turn around and say, "Conversions, you could expect this level of conversion, this percentage in a given period of time." The challenge is the drone industry is still nascent. It's kind of rocketing out of that nascent phase right now, but everything's changing, so adoption rates in the industries change from year to year. If I look at our pipeline in general, the customers are bigger, the opportunities are bigger. They go from one building inspection that's going to happen in three weeks to potential large-scale infrastructure inspections that could happen over a number of years. And these are happening throughout the world. Our primary focus to date has been Canada, the United States, the U.K., and developing into Europe. Now we're expanding into the African continent and pursuing opportunities in Asia. So the nature of the pipeline is changing very dramatically. There's definitely no guarantee on how much, if any, of this pipeline will convert into tangible business, but it's reasonable to assume that we'll get some. And ultimately, our objective as a 2025 priority is to focus on effective management and developing these opportunities to gain as much of it as possible. The next one that's key is managing or maintaining our cash and margin discipline. This is all about achieving and maintaining sustainable profitability, which is a number one priority for us as a company overall. Focus on infrastructure and cargo expansion. Infrastructure is everything from power utilities, pipeline, and so on. The development of new energy grids, new transportation infrastructures, things that meet the long-term objectives of national economies. If I look at Canada, for example, we know we have the potential for the development of rare earth minerals in British Columbia and Quebec. We have the opportunity for the development of the Ring of Fire. There's going to be everything from the use of drones to support those efforts directly, but also to support the development of the infrastructure necessary to commercialize a lot of that. So it introduces a lot of opportunity there. Cargo long-term, particularly middle-mile cargo, but even looking at B2B and some, I'll say, early-stage urban delivery opportunities are all becoming more real, particularly as we expand beyond what Drone Delivery Canada was originally focused on, which was delivery activities in Canada. Now, Canada is moving very quickly. We're quickly becoming a world leader in terms of our evolution on our regulations governing the use of drones and long-range activities. However, it's still a more challenging and limiting activity versus other parts of the world where we can continue to develop this opportunity in regions like Africa, where they both have the need, the regulatory capabilities to authorize or mechanisms to authorize these things, and customers that have both an ability and a willingness to pay. Many of these communities are obviously being supported by organizations like the World Food Programme at the United Nations and so on. So we'll continue to focus on that. The next one is commercializing our remote operations center. By leveraging the automation that we have there, our OCC will enable scalable and efficient remote drone operations. And then the last one, again, another shout out to Danielle. We're going to focus more on expanding our training and developing the opportunities through the Volatus Academy. We're committed to developing talent and industry and expertise in the industry by broadening our training programs to meet the changing requirements. This does two things for us. It's a requirement for developing our own service capabilities, but it's an industry requirement overall that opens significant commercial opportunities to continue growing the training business. These strategic priorities are designed to position us for success in what I consider to be a pretty dynamic market landscape right now. Thank you very much for your attention to us today. We're open to any questions that you might have. Danielle, back to you. All right. We have some questions coming in. One of the questions is that we had a person ask a little bit about the metrics in 2024 and if this is a reflection of the whole year, specifically asking about the equipment sales and it being at 1,175. Can we speak to that again? I'm sorry, Danielle. Could you repeat that question? I had a little glitch here. Oh, no problem. Yes. In 2024, did the metrics that we supplied, is that for the entire year? And specifically, is that the number for equipment sales for the entire year across the whole group? Yeah. So it focused only on the remotely piloted aircraft systems, but yes, it is for the year. And realistically, I think it was, if I remember right, just south of 1,200 units. That was specifically drones and remotely piloted aircraft systems. A lot of what we generate revenue on are selling accessories like sensors, batteries, spare parts, service revenues, and so on. So it's more of an aggregated picture. But that number specifically was about the number of our past systems sold. And to add on that, these units are not small drones, like not CAD 200 or CAD 300-dollar drones. These units cost between CAD 20,000- CAD 500,000 per unit. So I think that's one factor. And as discussed earlier, there was a strategy shift. And for someone, it may seem like a low number, but that strategy shift. So 1,175 drones means that equated to 25% of the overall revenue for 2024. So you can get to an average value of the drone through this. Thank you. When do you see results turning even to positive, and when do you intend to break even? Well, I would say realistically, mid-year this year. It's a primary focus for us as we start entering our busy season, that mid-year is probably when we would expect to see some sustainable positive performance. You mentioned Africa a few times. Could you expand on the potential in that continent? Yeah, there's significant opportunities. If we look at some of the developments that are happening, I'll pick one, for example, in Guinea, where there's the development of a major ore mine that's being led by a consortium. Along with that mine, there's the development of a 600 km-long railway service that will connect the mine to the deep-water seaport. And that's going to be traveling back and forth. There's some heavy rain seasons in that country. So there's everything from providing support directly to the mine itself, moving tools and parts in and out of the mine from that standpoint, even public safety, PPE-type activities where you've got workers that are scattered all over the place. And then when we look at the actual railway itself, it's surveying the railway, monitoring the railway bed for degradation and so on. You're obviously carrying heavy loads with high frequency, so that's a consideration. And then helping understand and work with the stakeholders to protect the wildlife that can be potentially threatened by the railway operation itself, and then leading right into port to the deep-water port and the securities that are associated with the port, which are similar to requirements that happen in ports all over the world. So that's an example. We have potential food delivery, not food delivery, but critical medical supplies in Somalia, which is an opportunity there. And I can kind of go on and on, but that gives you a little bit of a flavor of the type of activities that are available there. Absolutely. So can you speak to the opportunities and how are we better positioned than our competitors to attack the pipeline that we have? And can you speak a little bit to how we developed that pipeline? How did we decide that it was 600 million? So that's important. I mean, the reason we brought that up is because a lot of customers have said, "Where's the business come from?" Right? So we're participating in regular industry trade shows. As a matter of fact, Danielle right now is in Houston, Texas, for a trade show that runs in the oil and gas industry most of next week, and we've done as many as, I think, 35 trade shows in a year to raise activity, so what happens is we'll get a call from a major, let's say, oil and gas company. It could be. Right now, I think we have probably in the neighborhood of two or three, maybe four active RFPs that are happening in the power utility sector. We have ongoing requirements in the oil and gas sector to continue to expand that area, etc., so basically, what happens is those opportunities come in or are found by one of our salespeople. They start developing out what the opportunity could be. Now, we deal with it internally on a weighted average basis only based on where the deal size is. The number that's being presented there right now is if every deal closed and we got 100% of what we believe the full potential of the deal is based on the RFP or the requirements of the customer, then that's the total value, which is why I stress if you turned around and decided, "Well, it's reasonable that a company could get 10% of a pipeline, 10% of that number would be, for example, the target." Each of those follow through an active management process where they're reviewed with our Chief Commercial Officer and the appropriate sales executives on a regular basis, and then they manage their way through to determine what the probabilities are. When we get to a point where we know it's either not feasible, either from a regulatory standpoint or the customer it doesn't meet the customer's needs, then it's removed. If we go past the target date, it's also removed when we've got a planned closing, but that's what it is. It really is. The really is. The way I look at it, it's kind of an asset that we manage on an ongoing basis. It's something I get reports on now weekly so that I can understand where our efforts are, insert myself, and we literally have opportunities to help with large-scale development of drone capabilities where Volatus might be involved for three to four years and then exit the stage completely to do the same thing somewhere else. So that's more or less how they happen, and you know what? It should be realistic as time goes by to turn around and say, "Our average conversion rate is X%." Unfortunately, it would be unrealistic right now to actually do that because it's a continuously changing activity. The initiatives in oil and gas right now, there's several oil and gas companies that are not just exploring, but actually using drones in a way that they never have before. I look at it now. We have two of the largest oil and gas companies that within the last couple of months have approved Volatus as a drone operator as well as a piloted aircraft and helicopter operator where we've had approvals in the past. So if you look at some of the hazards like the Keystone Pipeline that was leaking in North Dakota, not only did we see that in our aerial surveillance activities with our regular patrols, but we actually were contracted to provide a drone that flew over that location twice a day for a period of I don't remember if it was a week or two weeks, but we're involved with those kinds of activities and whatnot. So again, that's more or less what the pipeline is. It's an overall indication of what we're working on. We have a lot of questions in, and we only have a few minutes to go through. So we'll have to address some of these via email. So please reach out to us if you ask anonymously. One of the questions here is, can you address where you might see your exit revenues and what percent would be recurring revenues? Sure. I can take that question. Our annual recurring revenue for 2025 exit run rate, we expect between CAD 20 million and CAD 25 million at least. This is based on the existing contracts and visibility we already have. This may, and we are expecting this to increase as well as we go towards the more flying season. In terms of the, I would say, the percentage of annual recurring revenue, we expect by end of the year, almost 50%-60%, which is basically a services and technology revenue, will be entirely annual recurring part of the business. Danielle, I know we're coming up short on time here. I saw one question that floated through about the significance of BVLOS at night. Really, what that does is it allows us to do a number of things. It allows us to deploy very quickly on forestry-type activities across the country. It allows us to move more quickly in areas such as cargo delivery concept cases where we can actually deploy more quickly for proof of concept while we're actually developing the daytime approvals to do the same thing. So again, it opens up a number of opportunities. Our regulatory team, we have new regulations that were introduced at the end of last month or actually the end of the previous month that will come into effect the first week of November. What happens as those come in, it opens the door to more routine flight beyond visual line of sight with larger drones. What happens with our regulatory team is then they start working on the next level of approvals to push those limits through the development of safety cases that allow us to use even larger drones and more capable drones to provide more services. I want to take a second, Danielle, because I know we're running past time now. I see there's a lot of questions. I would really encourage folks to use our investor relations page, submit your questions. We'd be more than happy. We try very much to get back to all of the questions within a day or two. So please, investorrelations@volatusaerospace.com, submit your questions. Danielle actually will answer some of them, and she'll bounce any that are financial or operational to Abhi or I or to one of our senior C-suite executives to answer. But we're more than happy. We recognize the significance with our stakeholders. We obviously have some limitations on what we can disclose as a public company, but we do our absolute best to be as transparent as possible. A nd I know we're up against time, but I have one more question that I think it's worth asking live. Can you comment on the surveillance opportunities being pursued, defense demonstrations, etc.? I can. Realistically, I think everybody is following the news these days, so they know the significance of the border, and there's multiple things. For example, we hear now about pressures on the Canadian border with immigrants that are crossing from the United States into Canada without being recognized, so illegal, or I'll call them irregular border crossings northbound with people trying to escape the current administration's deportation efforts for illegal immigrants, so obviously, that becomes a consideration for Canada to have that required information. So now that the government is in place, as soon as the cabinet ministers are sworn into place, our lobby team and our sales team will be chasing those in Canada or in Ottawa as aggressively as possible. We're also trying to maintain some visibility with the U.S. administration to provide the services to Homeland Security in the United States through our U.S. operations. But this is a bigger subject, right? We have multiple countries, including African countries, that are concerned about border surveillance, and we're pursuing every opportunity that comes up. We go after it as aggressively as possible. I think it's an easily scalable service. And of course, there are large-scale opportunities. Hard to say how successful, again, we can be. We may be successful in specific areas, targeting high-risk areas. But again, I think most people that are listening in on this call are aware of the urgency and the interest in border surveillance. So that's what we're looking to do. And I see we've got a note there that suggests maybe we can extend a little bit. I'm okay, Danielle, if you want to extend for another five minutes or so. Yeah. We certainly have enough questions, and we don't want to leave them hanging for those. So one of the questions that we received is, "When do you expect to be in compliance with the covenants of the EDC loan?" Do you want to take that? I take that question. So we actually got the waiver on the compliance when we tripped on the current ratio covenant end of December. And the reason is, and that's something we cannot disclose too much in financial statement as far as restricts us, is as we use the funds to also repay almost CAD 8.9 million of overall debt, that lowered our overall long-term liabilities, but that's when we tripped on our current ratio. We have got the approvals. And with the current rates that we closed last evening, we are already in compliance with the EDC covenant. So right now, we are all good on that front. Let's get another question in here. So have you obtained clearance for high-value RPAS deployments in the oil and gas sector and further on Canadian regulations? Can you talk to the high-value RPAS deployments? Okay. And so it's a repeat. I think it's talking about that, but also, can we talk about the beyond visual line of sight ruling that just came out that will go live in November and what that means for our business? So that allows us to operate larger drones, again, still within a weight category, if I remember right. And I hate quoting these numbers, so be careful. Caveat emptor, buyer beware. I believe the number is 150 kg and in low risk beyond visual line of sight. So what it's done is it hasn't eliminated the operator's need to deal with all of the things that triggered the regulations in the first place, but it actually makes it more scalable now. So instead of going through specific applications for operating authorities, it's captured many of those requirements and allowed us to operate more freely. So it'll allow us to scale some of those business opportunities more quickly. Now, bear in mind, when the restrictions are in place, the technology developers focus on areas where they can deploy their technologies. So they're developing technologies within the regulatory framework. There are outliers such as our partner at Dufour. Dufour has developed a much larger drone that falls even above the increased weight limits of the Canadian government, but they focused very much on a platform that's designed ultimately to be certified. So our objective would be to continue to push for the authorities to operate drones that are there, jumping from, let's say, a 25 kg weight limit or 55 pounds up to a 250 kg jump. That's a big jump. It's 10 times. But when we're jumping from a regulation that's now 150 kg - 250 kg, it's a much smaller jump. It's a little bit less daunting when we're building the safety cases around those. In most cases, what makes it interesting, and if I just deal with Canada specifically, Canada has so many remote communities in the north where it's considered low-risk airspace, where drones can actually provide service to a community in an environment that's eligible for regulations. Many of these northern communities actually don't have year-round road service. This allows us to address many of the needs of the communities. Ultimately, that will be a focus as we move forward. Has the company officially entered into the defense segment? What changes have been done in the cargo segment? First of all, I'll unpack those as two questions. On the defense segment, we've always been involved in the defense area, but we're involved in the intelligence side. So we're not a company that weaponizes drones. Frankly, I have a son that's serving. He's a major in the Canadian military. And frankly, I believe we should be equipping our soldiers appropriately. But realistically, that's not our expertise. Our expertise is intelligence. So the drones that we sell into the defense area are very similar to the products that we provide into the civil area with, obviously, additional concerns for defense, such as robustness and encryption levels and those sorts of things. But we have been actively selling intelligence products into the Ukraine market, for example. And we see that continuing to happen. On the cargo side, the biggest difference is we no longer limit ourselves to our own technologies. The Canary, for example, that flies regularly over Toronto delivering medical supplies and in and out of the Edmonton International Airport on a daily basis right now, but also allows us, by being technology agnostic, to introduce larger drones that are available and mature enough to introduce to the markets today, such as the Dufour platform that we talked about earlier, or the long-range smaller drone like RigiTech's Eiger, which is capable of going out to 100 km. So that's one change. The second one is we've basically taken the focus off of Canada, or maybe I'll say expanding it beyond Canada. So Canadian opportunities are still being pursued, but they're slower and smaller scale at the moment versus other opportunities that we can pursue in other parts of the world. I think we've actually reached the end of our questions today. So thank you, everyone, for staying a little bit over time. We appreciate your attention and your support. And just a reminder that the presentation recording will be available on our investor site within 24 hours at investor.volatusaerospace.com. And if you have any questions or if one of your questions wasn't answered or you need additional information, you can always reach us at investorrelations@volatusaerospace.com, and we'll get to you as soon as possible. Thank you, everyone. Have a great day.