Right. It's 8:00 A.M. Welcome to the Volatus Aerospace earnings call. I am Danielle Gagne, Head of Global Training Strategy and Business Development for Volatus Aerospace, and the moderator for this call. Before we get started, just a reminder that we welcome your questions, and we'll be having a Q&A session at the end of this presentation. You're welcome to submit your questions anytime 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 contact 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' investor website at investor.volatusaerospace.com. The company considers the earnings call part of its routine disclosure to educate investors on information contained in the quarterly results and related MD&A. If you have any questions, feel free to contact the Volatus Aerospace IR team at investorrelations@volatusaerospace.com. Now that the housekeeping is done, it is an honor to introduce Glen Lynch, CEO, and Abhinav Singhvi, CFO of Volatus Aerospace. Thank you, Danielle, and welcome everybody. Thanks for joining us here today. We'll kick off right away. My name's Glen Lynch, I'm the CEO of Volatus. Please forgive my voice. Let me start with how to think about Volatus today. We're building an integrated aerospace and defence platform. That means we're combining drones, piloted aviation, manufacturing, software, and training into one operating model. The simplest way to think about the business is in three parts. First, Defence and Security. That includes ISR drones, counter-UAS or counter-drone capability through SKYDRA, NATO training, and sovereign manufacturing. Second, Aerial Intelligence Services, which is our operating backbone. This includes inspection, mapping, and surveillance work for utilities, energy, and infrastructure. Third is our Equipment, Cargo, and Training, which includes drone sales, cargo platforms, supporting infrastructure, and operating training. What really matters is that this is not a single-product company. It's a platform with multiple revenue streams that all reinforce one another. In fiscal 2025, we delivered CAD 34 million of revenue, which was a growth of 26% year-over-year. We maintained about a 32% gross margin, and finished the year with just over CAD 41 million in cash. We also saw our defence business grow to 25% of our revenue. That's important because it shows our business is naturally aligning with where Canada and our NATO partners are investing. That's autonomy, sovereign capability, and domestic industrial capacity. This slide really sets the foundation. Volatus is evolving into an integrated Canadian aerospace and defence platform with operations that span Canada, the United States, and the United Kingdom. Let's take a minute and I'll give you a quick update on what we actually got accomplished in 2025. On the Defence side, this was really a year where we moved from proving we could enter the market to proving we could execute. We delivered multiple ISR systems, that's the defence drones that we're talking about, to NATO customers, and importantly, we received repeat orders. In Defence, repeat orders are what really tell you that the capability is working in real operations. We also secured a CAD 9 million training contract with a NATO ally, thanks to Danielle and her team, and renewed our national master standing offer with the government of Canada, which keeps us positioned across all federal UAV service categories. On the commercial side, we continued building stable contracted revenue. We signed a major multi-year utility program, expanded our Beyond Visual Line of Sight medical delivery work, supported offshore wind logistics, and continued our work in environmental programs like aerial reforestation. From a technology standpoint, we strengthened our platform. We added the V100, V200, and V300 ISR aircraft. Those are our medium altitude, long endurance drones, the IP portfolio we purchased later last year. We advanced our Condor XL heavy lift program, launched SKYDRA, our counter-drone software, and began establishing our Mirabel manufacturing facility. From a capital market standpoint, we finished the year with the strongest balance sheet in our history, CAD 41 million in cash. Shortly thereafter, we completed our graduation to the Toronto Stock Exchange main board. When you step back, these aren't isolated milestones. What they really show is a company building scale, building sovereign capability, and positioning itself to participate in the long-term defence industrial cycle that we now see emerging in Canada and among allied nations. This slide really shows one of the biggest shifts that's happening inside of Volatus. Just two years ago, Defence was about 5% of our revenue. In 2025, it reached about 25%. If you think about it, that's a major change in our business, and we still believe that we're in the early stages of that growth. There are a few reasons for that. First, we now have real proof points. We have NATO contracts, repeat ISR orders, and growing training platforms, I guess I should say programs. This is no longer about where we think we can go. This is an operating Defence business today. Second, the environment around us has changed. I think everybody's seeing that structural change. Canada's Defence Industrial Strategy and NATO commitments are creating a long-term demand cycle and demand signal around autonomy, ISR, and sovereign manufacturing. These are exactly the areas where Volatus has been building capability, and our objective is extremely clear. We want to be recognized as one of the Canadian industrial champions in this sector, a company that can actually deliver capability, not just develop technology. Third, our model as it is today, goes well beyond just selling aircraft. We deliver integrated capability. That's the ISR platforms, our long enduring systems, our heavy-lift logistic drones, the Condor XL specifically, and our training and sustainment. That matters because sustainment creates long-term recurring revenue relationships. Mirabel is an extremely important part in a growing role in the Volatus story. We're building manufacturing capability in Canada, which positions us exactly where the Defence Industrial Strategy is trying to build domestic strength. Trusted Canadian suppliers with export potential to NATO and allies. The takeaway is really this: defence is becoming a core growth engine for Volatus, and we believe we're positioning ourselves to participate meaningfully in Canada's push to rebuild its next generation of aerospace and defence industrial champions. This slide, before I pass it over to Abhi, highlights an important evolution in our counter-drone strategy. With SKYDRA, we intentionally moved upstream. From just products and hardware, we're now focused on the policy planning and operational readiness level. That was really the original objective. The concept was to help shape how organizations think about counter-drone readiness, not just what equipment they buy. SKYDRA is our operational planning and simulation platform. It allows defence organizations, airports, and critical infrastructure operators to plan scenarios, train teams, and develop response frameworks before they ever deploy hardware. Strategically, this matters because defence is increasingly software-driven and governments, including through the Defence Industrial Strategy, are putting more emphasis on preparedness, integration, and operational capability. From an investor standpoint, it also introduces three important things for us. Recurring software revenue, stronger pull-through for our hardware programs, and access to a much larger counter-drone readiness market. While SKYDRA is a new product, new in our commercialization, it's an extremely important first step. It shows we're not just building drones, we're building capability at the policy planning and operational level of counter-drone strategies. With that, I'm gonna pass it over to Abhi now, and he'll walk you through our 2025 financials. Thank you, Glen, and good morning, everyone. I will walk you through our fiscal year 2025 financial results, which represent the first full year following the merger with Drone Delivery Canada and Volatus in 2024. Starting with the top line, equipment and service revenue came in at CAD 34.2 million, up 26% from CAD 27 million in fiscal year 2024. The big driver was equipment sales and that part of the business more than doubled, up 106%, largely tied to our defence sector enhancement. On the service side, revenue was down slightly and it's really the timing of awards and execution, not the demand. We have already seen the normalization. There has been two major service contracts that were awarded due to start in 2025, but didn't start until end of Q1 of 2026. On margins, gross profit increased CAD 11 million and margins remained stable at 32% despite the higher mix of equipment and defence sales. On operating performance, this was our first full year post-merger, so we're seeing the impact of that. We invested heavily in people, up 45%. IT integration costs were up 40%. We restarted and restated R&D, particularly around development of defence technology. Yes, operating costs increased to CAD 14.9 million, but that's more likely and very much planned investment. Importantly, these are front-loaded investments to support scale, especially in the development of defence technology in the given geopolitical situation we are in. At the EBITDA level, we are at about CAD 7.2 million, but on pro forma basis, including the full year of Drone Delivery Canada, that's actually a 25% improvement. Overall, I would frame 2025 as a big year, strong revenue growth, deliberate investments, and a clear shift in where the business is heading. Next slide highlights the revenue growth mix and the geography of the business. We ended the year with 26% growth and defence now makes up 25% of our total revenue, highest in the company history, and we haven't even scratched the surface. That's an important number because structurally we are seeing a move towards 60%-65% in defence revenue over time. Looking at the quarterly revenue, we can see the ramp up. Growth accelerated through year with Q2 and Q3 showcasing the strongest step up, particularly equipment deliveries and ramp up in defence. Q4 remained stable, indicating a baseline run rate normalization. On the mix side, equipment is now about 48% of revenue, up significantly from 29% last year. Services at 52% still showcasing a meaningful base, and that's intentional. Equipment gets us in the door, especially in the defence sustainment revenue. That's generally 60% of the defence contract, and it's driven by training, maintenance, and software solution, all being provided in-house by Volatus as we scale. Services is what drives recurring revenue and margin over time. On geographically, Canada did CAD 19.3 million in revenue at 10% increase, showcasing a stable and foundational market. This does not include any defence activities. With the launch of Defence Industrial Strategy in 2026, this will change the mix and the growth materially as we scale in 2026 and 2027. Europe and U.K. saw revenue of $10 million, up 244%, primary growth engine being defence. U.S. was stable at $4.9 million, with a 13% marginal drop temporarily due to softening, which are factors beyond our control. Critically, entering 2026, we have established $20 million of annual recurring revenue equivalent of revenue run rate, providing visibility and stability. Directionally, we are moving from more transactional project-based revenue to more predictable contracted revenue stream and platform revenue as we scale in defence. That's a key shift for us. Moving on the balance sheet and liquidity. 2025 represents a step up change in the financial strength. Oh, Danielle, previous slide. Thank you. Turning to balance sheet. 2025 represents a step up change in financial strength of the company. We ended the year with total assets of CAD 93 million, up from CAD 58 million. Current assets of CAD 48 million, up from CAD 11 million. Cash of CAD 41 million compared to just CAD 2 million the prior year. This reflects a CAD 39 million increase in cash, primarily driven by the financing activities aligned with our growth strategy and the confidence investors have shown in our ability to execute. From a cash standpoint, operating cash flow improved to about CAD 7.5 million versus -CAD 12.4 million last year. Investing was about -CAD 1.7 million as we continued to build out capabilities in 2026. Financing was about CAD 48.6 million, which enabled a significant shift. This positioned us for strongest balance sheet in company history, sufficient capital to support defence programs, manufacturing scale up, especially the Mirabel facility, and global expansion. We have moved from a capital constrained position to capital enabled growth platform with liquidity aligned to our strategic roadmap. That brings us toward end of the organized presentation. Happy to take any questions. Thank you, Abhi and Glen. We have some questions coming in. Just a reminder before we get started, if you do have any questions, please submit them in the Q&A box at the bottom of the screen. You shared Defence is the fastest growing segment. Can you give us the breakdown of revenue from Defence versus Commercial and Products and Services versus Equipment? I can take that question, Danielle. On the overall breakdown, we are not breaking down Defence versus Equipment specifically on the Commercial side, specifically to preserve the margin visibility because it's a competitive space. The breakdown showcases the visibility and the margin from each segment, and it goes against the company. That's the only reason it's not been disclosed. On the service side, 48% of the revenue came from overall equipment. That includes both Commercial and Defence, and 52% came from services contracts. What is your cash position after paying the EDC loan, and how is your standing with EDC impacted by the covenant breach? Sure. CAD 41 million cash year-end is after repayment of the EDC, which is a scheduled repayment of EDC loan. The covenant breach did not impact anything with EDC. Neither the relationship nor the timing of the payment. EDC payout is over the four years. The timing hasn't changed. We had the approval from the EDC already. We were aware of the breach and they were comfortable as well. It was just a mere formality and the accounting disclosures on the financial statements. Could you provide a status update to Mirabel and timing of commercialization of that facility? Also, at a high level, how are government conversations going with respect to the Defence Industrial Strategy and FLT's positioning within it? I'll take that one, Danielle. Mirabel is a core focus for us right now. Officially, we're hoping to launch the facility with some form of an opening early to mid-June. There's a lot of work being done in the facility right now. We're launching a total of five programs over the course of this year. Manufacturing will actually begin within the next few weeks on the first program, with some deliveries off of that program expected by probably early summer. I would say from a revenue standpoint, we don't expect the facility to be really contributing majorly to the revenue in the company before entering 2027. There will be some revenues in 2026, but it's very early stage in the production, particularly as we complete the flight test articles and demonstration aircraft for the larger MALE platforms. Hiring is ongoing. They're working very aggressively. Luc Massé has transitioned to a full-time role now leading that initiative. We're ramping up as quickly as we possibly can. In terms of conversations with the government, we're working very aggressively. We're attending pretty much every defence-related conference right now across the country. We're involved actively with the Canadian Army and some of their strategic planning. We're involved in their MINERVA Initiative. We're involved in IDEaS challenges right now, which are some of the programs that are competitive programs that have been opened up by the government. To be honest with you, I think, what's really important is for people to understand that the Defence Industrial Strategy, while it was several months delayed, I think, we were expecting it to kick in a little earlier, this year, the reality is, as with most things, it was worth the wait. It did appear, but it's fairly newly minted as they stand up the Defence Investment Agency, and work through some of the legislative issues that allow the DIA to be able to execute with lower floors on their ceilings, expediting the procurement process. Much of what we expect to see in 2026 is government investment in the industrial infrastructure of the country. While there's a CAD 80 billion demand signal, the reality is that demand signal could not be likely deployed across all of Canada right now because our defence infrastructure just simply isn't there. Over the history of Canada, most of the defence spending that was occurring, about CAD 0.75 of every CAD 1. CAD 0.70-CAD 0.75 was actually leaving Canada. Right now, the Defence Industrial Strategy has created, first of all, a dedicated investment into the Canadian defence industry. That's really the most important number to watch this year is the CAD 6.6 billion, which will show up in the form of non-dilutive financing and early programs within the government. If you think about it, because of where we are, it's not likely that the government would turn around and buy CAD 100 million of drones from a Canadian manufacturer, first of all, because the drones haven't been produced in Canada until very recently. You know, when I say that, I mean at a large operating scale. Because the military will go through a procurement typically of a smaller number. They go through the procurement and testing cycle, and then they start entering into program-type revenues, which I would expect more to start happening in 2027. That's not to say we won't see revenues this year. I think a lot of the things that you'll see is the deployment of capital investing in the Defence Industrial Strategy or, excuse me, in the Defence Industrial Base, which will allow us to repatriate much of the defence spending that's leaving Canada right now. A key point I wanna make, particularly for people that are looking at what the strategy really means, the way Volatus sees it is the Defence Industrial Strategy is not really a trade protectionist-type mechanism. What it really is, is a reinvestment and future investment in Canadians in the Canadian defence industry. By, you know, strengthening our defence industry, it's really makes Canada a stronger partner for the United States and for allied nations around the world. It allows us to contribute in a more meaningful way, particularly in areas like Arctic. But just overall, it opens the door to collaboration, cooperative relationships, joint venture, co-development of technology. I think, that's probably the most important thing that we should look at. I know that's a long-winded answer to a relatively short question, but suffice it to say that we are doing our absolute best and remain engaged and increasing our profile within the Canadian government and the defence and the Canadian Armed Forces. Well said, Glen. To go back to Mirabel, what will Mirabel look like at a full run rate? Abhi, do you wanna take that one? Sure, absolutely. I can take that one. The 53,000 sq ft, it's perimeter secure. At full run rate and full scale, initially, when we launched it, the plan was one technology that has been expanded to four different technologies now, including Borealis project. At full scale, that, the capacity of that facility is CAD 250 million. Okay. When do we hear more about Borealis? We made it to phase one, so we got down selected from 200 companies to 25. We have already made submission to phase two as well. I believe by end of Q2 or by mid of Q2, we are expecting the results of phase two to come out. That will lead to 12 companies in phase three. Phase three is field testing and demos with the Armed Forces on the field. The proposed plan is by end of the year. The government has one year, so I would say till end of April next year to complete phase three. But we are seeing the much faster movement, so we can expect by end of the year that should conclude. With the new margin profile forming, what would be a reasonable revenue ballpark for the company to reach breakeven? With CAD 60 million annualized revenue, it is breaking even. It could be a little faster as well, because we need to remember one thing. We have ramped up the R&D, but once the technology is out, the R&D also goes down and because now it is only maintenance of the technology rather than significant investment. The different software technologies the team is working on, that is a big investment that is going in parallel to the platform, which is hardening the platforms for the Arctic. Once these are ready, the R&D goes down and basically that also improves the margin profile as we keep scaling. Can you refresh us on your M&A strategy and what are your key areas of focus to fill out your product suite? Absolutely. Our strategy is still anchored around central thesis of, you know, vertical integration, Canadian control aerospace and platform. We are looking in both commercial and the defence segment at the same time. On the defence, it's always proprietary technology and IP, something that's proven and works in the operational field. Of course, it's going to be proven technology and inbounds with existing contracts with the different NATO and NATO partners. On the commercial side, it's operational consolidation, that we keep doing it. Specifically on the energy side, in U.S., Canada, we're not just looking for adding on revenue because our intent is integrating the platform and immediately realizing the synergy. It's one company, one direction. That's the intent. It's not a hold co structure. We look for synergies, we look for integration, and it's broad-based technology, contracts, customer base, geography and people. Would the domestic battery partnership that you announced in the MD&A solve the supply chain issue arising from the Middle East situation that's going on right now? I'll take that, Abhi. Supply chain is a major discussion for us right now because back to the Defence Industrial Strategy, if we attempted to spend all that money in Canada, the supply chain is somewhat limited for that. Very much similar to the United States. There's been, I would say, an over-reliance on international markets for supplying a lot of the supply chain. Of course, the instability, the geopolitical instability that's existing has certainly rattled supply chains. There's no question about that. I believe that one of the strongest motivators for companies like Volatus to establish these partnerships like this one, like for example, the one that we announced a few days ago with Sentinel R&D, is all about strengthening the domestic supply chain within Canada to create a sovereign IP and a dependable supply chain as we kind of build together. Most definitely, I believe that the partnership with VoltaXplore will have real value for us in the months and years ahead. The other key advantage is, remember, Canada has a unique operating environment. I keep bringing it back to the Arctic. It's an area that Canada has some real understanding as well as real demand, a real opportunity for us to contribute around Arctic security to our NATO partners. Companies like VoltaXplore have the ability to work with us on batteries that are more functional in those cold weather type operations. Most definitely, I would say that's a mitigating factor, not just against the instability in the Middle East, but in terms of reinforcing the industrial base in Canada. Talking about that supply chain, what percentage of the drone supply chain is currently from Canada, and what do you imagine that looking like in one to two years? Major focus for Volatus, right? Our first focus, we're trying to align our strategy very much with the build-partner-buy strategy that exists in the Defence Industrial Strategy. That was the government signaling, but it's also a practical business strategy. The simple reality is we can't buy everything from Canada. It doesn't exist here yet. I don't think that any nation can or should build everything. That said, we wanna buy as much as we possibly can from Canada. Where we're not buying from Canada, we either partner with our allied companies from allied nations, and if we can't do that, then ultimately we default to a buy situation. The procurement system in Canada and the procurement system of Volatus is very similar on the supply chain. If we can buy it in Canada, we will. If we can't buy it in Canada, we work with allied suppliers to ultimately see if we can relocate or license technologies and whatnot to be built in Canada. Where that doesn't work, we simply buy from trusted partners, of which we have many in across the allied nations. Can you provide a more detailed information on the MOU with Sentinel R&D? Is this the first in the way of kinetic strike capability? How does Sentinel's manufacturing expertise fit or synergize with the Mirabel facility? Sentinel is a very interesting company. Kath, their CEO, I had a good opportunity to understand the vision that's driving that company. Very talented new business in Canada. Two things were really interesting with our partnership with them. First of all, they've got some unique capabilities and some kind of, I would say, unique manufacturing processes on the composite side, which ultimately are things that can benefit Volatus and some of our other programs. You know, everything in Volatus is all about do we build it ourselves or do we buy it from somewhere else, which is ultimately a time and cost, speed and cost issue that we evaluate, you know, as a normal course of business. Definitely, the composite side is one. The second thing is we were actually in the process of looking to develop our own counter-UAS and strike-capable platform to meet really the demands of the Canadian Armed Forces and the demand signals we're seeing out of programs like MINERVA, for example. What we realized is this was a company that had developed a very interesting platform that was mature and actually had the opportunity to go and view it in operation. What they didn't have was a strong integration and autonomy on their own, where of course, autonomy is a major focus for Volatus. By partnering with Sentinel, that gave Sentinel an opportunity to add significant horsepower, both on the commercialization side, but also on the manufacturing and integration side. They produce the airframes, Volatus integrates the technologies and does the final assembly and testing of the aircraft in our facility in Quebec, which allowed us to introduce that platform to the market very, very quickly and ultimately use the combined strengths of the company, the, you know, tremendous performance of their Recon platform with the evolving capabilities of our autonomy stack. We expect that to be. Certainly, it's an exciting partnership. I think it'll grow over time. You know, it's an example of the kind of innovation that's already happening right here in Canada. Our goal is not just to develop it on our own, but to become a valued partner across the supply chain in Canada as well. Can we speak to the share price and the general stock market at this time? When do we intend to start to see growth for Volatus and for our investors? I know this is a question that gets asked every single day. I would just answer. I think, I can't comment on the stock price, unfortunately, but 21% of the company is owned by the management. We haven't sold a single share in the last seven years despite the run. We believe that's, you know, we believe in the story. We believe where the company's headed, and we still believe that's cheap. I would say on the stock price, we have five different analysts covering us, most of them on the call here, Rob Goff, Gianluca, Greg MacDonald, Austin, Benoit. I would suggest, you know, reaching out to them directly or reading the research report. They all have done a fantastic job. I think that will give much deeper understanding of the company and where the stock is headed. Thank you, Abhi. Can we talk a little bit more about SKYDRA? Are we looking at paying customers yet, or are we still in the demo evaluation phase, looking with prospects? Very much the product is just recently launched, so in terms of long-term contracts, it's not there yet. The sales pipeline is building, and the product is being demonstrated actively to interested parties. Can you discuss the significance of becoming a Canadian champion or getting that designation for us and for anyone who's going after that position? Interestingly enough, you know, the designation, striving to become recognized as a Canadian industrial champion, it's one of those things that if you are not named a champion, the entire exercise of going through the process is nothing but good, right? We elevate our visibility with key stakeholders in the government and defence industry. Basically, it's a preferential treatment is what they're expecting. It's where the government will ultimately lean on a preferred basis, some kind of pre-approved suppliers that they've developed a relationship with. We understand that there's some guidance coming out on the defence industrial or the Canadian champions in the not too distant future. I don't think it would be responsible for us to comment too much until that document comes out. With the tariff headwinds in the U.S. and the Made in America sentiment, are you de-emphasizing the U.S. market in the near future, or how are you going after that market? We have an office in Syracuse, New York. We've just recently opened. When I say recently, I think it's within the last few weeks, we've operationalized a new aviation hub out of Tulsa, Oklahoma area. No, we have not de-emphasized the U.S. market. The reality is a lot of the regulatory changes with the FCC restriction came in January, were a little bit of a surprise to the entire industry. What we faced in the United States, as well as what we faced here in Canada, is an underdeveloped supply chain. Now, there's some extraordinary companies that are out there and moving very quickly to fill that void. I use an example of UMAC, Unusual Machines. They're working. They're a company that's focused on developing the component supply chain in Canada. Those things are moving quickly. As that supply chain is developing, it does compromise the speed with which our equipment sales business, for example, is capable of moving. While I won't say de-emphasized, I would say we've recognized the dynamics and we're adapting to the market conditioning. A lot of our sales team, we continue to expand our sales team, but we also expand the breadth of what they're selling so that they're involved in our services business as well as our defence business and our commercial activities as well. The United States is. I mean, borders, our shared border is never going to allow that relationship to be permanently damaged, in my personal opinion. Notwithstanding stresses that exist right now, the simple reality is these circumstances, we believe, will pass. In the meantime, what we need to do is focus on making Canada a stronger partner. I think, that's the way the company ultimately, or the way Volatus is approaching it at the moment. Can you provide an update on the Dufour relationship? Yeah, that's an exciting one. Dufour has two primary platforms right now. They have the Aero -30, which is a 30 kg drone, I believe. Don't quote me on that 'cause I may be off on the weight a little bit. They're identical platforms other than their scale. That's actively being flown now at our test site in Ontario. We'll be demonstrating or at least showcasing the Dufour platform at the up-and-coming CANSEC event in Ottawa, the Canadian Defence event. It's moving along. I would say the Aero-200, which is really the large scale commercial aircraft, that'll be ready to start entering service in early 2027, possibly Q4 of this year. I would say our relationship with Dufour is continuing to evolve. Our teams are now integrated. We're not just an operator of the technology, but we're an active feedback group, combining our engineering feedback with theirs to make sure that the product evolves. We're quite excited to start showcasing that, with our own offering. Ultimately, that's another relationship that opens the door to continued manufacturing in Canada, 'cause ultimately Dufour is developing their technologies. They're doing a brilliant job, but they're not built for scale manufacturing, where of course we are in Mirabel. To move that over to the side there, how does Montreal rank as an aerospace aviation hub, and what does that mean for your supply chain planning? You know, we oftentimes talk about the underdeveloped supply chain, and that's very true when we're talking about our space in remotely piloted aircraft systems, which is really kind of a nascent or an industry rocketing out of the nascent phase for all kinds of reasons that everybody else is reading in the newspaper. Montreal is one of the top three aerospace clusters in the world, which is one of the primary reasons that we developed the manufacturing facility there. We have, you know, Seattle, Toulouse, and Montreal, one of the only cities in the world where they build pretty much every part of an airplane, not necessarily every part of the same airplane, but every part of an airplane. Fairly robust supply chain, a lot of knowledge base in the area. That's the primary reason we're there. There's a bit of a trade-off. You know, Montreal's built for programs like Bombardier and Airbus, which means large scale, multi-year programs. Oftentimes, in the early stages of the type of programs that we're doing, they're smaller scale manufacturing, which, you know, sometimes that's not ideal tapping into the supply chain in the region. As we scale, it'll become increasingly important. Please update us on the Unusual Machines that you mentioned just a little bit ago and your engagement with Volatus? Again, until we're moved into kind of a larger scale manufacturing, and we understand the outcome of some of the current trade negotiations that are going on between Canada and the United States., it's really tough for us to comment on that. As you probably detected by the tone of my comments earlier, I'm quite fond of Allan and his team at UMAC. Certainly, we see a future working forward with them, whether that's in our Canadian manufacturing or ultimately, you know, we continuously keep the door open to manufacturing in other markets, including the United States. It's a bit early right now to determine what that'll look like on a commercial basis long term, other than to say the relationship is extremely important to us. Can you describe to everyone here what are the major challenges to producing drones for Arctic surveillance and how your hardware and software strategy addresses this? That's a great question. The Arctic is something. You know, most Canadians understand cold, but they don't understand, you know, if we're living in places like Toronto, Montreal, even Calgary and Edmonton, where they're a little closer to the nature of what we're discussing. Unless you're living in one of the northern communities in Canada, understanding the true elements that we have to deal with, the environment that we deal with, and we're not just talking. It's easy to understand extreme cold temperature cycles, but we have other things up there, right? If you scooped up all of the wonderful Canadians that live in the north and you drop them into a city like Kingston, you still have a high vacancy rate. Population is highly scattered across the North in small communities, supported at the moment only by the Canadian Rangers, which are kind of untold heroes in my opinion, in Canada. Basically the Arctic, we have other considerations. We have very limited terrestrial communication, meaning communities are thousands of miles apart or thousands of kilometers apart in some cases. There's no cell phone towers, you know, running down the highway because there's no highway. We have a limited number of satellites because the limited number of people that live there, so that creates some limitations. It's an environment where if you think about it, in kind of most of the area that all of us on this call would live in, the risk of losing command and control link between an operator and a pilot is a remote possibility. That's something we prepare for from a safety standpoint. The way we look at the Arctic, other than just the environmental things that everybody can think about, right? Extreme cold weather and so on. The other issue up there is the loss of communication has to be treated as a potentially daily probability. This means that to operate in the Arctic, not only do we have to adapt the airframe for the cold temperatures and the icing conditions and various things that can live up there, we also have to make sure that the autonomy capability, the autonomous capability of the platform allows. There's the autonomy that operates the aircraft itself, and then there's the mission autonomy that says, "Why am I here, and what am I supposed to be doing?" The platform has to be able to function in an environment where command and control is lost, it has a job to do, and the recovery could be far away. Funny enough, the regulatory environment, because of the Arctic, allows us to do a lot more than we can do in southern airspace. But still it's an extremely challenging environment that I feel like there's only a very small handful of countries in the world that understand it, and Canada is one of them. Absolutely. We've hit the end of our questions. I just wanna thank the people who made comments supporting Volatus throughout the Q&A. I'd like to finish this up with the final thoughts. What do you want our investors to leave this presentation with? Abhi's smiling 'cause I always throw him under the bus. Everybody does such a good job. Glen, do you wanna start us off? Oh, no. I think Abhi should start this one. Oh, yeah. I'll give a lot for it. That was good. Okay. Go for it, Abhi. If you look at 2025, we had a transformational year for the company, right? First year after the merger with the Drone Delivery Canada, integrating the team. We grew the revenue by 26%, improved the pro forma EBITDA profile by 25%. I think the most important thing was improving the balance sheet and enabling the balance sheet to capture larger defence contracts. I think that was a step change that happened for them. I'm actually more excited about what isn't in the rearview mirror, but what where exactly we are headed. Where we are headed right now is we have CAD 20 million of ARR. Our defence business has grown to 25% already. We have a clear line of sight. In the near future, it will be almost 60%-65% of the business. We are manufacturing sovereign platforms at Mirabel. Europe is growing, and we're just getting started in Canada in the defence side, right? With the Defence Industrial Strategy. We have capital to execute. Volatus will not be, I would say, just a hardware company as we are growing and the way we are growing with a reinstated R&D capabilities, deliberate focus on the defence stack, technology, both in hardware and the software capabilities. I think that's going to be a game changer for us. That's where the margin expansion lives. That's where the recurring revenue model lives. The future becomes very simple. Build for Canada, Canadian aerospace and defence platform. These are the things where exactly what defence organizations are actually wanting. We are aligning the company with the defence signals, with the demand or the poor demand we are seeing in the defence organizations, and building a full stack platform that makes us very sticky with defence customers in long term. Excellent. Final word. I would say a couple of things. First of all, you know, as much as we're talking defence, understand that our team is working on protecting critical infrastructure like pipelines and power lines on a daily basis right now, and that continues to be a huge focus. I think Abhi said it pretty well on the company. I just wanna take a minute and talk about the environment. This is a transformational moment for the Canadian defence industry, and in fact for defence, for the defence industry globally for that matter, as there, the increase in spending that we're seeing across NATO, just as an example, is unprecedented right now. I think that, you know, Canada is having a unique time. I mean, we talk an awful lot about Canada, and one thing I wanna acknowledge, the fact is Volatus is global in nature. We've got staff across the United States, U.K., Norway, Latin America. You know, those people, I don't ever wanna underestimate the efforts and the contributions they're making to Volatus. The reality is, we're in a very unique position in Canada because of our proximity to the United States, because of the impact of some of the global trade reset that's happening, the environmental changes, which have some really healthy spinoffs as well. Regardless of people's political views, the simple reality is a strong Canada is a stronger world. You know, Volatus is uniquely positioned, I would say, in the RPAS world, to be able to take advantage of this changing environment. But also I would encourage everybody listening to this call to really take a look at the Canadian defence sector. For the first time in our history, we have an industrial strategy, which is long-term demand signal. It's fully funded under the budget in Canada. The priorities have been identified. The government pillar priorities have been very, very clearly articulated and a desire to build in Canada, repatriating a lot of that investment to develop the Canadian defence infrastructure. This is transformational for our country. Strong demand signals, well funded, reduces risk. Reduced risk give the opportunity for markets to reevaluate companies. It reduces the cost of capital, which allows companies to accelerate their execution. This is an extremely exciting time for Canada. I encourage everybody to you know, to do what they can to support regardless of which side of the fence or what color ties people wear. It's important as Canadians right now that we succeed in this initiative with the Defence Industrial Strategy, and we all have to get behind making that happen because there's nothing but good things that come from Canada with a strong and sovereign defence capability. With that, I think I'll wind it up by saying thank you everybody for being here. Thank you for your continued support of Volatus Aerospace, and it's time for us to get back to work. Excellent. This recording will be made available to everyone within 24 hours, so stay tuned. Thank you everyone for attending today. Thank you all. Bye.