Good day, and welcome to the Tantalus Systems' fourth quarter and year-end 2024 financial results. All participants will be in listen-only mode. Should you need assistance, please signal a conference specialist by pressing the star key followed by zero. After today's presentation, there will be an opportunity to ask questions. To ask a question, you may press star, then one on a touch-tone phone. To withdraw your question, please press star and then two. Please note this event is being recorded. I would now like to turn the conference over to Deborah Honig, Head of Investor Relations. Please go ahead. Thank you, Operator. Thank you for joining us to discuss Tantalus Systems' financial results and operating performance to the three months and year-ended as of December 31st, 2024. Tantalus issued these results in a press release yesterday after market close, which is posted on the company's website. Joining me today on the call from Tantalus Systems, here and referred to as Tantalus or the Company, are Peter Londa, President and Chief Executive Officer, and Azim Lalani, Chief Financial Officer. During the call, we will make forward-looking statements about Tantalus's business. These statements are subject to certain risks and uncertainties, which could cause actual results to differ materially. Tantalus refers conference call participants, either today or in the future, to the company's forward-looking statements contained in the presentation and on our website at www.tantalus.com. Statements made on this call reflect management's analysis as of today, March 20th, 2025. Management does not assume any responsibility or obligation to update forward-looking statements made during this conference call unless required by law. Please note that the financial information referenced on today's call is stated in United States dollars and in accordance with IFRS, unless otherwise stated. The company is also presenting selected non-IFRS financial measures, including gross profit margin, adjusted EBITDA, adjusted EBITDA margin, recurring revenue, annual recurring revenue, referred to as ARR, and adjusted working capital. Tantalus believes that these non-IFRS measures provide meaningful information to investors; however, they do not have a standardized meaning and are not likely comparable to similar measures presented by other issuers. I will now turn the call over to Peter Londa, President and CEO. Please go ahead, Pete. Thank you, Deborah, and good morning to everyone on the call. On behalf of the entire team at Tantalus, I am pleased to provide an update on our business through the end of 2024 and also to introduce our new CFO, Azim Lalani. We posted a historic year, and I'd like to commence today's comments by taking a moment to personally thank our Board of Directors, all of our employees, our customers, and other key stakeholders for their hard work, effort, and continued support of Tantalus. Without their hard work, we would not be where we are today. For those of you who have joined previous earnings calls, please note that we do not intend to use slides during our comments today. We would instead refer you to our financial documents released yesterday, as well as the financial summary information included in our investor presentation that can be found on our website. We will aim to work through our comments and provide ample time for Q&A during today's call. While Azim will disaggregate the financial information in more detail, I'd like to highlight a few key items at the outset of today's discussion. By referencing that Tantalus witnessed a new milestone for revenue generated in a quarter by delivering $12.6 million in the fourth quarter of 2024. Similarly, our company witnessed a new milestone for revenue generated during a calendar year by delivering $44.3 million in 2024. We also made good progress on our trajectory towards profitability after making significant investments in R&D and the commercialization of the TRUSense Gateway by delivering approximately $1.4 million of positive adjusted EBITDA in the fourth quarter and by delivering $+1.3 million of adjusted EBITDA for the full calendar year. We generated positive cash flow from operations of $2.6 million for the year, which is a significant improvement from last year's $-800,000 in 2023. We also ended 2024 with $13.2 million of cash in the bank and adequate flexibility to support the trajectory of our business. In addition to sharing a summary of our financial results, we are also pleased to report that our sales organization delivered another milestone for the company by converting $51.2 million in orders during 2024, representing 46% growth year-over-year. We also added 31 new utilities to our user community in 2024, which is another milestone achievement for the company, and we now have approximately 320 utilities as part of our total user community. While we focus on providing updates on the TRUSense Gateway, given the order of magnitude of our investment to bring the innovation and its capabilities into market, I'm also pleased to announce that we continue to make good progress with respect to our TRUSync grid data management software and our TRUGrid analytics packages, both of which are contributing to a growth of the revenue contribution from our software segment. Beyond the financial and operating results, I'd be remiss not to also note that we were very fortunate to expand our depth of expertise at the board level and add executive leadership to the organization towards the end of December and into the first few months of 2025. Specifically, in December of 2024, we were pleased to announce the addition of two new directors for our company, David McLennan, who formerly served as the CFO of Sierra Wireless, where he was instrumental in scaling the company into the global leader that it is today. We also added Christy Hynie, who served as the Chief Information Security Officer at Ontario Power Generation prior to becoming the Chief Administrative Officer for the Township of Uxbridge in Ontario. Christy is a globally recognized cybersecurity risk management and governance expert, and we're very fortunate to have that level of expertise, particularly given that we serve the utility industry. In addition to our board, we also recently added significant bench strength to our executive leadership team by announcing the addition of Azim Lalani as our new Chief Financial Officer in January of this year. Azim brings over 25 years of financial experience and has held senior management roles in several operating and real estate companies. In addition to recently serving as the CFO of AutoCanada, Azim was instrumental in scaling American Hotel Income Properties. He's also the board chair of UBC Investment Management. A few weeks ago, we also announced the addition of Chris Allen as our new Chief Operating Officer and VP of Solution Strategy. Chris recently served in a dual capacity as COO and CFO of Copperleaf, where he was instrumental in taking the company public and executing the strategic sale to IFS in 2024. Chris brings over 30 years of experience from various high-growth and competitive technology companies and has already hit the ground sprinting as a new member of our team. Overall, we believe Tantalus made great progress in 2024 and continues to build momentum into 2025. Azim will now walk us through the financial results. Over to you, Azim, and welcome to the team. Thank you, Pete. Before diving into the financial results, I would like to remind everyone that we report in U.S. dollars. As Pete mentioned, we delivered $12.6 million in total revenue for the fourth quarter of 2024, representing an increase of 21% from the prior year. Revenue from connected devices increased by 14% over the prior year and contributed 61% of total revenue. Revenue from software and services increased by 36% and represented 39% of total revenue in the quarter. Recurring revenue continues to become a material part of our revenue stream and represented 24% of total revenue in the quarter. The strong recurring revenue was bolstered by the expansion of our customer base and adding new data analytics into our solution mix. As a reminder, our recurring revenue is comprised of software as a service or SaaS, subscriptions, term-based software licenses, software maintenance, technical support, and hosting services. Gross profit margins remained strong at 52.4% during the fourth quarter and continue to trend above our long-term target of 50%. Our software segment generated gross profit margins of 78%, up 800 basis points from Q4 2023. For connected devices, gross margins declined during the quarter as we booked an inventory obsolescence provision for slow-moving stock. Excluding this provision, gross profit margins were consistent with the prior year. The company's operating expenses during Q4 2024 include an additional investment of approximately $800,000 in the TRUSense Gateway. For full year 2024, we invested approximately $5 million, and our total investment was over $15 million in bringing this product to market. Even with the continued investment in the TRUSense Gateway, we were able to deliver positive adjusted EBITDA of $1.4 million in the quarter, representing an approximately 11% adjusted EBITDA margin. Net income for the quarter was $289,000 or $0.01 per diluted share. This was lower than last year, as 2023 results included a $+2.3 million adjustment to net income from the recovery of contingent consideration related to the acquisition of Congruitive in 2022. For the full year 2024, the company delivered record total revenue of $44.3 million, representing over 5% year-over-year growth. Our revenue from connected devices remained consistent with last year and contributed 62% of total revenue, while revenue from software and services increased by approximately 12% compared to last year and represented 38% of total revenue in 2024. Recurring revenue for the full year was 26% of total revenue, up 200 basis points. Gross margin for the full year was 54%, up 200 basis points over last year and above our 50% target. Our connected devices segment delivered gross profit margins of 41%, while the gross profit margin for our software and services segment increased by 200 basis points to 76%. The company delivered positive adjusted EBITDA of $1.3 million for the full year, representing a 3% adjusted EBITDA margin. Our adjusted EBITDA results include our investment in the development of the TRUSense Gateway during the year. Of this investment, approximately $1 million was allocated to external costs such as contractors and certification processes to support our commercialization effort. Net loss for the year was $2.6 million, reflecting a loss per diluted share of $0.05. Our balance sheet improved throughout the year. The company ended the year with approximately $18 million in liquidity, comprised of $13.2 million of cash and $4.8 million of availability under our revolving line of credit. Overall, our cash position improved during the year as a result of the May 2024 financing, coupled with positive cash flow from operations and effective working capital management. The strong cash position allows Tantalus to focus on selling the TRUSense Gateway and other strategic initiatives. I will now turn it over to Pete for his closing remarks. Thank you. Thanks, Azim. We continue to witness a favorable trajectory for Tantalus and are building momentum through the grid modernization platform, which is anchored by the TRUSense Gateway, our TRUSync grid data management software, and our existing advanced analytics packages. We remain optimistic regarding the impact of the TRUSense Gateway as we shift our focus to sales and marketing of the new capabilities. Our optimism is anchored by witnessing 27 utilities activating field trials, pilots, or deployments during the second half of 2024, which surpassed our initial expectations. I'd note that we are now deploying all three versions of the TRUSense Gateway at this point: the fiber, the Ethernet, and the cellular gateways. While we believe Tantalus is in a unique position going into 2025, we are mindful of the increasing economic uncertainty across the United States and Canada. As our products, our country of origin, Philippines, we do not anticipate significant disruption to our business from the threat of tariffs between Canada and the U.S. or from the ongoing trade war between the United States and China. As the tariff situation remains fluid and the documentation of tariffs becomes more or less ambiguous, we will monitor the threat of broader tariffs and/or the way in which tariffs may impact the devices we build. Beyond the potential impact to our devices, we are also tracking the impact tariffs may have on distribution transformers that utilities continue to upgrade and purchase, both in terms of cost and lead time constraints. To the extent tariffs increase cost and lead times of transformers, we could witness an increasing opportunity for our data analytics tools, specifically our TRUGrid Transformer and TRUGrid Reliability analytics. The topic of extending the life of existing transformers is paramount across the utility industry, and any further disruption to the purchase of new transformers may actually lead to increased opportunity for Tantalus. We are also monitoring the threat of Ontario's tariffs on electricity headed into the United States, which would put further strain on the distribution grids, particularly in the Midwest and Northeast of the U.S. We believe our behind-the-meter control capabilities through the TRUSense Gateway and our TRUFlex load management software applications could be extremely well-positioned to help utilities shed or shift peak load profiles to mitigate higher electricity costs and offset the need for power generation. We are actively deploying our analytics, the TRUSense Gateway, and the TRUFlex software at this point and believe we remain ahead of our competition. Overall, the ongoing economic uncertainty creates a dynamic situation that is evolving on a daily, if not weekly, basis at this point, and we'll continue to monitor the situation to mitigate exposure to our business while also identifying opportunities that may arise from the challenges ahead. Operator will now open the call for Q&A. Thank you. We will now begin the question and answer session. To ask a question, you may press star and one on your touch-tone phone. If you are using a speakerphone, please pick up your handset before pressing the keys. If at any time your question has been addressed and you would like to withdraw your question, please press star and then two. Our first question comes from Nick Wojcik with Cormark Securities. Please go ahead. Thanks. Good morning, everyone. Morning. Pete, you guys had a really strong quarter in the utility software application services segment. The commentary in the MD&A kind of suggested that's due to more utility adds and more uptake of subscription analytics and some of the software offerings. Are you guys seeing a changing dynamic with these new utilities where there may be more open or interested in adding these higher-margin products? How should we be thinking about that moving forward? Yeah, it's an insightful question, Nick. I don't know if I have a crystal-clear answer to the question, so let me share some perspective. Utilities that are coming into the market, either looking to replace legacy systems that have been in place for 10+years 15 years, or utilities who are just looking to automate for the first time, I think have different profiles than our captured accounts, the existing customer base. For utilities looking to replace a legacy AMI system from another vendor, we do see fairly robust appetite for expanding the capabilities of their next-generation system and leveraging the data from that system to be more predictive. That lends itself to more adoption of the software capabilities of our company, the grid data management capabilities through TRUSync, formerly known as C.IQ Connect through Congruitive, and the data analytics. We've got a few case studies that are emerging to that end, Nick, that I think will crystallize and provide some more clarity to your question in the coming months. For utilities that have done really nothing and are just looking to automate for the first time, I'd say their focus remains on billing and core operations. They're open to advanced applications and analytics, but they're just trying to go from a linear manual process to an automated process, and that in and of itself is a big change for a utility. That's sort of the new, and we are certainly seeing the attributes of our Tantalus Grid Modernization Platform that we launched a year ago. We are absolutely seeing that resonate with utilities in the market today to either replace an existing system and/or utilities that are just looking to automate for the first time. I think that that's what led to the real uptick in order conversions, dollar amount, $51 million, plus for the first time in our company's history, ever adding more than 30 utilities in a calendar year. As it relates to the existing customer base, it's such a core component to our company and to our financial profile. I'd say we are making good progress. I'd always like it to see faster, but I think we're making good progress in helping our existing customer base understand how to increase the return on the investment they've already made with us. An example of that ties to beginning to see a number of existing utilities migrate some of their infrastructure to the TRUSense Gateway, both in terms of enhancing their communications network and now adding very granular power quality measurement. As a result of that, Nick, I believe we will absolutely see continued and increased adoption of the analytics tools. It's like they've already made the investment, so now how do we help enhance that investment? As we build use cases, as we demonstrate that, as an example at our users' conference in a few weeks that I know you're attending, I think that in and of itself will help the broader user community today understand the value of data and understand how far ahead we are in really driving analytics and leveraging machine learning. Sorry for the stream of consciousness. I don't know if we have a linear calculation that would point to specific growth rate, but overall, the devices are a means to an end. We are a hardware-enabled software company. Our objective and the primary strategy of this company is to access very granular data from as many devices as possible and then leverage that data to build predictive solutions through analytics that are backed by machine learning. I think we are absolutely seeing increased adoption. Like I said in my comments, the more pressure on purchasing new distribution transformers is only going to fuel that fire for us as utilities find constraints both in lead time and cost to do that. They have to protect their existing assets and data and analytics is the way to do it. Okay. That's fantastic. Coloring kind of leads into the next question on the hardware to data. How are the initial 27 field trials for the TRUSense going? Is there anything you can share on how they're looking to maybe roll that from field trial to commercialization? Yeah. We have been extremely pleased, and I'd say very fortunate on the way the field trials and pilots, as well as some of the initial deployments, are moving. The 27 utilities are fairly diverse in terms of objectives. Some of them brand new to Tantalus that are selecting us because of the TRUSense Gateway, and then that pulls in our TRUConnect AMI capabilities and analytics behind it. We are seeing a really interesting use case emerge for some of our longstanding utilities that 10 years ago leveraged a communications network that was very effective in rural communities that could cover long distances, 220 MHz as a communications RF signal. As the world of cellular has evolved and as cellular has become more prolific across the United States, we are seeing utilities look to migrate that legacy communications networking into a cellular network through the TRUSense Gateway. We're seeing a pretty diverse set of use cases emerge. Frankly, our customer base is coming up with a few use cases that we hadn't thought of initially, all of which are additive. We've been fortunate in not really uncovering any material issues that would cause disruption to further commercialization and scaling at this point in terms of manufacturing. When you launch a new device, there's always risk that as much as you do in the design and testing and certification process, something could trigger a change, a design change. I'd say I'll continue to knock on wood and keep the fingers crossed, but we have not witnessed anything of that magnitude yet that would disrupt the trajectory that we think we're on. Okay. That's great. Thanks. Last for me, just on the competitive environment specifically related to TRUSense, it's interesting now seeing some competitors, for example, Itron talking a little bit more about their Outcomes unit and their focus on grid intelligence. Are you guys seeing any shift within the competitive environment where things are moving towards more of this type of product? You might have more competition. Any color there is appreciated. Yeah. I appreciate that, especially given news that hit this morning between Itron and NVIDIA. From our perspective, we are seeing, so a year ago, we launched the Tantalus Grid Modernization Platform. And within that, anchored by a combination of software capabilities, the TRUSense Gateway that was in process, and analytics that we were rolling out around transformers and reliability. As we see the larger players, traditionally the meter players in particular, start to, I'd say, reiterate our messaging, that, in my opinion, is a great validation of the opportunity that lies ahead of us. When we look at Itron's Outcome business, I'd say that is within that significant organization of billions of dollars. That's the division that is most comparable to Tantalus. That division is not much larger than our company today. I think we are pretty close to where they are or what they are articulating through their financial statements. I would envision large organizations to continue to focus on how to monetize data, how to leverage AI and machine learning to help utilities solve problems. From our perspective, it's not necessarily bad to see some of the larger vendors adopt some of our concepts. It validates our strategy, in my opinion, and it validates the opportunity that's in front of us. As it relates to some of the competition, especially Landis+Gyr has done something similar and Aclara, similar to what Itron announced today. One thing that we're keeping in mind is where we can distinguish ourselves as a smaller company, we are fundamentally taking a somewhat different approach. We talk a lot about interoperability and backward compatibility. The meter companies and the larger vendors are very much focused on selling a new system that requires a rip and replace of legacy infrastructure. That's one way to do it. We think the opportunity is much broader if we can help utilities leverage existing infrastructure. We're paying attention to it. I think we've got a path to compete head-to-head with the larger organizations, particularly the Outcomes division within Itron, who's also a partner of ours on the metering side today. Nick, we're tracking this like a hawk. I wouldn't be surprised if leading up to DistribuTech next week, some of the other larger vendors are similarly trying to ride the wave of NVIDIA or some of the other chip providers around AI and machine learning. The good news is we're already there. We're already generating revenue from applications that some of these larger vendors are talking about. Our objective and our goal, and frankly, the mandate to our team, is to make sure utilities are acutely aware of what we're doing, how we're doing it, and the value that we're already delivering today. Okay. That's great. Thanks, Pete. Yeah. Nick, thank you. The next question comes from Gianlu ca Tucci with Haywood Securities. Please go ahead. Hey, good morning, guys. Congrats on a solid end to the year. Thanks, Gian.Gianl uca, appreciate that. I guess now that we have TRUSense up and running, all three gateways, rather, live and commercial, and you've received orders from 27 customers to date, Pete, can you offer any context in terms of what you're seeing in terms of average deal sizes compared to your existing business? I think you spoke to this a bit, but is the growth curve here going to come exponentially? When a customer puts an order with you after the pilot phase, is it for their entire network, or is it a chunk of the network at a time? Gianl uca, it's a very fair question. What I would say is it really depends on the circumstance, not to try to tap dance around the core of what you're trying to get at. Let me try to paint a few different scenarios for you to help. We are seeing utilities that are new to Tantalus that were or in the market for a new system that can help them modernize their distribution grid. I'd say in an increasing number of circumstances where our win rate is increasing and improving, we are articulating the basis of a comprehensive platform that both leverages existing infrastructure and new. At the epicenter of that is the TRUSense Gateway with its sensing capabilities. For utilities that are deploying fiber, I could see a higher penetration of the TRUSense Gateway as a percentage of the total opportunity at the utility. For utilities that have not yet deployed fiber or are not deploying fiber to the home, the TRUSense Gateway is a complementary component of an entire platform. The ratio of how many TRUSense Gateways to meters or connected endpoints varies depending on the use case and the circumstance. That is similar for some of our existing customers. We have a number of utilities, as you may recall, that have deployed fiber all the way to the home. I would expect as those utilities migrate from legacy devices that Tantalus built for them and deployed to help them connect fiber to the home and to the meter, I would expect a higher density of TRUSense Gateways getting deployed at those utilities. By definition, larger tickets, larger volume for the TRUSense Gateway itself. I think we are still trying to learn and figure it out. We're still very early in this process. Your reference to exponential, I'd like to say yes, but utilities move at a utility pace. They are slow, but they are very deliberate. I'd say most utilities, from at least my experience over a decade now of trying to sell new technology into utilities, of course, for 15 years, I guess, as I count. I'd say once utilities get comfortable, they tend to move. Once they move, they tend to accelerate. That's our history of what we see. I don't know if we'll necessarily see, I think steady growth is the way I would describe it, and sustainable growth is the way we're kind of envisioning how the TRUSense Gateway is going to layer into this organization. Okay. That's helpful, Pete. I appreciate that. Maybe just a question for Azim. Welcome to the team, first off, Azim. It does look like it was a record cash flow quarter for the company. I think you mentioned $5 million was the number that was invested in TRUSense last year. Any investment plans this year, Azim? If so, how much? Thanks for the question. In terms of TRUSense Gateway, as we mentioned, we've finished the R&D portion of it. There are some dollars that will come off. Really, our focus this year is to redeploy that into the sales and marketing to try and focus on commercialization of the product. Pete, do you have any comments to add? Yeah. Gianl uca, I'd say we have so in the context of our reporting, we've kind of represented the aggregate investment sort of each quarter and then for the year, order of magnitude, $5 million invested in R&D in the TRUSense Gateway 2024 to really get through the commercialization, the certification process. Of that, I think, and Azim, you can correct me if I'm wrong, a little over $1 million bucks of that was all external cost. The external cost fades away. The internal engineering expense is right now redeployed to other key initiatives for the company as well as making enhancements. John Luca, I would say the order of magnitude of investment from an R&D perspective for the TRUSense Gateway certainly will decline. We'll still continue to make improvements to that device. We still have, as we get something into commercialization, we refer to it internally as maintenance of line, like a lot of other organizations. We're also sort of allocating some of those R&D dollars to now think through what we do with all the data that those TRUSense Gateways are capturing. I think that's where the dollar spend, you'll see an adjustment. We've talked about increasing sales and marketing. We're talking in the hundreds of thousands of dollars. We're not talking the millions of dollars the way we saw from R&D. Okay. That's great color. Thank you, guys. The next question comes from Daniel Rosenberg with Paradigm Capital. Please go ahead. Hi. Good morning, Pete and Azim. My first question comes around the funnel. In the past, you've characterized the size of your steering committee and conversations you're having around TRUSense. I was wondering if you could provide an update if the funnel has changed, and then also just how has it matured as people are now more deeply gone through pilots or perhaps entering deployments. Thanks. Sure, Daniel. Thanks for the question. The funnel remains extremely strong and robust. I'd say there are no material changes to that funnel of opportunity. If anything, I'd say the aggregate funnel continues to increase in value. Where we are focusing our attention in the immediate term is how do we take that funnel through our sales process so that funnel becomes beyond qualified opportunity in order and from order to revenue and revenue to cash. I'd say we are gaining increasing clarity and confidence, particularly with members of the advisory committee as they start to really put pen to paper and think about capital budgets and planning for the next three, five, seven, and ten years. I think continue to increase our confidence on the ability to convert a good chunk of that opportunity we've referenced with the advisory committee of approximately $150 million. As it relates to sort of the broader set of opportunities, our primary channel partner today, Irby, we've referenced them publicly a number of times. We continue to work very closely with them. We've seen a few of opportunities actually convert now into full orders for Tantalus as part of that 27. I’d say the progress they're making through their sales organization is only improving, Daniel. I think based on the success that we've had so far, especially a few of the places we've announced, like the City of Bolivar, that deployment has gone extremely well for us, that the improvements for that utility are tangible and quantifiable. The City of Bolivar has been incredibly generous in allocating time to share the success that they've already seen with other utilities in the Irby network, as well as through webinars that we've hosted over the last few months. I'd say there's no change to the aggregate dollar amount that I would necessarily say. I think the $500,000,000 is still very much relevant for Tantalus. If anything, I think that number has increased as opposed to decreased. Where our focus is, is how do we get the first $10, the first $20, the first $50, the first $100,000,000 out of that converted? That's where we're centering our time and attention. Understood. Good to hear that the pipeline is live and well, perhaps growing. At the same time, you mentioned utilities being very deliberate on decision-making, as they should be. The net of both those factors, does it change how you think about the ramp of TRUSense this year? I think relative to investor day last year, Daniel, I think we're still sort of within the same ballpark and parameters. The only thing, it's not a caveat, but certainly from a year ago, this time last year, we were anticipating certification processes to go a little faster with Underwriters Laboratories. That process, it just was what it was. It is behind us, which is the good news. I'd say it hit the certifications, as you recall, hit July and then into September, October, and even November for PTCRB. Some of those certifications have just pushed the timing of utilities commencing their deployments or their trials in the field. Rightfully so. Those devices have to be fully certified before utilities can put them outside of their own facility. That has a cascading impact. Maybe from kind of where we thought we'd be, we're maybe a quarter behind, if that makes sense. Maybe four months, just because the certification process was about three or four months, a little bit longer than we anticipated. There might be some timing elements to 2025 versus 2026, but I don't see any consternation or delays or challenges with the utilities that we've been working very closely with to really start to make a difference in our financial profile. I think we're still at that inflection point, Daniel, and I would anticipate that we will look forward to providing updates and highlighting the growth trajectory of the business as we see some of those opportunities convert. Okay. Thanks for that color. Maybe I'll have one for Azim at risk of putting you on the spot, but I was wondering maybe you could speak to what attracted you to Tantalus and what kind of initiatives do you think you could implement, leveraging your history to help support the Tantalus story? Thanks for the question. I guess I'd look at it a couple of ways. I think Tantalus is at a great spot right now in terms of coming into positive EBITDA. It certainly opens up opportunity for trying to improve the capital stack. When you look at our debt profile, it's quite frankly expensive debt and doesn't have traditional debt metrics. That's a function of the fact that they didn't have positive EBITDA. That's the first item. I think there's a real opportunity to try and improve the debt, whether it's longer maturities, whether it's a cheaper cost of debt. That's one of the opportunities. I think the second one is just where the industry is moving. Certainly, the electrification of things is topical, and I think Tantalus is in a great position to try and capitalize on that and really increase the size and scale of the organization. I think those are probably the two biggest reasons why, or two of the biggest reasons why, I was interested in Tantalus and think that I can really add value to the company. Great. Thanks for taking my questions and congrats on a strong quarter. This concludes our question and answer session. I would like to turn the conference back over to Peter Londa for any closing remarks. Thank you, operator, for facilitating. Appreciate everybody's time and attention today. I truly appreciate the hard work of our team at Tantalus in making great progress in 2024. We will be excited about sharing the updates as we've kicked off 2025 and are weeks away from obviously getting through Q1. We look forward to providing further updates on the progress that we're making. I hope you all have a great day and a good balance of the week. Thanks so much. The conference has now concluded. Thank you for attending today's presentation. You may now disconnect.