Good day, and welcome to the Tantalus Systems fourth quarter and year-end 2025 financial results conference call. 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 touchtone phone. To withdraw your question, please press star then two. Please note that this event is being recorded. I would now like to turn the conference over to Deborah Honig, Investor Relations. Please go ahead. Thank you, operator. Thank you for joining us to discuss Tantalus Systems financial results and operating performance for the fourth quarter and year ended December 31st, 2025. Tantalus issued these results, including their financial statements, management's discussion and analysis, and press release yesterday after market close, which are posted on the company's website. Joining me today on the call from Tantalus Systems, herein 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 investor presentation on our website at www.tantalus.com. Statements made on this call reflect management's analysis as of today, March 19th, 2026. 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 US dollars and in accordance with IFRS, unless otherwise stated. The company is also presenting selected non-IFRS financial measures, including gross profit, gross profit margin, EBITDA, adjusted EBITDA, adjusted EBITDA margin, recurring revenue, and annual recurring revenue, referred to as ARR. 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, everyone. On behalf of our board of directors and employees, we are pleased to provide a business update for the fourth quarter and full year ended December 31, 2025. Before diving into the details of today's call, I'd like to take a moment to thank our employees across the organization for their hard work, commitment, and resilience throughout the year. Their dedication to our customers, shareholders, and fellow team members was instrumental in achieving historic financial performance and in advancing our commercial growth in 2025. As we look back on the year, 2025 represents a pivotal period for our company. We delivered new corporate milestones for revenue, adjusted EBITDA, and orders converted out of our pipeline, all of which reflect strong year-over-year growth. We expanded the number of use cases and utilities embracing our data-centric approach to grid modernization, and most recently shipped our 4 millionth intelligent connected endpoint. We also advanced the commercialization of the TRUSense Gateway, which now has orders from 66 utilities, providing initial validation of its market opportunity. The underlying drivers of our business continue to strengthen. Across the industry, utilities and regulators are supporting record levels of grid investment, with global transmission and distribution spending expected to exceed the equivalent of $several hundred billion annually over the next few years. Within our target geographic market, utilities across North America are facing increasing pressure to modernize their distribution grids, driven by rising electricity consumption, power generation constraints, the effort to prepare for an increasing number of distributed energy resources, and the need to improve resiliency, reliability, and affordability. This dynamic reinforces the importance of solutions that enable utilities to extract more value from existing infrastructure and prioritize investments more effectively. What we are witnessing in terms of our commercial efforts remains consistent with broader trends in advanced metering infrastructure and grid edge intelligence. Utilities are prioritizing platforms that unlock high quality and granular data from existing assets, support multiple communications technologies and protocols, are truly interoperable with existing systems, and are future-proofed by enabling new software and analytics use cases over time. That aligns to Tantalus's flexible, data-centric approach to grid modernization that meets utilities where they are to help them prioritize investments and focus on where to upgrade their distribution grids. The broadening number of utilities adopting our approach to grid modernization continues to validate our belief that Tantalus is uniquely positioned at the intersection of these long-term trends. Azim will walk through the financial highlights for Q4 and the full year 2025 before we provide a broader overview of our commercial progress and open for Q&A. Go ahead, Azim. Thank you, Pete. Good morning, everyone. I would like to remind everyone that we report our results in US dollars. In Q4 2025, the company increased revenue to $14.9 million, reflecting 19% growth year-over-year. This marks the highest amount of revenue generated within one quarter in our company's history. Revenue from our connected devices and infrastructure segment increased by $1.6 million or 21%, and revenue from our utility software, applications, and services segment increased by $700,000 or 15% on a comparative basis to the prior year. The increases in revenue are a result of higher sales volumes and the conversion of new utility customers that are commencing projects with Tantalus. Recurring revenue recognized in Q4 increased to $4.1 million. The strong quarterly performance was influenced by the full recognition of annual revenue from the renewal of two customer contracts that were secured during the quarter. Our annual recurring revenue, or ARR, is reported on a forward twelve-month basis and grew by over 14% year-over-year. Going into 2026, ARR stood at $14.5 million. This is a high watermark for us and demonstrates that our revenue model continues to scale. The company delivered another strong quarter of gross profit margin at approximately 56%, which remained in line with 2024 results. Margins within our connected devices segment increased as lower provisions for customer accommodation, warranty, and inventory obsolescence were recorded in the current period compared to last year. The gross profit margin in this segment includes the impact of tariff-related expenses. If you recall, Tantalus absorbed tariff charges up to 5% in 2025 to demonstrate our continued partnership and investment in long-standing customer relationships. Our software and services segment delivered gross profit margin of 86%. It should also be noted that our software and services segment is not impacted by tariffs. The increase over the prior period in this segment was influenced by the aforementioned execution of two full-year contracts during the quarter. The company generated net income for the period of $179,000 compared to $289,000 in Q4 of last year. This was caused by an increase in operating expenses as a result of investments in sales and marketing and G&A to deliver sustained growth. We delivered positive adjusted EBITDA of $1.3 million in Q4, which was in line with the prior year period. We generated $3.3 million of cash flow from operations and $3.2 million of free cash flow during the quarter. As at December 31, 2025, Tantalus had available liquidity of approximately $21 million, consisting of $12.6 million in cash and full borrowing availability of $8.5 million under our revolving line of credit facility. Based on the favorable results during Q4, we delivered several new corporate milestones on an annual basis. First, we delivered a record amount of revenue generated in a year by reporting $54.1 million in 2025, translating into 22% growth year-over-year. The strong growth reflects the continued momentum in our market segment and the urgency with which utilities are upgrading their distribution grids. Second, our recurring revenue recognized for the year increased by 20% to $13.9 million. Full year recurring revenue represented 26% of total revenue generated in 2025 and was in line with last year. As a reminder, our business model is designed to drive long-term recurring revenue as connected devices are deployed across the grid. Each connected device deployed, including the TRUSense Gateway, creates an opportunity to generate ongoing revenue through software licenses, analytics, and services over the life of that device, which is typically measured in decades. Importantly, the TRUSense Gateway enhances this model by increasing the volume, quality, and granularity of data that can be captured at the edge of the grid, which in turn enables more advanced analytics and higher value-added software applications over time. As we continue to deploy connected devices, we expect to see continued expansion of our recurring revenue base, which provides improved visibility into long-term revenue streams. The recurring revenue result in 2025 further validates our model and ability to increase our ARR as we move into 2026. Our third financial milestone achieved in 2025 is tied to delivering $3.4 million of adjusted EBITDA, reflecting a 6.2% adjusted EBITDA margin for the year. This new milestone of adjusted EBITDA reflects 156% growth over the prior year and begins to demonstrate the operating leverage in our business model as we continue to scale revenue. Beyond the three full-year financial milestones referenced, our team also delivered 55% gross profit margin, which continues to remain above our long-term modeling. Positive cash flow from operations of $4.7 million and $3.9 million of free cash flow for the full year, and an improvement to a diluted loss per share of $0.02, compared to a loss of $0.05 per share in 2024. Beyond the reported numbers, it's important to note that approximately 87% of the revenue we generated during 2025 came from existing customers. We view this mix as an important indicator of the durability of our business model and the quality of the long-term relationships we have with our utility customers. High revenue contributions from our installed base, combined with a 20% year-over-year increase in recurring revenue and ARR of approximately $14.5 million, provides us with improved visibility into future performance and greater confidence in forecasting the growth trajectory of our business as we enter 2026. Lastly, we completed a bought deal financing on February 9th, 2026, and raised approximately CAD 23 million. Our intended use of proceeds includes investments in sales and marketing, research and development, capital expenditures, debt reduction, and to support working capital. As a result of the bought deal, our balance sheet is in the strongest position we've witnessed in Tantalus' history and is capable of supporting new investments as well as fund future growth. Overall, we were pleased with the financial results for the quarter and full year and are proud to share several of the new milestones set by our team. I will now turn it back over to Pete to address a few remaining topics. Thanks, Azim. From a commercial standpoint, we delivered strong results in 2025, including an all-time record for orders converted from our sales pipeline of approximately $65 million. That translated into a healthy book-to-bill ratio of 1.2 and strong growth year-over-year. A book-to-bill ratio above 1.0 is a key industry metric, and our performance reinforces both the durability of demand for our solutions and improving visibility as we enter 2026. We believe the record result in order conversions is directly tied to Tantalus' differentiated data-centric approach that truly allows utilities to focus on solutions with backward compatibility and maximizing where to make investments in their grid. Beyond the strong order conversion number, we also validated the benefits of our platform and technology. We were pleased last year to announce and advance several key customer engagements, such as the City of Bolivar, which selected Tantalus because of the TRUSense Gateway, as well as expansions with existing customers such as Riverside Public Utilities in California and EPB Chattanooga. We also recently shared a case study on how BrightRidge relied on Tantalus' TRUConnect AMI and TRUView monitoring in the wake of Hurricane Helene in Johnson City, Tennessee, giving the utility the eyes and ears it needed to pinpoint damage faster, accelerate restoration, and keep customers informed through a devastating storm. The growing library of use cases that demonstrates the value of our solutions with real-world outcomes continues to play an important role in accelerating adoption across the broader market as utilities look to learn from their peers and de-risk their own investment decisions. In terms of the TRUSense Gateway, we made good progress in transitioning from development to validation. We expanded the number of utilities placing orders for the TRUSense Gateway. We secured a milestone commitment from EPB of Chattanooga and focused our efforts to enhance production and scalability with our contract manufacturer and internal teams. As noted on previous earnings calls, our existing customers represent a more predictable path to near-term deployments. We are witnessing those customers lead the way in deploying the TRUSense Gateway to upgrade existing communication networks, enhance visibility into the distribution systems, and expand their grid modernization initiatives. At the same time, we are increasingly witnessing the TRUSense Gateway incorporated into new customer opportunities, where its flexibility and multi-use capabilities serve as a point of differentiation in competitive processes. In terms of the use case validation for the TRUSense Gateway, we continue to see strong interest in its unique ability to access advanced power quality measurements, specifically to identify vulnerabilities across the grid, particularly with respect to critical assets such as transformers. In addition, utilities are leveraging the TRUSense Gateway to modernize their communications infrastructure, support multiple protocols, and establish a foundation for future applications, including load management and behind-the-meter capabilities. Shifting gears from our commercial progress, we remain mindful of a series of macro dynamics that are unfolding outside of our control. With respect to tariffs, we continue to closely monitor the evolving landscape. Based on the Supreme Court of the United States's decision on February 20, 2026 to invalidate tariffs imposed under the International Emergency Economic Powers Act and the corresponding response from the White House to implement an immediate 10% tariff with a stated intention to increase that rate to 15%, the situation remains extremely fluid. Our team is monitoring orders from the United States Court of International Trade with respect to any mechanics associated with obtaining relief and refunds. While there is no clear way to seek refunds as of today, Tantalus is working with outside counsel and our import brokers to make sure we remain on top of the situation and preserve our rights where appropriate to recover any lawfully available refunds. In parallel, we are remaining in close contact with our customer base, and we'll continue to keep them apprised as the situation unfolds. Beyond the complexity associated with tariffs, we are also witnessing extended lead times and increased pricing pressure across our supply chain. Specifically, lead time and inflationary pressures are surfacing as a result of the evolving global shortage of computing memory. To provide some context, the ongoing shortage in computing memory is largely being driven by the demand for high-bandwidth DDR memory, which is typically used in data centers. High-bandwidth DDR memory consumes approximately four times the production capacity per piece of regular DDR memory used in laptops, phones, and smart devices. The ripple effect is that lead times and costs are expanding by approximately 50% for memory components that we integrate into our connected devices. In addition to the global shortage of memory, we are also witnessing a cascading impact on pricing and lead times for semiconductors, as available access and capacity in fabrication is being driven and allocated to memory rather than semiconductors. To our manufacturing and supply chain team's credit, we have been proactively leveraging long-term relationships with memory and semiconductor vendors, as well as our contract manufacturer, to secure orders for these components on a rolling 12-month basis. While we have the flexibility to place advanced orders for components such as memory and semiconductors without any anticipated impact to our balance sheet, we continue to model the potential implications of tariffs, extended lead times, and inflationary pricing pressure on our gross profit margin as we gather more data and track changes that are unfolding. These dynamics introduce some uncertainty around margins and timing for deployments, but also reinforce the value of Tantalus's approach. Specifically, as utilities seek to manage their own costs and extract value by extending the life of their existing infrastructure and accessing actionable insights from that infrastructure, we believe our data-centric approach only strengthens our positioning. Looking ahead, we continue to invest in advancing our analytics capabilities and leveraging the increasing volume of data being generated across our platform. As utilities gain access to more granular and timely data, the opportunity to apply machine learning and predictive analytics to improve asset management, enhance grid reliability, and optimize operations only becomes increasingly compelling. For example, our recent PenTex Energy win in Texas was all about refreshing a competitor's legacy AMI deployment with a data-centric platform that integrates directly with SCADA. It provides far more granular visibility and helps the utility proactively manage operations as ERCOT contends with record peak demand and a projected 72% increase in peak load by 2030. The path to grid modernization for PenTex, as well as other utilities, increasingly depends on harnessing the power of data. We believe this represents a meaningful opportunity for Tantalus to expand its value proposition over time and drive incremental growth in recurring revenue. Consistent with what we see from larger participants in the grid technology space, we expect that a growing share of the value we deliver will come from software, analytics and services layered on top of intelligent connected devices. We believe Tantalus has a competitive advantage in this area and is ahead of our competition given our data-centric approach rather than a traditional device-centric, GPU-heavy approach. As we enter 2026, our priorities remain clear. Continuing to scale the number of utilities placing orders and deploying the TRUSense Gateway and validating its value proposition. Expanding our recurring revenue base through advanced software and analytics. Delivering increased value to existing customers while adding new utilities to our user community. Ultimately investing in the necessary systems, tools, and people to support our growth trajectory. While we are mindful of the broader macro and regulatory dynamics that are unfolding, the financial and commercial results delivered in 2025, coupled with a growing recurring revenue base and strong customer engagement, positions us extremely well for 2026. With that, again, I'd like to congratulate our team for a job well done in putting Tantalus in the strongest position we've ever been. Operator, with that, we'll open up for Q&A. Thank you. Thank you all for your time and attention. We will now begin the question-and-answer session. To ask a question, you may press star then one on your touchtone phone. If you're 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 then two. At this time, we will pause momentarily to assemble our roster. The first question today comes from Nic Boychuk with ATB Cormark Capital Markets. Please go ahead. Thanks. Morning, guys. Curious, Pete, you mentioned a couple of times in your prepared remarks, the importance of data, how you're trying to integrate all of that. You also had five new utilities join the user base this quarter and 14 start their TRUSense demos. I'm curious of that group, if there's any correlation or connection to the data, and leveraging existing hardware, and if so, what that means, do you think, for potential adoption, and speed with which they move through those demos? Also how much they may want to start to add additional applications and other add-ons to leverage that data, if that's the first time they're ever seeing that information. Well, Nic, good morning, and congrats on the expansion to your family, to you and your spouse. Thanks. You know, it's a tough question to answer because it is so specific to each utility. What I mean by that, I'm not trying to avoid it. There are some utilities recently added that are just focusing on the core competencies of their operations, which is automating billing infrastructure and trying to focus on things like outage management and dealing with power restoration. To our team's credit of trying to meet utilities where they are on their grid modernization journey, I think we do an effective job of outlining the capabilities that a utility can grow into over time based on all the data that we're collecting on day one. Some of those new utilities, Nic, I think give us a great opportunity not only to get the core competencies of Tantalus deployed and provide immediate value for the utility, but then over time, roll them into transformer monitoring, grid reliability, and incremental power quality-related analytics tools that we're on the verge of introducing into the market. The inverse to that is some utilities, PenTex being a good example, fairly sophisticated, dealing with a set of truly robust challenges while they operate in Texas. As you may recall, ERCOT is the regulatory oversight group overseeing the Texas network and grid. The load growth there is astronomical. The risk of blackouts, utility by utility, going into the summer are high. A utility like PenTex is coming from a legacy system that was fairly rudimentary in its core competency and capabilities to a system that not only is upgrading their metering infrastructure, but also layering in the TRUSense Gateway, which gathers. I'll venture to say more granular data than has ever been available at a residential meter socket. I expect a utility like PenTex, once they have our system fully deployed and stabilized over the next 12-18 months, to be one of the more aggressive adopters of our analytics capabilities, and also join advisory committees in the future, in thinking through what more we can do with the data that we're collecting. I think, you know, we say data-centric a lot, and it is a clear point of distinction relative to some of the other larger vendors that we partner and compete with that truly are device-centric and from our history. From our view, the value is certainly in the team and the TRUSense Gateway and the devices we deploy, all important. The value long term is in that data. I think we're incredibly well positioned to monetize that on behalf of our shareholders and certainly solve real-world problems for the utilities we support. I It's hard for me to kind of crystallize and give you concrete information from a modeling perspective, but I hope that gives you some perspective on how bullish we are relative to the data that we're capturing and the ability to secure the relationship with the likes of a PenTex utility, which is very forward-thinking. Absolutely. No, it really does paint the picture and appreciate the value of the data. I'm curious if you can share, though, either the 14 new utilities that joined or the total 66 that you have now in the base, is there a common thread that they may look a little bit more like PenTex? Or is it really like you are truly evenly distributed, and we'll use, like, a baseball analogy from innings 1 through 9 of their adoption. Is there a normal distribution skew? Like, how advanced is the typical utility that you'd be dealing with for a TRUSense deployment? I'd say, the baseball analogy is fair. I'd put all of them, with the exception of a select few, in the very early innings. Okay. The distribution of utilities out of that 66 is fairly consistent with what we've shared previously on the split between existing customers and then new utilities that are purchasing something from Tantalus for the first time. It's not precisely 2/3, 1/3, but it still is kind of trending on that basis, Nic. I'd say for the existing utilities, it's giving. It's, I'd say we're extremely fortunate, whereby the TRUSense Gateway is giving some long-standing customers of Tantalus a direct path to upgrade their entire grid modernization effort without having to touch some of those meters. That I think we're gonna see is such a unique proposition. I think that's gonna drive the accelerated growth for Tantalus moving forward because it's something our competition cannot offer today. Within that bifurcation of existing customers, I'd say we have a range of those that are just looking to come off of some really legacy communications networking capabilities to those that are really digging into the advanced analytics. In anticipation of our users conference in May that I know you're attending, I think you'll see some of those incremental analytics capabilities that we are developing in partnership with some of those early adopters within our existing customer base. Okay. Got it. Thanks. Last for me, you mentioned there's obviously the concern about tariffs. You're looking at some supply chain issues potentially with chips, it sounds like. Now that you have a fortified balance sheet, are you thinking a little bit more defensively about ways that you can maybe protect that supply chain, logistics, inventory balancing, things that would maybe either maintain margins or give you that confidence that you can continue to deliver? Yeah. I think a multi-tiered approach here. Our manufacturing team, led by Harold Hankel, has been on this like white on rice for the past three-six months. As you know, we have an excellent relationship with some favorable commercial terms with our contract manufacturer. We partnered with the contract manufacturer to place advanced orders as lead times are extending, certainly on memory and semiconductors, that'll sit on our contract manufacturer's balance sheet until they turn into finished goods. That's an investment that our contract manufacturer is making in being able to support Tantalus on a go-forward basis, which is really a tremendous investment by them. Incrementally to that, as a second element of our strategy, you know, we're starting to think about certainly on the TRUSense Gateway building some inventory of finished goods and a stronger balance sheet with the support of you know the banking group led by Cormark to help us raise incremental capital a month ago. It gives us a lot of flexibility in how we think about ensuring we can be as responsive as possible, not only to our customers, but also to mitigate any potential near-term impact to revenue that extended lead times historically would have on a company. From a margins perspective, we're still modeling it, Nic, and I think we'll have better insight as we get into Q1 and report Q1 earnings in May. You know, I could see an erosion of a point or two in the short term. You know, we have not activated or initiated price increases at this point. To the extent we see incremental inflationary pressures across the supply chain, then that's where we'd have to dig in and really think about whether we've got to pass some of that inflationary pressure onto our customers. We haven't pulled that lever yet. I don't think we need to. Always something that we'd consider at the appropriate time. Okay. Understood. Thanks, Pete. The next question comes from Yuri Lynk with Canaccord Genuity. Please go ahead. Hey, good morning. Morning, Yuri. Maybe just on the margins, Pete, really strong in software, 86%, I think is the highest I've seen it. What was the driver there in the quarter? Yeah. Azim, do you want to tackle that one? Yeah, I'll take that one. Morning, Yuri. The biggest driver there were a couple of contracts that from an accounting perspective, they weren't finalized until Q4. Under revenue recognition, we had to take the whole amount in the quarter. That contributed to some of it. Some of it was also mix in terms of the various categories within that segment. From our perspective, we look at that just as a favorable quarter, certainly above what we're modeling internally. We'd expect in the coming quarters for it to normalize to longer term trends. Okay. That's helpful. Just on the book-to-bill, Pete, obviously nice to see it well above 1 for another year. The back half of 25, it was closer to 0.75. Is that indicating any hesitation on behalf of your customers? Or is it a seasonal thing? Or any color on that and how you anticipate the book-to-bill trending in this year in 26? Yeah, Yuri. I think there is a seasonal component to our book-to-bill ratio. What we typically will see is in the first quarter of every year, the revenue from ARR in that calendar year is booked as an order in January. We always get a slingshot both in cash collection as well as orders as our ARR continues to grow. As you saw through our results, we entered this calendar year at an all-time high, again at $14.5 million. We also see some seasonality in the context of the budgeting cycle for utilities. The majority of our utilities report on a twelve thirty-one basis, so we'll see orders kind of pretty heavy in the first three, four months of the year of that budget. Sometimes the December to remember sales event concepts on utilities trying to utilize any remaining budget before it's lost at the end of their cycle. We also have a number of utilities that are on a July 1 start, June 30 year-end. That can lead to timing effects on their orders, both in terms of placing the order and then within the calendar when their fiscal year, when those orders materialize into revenue. I think the trend between first half and second half in 2025 is consistent with what we've seen over the last few years. I don't see the second half ratio on a quarterly basis being indicative of demand. I'd say we are pleased with the level of activity in the pipeline, pleased with the level of the activity in sales activity as well as number of bids that we're seeing, and pursuits that we are actively engaged in going into 2026 and certainly through the first few months of the year. Okay. I appreciate the color. That's all I had. Thank you. The next question comes from Baltej Sidhu with National Bank of Canada. Please go ahead. Hey, good morning. With the TRUSense Gateway adoption up, call it 2.5x year-over-year, can you help us understand the quality of that growth and what are you hearing from customers? Effectively, how much of the current base has progressed from pilot programs to deployments? Yeah, Baltej, welcome and thanks for initiating coverage earlier this week. Pleasure to have NBCM as part of the party here. You know, I'd say I'll take a step back to be able to reference that we have orders from 66 utilities within the first, I'm rounding 18 months of really commercial availability for the TRUSense Gateway is beyond anything I would have modeled and expected. I think it is a good demonstration of hitting the market at the right time with technology that allows utilities to not only maximize and extend the life of existing infrastructure, but also really pinpoint where they'll get the biggest bang for buck on incremental dollars spent. The scope of opportunity within those 66 utilities varies. One that we've been able to share publicly in a little bit more detail is the likes of an EPB of Chattanooga with their initial order and commitment to 20,000 TRUSense Gateways over a five-year period, with an option to purchase another 20,000 on top of that in the same timeframe. In the aggregate, potentially 40,000 at that one utility over a defined period of time. That will, within the bell curve, have some utilities where their maximum deployment of the TRUSense Gateway may be in the tens to a few hundred. I'd say from a modeling perspective, I'm empathetic and one that we try to think about how we average out what the norm would be or some ratio of TRUSense Gateway to meter. I'd say overall, we have not seen one utility that has gained access to the TRUSense Gateway turn away from it. Not all 66 utilities have their devices in hand and in the field just yet. We're continuing to ramp production and continuing to ramp our customer ops team's capability of helping deploy those devices correctly and prudently. Of the utilities that have the devices, Baltej, if it's of any help to your question, we haven't seen one back away. We haven't seen one reduce scope. I think if anything, we're seeing utilities accelerate and start to think about incremental use cases that we ourselves didn't necessarily plot out when we brought the device into the field. Yeah, that's great. Just one more for me is just touching on some of the components and the data backend tech on the TRUSense Gateway. Just keeping that in mind, have you seen any incremental inbounds or conversations with the investor-owned utility group? We attend two large trade shows each year. Well, we attend a lot of trade shows, but the two largest that we attend each year, one is DistribuTECH and the second is TechAdvantage. Both fall in Q1 of each calendar year. DistribuTECH caters to utilities from all over the world. I think they reported somewhere around 20,000 registered attendees this year in San Diego. We had more inbound requests and more IOUs show up in our booth than I've ever seen in the now I think 12 or 13 years I've attended the conference on behalf of Tantalus. Yeah, I think the progress that we are making, certainly I think some of the publication of the initial findings from our IES participation in the state of Connecticut with United Illuminating, those are now public and filed through the Connecticut Public Utilities Regulatory Authority, PURA, as part of their program. I think some of those findings are starting to get the attention of some of the larger utilities in the country that, similar to United Illuminating, are four, five, six years into a metering deployment with no path to upgrade that metering infrastructure, and a great opportunity for the TRUSense Gateway to layer in on top of it to really help achieve regulatory drivers on a state-by-state basis. Very good. Thank you again. I'll turn the line over. Thanks. The next question comes from Daniel Rosenberg with Paradigm Capital. Please go ahead. Daniel, is your line muted? Apologies for that. No problem. Comments around the visibility in the business. It's great to see the book-to-bill remain at elevated levels. I'm wondering, has it changed your ability to kinda see down the road in terms of demand? Just any commentary around the amount of visibility you have in the business. Thank you. Yeah, Daniel, I'll give you my perspective and then, Azim, if you have anything incremental to answer Daniel's question, feel free. Daniel, I'd point you to within Azim's comments, 87% of revenue in 2025 came from our existing customer base. Growth year-over-year of recurring revenue was about 20%. I think compounded annual growth rate of recurring revenue since 2016 is now at 19% as well. I'd say as we think about 2026, and a rolling 12-month effort to manage this business, the percent of revenue we can rely upon and scale with our existing customer base provides us with, I think, very strong visibility into the trajectory of the business. As we see more devices deployed in the context of our business model, and from those devices, immediate trigger of software license and maintenance and opportunity to layer on analytics through a SaaS offering or analytics as a service offering, I think that gives us a good foundation to really plot out what the income statement, balance sheet, and most importantly, cash flow is gonna look like on that rolling twelve-month basis. You couple that with the attributes of the bought deal earlier this year. I think we're in terms of total liquidity in the company today to manage into the growth profile of this business. I think is in the aggregate over $36 million, $8.5 million of which is the revolver that's untapped at this point. I think combination visibility of revenue from existing customers, scaling recurring revenue, levels of activity in our pipeline and conversion out of our pipeline, and then balance sheet puts us in a pretty good position to be comfortable on a rolling twelve-month basis. Azim, anything else you'd wanna add to Daniel's comment or question? Yeah. Two points I would add is the high customer retention rate as well as the multi-year nature of the relationships certainly helps to contribute to the visibility. Okay. Sounds like visibility is getting better as you ramp that recurring revenue, so good to hear. My second question comes around the analytics offering. I recall you had made some initiatives in terms of targeting industry groups. I was wondering if you could speak to any updates on the go-to-market success challenges you've had with selling along that channel, as well as with partners. Maybe just an update on the go-to-market. Thank you. Yeah, sure, Daniel. Thanks for raising the topic. So we've done a few things on the analytics side in terms of go-to-market, one of which is the joint action agencies, IMPA being an example of that we announced several quarters ago, where the joint action agency has the instance of analytics and then is helping smaller utilities within their footprint benefit from the insights those analytics provide relative to a lack of resource personnel at the smaller utilities. I think it's a model that we continue to validate and certainly through our direct sales force and our channel partners continue to pursue. As it relates to some individual utilities and feedback, you know, it varies. At the medium to small size utility, Daniel, we continue to see validation of the tool itself and insights to solve very specific outcomes for the utility, like a transformer monitoring or grid reliability, you know, pinpointing where to upgrade, where to cut trees, trim trees from a vegetation perspective, et cetera. One of the issues that we are starting to get our arms around is for the mid to smaller utilities that have struggled with staffing, particularly on the IT side of their operation, is how we as an organization can step into that void, beyond a SaaS offering analytics as a service offering. I'd say we're still getting our arms around what that would look like, and how we would manage it and how we would contract that type of core competency. I think it's very viable. I think it'll be an opportunity to drive incremental recurring revenue, and help utilities that otherwise just historically would not have the resources to be able to benefit from advanced capabilities like that. Great. Thanks for that. Last one for me. I mean, you have an increasing portion of the business being software and services, and no software tech call would be complete without the talk of AI. I was wondering, as you think about the capabilities of AI, has it changed your thought process around development of products along the software channel versus potentially going out and buying said products? How are you thinking about AI for your uses? Yeah. I'd say, if I interpret your question really how are we thinking about it internally, I'd say, Tom Allen, who is our head of engineering, and has a phenomenal background from Raytheon and Apple and a few other large organizations, we have a number of key individuals within his team that are actively leveraging certain AI tools to think about how we get to core tasks and accelerate the way in which the team's able to deliver. We're starting to, before I think we go more broadly with it, we are seeing very good results on how the use of certain AI tools increases the utilization and velocity of the team that we have. I think we've got some discipline within the software team, within the firmware team, and then we have a few folks really focused in on just the analytics side. The engine to support the analytics I think will continue to enhance. I think some of the most recent AI tools that have really started to gain traction are certainly being incorporated into our development methodology, and I think it will increase the amount of work we can get done with the team that we have. Great. I appreciate all the commentary. I'll pass the line. The next question comes from Jeffrey Osborne with TD Cowen. Please go ahead. Hey. Thank you. Yeah, Pete, just a couple quick questions. On the component side, is there a way you can contextualize the memory and semiconductor, you know, maybe as a percentage of bill of materials that you're having a challenge? Just trying to put that in perspective as it relates to the potential pain as it relates to gross margins that you collect. Yeah. Dangerous to do that on the fly, Jeff. It's within the bill of materials. I'd wanna say those two components, as it relates to the ASIC, 15-ish% of bill of materials, maybe a little bit more than that. Azim, I don't know if you have a more precise number in terms of memory and semiconductors. Might approach 20%, Jeff. Okay. Yeah. I mean, the auto guys are complaining about this quite a bit. Do any of your contracts have inflation protection, you know, for things like this? Or is this something that you would have to go back and, you know, renegotiate annually? I'm just trying to understand the mechanics of if this issue persists, how that would play out. There are exceptions to every rule, Jeff, but our standard contract terms include an inflationary adjustment on an annualized basis. Some tied to CPI, some tied to other alternative metrics. Yeah, we've got the ability to address this through contractual terms already. Got it. Maybe just a last question, is you know around Q1. I know you don't give guidance, but there's 10, 11 days left in the quarter. It's been pretty nasty weather out there. Is there any. Do you monitor the channel as it relates to the rates of installations relative to shipments? I'm just curious, like Tennessee and others, you've had pretty adverse weather. Has that slowed things down as it relates to Q1? Fortunately, it has not for us. Good to hear. That's all I had. Thank you. Thank you, Jeff. The next question comes from Gianluca Tucci with Haywood Securities. Please go ahead. Good morning, team. Congrats on a strong end to the year. Pete, your balance sheet's in great shape, as you mentioned in your prepared comments. Are you thinking about deploying capital this year? Is M&A an avenue that you're looking at? Is there any particular technology that could augment or add value to your tech stack? I'm just trying to get a sense of, from a capital deployment perspective, how to think about that this year. Thanks for the question. Slippery slope in answering that one, but I'd say, historical, when we made the commitment to migrate Tantalus into the public markets, one element of that decision was to have access to capital and currency in the form of stock, to accelerate the growth of the business, not only organically from investments we were making, but inorganically through targeted M&A. The first foray into that was the purchase of Congruitive and really bolstering some of the protocol conversion capabilities, as we think about true interoperability that's not predicated on API access or non-standard standards. As we've seen, increased interest in our stock and certainly the volume that we track really as one of the important elements of providing liquidity to shareholders, but also to the organization, and couple that with the recent financing. I think we're in an interesting position to accelerate growth through M&A. Where we would focus that time and attention, Gianluca, would be if you can recall or envision the landscape slide that we have in our investor materials and one that we've used for some time in describing the business. I see opportunities to advance our company on the right-hand side of that landscape, really around enhancing the behind-the-meter control capability and increasing our core competencies around load management and shifting peak load. I think that is coming in a two, three-year window in certain regions of the United States and great opportunity for us to support our customer base in that capacity. The second area of focus would be finding some smaller teams that have built an algorithm and logic around some advanced analytics that tie to power quality. As we think about distribution engineering expertise and what we do with all that power quality data, again, I think that's an area we could bolster through some targeted M&A. Okay, that's helpful. I appreciate that color, Peter. Just secondly, question perhaps for Azim. Inventory ticked up in the quarter quite nicely, and it's the highest level that I can see for some time. Are we to assume that's largely for your upcoming deployments on the TRUSense or are there other moving parts in that inventory uptick, Azim? I would look at that just as we're trying to manage lead times and trying to ensure we have sufficient product to support what's in the pipeline. Clearly there's some of that is TRUSense Gateway, but the bulk of it would be our existing product line. Okay. Thanks, guys. Congrats again. Thanks, Jean-Luc. This concludes our question-and-answer session. I would like to turn the conference back over to Peter Londa for any closing remarks. For those of you still on, thanks so much for your time and attention this morning. To our team, a true thanks to them for the continued hard work and dedication to our customers, our shareholders, and to each other. I hope you all have a safe and healthy balance of Q1, and we'll look forward to providing an update on Q1 in the May timeframe. Thank you for your time and attention. The conference has now concluded. Thank you for attending today's presentation. You may now disconnect.