They can begin their presentation. Thanks. Morning, everybody. First, thanks everybody at the Planet MicroCap team for putting this on. It seems like it's another successful event, so appreciate you guys. And to Pete as well for taking the time to sit up here and do this with us. in terms of disclosures, I've now been working with Pete for four years. It's kind of hard to believe. So we have a close relationship on the research side as well as our firms and the investment banking. Then in terms of stock ownership, unfortunately I'm not able to own any due to compliance reasons, despite ongoing fights with that firm or that part of our firm, which is unfortunate because I pitched Tantalus this time last year at this conference. The stock's up 21% since then, so I think any one of us would've taken that as a win this year in this environment and this tape. So unfortunate I couldn't participate. But I think the theme of this conversation this morning is going to be that operationally and executionally behind the scenes, what you guys have done in that same period, I think has generated considerably more than 21% of equity value. And that hasn't been realized yet. So we're going to talk a little bit through what that looks like and how you get there. This morning we published another piece of research reiterating our $8 target price, and really walking through the lifecycle value of a utility, a different way to think about it and less short-term oriented. But in the fullness of time and why I think everyone in this room should be excited about this, is that $8 is, in my opinion, a very conservative level. I think the assumptions to get there will be met. And in the fullness of time, by the end of the decade, this is a $10, $12, $15 plus stock really just tied to how fast your equity or your utility customers move. So that's the backdrop, and I think really as the grid modernization play that you are, it's exceptionally well positioned. So to start with the discussion of how we're going to get there, we do have to focus on the near term a little bit. I've had so many inbounds from institutions and clients wondering about what I think is an erroneous measure that caught a lot of attention on the back of your Q2, which is the book-to-bill falling below one. If you could just spend a second, Peter, walking through your thoughts around that measure, what that means in the near term, and how investors should be thinking about that. Yeah. Good morning, everybody. Nick, thanks for facilitating, and to the Planet MicroCap team, thanks for facilitating the broader conference here. Is this coming across all right? Sounds a little bit echoey. Okay. Thanks for also the pressure on share price. Talk about setting expectations. So, helpful. I think when we look at how we manage the business, make decisions, and ultimately allocate capital, the book-to-bill ratio is one that we highlight in our investor analysis, and we've been doing that for the last 14 quarters. We've had a good string of quarters where within 90-day windows, it's what is converted out of the pipeline versus the revenue that we've generated. We've had mid-year last year, the largest contract in company history. This seems to be cutting in and out a little bit, at least to my ear, so sorry about that. We'll see. We're just being warned. Yeah. Is that all right? Put that one down. Does that work? Okay. Thanks. Good thought. We've had +20% revenue growth. We've come off the heels of one of the largest contracts in our company's history with EPB Chattanooga. That swings numbers within a defined period of time. As we look at durability of demand, what is converted out of the pipeline over periods of time is certainly a metric that we track. I'm not as sensitive to it on a 90-day window. Part of that is because the sales cycles we've observed that expose the 18+ months. A big chunk of what we're working on, sometimes we get to end of June, they continue and they have a number of utilities that are in a contracting process and for whatever reason, don't get through their approvals. When we look at Q2 in particular, the book-to-bill ratio falls within the range of what we've reported over the last 14 quarters. It's been as low as 0.4 and it's been as high as 2.5 times. That's a pretty big swing, right? When we think about a bell curve, what's the broader trajectory? The other metrics that we pay attention to internally at the inside as we make decisions, book-to-bill certainly, but what's the pipeline also look like? What are the number of utilities in contracting for Q2? I don't think many people paid attention. We had eight utilities as of June 30th in contracting. That's when we, on average, convert 20 new utilities a year. That's a high percent. Right from contracting, we've got a lot of certainty on when those utilities are going to convert. Sometimes it cooperates to the end of a quarter. Sometimes it goes into the first week of the next quarter. We don't get too hung up on it. The other metrics we're paying attention to is obviously then the aggregate number of utilities in our user community, the aggregate number of utilities deploying and ordering our new technology, the TRUSense Gateway, the aggregate growth of our recurring revenue, because that's indicative of more devices and more utilities putting our technology into the ground. Then we take a step back and look at what's the aggregate dollar spend in the industry. I think you're right. It seems, I don't mean this in a negative connotation, but those that are a little bit faster on turning over portfolio or playing a little bit more towards momentum responded based on that metric. We've certainly gotten some of those questions as well. I think it's created a really compelling buying opportunity for investors that are looking long-term as opposed to trying to trade the stock. I totally agree with that, and I think most of the institutions that we're talking to would share a similar sentiment. If we're going to focus on TXG, I think everyone in the room knows that the TRUSense Gateway is really the lever that you guys are going to be able to pull to drive that step change in value. If we're talking about the early success and adoption, I know from speaking to some of your colleagues at the user conference in May, I think the internal projection you had was to have something around 30 or so utilities using the device in the field by the end of this calendar year. We exited Q2 at 77 utilities deploying this, 37 of which have already placed follow-on orders. That to me is a home run of success in terms of adoption. Can you walk us through a little bit what drove that? Where are they using that device, and what should we be expecting for the back half of the year? Thanks, Nick. We try to keep two feet on the ground as we think about sustainable and profitable growth over extended periods of time. The number of utilities placing orders has far exceeded what we expected. There's no such thing as viral in the utility industry. For those of you that have tracked us or tracked the sector we operate in, utilities are very deliberate in their decision-making. They can respond to broader macroeconomic issues that may unfold that are out of our control. To see, as of Q2, 77 utilities placing orders and starting to move forward with the TRUSense Gateway, which far surpassed any internal target that we set. Within that, utilities are deliberate. They buy something, they play with it, they pilot it, they test it. Some move faster. Some want to look at it over a 12-month period to see what the device does. If I think about in Alaska, the coldest place in the winter, and Fairbanks is one of the hottest places in the summer. The swing in temperature there, utilities want to see what that device is going to do when it is hot and cold. Within those 77 utilities, we were excited to share that 37 of them had finished pilots. All 37 had committed to moving forward. Three of those utilities are waiting for funding. To have that type of hit rate in the first 18 months of commercializing the technology is really exciting for us. I wish the Yankees were even close to that type of hit rate, because then I would be watching the World Series as opposed to two teams that not so much. You are excited for the Brewers, so that is great. It has gone really well in terms of where the utilities are using the deployment, or using the technology. The TRUSense Gateway has multiple use cases. We think one stone, multiple birds, and that is why we are so focused on the number of utilities deploying, because if we can convince a utility to buy the technology and deploy on use case one, as an example, we have high degree of confidence that that lends itself to selling more devices over time as we can convince the utility to then start to activate use case two, three, and four. The primary use case that we are seeing utilities use the device for is actually in conjunction with their metering infrastructure, and using the TRUSense Gateway as a collector. What is unique about it is it does not have to go up on a pole the way all of our competition rolls out a communications network to support data from meters. This device plugs into the meter socket, meaning you do not need a bucket truck. You have cost efficiency there, you have time efficiency, and if you have to troubleshoot the device, you are sending someone on the ground as opposed to putting people up in the air. For us, that is a Trojan horse. What we have seen, and I think the reason why the number of conversions on utilities using the technology has far surpassed what we anticipated, every utility that has selected Tantalus since we commercialized the TRUSense Gateway is using the TRUSense Gateway as part of a broader metering infrastructure upgrade. That becomes a Trojan horse to focus on, then, power quality and behind-the-meter control over time. Within our existing customer base, it is becoming the mechanism to help those utilities upgrade their existing system with Tantalus that may be 10 or 15 years old to the latest and greatest technology that we have, which then effectively takes those utilities out of the market, which is why our retention rate is 99% over the last 15-plus years. We are seeing a number of our existing customers that deployed something in 2010, 2012, 2015, now upgrading their communications networking infrastructure with the TRUSense Gateway, both fiber, cellular, and from there, we activate power quality. That in my mind is the coup de grâce for us in really gaining scale and momentum. The one thing that's interesting that you didn't bring up there is the retrofit and the ability to install these devices and not have to rip and replace. There's instances where even some of your largest customers, United Illuminating in Connecticut, for example, referencing and doing a third-party analysis to show that if they installed this device and it reduced 30% of the maintenance calls that they would've otherwise had, it justifies the payback in the first year. In the context of competition in that industry, what does the ability to extend the useful life of existing hardware mean for you guys as a competitive edge, and how much is that going to increase future usage of the device? It's fun to see some of the larger companies in our space start to use language that's common for us in terms of you don't need to rip and replace infrastructure to modernize the grid. What we mean by that is we see an increasing number of utilities, especially in an environment like we're operating in today, where affordability, in many circumstances, is the number one issue in front of politicians and what's unfolding south of the border here in two weeks with midterm elections. When we run into periods of time where CapEx spend gets extended, cost of capital is increasing with interest rates, inflation is impacting ability for people to pay bills, utilities have to squeeze every ounce out of the infrastructure that they've got. The TRUSense Gateway is a path for utilities to retrofit behind any existing meter, whether it has intelligence or not, whether it's ours or someone else's, in terms of that intelligence, and any meter socket on anybody's home. United Illuminating was a great pilot for us and a great demonstration of technology. That utility deployed one of our competitor's systems six, seven years ago, so it started in 2019-ish timeframe. They are stuck with that technology for the next 15 years. The regulators in the state of Connecticut will not support a rip and replace of that metering infrastructure. When they made the decision in 2019, 2020, they didn't envision needs for today. They didn't envision increased storms up and down the Connecticut coast. They didn't envision the adoption rate of electric vehicles that's unfolding in the state where I live. They're stuck. The TRUSense Gateway becomes the bridge to address an increasing number of issues while extending the life of that metering infrastructure, which still operates well for purposes of billing and some outage management. It's a great way for us to come into utilities that otherwise we may not have had anything to sell to them and put them in a position where they can start to address and solve some serious problems. Okay. That makes a lot of sense. Let's tie this back to the life cycle value of one of these utilities and how that because I think this conversation that you just had there and how there's multiple use cases is a little bit more of a better indicator for the long-term visibility of the business. As you roll out these TRUSense Gateways, and the way that we modeled it and presented it this morning in our note is that you effectively start in, say, year three or four of a relationship, in our estimate, and then it takes a couple of years to roll these devices out. How much incremental visibility do you get and confidence that the results are going to come when you have these 37 utilities who are deploying this device? What does that roll-out look like? I'll use a specific example. I was visiting one of the utilities that we support in Western Tennessee that falls within the Tennessee Valley Authority. For those not familiar, TVA, in the aggregate, is the largest utility in the U.S. It supports 154 public power and electric cooperative utilities. They have massive capacity constraints, meaning not enough power. Decisions made 20-plus years ago to shut down coal, to try to go down the path of a nuclear plant that's taken a lot longer and a lot more money to bring online than they expected. They've had massive population growth post-COVID. It's also an epicenter for data centers in the U.S. The Southeast is very friendly to data centers where we sit today. How that manifests itself, Western Tennessee, rural area, a significant amount of poverty, and it just so happened I was visiting the senior executive team for that utility, and an hour before I arrived to the utility, they got a call from TVA. That's their generation and transmission entity. We support the distribution utility. TVA called and said they had congestion on the transmission lines. That means there is not enough power to support whatever the demand profile was that specific day. The call to utilities in Western Tennessee from TVA was, "Turn off capacity." For Bolivar, that's the utility I was visiting in Tennessee, that meant that they had to roll trucks out to a substation and they open relays. If you think about circuit breakers inside your own home, flip a circuit breaker off. That reduces power consumption inside the house. Turn the socket, there's a lever on everybody's home in Canada and the United States, you shut the whole home down. That's effectively, it's a manual process for that utility. What that means is immediate power outage down line. They got to wait until they get a call back from TVA that says congestion's resolved. Okay, close relay, power back on. For that utility, my meeting got delayed because they're dealing with something completely out of their control. Because of the system that we've deployed there, they've put some fiber in. They've got some cellular capabilities. The meter furthest away from their command center is an hour and 47-minute drive one way. That's right over three hours. It's $150 per hour for the utility to go visit out. It is over $300, two guys in a truck to go visit one meter. They have been using the TRUSense Gateway and building out their infrastructure with us. Thanks to the technology and the data that we capture, within about three minutes, we had aggregate number of outage minutes across that distribution grid, 3.2 million minutes of outage so far, 2026. That is six hours per meter through the first nine months of the year. That is not good. As I was sitting with that general manager, he is trying to calm down after the phone calls that come in because of power outage. It impacts residential, it impacts commercial, industrial. I asked him if he knew how many outage minutes. Answer was no. Asked him how many blinks. You can think of it like your lights blinking is momentary outages or millisecond outages, which the TRUSense Gateway captures for him. It was something like, I want to say, over 1,000 blinks per meter within nine months. That is indication of vegetation management issues, trees hitting power lines. As soon as I referenced that to him, his comment was, "I did not realize we had access to that data." That is where power quality of data comes in. That utility will become a shining example of where they started with us in upgrading metering infrastructure. They put the number of TRUSense Gateways in to support that metering upgrade. We will activate power quality alarms through our analytics package. I have no doubt they will opt into that analytics package. Based on the data, we can help them pinpoint, "You should add additional TRUSense Gateways here, and here across that distribution grid." Because you can pinpoint vegetation management. You can pinpoint where you have got vulnerabilities on feeders and circuits. As we go, when we think behind-the-meter, I love this slide really speaks to the direction of where we are going. The whole conversation with that general manager is the right side of this slide, front of the meter, substation down. He now has visibility into it. United Illuminating, you referenced, publicly disclosed to a regulator in the States, in the U.S., the highest level of visibility that utility has ever had at the circuit line level. That is as good a validation on power quality as possible. For Bolivar, as we think about, are there better ways to deal with a call from TVA, which is only going to increase in frequency because of data centers in Western Tennessee. Instead of just opening relay and substation and shutting down an entire set of power lines and everybody on that, how do we help them take capacity off with water heaters, with thermostats, with batteries? That is the behind-the-meter play. Long answer to your question, step one, get their metering upgraded. Step two, present the data, power quality. That adds analytics, and it adds more devices. Step three, there is a better way than just turning everybody off. You can get isolated down to the circuit breaker or to the appliance, or activate batteries across the distribution grid and know what the impact is to the transformer. That then leads to more devices for behind-the-meter. The answer to your question is, in my mind, statistics or data. You had asked for back to book-to-bill. I do not know how many companies of our size can say this. 90% of our revenue over the trailing 12 months through June 30th was from our existing customer base, and we do not have revenue concentration as a smaller business. Those two metrics in themselves give me the great answer to your question. You have a lot of visibility and a lot of confidence in the direction of our business once we land a utility. Okay. There is a lot there to unpack. I think the one thing that really surprised me was that you brought up baseball instead of football. I will not touch your Jets for a second. But if we think about all those things you said about the data centers, behind-the-meter access, I think by 2030, that is what excites me the most. I have used this slide a lot. I had this on our presentation last year because to access everything behind-the-meter, and if we are talking about a city like Bolivar or I have spoken to a colleague of yours, Fleming-Mason, similar area. He has now seen a data center come into his grid. Electricity consumption and supply is going to 4x within a year. They have never been able to even manage that, let alone now incorporate things behind-the-meter, and you will have virtual power plants and behind-the-meter assets. To me, that data is where you are going to capture the most value. How many TRUSense devices do you need in the field to start to understand that profile better, and then ultimately take control and help a utility manage and then control load through devices like that? I will break it down into ratios, I think is where you are trying to go. For Bolivar as an example, the TRUSense Gateway can collect data from up to 250 meters in the surrounding area. It depends on topology and vegetation and proximity. When you start to think about RF communications and cellular communications, we do not design to that level. I will use just simple rounding. Let us assume we use a TRUSense Gateway, one for every 150 homes. As we think about power quality, it becomes to track three phases on a power line, you effectively need, per feeder, a minimum of nine devices deployed per feeder. Utilities have a variety of different numbers of feeders. So we have got a metric there to really get to clear visibility into voltage. From there, voltage reduction, which is a great opportunity for us and something highlighted, frankly, by GE Vernova in their earnings this morning. They're a little bit more on high voltage and medium voltage. We're focused on low voltage lines. As we think all the way down to at the transformer level pole-mounted transformers on average five to six homes. I think over time, the ROI will justify one TRUSense Gateway per pole-mounted transformer to protect that asset. So now you've got a ratio of a 1:5, 1:7, depending on the utility, to control a device behind-the-meter. A water heater as an example, which is what we've done in Connecticut, it's a 1:1 ratio. Start high, add more as the business case justifies and as the utility has CapEx over the next 10 and 15 years. I guess what excites you guys internally once you get to that one-to-one ratio and you're going to have so many devices in the field, and you now have the ability to control these behind-the-meter. To me, that data pool that you will then be collecting should be insanely valuable and interesting for your internal team to create new applications. So we've seen transformer analytics come out. We highlighted that in our note this morning. It's $4 a month, and you, for the first time ever, give your utility visibility into usage and load and all of those metrics on the transformer. What other things should we either get excited about or be thinking about when it comes to data monetization? Data is the value of this business in addition to the customers and obviously employees that we've got. Where I get excited three and five years out is the true concept of a virtual power plant. I am excited to be able to go sit down with the executive team of Bolivar three and five years from now and say, "You got a call from TVA because data centers compute was throttling and consuming a lot of power at the transmission level." Shed load by asset, as I think longer term with FERC Order No. 2222, which means a lot of people can start to play in the wholesale level in the U.S. How does a utility partner with data center to monetize the value of power going to heat water in my house? I think there is a phenomenal opportunity that's emerging because of what's happening with data centers. That's how we'll participate in that value chain, and it'll be effectively getting down to the kilowatt-hour. Whether that turns into a token, I don't know, but I wouldn't be surprised. I think we're running out of time here, so I think to sub- Not in this format, no. Okay. You'll have an opportunity if you want with Peter later. To summarize this opportunity, I think looking at this business, I haven't found anybody in this space who's better positioned to help a utility evolve through all of these innings. I think coming back to your Jets, we're in week one. The season's not over. No. The Jets might be, but this company is not, and we're in week one or two of this opportunity. I'm very excited to see what you guys can accomplish over the coming years when you deploy this and monetize that data. Thanks for taking the time, Pete. Appreciate you being open to this format.