Good morning, everyone. Thanks for joining us today. We have an update with Peter Londa, CEO of Tantalus, just to discuss the Q1 results that they recently put out and some recent news items. I would direct anyone that would like to have a more in-depth call on the Q1 results to the earnings call replay, which is still available on the website. I think we've covered that quarter in great detail. We're not going to have a repetitive session. If you do have some questions, feel free to put them in the Q&A box. I think the format for the call will be Peter'll just do a quick overview of the quarter, of the recent news, which includes an analytics offering, a new analytics offering, maybe a bit of some feedback and review of the Tantalus Users Conference that happened last week. Then we can jump right into Q&A. If you have any questions, feel free to put them in the Q&A box. I don't believe that we're going to work off a presentation, but we will discuss some forward-looking statements, so feel free to check those out on the presentation on the website, which was updated after the quarter. That out of the way. Hi, Pete. How are you doing? Morning, Deb. How are you? Yeah, good. At the Canaccord conference, still in Vegas. Well, good morning, everybody, and thanks for allocating time to receive a further update on our business. I think, Deb, if I may, can give a quick summary of the quarterly results and more than happy to share some perspective on our users conference that unfolded last week in Las Vegas, which also included our investor and analyst day. To summarize our quarterly results in Q1, we were fortunate and set additional milestones for the company. We generated the most revenue the company's ever generated in a quarter at $15.1 million. I remind everybody, we report in USD. The $15.1 million was the largest amount of revenue we've generated in a quarter. It was up 27% year-over-year compared to Q1 of 2025. A strong number for us and a great accomplishment by the team that continues to work hard on behalf of our customers and shareholders. Our gross profit in terms of aggregate dollars was up 22% to CAD 7.9 million in the quarter. The overall gross profit margin came in at just over 52%, which still trends above our long-term view of trying to deliver more than 50% gross profit margin. Slightly down year-over-year on a comparative basis from a percent point of view, that just is normal course for us as the types of devices that we ship within a quarter can swing gross profit margin a little bit, but nothing that from our perspective is problematic or indicative of a different trend for the business. Adjusted EBITDA improved by 137% to approximately $800,000 in the quarter. It's a great indication for us that we can not only drive revenue growth, but simultaneously drive growth in adjusted EBITDA as we continue to make investments in the business, and really across the team. In addition to that, our cash flow from operations was up 47% year-over-year, just under $5 million. We delivered $4.7 million of positive cash flow. Again, another good indication that our model continues to demonstrate repeatability in both driving revenue growth, delivering gross profit, delivering positive adjusted EBITDA, and simultaneously generating positive cash flow. On a trailing 12-month basis, we've also hit some terrific milestones in the quarter. Looking back over 12 months, as of March 31, 2026, revenue topped over $57 million. That's the most revenue we've generated over a trailing 12-month period. It's up 22% on a like-for-like comparison. Gross profit margin similarly up 21% over a trailing 12-month comparative period. Over that trailing 12 months, gross profit margin was 54%, a very good and strong number for us. Adjusted EBITDA on a trailing 12-month basis, $3.8 million. That's up 75% on a comparative basis, and we delivered over $6 million of positive cash flow on that trailing 12-month basis. In terms of aggregate number of connected devices shipped on a trailing 12-month basis, over 380,000 intelligent connected devices put into the field and shipped over that 12-month period. That's the most we've ever shipped and then supported utilities to deploy. I just remind everybody, the model continues to validate our path, convince utilities that we are the right partner, get our intelligent connected devices deployed, whether that's the intelligence inside a meter, our new TRUSense Gateway or other line and substation devices that we put into the field. As those devices are sold and generate revenue and cash flow in the near term, those devices then kick off a recurring stream of revenue for us over an extended period of time, as long as those devices are in the field. On a comparative basis, similarly, our annual recurring revenue hit another all-time high as of March 31, in excess of $14 million, continuing to grow on a compounded annual growth rate in the high teens, just under 20% now since 2016. I'd say the team's executed quite well. I'm really pleased with where we are. I'd say, beyond some of the financial and commercial highlights that we shared in the quarter, two incremental data points, Deb, then I'll pause for questions. As it relates to the TRUSense Gateway, we shared that we now have 70 utilities that have submitted initial orders to deploy that device. We shared some additional commentary during the Investor and Analyst Day, which I'll come back to. The other element of our quarterly call was also appropriately referencing some of the broader global uncertainty that's unfolding, and that may influence buying patterns and decisions of utilities. It's in my experience in selling to utilities or trying to deploy technology with utilities dating back now almost 20 years, that when we see fairly disruptive events like we're witnessing today in the Middle East, and those events have a direct impact on inflation, and particularly for the utility industry, oil and gas prices. Public power and electric cooperative utilities are run like nonprofits. As prices in oil and gas increase, that's a variable cost that they have to absorb in real-time and it has a cascading impact then on what they do relative to the budget that they've got over whatever 12-month period they operate on, whether it's a calendar year or some fiscal period. It's not uncommon that we see public power and electric utilities get a little conservative in terms of new commitments or deployments, when there are some both geopolitical and financial turmoil. I'd say where we stand today, we've seen certainly conversion of new utilities, a little bit slower than we would normally would in Q1. With that said, we have a substantial number of utilities in contracting and on the cusp of selecting Tantalus to move forward with us. Nothing of significance as of today's call, but caution that we are conscientious of based on experience of selling to electric utilities. I'll take a pause there on financials and broader geopolitical and financial uncertainty, see if there are any questions, Deb, and then more than happy to dive into some of the information we shared at the Investor Day and the broader Users Conference in general.. I don't see any questions on the financials, so maybe we can jump right into the Users Conference. Yeah Investor Day. We were, as some may recall, we have an annual Users Conference that we support. It's a great opportunity for Tantalus to bring together a wide representation of public power and electric cooperative utilities across our users community. We also invite some prospective utilities to attend that event. In addition to customers or prospective customers, we include industry analysts, we include a variety of partners, and as we've migrated into the public markets, we've also activated a dedicated day for investors and covering analysts to participate. In addition to having a dedicated session for investors and analysts, many of those individuals then actually stay for the duration of the event over two and a half days, with unfiltered and unrestricted access to customers, employees, board members, partners, anyone in attendance. Overall, we had over 300 attendees join us in Las Vegas last week. We had representatives from over 70 utilities. I think the actual number was 75 utilities represented this year, which is terrific. A number of partners, investors, and analysts joined as well. Across the event, I'd say we focused on the launch of our TRUGrid Verify analytics tool, which is the latest installment of our analytics capabilities that tie back to accessing data from connected devices and then driving more value out of that data for our customers, as well as driving recurring revenue for Tantalus. TRUGrid Verify is very unique from our analysis and certainly from the consultants that were in attendance, first of its kind, that really validates and cleans data that's captured across the grid. Where that manifests itself is how data from a system like Tantalus feeds into and collaborates with data from other devices and systems to support a GIS system, as an example, an outage management system. Embedded within that v erify tool is something new for Tantalus and new for our customers, is to help utilities pinpoint which phase they're delivering at various spots across the grid. For those that may not be too familiar, utilities operate on phase A, phase B, phase C. At the substation level, utilities typically have a pretty good visibility into which phase is coming out of that substation. Where things get a little chaotic for the utility is they don't always know which of those three phases is flowing through distribution transformers, and then from distribution transformers down to meters. Where that kind of cascades for utilities, if they don't have visibility into phasing, is in the event they have an outage on phase A, their systems, both GIS and outage management, extrapolate how many meters may be impacted by that outage based on what those respective systems believe are receiving phase A, as an example, in terms of power. In many circumstances, the GIS and the outage management system are not aligned well, and are inaccurate. Where we come in is not only pinpointing where the outage is from our devices, but then simultaneously helping improve the visibility into which phase is impacted from the outage, such that the utility has much more accurate reporting. That dovetails into power quality metrics that lead into cost of capital for utilities, and overall reliability scores that utilities have to report. It's a really important incremental component of our analytics tools. We're really excited about that. We got terrific feedback along the way from the users conference. The other element of our new capabilities that we launched is TRUGrid Advantage. TRUGrid Advantage is at the highest level a managed service offering to support utilities that just do not have the IT capabilities or the staffing to really leverage data analytics and leverage machine learning that leads to AI insights. From our perspective, no utility can be left behind in today's world for grid modernization. TRUGrid Advantage is an opportunity for us to support any size utility that may be resource-constrained or needs assistance in really leveraging the benefit of analytics. For our shareholders, drives recurring revenue in the form of managed services. Excited about those two new initiatives that were launched. Incrementally, as it relates to the TRUSense Gateway, I know certainly a substantial focus for our investor community. We disaggregated some of the information with respect to the 70 utilities that have activated orders. The way we disaggregated that information was, of the 70 utilities, 49 of those utilities have the TRUSense Gateway in hand and deployed at the utility, meaning 21 of the 70 utilities are still waiting for their first delivery of devices. It's our view that all 70 utilities will have TRUSense Gateways available for deployment by the end of Q2, June 30th. Of the roughly 23,000 orders or of the orders for 23,000 TRUSense Gateways, we've shipped roughly 3,500 of those devices. Have a pretty good runway here to drive incremental revenue over the coming periods just from the initial orders in hand. We got the question as to why aren't all utilities already having this device, and why haven't we shipped all 23,000 as opposed to 3,500? I'd say, I draw to previous comments made. As we deploy a very complicated new device, it is critical that we get sufficient validation that the design, that the manufacturing, that the deployment is solid. The worst-case scenario for Tantalus, for our customers, and our shareholders is if some of those devices misbehaved or didn't operate the way they're expected to. That not only puts us in the penalty box with a utility, but also becomes expensive if we have to try to think about modifications to design or modification to manufacturing processes. We've taken, I think the comment in the investor day was conservative, but we've taken a prudent approach to making sure that we get enough devices deployed across all three versions, fiber, Ethernet, cellular, that become statistically relevant to increase our confidence that this device is ready for prime time and mass production. We continue to work towards that with great success. I appreciate there is a sequencing that unfolds here as investors track our progress. From my perspective and again, our team's experience of launching new complex connected devices, we are following our playbook. Unfortunately not identifying or having any disruptions to date. In terms of deployments themselves, of the 70 utilities, 28 of those organizations have now migrated beyond pilot and are activating what is full deployment for those utilities. Keep in mind, the size of deployments varies significantly from hundreds of devices to tens of thousands of devices, depending on the size of a utility and use cases. 42 of the 70 utilities are continuing to execute on pilots. The hit rate of utilities that complete pilots and then migrate to full deployments is in the high 90th percentile for us, which is a great barometer, meaning of the roughly 31 utilities that have completed pilots, 28 of them have migrated to full deployments. The few that have not are all tied to funding, where they're going to access funding for the deployments themselves. Not 1 pilot has been terminated at this point, 15 months into this process. Continue to see very strong support, performance, and indications from the TRUSense Gateway, and we certainly were excited to provide that update to all of the covering analysts in the room and a number of the investors that were able to allocate the time and travel out for the day. I'll take a pause there and see if we have questions, Deb. I don't see any audience questions, but I have a couple. You recently released your fourth annual Utility of the Future Survey. What surprised you most in this year's results, and how closely did the findings align with what you're hearing directly from customers? Yeah. The survey itself continues to gain momentum, not only provides great insight to us in terms of priorities and concerns that utilities have, but it really specializes on public power and electric cooperative market segments. Embedded in that is also what's called municipal utilities. Most utility surveys canvas IOUs, investor-owned utilities, the biggest of the big. That can warp where activities and priorities sit. As we continue to proliferate the annual survey and gain traction, I think it's a terrific way for Tantalus in and of itself to distinguish ourselves as really a market leader within the market segment that we pursue: public power, municipal, and electric cooperative utilities today. Over 100 utilities responded. I think the number was actually 109 utilities that provided us feedback to the survey, which grows each year. I'd say, Deb, I don't know if anything necessarily caught us by surprise. It validated a lot of our views. The one thing that I think was flagged this year compared to prior years, was an increasing number of utilities that expressed concern over financial uncertainty. It gets to oil and gas prices. It gets to uncertainty around which way interest rates are going to move in the U.S. relative to increasing inflationary pressure. I imagine all investors are attuned to what's unfolding here in the U.S. with a migration to a new Fed chair and concern about the independence of that chair relative to the current administration in the White House. I think when interest rate uncertainty kind of raises its head in addition to some inflationary pressure, it certainly got flagged as a concern by utilities. It was the top concern. I think it's a near-term focus and a near-term concern for utilities, just given some of the lack of predictability or visibility that we see here in the U.S. In terms of the other element of the survey looks at utilities' preparation towards grid modernization relative to how far along they are. It's kind of a way to summarize this. Priority versus how prepared are they. We continue to see a reinforcement that utilities prioritize grid data management and analyzing that data, yet are woefully unprepared for it, and they don't have the tools, the systems, the resources. As we think about a data-driven approach towards our solutions, that priority reinforces the direction we're taking. This is all about the data. The devices are a means to an end, but create the moat and create the barriers to entry and the access to that data, so critical. How do utilities actually leverage that data? As we think about TRUGrid Verify and TRUGrid Advantage being launched at TUC this year, great demonstration of how we are aligning our R&D and our investments to not only meet the priority utilities have leveraging great data, but simultaneously filling a void with the lack of preparation utilities have today. I think that the survey was a further validation for us, and certainly, pun intended on this one, doubling down on the investments that we're making as it relates to a data-driven grid modernization effort. The survey certainly highlights the gap between urgency and readiness. What do you think is causing that gap? Is it funding? I think in some circumstances it's funding. Certainly, count them up on fewer than five fingers at this point of utilities that have piloted the TRUSense Gateway. Funding is the barometer there for those handful of utilities. I think utilities, I use this reference quite a bit, they're very deliberate. Utilities are risk-averse. They tend to evaluate and reevaluate the adoption of new technology. I'd say utilities, they're going through a paradigm shift today. When we look at the continued trends around data centers, we saw this firsthand at the Users Conference. We were fortunate that a member of our user community shared. Their system is in the process of finalizing, or their community is in the process of finalizing agreements to have a data center come into their community. It's in the central portion of the United States in a rural area. If it all materializes as expected, the utility system goes from 200 MW to 4 GW. That's a 20x increase in power that the utility needs to support. The distribution grid, where do they prioritize? How do they anticipate the impact of seeing that type of load on their system? How do they prepare for the jobs, and the influx of people around that data center that's driving property values today in that community? I think when utilities are plotting it out, on the one hand, it's a great macro driver for Tantalus. It becomes an immediate case study for us. How do we help a utility prepare for a 20x increase in the amount of power they deliver in a rural environment? For that utility point, they got limited dollars. How do they prioritize where to put those dollars? That leads to being very deliberate in decision-making. They cannot afford to get it wrong. A little bit different than IOUs who can get it wrong and potentially get some relief from regulators on modifications to rate case. Our market segment doesn't have that. I think it's just the nature of the beast with utilities. As you think about the traditional model of rip and replace assets, purchase device on a CapEx budget, depreciate that device over decades, wait for it to fail, and replace it again. That is no longer viable. There's no shortage of data points that reinforce that. We track GE Vernova as an example, taking orders for transformers today for delivery in 2028. A rip and replace strategy is no longer viable, and that is a paradigm shift. How do you make that shift? It's all about maximizing value of data. I'd say that's where utilities really need to improve their areas of expertise, and their area of focus, and I think it's just a deliberate approach to get there. We're right in the thick of it. I think the survey commentary from the Users Conference, and certainly the adoption rate that we're seeing at the TRUSense Gateway, and the win rate of pilot to deployment, regardless of the size of that deployment, is validation that we're in the right place at the right time. Mm-hmm. Beyond the analyst and investor day at the conference, were there any common themes or discussions that stood out to you from this year's event? The Tantalus Bucks survey that we run in real time at the event. For those not familiar, we've now for years activated a broadly defined Voice of the Customer program at the conference. Every utility in attendance of 75 gets a fake amount of Tantalus Bucks, CAD 1 million. Obviously not hard dollars, they get to allocate those dollars towards a set of priorities, a set of ideas that we have within our roadmap. For us, it's a great way to make sure as we're thinking about further investment in R&D, and thinking about the priorities of our roadmap, because we can't do everything at once, it ensures that what we're building aligns to what our customer base is seeking. I'd say a couple of the themes that came out there, I'm conscious of not necessarily educating competitors in a public dynamic like this. I'd say the feedback we got from that survey, it certainly ties to helping utilities pinpoint the most vulnerable areas of the distribution grid based on valid, clean, analyzed data. That's one. The second is we continue to see now, for the third year in a row, a request from our utilities, our customers, for additional services. I think that ties to the wave of retirements that are brewing across the utility industry. It's a real problem. It is a massive percent of engineers in the North American utility industry are within five years of retirement. It's like 50% of staff in the engineering departments. There is no way utilities can replace them. That means either trying to extend people beyond expected retirement or when they're entitled to retire, and access their pensions, or look to vendors like Tantalus for additional services. That was another key theme for us, and TRUGrid Advantage is our first toes in the water approach towards a managed service offering. I don't think this is metering as a service. I think the cash register, the meter itself, always should be owned by the utility. I think that's just a better business model for the utility. I think there are a number of incremental services that we can support, or deliver over time to drive managed services and recurring revenue based on the existing infrastructure that we've already put in the field. I'd say those two themes, Deb, were loud and clear to me. The third one that hit me right between the eyes is the impact data center has on utility. I'd say while one of the utilities presented and shared that information, there were several other utilities that referenced they're very close to data centers or already have data centers in their footprint, and it is multiples of load growth and capacity constraints that they're trying to deal with, in real time. I think that just creates a massive amount of opportunity for Tantalus and companies like us. Interesting. Thanks, Pete. A couple more questions. I don't see any audience questions, I guess it's just me today. You referenced having 70 utilities, having placed orders for TRUSense. As utilities move beyond the initial deployments, what are you learning about how customers are expanding usage over time? What use cases are becoming more prevalent, et cetera? Yeah, we broke out, I'd say there's three primary use cases. One of those divides into two. The three categories of use cases tie to first, the communications networking, to support any grid modernization effort. To drill that down, of our customer base today, when we deploy edge intelligence inside meters, and we'll just refer to that as smart metering for simplicity. The communications network that goes with the edge intelligence and the smart meters, is an area of focus. For us, and our competitors, the traditional approach is to leverage a cellular network, or leverage radio frequencies, RF technology, typically 900 MHz here in North America. The cellular TRUSense Gateway is both an edge intelligent device gathering data, and we've talked about all the things that the TRUSense Gateway does. It's also a collector, meaning it can read and collect data from up to 250 surrounding devices. We're seeing, certainly within our existing customer base, use case 1, is migrating legacy communications networking, some of which even ties back to what's called 200 MHz or 220 MHz RF capabilities. Very long range back in the day, very effective in rural communities where there was no cellular coverage, but constrained from a bandwidth point of view. It's a very narrow band. As cellular coverage becomes more prolific, LTE 5G, we're seeing a number of utilities, long-standing customers of Tantalus, upgrade their communications networking as step one with the TRUSense Gateway. Meaning use the gateway as a collector, migrate from an RF system to a IP-enabled cellular network. It allows for just a massive upgrade in terms of sending and receiving data. That's use case 1. On a ratio basis, we shared that ratio depending on public power and muni versus co-op, it really ties to how many meters per square mile or square kilometer. On average, about one TRUSense Gateway to about every 150 m deployed in the field is the ratio, and that's the scale that we're seeing within utilities as we help analysts think about modeling the business, and investors modeling the business. The second use case ties to power quality, and within that, we're focused on two areas for the TRUSense Gateway. One is feeder management, so the big power lines, circuits down to feeders. How do we put a TRUSense Gateway to track its 12 different parameters? Those 12 different parameters actually translate into 15 different data points around voltage, current, and then from there, harmonics and waveform capture. We're seeing a good bit of progress especially, that's where I think we'll have a path into Investor-Owned Utilities, is helping them pinpoint which feeders, which circuits are most vulnerable or have the most problems in terms of power quality. On that ratio, for every feeder, nine TRUSense Gateways deployed. That's what we're seeing validated. You can look at a utility, define how many feeders or circuits they have, multiply that by nine, and that gives us a use case there of deployed devices. Within power quality, we also are gaining, I'd say, continuing to gain traction with transformer monitoring, focused on distribution transformers. The ratio there is, back to meters, it's about one TRUSense Gateway to every eight - 10 homes, depending on type of utility, to track a transformer. Two around power quality. The third category of use case is behind-the-meter. I think that's the one that will take the longest to validate, just because demand management is still gaining traction, depending on different regions of the U.S. and Canada. It's not the highest priority for utilities today, but one that I think becomes increasingly important as data centers surface. Back to that utility that's very close to securing their first data center, a 20x increase in load management, there's not enough generation. Within a matter of time, they are going to have to control load behind-the-meter at the residential level. That's where the behind-the-meter strategy comes into play for us. It'll take them a few years to get there if that data center surfaces. If the data center surfaces, they have to activate load management to deal with the variability on the grid. I think all three are moving forward and we're building some great use cases and demonstrations of that technology. One last question from me. If anyone else has any questions, feel free to submit them. Maybe you can talk a little bit about your land expand and broaden approach, and maybe provide an example of how customer relationships evolve over time. Another element that we shared during the investor day is how does Tantalus drive durable demand for our solutions? It's such a key component in evaluating can we sustain a certain growth rate given the deliberate nature of utilities. Our Chief Revenue Officer, Mike Julian, walked investors and analysts through our model of how do we go about landing a new utility, winning a new logo, building our user community. On average, we add 20 new utilities a year. Four in Q1 of this year already. Once we have that utility and we deploy whatever the first effort is, smart metering tends to be where most utilities start. How do we expand within those accounts? How does our sales organization and our R&D investments build new capabilities that meet the needs of our customer base? That's where the Tantalus Bucks comes into play. That's where the Utility of the Future Survey results come into play to really help us sharpen our focus on R&D and product roadmap. The third area to drive demand is how do we broaden the addressable market? That's either regionally, how do we go into new areas? How do we potentially access new customer segment like the Investor-Owned Utilities, IOUs? How do we bring new technology into the industry like the TRUSense Gateway? All of which positions us to go out and win more accounts, land within those accounts, expand. It's a circular model that we continue to demonstrate. A couple of stats that we shared. On average, we add 20 new utilities a year. Those 20 new utilities tend to represent somewhere between 150,000 meters - 200,000 meters. We consistently are adding more devices that we can deploy in the field. The sales organization was sort of broken out by region, and then we shared a map of our channel partners, and the breadth of those channel partners to make sure we're accessing as many new utilities as possible. On the expand side, we shared that on average, 85% of revenue generated in a calendar year comes from our existing customer base. Some portion of our revenue is from those land accounts, meaning get them signed, or I'd say get selected, get them under contract, start deployment to drive revenue in a 12-month period, or budget calendar year. 85% of revenue, on average, comes from that existing customer base every year. As we think about broadening, well, actually, before I go there, within our existing customer base, we shared that we have roughly 750,000 meters and connected devices not yet deployed within that existing customer base. Mike did some math on that. It represents roughly $140 million-$150 million of revenue potential for Tantalus over a 13- 15-year period of time. We've got a big bucket of dollars to chase after to continue to drive expansion within our existing customer base. As we think about broaden, we shared a few initiatives, one of which was certainly the TRUSense Gateway and the progress we've made at the 70 initial utilities. We shared that we are making an active investment today to pursue utilities up in Canada, really for the first time in our company's history. Curious that we're Canadian-headquartered and based out of British Columbia, but have really focused historically on the U.S. market. We see some interesting opportunities unfolding in Ontario, and some of the eastern provinces of Canada. Certainly, we're monitoring what's happening in British Columbia, given our proximity to BC Hydro's headquarters from our headquarters. We're starting to think about Canada and actually putting dollars behind it. Combination of hiring our first regional sales manager, getting the consultants involved that can help us, and then activating a combination of PR and branding. I'd say incremental to that, adding Susanna Zagar, and Kristi Honey as examples for our board of directors, two very influential women, and utility executives up in Canada, now at our board. I'd say Canada, regional focus, the TRUSense Gateway, application and device focus. As we start to zero in on some of these use cases, can we get after a handful of IOUs that really expand our addressable market? Land, new wins, expand, drive revenue, broaden new regions, new technology, new customers to pursue, a new market segment, I'd say, to pursue to really increase addressable market opportunity. It continues to validate itself by adding new utilities every year and driving revenue growth Q1, 27% year-over-year. Great. Well, I think I've taken up enough of your time, Pete. Thanks for the update and for providing an overview of some of the sessions at TUC. I think that's helpful for the wider investor network. If anyone has any follow-up questions, feel free to email me and I'll get those answered if anyone wants a one-on-one. Same thing. Yeah, appreciate your time, Pete, and the intel. I think that's very informative. Was there anything you wanted to discuss today that we didn't touch on? Other than thanks for facilitating the webinar and the continued support from you and the team at Adelaide. I thank everyone for allocating some additional time to get the update. We'll look forward to continuing that trend and providing updates as we get through Q2. Great. Well, thank you, everyone. Thanks to the audience for your participation. Bye now.