I'm Patrick Blott. I'm the Chairman and CEO of Intermap Technologies Corporation. I've been the CEO of Intermap since 2016, when I acquired the largest equity position for cash. I'm still the largest shareholder of Intermap. Prior to Intermap, I was the Executive Chairman of another geospatial company for about eight years called OSI Geospatial. Intermap has zero net debt. It has one class of shares. Everybody's in the same boat. We are generating triple-digit top-line growth. We are generating free cash flow, and we're accelerating the growth of that free cash flow. I'm going to give you an overview of the company. I'm going to give you some highlights in terms of the financial performance and what's been driving our recent share price appreciation, which has been pretty significant. I am going to hopefully leave some time at the end for some Q&A. Before I get started, we are public. I'm going to be talking about some forward-looking statements, so I will direct everybody to this disclaimer. Intermap is a dual-use geospatial intelligence company. We specialize in 3D elevation or terrain data, the ground, the hard truth, the ground truth, the foundational layer of data, often used as authoritative data for government data stacks, but has very lucrative commercial applications. Because we're a dual-use company, we have the right to market and sell exquisite military spec data into the commercial markets. Our customers, especially our commercial customers, they purchase our data through subscriptions. They subscribe for the 3D data, which we created. We own it. That provides them with context for things like terrain, the objects on terrain, changes around those objects on terrain, which helps people make better decisions. More importantly, these days, it helps machines make far better decisions at very large scale, really quickly. If you're lining up a golf putt, and you're using a Garmin app, and you're trying to select either the line of the putt, or you're trying to select a shot, and you're trying to select a club, chances are you're using Intermap data to do it if it's in 3D context. We're in the process of supplying over 40,000 golf courses around the world just to that one customer. If you want elevation data, 3D context, we are the place to get it at global scale. It's an important capability of Intermap that we can do that now in ways that make that very exquisite military spec data consumable for commercial customers and their customers. Governments who are geospatial experts, they're using our data for the foundation data stack. Increasingly, what that means is defining first and then protecting sovereignty. Protecting sovereignty is a huge problem in the world today. Every country, borders, understanding borders, defining them, monitoring change around the borders is a huge problem set. It drives the economic benefit, and that is driving demand for us and for our products. Intermap is founded in 1997. We have production in the United States, in Canada, in the Czech Republic, and in Southeast Asia through our Jakarta office. We target government, which is two-thirds of our business, and commercial applications, which is super high margin, software-driven business, typically 70-80% margins, which is one-third of our business. Both growing quickly. Just a quick market snapshot. Approximately 70-75 FTEs. We are a technology company. People are acquiring data generated by our tech. It is a very scalable business model. KPMG is our long-time auditor. Insiders own approximately 10-15% fully diluted. I'm the largest share of that. I think I'll just also highlight we have given forward guidance for the year. We're very conservatively valued based on that guidance. We have a high degree of visibility, multi-year subscriptions, multi-year programmatic contracting with our government customers. We're cash positive, and we're generating, we've got it to plus 25% EBITDA margins. Just to put some context to that, in the last five years, you can see the triple-digit growth in the top line. That's really important. What's also important about that is it's happening in all three of our lines of business, which is the government and the government mapping business, the defense business, which is probably our highest growth business, and the consumer applications, commercial applications business. Structural advantages of Intermap allow us to convert a high degree of operating cash flow to free cash flow. We are a dual-use company. What that effectively means in practice is I have development needs, CapEx needs. The government has gaps, technology gaps, for the most part. We work collaboratively. We get paid to solve those problems. We earn margin, significant margin by doing that and effectively get our CapEx paid for at the same time. We have a very, very high operating income to free cash flow conversion at this company, which is really important. Indonesia, in particular, as we've talked about, for those of you that know the company, they're an important current customer of ours. We're doing a OneMap program for that government where they're refreshing their base map. That is a $200 million-plus opportunity. We've been awarded the first phase, which was a $20 million contract. We're substantially complete for that right now as we speak. We booked into revenue approximately half of it in 2024. We're working with the World Bank, their partner, in terms of the follow-on awards, which we expect the coming quarter. Concurrently with that, our commercial business, which is the data and the software that goes with it. The software is the enabling technology that allows unsophisticated geospatial users to consume our data. Those businesses are very connected. They are very quickly approaching $10 million. Like I said, that's a very high-margin business. Importantly, because our customers are consuming data through software, the churn is de minimis. It's a fraction. It's less than 10% of the churn of a typical software company. Over now several years of our insurance business alone, we have over 60 global insurance underwriters from basically nil prior to COVID subscribing. For those of you less familiar with us, this is what people buy. The panel on the left is what we call a surface model. That is data that includes all of the objects on top of the Earth, manmade and natural, whether that is vegetation, or whether it is a building, or whether it is a car, or whether it is a person. The panel on the right is what we call a terrain model. That is the exact same scene, but it has all of those objects removed. That is the bare Earth. That is the ground truth. Doing that model on the right is extremely difficult, especially at global scale, and maintaining high precision at global scale. We do it with sensed data. The way we do it is very hard because those are hard points. That's the real ground. That's not some synthetic interpolation of the real ground. I want to preface the next couple of slides. Almost none of our customers consume our data like this visually. It all feeds into automated systems where what they really want to understand, regardless of what we call the classification of the object, is it a car, is it a building, what the systems want to understand is the XYZ coordinates. That's the exquisite data that we supply. When you want to render it, that's what it looks like, even though our consumer is actually, for the most part, in most cases, a machine. This is what happens if you want to do a visual representation. You take a satellite image, like something from space, like an optical image, and you plop the 2D image on top of the 3D data. When you do it on the panel on the left, which is our data, sorry, my right, your left, those are highly precise coordinates. I can tell you exactly where the 35th floor of any one of those buildings is. That's really important for many applications to have a ground truth, precise coordinate vector of the surface of the Earth. To be able to do that with a 2D dimensional image, that is highly proprietary, patented technology, years in development that we have working with the military to build. You can't just do it. If you just take a 2D image and drop it on the Earth, that's the picture on the right. Because you can't take 2D and drop it onto 3D reality. People often take 2D and drop it onto 3D synthetic fake reality, but they don't have the high precision that we do for the use cases that Intermap serves. I'm going to talk a little bit about that because that's really important. This is a real-life use case. The panel on the top, this happened just before COVID. A search and rescue helicopter flying instruments in a storm at night, dark, navigated itself right into the side of an island. A helicopter killed everybody on board. That's called a CFIT, controlled flight into terrain. The system didn't have adequate data for the nav, and it flew itself right into the side of an island. When you run the same nav system with Intermap data, you get a 50 m difference. You will hear about this. We continue to hear about this problem set because people use inferior data into flight nav or targeting systems, and they get really awful outcomes. Every year or so, that hits the paper because somebody important dies. This is a real-life application of why it matters to use real-life data when you're doing 3D versus synthetic. Synthetic's fine for a video game, and it's fine for simulation, but it is not fine once you start to use it for real-life applications. Even the simulator companies and the video game companies, which we are starting to sign up now, are gravitating towards real-life data because they want reality capture. It just makes games better. Governments are using the data for their foundation layer. It's the base map. It's authoritative. Everybody else, government departments, the military, and then the commercial can rely on the fact that this is blessed authoritative data. That's the quality of specification that Intermap operates on. It's very, very difficult to do because it's in three dimensions. This is not scraping price data from Walmart. This is exquisite stuff. Typically, the domain of the military. We've been making it commercial, and it's solving things like disaster management, resource planning, understanding the resource base, big problems for government, and increasingly their borders and sovereignty. On our commercial business, our three main verticals, insurance, our first vertical, which is five years old now, that's the largest TAM. That's growing at a 15% five-year CAGR. This is really important stuff because we're enabling over 60 now insurance companies around the world to underwrite perils, not just flood and fire, multiple peril data sets now at the property and at very granular levels. They're not having to use aggregates. They're not having to use flood maps and laws of large numbers and zones. They can get right down to the specific property level, and they can cherry-pick risks, and they can also measure those risks at the portfolio aggregate level. It's a huge win for them. This is de minimis, like almost I don't think we've lost a customer because it's making such an impact on their business. Second vertical is communications. Communications, we serve terrestrial and increasingly space-based. Space-based is becoming our largest segment. This is really important too because if you think about a space-based comms company, their problem sets the world. If you want precise elevation data for the world, there's only one place to get it, which is us. Discrete data sets, you can go out with an iPhone. To get the world in one place, you have to come to Intermap for that. We're serving the space-based comms, and we're serving the terrestrial comms, very important high-growth market. Finally, navigation and transportation, another important market, which we'll talk more about in a sec. We have three engineering workflows internally at the company that focus on AI/ML and have for a while. For us, what it means is speeding up, increasing resolution, increasing scale. Obviously, that provides the benefit for the customer too. It's a very important evolution of the technology. Intermap, we've been doing this a very, very long time. It is the only company in the world that has global scale archive of elevation data going back over 30 years for the world. Regardless of the objects, regardless of what we call the features, where they are, we have hard-point past models that we can use to train forward-look AI/ML-driven models. That is having an impact today. It is blowing the socks off people like NGA and Indonesia in terms of the speed of how we can turn data around for them. We are able to do that because we have very effective models operating at very large scale using incredible archive that you really cannot get anywhere else. Here, we also have proprietary sensors. This is just a quick picture of an optical image from space on your left versus Intermap data on the right. I think a couple of things I am going to highlight. Our sensors are not obstructed by atmosphere, clouds, rain, day, night. We don't need light to see anything. Ours are SAR-based technology. I can tell you precisely in almost real-time, algorithm-driven, how many trees are in that tree block. If you look closely, you can see the stumps. We can count the stumps. We can do it very fast. We can classify the trees. I can tell you what kind they are. I can show you the fence lines. I can see the under canopy objects that you cannot see in the other image. I can tell you where the power lines run, where the infrastructure is, where the buildings are built. This is military spec data that you're looking at on your right. Intermap has the trust and the past performance, priceless past performance to be able to use this in ways that create commercial markets. Indonesia is currently one of our largest customers. Their government is remapping the entire country led by the president. This is an important project for us. We're 10% now through it. We've got another $180 million at least to go where the incumbent. This is a really big revenue opportunity for us. It's a proof of modern technology. We've been working on technology now with NGA for the last five years. The product that is being delivered now, the speed at which it's being delivered is unprecedented in the world. Everybody's watching this. Every government's watching it. Our pipeline is just building behind this. The only other thing I will say about this, because we do talk about it, you can see in the press release, but this is in a shaping phase right now where I think we're going to have some announcements certainly in the next quarter. We're also working with Malaysia right next door. We're working with Colombia in our hemisphere. We're working with, obviously, the U.S. government, USGS, NOAA, and then we work with the Defense Department on the government side. Importantly, in terms of technology development and refresh, we're a prime contractor with NGA, NGA Low Latency Foundation data. We're also on their programs of record, LUNO-A, LUNO-B. Those are feature extraction contracts. They're JANUS Geography Foundation terrain contract. All of this is about big governments have a big problem with big data. They're getting sourced from their own systems, whether that's space-based or airborne. They're getting sourced from commercial systems, space-based and airborne. They're swimming in data. What they cannot do very well right now is get the exact data that they need where they need it when they didn't know they needed it in that place. It's a latency problem. It's something that's right in our sweet spot because Intermap has operated at country and global scale for a long time. We're serving our insurance and other customers at country and global scale. This is a really important problem set, and it's perfectly suited for us. The tools that we've developed over the last couple of years solving this problem set are getting deployed in Indonesia, and it's shrinking their timelines by years, not by weeks and months. It's having an incredible impact on the speed at which these data products can get created. We're working as a prime contractor with the U.S. Air Force on a very big problem set called GPS-denied navigation. Very important for two reasons. One, it's an enormous problem set. It affects nav systems. It affects targeting systems. It affects airborne, space-borne, ground-based systems. Two, the U.S. Air Force's largest geospatial customer in the world by a long shot. For our commercial customers, we take our exquisite data, we make it accessible, and we do it through proprietary patented owned software systems. This allows for an insurance company the ability to pull a point. For us, we monitor the points, right? We understand exactly the usage, who's using it. We understand who's paying for what. We understand the price elasticity around the point consumption, where it's getting consumed. This is a whole other level of pricing and targeting and efficiency than anyone else, I believe, is doing in the industry right now. It is leading to global partnerships with companies like Royal HaskoningDHV, Ernst & Young, KPMG. It is bringing us into new markets for real estate appraisal. We have now signed up our third financial institution for climate risk, understanding the risk and the valuations in their portfolio, mark to model versus mark to market. We have the only globally certified data set for aviation certified by FAA and ESA, the only one in the world. That That took years. That is driving our drone business. That is driving our commercial aviation business. It is a very important aspect in terms of our future growth on the nav side. I talked a little bit about space, and I talked about terrestrial comms. Those are 3D data problems. You can have a comms network in space, but if you don't understand how your signal propagates around trees and buildings, you can't implement the system. The receivers have to have very accurate data around their signal propagation. Similarly, for things like wind farms, we have four now customers for monitoring those networks, placement, and then for even the simplest tactical applications. As I referenced helicopters before, if I'm sending a helicopter, especially if it's somewhere I've never sent it, especially if it's under hazardous conditions, you need highly precise elevation data on a global scale in order to pick your landing spots, LZs. That's an overview of Intermap, some of the financial highlights, and I'll open it now if there's any time left for a few questions. Yeah, it's a great question. I'll say this. Intermap is a dual-use company, which means we're regulated. We use defense tech. Regardless of who our customer is internationally, it still filters through the U.S. government, right? We are fulfilling joint requirements, and there is a huge need for it. For the For the sovereignty problem, which I discussed, Indonesia has 17,000 islands. Do they know if they have 17,005 or 17,006? They do not. That is a huge problem in that area of the world. Sovereignty is driving an enormous amount of demand for Intermap mapping. The U.S. government has other challenges, a lot of them around technology and R&D, and we have been doing this a long time, and we have the archives. We are getting to punch way above our weight in those problem sets. I think probably the simplest differentiator for a company like Intermap is to look at the customer set, number one, and the diversity of revenues, number two. I mean, our revenue is coming from hundreds of places. It's not coming from one or two or a single state government in New South Wales that gets leveraged across geographies around the world. It's very diverse even in the Defense Department. We're on five contracts with NGA, each with a different requirement. We're on three contracts with the U.S. Air Force. We're on one with the U.S. Army, and we're about to enter a second. It's a diverse customer set. I think that speaks to the technology, but more importantly, it speaks to the use cases and how we enable them to consume points. We're not focused on the sensors. We're not focused on the geographies. We're focused on, hey, you need the best point here. This is how you get it. This is where it comes from. This is how we get it to you really quickly. That's the differentiator. Yeah, we're approaching 80% easily now. I think the commercial business I just outlined here on the trailing basis is around seven. Most of that is recurring. All the software is recurring. Most of the data is recurring. Indonesia is now becoming programmatic. That's going to have five-year legs once they make this next set of awards. That will fall into our recurring bucket. The defense programs of record, those are all IDIQ contracts. It's a great question. Firstly, it's dynamic pricing, right? It depends on who you are, what you're using it for. Those are the first questions our sales reps ask because we want to get you the best data, right? We want to get it at the best price. If we're successful at that, we'll get the best margin doing it. Dynamic pricing is important. The contracts are typically term subscriptions with tiered usage. As you use more, as you consume more, it's solving problems. We charge you more. It brings you back. Typically, the contracts get renegotiated well prior to the end of the term because if we structured it properly, you're using it a lot, and it creates the dialogue to expand scope and features. We own sensors and platforms. We own drones. We own Learjets. We own a variety of sensors. With space, it's a little different because the national systems are superior to the commercial system. Often, the customers have data from space. We work with commercial and government, and we integrate space to most solution sets, but we don't own space.