Welcome back, everyone. Next, we have INEO Tech Corp. It trades on the OTCQB under the symbol INEOF, and on the TSXV under the symbol INEO. Its patented integration of Electronic Article Surveillance pedestals with digital displays helps retailers reduce theft while generating incremental retail media revenue from the same footprint. It builds technology at the intersection of in-store retail media and loss prevention. Happy to welcome its CEO, Kyle Hall. Welcome to the conference today, Kyle. We are looking forward to hearing your presentation. The floor is yours. Great. Thank you. Thank you everyone for joining us. Just get our slides rolling here. My apologies. There we go. Quick disclaimer. Everybody understands these. Read it fast. Today I am going to walk us through why we believe INEO is at this key inflection point that is really changing the profile of the company going forward. We have put a lot of things in place that are really going to allow the company to scale and grow over the next few years. I am going to walk you through these main five points today as we head through these slides. First off, some of you may be new, what does INEO do? You know those loss prevention sensors at the front entrance of pretty much every retail store? The things that beep when they detect a tag on a piece of clothing that has not been removed, or a label on a box that has not been paid for? The height of the technology, over 40 years of innovation in that industry is when those things detect a tag or a label on a box, they beep. That is all they do. They beep. We looked at that and said, "Wow. There is so much room to make these things so much better." There is also the opportunity of adding a revenue-producing angle to it. A lot of retailers were taking cardboard sleeves and putting them over top of these systems and selling advertising on them. Cardboard is impervious to the radio signal going out of them and it does not interfere with them. It was a good thing for them to do. It is the first thing customers see as they walk into the store, last thing they see before they leave. Perfect place for advertising, right? You have got to print cardboard, you have got to ship cardboard, you have got to install cardboard. Our competition in that respect was cardboard. We created an ecosystem. We connected a platform, an infrastructure for the retailer where we have a connected device now that does more than beep. When an alarm goes off and we detect something leaving the store, we capture video from three different angles. We get 10 seconds before the event, five seconds after. We stream that to an online dashboard. We can apply analytics to that. We can look for like events across multiple stores, in that store itself. A variety of reporting and analytics we can give to the retailer on the loss prevention side. Some basic questions like how much loss is in one store versus another store? Questions that they did not have answers for. Is that front entrance too easy to get out? Can they realign the front entrance to decrease the theft? Do they need security guards in certain locations? Just basic questions with data that we can give the retailers so that they can fundamentally improve the operations of their business. Putting the big digital screen in there gives them another angle where they can actually sell a fair amount of advertising on these systems because they are selling media in stores. You look at retailers' line items right now, and they are making money off of media. Thirdly, the analytics around data, footfall, traffic reporting, knowing how many people are coming in and out of the store, tying that together with the loss events, tying that together with the advertising metrics. We offer so much more than what the current model is out there, and we do it at a very competitive price, which I will get into in a second. So there are these forces coming together that are making INEO very pertinent for the retailer's operational mission today. Shrink loss is at all-time highs. Retail media, they are making money out of. They are moving forward on charging brands to display advertising in the front of their stores and around within their stores. The store digitization, getting modern stores, getting all their infrastructure connected, managed, knowing what is going on with any device at any certain time, being able to remotely attend to it and maintain it. Of course, AI, we hear lots about that. The rest is the connectivity piece, showing that all the different pieces within the retail environment work together well. We are uniquely positioned to take advantage of these forces for the retailer. So it is a simple idea, right? Combine, put a digital screen inside of one of these loss prevention devices and connect it. Well, it is not quite so simple. The industry literature says you cannot do this. Those screens generate too much electromagnetic noise. You are looking for a little tag that is on an item leaving the store in a sea of radio noise, and you put a big electronic screen in the middle of this that generates more electromagnetic noise. We figured out a way to do it and we patented it. We have patents issued in the U.S., in Canada, and in Europe, and we are well protected that our patents are strong and nobody will be able to duplicate what we are doing on the device level. That said, you can create a piece of hardware that does this, but you need the platform, you need the infrastructure around it to make it work. There are so many pieces that we have built that we have been able to bring to the retailer to say, "This is a fundamental piece of infrastructure. We are giving you the recipe right here." We have got the building blocks for it. We've got the APIs to tie into all your other systems, to give you the data, to be able to mine the systems for the footfall, for the traffic, for the advertising proof of play, run the media on it, create the content management systems to run the media and create playlists and report back and sell that advertising. There's so much we've built. It's not something that somebody can create very easily, let alone our strong patents. How do we make money? We charge for the hardware, and our hardware is comparable to what the industry leaders sell their hardware for. But we have recurring subscription revenue from this. They're connected devices. They're managed. They report back data. They allow the retailer to sell, advertise, and make money on the systems. It is a revenue-producing piece for the retailer. In terms of just having to find fundamental budget to pay for hardware, they can actually look at it and say, "No, it's actually going to increase our revenue." For INEO, this is a great thing. We have two revenue streams out of it, hardware sales for decent margins, and then recurring subscription fees. As that installed base grows, those fees become more and more meaningful as we progress. In terms of commercial validation, we have two very large customers using our systems today. Unfortunately, we're restricted with a lot of agreements on talking much about them publicly, but they are out there. We have a large national office supply retailer in the U.S. with over 200 stores deployed, 200 systems in these stores, been operating quite effectively, working well. We've been deploying a pharmacy chain in the U.K. where we've started from almost a standing start less than a year ago, and we're ramping up the number of units considerably. We reported that in May that we had a backlog of systems to produce of over 400. We continue to eat into that backlog, and we keep getting more orders. Our number of units operating in the field is going up dramatically right now. That's showing in our numbers. If you look at our last three quarters, we have a fiscal year end of June 30th, so our Q4 just ended in June. We have seen substantial growth in our revenue. That's the top-line revenue. We've pre-announced the Q4 number. This is our audited quarter, so the auditors are reviewing the numbers right now. It will be out near the end of September, early October. But we pre-announced that we did CAD 1 million in revenue for the quarter. Our next quarter, our Q1, which we're in right now, we'll report that in November. But we're seeing considerable ramp in terms of what our revenue is. Of course, we expect to start reporting better and better bottom-line numbers as we move forward here, as we scale the business. If we look at the economics, we're targeting another 2,000 shipped by the end of the fiscal year. So 2027, June 2027, at least another 2,000 systems in the market. If we look at just those 2,000, forget the ones we've already shipped. We sell the system for a decent price. We make margin on that hardware. But as those systems go out, we get the recurring revenue off of those systems. The connectivity to give the retailer the data off of the loss prevention, video off the loss prevention, the data from the traffic count overall coming in out of the store allows them to do other things like conversion numbers and such forth, be able to run the content management on the systems on the screens. The remote maintenance and the remote tuning capabilities we have in these systems. Our competitors, if they have an issue with one of these systems, they have to roll a truck, put somebody out in the store to attend to it. The large, vast majority of any problem we will ever see with our systems, we can attend to remotely. We do that every day. We maintain them, manage systems, and the retailers pay for that. We charge a monthly fee, and as the number of systems get out there, that fee starts to make a difference. Our market cap is about CAD 4.9 million today. If we can get a decent multiple off that recurring revenue, it will dwarf that number as we move forward. At this point in time, for us, it is about scaling the production, keeping that pipeline full on the front side, but getting the systems out in the store. We have an internal project called North Star, and it is automation and functional assembly capability to be able to really increase the production capability to 500+ systems a month. We expect to have this complete by the latest March, but we will see increases as we go. We can do 250 today. That is a decent number of systems adding to the market. It will allow us to get to our 2,000 goal. We want to exceed that, of course. We are adding new product within our production processes. Right now, the vast majority of the systems we ship have that screen on one side. There is a lot of locations where we can put screens on both sides. The media sides, these retailers love that capability. We started shipping those. We have one already installed in central London. There is more leaving actually today. There is a large shipment of those going out the door today. Why those screens are really important. Let us look at the size of the market a bit. I have thrown a bunch of retailer logos up here, and these are not our customers. We have not landed any of these retailers. These are customers of incumbent providers, loss prevention providers, Sensormatic, Checkpoint are the big two out there. There is hundreds of thousands of legacy loss prevention systems out there. These retailers have active media groups now. They are reporting literally billions in revenue from advertising. Amazon is the big leader overall, but they are not a physical retailer. Walmart and physical retailers, the leader. Target is right there. CVS is right there. Walgreens is there. Boots in the U.K. is there. They have large media groups selling advertising. We give them screens at the point of entrance. The first thing a customer sees as they enter the store. Tying this together with customers that have loss prevention infrastructure at the front entrance, which typically are quite legacy systems, not connected, no capabilities beyond a beep. With our platform that then also offers the media capability for the retailer, we happen to get a monthly fee to connect these and operate them. The retailer gets the upside out of the advertising, gets the return of investment on those systems. If we look at just the size of the market, Sensormatic's publicly said out there they have 500,000+ systems. We have one customer today that has 10,000 systems. If we're so fortunate enough to get every single one of those systems out there, replace them all, that's CAD 12 million in recurring revenue. That alone will give us a great multiple. We plan on getting more, plan on targeting more of these retailers. The groundswell's happening. The market forces are lining up behind us, giving us a good tailwind. We have to close some. We've got to work hard here to get these out there. But once we do, we'll have a nice annual business on the recurring revenue alone. It's a very large market. Where are we at in priorities? We're executing on our shipments and the back order that we have. We're going to keep getting more orders on the front side, keep our pipeline moving forward. We have to very much monitor our cash cycle. We're buying components and sub-assemblies and raw materials up front. Manage that effectively with the payments coming in from our customers so we can expand our base, drive our recurring revenue. It's all about getting these systems into the market and keeping these retailers very, very happy, operating at the highest degree capable so that we positively influence their businesses, and they see us as just a must-have, a need-to-have, and a vital piece of their ongoing infrastructure in the future. What should investors watch for? Our shipping cadence. We will release more information about the backlog and the number of orders that we're shipping out shortly. Be able to get some more solid numbers once we put those out publicly, and we can have conversations about those. Converting that backlog is key because that's active orders turning to instant revenue from the hardware sale, but future revenue from the subscription base. Then watch the financials for how that subscription base is growing. That's the long-term health. The long-term valuation of the company will be on that subscription base, recurring monthly subscription fees. As far as the share structure, some of you are new to this, so we've got 52 million shares out there. We've got 20 fairly large investors holding good chunks. Management and board own a good chunk. The daily public float is quite a manageable number at this point in time. We are in the early stages of telling the world who we are and what we're about. We've been very quiet over the last few years, and we're putting out a fairly, I would say, consistent investor awareness campaign that we've started on, and we're going to maintain that. Not flashy, but putting out solid information that people can watch and track us on. In that vein, we created a new website as well that is quite in-depth in terms of the investor story. I would welcome you to go and check it out on the investor page. There is a long, detailed narrative that gives you a lot of background information that I can't give you in 15, 20 minutes here today. There's a lot of information on there. We've created some plain English fact sheets and FAQs. It's something that's quite shareable. If you have people that you want to check out our story, please share that website. We think it's a highly effective place to start if you're doing research on us, and we really welcome you to follow us and give us feedback. I'd be happy to take calls and questions. And for sure, at the moment, I'll take questions right now. Perfect. Thank you for that. Wonderful. Thank you, Kyle. Let's jump into some questions. You describe INEO as being an inflection point, and talk a little bit about that. What's changed over the last 12 months, which makes the opportunity different today than it was a year ago? Yeah. We've really moved beyond proving the technology. It is now about proving the business. And we've created really meaningful deployments around retailers on that. We have some great partners. We've got some good customer wins happening. And we're doing exactly what we've said we're going to do, and the market is moving to where we are. It's moving to connected loss prevention. It's moving to retail media, analytics, remote management, and the opportunity is much more about us executing and scaling than it is about the concept anymore. With that said, as volume increases, what should investors expect gross margins to look like? Yeah. The gross margins will improve dramatically over time as the subscription revenues become the larger piece. Today, it is obviously hardware. So, the hardware component is going to keep those gross margins a little bit lower than we see in the future, just because hardware, you can only sell it for so much. But as the number of deployed locations increase, the margins will improve. We will give a better picture on that over the next couple of quarters as the subscription revenues start becoming meaningful in the income statement. But they will grow. They will grow from where they are today. There was a significant increase in revenue Q3 to Q4. So what changed operationally to produce that acceleration, and how much of it do you believe is sustainable? Yeah. It is basically orders. Orders from the customers coming in. The orders are scaling, the orders are increasing, and at the end of the quarter, we still had a significant backlog that is going to allow us to put out quite good numbers for this quarter again. The question on, do we see that keeping going? Yes, we do. We have got commitments from our current customers for larger orders going forward. As the orders come in, obviously, we have to get them built and shipped and installed and turned into revenue. But we are feeling pretty good for the line of sight on where we have orders today. Perfect. At what quarterly revenue level do you believe INEO can reach sustainable positive operating cash flow? Yeah. We're closing in on it. I think investors, when we report the next quarter, they'll have a clear indication on where that trend is. We haven't said publicly yet when, but it's within the next year. On the growth path we're on, we'll be at that stage. How should investors think about the economics of one INEO Welcoming System over its entire lifetime? How much revenue comes from the initial hardware sale versus recurring software, connectivity, and media revenue after? Yeah. Interestingly, a lot of these old systems, these legacy systems that we're replacing out in the stores, they've been in stores for, like, 8 to 10 years. They're old. They've been around for a long time. The retailers have definitely depreciated them off the books. The good news is they kept working, but their legacy equipment, their legacy feature set at this point in time. We expect our systems to be out in the stores a minimum of five years, likely more. The retailers will probably depreciate them over five. We've had systems running now for 6+ years. Some of our early trial systems that we have out there, still operating. Multiply the months by the recurring revenue. The recurring revenue will be more per system than the initial hardware sale was, and obviously, the margins on that recurring revenue are a lot better. And talk about that. Once a system is installed, what is a typical annual recurring revenue per location? Yeah. Per location depends on the number of systems installed, but on a per system basis, our rough guideline that we're putting out there is CAD 100 per system or per pedestal with a screen in it. The average is two to three per retail location. We have some locations that have 20 pedestals in them. So obviously, there's a great scaling on a per location basis, the more systems they have. But typically, on a normal door front, you'll see one system on each side of the door. If it's a super wide door, there might be an extra one in the middle. That's where our double-sided one comes in. So yeah, on a per system level, you're looking at about CAD 1,200 annually in recurring revenue for INEO. And what does customer retention look like for the connectivity package and other subscription services? Yeah. So at this point in time, it's great. There's been no customer churn. We're early days in the contract, so we try to put long-term contracts in place. We're committing to the retailer, they're committing to us. So, whether it's three or five year agreements, that's where we'd like to have them. five year, obviously, would be better. So, at this point in time, too early to say on a definitive answer. We don't have any churn today. As the installed base grows, could recurring revenue eventually become more valuable than the hardware business itself? It certainly will. Our expectation is the market will pay a premium for recurring revenue over one-time hardware sales. It is our focus to increase that recurring revenue. We are all about the subscription fees. That is the part that gives the margin, that is the part that will scale the business, and that is the part that will give us a valuation that is worthy of the technology we have deployed. Is the primary constraint today generating customer demand, manufacturing enough systems, installing them quickly enough, or financing the working capital necessary to fulfill orders? What would it be? Yeah. It is varied as we progress in our journey here. Obviously, working capital has been a problem. We feel good where we are at with working capital today. We did a raise in June, and that has given us the working capital we needed to scale for the orders that we have. Getting orders, yes, the lifeblood of a business, getting new orders. We have those now. Being able to produce those orders, we are scaling up there. So it is a balancing act. Having those three things in place, and we are increasing our capabilities right now in terms of production because we have the working capital to be able to do that, and now we have to go out and chase more orders on top of it, keep that cycle going. We are balancing it very closely. We are conscious of dilution, so we were working hard with our supply chain so that we get good payment terms there, and so that we can collect on the other side and have to just balance the business overall. This is the fun aspect of business, everyone. It is the hard work, but it is the fun aspect, keeping this thing growing. You ended fiscal Q4 with more than CAD 750,000 of unshipped customer orders, even after delivering record revenue. What does that backlog tell you about demand going into fiscal 2027? Yeah, so it is strong. That is why we are quite buoyant about where our numbers are going to be for fiscal 2027. Our target, publicly stating 2,000 systems. We feel very comfortable in that, obviously with the backlog entering the year. That is going to allow us to keep achieving record quarters. Perfect. Let us talk a little bit about Sensormatic licensing INEO's technology. How does that validate, and what does it validate about the platform, and how could that relationship expand INEO's reach? Sensormatic, the biggest player in the industry. It's quite validating that they licensed our technology to be able to produce. We will get a percentage of whatever they produce that would otherwise infringe our patents. We haven't seen much out of them so far. They're a big machine. They've got a lot of customers. We're quite hopeful that they can turn this into a new business line for themselves and create some revenue. In the meantime, we're just going out and going after every customer we can, whether it's one of theirs or a competitor of theirs. I think there's nothing but upside from that relationship. But today, it's not contributing meaningful to our numbers. For an investor following INEO over the next several quarters, what are the operating metrics or milestones you think are most important to watch? It's definitely going to be that order cadence, the shipment of systems, clearing out that backlog, and then the number one thing is the installs. The number of installed units that are booking recurring revenues, fees off it. That's the number one thing for investors to watch as we report in the next few quarters. Perfect. I want to give you a minute or so for closing remarks for everyone watching and listening today. Great. Thank everybody for joining us. I talk fast. I would love to have more time if you have more questions. We have done a lot of work on that website. Go take a look and see if there is anything that you want to know more about or follow up on. I just really appreciate you following INEO's story as we work hard to execute for all of our shareholders going forward. Perfect. Well, thank you so much, Kyle. We look forward to following along with your journey, and please come back on the conference again real soon.