Good morning, and thank you for joining us for Norsk Titanium's 2024 fourth quarter update. I'm Carl Johnson, CEO, and with me is Ashar Ashary, Norsk Titanium CFO. Key points from our update. Next slide. Key points for our update: Revenues for Q4 were $2.3 million, up from $0.9 million in Q3. 2024 preliminary full-year sales were $4.8 million, up 118% from 2023. In the fourth quarter, 54 parts remained in serial production, with an annual recurring revenue of $12.2 million, slightly short of the company's year-end target of 60 parts in serial production and $15 million in annual recurring revenue. The delay in fourth quarter part transitions was due to longer-than-planned customer approval cycles. We still anticipate significant growth in 2025, with serial production parts exceeding $120, generating an estimated annual recurring revenue of $70 million- $90 million by year-end. We reiterate our long-term objective of $150 million in revenue in 2026. Next slide. Our value proposition remains strong and is unchanged. We offer improved flexibility, lead times, and lower costs. Our process is sustainable, with using less energy, less material, and lowering emissions. Norsk is ready for industrial-scale manufacturing through qualified materials and processes, available capacity, and our intellectual property provides a barrier to entry for others. 2024 was a transitional year for Norsk Titanium. We transitioned from research and development to a production company. Our first quarter's full production of carrier trays was our entry into the industrial market space. The second quarter brought Airbus production with a master supply agreement and Wave 2 production. Third quarter expanded the industrial footprint with additional semiconductor trays. In the fourth quarter, our development of nickel steel alloy completed key milestones needed for broad market applications. Nickel steel follows our value model in that it is a hard machine material and follows the model we have with titanium. It's also very important for the oil and gas, nuclear, naval markets, wherever there is a corrosive environment. These are very large markets that we're looking forward to entering. We have continued our maturation of component design and qualification plans in preparation for a contractual effort with Safran. This will bring us into the landing gear and into the engine market. On the challenge side, we had parts in transition, awaiting final PO, as was described before. In year-to-date 2025, we have 54 parts in recurring production. We expect 120 by year-end, and we are currently now responding to significant commercial aerospace parts packages that we expect to be awarded by second quarter of this year. And now, Ashar will go through the key figures. Thanks, Carl. I'll provide a summary of the key financial figures for 2024. In quarter four, we did revenue of $2.3 million, which is up $0.9 million from quarter three. Unfortunately, we missed $0.9 million of revenue due to parts getting stuck in our own downstream supply chain. We're aggressively expanding our supply chain base due to this issue so that this does not occur again in 2025. In addition, we successfully raised 145 Norwegian kroner in the last warrants issue, which brought our ending cash balance to a healthy $22.8 million in cash by the end of the year. For the full year, our preliminary sales, invoice sales, was $4.8 million, which is up 118% from 2023. We recognize revenue. We will recognize revenue of approximately $4.4 million, with deferred revenue of approximately $4.4 million as we complete the sales that we've invoiced in the fourth quarter. As Carl said, by year-end, we still had 54 parts in serial production, generating $12.2 million in annual recurring revenue. While the company aimed to exceed 60 parts with an expected ARR of $15 million by year-end, customer transition timelines have led to a slight delay. Several of these parts are awaiting only formal purchase order before being moved into serial production. I'll hand it back to Carl for our 2025 outlook. Carl, you're on mute. That makes it harder. In 2025, we're shifting our focus from capability demonstration to volume production. Our key market segments are all indicating 2025 will be an extremely positive year. In the commercial aircraft sector, the two prime OEMs have reported a combined backlog of 14,000 aircraft and are pushing to higher production rates to satisfy their customers. We are engaged with three engine manufacturers to define a qualification path for critical components. Trailblazer components have been identified for contract in 2025. We're engaging the corporate and program teams at Airbus and Boeing to support their increased build rates, moving from material development teams directly to the supply chain and procurement teams. We are growing our relationship with Safran. That's important to us as that strengthens an adjacent market for engines and landing gear. We are directing campaigns to those new markets. We are looking at a strategic machine placement to solidify our position as a forging supplier to the aerospace industry. On the industrial side, ASML has had a strong fourth quarter and is anticipating a strong 2025. Oil and gas is also predicting a positive 2025, focused on production. We are expanding our relationship with Hittech for additional parts in the semiconductor world. We are heavily marketing our inclusion in MMPDS released this year. That's extremely important in the industrial sector as the MMPDS inclusion allows companies to bypass a company qualification and rely solely on MMPDS. This will dramatically reduce qualification timeline and opens new markets with lower barriers to entry. We are expanding our sales team to support these new markets with both direct and indirect sales personnel. On the defense side, we're positioned as a secure second source for armament replenishment. We've located our first turbine engine component for transition. We are broadening our Tier 1 customer base to the OEMs, and we're entering the defense spares and repairs market, MRO, with the maintenance depots. This is a very, very large market that our process and being able to quickly develop parts will be critical for them. Most of the aircraft that are in service today have been in service for almost 30 - 50 years, and spares are an important part of keeping those aircraft flying, and our process fits nicely into their business model. Next. So we expect strong growth in 2025 as production ramps up globally for aircraft. We expect in year-end 2025, again, to be over 120 parts in serial production. We expect to generate $70-$90 million in annual recurring revenue. On our march to year-end 2026, 200 parts in serial production and an annual recurring revenue of $160 million. Our target for 2026 is $150 million in revenue, $120 of that from parts sales and $30 from other business models. At this level, we are only scratching the surface in terms of market penetration for all three of our target markets: commercial, industrial, and defense, and we see a very strong future coming forward. Next. We enter 2025 with a solid cash position, with 35 machines installed and 700 tons of capability. We have two locations to serve both the United States and Europe. Our material is qualified. Our specifications are released. We are protected by 200 patents, and we have a strong presence with the customers that we have in place today. Thank you. I think now we have plenty of time for questions. Thank you. Ashar, you will moderate. Yep. I will start with the first question here. Okay. Can you give more color on the revenue missed in Q4 due to bottlenecks in your supply chain? Absolutely, so we have approved suppliers that we must use in satisfying our orders. We had multiple machining houses, primarily where the bottleneck was. However, all of the parts, in particular the $0.9 million in revenue, were concentrated with a single supplier who had committed to meeting our schedule, but then apparently took other orders in trying to satisfy everyone at once, delayed our order significantly. To resolve that, we have and are pulling parts out of that supplier and distributing them to sources that have the needed capacity. We expect to recover that within the first quarter of this year. Okay. I'll move on to the next question. You mentioned that you have several parts awaiting final purchase orders. What type of parts or customers are these, new or old customers? These were customers that we had been working with through the year. They are in the defense and government sector. So the defense parts were high value, but lower volume. We had two parts with DOE that were higher volume parts. Okay. The next question is, help us understand what will be the total revenue in your annual report, $4.4 million or $4.8 million? I can answer this question. So the recognized revenue for the 2024 annual report will be $4.4 million. Although the deferred revenue will be in our balance sheet as prepayments. So on the P&L, it will be $4.4. On the balance sheet, it will be $0.4 approximately on the balance sheet. However, the cash flow statement will recognize $4.8 million coming in as cash flow as they come due in early 2025. Okay. Sorry, I'm just going through quickly scanning through the okay. Are you confident that the company has sufficient cash reserves to sustain operations until reaching breakeven, and do you foresee any need for additional financing? I can also answer this, Carl. As we mentioned in the report and in the presentation, we are and we also mentioned this in the Q3 report. So we do have sufficient cash reserves to sustain our operations. As we scale and as we see the transitions of parts through the year, we have the ability to toggle our working capital. And we're now diversifying the capital source and looking at working capital facilities as well to help us toggle those ramps that we're going to see in our working capital. So we do believe that we have the ability with the cash reserves that we have on hand to reach breakeven and get a working capital facility that helps us with the surge in the working capital as well as we grow. Okay. So here's a question. Could you elaborate on what you mean by strategic machine placement in commercial aerospace? Yes. It's not just commercial aerospace. There has been an expression of interest in both the commercial and the DoD side for having some in-house capability using our process and machines. We are evaluating the business opportunity that that would present and what it would mean to the rest of our business model. I'll just add to that that this would also help us transition parts faster into production as well because it'll give the customer a better understanding of the process and quicker time to development as well, specific parts. Thank you. I have a second question here. You mentioned that you have located the first turbine engine component for transition. Is this repair market or a component that stays with the lifetime of the plane? It is not a repair. It is a component that stays with that turbine for the life of the plane. Well, for the life of the engine. Engines are typically they have a different service schedule than airframes do. So parts and engines are inspected. They have what's called periodic inspections, and this would support the engine side of that. Okay. This is a fairly long question, but I'll go ahead and read it out. Considering the recent threat from Trump to impose tariffs on goods between the U.S. and the E.U., how do you assess that this could affect production trade and profits with key partners such as ASML and Airbus, especially with regards to Airbus? Do you see that this could accelerate the need to establish a factory in Europe? If this becomes necessary, will additional capital be required, or do you expect that the guided profit of $150 million in 2026 will be sufficient to handle such investments? I can start, Carl, with a response and then if that's okay. So obviously, we don't predict what's going to happen with the tariffs, but we always plan for how we can accommodate different situations in this rapidly changing environment. So firstly, if tariffs are imposed, right, they're going to be imposed on everyone unilaterally across the U.S. So our value proposition is still much more sound than the legacy traditional manufacturing. So everybody will be on the same level playing field and will continue to show a strong value proposition in this environment. Whereas when we talk about profits and with Airbus and ASML, we see that we should be able to pass through these because we are a Tier 1, Tier 2 producer of parts. We're able to pass these through to the end users and the customers. So it affects everybody unilaterally all the way from top to bottom in terms of customer to supplier relationships. Will this accelerate the need for a factory in Europe? Only time will tell. Of course, we'll have to see. We have to evaluate the circumstances. We'll have to evaluate the financial impacts as they happen. For now, we have available capacity in New York, and we are focused on filling that capacity in New York to deliver parts to our customers. And like I said, we have a very strong value proposition where we will still be very competitive or even more competitive than legacy parts or legacy manufacturing methods. Carl, you want to add? I think that's a very complete answer, Ashar. Thank you. Okay. So can you elaborate on how the industrial markets are evolving and how you view, for example, new customer projects in this area? So the areas that we're in particular interested are those, for example, in oil and gas where a corrosive environment is the issue. There has been a start of a trend, it appears, to convert some castings into forgings just because of the reliability of the forgings. This is the opportunity space for us to displace what have been castings and look at forgings. Titanium is very good in a corrosive environment. Nickel steels are extremely good in a corrosive environment. In high temperature, high corrosive environments, the nickel steel has an advantage. Our ability to produce both is critical to entry into those markets. I think that's where we are now. Yep. Great. So I'll wrap two questions into one here. You have said that Airbus Wave 3 parts were delayed to 2025 to support a larger DED strategy. Can you give some color on this and also talk about the status of the Airbus Wave 3? So I don't think I can comment on Airbus's strategy except to say that we have been in several meetings with Airbus and their interest in our process to supplement their forging suppliers. As to the opportunity presented to us in a request for information and proposal from Airbus, I will say that it was larger than we anticipated. In our estimation, we provided pricing and timelines that we feel should be very attractive to Airbus. We anticipate they will make a decision towards the end of the first quarter, and we should be in production by the end of the second quarter. Beyond that, I don't have information. Okay. Maybe this is a follow-up. What customers will be the most influential on reaching your year-end 2025 ARR guidance? I think the aerospace sector we're currently in is important to us. We also have a reliance on the industrial market. We think that that's going to be a significant increase in the base that we are generating. Ashar? Yep. I'm just scanning through the questions real quick, so this is going a little bit backwards, but what specific measures are being taken to resolve the supply chain bottlenecks, and how confident is the company that similar issues will not impact 2025 targets? So we've gone through a root cause investigation of the issue just as we would for any issue we have. We found the issue with the supply chain. We've redistributed our product load across a broader area. We are qualifying multiple sources for all of the different processes that we require for downstream vendors, including ultrasonic inspection, heat treatment, and machining. We have developed the capability to ensure that we don't overload a single supplier as we did this last year. Okay. With that, I believe we have responded to all of the questions that have been asked. Okay. Yeah, I believe we have completed all the Q&A. Thank you very much for joining us for this morning's meeting and update. We appreciate your time, and thank you.