Good afternoon. Just making sure we're live. Awesome. Good afternoon, everyone, and welcome to Black Pearl Group's 2026 Annual Shareholders Meeting. My name is Tim Crown, I am the Chair of Black Pearl's board. Today, we are pleased to welcome you as online participants through our virtual meeting platform provided by our share register, MUFG Pension & Market Services. You can vote and ask questions online at any point during the meeting. If you encounter any issues, please refer to the virtual annual meeting online portal guide, or you can phone the helpline at 0800 200 220. I would encourage you to send through your questions as soon as you can. This will allow us to answer these questions at the appropriate time in the meeting. To ask a question, you need to click Ask a Question within the online meeting platform, select the item of business, type in your question, and click Submit. Before we formally begin, I'd like to introduce you to my fellow board members. Nick Lissette, CEO of Black Pearl, as well as independent directors Mark Osborne, Jyllene Miller, and Hugo Fisher. We also have members of the executive team in attendance, including Karen Cargill, our Interim CFO; Sam Daish, our CTO; Tori Colebourne, our CMO. Additionally, Darren Wright, our audit partner from William Buck New Zealand; Matt Yates, our external legal advisors from Duncan Cotterill; Alex Lusty, from our client partnership manager from our share register, MUFG, is also in attendance. Tori, our CMO, is here to read out any questions as they come through. Now, for the formalities. The company secretary has confirmed to me that the Notice of Meeting has been sent to the shareholders and other persons entitled to receive it, I've been advised that we have a quorum present. On that basis, I am pleased to formally declare the meeting open. Proxies have appointed for the purposes of this meeting in respect of approximately 19.3 million shares, representing over 19.8% of the total number of shares outstanding. I'd like to thank shareholders for their level of participation in today's meeting. My fellow directors and I intend to vote all discretionary proxies we have received in favor of the resolutions as set out in the Notice of Meeting. The order of events for this afternoon's meeting will be as follows. Chairman's address, CEO address, formal business of the meeting, which includes the resolutions of the meeting, general business, and shareholder questions. Voting on all resolutions will be conducted by way of poll. I encourage shareholders to send any questions they may have through as soon as possible. Now, to my address. Fiscal year 2026 was a defining year for Black Pearl. I spent close to four decades in U.S. technology. I also chair Insight Enterprises, a Fortune 500 solutions integrator my brother and I founded. I've watched every platform shift, from the personal computer to networking to the cloud. AI is our next big shift. The biggest of them all. The winners are never the ones with the flashiest general purpose technology. They're the ones who point it at the real commercial problems and just make it work. That is exactly where Black Pearl sits. Our opportunity is helping small to mid-size businesses point AI into practice, not as a demo or a promise, but as working software that finds customers and grows revenue. Millions of SMBs know that AI matters and have no practical way to use it on a day-to-day basis. Closing that gap is where the world is going for the next several years. It is the problem this company was built for. As a board, our job is to make the calls that position us for that shift. This year we made three. We acquired B2B Rocket. We raised capital from new institutions, including in Australia. We dual listed on the ASX. Each was measured against a test. Is it in the best interest of Black Pearl and all its shareholders? For the year ahead, with growth now proven, we've raised our cash conversion alongside as an equal priority. Opportunities cross my desk constantly. Let me say plainly why I stay invested. My view has always been the same. Take the long view. Do what's best for the business over the long run. That is how I have judged every company I've ever been part of. It's how this board judges Black Pearl. On that measure, the case is clear. The U.S. SMB market is enormous and still underserved. The Pearl Engine, 31 billion signals a day, a decade of real commercial data, is a structural advantage that can't be bought overnight. This team has the rare mix of ambition and execution I've only seen in companies that go on to matter. On behalf of the board, thank you to our shareholders and to Nick and the team for an outstanding year. Nick will now give you a CEO update. Thank you, Tim. Tim's given you the view from 30,000 ft. My job is to give you the view from the cockpit. A year ago, we set out to the market a very clear plan. We said we'd evolve our revenue model. We started with our applications that were sold via Software as a Service. We said Data as a Service and then to Platform as a Service. Today Data as a Service has grown from zero to approximately 40% of our revenue. Platform as a Service is now in beta, three months ahead of schedule. We said we'd prove our technical advantage. Today, we have a publicly available, fully transparent, and auditable benchmarking showing Pearl Engine's data intelligence outperforms leading foundational models operating without proprietary data by 26 times. We said we'd list on the ASX. We did. We said we'd grow revenue aggressively. We delivered 114% ARR growth in FY 2026. At the beginning of this calendar year, we said we were moving from realization to optimization. Today, that strategy is well and truly in motion. What that means practically is a focus on EBITDAF profitability and an even clearer articulation of our technical moat. To achieve this, we've been recalibrating our focus from raw foot-to-the-floor annual recurring revenue growth to EBITDAF growth. As I talked about, we've invested in peer reviewable benchmarking to cleanly articulate our technical advantage. Accordingly, we now have a clear line of sight to EBITDAF positivity. Our technical advantage is transparent. It's plain for all to see. Our data intelligence outperforms even the latest foundational models operating without proprietary data by 26 times. That means you're 26 times more likely to find the right buyer for your goods and service using Black Pearl's data intelligence than anyone else in the market. Accordingly, Black Pearl is fitter. It is a more deliberate business than it was 12 months ago. We live in unprecedented times. I mean, over the past 12 months, the market has violently repriced application software. Roughly $2 trillion. Big number. $2 trillion in software market capitalization has been erased since September 2025. The market is absolutely in paralysis. On one hand, there are fears that traditional software is going to be made irrelevant by AI. On the other, there is a fear that AI is a bubble that's going to burst. There isn't a business in the U.S. that isn't disrupted by this dichotomy. For those that are prepared, though, fleet-footed and aggressive, this is not a problem. This represents unbridled opportunity. This is one of the reasons why we focused on benchmarking and articulating our technical advantage. I've said it before and I'll say it again, the Pearl Engine is the undisputed crown jewel of Black Pearl. It is our moat. It's the heart of our revenue generation. It is where the true value of this company lies. It's important because it solves one of the most commercially important problems in business today, finding genuine buyers for a given product or service at the moment they're ready to transact. For us, it starts with over 31 billion data signals a day. More critically, that data is processed on an individual customer basis by the Pearl Engine's proprietary vertical AI models. It's this combination of unique data and intelligence that creates that 26 times stronger revenue-generating opportunities. This gives us a very valuable commodity at a time that it is needed most. The repricing of software has created one of the greatest technology rebuilds in decades. Tens of thousands of software companies are now racing to reinvent themselves in the AI era. Many have products, they have customers, they may even have ambition. What they don't have is the essential ingredients to create genuine intelligence in sales and marketing. That is the proprietary data, the specialized AI models, and the infrastructure required to turn both into commercial outcomes. Building those capabilities internally can take years and tens of millions of dollars. We deal in small to medium-sized businesses. Most companies have neither of those two things. This is precisely where Black Pearl is positioned. Through the Pearl Engine, either via our Data as a Service or new Platform as a Service, we provide those foundational components, the data, the intelligence, the AI infrastructure, that enable companies to rapidly build a new generation of genuinely intelligent marketing and sales products and go-to-market solutions. We have an ocean of opportunity ahead of us. 12 months ago, we set out to build a stronger Black Pearl. Today, I believe we've done exactly that. Exactly what we said we'd do. We've broadened our revenue model. We've sharpened our commercial focus. We've validated our technology. We have positioned the business for the next phase of growth. The software industry is getting rebuilt in front of our eyes. While others are asking what AI means for their future, we've spent the last decade building the intelligence that many of those businesses will increasingly need. There is still a great deal of work to be done. A s always, I have never been more confident in our strategy, our technology, or our team. I want to thank all our shareholders for your continued trust and support. We remain intensely focused on execution and winning, and we look forward to sharing progress with you over the year and years ahead. Thank you. I will now hand you back to Tim to run you through the resolutions. As a reminder. You are on mute. I am off mute. Thanks, Nick. We now come to the formal business of the meeting, the resolution set out in the Notice of Meeting. As a reminder, you can ask questions on each resolution through the virtual meeting platform. I would encourage you to send those through as we go. Voting on all resolutions will be conducted by way of a poll. You can cast your vote using an electronic voting card, which becomes available once your online registration has been validated. To vote, you will need to click the Get Voting Card within the online meeting platform. You will be asked to enter your shareholder proxy number to validate. Please mark your voting card in the way you wish to vote by clicking For, Against, or Abstain on the voting card against each resolution. Once you've made your selections, please click Submit Vote on the bottom of the card to lodge your vote. Results of the meeting will be announced via the NZX following the close of the annual meeting. Each resolution set out in the Notice of Meeting is to be considered as an ordinary resolution, and as such, must be approved by a simple majority of the votes cast by shareholders entitled to vote and voting on the resolution. The outcome of proxy votes will be displayed for your information after the voting on all resolutions. Let's begin with the first resolution, which relates to the auditor's remuneration. Pursuant to Section 207T of the Companies Act 1993, William Buck New Zealand is automatically reappointed as auditor of Black Pearl at this meeting. This resolution authorizes the board to fix the auditor's remuneration for the ensuing year. Are there any questions concerning the resolution from shareholders? Hi, Tim. We have no questions on this resolution. Thank you. Please select For, Against, or Abstain for Resolution 1 on the voting card. Thank you. Resolution 2 concerns the reelection of Hugo Fisher as a Director of Black Pearl Group. Hugo was appointed in July 2023 as an independent Non-Executive Director of BPG. He retires by rotation at the meeting in accordance with the NZX Listing Rule 2.7.1, and being eligible, offers himself for reelection as a director of the company. I will now ask Hugo to provide a brief bio and comment supporting his reelection. Hugo? Thank you, Tim. H ello, everybody. Firstly, it's a privilege to stand for reelection to the Black Pearl board, and it's been a real pleasure serving on the board, and more specifically, on the audit and risk and remuneration committees. I look forward to continuing to support the company, and its stakeholders, while serving always in the best interests of all shareholders. I bring to the board 30 years of global experience across many facets of financial and capital markets, including institutional equity research sales and trading, equity capital markets, corporate liaison, investor targeting and relations, private equity, and venture capital. My focus for the past few years has been on investing in growth stage or growth equity companies, including, but not limited to, capital structuring, corporate strategy, stakeholder targeting and engagement. All of which I believe are directly relevant to Black Pearl's stage of growth currently, and its ambitions as a listed entity on both the NZX and the ASX. Finally, a big thanks to all shareholders for your continued support, and a thanks to the management team for an outstanding year, echoing Tim's comments earlier. I look forward to continuing to add value where I can, working with the board and the management team as an independent director on the Black Pearl Group board. Thank you. Thanks, Hugo. The board considers Hugo a phenomenal director and also an independent director. The board unanimously supports the reelection of Hugo. Are there any questions for the board concerning the resolution from shareholders? No questions on this resolution. Thank you. Please now select either For, Against, or Abstain for your Resolution 2 on the voting card. Now, on to Resolution 3, which concerns the ratification of the share placement completed in November of last year. Resolution 3 seeks shareholder approval in accordance with NZX Listing Rule 4.5.1(c) to ratify the issue of 11,804,881 fully- paid ordinary shares of Black Pearl Group issued under the placement of 21 November 2025. The placement represents 14.2% of BPG's equity securities as of the date of issue. Ratifying the placement will replenish BPG's placement capacity under Rule 4.5.1, giving the board the flexibility to act quickly and with certainty should the right opportunity arise. The board will only issue shares if it is in the best interest of BPG and fair and reasonable notice has been given to all existing shareholders. Full details are set out in the Notice of Meeting. Please note any shareholder and their associated persons who acquired shares in the placement on 21 November 2025 is prohibited from voting on Resolution 3, and any votes cast by those persons will be disregarded. Are there any questions for the board concerning Resolution 3 from the shareholders? No questions on this resolution. Thank you. Please now select For, Against, or Abstain for Resolution 3 in the voting card. Finally, we move to Resolution 4, which concerns how director's fee may be paid. Resolution 4 seeks shareholder approval in accordance with the NZX Listing Rule 2.11.2(b) to pay any remuneration payable to the directors in whole or in part by way of an issue of equity securities in accordance with NZX Listing Rule 4.7. I want to be clear that this resolution does not increase the director's fee pool or the level of individual fee. It simply provides flexibility in how existing approved fees are paid. The board considers this advantageous to the company, both to preserve cash and to keep the interest of the directors aligned with those of the shareholders. As disclosed in the Notice of Meeting, the board intends to pay my own accrued but unpaid fees as chair by way of issue of shares. Full details are set out in the Notice. Please note, as of this resolution concerning director remuneration, all current directors, including myself and all associated persons, are prohibited from voting on Resolution 4, and any votes cast by those persons will be disregarded. Are there any questions for the board regarding Resolution 4? No questions on this resolution. Thank you. Please now vote For, Against, or Abstain. This concludes the formal part of the meeting. You should now submit your votes. Voting will open until five minutes after the close of the meeting. Results of the poll will be announced on the exchange after the conclusion of the meeting. I'd like to now give shareholders the opportunity to ask questions, whether related to the presentations, the financial statements, or the management of the company. Nick, our CEO, will be here to answer or delegate questions to the relevant executive team members. You can now continue to provide questions online, and we will also address questions already submitted online. If we run short of time and are unable to answer your questions online today, we will endeavor to respond to you after the meeting. Are there any questions received from the shareholders? Currently, we've got seven questions. The first question is, what are your expectations for Platform as a Service? Nick? Early days. It's just in beta. What you've seen, I think we talked about on the Q1 update, is that we haven't actually forecast the revenue for that in our path to EBITDAF profitability. It represents all upside from that perspective. What I would say is that if you consider my earlier comments, which is that we've now got, in this unprecedented time, where you've got tens of millions of businesses trying to rapidly rebuild themselves, having AI, true AI, within them, coupled with the fact that AI makes it so easy for people to vibe code out their own go-to-market solutions or adjuncts to their existing go-to-market platforms. Having a platform like we have that enables people to just click of a button, easily access the world's leading sales and marketing data is intelligence provides us a hell of an opportunity. Early days. I feel very confident about it. Again, it's a strategy that we put out to the market over a year ago, one we've considered deeply. Thanks, Nick. The next question is, why EBITDAF and not EBITDA? Sounds cooler. No, Karen, can you answer that? It does sound cooler. EBITDAF is earnings before interest, tax, depreciation, amortization, and financial instruments. We use EBITDAF because the financial instrument we have, it strips that out, and that's a non-cash fair value remeasurement of the B2B Rocket acquisition contingent liability. It's just an accounting adjustment, and that changes on our expectations of the kind of earn-outs of B2B Rocket. It's not unusual for companies to exclude financial instruments. It gives the correct picture of our operating loss income. Cool. Thanks, Karen. Next question here. How much did it cost us to dual list on the ASX, and what is the current split between Australia, New Zealand, and other investors? Also, what is the history of Australian fund manager, Ellerston, emerging as one of the major shareholders? Did they support the NZD 1 placement last November, and are they upset that the stock has plunged to record low? So many. That's not one question, it's about nine. What was the first one again? What's the breakdown? I don't have those numbers off the top of my head, I would have to come back on you on that. Around the plunging to the record low, I think is an immature question. Firstly, we don't control the stock market. We don't control the macro systems that are happening around the world. This isn't a problem peculiar to Black Pearl Group. Again, there is $2 trillion of market capitalization erased since September of last year. What we can do is focus on building an awesome business and continue delivering on every single thing we've done. That's what we can control, and we do that. Are we all naturally disappointed the stock's where it's at? No more so than me. We don't control macroeconomics of the market. Thanks, Nick. The next question there was three, are roughly around the same thing, which is, will the company need to raise capital? It's everyone's favorite question. Capital management is something that the board reviews continuously. Following the Q1 results, I've spoken with many of our institutional shareholders, and the consistent feedback is that they'd like to see the company with greater financial flexibility to capitalize on the opportunities ahead. At the same time, the board's acutely aware of the importance of minimizing dilution for existing shareholders, and it's our responsibility to really balance those considerations carefully. We hear the feedback from institutional investors loud and clear. We look at all our options. There is, of course, non-dilutive options available to us. There are also strategic partnership options available to us, and we review them in real time. As always, and I think as Tim and Hugo both said before, and very genuinely, we always review those options that we believe will create the greatest long-term value for shareholders. Think very deeply about that. Thanks, Nick. Next question is, there is a general view in the market that large AI platforms will replace more specialized AI and cloud software at lower costs, especially amongst SMEs. This is possibly weighing on BPG's share price as well as of others. How do you see your own offering longer term in the face of the competition from larger players? As said, that definitely does weigh on our stock price, and I think pretty much most businesses' price. It touches almost every business in America in a greater or lesser extent. We are in the best position for this. This was a trend we predicted years ago, and we've engineered towards that. That's why we have the Software as a Service offerings, which are still fit for probably a vast majority of where the market still sits. I heard a statistic yesterday that only 5% of SME businesses have genuine AI embedded into their workflows. You've got a real long tail. Some other data points suggest that there is a 10-year lag in between where the technology sits today and where kind of bulk adoption's going to be. That's why those products still have good use, because they're out of the box, they fit people that just don't have the time or expertise or know-how to prompt their own solutions. For those that do, that's Data as a Service and platform as a service. you Data as a Service has gone from sort of 0% to 40% of revenue. That is that trend. People that actually need building their own products, their own solutions. They don't want things out of the box, and they need genuine data intelligence to power that. Platform as a Service has the ability of businesses to be able to do that, actually kind of at a micro scale. If you're just building one tiny little agent or application or workflow within your business or for your business, that's what Platform as a Service for. That is a great trend. While t's not great for everyone's share price today, it is awesome opportunity for Black Pearl Group. You can see the trajectory of that uptake in our revenue composition. Thanks, Nick. Next question is, now that we're listed on the ASX, will you put an Australian-style, non-binding remuneration report vote at next year's AGM? This resolution is only REM-related vote today. Good consideration. Obviously, at the moment, our primary listing's on the NZX. We're always fully compliant with everything on the NZX. We've received some really good feedback from Australian investors on kind of greater transparency in a couple of areas. Certainly taken on for consideration. Next one is, why weren't retail shareholders given an opportunity to participate in last year's $ 14.2 million capital raising? Has there been any material protest votes on the proxies against the resolution, and will you commit to include retail shareholders in any future capital raisings? There was a raising immediately prior, I think, that we gave the opportunity for retail to participate. S o they had had a very recent opportunity to participate. The balance is for us, as a small publicly- listed company, giving everyone opportunity to participate in rounds versus the cost. Not just the cost and fees and everything like that, but the time cost. Ultimately, I think what I hear from most shareholders is you want me running the company and not worrying around doing all these other things. These are the things we're balancing out. Equally so, there's always been plenty of shares for sale on market. I think we were seeing trends of people not really participating there as well. These are all the factors we add up. Ultimately, it's making sure that capital is raised, typically trying to raise it in the most fairest way possible, making sure that there is a market opportunities. Haven't really received any direct feedback on people being unhappy about that, up to this comment today. Thanks, Nick. I'll break this one down. When we listed in the late 2022, talking up email opportunities, our major backers included former Berkshire Hathaway Automotive Chair Larry Van Tuyl, Sir Owen Glenn, and the ACC. Four years later, after an $ 80 million loss in the latest financial year, which of those early backers are still with us, and how important is the email opportunity? I think the shareholding register, you can go to the NZX site and see all the shareholders. To the best of my understanding, everyone is still there. Some have been participating in the future rounds, so still very much part of the shareholding. Again, whatever you can see on the NZX sites is what we can see. We don't get any magical special views on what's behind nominee companies or anything like that, if there are there. We've had really good support. They're all three shareholders that I have regular catch-ups with as well. The email opportunity. The thing about email is that it was always around the data behind it. We've been pretty consistent with that. If you go and read the original listing document, it talks about taking that data and creating more data opportunities and building more products from that. You go back to the listing document, we've pretty much done exactly what we said we were going to do from that. The email has just been such an underappreciated goldmine for data. Without that, we would have never have been able to get the Pearl Engine to where it has got to today. Email still remains a really core part of our business. You've got obviously the recurring revenue that comes through from the two email products, but actually now there's a third email product. Well, email's a big part of B2B Rocket's automated AI agents, and a lot of the code and expertise that is associated with those other two products equally is applied to B2B Rocket. We can see how amazing they've grown since they've been part of the group. I love email. I know it's not sexy, but it has been a big part of our business, email continues to be, from a data standpoint, the gold standard in tying marketing and sales opportunities together. Big part of our business. The second part of his question was, if we had our time again, what would you do differently? The question directed at you, Nick. That's a good one. I don't dwell on the past much. I often think that sometimes if you tinker in one thing in the past, it can ruin your future. I love where we're at at the moment and t he opportunities ahead of us. We have worked meticulously to get ourselves to this point. I wouldn't want to change one thing about our forward-looking opportunities. Therefore, would you tinker in the past? I have seen "Back to the Future." I know what happens when you do that. On a more of a serious note, what would I have done differently? I probably would've hardened my focus on investment via America. Practically, it was very difficult because of COVID and everything at the time. There's a big difference in attitudes between the markets. I think that may have collapsed time a little bit on where we got to today, if we'd done that. Again, maybe we'd be in a very different space. I love where we are now. Good question, though. I'll be thinking about that all night and probably come back with a completely revised answer tomorrow morning. The next question's broken down into four. This election year, when political parties are seeking money, NZX/ASX's policy is that there should be no political donations from listed companies. There is no disclosure made on this issue on BPG's annual report. What's the company's position? Thank you for the question, Oliver. We're huge supporters of the McGillicuddy Serious Party. We don't support any political party. You know, Tim, that you probably got from the name, not the most serious political party here in New Zealand. We have no political party affiliations at all, and we certainly have no appetite of contributing to anyone's purses along the way. That's my polite answer to you on that, Oliver. It'd be a cold day in hell if that happened. Thanks, Nick. There appears to be a conflict between the annual report and the recent investor presentation on the current debt. Does it mature in August 2026, or has maturity extended? What a question for Karen. Well, I think we know that it extended to 2028. There was a mention of that in the annual report. It was a post-reporting note. Karen? At the 31st of March 2026, the maturity date was August 2026. We refinanced on the 2nd of April 2026. In the Note 27 events after balance date, there is all of the information on there. The new facility renews on March 2028. Cool. Thank you. Last one on that one was, how can you tell that the pathway to ARR of $50 million is now open? I don't quite know what that means, is now open. Is the opportunity still there? Is that perhaps what they're asking, Nick? It feels like a great question. Look, I love our revenue composition of what we've worked ourselves through at the moment. You have this consistent sort of underlying recurring nature that are from smaller business that comes from our applications. You have the bigger chunky recurring nature that comes from Data as a Service, and now we're layering on top the very explosive, dynamic, consumption-based revenue that you see doing so well for the likes of AWS and Azure and maybe some of those foundational AI businesses as well. We have all three. ARR, I love. I love the fact that you wake up in the morning or the 1st of every month and know that you've got a consistent amount of money coming in to pay the bills. It helps you make far better business decisions. That is always going to be a composition of our revenue. Again, everything we've talked about with putting Platform as a Service, and that's additive. It's additive revenue because it's not recurring revenue. I think I said in the Q1 report, we're not giving PaaS revenue with one hand and taking away recurring revenue with the other. We love recurring revenue. It's just about layering up different kinds of revenue to maximize our opportunities and the revenue-making opportunities the group has. Cool. Thanks, Nick. We've actually got one final question. We will cut it off after this one, which is, can someone please explain the onboarding process timeline for a small business? How long does it typically take from the first inquiry, getting that through to lead from your platform? Basically, how long does it take for them to get onboarded, and what does that typically look like? Big question because every product has a different timeline, and then within each product, they have different timelines. Let's start with B2B Rocket. They now have a self-service, so people can go and set themselves up without speaking to a sales rep, without speaking to a CX agent, and actually get themselves up and underway. Depending on how much time you want to invest in that to whether you do it quick and fast, it's 20 minutes, or you want to really engineer the audiences and outreach and think about that messaging, you're going to spend a little longer. If you are after a white glove onboarding and the sort of full bells and whistles, you speak to a sales rep. You're on with an onboarding agent. Typically, it's two half-hour sessions to really get you humming. Again, depending on what you're doing. Bebop, fully self-serviced. Pearl Diver has historically been going through a sales rep and then to CX because we've been trying to find the best way of identifying the Data as a Service opportunities and getting them to a sales rep. You don't want a Data as a Service opportunity self-setting themselves up. You just miss those opportunities. I think we've found out a pretty good way of reinstituting self-service for the retail, smaller customers coming through Pearl Diver and still getting that flow of demos through for the Data as a Service opportunity. Long-winded answer, but it's not really, again, different things. One of the things we are absolutely doing in our pursuit of aggressively chasing EBITDAF profitability and beyond is collapsing those times. That's all cost to service. Every time someone touches a customer on a setup process, you have costs associated with that. We're collapsing that down without, I think, upsetting revenue trajectory or, most critically, the reinforcement learning that comes back to the Pearl Engine from customer setup loops. Awesome. Well explained. That is all our questions. I will pass us back to Tim for our close. Thank you for your attendance at the Black Pearl Group's annual meeting. We're in the middle of the biggest change in the history of the technology industry. With this change comes opportunity. I believe this is Black Pearl's time to shine. I now declare the meeting closed. The results of the meeting will be released to the NZX as soon as possible. Thank you.