Endurance multicopters will actually take over a large portion of that SEK 74 billion market that is yet to increase in the coming years. To see that a little bit more in detail, you can see here on the left side the small electric systems. They're cheap, they're easy to operate, they're low risk, but they're also very limited in endurance, payload, and range. On the right side, the manned or unmanned helicopter systems that are usually somewhere above SEK 2 million. It doesn't really matter if they're manned or unmanned, they are very complex and they're very expensive. I think we have a sweet spot here flying two and a half hours with 7 kg. We could even carry up to 10 kg. We fly several hours, just as a manned helicopter, but we do that at about 10% of the cost of a manned or unmanned helicopter. I think that is really the game-changing edge we're having here. Let's look a little bit about the team. I introduced shortly myself. We're very proud to have Waldemar Schäfer on board. Waldemar is really a world-class manned and unmanned developer. He was leading big teams of engineers developing helicopters in Switzerland and elsewhere. He was also working for other manned aerial systems such as Pilatus Aircraft and others. We're very, very happy to have him here with a total team of about 20 people working for Xer and working most of them in the technical team. I think we have a very strong technical background here. Gökmen Çetin, he is with me at the moment in Helsinki. That is actually the reason why I'm not with you today in person. I'm in Helsinki at the AOC. That is, for us, a very important exhibition where we meet partners, we meet clients dedicated to the electronic warfare environment. We've spoken to a lot of MODs and a lot of our partners. Jörgen is a very experienced CFO. He has been working for other stock-listed companies in Sweden. He's managing the financials in a very diligent way. It's good to have Jörgen around. The board is actually run by John Dubeau. He's representing Xer's majority shareholder Rex International Holding. He is with a strong banking background. He's supporting us mainly on the financial side. Svein Kjellesvik, Norwegian, also representing majority shareholder Rex and also Monarch as an extremely business-savvy engineer and entrepreneur who helped to develop a lot of companies. Martin is from background a Senior Data Analyst, extremely well-informed about the defense and security business. He's board member of various companies, private companies in different industries. Last but not least, Thomas, who is a former CEO of Nordic Level Group and Board Member and Chairman of several Nordic companies. Thomas and Martin have a lot of experience in the markets we're dealing in. Let's look a little bit into the background of Xer Technologies. We actually started in to show the full picture, we should show until 2021. This is when we started with drones in Helsingborg in Sweden. We were flying around 10 years for clients, including large railways organizations, private organizations, police, and others, rescue services with our full electric drones. Our pilots more and more saw that 30 minutes flight time and the ability to carry 1 kg or maybe 1.5 kg of payload is just not enough. They started developing a hybrid system, which was revolutionary at the time. In 2021, we took over the company that developed that drone and actually finalized the propulsion system in Switzerland. In 2022, we brought the Swedish company to Switzerland, moved the head office, moved the staff, people, knowledge, IP, and everything to Switzerland, and then worked with about 10 engineers from the aviation industry in making the best propulsion system, hybrid propulsion system for the drone market that is stable in a way that we have actually never lost a drone so far, even not a prototype. All drones that we've delivered so far are in the air and are flying with our clients. We have then started testing and validating. We realized that our system is a game changer with the payload and with the endurance. We tested and validated with four clients in dedicated industry to see if it also has an edge on the business side. We're not developing technology to have better technology. We're developing technology to have a benefit for the clients. 2023 was validating the business advantage for the clients. In 2023, we came with a commercial launch. In 2024, we came with a defense launch, defense development. In 2025 was a launch. I'll talk a little bit more about that. In 2025, we started working with a number of mainly defense clients that will bring then that will add to the benefit of the revenue in 2026 and 2027 onwards. Defense sales takes much longer. It is not as long as in the past where defense purchasing sometimes took five or 10 or even 12 years. The MODs understood that the development cycles are so rapid in that industry that they need to reduce the sales cycle down to one or two years, which most of the NATO countries are doing now. This is why we believe that we will have the big edge now. We are working with our clients on different use cases. These use cases have one target. This is to be part of the big purchasing programs of the MODs, both in the maritime sector, but also in the onshore defense sector. The two big areas within defense or the three big areas is electronic warfare. What does it mean? We have installed and we've implemented various payloads that enable our clients and us to see any electromagnetic signals up to 30 km, 50 km out. We fly with our drone way behind the front line and can look 30 km, 50 km into the depths of field and see any radio, any mobile phone, any tank, any plane, any drone flying in. It is also applied now for counter-drone use. The second big area we are working on is actually mine detection. You see that on the bottom left picture. We are using very special, very heavy sensors, magnetometers, that allow us to see mines both in the sea, but also on the land. With these kind of magnetometers, we also do missile detection and ASW, which stands for anti-submarine warfare. We can see with those sensors submarines up to a depth of 200 m. We've seen flying out from frigates. We've seen submarines hiding in a crevasse in about a depth of 200 m. We do similar applications onshore. We add a few applications onshore, including a mothership concept. We fly out with small drones that have small sensors. These small drones, we fly out with a mothership 30 km, 50 km. We release small drones that have specific sensors on board, which could be seismic small radar. There could be optical sensors. They can be released to see if the enemy is moving on the ground or in the air. In the commercial sector, we have two verticals. One's power line inspection. We equip our drone with sensors that allow us to fly very long and see the defects or the anomalies of power line. Instead of flying for 10 or 20 minutes with a normal commercial electric drone, we can fly for hours and can see increase the efficiency rapidly in that inspection field. Our core strategy is to work in the defense field with integrators and partners. We are fully aware that the large defense purchasing is not coming from small, and I consider us as a small company. They buy through big integrators, including Saab, including Thales, Rheinmetall, and others. We are strategically collaborating with these big integrators and make our drone, our payload, and the software we are using with it as part of the defense systems of the big defense integrators. That is a fast track to get into the big programs of NATO. It seems to work quite successfully. We can speed up the purchasing by years that way. We have collaborated with companies, as mentioned, with a company called Sako. We're collaborating with Rheinmetall in Germany. We are collaborating with Rohde & Schwarz, Hensoldt, and others. Most clients we are working with at the moment and clients are through the integrators, but not all of them. For instance, with the Swiss and with the Swedish Army and the Swedish Navy, we're working directly. Of course, we're using lots of payload partners. We do not develop any of the payload ourselves. This is a different industry. This is very fast-moving goods so that are replaced rapidly by new technologies. We let others produce that. We're agnostic. Of course, we have our partners and collaborations, but we have no exclusivities or anything in the payload sector. Let's look a little bit on how that looks like, that electronic warfare. Just imagine our drone that can store it in a box of about 60 by 60 by 60 cm. It's a very small box. You can place plenty of these in the vessel, put them on deck of the vessel, unfold the arms, and fly away, fly for 50 km, for instance, and then have another range of the sensors for an additional 50 km. We can see incoming drones. Imagine, for instance, Shahed drones coming from Iran, flying to European borders or NATO borders. That is a serious threat. There are very little ways of finding these fast-flying incoming drones. We support that by flying out from the coast 20 km, a kilometer up, so we can see 80 km approximately or up to 100 km into the sea, into the Mediterranean Sea, for instance. That is a major asset in early detection of threats. As mentioned, we work also in the maritime sector underwater. We can do here the flights from the vessels. We fly out quite far and then look for either mines or submarines in the depths. That is working in an extremely efficient way because so far, both mines and submarine warfare is often done through underwater surface vehicles. That is very diverse, which is very complex, very expensive to operate. I also want to show a little bit about how we make money. Since we're not allowed, in most cases, to talk about our defense clients, I show an example here of a commercial client. Copperbelt Energy is an electricity provider, and they have their own grid in Zambia. We've sold a system worth $478,000. Most of that is actually coming from the payload and from the service. The drone alone was close to $100,000. There's about $400,000 in payload and services. That is a nice example to show that actually the drone itself is the enabler to sell more one time, but also recurring because typically, clients buy more payload after the time, and they also require more services. They need support in mission planning and integrating new software and integrating new payload trainings and so on. We've released that one. Another highly relevant case from the commercial side and a practical case is from emission monitoring. We are working here with a company called ConocoPhillips. It is one of the oil and gas major in the U.S. They have 22,000 oil and gas facilities, as you can see in the picture in the middle of the slide. They emit methane gas. Methane gas is a big issue for them because, one, they lose pressure in their reservoirs. Also, it is environmentally extremely harmful because methane is about 84 times more aggressive as CO2. Instead of flying one asset by one asset and with an electric drone, driving there with a truck, getting the drone out, flying for 10 minutes, and identifying with a multispectral camera if there's any methane gas leakage, you can really visualize the leakage. They typically took the electric drone back in the truck. They drove a kilometer or 2 km to the next asset and unpacked it. That way, they do at the maximum eight or nine facilities a day. With our drone, actually, they did 33 locations in one mission of two hours. It is a game changer in efficiency. We are looking into significant sales in the oil and gas industry. These are the two verticals in the commercial side we're in. It's methane gas detection and power line detection. These clients also have the necessary size to be able to buy not only one drone, but multiple systems. This is, in the end, what we're striving for. Maybe we can show now a video on the electronic warfare side. It illustrates a little bit better how we work together with our partners. That video that will be shown now is actually coming from our partner. Our partner has produced it. Our partner is actually very strong in distributing our drone system. Are we able to put in the video, maybe? No, I think that's the wrong video. I'm Erik Herlyn, CEO of Xer Technologies. We're a Swiss aerospace technology company developing next-generation hybrid electric drones designed for reliable performance in tough missions. Our flagship X8 platform combines long endurance, heavy payload capacity, and resilience in demanding conditions. At the core of Xer Technologies are our UAV platforms, which we design and manufacture entirely in-house, from propulsion and electronics to software and payload integration. The X8 delivers up to two and a half hours flight time with a 3 kg payload and can lift up to 7 kg. The platform supports more than 20 payloads, from optical and thermal cameras to gas detection, lidar, magnetometers, and defense-grade ISR and electronic warfare sensors. One aircraft becomes a multi-mission tool, reconfigured quickly with minimal logistics. Our mission is simple: replace helicopter operations where they're too costly, too risky, or too complex. Across five continents, clients use our system for power line inspection, methane detection, and infrastructure monitoring. In defense, our platform supports ISR, mine detection, maritime operations, and missions in GPS-denied environments. With growing adoption among European defense forces and NATO partners, our technology is becoming part of the shift towards autonomous, multirole UAV systems. We're also developing the next generation: enhanced autonomy, expand payloads, and longer flight times. Xer Technologies is ready to scale production, expand in defense and commercial markets, and continue building one of the world's most capable UAV platforms. Our vision is a safer, more efficient, and more sustainable world enabled by heavy-duty UAVs. Okay. Thank you very much for showing that again. Look, I would like to show on the next text where we are working closely also with the NATO and different NATO members and participate in various exercises. I would just like to highlight one exercise we're now participating for the third time, which is called REPMUS. It takes place in Lisbon or on the Atlantic, out of Portugal coast. We're sponsored here, actually, by four different navies. These are just some visualizations of what we do here. You can see on top left how we actually fly from the decks, from large vessels, but also from smaller vessels. On the top right photo here, you can see how the drone actually is doing exactly the same mission as a SEK 2 million-helicopter drone. The big difference is that we cost only 10% of what that helicopter costs. The difference is also that you need five people to operate the helicopter. The helicopter was put with a crane on the vessel. It took them half a day to install it. They used exactly the same payload as we did. We did the same mission. Our pilot came alone with a box with a drone inside on the deck, he unfolded the arms. Half an hour later, he was in the air. This is really showing in an impressive way to our clients in the NATO how that works. We're going to be at that REPMUS exercise now for the third time this year. Again, we'll show different use cases, including electronic warfare, including anti-submarine warfare, coastal surveillance, and others. It's a one-month, quite heavy exercise. The main thing about these exercises is that we do the exercises when actual purchasing from one of the sponsoring partners is around. That illustrates here a little bit how we generate revenue. In the commercial side, it is typically up to $500,000. I showed you an example of the upper side. Onshore defense is typically in the range of $500,000 million- $1 million. In the more complexity on the maritime sector, that includes also the integration, the vessel integration, then usually pulls up the cost to $1 million or more. We are working now with different navies on sales to these for various different missions. That includes one NATO navy that is actually replacing currently six vessels. On each of the vessels, they will have multiple drones installed. That is something that we are hoping to close during this year. The sales growth, as mentioned earlier, while in 2024, we had on the four verticals, we had the test units with our clients. We then expanded and allowed others to use our drones. We sold our drones. It is tested by both end users and integrators. They've actually confirmed now the edge. In 2026, we are scaling the process. We are purchasing larger amounts of components so we are able to deliver in the near future. These are the last formally reported financials. From 2024 up to Q3 2025, I know that's quite a while already. We have gone up from 7: 10. Actually, the full Q4 2025 or the full year 2025 was about SEK 14 million. We doubled the revenue from 2024 and 2025. We are quite sure that we will continue a strong growth in this year and also the upcoming years. That really summarizes the opportunity. We're listed since end of January on the Spotlight Stock Market. We have a market cap of SEK 160 million. I think we do not only bridge the gap in terms of the large helicopters and the small drones, but also in the opportunity to participate in the extremely strong growth in values of the big integrators like Rheinmetall or others, but being at a very healthy and low market cap. I think that is why that can be considered as an attractive opportunity. As mentioned earlier, the largest shareholders include Rex. They have actually financed us from the very beginning. In total, about $20 million was put into the company. We have investment always built on. We have Cidro, Selandia, and others, which are part of our large shareholders. That was really my presentation. I'm happy to take any questions. Thank you very much. I hope we didn't lose Erik. No, I'm still here. Great. I hope we can get you up on the screen again as well. Very interesting presentation. You are obviously in one of the most talked-about areas in defense right now. I was wondering if you could tell us a bit about the competitive landscape that you see. A lot has happened with the you've been in the market for many, many years, but a lot has happened since the invasion of Ukraine. Everyone is talking about the big technological developments. What do you see in the landscape? Yeah. I think the competition from a technology point is very limited. There are barely any companies making drones that can fly as long and are so robust as our system. There is not really a competition from a technical point. There is competition from a user point, and these are the helicopter drones and the manned aviation that I'm talking to. However, that's, of course, 10 times or more expensive than our system. You are the technological leader in the space? We are definitely. In regards to flying three hours with a multicopter, we are the leaders. I guess right now, everyone wants to pay for these types of systems. On the other hand, it's getting easier and easier to shoot these vehicles down. Is there a willingness to pay this much for something that is so easily shot down? Maybe it's not easily shot down. It is easily shot down if it's close by. With our system I mean, in Ukraine, what we see at the moment is that there's a red zone somewhere between 10-50 km wide. Most drones actually are shot down. Even from the Ukrainians, 40% of the Ukrainian drones are shot down by Ukrainians. These are recent reports we've received. They don't survive there very long. What we do is we stay behind. Our system is too expensive, but we have sensors that can see way into that hot zone and beyond with our sensors. We compensate closeness by sensors that can look into the depths. Interesting. You said you are working with integrators. I guess they want their fair share of this. How much would you say it is costing you on the margin to go with them instead of selling yourselves? If we take that part that we deliver, typically, they put 20%-30% on top of what we charge. Okay. Would you say going into the future, would you always have the higher profitability in the commercial than in defense because you go with integrators? Or how do you balance these two? I think that at some point, we will have representations in different countries, production in different countries. Then we will provide directly to the MODs. We partly do that today. For instance, to the Swiss Army, we sell directly. Others, we don't. I think that will change. I don't think that it will be very soon. I think we will work with the partners. The partners actually have two roles for us. One is to sell for us. We all see that these big integrators have very deep pockets. They purchase companies like ours. We have been approached by several of these already. Whatever makes most sense to shareholders, we will be willing to proceed. If you don't get bought by someone, what would you say is during the coming year are the highlights from you that we should look out for? Are you aiming for a specific client, or? I think the quality of the clients is, at the moment, more important than the size of the deal because what we are doing is elephant hunting. We want to sell 10 or 20 or 30 drones of SEK 1 million each and are not interested to sell to one service provider in the commercial field for SEK 200,000 a drone because that is not going to be the company maker. That is why we're looking for the big clients and want to get into the big programs as we are partly already. I think we'll wish you the best of luck with that, Erik. Thank you for participating. Thank you very much. Thank you.