Good morning. I want to welcome everybody today. I'm Warren Kanders. I'm the Chairman and Chief Executive Officer of Cadre Holdings, and I'm here today with many of my colleagues, and you're going to have a wonderful morning learning about our businesses, and specifically our nuclear businesses. It is a privilege to stand before so many partners, colleagues, and friends. Our world is marked by uncertainty, escalating geopolitical risks, heightening security imperatives, and an urgent commitment to protect people and infrastructure at home and abroad. For us, this landscape is not a source of anxiety, but of opportunity. In volatile times, resolve and focus reveal true leadership. We have built our reputation by enabling those entrusted with the toughest missions: EOD technicians, first responders, nuclear safety teams to operate with confidence and precision. Their task is unforgiving. Our obligation to them is uncompromising. This sense of duty drives our culture, sharpens our execution, and ensures that what we make truly matters. As operating realities shift, so must we. Protection today extends beyond armor and suits. It is about fortifying defense systems, safeguarding energy, and securing the backbone of critical infrastructure. Our foray into Nuclear Safety, delivering platforms for containment, detection, and rapid response, advances this commitment. The sustained development and our most recent award of Advanced Blast Sensors over five years is a natural strategic extension of our core. We win where stakes are highest. Our vision is clear. We are transforming from a specialty safety provider into an industrial enterprise at scale, anchored in high margin, high free cash flow verticals. We will lead in protection while playing an expanding role in national security, clean energy, and critical infrastructure. This ambition is matched by actionable plans. Today, you will hear how we are reinforcing the core, targeting new markets, and sharpening our discipline on value creation for our shareholders. The foundation remains our people, the Cadre, the team. Those who use our products, those who design them, build them, and stand with us as suppliers and partners. Our strength resides in service, tenacity, and reliability. These are not slogans. They are enduring commitments, and they will continue to inform every decision that we make. Thank you for your confidence and partnership. We are proud of our progress and even more determined about our future. I will now turn our presentation over to Brad, Blaine, and our amazing team. Thank you for being here. All right. Thank you, Warren. So, a little different style. I can't say it in one voice. You guys will see me kind of walking back and forth here. Thanks for being here. Appreciate those in the room. Appreciate those on the webcast that are here with us today. A lot of faces in the room that we know, and some new faces, which is exciting and awesome. So, the first thing I'm going to cover is just give you an idea of a roadmap for today for the agenda. But before that, I'm going to read this statement that you guys have probably never seen before. Actually, no, I'm not going to do that. So, just a reminder of our forward-looking type statements, and we're going to talk about forward-looking information that may not actually come true. So, we'll get that one out of the way. All right. So, agenda. So, 75% of what we're going to do today, or even more, is going to be all about Nuclear. So, Blaine and I meet with probably 150 folks-175 folks on an annual basis talking about what we do, and the most common questions we get is Nuclear. Where do we play? What do we do? What products do we have? What are the use cases? What are the applications? And so, we brought a team of folks, a team of experts that's been in the nuclear industry for a long time. So, that's where we're going to spend most of the time. But before we get into that, we're going to talk about Cadre. So, for those that didn't do their homework, the new folks, I'll spend just a couple of minutes around who we are, okay, because that is important to our story. And you heard Warren with his, I think, awesome opening that really just summarizes who we are and what we've been about. I'll hit upon some of those things. All right. So, the first one, historically, an old company, right? Even though we're newer, publicly traded, four years, going public in 2021, we started back in 1964 as Safariland as a holster company. All right. Why is that important? We have really high shares within key product categories: holsters, EOD, bomb suits, body armor, et cetera. We've amassed that share over many, many years with customers that are very loyal to what we do today. Okay. So, that's where we started. Fast forward, kind of in the middle of this slide, Warren's invested a couple of times in this company, as you can see up there, right? And at those times, there were a lot of acquisitions, a lot of M&A, which is also part of our story today. So, what's important there is the history and the experience around M&A in the past, but also here in the present and also in the future as we go forward. Keep fast forwarding. Get over to the right side. Before we went public, we had some things that we needed to work on. Okay. We had some holes in the dam, challenges with the foundation. We had to fix those things before coming public so that we could really become that diversified industrial type company that we really want to be, and we are today. Okay. All right. So, what has that done for us? So, it's expanded our opportunity set. No surprise, right? So, typically, law enforcement-wise, a $2 billion-dollar opportunity set for us. In the Nuclear, expanded to $5 billion-$8 billion, and we're not done as we continue to go forward. So, opportunity set increased, but let's talk about who we are today, and we can talk about what we look like as we continue to go forward. So, for those who don't know, we'll talk about the right side first. 20% of the revenue comes from our company-owned distribution segment. Think of that as a one-stop shop for law enforcement agencies in the United States, with nine brick-and-mortar locations from South Carolina up to Maine. They also have e-commerce. We have sales teams within this organization also. A third of the revenue comes from the left side, sold through company distribution. Two-thirds of the revenue is from buy-out type products to make that one-stop shop experience overall for the law enforcement community. Left side, this is what we love. This is who we are. We love to innovate. We love to manufacture products, and 80% of our revenue is there. Okay. That's where everything started. That's what we found as a really solid foundation here when we started at this company is innovation was a big part of the heritage so that we can remain competitive within the market space, hold those shares, and continue to grow those shares. Now, as you get on the bottom, you guys have already read those, but a couple of other key points: over 2,600 employees within the company and continue to grow as we add acquisitions, and they're located in 21 manufacturing facilities. That's just the manufacturing side. It doesn't include company-owned distribution sites, or it doesn't include any of our R&D centers that we have, a few of those too. Now we get to the special part down at the bottom of the slide. Okay. Those over 2,600 associates within the company, there's a large majority that wake up every day and are really motivated by what we do, and it's because of that special mission that you see at the bottom. Together, we save lives. Okay, which is incredibly important to the story. We have 2,254 saves in our saves club. Please don't walk away thinking that we hired a research firm to go figure out that number and estimate what we think we've saved on an annual basis. Okay, which we average about three saves a month. These are real people. These are people we get to know. These are people we get to spend time with. I've met mothers, fathers, grandparents, children, and I'm going to show you a video here in a second, and I've spent time with three of the four saves on this video: Sean, Michelle, Charles. Met their families, met their kids. That's what motivates us on a daily basis to get up and provide safety equipment to protect those that are out there protecting us. All right. Control room, cue up the video, please. My name is Michelle Pratt, and I'm a police officer. That wasn't my goal growing up. I was a preschool teacher for 18-plus years, and I just thought, I need to do something else for the rest of my career, and it's probably not going to be this. I grew up in South Memphis, off of Walker and Lauderdale, and that is what you would call the hood. I couldn't see myself leaving the city. I'm going somewhere else to do something else, and it'd be like I abandoned somebody I could have possibly helped out. I was in elementary school, and they had a law enforcement demo come out. I just saw, like, the police canine. I saw the SWAT guys, and then it kind of blossomed from there into pursuing that career toward law enforcement. One thing my father always told us as a kid was that the only thing you have in this world is your family. It's very true. Everything can come and go, but your family will always be there. You know, having been a victim of gun violence myself and seeing the victims of gun violence, that's what's motivating me to really push forward with the firearms work that we're doing. K-13, break. Pursuit! K-13, Advisor 20. [Westbound bypass] charge 2790. 15, shots fired. Shots fired. Don't take it. Dog's hit. My dog's been hit. Suspect in the dog. Anyone else? I think I've been hit. My brain told me he's going for a gun. Even though I hadn't seen a gun, he obviously wasn't driving for a driver's license. 37 shots fired. I've been hit. Kind of felt the burning sensation kind of in my lower stomach, abdomen area. They ended up loading me into the back of a police car, and then we went down to Desert Regional Medical Center, and then that's where they recovered, like, a 380 from my vest, where I could feel that burning sensation. I had absolutely no cover as I ran down the staircase, and then I saw the brightest light. It was just this long, bright light, and then a rip of bullets. This loud, prolonged noise. He had the intention of diving for something that I knew was going to hurt me. And as soon as I took a step, my first step, I heard the first shot go off behind my head. And then when I got in the back of the ambulance, and they strapped me to this freaking gurney, and I'm sitting back there looking around at all the equipment inside of there, and I look at my partner's face, and he's crying. It bothered me because I'm thinking, man, I could really die. No. Give me one second. Having that vest saving me that night has given me the opportunity to grow and fulfill things I never thought before. If I didn't have that vest on that night, I take every day as a gift and try to do everything possible and not hold anything back. This is the vest I was wearing the day that I was shot. The round penetrated the magazine carrier here. It struck the magazine, and then the vest stopped the rest of it. Being number 2058, I feel very, very fortunate because I got to come home and be with my family. Real people, right, so 2058 got to come home to her family. You know, I tell the story a lot, and I never know what emotional response I'll have, and this is why we do what we do. Now, the tough part of this presentation is the transition from this slide to the next one. Okay, so for those that are cold-hearted and did not have an emotional response to that, we thought we would try something else. Okay, so Blaine's going to come up, and we're going to have a couple of slides, and we're going to talk about financials, and if you don't get a response from that, I don't know, you might as well leave. Amazing transition. Thank you, Brad. There we go. You know, really compelling video. Brad's talked a lot about the mission. You know, Brad's going to dive into more about the operating model in the upcoming slides, but we'll take a minute and just kind of talk about what we've achieved since we've IPO'd. Which is, we kind of start on the top line as, you know, by our standard, it's very impressive, and it's just the beginning of the journey for us. So when we look at the one we're particularly proud of, it's really kind of the quality of the business, right? And so if we look at adjusted EBITDA growth since 2020, it's 740 basis points. Right. And that's what we talked to everyone in this room about, you know, is really that focus. What we wake up every day is around productivity, pricing, continuous improvement, right? And Brad's going to dive in more to the tools, but to us, that's the focus, right? And what that allows us to do is then kind of do the fun stuff on the bottom, which is M&A. But, you know, even in periods where we don't have M&A, the focus is still on improving the core of the business. So we continually drive the teams. The teams do a good job of accepting that challenge and push the boundaries and innovate and grow the business. We're always going to be responsible stewards of cash. So you can see even post the Carrs acquisition, net less than 2x leverage. That's a big part of who we are. You know, we have low CapEx, so very high free cash flow, but it's going to be about that deployment. And you've seen the history, you know, with Warren and the broader company. That's a big part of who we are. So you can see all the deals we've done between 5x-11x multiples on EBITDA, right? So very sensible deals. And then we really focus on, when we think about those deals, it's not the commercial synergies, right, but think about the cost synergies. So that's where we like to really spend our time and our focus. We know we can control that or are more likely to control that. So when we're looking at these deals, we want to know how we can make it happen, right? Because how many deals do you see or businesses that you look at that show, hey, for the past 10 years, growth has been 2%, but just wait next year, and for the five years after, it's going to be 20%? So we don't want to count on those. We certainly have value in, but that's not how we make these deals work. You know, the second piece that we think is really key about the business is the resiliency, right? So when we think about our end markets, and if we think about the military and LE side, right, you can't put an officer out in the street without our products, right? So even in down cycles, whether it's recession, perceived budget crunches, they're still buying our goods, right? And really, the trade-off for a lot of those law enforcement officers becomes, hey, we're going to spend a little bit less on uniforms, but if I'm putting an officer out in the street, they have to have armor, and they got to have a holster for their gun. And even when you go back, I think in 2008 and 2009, that drop in spending was like 0.1%, right? So it's very, very minimal. So it's resilient through the cycle. So very proud of this. I think when we get into more detail a little bit later, you'll get a real appreciation for the Nuclear side of the business, how it has a lot of those same attributes, and we'll continue to grow. So thank you. All right. Thanks, Blaine. All right. Through there. That's okay. We got it back. So no one saw that next slide. So I want to have a little fun with this one. Where's Jeff at? From the, oh, there's Jeff. So Jeff, you've been asking the same question since we went public in 2021 every quarter. What's your question? Yeah. My question would be, can you update us on the blast sensor? Oh, great. Let's do an update on the blast sensor program. This has been something Jeff continues to ask. I think others, you know, saw it, focused on it during the IPO, focused on it for probably the—what? The year following the IPO, maybe a year and a half, and then that's it. It kind of dropped away, right? Except for Jeff. So really excited to announce today and share with you guys the award, the BEMO Award, or what we call the Sensor Award. So when we went public in 2021, we had this in our slide deck, all right? So on the right side is information that's become public on SAM.gov. Our press release has gotten called up in the government shutdown, all right? So if you're wondering why we signed on September 26th the contract and you haven't seen anything yet, that's the reason why. Okay. So we can talk about on the left side, you can see it's an awesome, amazing award for us, and we're really, really proud to take this on. $50 million IDIQ contract award for the BEMO Program, Blast Exposure Monitoring System is what it's called. For those that don't know the history, this is not new for Med-Eng. And those that don't know Med-Eng, it's our EOD company, leading bomb suit company in the world, okay? So militaries, law enforcement around the world, that's like the Kleenex of bomb suits. Our share is, you know, up in the upper 80%-lower 90% range. So the team's been working on blast-type projects for over 20 years. And in fact, they're not just a bomb suit company. They're really known for the experts on understanding blast effects on the human body, right? So think of it that way. Not just designing bomb suits, but to design those bomb suits, you have to understand those effects and what happens so that you can design better suits. So with that, they've also been doing work for over 20 years on blast sensors, various iterations of blast sensors. And then back in 2019, we started doing work with the Department of Defense on the next generation blast sensors. And for those who have been following us, we've been doing paid R&D work since going public on this project. So super excited about it. I'm sure you guys have more questions. Just hang on to those when we get to the Q&A session, and some of those we'll be able to answer. Some we may not until we get to the point that we've got an approved press release on it. But definitely exciting for the business. Okay. Thanks, Jeff, for that question. I really appreciate it. All right, so moving on, switching gears a little bit that'll tie all this together. Okay, so have you guys ever wondered, like, when you look at diversified industrial companies, okay, and you can pick whichever ones you want, right? The ones that have outstanding returns, you look at the data that Blaine just showed since going public, all right? And what we think we've done a very good job in terms of financially how we've done things. Why? Why does that happen? Okay. This is why it happens. It's because of the operating models. For folks like myself and others that have worked at some of the leading diversified industrial companies, this is how you do it. This is what gets you there over time. It's not about the big grand slam. It's not about the home run. It's about that incremental progress that you work, you maintain, you keep improving over time. For us, as we developed our operating model, the six categories that you see in the inner circle are what we feel are the most important things within a business. Now, that would be easy. We could hire some graphics people. We could put this together. We can throw it on a website. This is the strategy, okay, and what I tell people is, don't give me an amazing strategy and poor execution. I'd rather have a mediocre strategy and amazing execution than vice versa, so we said, all right, we got to take it from a strategy to the execution, so this is how you execute. Somebody asked me last night, what is the difference in what you guys are doing with your operating model versus others? This is one of the differences. I don't claim to know every industrial company out there and all the details of their operating models. And the ones that I've been at, you guys know where I've been, IDEX, Danaher or Ingersoll Rand, they've changed over time, okay? But what I can say, one of the challenges that you run into when you're in those companies is how do you implement this stuff, okay? These tools can be difficult. They can be confusing. It takes a major culture change in most companies to make these happen, and that doesn't happen overnight, okay? So we came up with a sequencing of you, thou, shalt do this first. And any acquisition, the guys that have been acquired, they know, usually I say, this is the non-negotiable, okay? This is what we will all do across the board. So you start on the left. You work on tools. You work in the fundamental side of things. That should be building capability, not capacity, okay? I noticed a typo there last night. You move on to the second step, and then you move on to the Kaizen step, all right? We are still developing tools in the Kaizen step because we've had to develop everything on our own, okay? So think of it that way. It's about the execution of these tools. It's about having your DNA throughout the company and the culture change that goes along with it. All right. So why is this so exciting to us? So if you take this operating model that we have, and by the way, these tools are proven over many years. Go check out diversified industrials. Go look at what we've done. You can't see what we were doing as a private company, but I can tell you the results are outstanding when you look at where we were then versus where we're at now and then what you guys can see in terms of what we disclose. So proven tools wrapped up together with these macros. And Blaine touched on those a little bit. Warren touched on them, but I'm going to hit them one more time because what? It takes like seven times before people remember things, right? So you'll get it at least three times. So the macros. And these are macros that you can't argue against, all right? Let's just test it out a little bit, all right? So let's go on the left side. Rising safety threats globally. Governments face increasing complex safety-type situations. Okay. Is that happening today? Absolutely. Okay. The second one, you look at geopolitical tensions. Do you think, are there any tensions going on around the world? A little bit, right? A little bit going on out there. There's a lot, right? And it's just increasing. It's growing, you know, day by day, country by country. And then unfortunately, in the U.S., significant increases in active shooter situations, and that drives a whole host of things within what we do. You can imagine what that means and how that translates. And if you move on to the middle part of it, what's budget-wise? What's going on? Seeing increases in Europe in terms of their spending. When you look at, you know, whether it's protection for their law enforcement or national police forces or military, the spending is up there. Our expenditures, Blaine talked about, and police protection, it's you can set your watch to it. You know, it's not 10%, but 3% CAGR over a long period of time, that's what we like to set our watch to. And then we take our operating model and we deliver what you saw a little bit earlier that Blaine walked you through. So that's exciting to us to take an operating model, take tailwinds that are solid, and let that be the driver of what we're doing. And if that's not enough, the last one is the refresh cycles that we have in the business. So don't think of this as a, you know, when I was at Ingersoll Rand, we had air compressors. People would call in and they're like, "Hey, I've had this air compressor," and they give you the serial number, and it's 75 years old, okay? And it's still operating, right? Long time. I may be exaggerating by about 10 years, okay? That's not our products, okay? We have reasonable refresh cycles, five years, seven years, 10 years for bomb suits. Those are things that we love, right? Because when those refreshes happen for many different reasons, which I won't get into now based on time, that drives the additional refresh for us in the business, which is helpful on top of these tailwinds that I just talked about, okay? All right. So long-term vision, where do we go? So I think for those that know us, we're reasonable folks, right? So you're not going to see us go out and throw a bunch of unrealistic huge numbers just to get your attention out there. These are our aspirations. Some of these, we've not gotten to it at this point, right? When you look at them, that's why they're aspirations. So when you look at revenue, we're talking 3%-5% organic with the type of markets that we're in. We think that's reasonable. $100 million of acquired revenue on an annual basis. Anyone keeping track? Have we met that yet? No. You guys aren't good at keeping score, but we are. So no, we haven't met that yet, all right? We'll see if we can get there from a $100 million revenue standpoint. Margins. So Blaine talked about that. He talked about we've got the levers. We've got our operating model. We think going from low- 40% to 45% to 50% is a reasonable ask that, you know, of our organization and what we're doing and how we do things with our operating model. So important to the business overall. And then adjusted EBITDA, how we're set up from an OpEx perspective and what flows through, definitely in the mid-20% from an adjusted EBITDA margin standpoint. And then what do we look like? We get that question a lot. Are you done with public safety? Quick answer? No. Are you done with Nuclear? The answer is no. We've got more to do there. Will there be another vertical? The answer is, probably at some point. Now, it took us a few years to figure out what that first new vertical was, but we did it because we're cautious. We're deliberate. We like to do our homework ahead of time so that we can be confident as we go into that next vertical, and that's what we'll do on that third vertical when the time is right, okay? All right. So with all that, that's it on the public safety side of things. The rest of what we're going to focus on is Nuclear, Nuclear, Nuclear, okay? I'm going to introduce real quick Eric Gasvoda. I know we've kept him kind of behind the scenes for six years. Yeah. Eric's been here six years. I've known Eric for 15 yearts-18 years, a long, long time. Eric's been leading our Duty Gear business. So one of our most important, that's where the company started. It's one of our biggest product categories, one of our most profitable categories for us. And it's one of the most recognized brands out there, no different than Med-Eng on the bomb suit side. Eric has been leading Duty Gear, and he has done an absolute phenomenal job. He is a poster child for our operating model, and he's become not only that contributor to the Duty Gear, but continues to help teach, coach, and show others throughout the company on how to use the operating model and implement it. So Eric is now going to lead Global Nuclear. He was gracious enough to leave Jacksonville, Florida, and move to Golden, Colorado to go take on that responsibility. So we're excited to have him in that seat. He's only been there about 45 days. So make sure you queue up really difficult questions for him. I like to see him squirm, okay? All right. So I'm going to toss it over to Eric. Eric? Thank you, Brad. Yep. And luckily, I have a whole team of really smart people to support me. So if you ask me tough questions, I'll quickly pass it off to them. So everybody's here to talk about nuclear, so let's jump right into it. Just a little bit of background of what is the Nuclear part of Cadre, well, it's really made up of two acquisitions. The first one at the top right was in March of 2024. The company acquired a group of companies called Alpha Safety that really focused on products and nuclear or engineering services. They're around products and engineering services, and so today, when we look at the Nuclear group, it's made up of about 400 employees across those geographies. Very highly technical skilled workforce, and that leads to eight different sites that we have manufacturing sites in, and here they are. Alpha Safety was really based in the U.S., and that was primarily the market that we, the Alpha Safety company served, was all around U.S. companies, and they're in interesting locations that all have history either tied to a program or a particular customer, and Alpha Safety, one of their initiatives was, how do we grow this business? How do we expand our footprint, and one of the things they looked at was the U.K. has a very similar history, similar market, similar potential, and luckily, with the Carrs acquisition, this other group of companies heavily based in Europe and the U.K. that allow us to have that footprint to be able to leverage the products and capabilities from this side of the business into the U.K. market, as well as taking the newly acquired products and services back the other way. Yeah. So why nuclear? When we think about the Nuclear business, there's really, when we're creating or investigating verticals, one of the criteria is we wanted the market or that vertical to be driven by more than just one market factor, and so there's really three important market factors that make up the nuclear industry as we view it today. Excuse me. The first one is really about the past, Environmental Management. From the Manhattan Project until even today, a lot of nuclear waste has been created, and something has to be done with that, and every year, there's significant investment to clean up that waste, process it, and put it in repositories, and we're not done yet, and we won't be done for a couple of generations, so there's a long-term, very committed investment to dealing with that nuclear waste. The second vertical is all around National Security, Deterrence. As Brad said, the world has not gotten safer or calmer. There continues to be a lot of threats. And so there's an investment by the U.S. and a lot of our allies to modernize our weapons. A lot of them have been around since the 1950s and 1960s, and they don't just sit there on their own without any change. They decay. And so there's a need to go back and revisit those and modernize them over time. And the third piece is on Nuclear Energy. There's a lot of talk about clean energy that arises from nuclear. A lot of investment going on, a lot of buzz right now. That's the third part of the vertical that's pretty exciting that draws a lot of attention. And so to dive into the details about how Cadre products service those three verticals, I'm going to ask one of the experts that's dedicated 35 years of his career in the nuclear space and has led the Alpha Safety team since 2019 to go up here and address each one of them. So Terry? Thank you very much, Eric. Really appreciate that introduction. Brad had kind of to dry the tears after the saves. Didn't warn me about that. I am really pleased to be here to talk about our nuclear group. So why is nuclear so interesting right now? Well, it's top of mind. It's in the media. We hear about it every day. We hear about national security, geopolitical unrest. And of course, we hear about the hyperscalers needing massive new electricity to run data centers for their AI models. And we know that winning the AI race is top of mind. It's probably one of the most important national interests that we have. But before we can win at AI, we first have to win in energy. Training some of these AI models can take as much electricity as powering 100 American homes for a year. In the United States, and even the U.K. and Germany, paused development of their nuclear technologies for about a generation. So we're very behind. And it was probably for the best. The nuclear industry needed to prove to the world and our communities that we could safely manage nuclear energy and in particular the waste. And one of the things that Cadre Nuclear has done is they've brought together this just amazing collection of world-class nuclear environmental cleanup companies. And so what you'll hear today first is about how we solved the nuclear environmental cleanup problem, the first problem that we needed to solve. That's where we gained all of our capability, and that's where Cadre Nuclear has brought this group together. And so today we're going to talk about first environmental cleanup. We'll talk about AI and power, and we're going to talk about national security. After the, I think Eric mentioned the Manhattan Project. The nation went crazy manufacturing weapons right after the Manhattan Project and generated millions of drums of radioactive transuranic waste. That took about a generation to build up that waste, and now it's going to take probably two generations to clean that up. Billions are committed annually to clean up the waste sites around the country and in the U.K. Here's an example of the type of waste that we're talking about. These are just salvage drums. This is just industrial trash that was accumulated. It was deposited all around the country in Savannah River Site, Oak Ridge, Tennessee, Idaho National Laboratory, Los Alamos, all over the country. It has been buried for the most part, and the nation has been retrieving it and permanently disposing of it at the Waste Isolation Pilot Plant in Carlsbad, New Mexico. This is an infographic. One of the goals today is to deep dive into the whole nuclear industry. What I hope you learn is not only more about the nuclear industry and the vertical that we're in, but you'll also see really the logic of why Cadre made this investment. When I first met Warren and Brad and Blaine, I heard all the right things, and I knew that we had an awesome new long-term partner. This infographic, and we have several of these infographics that are going to describe Environmental Cleanup, Nuclear Energy, and National Security. Environmental Cleanup is about 50% of our Cadre Nuclear business. Just starting at the top, what we're going to represent here is all of the places in this process of environmental cleanup where the Cadre Nuclear Group organizations support it. So starting with sorting and segmenting radioactive materials, this is the Wälischmiller. They take this waste, they sort it, they segregate it, and they can then process it through process treating where we have other capabilities such as radiometric instrumentation, flammable gas analysis, non-destructive assay. And this is all part of the national program to dispose of the transuranic waste that we are disposing of at the Waste Isolation Pilot Plant. The NucFil filters, those are used on virtually every radioactive waste drum that's disposed of at the Waste Isolation Pilot Plant. We've manufactured literally millions of those. And then we manufacture and we certify the Type B shipping casks that are used to transport this radioactive material from around the country and dispose of it at the Waste Isolation Pilot Plant. You can see the Cadre Nuclear Group businesses have a role in just about every step in the environmental cleanup process from retrieving the waste, sorting, segmenting it, characterizing the waste for gas analysis, radiometric instrumentation, packaging the waste, certifying it, transportation. The gem of a business, Bendalls Engineering in Carlisle, U.K., manufactures these shipping casks as well as our division in Carlsbad, New Mexico called EPD. And then our RPS division in Groton, Connecticut, manufactures these highly engineered ventilated containment systems where they can perform much of this work and control the radioactive contamination. We talk about different types of waste. Primarily, what we are involved in is transuranic. It is the most complex waste. There is probably 10 xs as much low-level waste as there is transuranic, but that is really where our focus is in the higher value transuranic waste. And this represents about 50% of the business. So we've talked a lot about National Security. The reasons are well known. We know that there's geopolitical unrest. The March 2025 annual threat assessment identified that the United States' adversaries continue to undermine our interests and the interests of our allies. And we need to continue to develop and refresh our defense mechanisms. In 1992, the nation stopped producing nuclear weapons. We thought that the Cold War was over. Russia's economy had collapsed. But what we didn't realize and we didn't think about then was our adversaries didn't stop manufacturing weapons. In fact, now we have three new adversaries. We have China, North Korea, and Iran joining Russia. So the nation has implemented a whole new weapons modernization program. And in that, by 2035, we're supposed to manufacture 80 pits. Those are the cores of a nuclear weapon. This program is started in 2017. That's a massive multi-billion-dollar initiative. Our company manufactures many of the components that are used in that manufacturing process. Another infographic. What we'll show here is, again, all of the areas that our Cadre Nuclear Group businesses support. On this, I'm primarily going to focus on the left side of the infographic. One of the products that we manufacture in support of the weapons modernization program are what are called SAVY containers. They are used to store the most valuable material on the planet, arguably a weapons-grade plutonium. RPS division also makes engineered ventilated containment systems. Bendalls manufactures containers for this material. PSC, our radiometrics instrumentation company, designs and delivers these instruments that can measure and quantify radionuclides in that manufacturing process. What we'll see here is on this side, that process of manufacturing nuclear weapons actually creates more waste. And so that kind of turns into our environmental business. And that material ends up getting disposed of at the Waste Isolation Pilot Plant. Another stream is now, because of an executive order, the U.S. is taking some of the surplus plutonium, and they've designated it to be used for nuclear energy. That's pretty exciting. So again, what you see is we have a role in just about every step in these national programs of security and environmental cleanup. Nuclear energy. So we've covered some pretty tough topics, right? Environmental cleanup, corroding old burial drums, nuclear weapons, political unrest. Now we can talk about nuclear energy. And I think everyone knows and has heard the estimates are that by 2032, there could be a doubling of the electricity demand on our power grid. It's already stressed. And so we need to create new energy, and nuclear is absolutely the best. It's clean, it's safe, it's reliable, 24/7 electricity to power our homes, businesses, industry, and the data centers. What we have seen is one of the most remarkable transformations in the nuclear industry. That is the partnership between public and private companies and the government. The administration has issued a whole slew of executive orders that have reduced the red tape in commissioning nuclear power plants. Just to name a few, reinvigorating the nuclear industrial base was an executive order that came out in the spring of 2025. In that, it made sweeping changes and set goals, the first of which it says that we're in a state of peril, and one of the priorities for the nation is to win at AI, but to do that, the executive order continues is that we need to win the energy race. And so the executive order establishes that we're going to quadruple the power generated by nuclear energy by 2050 from 100 GW to 400 GW. So that's roughly five GW per year for the next 25 years. That's an incredible increase in the number of nuclear power plants. It also calls for rebuilding the supply chain. And again, that's where Cadre Nuclear is positioned perfectly. We are a nuclear company. We have developed the reps and the reputation to be able to do what we're capable of doing now to support this new wave of the nuclear renaissance. There were hundreds of nuclear power companies or nuclear manufacturers up through about 1992. Then when the nation paused manufacturing nuclear power plants and nuclear kind of came out of favor, that nuclear supply chain was decimated. There are very few companies that are capable of the type of manufacturing to exacting quality assurance standards that we are capable of or our partners in the U.K., Wälischmiller or Bendalls are capable of. And in the U.K., that supply chain was decimated even worse. There's probably just a handful or so of companies that are capable. So reinvigorating the nuclear base includes rebuilding that supply chain. The other part of that executive order calls for rebuilding the fuel supply through enrichment services, which is a major growth area that we'll talk about next. Another reform that came from an executive order impacts directly the Nuclear Regulatory Commission. So everyone knows that previously the regulatory red tape of a nuclear power plant was always viewed as the major hurdle in new nuclear projects. The executive order now calls for the Nuclear Regulatory Commission to take an action in 12 months on nuclear power plant life extension. It requires them to make a determination on new build nuclear projects in 18 months. The government has cleared the path and set the standard for this new nuclear market. Then when you add in what's happening with the public and private investment in these hyperscalers, there's a whole number, and I'm sure all of you have seen this in the media, but Microsoft, Meta, they've joined forces with Constellation Energy and made the determination that their AI data centers are going to be fueled by clean nuclear energy. That combination of the private investment, public investment, and the government changing the regulatory environment is a clear path for a very exciting time in the nuclear industry. Another infographic, and we will just talk about on this slide, again, primarily in the enrichment side. We start up here. Again, this demonstrates all of the areas that the Cadre Nuclear Group companies support nuclear energy, starting with enrichment. We manufacture a line of products for sampling the enriched uranium. Pajarito Scientific, again, manufactures the radiometric instrumentation. RPS builds the ventilated containment buildings, and what's really important is, and you may hear about this later, is this is happening right now. The enrichment business is impacting Cadre Nuclear Group right now. This part, the SMRs, are going to be down the road. We all know that, but the fuel has to come first, so we talk about follow the fuel, and right now, we are actively engaged in designing and implementing criticality alarm announcing systems that are necessary in the fuel enrichment process. Again, fuel fabrication, criticality alarm announcing systems. We have a capability to manufacture shipping casks. There's a whole new line of fuel called HALEU, high-assay low-enriched uranium. You've probably heard about this. The prior source for the nation was Russia. That's not going to happen anymore, so we are rebuilding that industrial base of manufacturing HALEU fuel, which is what will fuel Small Modular Reactors, and they can't transport it yet. There's not a package suitable, so we are actively engaged with many of these major developers to design a new package for transporting HALEU fuel. It's pretty exciting when your customer invites you to participate in developing new products, then we go to power generation. Again, the gem in Carlisle, U.K., Bendalls Engineering, they are capable of manufacturing incredibly robust pressure vessels that are going to hopefully be used as the pressure vessel for these Small Modular Reactors. Wälischmiller, you'll see in this process the wonderful manipulator arms robotics manufactured by Claudia Wälischmiller are used in just about every one of these processes in the fuel cycle. So that kind of wraps up the nuclear overview. We're going to turn it over now to question and answer. Thank you so much. I and my colleagues will be in the back. We have samples of all of our products. We love to talk about the industry and Cadre Holdings and Cadre Nuclear Group. So thank you. Thank you, Terry. Before we get to exploring the back and looking at the products, we're going to go into a little more detail with Terry from some of the other people over there, but hopefully, Terry provides you a good overview of the products that Cadre offers for working each one of these three vertical market segments, and what's interesting about it, I've only been in this group for a short time, but I can see the application of the operating model already and how it's helped benefit the companies working together on joint engineering, on approach to sales across the companies, and on shared manufacturing, so these companies have only been together a very short time, and already opportunities are coming up for them to work very closely together, so now what I'd like to do is invite up the four panel members. I have some questions here. I'm going to grill them on. All right, we'd like to see one, so over on the left, I have Marc. He's our head of business strategy and business development, long history with the nuclear industry. Claudia, she runs the Wälischmiller business in Germany and has been a General Manager there since 2019. Michael, who's our Business Development Expert in the U.K., also a long history in the nuclear industry and really focused on developing the U.K. market, and then Joe, who was brought in to work with the Wälischmiller robots to introduce them to the U.S. market and grow their presence, so first, I'd like to start with a question for Marc, so you've been in the industry a long time. What kind of changes have you seen in the nuclear industry in the U.S. in particular over the last 10 years? How does that fit with the three verticals that we just talked about? Sure, so a lot has changed recently. Terry covered some of this, but you look back 10 years ago, and people in this industry, you were focused on legacy. You were focused on the Cold War era, Manhattan Project, waste that was generated, and businesses were built that way. Now, what is remarkable is you look at what is happening now, that the development of the nuclear industrial base is increasing. Why? Because now we're seeing the growth in Deterrence, National Security, and Energy, so we've moved on from this, what we call, I like to say, contain and maintain in the nuclear industry to now let's modernize and grow is the way I like to describe it, so nuclear is no longer just looked at as a liability. It's now in the intersection of energy, defense, and environmental cleanup. So if you look at the three different verticals that we've described, all three of them have a different story. So Environmental Management is consistent. It's going to be here for a long, long time still. In the DOE space, that budget is somewhere around $7 billion a year in continuing to grow. Now, the priorities are shifting. And we talked a little bit about the waste side of being the focus, the higher liability waste in both the U.S. and the U.K., where primarily that's where the Cadre Nuclear business is focused. And Terry covered some of that in his previous slides that he was showing. If you look at the Deterrence side, again, modernization, taking our legacy materials, not only our stockpiles, but changing that. It's not just to replace that stockpile, but this is a long-sustaining program, meaning we're not just replacing the stockpile. This will continue because of the geopolitical tensions that we mentioned before. And then obviously, on the Energy side, you have your existing reactor fleets. Well, investment not only in increasing those licenses of those existing sites to be able to operate longer, but also the capital improvements to keep those existing sites up and running longer is happening now. And again, we participate in that part of the market. SMRs, advanced reactors is the next generation, the thing to come. And what you are now starting to see is the Nuclear Regulatory Commission, government agencies, the supply chain, the industry is now really adapting and moving forward, accelerating those programs. And as Terry mentioned, we're at the upfront part of that, which is the fuel fabrication side of things. So very exciting time to be in the industry. So you look at it from a nation, you can summarize it as that Environmental Management is really stable, it's consistent, and it's running. Deterrence or National Security is strategic and very well funded. And then Energy is accelerating, accelerated growth. And it's the first time, if you look at the three verticals within the industry, it's the first time in decades that all three have come together, which just proves that nuclear is a central part of U.S. policy. Great. Thank you, Marc. Claudia, same question for you. From an international perspective, with your history in the nuclear industry, what kind of changes have you seen over the last 10 years? So the answer is yes, there was a change. In the international nuclear market, it's changed because Asia plans new builds, new nuclear power plants. Europe is back in nuclear. Not Germany is a different story, but France and U.K. plan a lot of nuclear projects, and the Middle East plan their own projects. But it is not only build a nuclear reactor. It's changed because when you want a permission to build a nuclear reactor, you have to have a plan what is decommissioning and how you handle the waste, the nuclear waste. And then from my view, remote handling equipment is very important. That's really important. So we handle with this equipment waste, and we handle nuclear solutions with this, and that get more and more priority. So that's the reason why France and Japan and U.K. invest a lot of money in research for remote handling. I give you an example. U.K. has a research center only for remote handling equipment, robots, manipulators, and they're testing all solutions, new innovation, and Cadre, that means the Nuclear Group, want the hack of technology. We do the same, and we provide that to them, so that's changed, and I'm looking forward to seeing all the solutions in remote handling, and for the past, and for the future, it's absolutely necessary that we deliver equipment that's safety and quality. That's the reason why we have the slogan, quality for safety. Great. Thank you, Claudia. We'll stick with Europe here for a minute. Mike, you've got a lot of experience in the U.K. nuclear industry. Can you tell us a little bit about Sellafield, its history, why it's important, why we should care, and what are some of the interesting developments that are going on there? Yeah, absolutely. Definitely working. Good morning, everyone. So those that might not have come across Sellafield before, I'd say really the key takeaways here are that it's the 80% of the Environmental Management market in the U.K. It's got a 100-year-plus cleanup mission ahead of it. And it takes up the lion's share of the roughly $2 billion a year that the U.K. spends on Environmental Management activities. It's also one of the most beautiful parts of the country. So getting into a little bit more details, it's got a long and very proud history in the U.K. It was the site of the first nuclear reactor to provide energy to the grid. It's where we've done reprocessing for decades. It's where we hold our civil nuclear plutonium stockpile. And it's where we do waste management and waste storage. And Joe and I were out for a lovely dinner yesterday trying to figure out how to best put that in the context of the U.K., sorry, of the U.S. market that you might be a little bit more familiar with. And actually, it wasn't possible. You'd have to squeeze somewhere between four and five sites that are spread across the U.S. into two sq mi in West Cumbria to get an equivalent. So it's an incredibly congested site. And because of its history, it's also considered the most complex and hazardous environmental decommissioning program across the whole of Europe. And at the heart of that are the legacy pond and silo facilities that house a lot of that nuclear waste. And that really is the focus that we have. And we talked a little bit about resilience earlier. That's where the money goes because that's where the really, really dangerous material is that we have to retrieve and we have to make safe. And actually, we already have a couple of key products supporting those areas. So one is some of the filtration products that we have that go on the boxes that some of this material is taken out and put into for interim storage. And Bendalls has been mentioned a couple of times. They've provided really important manufactured products supporting these missions. A really good, notable recent one would have been some of the racks that they've produced, which have allowed material to be stored and saved Sellafield billions of pounds, avoiding having to build another facility. So I think I'm very excited to see these retrievals missions continue and to extend the role that we can play in supporting to deliver that very important mission. Great. Thank you, Mike. Joe, so I mentioned earlier that you were brought on to really open the U.S. market to Wälischmiller products, and as part of that, I think you uncovered a niche market in medical applications, so it currently makes up less than 4% of the Cadre Nuclear revenue, but it seems like an exciting and growing portion of the market. Can you tell us a little bit more about that and how those products are used? Yeah, definitely, so along with the three vertical pillars that you guys have talked about so far today, medical is another one that is just massive growth as an industry. The history of medical treatments using radiation has been around for actually over 100 years. The last 50 years, it's been pretty common, and we have additional technology and advancements every single year that are making the demand for the product and the isotopes grow at an exponential rate, so a few years back, I started attending some of these conferences, identified this as a huge growth industry and a good opportunity for us, and so we started getting some more interest in it and trying to understand the industry a little better, so some of the things that we're doing with radioisotopes are, all of you would have heard of, like PET scans. They can inject an isotope into your body, and they can scan and see how your organs are operating. Or they can do targeted visualization, where they use a very specific isotope that will collect in an organ. And when they have that collection in there, they can get a much more detailed view of how it is actually operating, how you are going to be able to process whatever is going wrong with you. And then we have the therapeutic applications, which everyone's heard about, which is treatment of the cancer, but in a much less invasive path. Instead of cutting you open and trying to take out a tumor, they can actually inject or place radioisotopes into your body. And those isotopes can irradiate just very small areas, specifically like the center of a tumor, without damaging the healthy cells that are around that. So this new technology and the way that people are doing this and all the new isotopes that keep coming up every five years-10 years, they have some new isotope that they think is going to be the solution for the world. This is driving funding for research and a lot of new facilities that are being built in the U.S. and Canada. And we're also seeing growth all across Europe, Mexico and South America. Even South Africa is getting some of this now. It's a fascinating industry that is growing at a very, very high rate. And one of the best things about being in the industry is a very stable process because we all are going to continue getting sick. So the demand is not going anywhere. Good. Thank you, Joe. Let's stick with manipulators for a moment. I have a question for you, Claudia. So I know one of your important customers is in the U.K. and Sellafield, like Mike just mentioned about. But Wälischmiller has a small manufacturing site there in the U.K. with a very unique relationship with them. Can you tell us a little bit about that and maybe contrast it with the more global view of Wälischmiller, the main facility in Germany? Yes, I can do this. We have a highly specialized team, a small team in Swindon, U.K. And they are specialized, and they support and service manipulators in Sellafield. Can you imagine that we have more than 600 manipulators in operation there? There are around 350 from Swindon and 250 from Germany. So what is important in this case? Important is that this team supports Sellafield in maintenance, key spare parts, training the operator, and help them when they have an issue. So we have this relationship since the 1970s. It's a long time. So it's absolutely built on trust. So the advantage is that Swindon, the team, is very close there. If they have a problem or something like this, they are so close to them. They give them directly a call, can support them. And that makes absolutely the difference. So they became, since two years, experts to develop remote handling tools that support the work in hot cells, so make them safer and more efficient. So maybe they faced a challenge there in Sellafield. So the small team, they are experts to develop a remote handling tool. They solve the problem, they develop the tool, and then deliver it to Sellafield. And that's a great story. Yeah. Yeah, fantastic. And I'm sure you're very happy to sell them spare parts for their 600 manipulators. Oh, yes, and you should know with each manipulator what we're selling in the world, spare parts. That's great. Definitely. Shift gears a little bit. I have a question for you, Marc. We've heard mention a couple of times Small Modular Reactors or SMRs, and they show up in the headlines all the time. That seems to be the latest buzz around nuclear energy and clean power, but they're still years away. Why should we care now? Sure. So if there's one thing you take away from today on the topic of SMRs and energy in new reactors, we use a mantra. It's follow the fuel. Terry said it earlier, that is the part of the nuclear fuel cycle, going back to the infographic, that is happening right now. So having the sovereignty capability here in the U.S. to be able to produce our own fuel is a bipartisan mission that is in place now. The expansion of facilities, both in the enrichment side and the fuel fabrication side, is happening right now, both in the U.S. and U.K., which is part of what we'll call the ecosystem of the new SMR era market that's arising, that any companies that are part of that early stages will be well positioned, too, when we have operating reactors in this new fleet that is coming. So the products that we have, we mentioned Criticality Accident Alarm Systems, so again, as enrichment facilities and fuel fabrication facilities continue to expand, we are well positioned. We have a capability that is low competition and one that we're well positioned. We've been doing for many, many years. Not only that, but also things like fuel fiber, excuse me, fuel transportation. That is going to be a need to be able to transport this new fuel that is being made here in the United States, so it's not that we are ignoring the SMR market. We are just getting out in front of it and being proactive to get involved early on in the most important piece of that, and that's the fuel cycle, because you can't operate a reactor without the fuel, so that's our strategy. Great. Thank you. And Mike, similar question for you. A lot of SMR buzz in the U.S., but I think there's similar discussions in the U.K. How do you see that as being an advantage? Or how will Cadre Nuclear Group take advantage of that investment and drive some sales growth in the U.K.? Absolutely. I think there's a short answer, and Marc's done a good job of covering that the power from SMRs is perhaps a little ways off, but the opportunity actually is here and now as we start laying the foundations for new nuclear. Terry earlier talked about the nuclear renaissance, and we're certainly feeling that in the U.K. We've had industry numbers published quite recently, which show that the civil nuclear industry in the U.K. was adding almost 1,000 jobs a month, and that's unprecedented from a growth perspective. You put that in the context of some of the major announcements, which I'm sure you've seen, GBP 2.5 billion invested in SMRs, the selection of Rolls-Royce as the preferred supplier, everything that's happening in advanced reactor technologies, next generation fuel, hundreds of millions committed last year to that. We're in a really, really kind of exciting place. But for those foundations to get themselves established, the facilities that we have that are decades old need to be modernized. They need to be able to do new things. They need to be able to deal with new enrichment levels. We need the packages to move the material. We need the protective equipment to keep people away from harm as they're doing all this important work. We need to be able to pilot these new technologies. And I think the infographic that you saw earlier, there's a really good job of showing the coverage that we have in all of those areas. And like I said, really, despite the paper to power thing, power is a little ways off. We really are at the start of that and starting to see some really important traction in those areas across the businesses that we have. Thank you. I'll shift the discussion a little bit. Let's talk a little bit about M&A. So Claudia, how do you think the market has viewed Cadre's entry into the Nuclear business? So I'm thinking that Cadre's entry in the nuclear market is bold and logical. So I got the feedback from a customer. And you should know that the nuclear family is very small. Everybody knows each other. And I'm working since 25 years in this business and 16 years as a Managing Director. So everything is built on trust with the customer and so on. And with Cadre, that's what I'm thinking, is we build the trust and get up in the next level. So the customers are very satisfied. They have to save that we deliver in the next 30 years spare parts. That's important, absolutely important. When a nuclear facility, a laboratory, or so makes a decision for manipulators for remote handling, then they want spare parts in the next 30 years. So that's one of the things. And with all. And we saw this emotional film, the video, Cadre saved lives, very emotional. And I'm thinking with all the capability, what we have now, Cadre bought Alpha Safety, Wälischmiller, Bendalls, Northwest Total, NuVision, hopefully nobody forgets. And so in this case, they don't buy only products. They bought a long-time nuclear experience. They bought expertise. They bought excellent engineering. And what I believe with this capability, we make the nuclear industry more safety and hopefully saving lives. Great. Thank you. Mike, similar question. Yeah, I was going to say, I was going to pick up on something you said there, Claudia, particularly about the size of the community and the importance of trust that's built over the very many years that this community has been active. And actually, it's also a pretty significant barrier to entry. I would challenge you all to take a look at Sellafield's pre-qualification selection questionnaire and see how long it takes to get through that. I mean, it's tough, but with good reason, right? They need to know who they're working with. They need to have the backing of the right companies and the access to the right technologies. And certainly, the feedback that I've had is excitement around accessing some of the amazing capabilities that we have, which are over in the States. And now with local partners, trusted partners, being able to get at some of these products and get them through the distribution channels that we now have, the routes to market we now have, is a really, really compelling offer altogether. So really, really optimistic on what's to come. Great. Thank you. Now we'll change gears one more time. As Brad introduced, I've been with Cadre for a number of years now, and one of the things that's near and dear to my heart is the operating model. I've seen how that's been able to significantly influence the performance of the Duty Gear business, but of course I'm biased, so I'm going to look to Marc. You've been a part of this for almost a year now or over a year now. What kind of changes or benefits have you seen from the operating model being implemented at Alpha Safety? Sure. So I think it's 18 months that we've had it in place now. And I find it interesting going to the different Alpha businesses and just being on the shop floor to hear the teams talking about the operating model, specifically things like 80/20, root cause, countermeasures, things of that nature, to see that the system being put in place and really adopting it and really pushing it forward for the different businesses and owning it and wanting to grow into those next levels of the operating model is happening. And it's an exciting thing to see. And the way that we see that is in our management meetings that we have every month is to be able to measure those KPIs, whether it's financial, pricing, or engagement from the employees. That's the measuring stick to say, are we making progress? Do we see the benefits coming through? The answer is absolutely. Great. Thank you. So hopefully, that gives you some insight into why Cadre got into the Nuclear business, what exactly we have in the Nuclear business, and how those products and services all fit together. And now we're going to open it up to more general Q&A with Brad and whoever he chooses to call on. All right. Is my mic on? Not yet. There it is. All right. We're a little bit ahead of schedule. We'll work through questions. We've got this group up here. By the way, didn't they do a great job? It's not easy to come up here in front of this group. Thank you, guys. Really appreciate it. This is not their day job, right? Super impressive group overall. Q&A, again, we'll just see. We've got between now and 12:30 P.M. We probably won't do Q&A that long because we're ahead of schedule. We'll work through exhausting those questions. Anything around Nuclear. Blaine's up here also. We can answer whatever question you guys have. We've got a couple of mics, I think, that are going to work through the audience there. We're pretty conservative as we go forward looking at those opportunities. So one more thing on the pit production. We also should mention that the U.K. is doing the same process, and they're about five years behind the U.S. So as we ramp up and level off, they will just be starting to ramp up there also. Good. I'm happy to add a little bit of color to that. So yeah, the major initiative is the Future Materials Campus at the Atomic Weapons Establishment in Reading, in the U.K. And that's a once-in-a-generation renewal of all of the capability required to design, maintain, manufacture, and decommission the U.K.'s deterrent. And that's had some very significant funding. I think it was around GBP 15 billion over this parliament to start making that happen. So yeah, very similar story in terms of how we would engage and support some of that modernization. Great. OK. Thanks. Hi, Jordan Lyonnais, Bank of America. When you guys are looking at the DOE's budget for Environmental Management cleanup, for FY 2026, it's declining, so where are you guys looking that makes you excited, and two, how are you thinking about capital allocation to meet the demand on the civil side? That's a good question. Terry, Marc, you want to take that one? Terry, you want to take this one? I can. That's a good question. Obviously, what's happening in the Department of Energy environmental cleanup is, as the sites have been remediated and much of the cleanup initiatives have been completed, now we're moving into new markets, cleaning up the Hanford Site. Mike talked about the Sellafield site, very complex U.K. facility. In the U.S., the similar scale cleanup effort is in Richland, Washington. We have boots on the ground currently establishing the cleanup effort that's just beginning at Hanford Site. Budgets are declining slightly, but we have new opportunities and new growth as we tackle really the most difficult environmental cleanup project in the U.S. We always kind of remark that over the last 25 years of environmental cleanup in the nuclear industry, we've just been practicing to get ready to go to Hanford to do the cleanup there. It's very complex. So I don't really focus on that budget. I focus on the opportunities for cleaning up the environment, and it's massive. I think I'll add too is we talked about the majority of our business on the cleanup side centered around transuranic waste, TRU waste. That part of the budget is increasing because the number of shipments, the volume of TRU waste going to the Waste Isolation Pilot Plant is increasing. So the benchmark is last year, the amount of waste that was shipped to WIPP hit an all-time high. So our products all along that way from the filters you saw, that filter, the waste itself, to the transportation packages all fit within that life cycle of transuranic waste coming from a site generator site to eventually the hole in the ground. So when you look at the grand scheme of things, the entirety of the budget of EM, Environmental Management within DOE, it may be stable or slightly declining. But looking at it from our primary market within that segment being TRU waste, that piece is increasing. From the international side, have a look on Fukushima. We have to clean up Fukushima, and there's a lot of project for decommissioning. Then I come back to Germany. Germany shut down their nuclear power plants. So in the future, we have to do the cleanup as well. They want, in the end, Greenfield. So that's a lot of work. And France, they have so many facilities to clean up. We are involved in this. And there are so many future projects. Then U.K., yeah, sure, Sellafield. And then fusion is key as well. So a lot of countries want to build up new fusion reactors. We have one in Cadarache. That's the first one, the worldwide project. A lot of countries working there together and share their know-how and want to build up their own fusion reactors. And we are involved in this. So that's good. Good future. Yeah. And I think just to maybe close that one out, I think the key on this one, so we had all the process maps up there. And one of the biggest takeaways that we want to make sure we convey, and hopefully, you guys have taken away from it, is when you look at those process maps, very detailed. And that's why we put the details together, because we kept getting asked, where do you fit in these life cycles? You see, we fit in a lot of places in the life cycle. So when they're ready to spend, right, we're there. And we're not there with one product and one company. We're there with multiple products and multiple companies with these long relationships that you guys are hearing about across the board. So we're making sure that we're positioned and ready to go when they're ready to spend at those times. OK. Terry, anything? Can I just add a little bit on that? So the Waste Isolation Pilot Plant has just invested about $600 million on increasing its ventilation, which Congress is going to be watching very closely to make sure that they get a return on that investment through greater shipping. Marc mentioned that they just achieved one of the highest shipping levels since 2014, and so now that this new ventilation system is in place, I think we're already seeing the increase in shipments, and all roads around the country go to WIPP. All the shipments require our products, characterization services, and increased maintenance on the shipping cask, so I think that's what really is driving our business, aside from the Environmental Management market. It's the emplacement of the transuranic waste at the Waste Isolation Pilot Plant. Yeah. And if you didn't make that connection, one of the sites we have is in Carlsbad, New Mexico, right, which is what, 80 miles or so from the. Not even about 30 mi. About 30 mi from the WIPP location. So a lot of these locations that you see, the footprint that we've obtained through acquisitions are really strategically placed. You can imagine when Blaine and I were doing diligence on these sites, we're like, what the heck is this site? It's hard to get to. It's out in the middle of nowhere. Why would we want to keep this site, right? That's always kind of in the back of our heads when we're thinking about footprint and optimization. And there are very specific reasons why those sites are there that are very connected to these customers, which is important in what we're doing as we go forward. All right. Nelson? Holtec is a very prominent player in the future remediation, and they're going public within the next six months. There'll be a proxy and a lot of information put into the proxy. Are they a competitor, a customer, or none of the two? So let me repeat the question real quick so the folks on the webcast can hear it. So the question was around Holtec. And Nelson is saying that next six months or so, that Holtec could go public. And the question is, are they a competitor? Kind of, where do they fit into our landscape? And Terry or Marc? You want to take it? Yeah. We know Holtec very well. They're a customer and a partner. We don't compete with them at all. We're cheering for them. They're doing amazing things in SMRs, dry cask storage, Palisades nuclear life extension, et cetera. So it'll be an exciting time for them. But no, we are a customer. We are supporting them. They're manufacturing a line of containers called Type B, TRUPACTs. And we manufactured the first 95, and we are supporting them in their delivery of those. So no, we're very connected with Holtec. Great. Any more questions? This gentleman with the mustache in the back. Thanks, Brad. Matt Koranda at ROTH Capital. Appreciate all the detail on the Nuclear business. Very helpful. What wasn't touched on, I guess, in the panel and the presentation was how the sales force is organized. This strikes me as a very focused sale in a lot of regards in terms of the specific end markets that you're serving in Nuclear. But could you talk a little bit about sort of how you've brought together the Alpha and the Carrs sales forces, how they're incentivized to cross-sell, if at all, how that would work organically? Yeah. So I'll start off, and then I'll ask each of the business unit leaders, right, to talk about how you go to market with your sales team. OK? But first of all, we have not integrated the sales teams at this point, and we don't know that we're going to. We'll see. That's part of when you look at an operating model. We spend time. We listen. We want to get to know the businesses. We want them to work together. They've gotten together in one meeting in actually a Claudia's site in Germany as a first-time meeting for them to spend a little more time together. Even though they were with Carr's Group plc, right, in the U.K., they really didn't spend a lot of time together as a nuclear group, believe it or not. OK? So those are the beginning stages. So let's not walk away thinking that we're going to integrate them. We may. We may not. It just depends on how we go forward. All right? So that's that. And then, Marc, you'll talk about your sales team, and then we'll go to Claudia. And Bendalls is not represented. Sean's not here. But Mike, could you talk about that side of things, if you would? Sure. So when we developed Alpha Safety, which was a combination of four different businesses over time, the need to cross-sell and be able to educate our sales group, which reported to me, that we're all in it together. There are no silos. We're one business unit. Being able to bring in customers or connections and network that were very important maybe for another business unit. And like Claudia said, this market, this industry is very small. Claudia and I used to be competitors, right? So we know each other very well. I've worked with everybody in actually a couple of different companies, everybody on the stage. And we know each other. And just because the sales groups are separate, there's no reason that the group or we don't pick up the phone and talk about opportunities. Even if it's something that, hey, I think there might be something here for the NFT group or here's something for the Wälischmiller group because I know they have a remote handling need. We're always looking at that for the greater good of the Cadre Nuclear Group. And even though it's not formally that way, everybody has that mindset. Claudia? Yes. How are we doing it? The good thing is when a customer plans a budgeted project, at first, planning a budget. I need the money for this proj to realize this project. So it's remote handling involved. We got the information very early that there is a project, and they got from us a budget price. So we can inform our partners, our colleagues now, hey, there is a project in a plant. So we give them a budget price. The project will realize in two years, for example. But we have a focus on this. We go to exhibitions. We are very close to this. We have a strong brand. And the first thing when customers think about remote handling, they think about Wälischmiller. So they come directly to us. And yeah, we visit customers. Sure, we want to keep the trust, and we want to support the customer with solutions. And that's what we're doing. And we have a strong sales team. And what is important when we go to Japan, when we go to France and so on, I hire a lot of native speakers. So we have French people. We have Japanese people. So that's easy to just enter the market and have good discussions. And we meet each other by Teams. That's good to share the information. And I think we have a strong foothold in the market. Yeah. Thank you, Claudia. So Mike, you'll talk about Bendalls for us? Yeah. Well, I was going to say, from a business development perspective, I think that's fairly well covered. What I would offer on top of that would be to say a lot of these opportunities come to market. They're part of major programs, right? So there's prior engagement notices. There's a lot of engagement with the supply chain before you ever see a tender. And that allows for the team forming for determining how you can actually service those contracts, what routes to market are available to you. Do you meet all of the different sort of requirements ahead of time? There's a very strong social contract in the nuclear industry. We talked about how remote some of the places that we serve are. And there are communities that rely on those places. And that actually makes a difference in how different tender returns are scored. So all of these things sort of matter. And as we have more capabilities and we can create more solutions for our customers, I think that collaboration between the different entities is key. But it's not just on the technology. It's also on the delivery and making sure that we meet all of the different requirements. Appreciate that. Joe, would you talk about, I know, U.S. market, Wälischmiller. I know you are the salesperson there, business development person there. How do you approach the market in the medical side of things that you talked about? Right. So specifically to the question that he asked, too, we should also touch on the fact that when you go to, say, one large site, we can have five, six, seven, eight projects at that site. And the people that we are working with at that site won't even know each other. And so it is a very complicated, integrated at the same time type of system to work with because the three pillars may all have work at the same location with different groups of people who don't know each other. So when I come in and I am looking at the very beginning of a project that will be coming out in five, 10, 15 years, I'm setting ourselves up for this work. But at the same time, I am finding out exactly what they're doing from the engineering team. I can look and say, hey, you guys are looking at some pressure vessels, too. I know that I'll have nothing to do with these pressure vessels, but we're going to talk to Bendalls. And we're going to help you guys out because Bendalls can give you some of this pre-engineering and get us into the mix long before it becomes an actual project. And the same with the containers or any of the rad monitoring systems. All of this stuff, even though the group that I'm working with may not be the group that is going to deal with it in the long run, it is dealt with and discussed in between their groups. So as when we are in there having a discussion about remote handling, it can tie in the entire group by having these discussions and those guys talking with other people. But anyways, to what you had asked me, my specific focus is to make sure that we are the leader for this equipment. We have to get in there at the very beginning when it is initially planned, not when they are going out to construction. We want to when it's a concept, when it is just getting the first couple of dollars. That's when we want to make sure that they understand what our product is, how we have advantages over anyone else that may be doing the work, and what we can do to get them to the end product to where they are actually in production. Yeah. I think from that really quick, and we'll get to the next question over here. Solution selling, right, is important here. Engineering, heavily involved, right, you guys would say, across all the business units, including Bendalls. It's not represented here. So that's important in this process, not just if you look at the public safety side of things. We'll have sales folks that go across multiple product categories, right, because we're not going to send an Armor salesperson, a Duty Gear salesperson, et cetera, et cetera, to an agency all at the same time. It'd be cost prohibitive also, and it makes no sense to the customer that way. We typically aren't sending engineers out for that side of things in the public safety business. I've been in other businesses where you do have engineers going out a lot. These businesses, we do. OK? So a little bit different there. So we're going to learn. We're going to listen. We're going to figure out where we think there's some synergies and if they're actually going to be a one plus one equals three. If not, don't just integrate them or push them together for no reason. My learning has been when you do that, you actually go backwards on the selling side of things. OK? I think we have over here real quick, Rob. Yep. Absolutely. George Dai from Weatherbie Capital. And Brad, you said that people ask you where your presence are. And thank you very much for printing, sketching out all these diagrams for us. So if we can just dive one level deeper, if we can look at, let's say, either Nuclear Energy or Nuclear Security. And I would love to know, let's say, in each of these links, where you have the leadership positions and where you are and also run where you can strengthen your position and where you have a void and also where the M&A opportunities are. I mean, how big is the pipeline? So I'd love to dive a level deeper if you guys are ready. Thanks. Yeah. No, I appreciate that. That could take us a few hours because of all the diagrams, so I think maybe the best way to do it is we'll just pick one, OK, based on the time we have, and so let's pick National Security. You guys OK with that, so on the National Security front, on that one, we went through the left bottom side of that with new pit production, so being that domestically, let's talk about that for a minute, Marc, Terry, whichever one. Maybe we start with Marc, and just talk about take SAVY, which is our containers, which you see in the picture. Pick a couple of products. Talk about any competition. I think it's going to surprise them. I know what your answer is going to be. And then what that means, because even if it's a single source product, it doesn't mean it's unlimited revenue and unlimited growth and opportunities. It's all about the demand that comes our way. So talk about that. Yeah. So start with SAVY, where it is the only certified container for plutonium oxide material handling. And again, you guys can have a chance to look at it. Say that one more time. Sure. One more time. Seven times. Seven or eight times. Yeah. SAVY is the only certified container for handling of plutonium oxide materials. In what country? In the United States, but it is also used in the U.K. at AWE Aldermaston Weapons Establishment, and one of their product lines is using it as well, so both countries, our SAVY line is instrumental into this portion of the infographic that you see. Everything else in there, obviously, manufacturing can be a competitive market for PSC, RPS. These are very specific. Radiometric instrumentation, I'm sure there's competition there, but getting back into the solution-oriented provider, since we're in the market, that particular market for SAVY, it just opens the door to be able to say, what else can you do? Because procurement teams and government organizations, rather than sending out multiple procurements, they love the fact that you'd be able to bundle those types of service offers, so even though over in this corner here, they may be more competitive. Would you actually use the point to that? Sorry. Yeah. Yeah. This portion of the screen right here, I'm really just focused on here, is. It It allows that bundling effect where it does become a non-competitive or sole source opportunity because we're able to solve multiple solutions for that particular customer, so SAVY is, call it, the point of the spear. It allows us to get into that market and bring everything else along with it. So then in general, Marc, just if you think about all three of the diagrams, is it safe to say that in general, competition is not heavy within our categories? That's correct. Yeah. I would say most of our product sales is very it's either sole sourced or very minimum competition, meaning there's only one other competitor. And the more things that are highly competitive, we don't play in those areas. We know where our niche is. I mentioned TRU waste several times. We mentioned the energy side with criticality alarm systems or waste transportation packages. Again, there may be competition, but you can count them on one hand most of the time. So the beauty of what we have is because we've been doing it for a very long time, such as NFT in our filter sales. We own over at least 95% of the market share on nuclear ventilated products because we've been doing it since the Rocky Flats site in Colorado. That span started in the 1980s. Once you're in that position, the barriers of entry for any alternative products or anything coming in is extremely challenging. An example of that would be robotics. Starting a robotics company from scratch in the nuclear industry, probably not a wise investment. Yeah, and on the robotics side of things, right? Which would be in multiple diagrams, so maybe Claudia, you've got two main competitors, right? Yes, we have. We're working in a niche market, and we have not a lot of competitors. But we have a big advantage. We have each product from handling capacity from five kg to 500 kg. And our competitors have the smaller manipulator or the bigger ones. So we have everything. And that gives us a definite advantage in the market because the customer wants to get it from one supplier. And yeah, that's good. Yeah. With those two competitors, one's in the U.S. and one's in France, right? That's right. One is in the U.S. and one's in France. Yep. OK. Sorry, we don't have time to go through every one of those. But I mean, when you look at it, I think in summary, minimal competitors within a lot of these spaces, right? I think Claudia, I would say, probably has the most competitors at two, OK, when you look at all the product categories. Like a PSC has one competitor, right, essentially globally for that product category. So I think the key here is the takeaway. Again, you're hearing numbers of budgets, billions of dollars, right? That billions doesn't translate into billions for us. Because when you look at those billion-dollar projects, a lot of what they're doing sorry, getting a little feedback. A lot of what they're doing is we're the smaller portion of that invoice value, OK, which is great because that's what we look for. And And we've talked about Blaine's talked about it. We've talked about our acquisition criteria. We like that because if we're the smaller percentage of that total invoice value, guess what? We get pricing power, right? We get products. There's only one or two competitors, very niche, highly engineered, things that people are scared, quite frankly, to move away from. Do you think folks are going to move away from that container system that you see on the bottom left after how many years? 10 years of development to get to that point. I don't know if you heard that. 10 years of development. I know that sounds extreme to get to that point. So no different than public safety confidence in our products, right, that people are wearing those. Same thing with the container. Do you think you're going to trust some new company that has hardly any experience with a container when you're going to put plutonium in it? No. It's not going to happen, right? So that's the value that we bring to these diagrams overall. Your last part of the question was M&A, and the answer is, obviously, we can't share M&A funnel. Funnel's not dry. It's robust. Opportunities. I can tell you what we're not looking at that came along with some of the Alpha Safety funnel with the acquisition service companies. That's not high on our list. There's companies out there that are doing service-type stuff, BWXT and others. That's not who we want to be, right? We're widget folks. We like to innovate. We like to manufacture. We love to engineer stuff, OK? That's who we are. We know what we're good at. That's what we're focused on. One of the things that we continue to sort through in the funnel is the next product families that we want to go after, OK? That's important to us. Actually, can I have a quick follow-up on your last? Yeah, yeah, sure. Statement. That is the widget guys and your focus on the next family of products. So speak about the R&D opportunities and where do you put the money. Is your R&D level in terms of the spending as percentage of revenue going to be meaningfully higher than in other divisions? Looks like the opportunity may call for more investment. Thanks. Yeah. Blaine has been sitting over there. Can't wait to answer a question. So we're going to give that one to him. No, I mean, the profile from an R&D perspective isn't that much different from the core. In fact, a lot of that is funded, right? When you get into the government side, you're looking at funded R&D. A little bit different, I think, for Claudia's manipulator business. But so it's not an outsized impact. We don't have to spend 10% of revenue on the Nuclear side. So it looks, again, very much like the Med-Eng side of the business, right? They have an R&D spend. Generally, for Cadre, pre-nuclear, it was around 2% with a point to 50 basis points funded by the U.S. government. So very similar in profile, but great question. Thank you. Appreciate it. Any others? Yeah. Joe? Brad, how much should investors care about, from a margin perspective, the mix between the three markets and maybe even include medical in that as a fourth? Is a margin driver over the coming three years- five years reliant upon the mix of those three things? And a second unrelated question in public safety. Could you spend a minute? I'm sorry to ruin the Nuclear party. But the public safety opportunity in Europe, obviously, we're all hearing about the amount of money that's going to be spent in European defense. Things are changing over there. Curious if you see public safety as opening up new opportunities for growth that, frankly, when you came public, might not have been on the whiteboard. Sure. So we'll have Blaine answer the first question, which is around mix across nuclear, I think was the question. And then you can take the European one, or I can follow up if you don't give the right answer. We'll take the test. From mix, it's really more product-based rather than market, right? So if we think about the SAVY containers, right, as a good example of kind of higher margin than average, if you have the Wälischmiller side of the business, again, higher than average. Their spread, if we kind of think back to law enforcement safety, is probably a little bit wider, probably more around 15 points kind of variation, not on the downside, but really on the upside. And I don't think any one of these particular, though, would significantly drive it one way or the other to your question, so. And then on the European defense side, what we've seen so far is really more of a spend on the larger programs, think vehicles, that's in munitions. That's where we've seen the spend. We do think there's an opportunity, as if they're able to grow boots on the ground, that's certainly an opportunity for us, whether that's number of EOD techs deployed or number of soldiers. We haven't seen a significant uptake on that side, but in the future, as there's continuing to spend more, I think that's going to be kind of like law enforcement. It's a little bit of a tougher problem to solve. It's a little bit easier, I think, to throw dollars at large programmatic spend versus the effort to have more soldiers on the ground. Good. All right. And then. Correct or not? No, that was correct. We travel way too much together. Just to add to that really quick, on the EOD front, though, we do get the question a lot around bomb suit demand, right, with all the conflicts that are going on over there. It's a common question. We're just waiting, quite frankly, for the conflicts to de-escalate. You can't go clean up stuff when people are shooting at you or trying to blow you up or drop bombs on your drones or whatever. So that's the environment that's going on there at the moment when things de-escalate at some point, hopefully, for everybody there that's involved. And if they can get in beginning cleanup efforts. And Ukraine, for example, they're already a current customer of ours with bomb suits, you can imagine, because our share is so high in bomb suits around the world with various countries. And then we don't see that as a huge needle mover because there's only some of you guys have heard me say this, a little over 20,000 bomb techs in the world. OK? I'll say that again. A little over 20,000 bomb techs in the world and only around 10,000 suits, which means they share suits, right? So you're not going to see this huge influx of half of this room saying, "I want to go be a bomb tech, and I'm going to the Ukraine. I'm going to get trained. I'm going to throw on a suit, and I'm going to go see what happens." But no, you're not going to do that. Where we potentially will see some demand that Blaine and I have talked about quite a bit is on the demining side of things. So think of that as just a lower level of protection, I'll call it, just to kind of play it down there from a full-fledged bomb suit. We're not the only player in that category. So there's others in that category. But we've been doing work to prepare for any competition in that category. And what we've done is we've taken where we typically will manufacture those demining suits. And we've got a couple of our other facilities that we've worked with engineering with them in our Tijuana, Mexico facility and also in our Lithuania facility as potential opportunities for us to manufacture those at some lower cost points versus in North America, which is typically where we manufacture those so that we're ready to go and we'll have the robust margins that we like to have. Or for those that know us, we won't do it. We won't go after it. If it's not within our margin wheelhouse, we'll pass up the opportunity and move on to something else. OK? Any other questions? Yeah, Mark. Since somebody else hasn't asked it yet on the blast sensor opportunity, and maybe it's for Blaine, just any walkthrough on kind of impacted model, immediate impact of kind of how this flows through over the next few years? Yeah, I'll take that one. So we're a little sensitive on the topic at the moment because of what we're committed to with DoD around sign-off on our PR, OK? So I would just say at this point, right, it's an IDIQ. So some of you guys may look like, "Oh, IDIQ doesn't mean a whole lot." All I can tell you at this point is we're working on manufacturing sensors and moving forward manufacturing those, OK? So that would translate into we do have demand, all right, overall. At this point, we're not going to disclose what that demand looks like. But it's a healthy demand out of the $50 million overall that we're very, very excited about for us to move forward with. So as we get into the approvals, once they get back to work and they can answer phones and emails and that side of things, then we'll be able to talk about more and be able to release some of that info. But it's definitely a great opportunity. The other one that I'm surprised somebody didn't ask that's been following this is, is it single-sourced or not, right? Because throughout the entire development project, we were working through it with a competitor called BCubed, right? So it was us and BCubed doing paid R&D work. We can't get into details either, but just encourage you to go out on sam.gov and do your own digging and see if you find someone else that got awarded the BEMO IDIQ for sensors and take a look and see. All right. Any other questions? OK, looks like we've exhausted. Oh, Jeff's got the last one here. Sorry about that. Oh, you're fine. Go ahead. I just wanted to follow up a little bit on, I know you mentioned the alarm devices and some of the gas testing devices or gas analysis devices. How many of those or how much of those devices do you actually manufacture internally? How much of those are outsourced? Yeah, great. So I'll repeat the questions so the folks on the webcast can hear it. So in general, what Jeff is asking is for some of the nuclear products that we have, right, that we've talked about today, which of those products are manufactured versus we're doing buyouts, third-party type work, that side of things. So I'm thinking through the product categories really quick. I would say the vast majority of those product categories we manufacture. Is that fair, guys? Across the board, when I look at faces and when I see faces, I see manufacturing facilities and I know what we do in those. Vast majority are not buyout-type products. We're not buying and then reselling. We're engineering. We're cutting chips. We're welding. We're doing all that type of work overall. So this is definitely in our wheelhouse. Capability-wise, we have very different, obviously, body armor, right? Body armor, for those that have come to visit us at various times, you see a lot of cut-and-sew activity body armor, bomb suits, products like that, injection molding with holsters, et cetera, et cetera. With the nuclear side of things, we're into chip cutting, welding, paint, which is not foreign to a lot of us, all you guys. It's not foreign too. And then a lot of other folks within Cadre that lead some of the businesses. It's not foreign to us either based on our diversified industrial background. We have some amazing capabilities from these folks on the stage. When I think of what we do in Germany at the Wälischmiller facility, it's honestly one of the cleanest, nicest, best-run facilities I've been in, and I've been in many over a long period of time, OK? They do a phenomenal job. Terry and the team at Alpha Safety at the multiple locations, same thing. Large equipment, large machining capabilities, Bendalls. They've got machines at Bendalls that there's two of them that think we could maybe get the two machines in this entire room, OK? Large, very large CNC beds because they're working on rack systems that you heard Michael talk about and things like that. So those capabilities are really difficult to come by, right? One of the panelists talked about a reduction in the supply chain, OK? When you look at what Bendalls does in the U.K. and their capabilities and the work that they do with Sellafield and the trust that they've gained with them, it's because of those capabilities. There's only one that I know. I can't think of the name of the company, but the one other one in Carlisle there, right, that is I would call it a competitor to Bendalls. But even in that case, Bendalls doesn't let them down. They deliver really well on time. They've got a phenomenal engineering team. And when push comes to shove, when we were doing diligence, we would hear stories from the Bendalls team around, "Well, we picked up that project." Well, what do you mean you picked it up? We picked it up because the other competitor couldn't deliver. They couldn't engineer like us. It got awarded to them, and then it got pushed over to Bendalls, and they reawarded the project. That's stuff that means a lot. So what does that give us? It gives us pricing power, right? Do you think we've already exploited the pricing power and worked on that pricing power? Absolutely. And teaching that team on how you've got to be more bold in pricing and analyzing your pricing and how it compares and using service and delivery and relationships to make sure that you're maximizing those prices. OK? Did that take care of you, Jeff? Yes. Good. OK, any others? All right. If that's all the questions, if you'll throw back up the agenda. I don't think we really need it. But we've got one piece left, all right? We're ahead of schedule, which is fine. Where we're going to move into now is there lunch back there already or no? Yeah, there is. OK, I'm getting a thumbs up. So we got lunch back there. The intent here is Jim Duncan, if you would come up, Zach, not Michelson, other Zach, Verdun. Michelson's like, "Ooh, I don't know anything about robots." He knows enough. All right. So we've got various folks here. You guys have met the Nuclear side of things, right? At least some of the team, right? We don't have everyone here. We've got a couple other folks here. We thought this is not a place to do a trade show, but we've got a few products. We've got a couple mannequins. We've got an EOD mannequin for those that have never seen a bomb suit. Be curious. If you notice, that's one of our values as a company. We're curious people. We ask a lot of questions, which leads us to a lot of improvements and innovation and you name it. Go take a look at the bomb suit back there. Zach is here. Zach's with a couple of our business units, so this is a great story from a guy that's a little earlier in his career. He's been at Med-Eng, done really well at Med-Eng, and we said, "Hey, how about you work on leading the ICOR category?", so he's doing both some Med-Eng category work and also the ICOR side of things, OK? So if you guys remember, ICOR is an EOD robot company that we acquired. Zach brought a robot mini back there. Unfortunately, for those that were at our event last year where we let you shoot things, drive things, and do all kinds of fun stuff, can't do that in here, OK? But you can take a look at what we have, all right? So Zach is here for that. Ask questions of Zach. Please monopolize his time. And then Jim Duncan, for those who were there last year, you guys probably met Jim. He presented about armor and also was involved in that event. Jim leads our Global Armor side of things. Another great story, Jim was here. He was here when I got here. He was leading our VP of Sales and also Distribution. He has a background as a CEO for distribution companies within the industry. Also ex-patrol gun SWAT guy too, right? So he fits the part. And also we've brainwashed him, and he's an operating model guy too. So it's happened, and he's there, right, overall. So Jim will be beside the tactical side of things. So any questions on whether it's holsters, even though it's not his product category, he can answer those questions, spend time on it. Feel free to do that. And then we'll have the nuclear folks. They'll be back there. It's a little bit harder on the nuclear side to bring some stuff, all right, to show you guys. But we've got some tables set up, and you guys can be going to ask questions there. All right. So this is going to conclude the webcast, all right? So we'll wrap up the webcast side of things, and then we'll just move into the side. When you're done asking questions, you've exhausted all that, head out. I'm sure you guys are busy. You're not going to play golf today, I don't think. It's raining out, but go do what you got to do, OK, so this will end the formal part of things.