Good morning, everyone. Welcome to Datavault AI's first quarter of 2026 corporate update call. I'll now turn the call over to Ed Barger, Vice President of Investor Relations. Thank you, operator. Good morning, and thank you for joining us. My name is Ed Barger. I serve as Vice President of Investor Relations. With me today is our Chief Executive Officer, Nathaniel Bradley, and our Chief Financial Officer, Brett Moyer. Before I turn the call over to our CEO, I would like to remind you that this conference call will include forward-looking statements within the meaning of U.S. SEC laws with respect to future operations, financial results, events, trends, and performance, which are based on management's beliefs and assumptions as of today's date. Forward-looking statements may involve known and unknown risks, uncertainties, and other factors which may cause actual results to differ materially from those expressed or implied by such statements. Please see Datavault AI's first quarter press release and SEC filings for information regarding specific risks and uncertainties that could cause actual results to differ. As required by law, Datavault AI undertakes no obligation to update such forward-looking statements. I will now pass the call over to our CEO, Nathaniel Bradley. Thank you very much, Ed. Very excited to be here today. Good morning, and thank you for your interest in our company. First, before we get started and give you the full update, I'd like to turn the call over to our CFO, Mr. Brett Moyer, to give our financial results from quarter 1 and update us on the spin-out of our Acoustic Sciences division. Brett? Thank you, Nate, and thanks, everyone, for joining us today. First of all, I'd like to reiterate that our target revenue of $200 million has not changed. We ended the quarter with- a very exciting $800 million in tokenization contracts signed. These contracts are tied to approximately $90 million in fees. As these projects get funded, they will impact 2026 revenue throughout the year. We still expect to recognize at least $200 million in this calendar year. As we said back in March, this is more heavily weighted to the second half of the year. Our balance sheet is stronger than ever. We funded the closing of API during Q1 but added $60 million from a private placement early May from large institutional funds, bringing our current working capital to approximately $140 million. Additionally, we announced the execution of a binding term sheet for $120 million in non-dilutive financing to accelerate the nationwide rollout of the Sanctum platform. All told, we have over $250 million in available funding this year. Regarding the spin-out that we announced last week, Datavault AI currently operates through two primary business divisions: Acoustic Sciences and Data Science. What is getting spun out later this year is the Acoustic Sciences division, and we have appointed an exceptional leader to oversee the business. As you may recall, Datavault AI acquired API Media in January, and David Reese, API's CEO, who came over with that acquisition, will assume leadership of the new company. The business is tentatively expected to operate under the name API Media and trade under the ticker symbol ADIO or ADIO. This new company will include ADIO, WiSA, Event Citadel, formerly known as CSI, and API Media. This is still in the early days. I do not have a lot of details to share today, notably the specifics on the valuation. We wanted to take a moment to unpack the two businesses and hopefully clarify what each company will look like in the future. The new events, API Media Company, is a terrific standalone entity with significant growth opportunities when combined with ADIO. While Datavault AI is a data monetization platform on the cutting edge of Web 3.0. The split will permit leadership to better focus on these two businesses. Last item for me before passing it back to Nate, we expect to close the previously announced NYIAX acquisition here in May. NYIAX adds a fifth exchange to the Datavault AI platform for a total of nine when you include the four that we licensed. On that note, I'll pass the microphone back to Nate. Thank you, Brett. This is Nate Bradley, and I'm very excited to have this opportunity to not only celebrate our success in Q1, our upcoming dividend spin-out of our acoustic division, which now led by David Reese, is poised for an unabashed success. They're at Aronimink Golf Club right now at the PGA Tour and Championship, and it's a big event. We're making a lot of success in that division. Very pleased to have David as a partner moving forward. He's been a mentor of mine in my career, and having him lead API Media is going to be a very exciting thing to see coming forward. I would like to take this time to describe to you the solution, our Datavault AI platform a bit further, to give all of our shareholders a good understanding of why our company is so well-positioned and in a very positive position in our market. That leadership is really defined by our intellectual property. We have a freedom to operate that other companies don't enjoy. We also have market traction and thought leadership really working to our benefit. Data, as you know, is valuable. It's largely underutilized by corporations. It lays to waste in silos. It is unappreciated in its value. It's undetermined how to monetize. Datavault solves all that. Datavault AI has been built to address that head-on using AI and blockchain technology. We believe cybersecurity is the central risk facing corporations today. It's a prerequisite to data monetization, data management, really cybersecurity, a number one issue facing us all. With the quantum leap, this is heightened and also accelerated in its urgency. We believe we have a solution that will address this for customers of all types. Our platform is been enabled to value, secure, and monetize data. We created Index, a system that allows for the indexing, the structuring, the tokenization, and the monetization of data. Through our Index, we're able to understand data better. We're able to index it on behalf of our clients. If you want to think of the power of the librarian at a library, really our Index achieves that same purpose. It allows for a CEO or for management, authorized to look at a Data Vault and see data, how it enters the company from every location that it enters, and we allow for the ability to understand its DataValue finitely for the first time. As you walk by a server or you see a cell phone on a table, we very rarely understand the DataValue of the data within those particular devices, and by illuminating that DataValue, we become better stewards of it. Step one is cybersecurity, step two is Index. Step three is really our ability to see a DataValue, and we created step four, which is our ability to see a DataScore. DataValue and DataScore work in tandem to let us understand the DataValue of our data, but also the veracity of it. Can it be trusted? Is it data that is complete and accurate? When we have complete and accurate data, the value's increased, the value for actionable intelligence put the value to the world in our ability to monetize it. We've built a platform that addresses all of this. Assets come in many different flavors. We know that derivatives were approved in the 1980s. Before derivatives, we had the stock market. We had an individual increase in the number of assets that were under management. We have an increase to derivatives, and now we have an increase to digital. That is enabled by our CLARITY Act and GENIE Act passage. We're waiting of course for this CLARITY Act that just passed through the Senate and will be voted on soon. That particular piece of legislation enables digital assets. We've created a platform that addresses it in a number of genre-specific exchanges. We have our Information Data Exchange, our International Elements Exchange, our American Politics Exchange, our SIX Exchange in development with Sports Illustrated. All of those exchanges designed to index, value, and score data so that it may be tokenized and managed and ultimately monetized. We have three core revenue streams that derive from our operation of Datavault AI. We have the ability to license our technology. We've done so into large markets. We've identified that we simply don't have the bandwidth to manage every single detail, and we've given a license to third parties that will use our technology to develop high margin revenue for us and develop the use cases for our technology that can be replicated in other licenses. We also have tokenization services, a big driver of value, where we're able to tokenize and create smart contracts for our customers that have high utility and very strong efficacy in the ability to create monetization and value for our clients. Our exchange revenue is nirvana for us. It's the focal point. We have more margin and high velocity and value that's created in our exchange. It is passive to our company in its collection. We have the ability to monitor and yield manage and bring our exchange to a very high level. We intend to rival from our operation in Philadelphia, that of Wall Street. We have the ability to tokenize and build volume around a number of key use cases, geothermal energy, rare earth, the ability to look at real-world assets, including your own beating heart, the NIL, the name, image, and likeness on our Sports Illustrated exchange, all monetizable assets when you take into account AI, blockchain, and Datavault AI technology. We have built a home for our technology in this Sanctum AI. It's secure infrastructure. It is for data monetization. It is for the use cases of digital twins and highly securitized use case assets that are derived from data. Data is worth the decisions it informs. When you develop a Sanctum AI for it can live and thrive and serve our clients. It can be AI that is subordinate to our clients' desires and our clients' needs. It works for us and for our clients. It is subordinate AI in a cybersecure sanctum. Our sanctum initiative with Available Networks is second to none. We're building 100 quantum-ready data centers across the U.S. These are redundant mini data centers that rival their rotund competition, where individual companies have focused on giant data centers, data centers that take up city blocks and have enormous power consumption and many other failover and cybersecurity risks that are present when you consolidate data centers into one large location. We are disparate. We have a self-healing mesh, a system that is deployed over 100 cities, and that will address our customers' needs around cybersecurity primarily, and also their ability to use digital twins and our world-class data monetization systems, all of which we have patented, all of which we have invested heavily in to create the quantum-ready infrastructure, the quantum VPN of the future that will be in our control. Our Sanctum AI has been enhanced with our potential acquisition of CyberCatch. We've announced an acquisition of CyberCatch out of California. They have a robust pipeline, executive leadership with government contracting backgrounds and huge opportunity for Datavault AI to enhance our cybersecurity footprint and allow for our technology stack to begin with a cybersecurity nest for all of our customers. When we have that nest in place, when we have our Sanctum AI in place, we're able to place quantum coins and quantum security into our customers' accounts, and we're able to deliver a system that allows us to not only value, score, and monetize, but deliver actionable intelligence to our customers. Our platform is enhanced with multi-billion dollar partners. CLEAR on the front end for KYC and verification develops investor trust. It allows our customers to sort who they want to sell their data to, who qualifies to acquire data assets of our customers, and we have the ability to exclude others that are not invited to enjoy the value of our customers' data. The ability to utilize world-class KYC systems with their international corollaries CLEAR is our choice. We've also been chosen by IBM as a platinum partner. They've invested in us. We've invested in them. We've brought in their team to help enhance our team. Our team out of Atlanta, led by Jeff Jones, our CTO, is building this platform that now includes Finax from Fiserv, a system that allows us to handle banking and transaction settlements anywhere in the world. We've also acquired NYIAX in the process of finalizing that acquisition now. That allows us to utilize Nasdaq financial infrastructure and use a system that is riding on the most trusted rails of trading in the world, the Nasdaq. We finally have partnered with Houlihan Lokey. Houlihan Lokey is auditing our smart contracts in industry first. We have an audit, a self-audit of all smart contracts that are minted, that are tokenized and delivered on our exchange. This allows us to again, build trust and utilize accounting and legal professionals that put the regulatory compliance above all else, put cybersecurity above all else, and allow from a cyber-secure and compliant environment for us to launch the world-class exchanges. Datavault AI is positioned for success. What we do is solve for data monetization for our clients across the world, whether it's real world assets or the use of rare earth or our need to monetize our own name, image, and likeness. Datavault delivers. We have a system that is patented, and our strategic advantage is our people, our services, our technology, and our leading position for our customers, which enables their businesses to thrive. We are at the intersection of major trends, artificial intelligence, data monetization, real world asset tokenization, digital asset infrastructure, and cybersecurity underneath it all. This has the combination of events and circumstances that lead our company to the very forefront of Web 3.0 technology. Our key milestones include our expansion of licensing and tokenization revenue, development of infrastructure and client base that is really impressive and well-known names, entire governments coming to us for solutions. This is a very exciting part of our business, the ability to replicate high quality customer relationships, to develop centers of excellence around that service and to develop people that are there to serve our clients and customers and our shareholders in the development of value and valuable exchanges. We are launching our exchanges in July. We intend to bring forth industry leading exchanges that change the world for the better and bring our customers into rich systems that enhance their own revenues and enhance their own balance sheets while fortifying ours. Our conversion of our pipeline into realized revenue and transaction is a key focal point, we've got the partners, the platform, and the system to deliver. We've continued to integrate our systems through acquisition and through our acquisition of NYIAX and the Nasdaq financial infrastructure, our acquisition of CyberCatch and more cybersecurity for our clients. These are all moves we've made to bring forth the world-leading token exchanges. Datavault AI, the leader in tokenomics. We thank you for your interest in our business, with that, we'd like to turn it over for Q&A. Thank you. We'll now be conducting a question and answer session. If you'd like to ask a question at this time, you may press star one from your telephone keypad, and a confirmation tone will indicate your line is in the question queue. You may press star two if you'd like to withdraw your question from the queue. For participants using speaker equipment, it may be necessary to pick up your handset before pressing the star keys. One moment please while we poll for our first question. Once again, that is star one to ask a question. Thank you. Thank you. Our first question today comes from the line of Jack Vander Aarde with Maxim Group. Please proceed with your questions. Okay. Thanks. Good morning, Nate and Brett. It's quite a loaded morning for earnings call today. It's a popular day, so I did hop on a little bit late. Wow, you covered a lot of ground there, so thanks for taking my questions. Nate, I think I just want to start with, I'm not gonna talk about the spin outs or the planned spin outs of the Acoustics business. I think that's a deeper discussion. I think Brett did a good job of covering that. Maybe just in terms of the NYIAX acquisition coming up and the recent positive news, it sounds like positive news with the CLARITY Act and kind of making headway yesterday. Just remind us, I guess, what is this gonna do or how does this facilitate bringing NYIAX in-house and how far along are you with your, I guess, your operational and integration plans already because you've been doing quite a bit of work behind the scenes leading up to this? Well, thank you for the question, Jack. It's good to hear your voice. Look, NYIAX has a historic standing in intellectual property. They worked hard and like us, they waited for the regulatory environment to catch up with us. As opposed to, you know, FTX and others that OpenSea and others that kind of rushed to the market, you can kind of make the corollary to Napster compared to iTunes. We would be more like iTunes. We wait for the regulatory environment and for the world to provide us the clarity and, you know, aptly named Clarity Act, 60 votes away from passage and, you know, through into law. This Clarity Law will represent, we believe, the final piece of the architecture that was first kind of turned on by the Genius Act. You could see the passage of the Genius Act and the effect that had on our company, allowing us to do Meme and other, you know, services for our clients that that law enabled. We've been patient. We're working with our government and watching to see that legal framework reveal itself. We're also, you know, heavily studying obviously every word of that so that we can bring compliant platform to the market. I would also point out, you know, I mentioned on the call Houlihan Lokey, you know, they're a partner of ours, but we're not naive, or rushing out into these individual tokens. Every single token, every single customer deserves a financial regulatory oversight and approval on their coins that they mint with us. We're gonna deliver that through partnerships with legal and accounting professionals every single time. That's our disposition there. You know, the NYIAX is really about intellectual property and technology. Nasdaq Financial Rails that power that exchange are the same that manage the ETFs and stocks and bonds and the products on the Nasdaq. We're simply the new category and in digital assets. You can see our work on the Nasdaq financial framework that we manifest in our exchange. We think it's a major advantage against all other exchanges. Okay, great. No, I appreciate the rundown there. Then just because you signed so many tokenization contracts in the first quarter, I'm trying to connect the dots to how NYIAX maybe facilitates or is involved in unlocking that revenue. Let me follow up here with the first quarter revenue. It looks like CSI was a larger contributor here. You know, it was a fallout from the fourth quarter. Obviously, you had some strong licensing revenues come in in the fourth quarter. What can we expect here with these tokenization contracts that you've signed? And also giving you that confidence to reiterate the $200 million full year revenue guidance. How do we see this kind of playing out throughout the year? Is it all these tokenization contracts in addition to APIs temporarily and then Sanctum AI, will this provide any revenue or is this gonna be a CapEx for the near term? In terms of Sanctum AI and revenue generation, whole purpose is revenue generation providing a cyber secure base for the revenue generation, both in quantum token creation. As we make immutable tokens for our clients, if you're minting gold or silver or copper, you want that coin to last forever. That includes the quantum leap, whether you think that's 2029 or 2030 or 2031. Whenever that hits, the quantum or Q-Day will have a devastating effect on tokens that are not quantum key encrypted and have at least a fighting chance at the leap to survive. We are taking that to an nth degree with our Sanctum AIs. It is a revenue generation in the minting and the hosting of digital twins and other things where mayors and others that need to look at their digital twins simply do not want that to be penetrated by cyber threats and those that would use the digital twin of a city for nefarious use. It requires security. There is a revenue generation and a revenue enablement from Sanctum AI that's really essential to our strategy. In terms of NYIAX Inc. and its effect on our ability to take tokens and convert them into cash, you'll see 3 components of our revenue. You mentioned the first, which is licensing. Licensing, you know, we could have replicated that licensing performance over and over again, but we're very selective about that process. We actually were selected by a biotech company that wants to create their own biotech exchange. By licensing our technology, we enabled that, but they're on the same cycle as the rest of our exchanges in terms of waiting for that regulatory CLARITY Act to pass and waiting for the exchange to be legal here in the United States. That's number one. NYIAX is an international technology, so we have international corollaries. You see our move with Biconomy in Asia. We're making moves in Europe, and we announced previously our work with the SIX Exchange, which gives us a European exchange model. We're perfecting those relationships and going to launch simultaneously in all three locations because we feel that Philadelphia should be the lead in that. Our redundant systems with Sanctum AI that support our exchanges will be on superior infrastructure than that of the New York Stock Exchange or the Nasdaq itself. We have a Sanctum AI in New York and Philly that we think is second to none in terms of its cybersecurity and its incredible AI capability, which we believe will drive a huge opportunity in our exchanges. Sanctum AI serves us, it serves our clients, it serves to make revenue, and it's a foundational piece of our revenue plan and strategy. NYIAX Inc. is the Nasdaq rails, and when it's blessed by the Digital Asset Market CLARITY Act, those become the digital asset trading mechanism for the world. That will rival what Nasdaq does in ETFs and stocks and bonds. They're in fact using NYIAX technology in the tokenomics and their partnerships with other platforms. Our platform is patented. It is targeted on specific assets, and when we tokenize those, we can charge for the tokenization, which is the second form of revenue. Licensing is first, tokens is second, and third is monetization or exchange. It is those three mechanisms where we generate our revenue. Hopefully that answered your question. It was a little compound. Yeah, compound, but it's a compound story. No, that's helpful. I guess what I'm looking for here is, there's gonna be lumpiness, I guess, at this early stage, right? As you're signing things and you're building out the pipes, you're bringing in NYIAX, there's some legislative stuff that needs to happen as well. How do we get to You know, it was obviously a softer quarter compared to the fourth quarter. What Do we expect revenue to start picking up in the second quarter from any of these arrangements? Or is it gonna be lumpy and it's a matter of timing? Just trying to understand so we can set expectations correctly. Sure. Jack, in terms of, you know, your comment that, the quarter is soft. You know, in terms of first quarter, you know, I don't control, revenue rec, you know, but I do control the velocity of the company. It is, you know, our most productive quarter to date, and we'll have, productive quarters over and over. The idea, you know, that, really waiting for the CLARITY Act to clear some of our, tokens in terms of trading them out, you know, all the way through that 3rd category of revenue. Remember, in tokenomics, we're able to tokenize and recognize revenue. We're already beginning to recognize that revenue in which we've produced services where we created quantum coins for our clients that are representative of their RWA, their data, and these other categories that we're attacking, including name, image, and likeness with Sports Illustrated in development. Those developments, which we've announced a number of things, are complemented by the acoustic division that had record revenue that in Wi-Fi has incredible traction. I've spent a lot of time, you know, in the Pac Rim, developing relationships with, you know, companies of the likes of LG and Samsung. Others that are incredible, you know, opportunities for the WiSA technology, in particular in areas of robotics and other areas where, you know, this technology that was a set-top box technology and a smart TV technology is now applicable in drones and droids and this explosive high number marketplace. I'm very bullish on the acoustic division and what we've created there. I think, you know, for the very near future, the coming, you know, quarters of this year, you have, you know, the kind of left and right, the left and right punch from our two divisions until we spin out acoustics under David Reese, which, as I said, he's an incredible person. He sold a company in, you know, the multi-billions to Liberty Media and, you know, he has his name on the wall at Penn State in building. I would just say an incredible opportunity around acoustics should not be underestimated. With respect to, you know, tokenomics and recognizing revenue, really feel, you know, with the backlog that Brett put very well, you know, you've got, almost, you know, approaching $1 billion in the services side of the business, where we are able to produce coin and create exchange. You know, the $90 million that's associated to the fees related to that, you know, $800 million, is an interesting, you know, phenomenon in terms of how that is recognized because when you look at it comes in the subsequent quarters. In terms of the lumpiness, you know, I would see this starting to level out in terms of the multi-billions in revenues and cascading into the foreseeable five-year period where we have optics on taking over large tranches of tokenomics strategy for large entities that are doing this for the long run. We have the services to kind of maintain a cyber secure token and an exchange that is world-class, second to none, best in class for all exchanges, taking on the ICE and Nasdaq itself. Excellent. Maybe I should just ask one more question, Nate. This is very helpful. The $750 million plus tokenization contracts that you signed in the first quarter alone, those are building up here. It sounds like we're gonna expect revenue from those this year, almost $100 million from those alone. How is this second quarter and kind of the rest of the year look in terms of on your expectations, I suppose? Are you one of the biggest fish in the tokenization market now? Who are you competing against? Do you feel like there's blue sky for all competing parties? Can we expect this kind of to ramp at this pace? It's phenomenal. The infringing alternatives, the alternatives that infringe our intellectual property rights, are on notice. You know, with respect to our platform, we've taken the time, we brought in IBM to develop it with us. We're developing technology on the Nasdaq rails with our friends now at NYIAX and, you know, the infusion of talent that comes with these acquisitions. CyberCatch has a CEO, Sai. He's a tremendous mind, a great person, and someone that understands cybersecurity better than most executives in America. I think we've added, you know, that with David Reese kind of preeminence in our executive team. You know, we have people like Sonia Choi and others that have really put their back into this company and taken us to the next level. When you look at our talent, our team, and technology, you know, you asked, are we the big fish in tokenomics? You know, clout doesn't really exist in public companies. Business principles preside, and therefore, we are the biggest fish. We are the ones that are capturing the real enterprise clients because they realize they need a freedom to operate. They need compliance systems and regulatory oversight from Houlihan Lokey and the KYC from CLEAR. We've brought in the necessary pieces to qualify for anybody's business, including our federal government, our state government, our beloved U.S. We're able to serve these customers and elevate our country. We're able to do that internationally and for corporations all over the world. We're well-positioned. The real players are coming to us because of our patents, because of our preeminence in IP, and therefore, I believe we're not allowed to have competition in some of the areas we operate right now until our patents expire, which is long into the horizon. Fantastic. Well, there's a lot of moving parts here that are all ramping, it sounds like. A lot to be excited about. I'll hop back in the queue. I appreciate the time, Nate. Thanks. Thank you, Jack. The next question is from the line of Barry Sine with Litchfield Hills Research. Please proceed with your question. Hey, good morning, gentlemen. Wanted to ask about the guidance number you gave out. I think you said about $200 million for the year. What does that include? I know you're spinning the audio division out. You have a number of acquisitions that you're, you know, expecting to close this year, and then you gave us a bit of information on tokenization. I think you said about $90 million of revenue. Could you kind of give us a basic tutorial on what to expect, you know, for revenue for the rest of this year? Thank you. Yeah. I You know, in terms of the guidance, it's unchanged. It's, you know, I am quite comfortable with our guidance. You know, the, you know, the rub for me is that I don't want our team or our process to be comfortable. We're pushing on this. The number 90 is what we've achieved so far. Not to take away from the month that remains, you know, the month plus that remains in this quarter. You know, Q2 is quite phenomenal. You know, it sets us up to achieve our goal, you know. Do I plan on, you know, not working in November and December? You know, of course not. We have our head down, we're gonna work every day of this year in both divisions. One, to set up the spin out for incredible success, hopefully right around the turn of the year, where we turn into two tickers, ADIO being reserved and David Reese at the helm of that entity now, operating now. You know, that's really an incredible value, also a big revenue generation when you consider he's at Aronimink right now managing a world-class event, managing all the technology, cybersecurity, and video delivery on site for the PGA, you know, a trusted and incredible client of ours. You know, it comes with a lot of deference, in, you know, our work with these clients that, we have earned their trust and their business, in acoustics. I think you see explosive revenue there. It could rival the token side, you know, truly. The token side is right now at the right place at the right time. I'm focused, luckily, 'cause David Reese is taking the reins on that entire side of the business. It's about 200 employees and, you know, a large focus of our business. Individuals have been around WiSA, Event Citadel, and, you know, the work we're doing at API Media. When you really start to say the team in Philly and the international kind of team that we're building around Philadelphia exchanges, this is gonna focus on real-world assets, and RWA and Rare Earth and the NIL exchange, along with the biotech and the others that we have licensed out around imagery and others, where we're able to, you know, serve our licensees and serve ourselves in our execution of that plan. The licensing, the token, and the exchange revenue is expected to really unleash with the activation of the Clarity Act and our ability to start to trade. We're timing our effort with IBM developers and our development team in Atlanta to hit the mark. You know, obviously we'd love to do it July fourth if it's possible, but it's gonna be in July, and it has a lot to do with our government getting that June Clarity Act across. You know, we're keenly focused on that. Redundancy is obviously international exchange, and we'll be prepared to launch internationally as well. We'll let some steam off either way, but we expect the Clarity Act to pass, and we expect July to be the biggest month in our company's history because of that. Okay. That's very comprehensive. Thank you very much. Thank you. The next question is in the line of Jonathan Davis, a private investor. Please proceed with your question. Good morning, lords and ladies of the vault. I have a few questions for Mr. Bradley. First, congratulations on the recent strides made towards the expansion of the company. Given that CyberCatch is currently converting into Mars MAVEN technology to attain the quantum resistance you were talking about, is this conversion and the subsequent integration of the agentic AI penetration testing at each of your nodes going to cause any recalibration of the 100-city rollout schedule? Does not, integrated in stride. You know, the beauty of bringing on that CyberCatch resource is precisely as you've described. There is existing infrastructure in the Sanctum AI platform around Available Networks and IBM. We were just out in Houston with a group. They're describing their kind of master plan, we're really blessed to be part of that. Daniel Gregory, the CEO of Available Networks, he's responsible for hardening our electric grid here in the U.S. He helped Japan when they had a nuclear reactor leak. You know, he's had cybersecurity and high-end energy, you know, services that he's personally performed. The CEO of Available Networks, our partner, along with the CEO of CyberCatch, Sai Huda, great guy. We've been working together to really put our heads together to say, "How do we solve for Q, for Quantum?" We have a Quantum processing unit in other aspects of our build-out that will make these centers not only Quantum hardened, but Quantum ready. When you flip the switch on Q-day, these will be equivalent to what Verizon has built for 5G. We're Quantum. You know, we're Quantum VPN. We're gonna monetize that together. The CyberCatch, you know, they have a large government pipeline of business that they developed on their own. We really like their government contracting chops and their relationships. Mr. Tom Ridge, a former, you know, Secretary of our Homeland Security, I believe the first one, you know, designated by George W. Bush. You know, this is a great man, you know, with a great, Rolodex and, huge throughputs of size, you know, on that. When you look at, you know, their pipeline, I think, it's that quantum hardening and the conversion that they've done, that, we're so interested in, and it's part of our architecture. Beauty of us just hitting the ground right now is we got CyberCatch in the briefcase. That's coming to every site, and it's part of our plan, and it doesn't slow us down. It actually speeds us up to contract with our customers, you know, through some of the existing work that CyberCatch already did to season the pipeline and perform the educational process and some of the longer tail processes around sales. Now we're just ready to book and coast. All right. That's very informative. You have stated previously that New York and Philadelphia sites are already both active. Will we be expecting to see revenue income from those sites on second quarter results? Are there additional sites that are going to come online before the end of second quarter? Both sites have had a bench test out in Arizona. Sonia Choi and a couple of key people on my side have, including Daniel Gregory, from Available Networks, were present in Arizona where we turned up the first Sanctum AI. To see that happen was a tremendous shot in the arm for our sales team. We're working with the Big Four, you know, companies that serve other companies, essentially, consulting companies like the likes of PwC, Deloitte & Touche, others that make up the large majority of cybersecurity consulting in our country. We're also looking at cybersecurity insurance companies such as Chubb, Brown & Brown, Lloyd's of London. This is our strategy to sell cybersecurity insurance that includes our hardware and software. That insurance where we have a very strong throughput for sales there. That's generally the strategy. Thank you for your answer. There's one more thing I would like to ask very quickly. The retail community has a lot of concerns over whether we are going to be converting. We have a sizable amount of revenue in accounts receivable currently with Triton and Vivasor. When can we expect these to be converted into actual money on the books? Those are. They are. Go ahead, Brett. Sorry. Yeah, they are. They've been converting all quarter long so far. Yeah, just, you know, with respect to the sales process going live and filling in N.Y., you know, for our kind of pre-sale of, you know, the scheduled July launch of the entire Sanctum AI strategy, you know, that ties into, you know, these investments that we've made. You're gonna see our ability to leverage in medical, just take medical imagery and medical imaging, the process of tokenizing, really refining and tokenizing and monetizing data from these sources. In some cases, it's advantageous for Datavault AI to own the underlying technologies that are generating huge datasets. We use AI and use our systems and our strategy to look at who and what are the greatest value data in the world, and how is it being produced and who's producing it, and where do we see investment opportunities for Datavault AI, where we take whole hog ownership or a strategic stake in the corporations that are generating the real deal data assets, the data that we saw in our valuation and our scoring system to score through the roof, to score at the highest level, to value at the highest levels. We've invested there so that we own the process, not just our piece that indexes, tokenizes, and monetizes. We're also looking in some cases to own the generator of the data itself. That's the strategy. Thank you for your time and your answers, Your Grace. The community is awaiting the future to see some of this growth that you have been advertising, and we're looking forward to seeing the fruits of your labor. Before I close, I would like to say that the Nightwatch stands forever. Thank you. The next question is from the line of Gerald Hannis with Philly Inc. Please proceed with your question. Yeah. Should an investors expect additional acquisitions, or is the focus right now on integration and execution? We've announced NYIAX and CyberCatch. Those need to occur. Our head is down with respect to our execution now. I displayed that technology stack that we presented, you know, today, and completing that really with, you know, Fiserv and CLEAR and IBM, and Houlihan. Those technical pieces that we've acquired and made, you know, ready through our work with Available Networks and Sanctum AI. You know, we're well-positioned to simply put our head down now and operate. You know, in terms of acquisitions, we've announced CyberCatch, and that one is important to me just in terms of having the ability to use software advantage for our clients to solve for the quantum leap. We do have that on the horizon. Of course, the NYIAX finish. I believe there's a little piece to do there still. Should we think that there could be any more future dilution risk right now as well as the company's doing, you think? No. So in terms of risk related to dilution, there was risk for us in not taking action. We've taken action to make strategic investments where we needed to make them. I would argue that every move we've made is accretive to our valuation and to our shareholders' ability to kind of hang their hat on this technology stack. You know, with respect to future dilution or our move to make any shares available, it's really something that's sacred to me. It's something that I care a lot about. It's something that I know Brett cares a lot about, is the value of our shares. The value that we bring through their scarcity and through their growth in value from our effort, both the bottom line of our company, but also the strategy and approach, where we built a runway and a throughput and a very, I would call it, elitist view of technology. We had to put the necessary pieces in cybersecurity, fintech and finance, and exchange. These are all big investments. We did issue shares to do that, but it enriched every single share by doing the deals that we did. We stand by them, but also would point to the fact that the scarcity and the specialness of every single share is something that's on our minds and something we care deeply about. Excellent answer. Thank you so much. Thank you. Thank you. At this time I'll turn the floor back to manager for any concluding remarks. Well, thank you everyone for joining us today. We really appreciate it. Certainly, working hard to close our second quarter now, we're gonna make you proud. Thank you. This will conclude today's conference. You may disconnect your lines at this time. We thank you for your participation, and have a wonderful day.