All right. Welcome to the last session of the day. Pleased to introduce Graham Corporation. Today we've got Matt Malone, the CEO, and Chris Thome, the CFO and CAO. They'll present a little bit about the company, and then we'll take some questions at the end. Thanks for being here today. Or to you. Yeah, thank you all. Happy to close out the day. I want to introduce Graham Corporation for anyone that doesn't know, and for those that have followed us, a little refresh. This first slide is actually quite important to us. Graham provides mission-critical products from undersea, as you can see in the submarine space and torpedo space, up to space itself, which we provide cooling systems for. Today's Safe Harbor, if you haven't read it. Graham at a glance, Graham is a revitalized industrial business, and what I mean by revitalized is Graham's been around 90 years. We've provided mission-critical vacuum systems and heat transfer systems for petrochemical industry, as well as refining and edible oil industry, over that timeframe. We've developed a billion-dollar installed base, which I'll talk about later. It gives us a great, stable foundation to build off of. But through the ups and downs of the cyclical market, we started diversifying the portfolio into defense in the last five years, which has given us a really nice stability and backlog to build off of. So today, Graham is a global leader in vacuum and heat transfer in one business unit and turbomachinery in the other business unit, focused on defense, energy and process, and space. With that, we love the portfolio where it lands today, so it's about a 50/50 defense commercial split. And what we love about that is it gives us, you know, over two years of backlog, to give us extensive visibility to make very meaningful and disciplined investments in our, our portfolio through CapEx. But it also allows us to extract margin on the commercial side, which I'll talk through. So we can have this market-agnostic technology that can be applied both in defense sector and the commercial sector. We've been growing that backlog over the last four years, which has given us, once again, a lot of stability to make key decisions. To do that, we've prioritized investments, and I'll talk through some of them, but in greater than 20% ROIC. So for us, that sounds, you know, to a lot of folks like, "How are you making those investments?" Both businesses had been underinvested in for quite some time, and so we've invested about $42 million back into the corporation, which we're starting to see come online right now. Quick overview, about 60% of the portfolio is in the defense space, and the primary focus has been in the nuclear submarines and aircraft carriers. So we have the, we provide about 80% sole source work in this space, and it's focused around two areas primarily. The first is we provide the main condenser on board the submarine, which thermally regulates the nuclear power plant. In addition to that, we provide what's called the air turbine pump in the front of the submarine, which is what actually builds pressure in the impulse tube and launches the torpedo. In that portfolio of defense, we also have the torpedo systems, which we provide the alternator and regulator, which is essentially the brains and control of the torpedo itself. And then we have a small call in up-and-coming market in cooling for laser systems and radar systems, where there's high energy amounts, and we have to reduce that, or extract heat from those applications. Think like the replacement radar system for the Patriot. We have the cooling system on board those type of assets. On the energy and process, this is Legacy Graham. About 80% of that portfolio is in the conventional refining, petrochem, and edible oil. As mentioned, at the top of a distillation tower, there's a large vacuum system, and that's what Graham provides and has for 90 years. Power generation, we're seeing a lot of activity to retool a lot of that equipment into the up-and-coming power boom, and what we're seeing there specifically is surface condensers that are used for steam condensing on the small modular nuclear platforms, as well as cryogenics for data cooling centers. On the small modular side, we're doing quite a bit of different technology, but on one of the business units, we're providing a lot of the critical rotating machines that passively cool and actively cool the reactor. And then on space, while it's only 7% of the portfolio, it's a meaningful one, and we do everything from fuel delivery systems and cryogenic management pumps on rockets for a lot of the conventional players that you see out there, as well as the life support system in the next generation astronaut backpack. And what I mean by that is specifically the oxygen fan that provides oxygen to the astronaut, as well as the cooling pump for the electronics. And then for a lot of the satellite systems you see, we're providing critical rotating machines that do the thermal management and cooling on board those satellites. So a diverse portfolio, all the end markets have tailwinds, and so we've had a really good, successful growth story over the last few years. I'm not gonna go through each of these in detail. You can go through those offline, but in each of the segments, we have sort of a breakdown of the different markets. I will just spend one minute on the defense side. So just in submarines, the aircraft carrier, as well as torpedoes, of the content we provide today, at the pricing today, we have visibility to $1.7 billion of backlog. These are some of the most strategic, Navy platforms that exist, and we have been producing on time, on schedule, and on budget, which is a constant theme that you hear is not happening. So proud of the team at Graham for really solidifying a good position on these key programs. We talk a little bit about the different phases that we've been through. So, I was actually an owner of Barber-Nichols, one of the acquisitions in 2021. A lot of the transition has happened since that. But right after that acquisition, Graham went through a low point. We were behind on critical submarine programs that I just mentioned we've caught up on. We had also used a lot of the cash in the business, so we've had to restabilize the corporation. We're through that stabilization phase, and we're in what's called improve, which I'll briefly explain. And we're laying the foundation for the growth phase thereafter. When I talk about, you know, stabilization phase, in 2021, we had a $100 million platform business, all focused primarily on energy and process. We've diversified that portfolio with guidance today to $230 million or $235 million, with a much more prowess in defense. We've done that through very disciplined reinvestment, with investments of greater than 20% ROIC, which are just coming online now. We've sort of fourfolded the backlog, and that's mostly been through long visibility defense programs, and we've increased margin through that process. One of the things that is exciting and, you know, we've been able to share on a lot of one-to-ones today, is how far we've come in this improve phase. So as mentioned, just in the last two years, we've invested $42 million into our business in CapEx. Some of that, about half of it, has been offset through grants from our customers, our strategic customers on the Navy side. And so we just got the keys to a new, 30,000 sq ft Navy facility in upstate New York, which has automated welders and state-of-the-art machining equipment, which will reduce some of our product lead times from two years down to one year. So we're talking about major, major milestones in terms of the throughput and quality. We're also bringing online things like a cryogenic test stand, which I'll show on the next slide, and then we're implementing an ERP at our main business. The examples that we have here, once again, they're coming online as we speak, so we're excited. Simultaneously with that, we're laying the foundation for our growth phase, which is what we're looking forward to over the next 5-10 years. As you look at some of those facility expansions, as well as some of the capital deployed, the keys to the Navy facility are shown in the upper left. That facility was just completed in Q2, so just a few months ago. We're slowly ramping up production in it to be fully on board in the next two quarters, and we see that offloading a lot of the other facilities to take on additional work, which the Navy is excited to move forward with. The cryogenic test facility in the upper right, that's down in Jupiter, Florida, at one of our remote sites down there, and that is sort of one of a kind. We're able to test liquid oxygen and liquid hydrogen, and what that's enabling us to do is seek more full life cycle of our space programs. And so we just did the ribbon cutting at that facility last week. The assembly and test facility at Barber-Nichols allows us to once again test, and you're gonna hear over and over, test. What we're really doing there is validating the products. They're mission critical, they must work, and we're seeing that our customers are demanding validation capability for us to get the margins and give them a product that is confirmed functional. And then lastly, the liquid nitrogen facility at Barber-Nichols in Arvada, Colorado. We're actually delivering the first units for an upper stage cryogenic management system, but that's been a big success for the business. So the takeaway here is we've been making investments, we're returning those investments, and we're continuing to focus on investing successfully. Where we're headed? So Graham has been solely focused on creating a solution for an end application. So let's just say a customer comes to us and says: "We need a cryogenic pump that does this." We develop that cryogenic pump, and we today service that end user explicitly. Now, what we're doing, because we own the IP and we own all the capability, we're bringing that solution to a whole other market expansion. So we're taking a given product for a given customer, which we own the IP, and we're broadcasting that amongst a much larger cast. And so what that could look like, today, we're using the SCAMP pump, which is shown in the middle picture. We're using it on an upper stage rocket, we're using it for medical cooling, for cryoablation, we're using it on a whole bunch of different applications, and before, we would have only used it for one customer. So where I'm excited about where we're going is, we're not only focused on executing the current business, but also commercializing the technology we have across a large population of end markets. We recently just announced an acquisition two weeks ago, and it fit exactly into our M&A strategy. So the key highlights I would give you, U.S.-based, privately held, independently operated, and then engineered product, very niche focused, with, I would say, similar markets to us. So that's defense, energy, and process and space. And the business that we just acquired, FlackTek, fit these requirements exactly. So what FlackTek... You know, we paid $35 million for the business, and 85% cash, 15% stock. We love the stock portion because the leadership comes on, they feel a part of the larger business, and we have a growth leader as we move forward as the GM of that business. We also have an earn out to incentivize continued growth. You know, obviously, if we meet those earn out targets, it will be a success for both parties. What we love about this acquisition, so everyone's saying, "What is it?" It's actually a mixing technology, and it does not have blades. So if you think about what most people do for mixing in really complex environments, so I'll use Anduril as an example, 'cause they use this technology, they're using it to mix in the main factory, their solid motor propellant. And today, that process is either done by hand, literally, or a bladed mixer. A bladed mixer has a lot of variation in results, as well as it takes a really long time. So this technology in that particular application is 24 times faster, it's extremely repeatable batch to batch, and it can be directly embedded with robots, so it can go lights out in terms of production. With that, a lot of people say, "Mixing? You guys don't do mixing." Well, mixing is the exact blend between rotating machines, which is our one business unit, and vacuum and heat transfer. Mixing literally combines both of those technologies into this. So we're excited about this new platform, and we see a lot of market opportunities for it. The only thing I'll touch on in this slide is where it can be used, so people don't understand how plentiful mixing is out there. So you have everything from solid rocket motors, to battery chemistry, to silicones, to abradables for engines, to you name it. There's mixing in a lot of process environments, especially high-value environments. And so we're excited to see it expand across its entire life cycle. What they don't have today, and what we bring to the table, is the commercialization mindset. And so we really do have the ability, one, to bring in some rigor into their business, but two, to commercialize the products that they have patented and have in their business portfolio. So with that, I'll give it to Chris. Great. Thanks, Matt. Hello, everyone. Thanks for joining us today. I'm gonna quickly recap our third quarter of our fiscal year results, which ended in December. If you're looking for a more detailed analysis of our third quarter results, you can always go out to our website and listen to the replay of our earnings call. But as you can see, we had another strong quarter, with revenue up 21% during the quarter. You know, but the nice thing about that growth is that it really was across our diversified revenue base, and shows the strength of that diversified revenue base. The growth was led by defense, which was up 31% over the prior year, and that's coming from a mix of growth in existing programs, new programs, better pricing, as well as the timing of material receipts. Additionally, the growth is being driven by our our aftermarket business, which has been very strong as of late, as well as, our new energy business that Matt talked about a little bit earlier, such as the small modular reactors. So as expected, with the increase in revenue, we also saw an increase in gross profit. However, we did see a slight decline in our gross margin percentage, year-over-year, of approximately 60 basis points, but that's really just a factor of the mix. We, in the second and third quarters of this year, we had a higher mix of lower margin material receipts. Additionally, we did see about a $1 million impact during the current year related to tariffs. With that said, the teams have done a really nice job leveraging our in-country supply base, as well as, you know, favorable contract terms to help limit the exposure on tariffs. At the beginning of the year, we originally indicated we thought tariffs could impact us anywhere from $2 million-$5 million, but the impact this year has only been $1 million. So, the team has really done a nice job helping us mitigate that risk. So with the increase in gross profit, we've also shown increased in Adjusted EBITDA as we leverage our overhead. Adjusted EBITDA was $6 million during the quarter, which was 50% above the prior year. Year to date, our Adjusted EBITDA is up 30%, and our Adjusted EBITDA margin is up 100 basis points to 10.8%. But we're not done yet. We've publicly said that by fiscal year 2027, since we're a March 31 year-end, fiscal 2027 starts in a month and a half here, we said we want to get to the low- to mid-teen EBITDA margins, which we're calling 13%-15%, so we still have some work to do to get to that level. One step change that will help us get to that level from fiscal year 2026 to 2027, is that we do have a supplemental earn-out bonus that we entered into with the employees at Barber-Nichols, after the acquisition, and that goes away after fiscal year 2026, and that's gonna add about 200 basis points to our EBITDA margin. You know, despite the increase in revenue, our backlog continues to go up as our book-to-bill ratio for the first six months, or sorry, the first nine months of the year, is 1.6, which is being driven by momentum in our defense business, our space business, as well as our new energy business. The growth in these markets is offsetting the sluggishness that we are seeing in our legacy energy and process business as a result of the geopolitical tensions out there, as well as the lower gas price, which has kind of caused these markets to be a little bit more sluggish. About 85% of our record $516 million-dollar backlog at the end of the quarter is related to defense, as these contracts are larger in size as well as longer-term in nature. But the thing we like about this defense business is that it gives us tremendous visibility and stability that allows us to make the investments that Matt was just talking about. I should point out that our orders tend to be very lumpy, given the size of these contracts.... you know, over the last five years, our quarterly book-to-bill ratio has ranged anywhere from 0.5 to 2.4. Over the long term, we do want to grow our backlog by at least 10% a year, our book-to-bill ratio of 1.1, so that we can continue to have this 8%-10% organic growth. But it is going to be very lumpy along the way, and we're going to exceed that by a large margin this year, given that, as I mentioned, for the first nine months, we're at 1.6 times book-to-bill. We have, you know, with our profitability, we do have a strong cash generation business. With the FlackTek acquisition that Matt talked about, we did take on about $20 million of debt, which is very modest and keeps our leverage ratio at about 1.2. Simultaneous with the close of the acquisition, we did increase our line of credit to $80 million. So we, between that and our cash generation, we have a significant amount of dry powder and cash flow to fund both our organic and our inorganic opportunities. But we're only going to invest in those organic opportunities if they have the greater than 20% ROIC that Matt talked about. And we have stated publicly that we want to continue to invest in our business to achieve our organic growth goals, to the tune of about 7%-10% of revenue per year on CapEx. And then finally, based upon the results for the first nine months of our fiscal year, as well as the acquisition of FlackTek, we did increase guidance on our call last week. We're looking for, for fiscal year 2026, revenue of $233 million-$239 million, which at the midpoint would represent 12% growth, as well as we're looking for adjusted EBIT of $24 million-$28 million, which would be 16% growth at the midpoint of that range and an 11% EBITDA margin. So to sum up, you know, we've really done a great job, improving profitability and stabilizing the business. We've been investing in the business, you know, to continue our future growth. We've been investing in our people, our processes, our technologies, and that's really what's going to enable us to hit our fiscal year 2027 targets of low- to mid-teen EBITDA margins and then set us up to further that profitability growth in the future after that. With that, be happy to take any questions. I will open up to any questions you have. As someone newer to the company, a lot of interesting growth avenues. I'm just curious about your gross margins. They seem very low, given that a lot of your products seem pretty highly engineered. Yeah. Is that, I mean, it doesn't seem like it's particularly capital light- I'll take it. ... or CapEx heavy, so, you know, sometimes that might explain that a little gross margin. Are you, are- is this a legacy facet of the business, or, again, do you, do you find there's significant pricing headroom over the long term that the company can make up with legacy or newer products? Or is, you know, call it 25%-30% sort of the right territory, more medium term? So it's a great question. There's two parts to that. Part of it is legacy, and I'll talk through that in a minute, but let me start with... So with 60% of our business being defense, most of that is what they call build-to-print, meaning the Navy gives us a print, and we build to it, even though we help them design it. So we don't own the IP on some of that technology. With that, what's happened, because we're 80% sole source, we have to go through what's called Certified Cost and Pricing. Certified Cost and Pricing is where it's open book pricing, and there's a cap fee limit. So what we do there is we start pushing price by really, you know, we have to set a standard that's in the past. And so as we build through those units, our standard changes, and therefore, our pricing can change. The second thing we're doing is we're investing in the business, so we're raising the price as appropriate for the piece of equipment. But we can only go so far in that, in this case. What we're also doing is we're investing in things like, you know, reducing lead time through automated welding by, let's say, half. And so we're driving operational improvement to further expand on that margin. So on the majority of the defense backlog, that's the story. Where we're headed and where the story gets much more sort of exciting is simultaneously to executing on the build-to-print job, we're also using our IP, and we're developing commercially available products that serve into the defense market, into the energy and process, into the space, where we'd be able to claim margins like more what you're accustomed to. So long story, we're headed down that path. Short story is it's, it's sort of held down by some of that Certified Cost and Pricing sole source efforts. But I don't want to lose track. It gives us a large visibility to reinvest. So it's, it's been a good stabilization portion, but it's, it's not... It's, it's holding us back from where we want to get to long term. So realizing you can't grow all that fast because of the nature of what this is over, if you're here for 10 years or something or longer, and you take some of these defense contract products outside into commercial other areas, could the same 23% GM product be 40% in a different industry? It can certainly. Let's just say this: It has a lot of room for upper, upward momentum. ... But yes, right now what we're doing is we're actually working with the Navy to design the next condenser. We're working with, let's just say, high-energy cooling for radar platforms. We're bringing commercially available technology from our space business to the defense business for high-end radar applications. And so we're starting to do that already. It just happens to be that the lion's share is somewhat capped. So we will transition down that path. I can't quite say without, you know, it's non-public information, how far we can get it, but we certainly see line of sight to above the 15% margins. That's why we like the 50/50% split between defense and commercial, 'cause the commercial gives us the higher margin opportunities. Just noticed that in the previous quarter, space was down a little bit. Just curious if that was a function of kind of the smaller revenue, or just more of a function of the lumpiness that you kind of referenced during the earlier part of it? Yeah. Yeah, it was really just the lumpiness. In our second and third quarter of this year, we booked $22 million of space orders, as some of the low-rate production projects that we are working on are ramping up to a higher rate of production. So it was just lumpiness and timing. Yeah, and we continue to see a lot of momentum in pipeline and in work in space for us. Who are your space customers, and, if, I feel so ridiculous even saying this, but data centers actually are moving into space, like on satellites. And you mentioned cooling, and I don't think it was particularly for all of those components, but is that something that would apply to Graham? Yes, you're making the right connections. Our space pedigree, you know, it's public information that Barber-Nichols designed all of SpaceX Falcon 9's turbo pumps, which is what provides the fuel. We have since been on, you know, 30 different programs that have successfully launched critical space equipment. Today, we have refocused to programs that have scalability and really need us long term, and you can see on here the Virgin Orbit bankruptcy. We sort of reset our strategy at that point. We were working with a lot of, I'll say, maybe consolidation channels at the time, and we sort of said: "What are the programs that are gonna scale? How can we ensure we have validated product on those?" That's what we're focused on today. What I will say on the sort of data center side, the cooling side, we are absolutely seeing, just like on the ground, a push for space, more power density, which means smaller units in space that can do more. And so even the constellations where we're providing cooling systems today, we're starting to see a demand for power electronics, which is control systems, as well as rotating machines that cool those real time. Our cryogenics experience, coupled with our space experience, lends us perfectly to be a long-term provider for those solutions. And I'll just say, like, we can see that pipeline picking up in terms of opportunity. Who do you compete with in space cooling? There's very few players in that area. I'm not gonna say all the names, but, some of them are... You know, the, the majority of who we compete with actually is our customers. I've said that a few times today, and people have sort of looked at me. Literally, they, they, they sort of go do it themselves, because it is so core to their fundamental capability. But what I will say is we're absolutely seeing a differentiated ability to act there. But people like, Kratos is an example of a competitor. They have a business called Florida Turbine Technologies that focuses on some of this capability. They're not the people that do terrestrial? So one of my favorite parts about where we're headed is right now, all of the data landscape and where you're seeing a power grid demand is ground-based. And amongst all of us, I'm most excited because power on the ground is easy. Power on mobility applications and cooling on mobility applications is hard, and fortunately, that's what we're really good at. So I'm very bullish on the need for power and cooling in mobility-based applications, and I consider space one of them, and I think both Barber-Nichols and Graham are very well positioned for that. There's other examples of that. I see liquid propulsion moving to nuclear propulsion on the space side long term. Once again, we're working in small modular nuclear, and I see that being a space entry point later as well. I think we've got some near-term tailwinds as well as some long-term opportunity. How do you balance the tension between highly engineered products and operating leverage? Yeah. So I'm gonna stick to a really focused answer on that. What we're seeing. So conventionally, the business had not done a very good job because it was a best effort business. And what I mean by that is, we would ship products that our customers would have to validate, and they would then confirm that they would work. So the reason we've invested so much, and you saw a slide on validation capability, is because it gives us operating leverage. And so now, a customer comes to us and says: "We need a critical rotating machine. We need a surface condenser." We have invested in the capability to be able to show validation, accreditation that we meet those requirements, and as a result of that, we're seeing quite a bit of margin accretiveness. And I will say, what also starts to happen is you start getting access to new opportunities. They start saying, "Oh, you can do that, you can do this." In the best effort realm, you're sort of trapped with the best margins you can talk to, but you can't really. You don't have too much negotiating power. And a lot of people will say, "How does Graham operate with 1% R&D?" The reality is, we're really not. It's just a whole percentage of it is funded by our customers. And now we're getting to the point where, you know, we have that legacy and heritage, or I'd say just foundational IP. So when you come to the table with prior art, the early conversation about, you know, who owns this, we're coming and saying, "We've already done all the work. We're just gonna apply it to your application." So it's given us a lot more leverage longer term with the engineered product as well. And then lastly, on the FlackTek side, they have an incredible portfolio of mixers and consumables. I use the Anduril example. I mean, it's the heart of their entire business, for solid motor propellants. Just with that one example, we're seeing an energetics get in line. Like, you name the company, everybody's looking at the technology. I mean, you hear it improves the speed by 24 times, and then all of a sudden, you know, you've got the battery company that lines up, and now all of a sudden, that vertical chain wants to get in line. And so we're just seeing a lot of opportunity with the push towards efficiency and improved production on that side. Long-winded answer: there's a lot of opportunity when you sort of own the IP. When you talk about leverage on the SG&A line, the revenue, right? Yeah. So we're very much seeing that. I mean, as we've grown, we've felt the leverage on the SG&A side. I think Chris has done an absolutely fantastic job. We've done that on the finance side, leveraging benefits all the way down to, you know, shared services with people that lead stuff. We've done it on the IT side. We've consolidated ERP systems where feasible, and then we've done it on the HR side, where we're all on one consistent platform. So we're feeling... We've been such a small public company, and when you're taking corporate costs and amortizing them on a $100 million top line, it's not all that efficient. So we're growing the top line, you know, in effort to further distribute those costs. Thank you. you. How, how do you—I mean, this is like a very future-centric portfolio, not just space, but other parts of it, too, in a company that for a very long time was very old, I would say. Has the company culture makeup sort of come along at the same pace? I mean, you, I would say, seem to be a younger CEO, but I'm sure there's still a lot of old employees in upstate New York who've been around the company for generations. That is one of the best questions I've been asked all day. I think that is what is becoming the new momentum builder for Graham. We have amazing foundation, like 90 years and a $1 billion install base, 60% market share on legacy platforms. So there's an incredible bones, as though you're gonna, you know, renovate a building. The people are hungry to grow. They've been under-invested in. You know, we created a bonus program at the parent business again, so they're getting, you know, return on that investment that they're putting in. And the only mindset shift that I would say that I have sort of changed with the group is, we are gonna get better every single day at every single aspect of what we do. It doesn't mean radical change, it's an evolution, but literally, we have taken the mindset of we're gonna get better in every area, every day. And the people have adopted to it so well because they're feeling the benefit of it. What I will say is, we're not all the way there. We have a go-live date for an ERP system. Today, it's 40 years old. We're on a DOS-based ERP system, green screen. People look at it and go, "I, I don't know how to use this." The legacy people: "I don't know how I'm not gonna use this." And so we're working through some of that cultural evolution, but I will say is, like, people want to get better. Our leadership team is in a growth-oriented mindset, and how can you not get excited about growth? So we're in the early phases. We tell everyone we're in inning two, and I think inning two is really defined by the cultural evolution that we're working through, and people are hungry to do it. You can see Upstate New York, which is where Chris lives. I actually live in Colorado and spend a lot of time in Upstate New York. You can feel the culture. So when I first joined the business, employee engagement surveys were at, like, Gallup, if you've heard of it, maybe 3.4 out of 5, and today they're approaching 4 out of 5. I mean, that's a huge, huge jump, and you can feel it when you walk in. Yeah, and I would just echo what Matt said. And, you know, I've been with the company a little bit under four years now, and that's been one of the... Even though all the improvements that you see here in the deck today, one of the most rewarding things for me is just witnessing that culture shift. You know, whereas before it was very top-down, autocratic, environment, and now it's, you know, we want ideas, you know, from the, from the rank and file and, you know, bringing those ideas to us and, you know, having a, you know, engineer on the line come to us with a, a CapEx request and doing an ROI and making sure it has the right ROI, and then you give it to them, and it, it's just the excitement that it's really fulfilling to, to witness. I wanna leave one... This is a really important distinction. Over 85% of our business is the legacy portfolio in some way, shape, or form. It's the aircraft carriers and nuclear subs, the torpedoes, and the refining petrochemical oils. $35 million a year is in aftermarket alone of our legacy business. So all of the sort of up-and-coming, exciting things, those are short calls into the up and coming. We're not living them yet today. They're not DNA. Those programs are still coming online. So really, the core heritage and the core revenue driver and profitability today is still that legacy footprint. Some companies have started reporting on gross margin, estimated in backlog. Do you do that? We haven't, but what I would say is that, you know, we still have some legacy, older contracts that we're still getting off the books, so I would just say that it's higher than what our current gross margins are today. On the new business. Of the, the- So the new business is higher than what would be in the gross margin in the backlog overall, but some part of it has to burn off on the backlog, as well as lower margin on what you're burning through, like last year, for example. Correct. We're gonna ship some of those lower-margin units this upcoming year, so it's gonna be a much smaller percentage of our overall backlog. The margin on our backlog is higher than the margins that we're showing today. We've had to work out some of the jobs that you referenced earlier, where pricing and optimize execution wasn't there.