Recording in progress. Hello, everyone. This is Craig Bradford with RedChip Companies. Thank you for joining today's event with Gorilla Technology Group, which trades on the Nasdaq under the ticker GRRR. With us today, we have Jay Chandan, Chairman and CEO of Gorilla Technology Group, and Bruce Bower, Chief Financial Officer. Today's event will consist of management addressing pre-submitted investor questions, followed by an analyst Q&A session moderated by John Roy of Water Tower Research. Before we begin, please allow me to read today's safe harbor statement. This call may contain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. All statements pertaining to future financial and/or operating results, along with other statements about the future expectations, beliefs, goals, plans, or prospects expressed by management, constitute forward-looking statements. Any statements that are not historical fact should also be considered forward-looking statements. Of course, forward-looking statements involve risks and uncertainties. Let us now turn to those pre-submitted questions. Jay, are you ready? Absolutely ready. Thanks, Craig. Thank you. Can management break down current signed backlog versus announced pipeline and outline expected revenue recognition over the next four quarters? Yes, definitely. I will give you the real picture without pretending pipeline is revenue. Firstly, backlog for us means contracted revenue. It is signed, scheduled, and tied to delivery milestones. Most importantly, going into 2026, our assigned and contracted backlog is well north of $100 million today, and that is the execution base we can deliver against. Now, pipeline, on the other hand, is what we call qualified opportunity set, and I'm gonna define this again, when I complete the answer, in detail. It matters a lot to us, because what is important is that what we do not book becomes contracted. Until it becomes contracted, we don't move it into the backlog. Now, the important point of scale, we're actively pursuing deals well in excess of $10 billion across the AI infrastructure, national systems, and data centers today, and this, for us, is not wishful thinking. These are opportunities really at scale, but more importantly, it is also something we're measuring ourselves against. Now, the numbers for 2026, we have guided $137 million-$200 million. Now, that range is built on the backlog, driven by the base plus the phase ramp up in our Asia, Middle East, Europe data center programs as well. Now, we deliberately sequence delivery so that we have typically signed contracts in hand that exceed what we intended to perform within the single year. Now, on data centers specifically, our operational target is to deploy up to 100 MW this year, by the end of this year, and roughly a few hundred MW, which we are expecting to sign over the next few months to be 100 MW by the end of next year, obviously subject to contracting, approvals, and the delivery sequencing, and so on. We will only disclose the specific sites and phases when we are contractually allowed to and able to. Now, on revenue recognition, this is what our next four quarters look like. Early quarters are basically mobilization, engineering and procurement milestones, commissioning, SOWs commissioning, and getting all the delivery schedules, and finally, more importantly, recurring operations as the racks go live. So you should expect from us a controlled ramp-up through 2026 as contracted milestones convert into revenue and utilization as we drive the services bill. Now, if you want me to respond to that particular question in a single sentence, we have a contracted base, well north of $100 million, a guided ramp-up in 2026, ranging up to $200 million. We're chasing a pipeline of over $10 billion while scaling AI infrastructure in MW. Now, I told you I'm going to define what, you know, the market sometimes construes or misconstrues. Signed backlog means executed contracts with delivery milestones. These are not MOUs, these are not verbal commitments. These are what converts revenue as milestones as they're achieved. Number two, the assigned backlog. Now, a portion of the signed backlog scheduled for the period, this is not the full multi-year value. This is for that particular year, and this is our execution when it comes to near term. The third, announced pipelines. Now, these are publicly discussed programs that we are progressing. They're not fully contracted, and they're not fully defined in terms of the number of years and the number of phases, but that moves into a backlog as the contract moves forward. Then the fourth most important, internally qualified pipeline. This is the our wider opportunity set for us. So this is not revenue, not guidance, but this is the future growth once contracted. Bruce, do you wanna add something to this? Yeah. Thanks, Jay. I just wanna add that we, we've always been very clear from the initial announcement of the contract with Freyr, that, you know, there were several phases, and then basically the timing of the revenue recognition would vary depending on when it was delivered. So each of those individual phases was delivered to the end client. The delivery schedule depends partly, of course, on us, but also depends on the client. You know, we have to agree the design, the architecture, scope of work, timings, and then also with NVIDIA for the. They have to approve the overall design, and then we have to make sure that we have a delivery slot. So that is why that range is so wide. As we go through the year, first of all, you know, we're, we're optimistic that we'll do one or probably two of those deployments, and, you know, Jay mentioned up to 100 MW. So as we go through the year, I think we'll have more announcements to make. And then the second thing is that that range will tighten once we have the timing set, and then it'll move from basically a, you know, a very advanced opportunity into backlog, because we have, again, contract signed, we have the delivery date scheduled, we have an amount next to the date. So, as we go forward in the year, hopefully we'll be, we'll be tightening that guidance, and we'll be moving to the upper end of the range as we deliver the projects. Thank you, gentlemen. Number two, what is the progress for both a U.S. acquisition and a U.S. new win? Great. We are progressing on both, and let me answer it properly without turning this into a soap opera today. We are pursuing the U.S. acquisition. It is very active, and it is very real, but it's not something like you buy a sandwich in, at Subway, right? We are going through diligence, contracts, customers, compliance, all the boring bits that stop a public company like ours ending up on the front page for all the wrong reasons. Now, on timing, you know, there's a very practical reason why it has taken longer than anyone would like. The U.S. government shutdown slowed the procurement and the approvals across the system. Now, that has had a knock-on effect on the contract cycles for the company, which we're potentially looking to acquire. But what happens is when the contracting slows, our process also slows. This is not just an excuse, it's just machinery. Now, on the new U.S. win, we are working on opportunities which we will announce hopefully in the next few months as they're contracted and disclosable. Now, until then, you will get discipline from us, not theater, but at the same time, in parallel, we're also building globally. It's not just about the U.S. We're working with our partners, Broadcom, NVIDIA, HPE, and so on, to make sure that we're delivering and advancing at large scale data center opportunities across the globe. It's all across Asia. We're looking at Southeast, East Asia, India. I'll talk a little more about it over the course of this webinar. And then, of course, we are scaling our delivery capabilities. Today, we're proud to say that we have four delivery centers for data centers across the globe. That includes Southeast and East Asia, includes India, Middle East, North Africa, and of course, Europe today. And then finally, you know, the most important thing is the U.S. acquisition is progressing. The U.S. wins are being pursued as we go through proper disclosure and discipline, but more importantly, we are executing whilst we build the U.S. as well at the same time. Craig? Thanks, Jay. Who is or are the client or clients for the $1.4 billion contract? Ah, okay. Listen, I understand why people ask me this question over and over again, but I'm not going to name the end customer on a public call, right? This is a very fast way to turn a commercial contract or relationship into a legal hobby. What I can say is that as per our public disclosure, our contractor counterpart is based in Singapore, and we are delivering the AI data center backbone work under that agreement. I think most of them have seen potentially the announcement by the government, where they have validated the data center approvals within the region. I think it's about $3 billion-$4 billion. We're in active conversations with the government as well, and we are looking at also deploying our AI data centers at scale here. Now, the part that may should make the investors very happy is not the gossip, it's real substance. Now, this is a data center and a GPU deployment program, which means we're building AI reasoning workloads. The market has moved beyond how many GPUs, to how effectively and efficiently you can run your rack scale systems, your liquid cooling, your networking, and how do you scale the operations? And that's exactly what we're doing today. On the technology side, we're architecting around the Blackwell generation, and the next step up, which is your B300 Grace Blackwell rack scale systems. We're using NVIDIA, which is positioning the HGX B300 for AI reasoning with much higher compute and increased memory. And that's exactly where the market is going today. Now, if you look at the, you know, the implementation of our rack scale systems, like, you know, the GB200, which is the NVL72s, and GB300, which is also the NVL72, which are fully liquid cooling, integrated with all of your Blackwell Ultra GPUs and your Grace CPUs. We are working very closely with our customer, which is Freyr, and we will talk about this all day long in terms of delivery capability, our architecture choices, why, what we are doing, and what we've been aligned with the compute market that's headed, but more importantly, where we are using our, you know, B300s, your GB200s, and GB300s at scale. Craig? Thanks, Jay. In your recent call with Water Tower, you said all phases of the project have been completed. When can shareholders expect to hear financing in terms of the prior deal? I'm happy for Bruce to chime in to the latter part of my answer. But, you know, when I say completed, I think I did not mean we're finished building and gone home for tea, right? I think the market needs to understand, I meant the heavy lifting phases that make or break these programs are complete and are done. The technical architecture, the delivery sequencing, the commercial structure that lets us execute at scale without playing Russian roulette with our corporate balance sheet. Now, that is the point of our model. When we fund the project and the SPV level, we keep very clearly the corporate cash discipline rather than stuffing debt into the parent company. Now, on financing terms, we're at the final stage. We have investor term sheets on hand. We are working through contracting and documentation with a very clear preference for non-dilutive project level capital. Non-dilutive, keyword, and the export style structures rather than lighting shareholders on fire just for sport. That's not us. Second, why this word matters is because the funding is tied to commercial utilization and phase delivery, just not wishful thinking. At the same time, we're also working on the OEM side so that we can place the orders and lock the lead times. I think the market needs to understand the lead times are significant nowadays, so it's not just a generic model build and a data center build. It's a very specific AI native architecture, and supply chain does matter. There are so many components which people just think is not just gonna drop from from the heavens. Now, phase one has already been defined. As I mentioned previously, I think Bruce and I talked about this, we have about a $300 million-plus deployment starting in Indonesia. And then we're leading into the AI infrastructure deployment for the next phases, the GPU deployment, multi-year SLA operations, and so on. So but what we have done, is we've built a very strong, fortified cash position to execute at scale. So when should our shareholders expect to hear more from us? As soon as the financing documents are fully contracted, locked in, all of the ordering and the mobilization milestones are locked in, the investors should watch for what we believe are the practical ones. Notice to proceed, procurement lots awarded, first racks powered to go live in early 2026. And if anyone is still getting impatient, I get it, but this is not a raffle ticket, guys. I mean, it's infrastructure. I would rather be late by a fortnight or even a month than go wrong by a week. Bruce? Yeah. I think just to build on that, there are two really components to the question. So the first is: where are we with the projects? You know, so we have financing term sheets in hand, and we're progressing on those in parallel with the commercial realization of the project. Like Jay said, we can only announce, you know, the final close of the documents when the project is delivered, and basically, you know, the project can't close until the goods get delivered. So to some extent, we're dependent on the delivery schedules of the underlying goods, and as we've mentioned, there's been some delays there. I would just say that, you know, building on what Jay said, we are pursuing project finance. Project finance means it's non-recourse to Gorilla, the parent company. It becomes basically a lockbox where the contract and then the assets that we purchase, which are the GPUs, go into. Customer pays there. The cash, in the first instance, goes to pay the interest and to start paying down the principal, and then it pays Gorilla management fee, and after some time, you know, there's excess cash, which gets released to Gorilla, and the financing is paid down. We try to be, you know, we are extremely disciplined in our deployment of capital, so we're looking for an under three-year payback period on the project finance. So that means that, you know, after by the end of year three, at worst case, we own the assets outright. We can realize the cash flow in subsequent years, or we can sell them if we want. Second thing is that there is the quantum that comes from debt is usually 85% or more of the final cost, CapEx. So, you know, we're able to project finance a very large chunk of it. In between customer payments and Gorilla equity, you know, Gorilla would probably invest $20 million, maximum $30 million in an individual deployment, at least a, you know, $300 million or $350 million deployment. So in order for us to do these first two deliveries, you know, we have the cash and the financing relationships, meaning lending relationships, to do that. The other thing is, you know, you're asking about the end customers. I mean, as Jay mentioned, we can't disclose that, but I can tell you something about them, is you know, the kind of people or the kind of, you know, clients that want a purpose-built data center that's 10, 20 MW, for training and AI models or for running inference on a massive scale, are either governments or they're household name corporates, you know, where they have such a scale that they know exactly what they need, they can define it, and they can pay for 10, 20, 30 MW and are happy to do a five-year contract on it. So, you know, that means they're good credit risks. That's why the project finance makes sense. You know, if we were doing mom and pops or if we were doing the kind of build a huge, you know, architecture and hope that people come as clients, it would not be financeable. But it's financeable because it's purpose-built, it's precisely for the customer's needs. It's a long-term contract with a very high quality off-taker. Thanks, gentlemen. Given the HFIAA timeline, can we expect insider ownership filings on 18 March? Yeah, that's a mouthful, Craig. HFIAA. Yes, we will fully comply with the related requirements, and we will also comply to all of the SEC reporting obligations. Where filings are required, they will be made in line with all of the applicable rules and timelines, and we will ensure that the information is complete and fully supported. I mean, the point is very simple, right? We, we do not play games with compliance. We wanna make sure that we will disclose what is required, we will disclose when it's required, and more importantly, we will do it in a way that stands up to the test of the auditors, regulators, and more importantly, common sense. Craig? Thanks, Jay. What is the impact of rising NVIDIA products and memory prices on gross margins and order intake? That's actually a really good question. I mean, the prices have moved, I mean, no question. It's anybody who doesn't understand that is probably living under a rock. For the context, I mean, our TrendForce forecasts, you know, server DRAM contract prices up by, what, 60%-70% in Q1 of 2026. And there's also been a reporting, by the way, of the HBM3e prices, up roughly 20%-40% for early 2026 deliveries. Now, the good bit is that this does not change our trajectory, because we do not run a hobbies model, okay? Where we buy hardware, pray, and just hope for the margins to survive. That's not the kind of business we're in. We structure the programs with project-level economics, which means we have the procurement gates, we've got all the pass-through where the appropriate and multi-year service agreements are signed, utilization for revenue is layered on the top. But more importantly, that's why our guidance of $137-$200 is built on the contracted base, which we're able to execute, not just wishful thinking. Now, a simple way to think, if the memory prices are up by, let's say, 20%, just example, then the all-in cost similar moves up by with high single digits. If it moves up by 30%-40%, then you're looking at double digits plus across the blended full rack, okay? Now, we can absorb single-digit movements, but with the proper contracting. But what happens at this point of time is when you're looking at double digits, then the customers have to pay us more. So you will see us actually define that over the next few months. On the order intake, as the prices are getting higher, there's a signal of urgency. Real buyers do not haggle. They, I mean, you know, you heard Bruce talk about governments and even corporates, large corporates. They pull decisions forward. They make sure that they secure allocation, because they were willing to pay the premium price of what is it today, because the cost of not having the compute is higher than the cost of having the compute. So if anything at all, if I'm being very... If I can make a remark, it separates tourists from operators, and we're just getting started. The demand is only increased, but the price is also pushing, is being pushed up. Craig? Thanks, Jay. How big was the investment in Astrocast AI, and how does it fit into the overall growth strategy? Astrocast. So we have not published the exact check size, and not surely gonna invent a number on a live call, but what we have published is the important part. Now, we are a significant minority with an option to materially increase our equity ownership with a ROFA. Now, that tells you that this is not a casual punt. It is strategic. It's a strategic foothold, and it's a clear path to scale for us. Now, why this fits into our strategy, Astrocast is real-time infrastructure intelligence. It does monitoring, prediction, optimization for critical systems, which means it plugs straight away into what we are building. Our video intelligence model stacks, our smart city architecture, our GPU as a service data center model. This kind of aligns really well, and it helps us immediately upgrade our capability and not just build a science experiment here. Now, why India? India is currently becoming a hotbed. India is in the middle of a very serious infrastructure expansion. I think you've seen in the last couple of weeks, even. The numbers are not subtle. The AI data center market in India is estimated to grow from roughly about $1.9 billion to about $4 billion in the next couple of years. The data center market, it'll be roughly around $30 billion by 2030. On capacity, I think the market currently is at about 1.7-1.8 GW. You're looking at about 8-9 GW by 2030. Why do we know this? We're in very active conversation with some of the key players in the Indian market today. So Astrocast allowed us to go into the market. It allowed us to bring delivery at scale. It allowed us to bring an integrated platform to the country of India. And it's not just India, by the way. Astrocast has given us a springboard into the U.A.E., the U.S.A. By the way, Astrocast has an office already present there, and we're expanding our capability in the United States using Astrocast, and of course, India. With a deep Indian presence, and combined with all of the strengths of delivery, potentially even in the Middle East and Asia, we come together as a deployment-ready state level smart city platform, and more importantly, we're taking the references of Astrocast into the global level. So, for example, the new Indian Parliament complex has deployed Astrocast's solution. The major international and national infrastructure programs in the Middle East, as well as India, have been deployed by Astrocast. So it's a marriage made in heaven. Great. Thanks, Jay. What is management doing about the current share price? Everything? Well, Bruce, I'm happy for you to chime in. But we do take our share price seriously, and I think the market understands that already. I mean, if they do not, I don't know what else I can do. We're not here to run a business to please the daily ticker, guys. Okay, we're certainly not here to satisfy any short seller. What we are trying to do is a very controlled execution, disclosure, capital allocation, and we're doing all three at the same time. This is not an easy job. But on capital allocation, we just did not talk about buybacks, we acted. I'll let Bruce talk about the details. We increased the authorization to $20 million. I think we repurchased over $11 million, leaving us about $9 million still in the kitty. We have a very strong position of cash, and the most important thing is that we have done these buybacks without compromising on any of the committed projects and our growth story. Okay? More importantly, we've also tried to buy. This is very important for the market to understand. We have tried to buy large orders, but we could not fill them just because the stock was simply not available in size. And this is not a management problem, this is a liquidity reality. So, on disclosure and credibility, you know, we publish, we verify, and most importantly, we do not try to hide as well. But we will be releasing our full financials, you know, late February to early March, as we promised. But more importantly, here's the blunt truth, right? We cannot stop people from talking rubbish. What we can do is continue to deliver, keep improving through our liquidity, through our fundamentals, and keep compounding value until the market has no choice but to play catch up. If I can be as British, I can, we're not here to wrestle pigs in the mud. We're here to build the farm and let the results do the shouting. Bruce? Yeah. So Jay covered, you know, the basics of the buyback. So we announced earlier that we'd increased the authorization to $20 million. We've been active in the market, so especially, you know, end of last year, beginning of this year, when the share price was in the $11 category, we really stepped up. So that's one thing. You know, we run the numbers 100 times, and we are very confident that we can fund our growth plan as is, and also to continue to buy back shares. The other thing I would add is, you know, so the focus is execution, right? Execution, execution, execution. The reason why we're so focused on execution is because we have an enormous opportunity in front of us. As Jay mentioned, you know, when the pipeline runs into the multiple billions, we want to make sure to stick the landing, so to say, right? On the last quarterly conference call, we mentioned that we had, you know, a sort of internal target. This is not public guidance. This is not official guidance, but you can easily do the math on the fair contract alone and see that we could exit the year with a $400 million or $500 million annualized run rate. And then if you're talking about deploying hundreds of MW over the next two years, that would take the revenue, you know, into multiples of that figure that I just cited. So it's a great market opportunity, and our focus is laser focused on lining up, you know, the customers, the operations, and the financing to get all those contracts in order. That's the first thing. Second thing is, of course, capital allocation. You know, where there's excess capital or we believe we have excess capital to allocate to buybacks, we do that. The third thing is also we've just been out there telling the story. So, you know, I've been and Jay and I have been attending conferences more often at a higher cadence, doing webinars and other public interactions. And then, we, you know, we were just on a roadshow last week in New York City, you know, meeting with, dozens of institutional investors, telling the story, and, you know, I have to say the reception was very warm, even though New York City is very cold otherwise. You know, there is a very large base of massive institutional investors who are getting up to speed on the story. The last thing I'll say is, if you look, this is the one of the slides that we love to focus on, right? So this is the track record so far of the management team. You know, Jay and Raj, when they came in in 2022. You've seen revenue go from $22 million to, you know, $100 million-$110 million is the range for 2025. We're guiding to $137 million-$200 million. You know, a management team went from $22 million to, call it, $170 million in a few years, would be on the front page of, you know, business magazines. So, I think more and more, we're just gonna stand on the track, stand on the track record, gonna tell people about what we've done, and if they don't like it, too bad, they miss out. Fair point, Bruce. Thanks, gentlemen. Multiple times, the PR team has made mistakes in PRs. Any plans for restructuring this team? I'm sorry, that's a stupid question. No, we will not. We take accuracy very seriously, and when we get something wrong, we will fix it fast. We tighten the process. That's it. I am not gonna let armchair critics run our business from a message board, okay? Our team is doing a strong job. We have improved governance around disclosures. Here is what we have done: tighter internal review, legal sign-off where required, single accountable owner for final release language. Now, I've seen this time and again, the market, especially the armchair critics, I call them, without you know, naming them. They keep telling us, "You know, you have to do this, you have to do that." You have to try and run a business before you start commenting. It is very important, okay? Because we are restricted by a number of things. I can't just come out and say, "I've got, you know, these contracts which are ready to sign up," because I have to get approvals, I have to get release languages. I've got a whole bunch of lawyers I need to respond to. I've got the SEC breathing. You know, if I do something wrong, they'll breathe down my neck. So if something slips, we will correct it transparently and move on. So we're improving the process. No, we are not going to have any public flogging just to satisfy people who have no idea what disclosure control is from a door handle. Craig, that's my response. Gentlemen, what is the status of the Smart Education project? It is progressing, Craig, just slower than any of us would have liked to hear. We have been selected as the preferred party. Selected, and the program remains active. Anybody can do a simple search, check the website, you'll be able to see on the government website. What has changed is the timing. The Thai government, as most people know, have had three prime ministers in three years. Now, we're going to elections in March. So we have to have significant alignment, get the budgets in place, wait for the final award letters, internal sequencing to complete. That's the government process, and anybody thinks that government processes are easy, I'm happy for you to come and help me out here on the ground. That's the phase we are in right now. The important point is that nothing has been canceled. We remain in the lead. We have the letters which prove that we have been obviously, you know, the preferred party, but more importantly, we keep the solution ready, we're engaged with all the stakeholders, we move as soon as the government moves into the final steps. Now, at the same time, Thailand is not a one project story for us. We're advancing in multiple initiatives in parallel, in larger initiatives with larger discussions. We're in very active discussions with the larger part of the government to actually deploy AI infrastructure at scale. So what we are doing is that we are working with the government to even I can tell this publicly, we are actually working with the government to potentially even deploy 200 MW-300 MW of data center capacity over the next 18 months. And so what we do is we will continue to execute, we will continue to build, and we're not just waiting here for one document to arrive. Craig? Thank you, Jay. How many data center projects are we anticipating, where, and when? That's actually a good question. See, listen, you know, I don't think so. We wanna all play data center bingo on our live call, but I'll give you this, which is, you know, which will give you the shape of what our internal process is today. For the already announced $1.4 billion project, it is phased, multi-site rollout rather than one monolithic build. You should think of this as several facilities between Indonesia, Thailand, and Malaysia, delivered in stages as the procurement and commissioning go live and the capacity ramps up. Beyond that, I just mentioned, we're now targeting deals well over $10 billion. We're in advanced stages on multiple fronts in Asia Pacific, and to name a few, Singapore, Malaysia, Thailand, Indonesia, Japan, Australia. We are targeting very closely in India, large, large conversations going on right now. Definitely the Middle East, Saudi, Abu Dhabi, Dubai, and as you know, we continue to build out our data center for the Ministry of Defense in Egypt as we speak. In a number of these, we're working with local partners, where they bring site, power, and all of the other AI infrastructure layers, including GPU, operational capability, and so on. And as and when we are able to quantify, I wanna make sure that these contracts are signed and the disclosure is permitted, and we wanna stay credible. I hope that answers your question, Craig. Yes, you have. Thanks, Jay. I would also add one thing to that, is, I think everyone can sort of tell that the top of the funnel is quite wide, right? There are numerous conversations going, so one of the things for us is to select the best opportunities for us, right? It's not just signing a contract for the sake of signing a contract. You heard the financial discipline that we apply. So basically, you know, I know other GPU-as-a-service operators have looser financial terms, right? Longer payback periods, et cetera. We have a very strict filter. If it doesn't meet those filter, you know, thank you for the conversation, we move on to the next opportunity. So one of the reasons why we mention all these opportunities is because they're kind of making their way through the qualification system on our side. But the ones that survive will be only the ones that are most attractive for Gorilla. One of the things I can also share is that, you know, all these jurisdictions that we mentioned have much lower power costs, they have much lower rental costs and other infrastructure costs, and certainly labor costs than United States and Europe. So the economics that you're used to seeing for GPU as a service, while attractive in a developed market, are actually more attractive in Southeast Asia. So that's why the numbers stack up for, you know, a three-year payback period on financing, et cetera. Just to add to that, Bruce, I think you, you're absolutely right. One thing I really wanna add to that is timing. The right expectation of phase delivery between now and 2027. 2026, of course, we are already deploying. For people who do not know, we deployed the first B300 servers last month for the government of Taiwan. This is the first B300 implementation in Taiwan ever, for liquid cooling B300. So, you know, we are continuing to progress. We're not, we're not fiddling with our thumbs. But what I can say is that our ambition is hundreds of MW between now and the end of 2027. I talked about this. This is all subject to contracting, approvals, and delivery schedules. And this is not just APAC, this is also Middle East. We're opening up a new office in Saudi. We're opening up potentially our relationships in Dubai and Abu Dhabi, and we're looking at potentially building an office there as well with local talent. At the same time, I wanna make sure that, you know, just to take a leaf out of Bruce's page, we have more than one kettle on the stove, right? Some of them are already boiling. We will announce the exact temperature when we are allowed to. I hope that, you know, sums it up. Thank you. Next to last question: Can you elaborate on previous comments and the opportunities you are working on with NVIDIA? Yes, of course. We work very closely with NVIDIA and all our OEM partners across, you know, all of our AI infrastructure builds, data, current data center work in Indonesia, for example, and the wider ecosystem. Now, I don't wanna comment on any commercial specifics, you know, obviously it's confidential, but the direction is very clear. Our credibility inside the NVIDIA ecosystem is increasing. We can execute. They know we can. We're not just talk. But what that means in practice is that we're well positioned as an operator and integrator across the full stack, GPU infrastructure, data center delivery, ongoing operations. This is important because these conversations have broadened our reach beyond any single site, beyond any single country. But that said, you know, you're looking at different regions, East Asia, Southeast Asia, Asia Pac, Middle East, North Africa, Europe, and so on and so forth. The same momentum continues to help us deliver at scale. Now, the short version is, we have strong relationships, very active deployment, expanding scope, and only put the frames as and when we are kind of, you know, the numbers are in play and we're contractually allowed to do so. Craig. Final question for this segment, gentlemen. Are you continuing R&D for video analytics, and any plans to release an SDK? Oh, yes, but you know, we, SDK already exists. I mean, I'm not sure why people don't know that, but yes, the video analytics is live for us. It's not theoretical. We've been in this space for 25 years. This is our 25th year. We've built platforms such as the iCC TV, we've got the post event, the world's best post event, let me put it this way, and IVAR, already deployed for public safety and smart city cases. We have built real-time, real capable cybersecurity capabilities, including all of the SIEM and SOAR, all of the secure tunneling, lawful interception analytics, IoT and data analytics stack, and all of these are helping power our, you know, large-scale sensor and data ingestion backhouse. Now, that's important. Now, what is an SDK? An SDK is simply a developer toolkit. We've already done that. We have one, and more importantly, most of our customers now move away from that to wanting an integrated appliance-led platform, where we deliver the outcome, not just the parts. Example, we invest in SD-WANs. Most people know, we call, call it the Intelligent Director. Now, because of that, it is a connectivity layer that helps us run the distributed video, your cyber, your IoT, your SoC, and your network visibility. It's a big market for us because we're looking at about roughly, I think last year it was about $8 billion in 2025, growing up to roughly around $30 billion by 2030 - 2033. On the post-quantum, I think, again, our approach to crypto agility and architectural readiness, we're designing our networking and our security platform to adapt as standards mature. We expect to be post-quantum ready by the end of Q1 2026. Now, this is important because the market is scaling very fast. We're looking at roughly around, about $6 billion by 2030. In plain English, yes, video is the eyes for us, SD-WAN is our nervous system, but the post-quantum is the next immune upgrade. And like I said, we will be post-quantum ready by Q1 of 2026. Craig. Thank you very much for that, Jay. Let me now introduce John Roy of Water Tower Research. John will be moderating the analyst Q&A segment. Analysts, to ask your question, please click the Raise Hand button. Thanks, Craig. And I'm John Roy. I work for Water Tower Research, covering technology companies. I think I look back just earlier today, I think I wrote my first report on Gorilla two years ago. So a lot has happened in two years, I'd say. For sure. So let's get right to the questions. If you will, press on the Raise Hand button, we'll get to your questions, analysts, and we'll make that happen as soon as we can. We assume it's been crazy. Yeah, it's been a crazy time. So while we collect these questions. So we'll first go to Brian from A.G.P. I believe he raised his hand, but we're not getting the raised hand signal, John. Yes, John, can you find Brian's name in the list? Go to the right-hand side there, and you should be able to- Over. Right. A huge list of attendees? Yes. And then- Just quite a number. Right. And then you should see Brian with his hand raised. Do you not? You do. And then you hover over the right-hand side of his line there, and then, I don't see it right now, 'cause I'm not the host, but you should see Ask to Unmute Line or Allow to Speak. I'm sorry. You'll see Allow to Speak. Yes, thank you. Okay. Yeah. Usually, I'm on the other side of the screen. That's my- We understand. Thank you. Brian, your line should be open. Yes. Once you've given him permission to speak, then he needs to unmute his line himself, and then he should be able to speak directly to the team. All right, Craig, this is not- Okay. Why don't we move down to David Williams? Give him permission to speak, and then ask him. When you get permission to speak, David, you should see it on your screen, a notification, and then you would unmute your line and be able to speak. All right, David, you should be good to go. Hey, gentlemen, can you hear me okay? Yes, we can. Oh, fantastic. Well, thanks for doing this today and certainly appreciate the time and letting me ask a question here. But, Jay, first question is, what kind of guitar do you have back there? I beg your pardon? I'm sorry. Your guitar. I'm just wondering what you have behind you there. Oh, this is an Epiphone. This is, this is one of my favorites. It's been signed by, some of the top men in the world, rock stars in the world, who are personal friends of mine. So that's why I keep them. I treasure them. Very nice. Very nice. Well, all right, so I guess one of the real questions here is, you know, how do you think about some of the constraints across the data center ecosystem, outside of just the logic of the GPUs, but also on the optical side? How do you think about sourcing and your supply assurance as you go to deployment? Do you have the same relationships with maybe that networking side of the supply chain as you do on the, like, for the GPUs? It's a great question, David. Yes, we do. So we are not just talking to one OEM provider. We're talking to multiple OEM providers across the globe and across. And people who can actually provide us the allocation. That's on the NVIDIA side, whether it's your B300 class, you know, your, your Grace Blackwell rack-scale systems, NVL72s. Now we're talking about the next generation of Vera Rubins. You know, let's see when, when that, that's being released. So we will look at those, working very closely with the likes of Dell, HPE, Quanta, Superm icro, and so on and so forth. On the networking side, we have both, relationships in our Taiwan. It's been coming from Taiwan. That helps us quite a bit. We have some deep relationships where, and this is very important, where you're looking at, you know, network switches and routers and so on and so forth, run-of-the-mill. Some customers are really concerned about the prices, so we can build and deploy and white label our own Gorilla solution. So where you go to certain data centers, you will actually see Gorilla networking switches and routers, but the others will come in and say, "Listen, we, we want Cisco." We work very closely with Cisco, as you know, we're a Cisco partner, and we will deploy them at scale with them. So we're not looking at through a single lens. We're looking at multiple lenses at the same time. Okay, fantastic. And, and then maybe just, as you think about the, your place in the market and how you win, can you talk a little bit about your go-to-market and, and how you're able to win some of these data center type contracts? Just as, as how do you, how do you, how do you get into the market, and then maybe what is it that allows you to win versus maybe some competitors, and, and do you see competitors in the market? David, again, great question. Listen, first of all, it's a great chance for me to beat the drum roll, okay? Our execution track record speaks for itself. In Egypt, when we just started delivering, we were one year ahead of schedule. Our lawful interception program, when we signed with the customer, it was a three-year project, and we delivered it under two and a half years. The customer extended those contracts, and now we are going into multi-hundred-million-dollar projects, and we're gonna bid for them as well, which means our lawful interception, for example, which we built about two and a half years ago, is now expanding from what was a $21 million contract to potentially, you know, well, you know, the bid size will be about $200+ million. That speaks volumes for our capability and our wins. On the public safety side, we have won progress. You know, we've won projects across the globe. It's not a one-trick pony, but more importantly, why are we winning? We're winning because we're moving from ambition to urgency, okay? What has happened is that our engagement with NVIDIA, with all of the OEM partners, all of the appliance partners, all of the other, government agencies, and so on and so forth, they are looking at it from a strategic infrastructure investment. It is not an optional requirement going forward. That means the shift has moved from discussion to committed. They want to partner with a one throat to choke. The problem we have today is that you've got the data center builders, you've got the GPU suppliers, you've got the OEMs, you've got the racks. It's a painful process when you're trying to integrate that. So what we do very well, okay, apart from being a construction gig for us, we make sure that we're able to build and become the one throat to choke. And as we build that, our customers gain confidence that Gorilla is the one we can work with, and we can rely on them to deliver quarter upon quarter. And that has changed significantly as we evolve and mature in the market. To add to that, David, is, Yeah. The other thing, you know, we have this track record, and in the past, we worked mostly with governments, who were comfortable paying on a one-off basis, you know, as CapEx for them. And then we had worked with enterprises in the past as well, but what really unlocked the floodgates was, you know, we tried to be flexible with our clients. So they said, "Well, look, I don't know if I can pay for, you know, a data center or some of the other projects as a one-off. I want to do it over time." And we said, "Yeah, that's fine. We will pay for the CapEx, and then you pay us in an OpEx model for you." So that is, you know, building on the same technological track record, you know, building a data center where you transfer it over to a government customer is pretty much the same as building a data center for a commercial customer, where you then subsequently manage it. But the difference is basically the financing model had to change a little bit. As we've said, you know, 100 times in the last few months, we're very comfortable that the financing model works for us, and it also works for our clients. But, you know, those are all of the reasons at the same time, why, you know, the data center market has become such a red hot space for us. Okay. And just one last one, if I can, if you don't mind here, but Bruce, how do you think about cash flow as you start kind of moving forward and building, deploying some of, some of these assets? Yeah. So the cash flow, really, we think about Gorilla, the parent company. So, you know, for each of these, there'll be an equity check that goes out to fund the CapEx. You know, it would be sort of $20 million each, $20 million-$30 million each on the initial two deployments. We can comfortably cover that with, you know, the cash that we have on hand. We have about $105 million on hand as of today. And then those projects won't return cash to Gorilla for a year or so because that will go into a lockbox to pay down the project financing. But after that, you know, they'll start to generate some cash flow, and then year four and afterwards, it will become a very interesting cash flow stream for Gorilla. So that's how we're looking at it for the data center projects, where we're fronting the CapEx. For the rest of the projects, you know, we see the cash flow profile improving, so some of the government customers that we won last year and delivered on, very quick turnaround time in terms of paying us. So, you know, we were sort of out cash for two or three months with them. So we've collected about $13 million-$14 million this year, just from two government contracts in cash collected. So I would say that if you look at the consolidated financial statements, by the end of this year, you'll probably see a big number for CapEx, but that's mostly, you know, debt comes into an SPV that, you know, funds CapEx in the SPV. The actual equity check that's coming out from Gorilla will be smaller and controlled, and then, you know, in 3-4 years, that will repay multiples. Okay. Fantastic. Thank you for your time, and best of luck, gentlemen. Thank you. Thank you very much. Jay, as a quick follow-on to that, are you finding that as you go through more and more of these, you're starting to get recipes that you can follow in terms of not being totally bespoke every time? Or is it totally from scratch, new design every time? No, actually, you're absolutely right, John. We're learning very actively. I mean, listen, there are certain models which certain corporates wanna build, and there are certain influences which they wanna deploy. Once, as the market matures, our deployment and our thought process will also mature, and over a period of time, it becomes much more easier and quicker. So the go-to- market is much more effective and faster. But more importantly, we're also scaling at the same time, right? We're scaling, as I mentioned, when we started out, we had one data center team, which was in Egypt. Today, we have a data center team in Taiwan, we have a large data center team in Thailand, we have a significant size data center team in India and in Egypt. We're building a data center team in Indonesia, and we're going to, once we open up our office in Saudi, over the next, you know, 45-60 days, we'll also start local hiring as well. So we will have data center teams and deployments, and these are not just architects, these are also managing all of the SLAs and the uptimes, and so on and so forth. Great. Thanks for that. We'll go to Bharath from Cantor. You're free to speak if you unmute. Thank you. Thanks for the presentation. Given the sizable pipeline that you have, what specifically do you see as constraints for like, you know, quicker conversion of the pipeline? Is it like GPU availability? Is it like customer readiness or capacity or capital? Any of these, are any of these or all of these real bottlenecks today? And also, like, just to follow up with the same question, apart from the Freyr contract, are there any other larger contracts that you are currently focused on or taking up a lot of your time? For example, some of the larger ones that you won in Southeast Asia, the smart school contract or the one in Thailand. Okay, so we'll break that down into two, and Bruce, happy for you to chime in, please. See, what is constraining us today is, I think the lack of thereof in terms of, you know, memory capacity and delivery capability. If you look at the market today, the memory prices, I talked about it, you know, they went up almost 60%, 70%. They're expected to go up more than 100% by the end of Q1 this year. So that's going to be one kind of bottleneck. The second bottleneck is also the speed of delivery. You know, obviously, some of the OEMs, they take longer, some of the OEMs take much more lesser time. There's a cost differential always, so we have to make sure that we are, you know, delivering as we are supposed to in terms of the schedules which we build for the customer. Listen, at the end of the day, the customer is king, okay? We have to make sure that we're delivering based on their requirements, because they have a business to run. So for us, the reality is that our data center programs are fixed, the timelines are fixed. We have to juggle with the end customer with the OEMs and all of the related parties to make sure that we're able to deliver. The other issue we are seeing, which is a bottleneck, is that globally, there is a lack of, you know, scalable data centers. So if you look at data centers today, you know, Thailand, for example, you've got about 4 GW of data centers. They have allocated about 10 GW of power. But if you look at Indonesia, 1.5 GW, they want... They've got an ambition to grow to 5 GW, but the problem is, lack of availability of land, lack of availability of the fiber, water, which is very important, and of course, your substations and your grid availability. So there's a lot of constraints when we look at, you know, data centers, but we are working meaningfully with every single government department, so we can move forward on behalf of the end customer. We shield them from all these issues and troubles. Bruce? Yeah. I mean, I would agree with everything you said. I think that financing for these stages is not a bottleneck. You know, our philosophy here is to dig our well before we're thirsty, so we've had conversations with lenders, starting from the middle of last year. So we're confident that it's there, and we are building a syndicate of banks and private lenders that will be there for the next stage of projects. And then we are getting a credit rating, so that we'll be able to issue either debt in the, you know, sort of at the project level, or debt at the group level to fund these projects. Then, you know, if someone wants to sign up for a gigawatt with us, then, you know, maybe financing would become a constraint, but that's a problem we, we'd be happy to have. Perfect. Actually, sorry. We've actually had that problem. We've actually had customers come in and say, "Hey, we wanna build a gigawatt." And we're like, "Stop. It's not gonna happen overnight. Let's start with 2025." Right? It's sometimes the ambition is a bit too much, and we've got to, you know, tone down the customer's ambitions as well. It's a fine line. Yeah. No, absolutely. Thanks, thanks for that answer. Just a quick, quick follow-up, if I may. For the first phase of the Freyr deployment that you detailed earlier in the presentation, when approximately does the financing need to be all set up and ready for you to execute on your, like, you know, the goals for this year? Bruce, again, happy for you to chime in. Yeah. You and I are in active discussions, but just FYI, the Freyr contract is just the doorway, you know, everything, what we're doing- Yeah ... in terms of selling and so on and so forth. But more importantly, we are building... Sorry, but first, let me start. We're designing, building, operating it, and we're gonna monetize it for the next five years. So it's, it's a, it's a long-term relationship. And, and then again, once you've gone into the process of building the data center for, on behalf of the end customer, they're not just gonna walk away, because remember, these are purpose-built, customized data centers.... They're not run-of-the-mill, where you can just host your data, and so on and so forth. So we're not just hosting these backs. We're really layering a lot of solutions as well, at the same time. But there's the video side of it, whether it's the data intelligence side of it, the cybersecurity, and the network intelligence, the SD-WAN, and I talked about being post-quantum ready as well. Bruce? Yes. So, I mean, the financing is one where there, there's two phases. So once you have the contract with the customer, and then the early, you know, that includes the scope of work, you go to your bank and you say, "This is my contract, you know, are you funding it? What are the terms?" You have a back and forth, you agree on the terms. And then the moment when it gets funded is when you have to pay, right? So that's usually, we've made a, you know, you make a small deposit in order to buy your place in the queue, and then it's only when the goods are delivered, and then, you know, you do the setup, that you actually pay. So you don't need to fund it until then. So that's a roundabout way of saying, you know, the project gets funded officially when we have to pay, which is the delivery moment for the GPUs and for the other equipment. And that's why, as Jay was mentioning earlier in the call, you know, we haven't announced who's financing it in the exact terms, because it hasn't been delivered yet. But, you know, we have term sheets, we have an agreement on the terms, and we're progressing through the process. Yeah. Understood. Thank you very much. Thank you, Bharath. Yeah, I just also had one. Are you finding any available facilities that exist already that you can go into, or is everything pretty much from scratch? No, no, we're not. So most of our contracts today, up until, you know, let's say the 70 MW-100 MW, are all colo facilities, we're just leasing them out. But now, we are now in active conversations with very, very large players across the planet who've actually got either the financial muscle or the land muscle, as, you know, as we call it, the infrastructure muscle. And they have actually invited us to partner with them and create joint ventures with them, so that we can actually build this. And we're looking at modular data centers. We're not looking at a 2.5-year build, we're looking at a 60 day build, guaranteed, with a 30 day testing, so we're about 90 days, we'll be ready. So we are working. In fact, I just came out of a conversation yesterday with one of the largest players on the planet, and we were sitting together and figuring out how we build it. They are looking at roughly 300 MW to be deployed by the end of this year, and about 2.5 GW across Southeast Asia, just across Southeast Asia, by the end of 2027, and they want us to partner with them at scale. Great, well- It's gonna be a hybrid. It's gonna be a hybrid. It has to be a hybrid, unfortunately. Sorry. Yeah, yeah, makes sense. So we'll go on to the next analyst, David Williams from Benchmark. David, you should be good to go as soon as you unmute. Thanks. I asked most of my questions earlier, but certainly appreciate the comeback. Ah, okay. All right. We'll go on to Mike Latimore of Northland. All right. Can you hear me? Yep. Hi. Awesome, great. Very good. How are you guys? Not bad, thank you. Tired. Yeah, I bet. Jay, congrats on the Nobel Prize nomination. Thank you, sir. So just a couple basics here. Maybe for Bruce. You know, you have your backlog number. Can you give a little bit more detail on that? I don't know, you know, types of customers, or use cases, or regional breakup? So the revenue guidance that we see this year, so first of all, it's gonna be. If you take the middle of the range, so you know, $170, it's going to be about half enterprise and half government. Okay. The majority will be from Southeast Asia. The next biggest region would be, the Middle East and North Africa, and then third place would be, Latin America and, the Americas. And then in terms of the overall margins, so the, the, the way I would say it is, you know, in the past, the Gorilla model was, 35%-40% gross margins. So the, the, sort of, you know, security convergence, et cetera, business would be at those levels. The gross margin for the data center business is much higher. It's sort of like 70%+. But there is a depreciation charge, which will appear on our financial statements, so think about the operating margin there of 20%-25%. So I think at a... If you take the midpoint of the guidance, $170 million, you would see a blended operating margin of about 20%+. There's a significant amount of operating leverage, because, you know, as the revenue number goes higher, that just basically drops down, because the SG&A won't have to, you know, expand significantly in order to. I mean, the SG&A would probably go up 20%, and then, you know, the gross profit might go up 50%, 60%, if you had, say, a run from $170 million to $200 million, right? So there's operating leverage in the business model. Okay, great. And then, I guess, Jay, you know, you talked about that the some of these data centers internationally are just more efficient, you know, cost less than in the U.S., Europe. How much of your pipeline or how much of your customer discussions are, you know, among customers that are sort of making a choice now? Yeah, we, you know, we're looking at U.S., we're looking at Europe, but, you know, if you guys can deliver at this cost, we wanna go with you guys. You know, like, it seems like this could be sort of a tidal wave towards, you know, your opportunity here. Yes, and I can actually talk about real numbers here. Great. Data centers today are becoming an anchor for us, okay? We design. So we're not just, you know, building the data centers or leasing them. We design, we build, we run, we host the power, we do all the capacity contracts, and so on and so forth. On top of that, we stack the GPU as a service using all of our NVIDIA-based platforms, and that gives us what we call as recurring revenues. So you will see a seismic change in how we, you know... Mike, you've known us for a long time. We were a lumpy, project-based revenue business. Today, we're able to go quarter upon quarter. And Bruce, I'm happy for you to kind of, fill in, the blanks later. But what is important for us today is that we're seeing demand accelerate. The maturity of these customers is quite significant. They know exactly what they want, they know exactly what design needs to run their workloads, and they come to us with a very specific requirement. Each of these specific requirements have a certain lifespan, and more importantly, they have a certain cost. Okay, they have a budget. These guys are very smart nowadays. All these guys who are coming to us are very smart. So what do we do? We work, and depending on which of these regions are able to serve them. So, for example, if you look at Thailand, the cost of electricity, if you buy today, is about $0.08-$0.10. But if you went on a wholesale model, you're able to bring it down to about $0.05-$0.06. The cost of land is cheaper, the cost of the build is cheaper, cost of resource is cheaper, and cost of managing that is much cheaper. You go to Indonesia, you can bring it down from, let's say, $0.08-$0.12 to about $0.06-$0.08. And then the cost of running is actually the same, at the same level as Thailand. You're looking at other markets right now, like I talked about the Middle East, but the Middle East does not have very many trained resources compared to Malaysia, Thailand, Indonesia, or even India. So what we're able to do, is we're able to... And that's why when I tell people, we actually have four centers where we can actually use people from, we're using the labor to move across each region so that they can train them, run them, and turn them into long-term economics, Mike. So where is the demand coming from? The demand is coming globally, whether it's Middle East, American customers or Asian customers, but at the same time, we're seeing a tidal wave. Yeah, that's, that's I think it's probably the right term to use, a tidal wave and a seismic shift towards the Middle East and Asia. Okay, great. And then I guess, Bruce, on the guidance range for the year, the upper end of the range, should we assume that means that you sort of fulfilled this first phase and, or started to fulfill it in the first quarter? Or like, how, how important is the kind of—like, how should we think about what drives the upper or lower end of that, that range, I guess? The upper end, you know, as a rule of thumb, would be if we deploy in the first half of the year, the first phase of the fair contract. Yeah. the second phase is deployed, say, by the end of September, then that would be the upper end of the range. The lower end of the range assumes that we deploy only the first phase, and it's, you know, in towards the end of the year, like September. There we go. Great. And then- Sorry, just to... Mike, apologies. What we are doing is we're moving Q2 and Q3. In Q2, we're going from design to mobilization, and also we're preparing the deployment schedule as we speak. And then, as we get all the GPUs, I mean, they're coming in phases. I would have loved to do a big bang approach and get all the 625 servers overnight. The problem is, there is a delivery delay, so there's going to be about 198-200 servers initially coming in now, and then the rest will come in sometime in April. And so what we are doing is that Q4 will then move forward to Q3 for infrastructure readiness, all of the scheduling and multi-site coordination as well at the same time. So within the next few weeks, we will have finalized the design, site sequencing, and all of the commercialization, and then the deployment will start over the next four-five weeks. Okay, got it. And that may have just answered this next question and my last question, but so on the first phase, do you have, like, a specific site address, like, locked down, and do you have the power there? Yes. It's in Indonesia, just outside of Jakarta. It's all done, locked in, signed, ready. We're just waiting for the GPUs to land, and we're done. Okay. All right, awesome. Sounds great. Thanks, guys. Thank you, Mike. The other thing, Mike, I would point out about the guidance is, you know, the upper end of the range doesn't assume any other wins in the data center business. Yeah. Yeah. All right. Fair enough. Well, gentlemen, I had one final question from me, which was ONE AMAZON. If you could give us an update, that would be great. That would be an exciting project I'd love to hear about. Oh, absolutely. So the ONE AMAZON project is being moving forward. As you know, we've already done our first proof of concept in Panama. We are looking at proof of concept where, you know, we are deploying some of the, you know, what I call a containerized data centers within in Brazil. We are working very closely with the government to make sure that we're able to get the sensors in place. As you know, we're doing our own R&D to build environmentally friendly sensors so that we can stream all of the environmental and health intelligence and so on. We've signed up with the satellite companies so we can start tracking, you know, at least from the sky level. We're deploying the LiDAR technology as we speak. Of course, Rodrigo and his team, they're currently fundraising actively so that we can start deploying at scale at the latter part of this year. Great. I'll pass it back to RedChip. Greg? Thank you very much, John. All right, this is information on how to get more information on Gorilla. You can call us at 1-800 Red Chip or email us at grrr@redchip.com. Please visit the information page created by Red Chip for Gorilla. It's grrinfo.com. There, you can view and download the investor presentation and fact sheet and register for news alerts on Gorilla. Watch Small Stocks, Big Money, Red Chip's program, featuring exciting small cap companies every Saturday night at 7 P.M. Eastern on Bloomberg U.S.A. Register for all Red Chip webinars at redchip.com/events. Thanks again to all our many hundreds of participants today. And thank you, Jay, Bruce, and John. Thank you, Greg. Can I just address the shareholders before we leave? Absolutely. Perfect. First of all, all our shareholders and our analysts, you know, I really appreciate your time. Thank you. Thank you for your patience, whilst we are rebuilding, and thank you for backing us with. Whilst we do all the unglamorous work, we do not take your trust for granted. Again, this is coming from my heart. Our commitment is very simple: keep executing, keep earning credibility, keep the riffraff off the fence, and make sure that we create value for the business. We will be impossible to ignore. Thank you, everybody.