Good afternoon. I'm here with Kurt and Erik to present Koil Energy. All right. Thank you very much. Thank you for being here today. Thank you for being a shareholder, if you are, if you're not, thank you for your interest. I hope to see you as a shareholder after this. We're going to take you through some information about Koil Energy. We're going to be quick on sort of the general information, tell you who we are and what we do, how we do things. Then I'll tell you the strategy for the next few years into 2030. My name is Erik Wiik. I'm the CEO of Koil Energy. I have been in the industry that we are in, the segment of offshore subsea technology, I've been in that for more than 30 years. I'm born and raised in Norway, yes, I did take off late afternoon to watch Norway play the first soccer match. They won. I hope that's a good sign for everyone. I live in Texas. I've been in Texas for 20 years and working in the subsea industry. I joined Koil Energy two years ago. Kurt will help me go through some of the financials. Kurt? Excited to be here. Kurt Keller. I joined Koil Energy one year ago as its CFO. I've been in Houston for about the last 30 years. I've done a number of things across different sectors of energy, power, renewables, as well as oil and gas. This is my first foray into the subsea side. Before this, I was working in it with some private equity entities. Start off with our forward-looking statements, just that we will qualify those. Also refer you to our website for additional materials, including an expanded investor deck. Koil Energy is a product supplier and a service company within offshore subsea. I'll explain a little bit later what that market and what that segment is. Our role is to support our clients. We are a leader in our segment. It's a small company in a small segment, but the awards and the feedback from clients clearly tell us that we are in a leadership position there. What we provide is mission-critical for the clients. This enables them to produce oil and gas from subsea wells. Our role is to connect the various subsea components and equipment, and make sure it works. That's why the services comes in as very critical for them. We have been around for 29 years, this is typical for somebody in our industry. There's a very high threshold to come in because of the technology, the intellectual property, it also have some stickiness to it. Our customers, they stay with us, and continue to give us orders as long as we do well. Everything we touch is an aspect of engineering because it's tailor-made. There's no standard solutions to what we do. Everything is unique because that's the nature of the business. We're proud to participate in the energy value chain to make sure that there's available oil and gas out there, and it's affordable for everyone. Let me just explain what the subsea industry is. This is happening on up to 10,000 feet underwater. There's no divers or anybody that can work there, this is done by Remotely Operated Vehicles, robots that install and operate the equipment. Everything we make and everything we install has an interface to a Remotely Operated Vehicle, a robot. This is an area where we come in and connect the wellheads, which is put on the top of the well after it's been drilled. We come in after the drilling has been happening and then prepare for the production, and then connect that to a topside facility that is usually on a ship or a floating platform. That's our role. We have a very large portfolio of product and services in that area. About 20 different product lines and 10 different services that we provide. This is a good position to be in and reflect the fact that we've been around, in the industry for 29 years. I came in two years ago, I saw this company and this particular segment as the best-kept secret in the offshore industry. This is a company that was then serving few customers, and mainly doing their business in the Gulf of America. Obviously the strategy was to expand that and move further outside. Based on my experience, I worked in Aker Solutions with one of the bigger providers in subsea, and then now is part of Schlumberger, SLB. I knew very clearly that in order to work in this segment, you got to be international. Working in one geography only is constraining, and that was also part of the reason they were not profitable. All right, how do we do business? How do we make sure that we are unique in the market? I determined how to figure out what Koil Energy was. As I said, it was the best-kept secret, I talked to the clients, "What is Koil Energy, and what do we do for you?" Clearly they said that, "Everything you do is fast." When we talked about what our working philosophy is, it was clearly speed. Everything we do is fast. The reason we can do it fast is because we collaborate intensively. There's nobody working at home. Everybody have to be at the facility. We have engineers and designers working alongside service technicians and operators in order to provide that unique solution that needs to be delivered fast. This is a assessment we did with many other questions you can see here, and it really truly reflect what Koil Energy is. Take a look at that when you get a copy later on. It will be posted on our net. I think this is something that every company need to ask themselves and determine. For our team, this really crystallized who we are and supercharged the whole organization to live by that philosophy. We want to go over the next couple of slides, just our financials and what we're striving to do. We strive to have consistent growth, really excited what we were continuing to do with our first quarter results. We hit a new record revenue of $8.2 million. Our revenues are into services and into products, and we had really strong product growth year-over-year from last year versus this year. You also see on the EBITDA side, had pretty good growth on that as well, and I'll touch on this later. We are making some investments in the company that I think will really help us in the long run. We feel like we can get margins up a good bit more than where they're at right now had we not done that. We still were able to show pretty solid growth in EBITDA year-over-year. Looking at revenue sequentially, you see where we come from starting in 2023. Erik started at the beginning of 2024, and before he came on, we just weren't at critical mass. We have really worked at how we can increase revenue and made that happen, both through being aggressive as far as our operations, pulling some revenue in, using best operations practices, as well as reaching out for new clients. We've added personnel, that gives us more production capacity and more service capacity. I think this chart is key just on telling the story of where we're at, where we've been, and where we are going to. As I said, in 2023, before Erik came on, we just weren't at critical mass. We're a subsea company, I say we were treading water. Basically, the company had been around since 1997. The founder had got it off the ground, taken it to a certain point, handed it over to another person, got the company through COVID, and then that person stepped down, and that's where Erik came in. I think you can see how the performance has responded with that. We got to where our revenues were at a critical mass. We have kept growing them. In 2025, our EBITDA didn't show quite the growth. Part of that is the investments that we put in. Brazil, we established a physical office in Brazil. We really are excited about the opportunity that we have there, and we think we have things in Brazil that we should start seeing some really good results from there. We've done other things like, as CFO, we had QuickBooks for a public company. We put in NetSuite. We put the investment in that. We also, on the legal side, there were some things in intellectual property we invested with that went through the P&L, as well as Master Service Agreements. Doing the things that are needed to help us scale in the future were key. Meanwhile, the top-line revenue, we continue to grow it. A lot of it's through new customers. If you look at last year, in 2025, new customers constituted about 10% of overall sales. Those new customers were 25% of first quarter 2026 sales. We're seeing the results really come to fruition on that. The focus we had in 2024 was to maximize the local clients. Very often we went to them, and asked them how we were doing in order to get the feedback, and it turned quickly into an upsell opportunity because they basically told us that, "We didn't know you did all this. We didn't know you provided these services." It was all about combining, bundling, maximizing the customers we had, and that was 2024 for you. In 2025, we expanded and go with four new clients, and then also grew our services and established in Brazil, as Kurt mentioned. What we're doing now is to target even more clients internationally, and we're also focusing on rental and systems, which I'll explain to you what means. We're going to go global, which is a criteria when you are in the subsea business. Just mention a few things on the oil and gas market in case this is new for you. This is a very exciting market to be in. I see oil and gas as a necessity, and it's certainly beyond 2050. We have also seen, due to the unrest in the Middle East, that affordability and availability is critical for every country around the world. We have seen an uptick, based on feedback from our clients, that they want to develop more subsea fields around the world. We're going to see a growth in the new subsea fields. I want to point out this green chart up here, because sometimes we think that when you have an offshore field, it's just going to continue to produce at the same level, and that's not the case. On average, every year, it's 5%-7% less. Eventually, if you don't drill, you're going to run out of oil, and obviously that's not a place we want to go. There's a gap here in the development over the past few years because we haven't drilled enough. Now that's going to pick up in order to close the gap here. Regardless what the demand curve is, if that is higher or lower, we're not going to be able to meet it over the next 20 years unless we start drilling. That is an opportunity for us. One more thing here that is unique for us is that there is an interest in subsea tiebacks. What that is that if you have a subsea field, let's say you have 10 wells in the Gulf of Mexico, been producing for 10 years. Now you can drill another well or two right next to it and then use the same facility to produce it. Very attractive for the clients. They want to do it fast. They can have a payback or in the first oil after two years, and that's really a sweet spot for Koil Energy to come in and help them make that happen. What's our strategy going forward? We're going to deliver on some foundational projects, which means that these projects are not just business we're getting in right now. These are something we built on. Particularly on the systems side, we're going to deliver integrated solutions, which is more than just bundling. As I shared with you, we did the first year. We're going to make it into a subsystem, make sure that we do the engineering for the client, and then can deliver products and services afterwards. On the service side, what we want to do is want to expand our service equipment. The service equipment is typically pumps and measuring equipment that we bring to the well field when we install or when we perform maintenance. We see that if we have the equipment available, we get more business and we get more services. Investing here clearly showed last year, we grew that 45% during last year, and we clearly see that that kind of investment help us grow significantly. If you're only working in one or two markets, you don't get the utilization, right? Being global is very important when you have a rental fleet, and we want to make sure that we do that globally. Eventually we need to be able to offer the same services and products as we do now, mostly in the Gulf of Mexico. We will need to do it in Brazil. We need to do it in West of Africa, in the North Sea, and Southeast Asia. That is our strategy going forward. We don't need to invent anything new. We have the mousetraps that works there. We will need to add a service capability, more rental equipment, and more people, both that can travel international and also local people. Our first step is Brazil. We established that a year ago, and we are in operations in Macaé, Brazil right now. We have a team in Brazil, and they're performing work right now, but we're waiting for a bigger project down there, and which we hope will happen very soon. M&A is possible, although organically we can grow, as I said, because we can expand internationally. M&A is also attractive. We are looking at it as we go, but it has to be a good deal because it has to compete with the opportunities we have on the organic growth. I mentioned the system deliveries. We got our first system contract, which is a combination of multiple subsea products, and including services. This is an example where we got awarded in January of this year. This is first of its kind, and it includes a lot of engineering work, which we didn't do before. We expect to see many more of these and also do see them happening internationally. On the rental fleet and the service side, we got a big award announced last week, and this is a carousel that we acquired from one of our customers. This is mounted on a large barge, and this carousel is there to. This particular one is 50 mi long, so it's a lot of products. We are managing that on our own rental equipment, and we got the first contract to do this already. We're mobilizing it now. The barge just was pushed down from the northeast coast down to the Gulf, and we're mobilizing the first application of it. With that, we used our new facility that we just signed a $5 million deal for asset-based financing facility, and that was used to help finance the barge. Historically, Koil Energy, since it was not at critical mass, we weren't bankable, and now we are bankable. We got that line. Also, in the normal course of business, we're looking at other financing options and other debt options that we can leverage our balance sheet with. We felt really good about being able to take advantage of this opportunity by having that line. Hitting on some of the main points, just to sum up the Koil Energy financial picture. We have a strong foundation, some good barriers to entry. We still don't have long-term debt. That could change, though, going forward. You look at our Koil Energy ownership, it's a good mix now of institutional and individual investors. Over this past year, the founder had almost 25% ownership, and we've got that down to about 10%, so there's not really an overhang that goes there. You can see our stock price has responded to our prospects. We are a market capitalization of about $35 million, and our TTM revenues is about $27 million. All right. Thank you for listening. That was our presentation. Do you have any questions for us? The rental business, it'll be from the CapEx side. We don't have a lot of cost of goods sold for it, because other than make-ready, there just isn't that much cost to go through. It can be really positive to our margins, especially if we can have strong utilization. As far as how it rolls through the financials, you don't see as much on the P&L. That is where the new financing we have is going to allow us to buy more equipment to pursue that line. As far as other working capital needs, some of the longer term contracts, there are times where the net cash flow on them can vary as we go through if they're milestone-based. Having the credit line and having those resources allows us to take more bigger contracts like that. Yes, sir. You next. Yeah, go ahead. [Inaudible] What we're looking for with respect to M&A. We're looking at opportunities to add to our portfolio that are adjacent to what we have. One of the strategies we have is to expand into the electrical product lines. We want to do more there, and we're now looking at alternatives to maybe an acquisition would make sense, or we can develop it ourselves. That's one example. Right now, we don't have any M&A developed, but we have been looking at opportunities, and we will continue to look at that. The skill set we have in the organization, the breadth we have on the product line, the connection we have to our clients, we just have so much runway organically that it's going to be hard to compete with an M&A opportunity. Obviously, we are looking at that as well. If that can accelerate it and give the shareholders a better return, absolutely, we will go in that direction. Question? Yes, sir. Okay. Every quarter is slightly different from the other on the mix. Sometimes we have more service, sometimes we have less. That varies between, sometimes it's 70% products and 30% service, or it is 50/50. That's sort of what's been fluctuating over the last few quarters. The margin is higher on service because it includes rental equipment, which is sometimes written off, and then we also have a high margin on the service personnel. Sometimes though, we have a lot of transport cost, and our clients are forcing us to have a lower margin on that, so that kind of pulls it down. If we have an international service job, it can be very lengthy, and then we have a day rate on the equipment and also charge the client for every hour we work. Service can have a very high margin. The gross margin usually could be around 40%, compared to products, around 30%. On the product and manufacturing side, it's more competitive, and therefore, sometimes we need to bid a little bit lower, and that pulls that margin a little bit down. We have also had some projects where you can have a fairly high margin on products, particularly when we do it fast, and it's an emergency. We deliver those in a very short lead time, and we win on lead time, and then obviously our margin is much higher. I think we have time for one more question. All right. Thank you very much. Appreciate it.