Hello everyone, and thank you all for joining us during the Lytham Partners Fall 2025 Investor Conference. My name is Roger Weiss, and I'm a Vice President here at Lytham Partners. Today, Justin Floyd, the CEO and co-founder of RedCloud Technology plc, will be taking us through their slide presentation. Please note that RedCloud trades under the NASDAQ ticker symbol RCT. Let's get started. Justin, welcome to our Fall 2025 conference. Let me turn the floor over to you for your presentation. Thank you very much indeed, and thank you for inviting me to your great conference. I'm looking forward to sharing the RedCloud story with you. Before I start, just to cover the forward-looking statements, statement that I can get straight on with the presentation. Welcome to RedCloud. Let me, first of all, give you the backdrop to why I founded RedCloud and why we've been able to make this significant progress that we have since we launched just over three years ago, and of course, our very successful launch on the NASDAQ earlier on in March of this year. Before I start on that, let me take you a little bit background about what's led us to this point. Of course, everybody on this call will be very aware of the enormous impact that artificial intelligence, machine learning, and the technologies that are bringing those to screens near us and around us everywhere, and the impact that's having on us as consumers. What many people don't realize is actually, from an industrial perspective, that revolution is literally just beginning. It's considered that over $100 trillion of industrial revolution is about to take place as a direct result of the impact of artificial intelligence, machine learning, and the capabilities it's going to bring to us. RedCloud is very much at the forefront of that. I founded RedCloud with one single purpose, which was how do we build a new operating system for global trade. In particular, our focus is around the global trading of fast-moving consumer goods products. You may wonder what things like algorithms have got in common with a bar of soap. I'll talk to you about that in a minute. What's so important is that currently, we are building out the fastest scaling proprietary AI technology platform that addresses the needs of one of the most underserved technology industries in the world today, which is the fast-moving consumer goods industry. Fast-moving consumer goods, for those of you who don't know, is everything you find in your daily shopping basket. Imagine everything from pasta through to toothpaste, the businesses that sell that, pharmacies to bakeries, bodegas, right the way through to convenience stores, delicatessens, butcher shops, fishmongers, any business that currently sells essential, everyday, fast-moving consumer goods products is our target audience for this kind of technology. We've been very successful since we launched. There is a very, as you can imagine, large, total addressable market for this kind of technology. Our success has seen us reach just over $46.5 million in revenue at the end of December 2024. We're due to announce our 2025 results very shortly for the half year. What I was particularly pleased about was to see the impact of our platform, not only from a revenue perspective, but to see just how many businesses are using our platform to trade that kind of inventory, whether it's toothpaste, whether it's baker's rolls, whether it's delicatessen products, or whether it's ironmongery. They're using our technology to help them buy, sell, and trade their inventory in a much smarter way. You may wonder why there's been such a little impact of technology in the FMCG market. Probably the time when you wonder that most is when you walk out of your local store. Eight out of 10 times, you will discover that actually the product you were looking for, that you went in there, is not in stock. We're all very familiar with that experience. One of the challenges behind that, of course, is that supply chains, by definition, have grown up over many thousands of years. From a technology perspective, they're even more disconnected today than they were 10,000 years ago. Today, most supply chains are served primarily by three very different audiences. When you go and buy your local products from your local store, this is how it gets to you. It gets to you, first of all, from the manufacturer who actually produces those products. Whether it's coffee and producing coffee beans, or whether it's baby milk from major milk dairy manufacturers, by the time that product reaches you to your local store or online, it's gone through a very complex supply chain route. It's sold directly from the manufacturers through to distributors and wholesalers. Those distributors and wholesalers then sell those onto retailers, storefronts, small businesses that stock that inventory and sell that to consumers when they walk through the store. Today, the supply chain is so disconnected that over $1.2 trillion, it's the size of a country's economy, is currently out of stock when we walk into shops. Even worse, just under $1 trillion worth of inventory is currently sitting on shelves that isn't going to get sold anytime soon. The economic impact to everybody, whether it's a small business, a distributor, a wholesaler, or manufacturer, is significant. Of course, where we feel it as consumers is when we walk out of that store without the product we were looking for. When I founded the business 10 years ago, I have a tremendous track record in founding technology businesses from a garage right the way through to successful exits. When I founded this business over a decade ago, I saw the enormous opportunity to build a new kind of trading platform that would not only connect small businesses to global and local supply chains, but it would actually use AI and machine learning to help those businesses trade more efficiently and more effectively, and to avoid and to get rid of the out-of-stock or the overstock problem that they all suffer from. That opportunity translates into extremely clear revenue opportunities for our business going forward. We believe very strongly that there's over $12.5 billion worth of revenue opportunity up for grabs. Our revenue is driven almost primarily from our ability to be able to charge customers, and our customers are businesses, retailers, distributors, wholesalers, and manufacturers. We're able to charge a transaction-based revenue on every single time that they trade on our platform. The share of the global market going forward is we've built technology that's capable of operating across multi-markets in completely different circumstances, using AI to help them solve their business problems. Our operating leverage is all about the value that we generate. Our operating leverage is generated by the fact that we're able to address the three major audiences in the supply chain with exactly the same technology. This is very important. Without them actually changing the way that they currently behave using technology, our technology links directly into their existing technology infrastructure, whether it's SAP, whether it's Infor, whether it's Epicor, whether it's Oracle, whether it's distributors, MicroVax, DEC Vax, distribution management systems, or whether it's through to the retailer and the way the retailer likes to buy through their point-of-sale terminals or through indeed their WhatsApp. Our technology is able to leverage all of that existing technology, link it to our platform, and enable those businesses to use their current trading methods on our platform, but in a much more efficient way. If you can imagine, if you're a small store today, if you're a deli in New York, you're ordering 10 to 15 times a day through distributors. The price of the product that you pay for, the availability of that product, the capability of that product, is the difference between whether your store makes money that day or it doesn't make money that day. Businesses spend hours on phones trying to find the right product at the right place at the right time. If you can imagine, this is almost like Wall Street was back 40 years ago before the Big Bang, before technology approached. This is a similar size market with a similar size trading velocity. Our technology enables these businesses to be able to operate in a familiar, comfortable way in the way that they're used to doing business at the moment, but far faster, far more efficiently, and far more quickly. When a small business engages with our technology, they're able to use our apps, link into our AI and machine learning capability, and be able to see instantly the right product they need at the right price at the right time. Whether you are a bakery in New York or you're a deli on the streets of Nairobi in Kenya, you can instantly see the right product that you're looking for to be sold at the right price at the right time. For distributors and wholesalers, this is particularly important. This is the backbone of the global FMCG economy. These businesses are under more threat than they've ever been before. Their operating margins are extraordinarily difficult. They're building huge warehousing capability, holding inventory that sometimes is out of date or they can't get rid of. They can't move their inventory fast enough. Why? They don't have the technology capabilities to be able to operate with their retailers in an AI-driven environment. RedCloud changes all of that for them. It enables them to be able to, again, use their existing technology infrastructure. It talks to our technology, and it takes them immediately into the AI age. For, of course, FMCG brands and manufacturers, whether you're some of the largest brands in the world like Coca-Cola, Unilever, Procter & Gamble, all of whom are represented by distributors on our technology today, whether you're brands like that or you're small brands that nobody's ever heard of before that are just coming to market, you have a tremendous opportunity to be able to use your existing technology infrastructure, again, link it into ours, and for it to be able to tell you all the critical areas around your trading capability with the distributors and retailers you sell to. I find the technology has two really powerful components. The first one is the trading layer. The trading layer, supported by our friends at NVIDIA, AWS, Amazon Bedrock, and Snowflake, enables businesses to be able to operate instantly and immediately with a real-time trading capability with their partners. For example, Bodega in New York has suddenly got in their hands the same kind of algorithm capability that a Wall Street trader has when they're trading stock. That's so important to them because having the right product at the right price at the right time is, again, the difference between whether they make money that day or they don't. That trading layer enables businesses to be able to trade not only in real time, but to be able to trade in a way which is very natural to them. The reason for that is that behind the trading layer sits one of the most complex data motor infrastructures that's ever been built. We've been building that over the last decade. We've been using a combination of artificial intelligence, complex machine learning models, and we've been able to take very complex inventory data. Whether that's a bar of soap, pallets of toothpaste, or lorry loads of sunscreen, we've been able to take all of that inventory, the complexities around the inventory, around the pricing, the availability, and the capability of that inventory, and turn that into real-time data that enables businesses to be able to trade much more effectively on our platform. The partnerships with NVIDIA, AWS, Amazon Bedrock, and Snowflake are very important to us around all of that. Of course, on top of that, we built our own IP layer, which makes it so powerful and effective. That's what's driving the revenue streams that you saw earlier on in our presentation. Deep down in the infrastructure, for those of you who are interested around technology, is some incredible and very powerful technology that we've built. If you're wondering what the AI experience looks like, this is what drives it. The complexity around it is the ability to make a product simple to use. Whether you use Netflix, you use Amazon, you use any kind of AI-led on-demand service that all of us are used to as consumers, in the business-to-business trading environment of FMCG goods, we're bringing that kind of capability to businesses like that. This is the kind of technology we built to help us do that. We have a very powerful business model. We are able to scale up extremely quickly on a market-by-market basis. We are partnered deeply with Amazon AWS, and of course, NVIDIA and Snowflake to enable us to execute against that data rollout capability on a market-by-market basis. Most recently, we have signed significant partnerships. One of those biggest ones is with Saudi Arabia, a joint venture that we've built with Kayanee, who is a private equity firm based out of Saudi and is backed by the Saudi Arabian Fund. We have 50% of that joint venture with them. We're building out one of Saudi Arabia's largest online data AI cloud infrastructures, but without us having to build the data infrastructure ourselves. We're using a combination of the power of AWS, NVIDIA, and Snowflake to help us deliver that locally. Saudi Arabia is a key market for us because, of course, Saudi, and particularly with some of their very large industrial businesses that everybody in this call will be aware of, particularly around oil and gas, have got huge supply chain challenges and questions around what's working for them and what's been successful for them, both at country level, but also on a global level. We're really excited about the joint venture that we've just signed with them, which we expect to scale up in Q4 of this year. I talked a little bit about our business model earlier on. I'd like to go into a bit more depth with it here. We charge a trading transaction volume fee for businesses that use our platform to trade inventory through our platform. One of the really interesting aspects, of course, about that model is our ability to add additional trading transaction revenues along the way. Our ability to be able to hold these very large amounts of data of inventory, the most powerful data in the FMCG industry, enables us to be able to deliver a very important monetization model for our business going forward, including our ability to be able to generate through additional services. Obvious services are, for example, trade finance, lending, insurance, logistics, warehousing. Businesses that own those businesses that want to be able to offer those services to the customers on our platform. Over 100,000 businesses we have today currently sitting on our platform that are actively trading every minute of the day, using our technology, looking for those kinds of services. We see that as a very powerful monetization model for us going forward. I mentioned our revenue earlier on. Just to remind on that, how quickly we're scaling that revenue going forward. Trading volumes from our start to where we started today have almost doubled year on year. Same with the revenue. We're expecting to see a very strong trajectory going forward. As we continue to see that trajectory, the flywheel starts to kick in, and our ability to be able to reduce OpEx and to, of course, get to an EBITDA profitability position is very clear for us going forward. Quick highlight of what I just said. Incredibly powerful technology that's solving a deep market problem in the supply chain. This AI isn't a fancy poster child. Let's try and look cool with the other guys. This is technology that we've been building for over a decade. I and my other investors have invested over $140 million into the business to get to this point. We listed on NASDAQ in March earlier this year. We were able to do that in very difficult market conditions because we had such a powerful value proposition in business to take to the market. We have significant revenue growth since we've launched. We are solving a problem that has actually enabled us to be able to build very significant data capabilities on our platform that we believe holds extremely important long-term monetization opportunities for us. We are able to expand across multiple markets highly efficiently and very quickly using our technology. Doing so enables us to be able to scale up very fast indeed, serving a hugely underserved market with very large total addressable market revenue opportunity. Of course, behind that, as you would expect, is the kind of team you'd expect. I've got a very long track record of taking businesses, as I mentioned, from a garage right the way through to scale up, including around AI, robotics, Cambridge Room Robotics, Vector. I currently sit on the AI board in Washington. My team alongside me have got extensive experience of building out deep tech, solving significant customer problems, including people from Microsoft, iPhone, Orange, PayPal, who have a very clear understanding of what's needed to build up this kind of capability. As you'd expect for a business of our stature, we have a resultant board, including two on our board who are major shareholders in our company, who come from significant banking and financial background. We also have the British Business Bank UK Government, who also is a shareholder in our company. We have both credibility, the capability, most importantly, we have the absolute business model that's been built from ground up to succeed in one of the most underserved markets in the world. I look forward to sharing more with you about our journey. Feel free to follow us on social media and see our progress as we go along. Thank you very much. Very good. Justin, thank you. Thank you to everybody for watching. If you have any questions or would like to schedule a meeting with RedCloud, please send us an email at 1on1. That's the number 1, little x, 1 at lithiumpartners.com. If you'd like to learn more about Lithium Partners, you can visit our website at lithiumpartners.com or follow us on LinkedIn to stay connected about future events. We hope you all enjoy the rest of the conference and have a great day.