Perhaps we could go through the highlights, which Tino will run through for us.

Thank you, Mark. Revenue for the half year was $23.4 million, with activity similar.

Our EBITDA came in within guidance at -$0.2 million versus guidance of -$1 million to +$1 million. Our cash at the end of the year was $9.1 million, our net debt vastly reduced to $1.8 million, and we have $8.8 million in undrawn facilities between our overdraft, trade loan, and also undrawn loans in preparation for equipment financing.

Cash flows from operations during the half year was $4 million, which was very strong as our ASC contract kicked off. I'll push to Mark for the executive summary.

Thanks, Tino. Look, our revenue was down, and we've had a slow start the first half of the year.

There is a marine slowdown going globally, which we're having to deal with. There's also defense work which we've been working so hard to gain accreditation for and start on is just in all been legally delayed, unfortunately, which is not good.

Our EBITDA and NPAT were down a little, and we had a write-down, which brought down to 19.3 as a write-off. We were sort of within guidance of what we said around the AGM, which we predicted based on the activities we were likely to see in that time.

Look, we took this non-cash impairment of $24.8 million, which was associated with the gyro stabilizers. Tino will cover a bit later on, but that was a review of the gyro operation as we moved into the Mark 3 gyros.

Cash flows were actually strong, which occurs for us as the turnover goes down, there's more cash available from working capital requirements are reduced. The net proceeds from the capital raising are strengthened our balance sheet, and pleased to say that we still have all that available to us, we haven't used any of that.

The propeller revenue was only down a little, even though there was this global marine slowdown. We've managed to stay within 9%, which does indicate that we've been increasing our market share, which is important.

Some of our larger clients are indicating some of them have gone back 50% over the last year. We're sort of seeing a bit of a slowdown, and they believe this will pick up towards the end of this calendar year, so that we're looking forward to that.

The revenue from defense was down because we were in between ASC contracts. That was delayed due to necessary negotiations of re-signing our 6-year contract.

Now we've placed a lot of orders, and I believe we've placed over $10 million worth of orders that ASC have placed on us. That's really positive from our perspective, and there's a bit more to come, and that'll be arriving third quarter of this financial year and into the next quarter of next financial year.

Back in October, we launched the gyro Mark 3 and also the VEEMUX Marine range of propulsion gear. The Mark 3, though, it is the culmination, really, of the last 5 or 6 years of engineering work, which is a transitional gyro to the one we perhaps felt we always should have.

It's extremely reliable, it has very, very low through-life costs. We'll see these leads will turn into reality once the Mark 3s are on the market later this year.

We sort of look at this year as a transitional year. We've picked up a lot of costs in bringing the Mark 3 to market, developing those, and the VEEMUX Marine range of propellers and propulsion systems.

The cost of developing those and turning them into production items and sales has all been going on. The defense market has been particularly slow.

The government shutdown in the US didn't help that, of course, but what we're seeing is that's all moving to the right, but we are moving with and dealing with a lot more defense customers. Just perhaps the next slide there, Tino, would be good.

What we did is we put this graph in to show where the company's been working since it was a public company. Obviously, this year will be a little different to that, but the general trend is that, and we expect it to get back onto that trend in 2027.

We've got some panels here of all our products. Propulsion is obviously the biggest one at the moment.

We've spent the last year developing the VEEMUX Marine, which was launched back in October. What we now have to do is it's all very well to launch it, test the prototypes, release the results, but now we have to develop the production methods for making these propellers, and that is very intensive, and that's what we're in at the moment.

The results have been spectacular. Just with our rudder and propeller, which we've been trialing and have now got on other boats, we're seeing about an 18% reduction in fuel burn compared to a standard hand-finished commercial propeller and an industry basic parallel plate rudder, very basic, but it's what they use a lot of.

That's an enormous reduction in fuel burn and pays for it over a very short period. We've been also working on the shaft and the bracket that holds it to the hull, the shaft to the hull.

It'll be tested before June 30. We think there may be another 4-odd percent in that.

We've got to test that and verify, but we do believe we'll be certainly putting out a system which will give I would suggest a little over 20% fuel reduction. Along with the fuel reduction comes the carbon footprint reduction and the ability to generate carbon credits.

We see this as a very significant product that we're bringing to production now. Over the rest of this year, we'll see all this come to fruition, and we expect to see more sales towards the end of the year into next year of complete systems.

It's all happening now. We have our first contract for six vessels and rudders, and now we're developing rudders for a couple of other clients globally to bring them in, so that's all good.

Along with that, we have a facility expansion going on here with about 1,000 square meters and three more machines that are arriving probably in April, they'll probably be running in May. That's a necessary space we need.

As soon as the market recovers, later this year we'll need them for normal production, but also the VEEMUX Marine takes longer in these machines, being a material which has twice the strength, it takes longer to machine. We'll need it for the rudders and brackets as well.

Very timely, in fact, that it's coming into production for us. On the defense side, as I said a bit earlier, we're dealing with four international defense customers and seven Australian ones.

That's growing and growing, but we've seen some quite extraordinary delays, particularly with the Hunter-class, where whilst we now finally have our secret accreditation, our certificate, which took 6 months after completing all the necessary requirements, which was quite extraordinary from our perspective. Now that certificate's gone off to our customer in Sweden, they have to go to their customer in England to get approval, we have Sweden's approval, we do not have British approval.

That could take another 2 to 6 months. That's the kind of delays defense have.

Then once we've got all that organized, then we can start looking at the production side. Much later than what we thought, but once it's running, the Hunter-class program and other Type 26 opportunities is good steady work for 20 years.

We also have the AUKUS opportunities, what we're seeing with the overseas companies in America. We're seeing now we have three two of the majors and one of the very major subcontractors to them that we're in negotiations with, terms and conditions, working on going forward, and getting tenders, more specifications.

This is all a slow, steady progress. It's all happening now at the moment, but it's been delayed.

We've got I think there's been five people working on defense accreditations for the last year, we're carrying a $0.5 million cost as well at the moment. The gyros has been, I think, a bit of a victim of the slowdown in the marine sector.

We're seeing similar products that are well established halve in their volumes. This one, it's not a surprise that we haven't seen sales, particularly in light of the fact we've released the Mark 3, told the market, and they'll come out progressively over this calendar year.

Everyone's waiting, we've got a bit of a double effect there. The Mark 3 is certainly the product we think we perhaps should have always had.

The improvements mean that moving into this no scheduled maintenance regime is a huge bonus for the operators, and we've now got ourselves an extremely robust product. Engineering side, all going on well.

I think it's done very well, considering in Western Australia the nickel industry has now gone and the coal-fired power stations are slowing down. That's gone quite well, and Hollow Bar has been a very positive part of this as well.

I think that's always good to see continuing on in our business. I'll hand across if, Tino, you could go through the financial results.

Thank you, Mark. From our P&L, Mark has touched about propeller revenue was slightly down but resilient in the face of a softer marine market, which we're seeing green shoots of improvement starting right at the end of last calendar year and into this quarter.

We're optimistic, and as Mark has touched on, everyone thinks that by the time we get to the end of the year, we'll be really hitting our straps. VEEMUX Marine inquiries have been robust.

Mark will talk later about how that rollout is happening, but starting off with some launch customers, which will start us off. ASC revenue was down 65% due to the delay in delivery of orders, but that was important in terms of buttoning down the new contract and making sure it worked for both parties.

Those orders are now in hand, and we've started delivering into them. That'll underpin defense revenue into the second half, particularly while we carry on with the work Mark mentioned with qualification with other defense contractors, which will then hopefully come online as we finish the work in relation to these orders.

Engineering products and services was steady, and as Mark talked about, in the face of anecdotal evidence and nickel industry and the like which have been coming down, but we continue to receive work in that area as we have. Not a huge or big growth sector in the business, but steady and reliable.

Part of the results obviously includes costs which we've incurred to bring our products to market, the gyro Mark 3, VEEMUX Marine, and also costs we're incurring to do qualifications for defense contractors, particularly the US. This is particularly been big in the IT section, cybersecurity and making sure our systems are robust.

We'll then obviously see that investment we've made will pay dividends as the revenue comes through and the revenue will be multiples of that, so that there'll be a big inflection when that happens. We've also taken a pre-tax non-cash impairment of $24.8 million in relation to gyros.

The lack of sales in the half was an impairment indicator, and management and the board looked at that and took this opportunity to write that off with some of those costs relating to the original Mark 1, which we did have some issues with back in the past. Mark 2 has been far more robust and good in the market, but our advancements with Mark 3 mean that there's a lot of that technology we're making redundant, which is how we're going to be able to do things like the no scheduled maintenance and the bearing technology that's going to reduce power.

That has resulted in that write-down, and also $600,000 of inventory, which relates to Mark 2, which we won't be using going forward. In terms of the positives on the balance sheet, our $13.1 million net proceeds from the capital raising strengthened that balance sheet.

We ended the half year with $9.1 million in the bank, and end of January with about $10 million in the bank. We have $8.8 million in unused facilities.

That's across our trade loan, overdraft, and also facilities granted for equipment that's on the way. Cash flow from operations during the half was strong at $4 million, and that's a result of the commencement of the next stage of ASC.

Some of it is a working capital adjustment as we received deposits to begin that work. We raised $13.1 million net from our capital raise, and we repaid $1.1 million of hire purchase liabilities, as well as eliminating our overdraft and eliminated the rest of our trade loan at the end of January.

At the end of January 2026, our cash balance had risen to $10.3 million. Now putting on to what Mark had spoken about earlier in terms of the disappointment we had with the US government shutdown that delayed our entry into the US defense and work around that, that money has really been held in reserve as a result of those delays.

As you can see, we started with $13.1 million net debt at the end of June 2025. That reduced to $1.8 million, and now a net cash position of $200,000, and that's after our net proceeds of $13.1 million.

Essentially, those net proceeds from our capital raising are still there. The business essentially outside of that generated a little bit of cash in the half year.

That's showing the resilience of the underlying business, but also now we'll be hitting our straps in terms of pursuing those defense opportunities, and we're looking forward to working with all those contractors. Mark has mentioned we're working with 11 all up, a lot of work going into that.

I'll now hand over to Mark to talk about the different sections of the operations separately.

Thanks, Tino. I alluded to a lot of what's occurring in propulsion at the moment, and this is covering that in more detail.

The VEEMUX Marine range is a real first globally, and it's not just the design side of what we're doing here, it's the development of what we've developed in terms of materials, which we will apply for a patent for. The ability to have corrosion-resistant materials with very high strength is very rare, and they're traditionally reasonably difficult to cast.

We've developed those techniques, and that's actually a picture you can see on the screen there of a VEEMUX Marine propeller. They come up looking beautiful, but they're also very strong.

They're almost double the strength of the bronzes that we were using previously, and they have very high corrosion resistance, which is very, very important. The whole shaft line package is what we're now putting forward.

Now, we don't make a lot of shaft line packages and haven't historically done so, but because it involves using a smaller shaft in many cases and with the high-tech brackets and rudders, they will gain so much advantage by using a complete package. We believe that that's what we'll be selling very quickly.

We have also offered a retrofit package, which is a propeller and rudder, which will give them as much as 18% of an improvement, depended upon what their current configuration is. It means that they can fit these products overnight and be back in the water the next day, won't interrupt their operations at all, and they can enjoy the benefits.

For new builds, of course, they can gain that extra advantage by using the bracket and the shaft on the new-build boat, which is quite easy. Manly Ferries are really keen, and I think we mentioned at the AGM, they've signed up for six more boats for the propellers.

They wouldn't sign the contract until we agreed to make them a set of rudders, we're actually going into production with those, I think, next week. If they're as successful as they were on our boat, then we will produce another six sets for them.

Of course, we've been contacted by Sydney Pilots and Sydney Ferries because they're also looking to reduce their carbon footprint. This is going to grow legs, and we're dealing with a couple of companies in America, and I think the next target is we've got some customers in Italy in the superyacht area that would like to turn their attention.

There's a couple of customers there very, very keen. We're getting a lot of contact around the world, and it's going to be very positive, but we have to just be careful.

There's a lot of development work in the designs, and we have to develop what's known as parametric models on the rudders and the brackets so we can automate the design process, which is what you have to do and we've done with propellers, necessary to get the cost efficiencies out of the product. It's a process of doing a sample of vessels that we can then use the results from to build up that model.

It takes time, and we'll do it over the next year. A lot of work in engineering at the moment going on behind the scenes, but the results so far have been extraordinarily impressive.

On top of this, what we've done is by developing this material, it's also applicable to Sharrow. We're still working with Sharrow, and we are producing some Sharrows at the moment, but they're still developing the design side of this to optimize the performance.

Certainly with the VEEMUX Marine materials, we're taking everybody forward on that journey, and we believe that the Sharrow propellers will see the same benefits from VEEMUX Marine that we've seen on our product range. We are still walking in lockstep with them and allowing them the space to develop their products, the technical side of that product so we can manufacture it.

Let's move on to defense. Defense has been interesting.

ASC work, as goes up and down over the years, and we're just about to go into our upside, and we're going to be very, very busy. We are talking to a number of other people Australia-wide.

I think the overall defense accreditation going to secret level and now working with a number of these other companies means that when people contact us, they have the confidence. There is a defense contractor in Australia that is made contact with us, and we're moving forward very quickly because we already have all the necessary Australian accreditations in place.

It didn't help us that the American government shut down for 6 weeks. It's taken them a further 6 or 7 weeks after that just to catch up on that work.

Things we thought we would see around the time of our AGM last year, we're only just starting to see now. Obviously there is a bit of a slowdown in that space.

However, they're very, very supportive. What we're seeing from people like the HII, Electric Boat company, Northrop Grumman, they're all on board with bringing Australian companies into the AUKUS program, and we're one of the first companies coming in.

A very positive result. They want this to work, and they are going to be sending us tenders.

I think our last audit for them is in April, we should start to see things start to move up from that point. It's just taken a lot longer.

It's got a march to its own drum. Not having the experience in this before, we're a little surprised it takes this long, but it just has to go through its journey.

Very pleased to be in that space, and as I said, already dealing with 11 people is quite good. I do expect more from Australia, perhaps from the missile program and as AUKUS gets closer.

We're spending our time marketing in that area as well at the Sea-Air-Space conference in Washington, and we'll be there in the next few months just to pursue all the leads that we've got so far. Looking very good, but delayed.

The next one, the gyros. We've talked a fair bit about this.

The Mark 3 has got this mechanical oiling system we've applied for a patent for, which means that the oil pumping system that's critical to the operation and success of this model is now mechanical, and it is absolutely 100% reliable forever. We have been using up to this point electric pumps, which have proved to be quite problematic.

Whilst we have now developed new electric pumps and have them and are using them, we still feel the ultimate solution is what the Mark 3's got. That's the end of the equation.

We can remove all the seals from inside the bowl of the gyro, which have to be changed regularly, reduce the through-life costs. A major service on one of these units, even the small ones, is over $20,000, that's all gone.

The way we're marketing it is the retrofit kit we've developed with it can be sold to existing customers for around the same price as a major service, and then they won't see us again. From here on in, it'll just be small filter changes and oil sampling to run that gyro.

Of course, we have telemetry, which enables us to monitor the gyro at all times. That's a really important feature.

We're also moving to lower friction bearings, which are coming down the track as well, and sometime this year they will appear, and that's a great thing. On a boat, there's limited power, we'll have gyros with around 20% less power consumption.

Of course, to tidy things up, because we make our own castings here, we've been able to incorporate all of the fluids being moved around the gyro, we've incorporated them into the casting, which means all the pipe work is disappeared off the bowl of the gyro. That's about 60 points of potential leakage, and we have eliminated that.

Again, making the unit much more robust. We've just found that this year, people are waiting for the new models, a bit of hesitancy, and the slowdown in the global marine market has meant we just have to be patient.

There is a lot of leads we have at the moment that we think will be very fruitful, we just have to be patient. We are still the largest supplier of the biggest gyros globally, and it still is a billion-dollar-a-year market, around that number, we still see as a very important product for VEEM going forward.

It is the product we've got here that can turn over very large amounts of turnover, and that hasn't changed. I think our product has developed to the point where now we've got something which we believe is the best in its class, and we think it'll bring the success that we want.

Engineering products and services continues on as always. Foreverpipe going well, everything's good.

We've found that the demand is still there, and that will continue on as normal. For the outlook of what we're looking for, we expect the global demand for propellers to pick up in the second half of this financial year and beyond.

We think the VEEMUX Marine, that is going to be a game-changer for us because every propeller that we used to sell, if they move to VEEMUX Marine, we'll be selling five times that value at a higher margin. The VEEMUX Marine, we're targeting particular target customers that are of great value to us, where we get good feedback, and key customers.

One of our key customers in the US, once they make the change to our product, the rest of the market will tend to follow. A very powerful influencer in that space, and we have an excellent working relationship with them for over 20 years.

Obviously expanding the range. Automation is still driving us, there's continual automation going into the business, including in our foundry.

We're just installing now a 3D sand printer, where we can start printing molds, printing our own cores, specialist cores for castings. We are using more robotics, and that's a continued drive for us.

If we want to compete on the global stage, we have to be highly automated and highly efficient, and we're still marching down that path. On the defense side of it, I think everyone can see the future of that is growing and growing.

The fact that we're in contact now and negotiating with 11 companies is terrific news from VEEM's perspective, and they will all fall into place over the next 12, 18 months. The demonstrator program for the Hunter, it's great.

A bit sad that that's taken so long to get through the government review processes. Unfortunately, no one was able to tell us any of this when we finished our accreditations last May.

There's a very lengthy review process. I guess in hindsight you'd say, "Well, you are going to secret, I guess there should be a lot of scrutiny and review," but it's certainly been a long time.

We'll move into the manufacturing program, I would imagine, in the back half of this year and into I guess '27 is when we'll start manufacturing. Look, it's looking very strong, we're very well positioned, and we know that AUKUS is still strong, and a lot of other defense programs as well that we're hawking into.

On gyros, yep, Mark 3, I'm so excited. It's a product that always should have been, in my opinion, and it's with a new concept and new technology, it just takes time to develop.

We're certainly seeing the Mark 2 had significant improvements out in the marketplace, the Mark 3 is what I call the killer. It's going to go very well.

Engineering steady, which is great. General speaking, we reduced our overheads during the year, which is really important, on an annualized basis about $3.5 million just to make sure running is lean and as keen as possible.

There may well be with the automation we're putting in place, we won't necessarily be growing back to the same amount of people in those areas. That's probably a good thing, we can grow with automation rather than having to bring more people back in.

That's the end of the presentation. Any questions from anyone?

Thank you, Mark and Tino. Just a reminder, if you'd like to ask a question, please do so by the Q&A function down the bottom of the screen there.

Just the first question, Mark: Does the VEEMUX Marine directly compete with a Sharrow shaft drive propeller?

It's interesting that it probably doesn't because the VEEMUX Marine will be using the same materials. If you look at the Sharrows in bronze and our propellers in bronze, we believe the Sharrow will show advantages over our propeller.

We expect the same difference with the new materials because they'll both be available on VEEMUX Marine. We still think that Sharrow ultimately perhaps be even more efficient, but it's up to Sharrow with their development work to be able to bring them into the market and demonstrate that, and we simply manufacture those.

I don't mind which one becomes the most efficient product in the world because we'll be manufacturing both of them, I think we're in a very strong position. All right,

thank you, Mark. Next one: Just regarding the Sharrow JV, just wondering how you see that evolving over the next 2 years?

At the moment, we've extended our agreement with them, which enables them to work directly with their customers and design the propeller, and we simply manufacture then for Sharrow, and they deliver to the customer. Now, I think that is a much more efficient arrangement, and they're very happy with that arrangement, and we've extended it by 6 months.

What we see is as they go into the marketplace more and more, they're selling more and more, at some point, when their designs are finalized, it makes a great deal of sense for VEEM to then take over that marketing and distribution role and sales role because we have such a large global spread. It's really looking at every 6 months, we review it with them, and we're working together in lockstep to achieve the best result for Sharrow.

All right,

thank you. Does VEEM expect any flow-on from the recently announced landing craft projects?

Yes, in a nutshell. We are very interested in the propulsion side of these vessels, and we are already in discussions on the larger landing craft on the propulsion side.

The smaller landing craft uses water jets, so that won't be an area that we've necessarily been involved in. Because Austal are literally 25 minutes' drive away, and we do a lot of work for them, we are staying in very close contact to see what else might come of that project.

There may well be other fabrication and manufacturing which we will be able to tender on.

Okay. A question from Alex Lou of Morgans: The reduction in overhead costs of around $3.5 million, was that mostly labor?

If so, are you confident you can add labor back when volumes improve?

Yes, I'm happy to take that one. Yes, most of that was labor, but that's overhead.

We've made sure, obviously, not to reduce our capabilities in terms of skills for the products we have. There was a natural reduction coming after the products were launched, and there was a natural peak there.

Also, other costs were overhead costs which we rationalized. Certainly in terms of where we're going forward, Mark has talked about automation.

Some of those roles won't be required, be used by automation. Some of that, what we expect to grow going forward, means we'll be able to do more with less.

We're very comfortable. It was certainly a considered decision.

Other costs were also within the business, not personnel-related, and that's just a means of making sure as lean and as keen as possible going forward.

All right, thank you, Tino. A question from James Tracey from Blue Ocean Equities: Can you please comment on US defense demand?

Are there any subcontractors making inquiries?

Yes, indeed, particularly in the submarine program. We've seen Northrop Grumman, who do a lot of work for both Electric Boat company and HII, and they're very keen, and they're one of the companies we're dealing with very closely.

It is the submarine area of the business is most. However, one of the early tenders was for the aircraft carrier program.

HII do both, and there's a demand in particular areas in America where we specialize. They were the first inquiries.

They are struggling with their non-ferrous foundry industry as well. High-quality non-ferrous foundries are in short supply globally, and that's what we specialize in, so that seems to be of great interest to them.

We're really excited because it's something we do very well. We don't have to invent anything new to do this, we just have to adapt what we do.

They've been very receptive and very proactive for defense. When we go to Sea-Air-Space, they have offered to introduce us to their supplier network.

We're obviously going to pursue that with them, we expect to be introduced to more and more. Everyone's keen because they know that the AUKUS program is alive and there's a great degree of support and responsibility for making it work.

If I can just add from Mark there in terms of a financial point of view, you've seen in this half where we have a big drop in defense revenue of 65%. Entry into US defense is really going to help us change that and have a step change.

Collins-class work has shown that it's very long, the longevity is great. From the '90s we've been doing that, but obviously with that work, we're constrained by the limited number of Collins-class vessels.

That market and that work we do is based on those refits and isn't really growing, and obviously they're going to be retired over the next decade or two. Going into US defense, then that should enable us to increase that revenue gradually.

With the production they're trying to achieve, they have a lack of supply, and also even when that program is complete, which is a multi-decade program, there'll be all the submarines that have come out of that for sustainment work and other work which is similar to what we're doing with Collins. Going forward, our aim is to have less variability in defense, and as we push forward and with each half year step up that revenue, we then shouldn't have this sort of a half where you can have greater than 50% drop because we'll have consistent, steady revenue going forward.

It's taking time, and it's something that we're working on, but that's definitely a very positive outlook that's going to make the business steadier, and also mean we can grow with more certainty in terms of overheads and other products, etc. There's a big advantage to that that we're working towards.

All

right, thank you, Tino and Mark. A follow-up question from James: How big could the US defense opportunity be?

They make 10,000 castings per submarine. Pretty big.

It's very hard to get information from any of these customers because it's all secret, but we were able to find out that on submarine is 10,000 castings. There's lots of opportunities for VEEM.

It will be much bigger than what we're currently doing in the submarine program here, and there's more players. We've got to work and see how that is, but we think it will be significantly higher.

I think, Tino, you put some conservative numbers together on this.

Yes, we'd done just some very back-of-the-envelope work, and sort of saying if we are doing say $10 million in ASC work, equivalent would translate to maybe $20 million, $25 million as we grow and enter. We really had all the way up to say $100 million in blue-sky territory, in which case we'd then bump up against constraints of space here and all that sort of stuff, but really in terms of opportunity, it's very large.

Of course there's a local Australian defense work going on. We're building tanks, we're building underwater unmanned vessels, we're surely building missiles.

I think there's quite a lot of opportunities for VEEM in these spaces, and we are very well qualified to be able to tender into that space. The accreditation we've got will go a long way.

It's expensive to get, it's expensive to run, but it opens many doors.

All right, thank you, Mark and Tino. That concludes the Q&A segment of the webinar.

I'll now hand it back to Mark for a closing comment.

Thank you, Ben. This is a transitional year for VEEM.

We're moving to releasing such significant products that are world-leading products in the VEEMUX Marine and the Mark 3 gyros. They're enormous tasks.

We had to announce them in October because we were at the trade shows. The big ones are in October in Fort Lauderdale at FLIBS and METSTRADE in Amsterdam.

If we don't release them then, you've got to wait a year. It was critical they were released, and now our engineers are working really hard to transition from the first designs and testing into production.

Very much a transitional year for both those products. Defense has been delayed a little, but we're transitioning into more defense and more international defense.

It didn't help us that there's been a global slowdown and a significant one in the marine sector, which we're coming out of, we can see the signs, the green shoots now, and certainly by the end of this calendar year, they believe things will be back to normal. That's what we're dealing with at the moment.

We were very excited and we're very busy, but we've just had to deal with the slowdown as well. Obviously not something we wanted to see, but certainly '27 we'll see ourselves back on track, I believe.