Jonathan, can you hear me? Yes.

Coming in loud and clear. Okay.

Good morning. Good morning.

This presentation is being recorded for further viewing after the webinar is completed. My name is Miriam G.

Tuerk, I am cofounder and CEO of Clear Blue Technologies. I am joined today by Farrukh Anwar, who is our CFO.

And Jonathan Van Der Reen, who is head of our marketing function within the company. Today, we are going to be going over our fiscal 25 and Q1 26 earnings results and try to give you as much information as we can from a forward outlook.

With respect to forward outlook perspective, please be aware, always the guidance that is around forward-looking statements. We are giving the best information we have, at the time that we have it, but there is nothing that can promise what is going to happen in the future, so please take that under advisement.

So just a little bit about Clear Blue. Clear Blue is a world leader in delivering clean, managed wireless power.

To meet the global need for reliable, low cost energy for mission critical infrastructure. Why do I say the word world leader?

We do not deliver a large solar infrastructure that feeds into the grid. We deliver off grid power, that is disconnected from the grid for small point of use applications.

Satellite systems, Wi Fi networks, smart city infrastructure, security cameras, streetlights, cell phone towers. And when it comes to that, we built the technology we also manage and deliver it on an ongoing basis.

We have been doing that since day 1 when we had our first prototype in 2011, and we have been remotely managing and monitoring that those systems, online with an ongoing service since day 1. As a result of that forward thinking and strategy as a company, we are a leader.

We have more than 400 customers. We have deployed more than 15 thousand units around the world.

We have processed more than a trillion cloud transactions We do not just send a system and say, you are you can connect to a WiFi app and download some data into an Excel spreadsheet. We run a communications network that connects to every device we have deployed.

It comes into a very large cloud system, which we remotely manage operate, and deliver the service on an ongoing basis. Our vision is to become the world's largest virtual renewable power utility and we are working very hard to make progress on that objective.

So 2025 was an eventful year for Clear Blue. We started off in Q1 and early Q2 with major activities to complete the financial restructuring that we started in 2024.

And we began a new strategic plan and growth trajectory, which we have called Clear Blue 2.0. The company has 100% focus on delivering positive EBITDA and cash flow.

We have made solid progress on this, and the Q1 results show good movement in this direction. While we are not providing any guidance to the market at this time, the team has this milestone as a target in 2026.

So when we talk about, you know, positive EBITDA and cash flow, we are not just talking about someday in the future. We are talking about we are gonna get there soon and we are working very hard to make it happen this year.

With the cost reductions we have achieved, which are now heavily enabled by AI, quarterly revenue of $1.5 million delivers positive EBITDA. As the revenue from our key partnerships, EUTELSAT and Cooper drives revenue growth, this target is within reach in the short term in our belief.

Of course, increasing revenue starts with increased sales bookings. 2025 was a good year for that.

Bookings increased by 122% over 2024 going from a 2024 result of 2.8 million to over 5.2 million in bookings. Bookings translates to purchase orders and cash payment but revenue is recognized both 1 time and over 3 years And as a result, revenue will always be lower than the bookings in the near term.

Thus, revenues lagged behind bookings and grew at a more conservative rate of 18% growth. The biggest milestones for 2025 were not the revenue numbers.

But rather the strategic partnerships of EUTELSAT and Cooper. Clear Blue began focusing on the satellite market a number of years ago.

I can remember talking to the market maybe pre COVID saying, that satellite was moving from very slow speeds and very expensive to high speed and lower cost. And that transition has something has been something that we have realized.

The EUTELSAT partnership is a key result of that. Our new PICO product is specifically designed to meet the needs of satellite applications.

The smart power function that comes in that product provides the lowest cost power solution that you could buy anywhere for the application, which allows our satellite vendors to get out to market and get more systems out into the field. At the same time, it provides very innovative smart power capabilities that no 1 else in the market has but ClearBlue.

As EUTELSAT has achieved significant investment and support, to more aggressively grow its business, Clear Blue has proven itself to be both a strategic partner and an enabler of their growth. On the Cooper Lighting side, this partnership has been focused on power utilities and transportation departments.

We have a number of those customers in late stage prototype testing and approval. Unlike other lighting projects where the customer will buy a project, these utilities are looking to standardize on a standard product, and as a result, they do a lot of testing They ask us to do security, certifications and demonstrate performance.

And that has taken some time for customers such as Duke Energy. Once these customers come online though, we are expecting and hoping for a steady stream of deployments with a larger rollout, and that is our target plan for this vertical.

Of course, significant focus is on the balance sheet of the company. We were honored and thrilled to have shareholder support to close a private place Placement of 1.1 million earlier this year and in Q4.

Our SRED R&D grant generated another $500 thousand And with the new SRED tax rules, which allows publicly traded companies to the tax refunds for SHRED like private c companies have always been able to do, we Expect a large, SRED refund in Q3. Lastly, AI is a game changer for us.

And it must be in order for us to be competitive. So I want to emphasize that the adoption of AI is not just, a question of a question of, you know, reducing expenses.

It is also a question of changing the speed at which the company is operating at. You have to move at a much faster pace of execution, and you can do that with AI adoption.

So as a result of us adopting AI, we have been able to achieve some additional savings We will go into that more later in the presentation, but it is $900 thousand in annual cash reductions on an annualized basis, which will be fully implemented by the end of this year. But the key message of AI is that we are not only leaner, we are moving faster to grow our business.

And, of course, my mouse is somewhere all over the page here. Apologies for that.

So Clear Blue has a long history in focusing in the ground infrastructure for opportunities that are related to high growth LEO and GEO constellation Again, LEO is low Earth orbit satellite, things like Starlink, and GEO is the more traditional higher Earth higher g higher up in the constellation. Satellite services.

Both have been radically improving their speed and reducing costs. As of today, because this has been a focus of ours for quite a long time, we actually power over 600 satellite backhaul sites across customers like Eutelsat, ViaSat, Avanti Communications, and YahClick.

So while there are significant energy in this sector, we started a long time ago and have been slowly building our business and continue to launch off of that. That is why Clear Blue 2.0 should allow us to really have a large trajectory of Apologies.

In 2026, we have 3 key goals and priorities. 1 is to focus on space satellite and telecommunications markets.

2 is to deepen relationships with large scale customer partners and 3 is to grow our revenue and at the same time, reduce our cost to achieve a pathway toward positive EBITDA. Together, those 3 pillars are our Clear Blue 2.0 strategy and plan.

When it comes to the satellite Internet and telecommunications market, demand is rising significantly Satellite Internet telecommunications networks are expanding in remote weak grid and fully off grid locations. They are also more and more deemed a very critical infrastructure for companies moving forward.

In order to meet that critical need, we solve the energy problem. Off grid virtual power systems can materially cut diesel dependence, and grid interconnection risk for tele remote telecommunication sites and Clear Blue is well positioned to support and deliver that service on an ongoing basis.

Just as a data point, if you take all of the sites that we have operating in Africa which are solar only, more than 600 of them, last year, we delivered an up of >99.5% uptime for those sites. That is an unheard of metric in the market today for telecom operation solar only.

Deepening our relationships with large scale partners is where we are gonna get large scale revenue. And in our telecommunications vertical, we thrilled to achieve a huge benefit with EUTELSAT this last year.

In getting a milestone contract for 15 thousand potential sites for their LEO rollout across Africa. EUTELSAT is a merger of the EUTELSAT and OneWeb of France and The UK.

They have significant backing and focus of as the EU moves to become more independent, have a better security strategy in defense, and there is significant investment going on to help Intelsat do the rollouts that they want to do to achieve significant market penetration. In addition to the contract for the geo product, which has started to roll out, we have had 2 orders, 1 for 100 units and 1 for 350 units in Q1 and Q2.

We also signed a $500 thousand development contract with them to develop LEO based products and services. Which is another large scale opportunity for EUTELSAT.

On the Cooper side, we have been working with them for quite a while. Our focus in that market is the electrical utilities and the departments.

And as I said earlier, those require, long term proof of concept, run them for 3, 4, 5, 6 months, go through security testing, etcetera. That activity has been going on since early last year, and we are hopefully going to see some of the revenue from those projects starting to roll online later this year.

But for 2027, it should be a material impact on our growth, and revenue trajectory. As of today, we have 5 ongoing pilots or relationship with other potential large-scale customers, mostly in the satellite telecommunications market.

So, obviously, we are going across the market and talk to a number of people. We have seen significant interest in the market from customers and vendors and projects that are looking for the types of capabilities that we have.

So balance sheet, balance sheet, balance sheet generating cash and getting the company to a point where it is cash flow positive, EBITDA positive, and we can invest in growth. 1 thing I want to comment on, about this is, you know, cost reduction for the sake of cost reduction is not always a great thing.

it is really good when it can align with the strategic direction of a company. And in the last few years, we had to invest significantly in product development and technology development in order to get the types of products we need specifically for telecom and also for lighting.

We developed our PICO product We acquired the e-side product in Sweden, and then we launched our micro product. And that required a significant amount of R&D investment.

We were investing in the future by building those products. 1 of the things that small companies are tech companies are kind of 1 of the sayings in the marketplace is that at a certain point in time, a company needs to transition from being technology focused where the majority of the effort in the company is around the development of the product and the technology, to a point where the majority of the effort is towards sales, business development, partnership, and growth.

it is not that you get rid of r and d, you have to always do it and be innovative and move forward in that area, and we continue to do it. But the cost reductions that we have achieved have been done within a framework of allowing us to achieve our long term objectives.

We have, myself, the management team, the employees, and the board have believed in the long term value of the company and the opportunity to grow the company going forward. And as a result, we have made the decision that we got to get these products done.

We got to get them out the door. So in 2025, we over a million dollars in cost reductions, 1.24 million.

Which you can see in our Q1 results. And as a result of adopting AI and, again, pushing the pedal to the metal, moving much faster as a company, but also streamlining your expenses and reducing, you know, the 17 steps you were doing down to 1 or 2 steps automated by AI, And by the way, we have a lot of AI agents in the company working They have names like Coco and Snoot and Jasper.

And are performing a number of functions So, you know, when I look at the organization of the company, you can almost start to put, you know, names below the AI people who are performing certain functions. But as a result of all of this, we are able reduce our professional fees, our G&A, even a little bit on the business development side even although we wanna grow business development and sales down the road, there are a lot of there is a lot of paperwork, not paperwork, but proposal work, technology analysis work, reporting work, administrative invoicing work, that can be streamlined even in the business development area.

And so when you put all of that together, we are now running at a point and this you know, we will be there by the end of this year. You will see most of it in Q4 results, a good chunk of it in Q3 results.

But we are at a point where our annual OpEx is $2.5 million. And if you take that together with our almost 50% gross margin, you start to see that we are not that far away from a positive EBITDA and positive cash flow, plan.

Once we get there, then we and we have got everything, you know, the engine well oiled and working. Then we start to scale on sales.

So the cost reduction strategy is also a strategic piece that says, we have to transition from technology, product, operations, building all of the processes and things around it to focusing on sales and market go to market strategies. And so I believe that these cost reductions were not just done in a way to, you know, slash and burn, but were done in a way to make the company a stronger and better company to move forward and to get through that transition, which everybody will tell you is very difficult when you have to move from core R&D technology focused to core sales and business.

Farrukh, I am going to turn it over to you.

Would you like to jump in? Yeah for sure.

And thank you, so much, Miriam. Hello, everyone.

Yeah. I can agree to whatever Miriam is saying?

In regards to AI having gone through the audit this year. And with AI, it helped us so much that, you our professional charges and fees that we use to give to, you know, third party consultants and whatnot had reduced significantly because we used AI to do most things.

And so that helped us out a lot during the audit So in terms of these numbers, right now so just wanted to focus on 25 first. And then we would focus on Q1.

So this guide is basically on 2025. So 2025 was our reset year.

We restructured our balance sheet in late 24, with RE royalties deal finalizing in mid 25. So what we focused on in 2025 was building a foundation for growth.

And we did that by 2 things. Targeting customers in the satellite sector, primarily EUTELSAT, as well establishing, you know, our existing relationships within the telecom sector and looking for targeting customers in the telecom sector.

As a result, bookings more than doubled by over 120% for the year, and revenue grew by almost 18%. All of this was done while maintaining a high gross margin of almost 49%.

So another area that we focused on was rightsizing and reducing cost. As Mariam just pointed out.

So we took almost $1.2 million in operating expenses out of the business. Resulting in an improvement in adjusted EBITDA.

Our adjusted EBITDA is a loss narrowed, and overall net loss came down significantly. So if I have to sum up the year, I would say strong demand, higher, healthy margins, and leaner cost base.

Positioning us well for 2026. Next slide, Mark.

So as I just said, 2025 was all about rebuilding the foundation. We expect 2026 to be the payoff year, Q1 26 being the transition quarter.

Bookings within the quarter were light, mainly due to timing of the orders, whereby new orders from EUTELSAT, iSATs, and US Department of Transport contract added close to almost $800 thousand in early April. While revenue in this transition quarter was comparable to prior year, our recurring revenue increased by almost 9%.

Margin was still healthy. We managed to have, healthy margins of almost 52% for the quarter.

And we expect the growth to show up in the year as the year progresses. So our operating expenses were down by >20% year-over-year, with broad based cost cuts.

Across business development, travel, salaries, and we expect EBITDA, adjusted EBITDA to improve as our efficiency initiatives takes will take hold.

Farrukh. Next time.

Yeah. So any trajectory is almost always a path of 2 steps forward and 1 step back.

For the last 5 quarters yielded revenues of greater than 1 million In Q4, there were a number of adjustments that were made on the year as a whole, which resulted in that 1 step back that we all hate. Q1 26 achieved 1 million and our guidance for Q2 is that it will be a similar result.

Going into the back half of 26, we have a number of telecom rollouts which begin to move forward. Larger projects always take time to initiate and we have a number of customers targeting those rollouts for the remainder of 2026.

The EUTELSAT rollout has begun with the first 2 orders of quantity 100 and 350 sites. Additionally, we have 3 new pilot projects with EUTELSAT, underway for either new products or markets.

Our sales funnel shows strength that could drive a very strong back half of 2026, The business is there. They are very reliable, known, quantified items in addition to a much bigger funnel of sales opportunity and development that we have.

The question is timing. Timing is always when will they hit.

And we do have this ability to them hitting this year. And but we will report them as they actually come in on a cash basis.

So to summarize, we have made clear blue, clear progress in our clear blue strategy with 2025 revenue growth and improved profitability. We are focusing on space satellite and telecom markets and those markets present significant opportunities for us.

We are deepening our existing relationships with large companies that can provide scale in sales initiatives and longer term engagements We have achieved 1.2 million of cost reductions in 2025 and another $950 thousand of reductions in 2026 will help improve profitability. I just wanna comment that the 950 thousand of cost reductions in 2026 is a cash reduction.

there is a part of that is in the OpEx and a part of that is in the R&D capitalization And so I think the number that hits OpEx is about $700 thousand-750 thousand. of that $950 thousand.

And lastly, focus on sales excellence with cost efficiencies, giving a pathway to generate positive EBITDA. So that is all we have for today.

I want to open it up to questions and answers. Jonathan, if you can curate as you always do, in a great way, could you please, send us any questions that we have received from people who are online?

Yeah. Absolutely.

So we just have 1 sitting, right now, which is just wondering if we can speak to the delay in, sharing the results from 2025. So, it is been very interesting to see, what is in the marketplace, and this is not the first time Clear Blue's had to delay, its audit.

I have to say that auditing publicly traded companies under IFRS not something that is really built for a company that is as small as we are. It requires a lot of work from the auditors, and it requires them to, I think, do an amount of work that is more than the size of the company.

So if we were a bigger company, they would probably do the same amount of work. But they would have to do a lot of work.

So basically, the reason why we were late this year was just because we needed more time. There were no issues.

There were no major problems or items that had to be done. We got a very clean audit report.

From the auditors and have been all over that. I think the other point is 1 thing that I have learned as a result of becoming a leaner, meaner machine with AI is you have a much smaller group of people working for you, we have had a couple of major personal items for some people in our finance team.

And so when we lost a person who was, you know, 1 of the 2 or 3 key people we needed for 2 weeks due to personal issues that were quite serious. We just made the decision to say, you know, give us some breathing point now that we have taken the hit.

So you know, ideally, would have been out with the audit, but 3rd or 4th week of May, but I think just because of human issues, we needed an extra couple of weeks. I will note that we decided and thought it was important that we get both out at the same time.

So, you know, when you put that together, we are we are all clean and ready to go. But there were no main issues.

Just a question of more time. I would also comment that it is a brutal, brutal, brutal process especially when you are late.

And so our biggest objective is come hell or high water that it is not gonna happen again. Gotcha.

Awesome. Thank you.

Okay. We have another 1, here coming in from Bob.

You are saying you we expect a large SRED credit in Q3. Do we have a kind of, like, ballpark for that, or what does that kinda look like?

Right now, it is above $500 thousand is where we are at. And it is so we went through an SRED audit, a full audit for our 2023 tax return.

We then file our 2024 and it got approved right away. So we do think, and hope that this SRED refund will be processed reasonable given that we just went through a quite rigorous audit and passed it without any major issues.

So because of the new taxes, you now get the refund that you would get when you were a private company. And, the federal portion is a refund.

And that is, as a result of that the amount should be more than 500 thousand this year.

Yeah. it is it is a refundable tax credit rather than, like, historically, public companies used to get just tax credits to be adjusted against future income.

With this change in the recent budget, it is a refundable tax credit for the federal portion as well.

Great. Okay.

Nothing else has come in just yet. I think there is this 1 question from Fred.

it is have you explored the government green. Government fund Yeah.

So there is there is a link to a Green-N-Go and We have I will take a look at the 1 that has been specifically linked to, but we are working with NRC IRAP, which also had the green the green fund is the new s SRED fund. If it is the NRC green fund, that is the rebranding of the old SRED fund.

We could apply for STDC, you know, this green fund again in the future. But given that we just finished the previous 1, I think we have to wait a year or 2.

We are exploring a number of other options. We get federal government support around defense initiatives.

We are working towards moving our products into support for mission critical telecommunications in the defense and security sector. So that is a natural lead in and segue to the systems that we already have done some pilots and some projects in that area.

And we are also working with the Canadian Space Agency on space related grants and getting some good support there. So we are pursuing, nondilutive, nondebt government grants and refunds.

Great. Can you elaborate on some of the pilots that you are working on in the space and satellite sector?

Sure. So in the space and satellite sector, we are, the EU government has come out with a new regulation around cybersecurity, and that requires a significant investment for certain industries to have resiliency.

So we are working on some pilots around launching our PICO product for resiliency backup of satellite communications across Europe. That is a very exciting opportunity for us because we would like to get into the European market.

it is a great market for us to be in. And we are hopeful that will come to fruition.

We are also working in The Middle East with a security company, a satellite services company, who is wanting to roll out a full temporary and mobile satellite services with solar and hybrid battery powered systems for satellite. Again, our PICO product is perfect for that.

And we are working on that. K.

Perfect. Thank you.

K. Speaking to EUTELSAT now, if like they are providing $1-2 million to develop a LEO product.

So how much of our existing tech can be used, in the new project, and then how big is the TAM, versus the geo market for LEO? So it is interesting when you get into the discussion around different satellite services You know, I use the phrase Starlink to refer to LEO type services.

But within the category, there are very different kinds of services and different kinds of it is not just like 1 product. So the satellite LEO focus for EUTELSAT is a different capability and different footprint of the use cases than you would see, for example, for Starlink.

Starlink's mostly a retail opportunity, You may have noticed that is EUTELSAT has done a major purchase initiative to roll out satellites, so they are doing a major satellite rollout. Our products are very well suited for it.

The base platform, the base technology is perfect for it. it is tends to be larger power, and so it will be a combination of either our pico or nano product.

What we have found with EUTELSAT is that if we focus on a very specific product and integrate our product with their product, The you know, it is not just buy this power pack and attach it to it, but do a really strong integration of the 2 products then you make significant progress in terms of the efficiencies and the performance of the system. So for our Connect-WiFi 15 thousand-site rollout, what we are actually shipping is an integrated it is a single box that has both EUTELSAT modems and Clear Blue power systems together and we have integrated them from a software and a API and a and even an electrical perspective.

So there is been a fair amount of work to take our standard product and specifically tune it to the use case for Connect-WiFi, which is geo, we expect to do the same kind of tuning for EUTELSAT LEO, which is why there is R&D work to be done. So the short answer is we have the product.

We have the technology, and engineering it for very exact and optimal and performance is what we are doing to really have a big bang for buck. Awesome.

And just an addendum to that 1 is what does ASP look like versus our current products? I am not sure.

I do not know. That answer.

that is a the $64 thousand question The PICO for the PICO plus product for GEO, is around CA$1.2 thousand-$1.4 thousand per unit. For the initial sale price, which includes the first 3 years of managed service.

LEO will be bigger than that. I would say $2,000+ It could be higher.

I think the 1 thing I would say is the lower the cost, the larger the market. So if I can sell 100 at $10 thousand I can sell 1 thousand at $5 thousand and potentially 5 thousand at $2,000.

So part of what we do is work very hard to get the cost down so we can get a larger market rollout and penetration But that is part of the project that we are working on right now is to figure out what is going to be required to optimize the system, what is the performance, how do we tune our product to get the maximum performance benefit from the system? Awesome.

Thank you. K.

Shifting gears a bit. So looking at the lighting side of the business now, So we had success with Toronto in Bloor Street, doing their relighting project, and Toronto has said that they are upgrading their street lighting over the years.

So is this an opportunity that we are exploring? And yeah, what other kind of opportunities exist in the lighting side of the business?

Can you still hear me, Jonathan? Yes.

I can. We love your present but we can still hear you.

Yeah. So the lighting business so first of all, it is a really fantastic recurring revenue business.

The majority of our recurring revenue is in our lighting business. Because of our ability to address the vagaries of the North American market.

So our energy as a service model and delivery of the services for that segment is something we have been able to be more aggressive on our EAS service model. And so it is delivered significant revenue growth and margin as a result We have a the Nevada Department of Transportation as an example.

We have a 10-year contract to manage those systems on an ongoing basis from an energy as a service. I think the first install for the city of Hamilton was in 2014.

And even today, they are paying us an annual fee for the management of the service. So we are looking at we are seeing that marketplace evolve, and I think it is getting I have talked about this before.

I think it is getting to the point where you can see much larger scale, standard rollouts. We have had a lot of data center projects, and We are going to get another data center contract in Q3.

We all kinda look at that and say why are data centers doing so much solar lighting? And I think the reason is because they are the ones who feel such pain on the energy side.

that they are doing everything they can from a solar perspective. Perspective.

The price point of a solar streetlight when we first started this business, we were paying $1.4 thousand for a solar panel. And a solar streetlight was over $15 thousand.

Now we have got them down to even 2,003 thousand dollars a pull, And when you get to that price level, it is something that moves much more quickly. And 1 of the examples of that is when you see the larger players come into the market.

So now you have got utilities who are starting to go mainstream with doing solar streetlights. Janice Gross Stein of the Monk debates and the Monk School of International Affairs made the comment last week that you know, 1 of the biggest impetus to adoption of clean technologies is going to be what is happened in The Middle East with 25% of oil shut in the Strait Of Hormuz.

And we do think that is going to be a major impact. The concept of putting miles and miles of power cables is just why do that when solar lighting can be so reliable and easily managed.

Awesome. Thank you.

Okay. 1 more here.

So have we explored sodium ion battery potential for better colder weather performance versus lithium batteries? That 1's above my pay grade.

If you could just let me know who asked that question, Jonathan, after the meeting, I will get an answer from our battery person. We are currently shipping mostly lithium ion even in cold weather.

For those of us who are Canadian, we know that when it is minus 20 the sun shines. And so at minus 20 when the batteries need to be warmed up a little bit, you have got solar on the solar panel.

there is also a lot to be done on technology. People have this kind of 1-liner rule that says, oh, below zero, you cannot charge a lithium battery.

that is actually not true. You can.

it is just the amount of charging and the way you charge. So when you have a smart power system like Clear Blue has, and you can control how you are charging that battery, you do have the ability to go into cold weather.

So lithium ion does, have the ability to support many, not all, but many cold weather situations. We are continuing to work with other opportunities for energy sources and store energy storage.

1 project that we have partnership that we have under development, we have started to work with a German Canadian company called SFC Energy that has a really good, fuel cell technology that is of interest to us. And so support for initiatives with their fuel cell and our lithium solar products is something that is also under development.

This is an example where AI allows us to move more quickly. A project like that you know, we are doing it with, you know, 0.25 people in, you know, weeks of development testing, research, to make us able to support that type of app as compared to taking months because AI allows us to develop the test plans, run the test plans, do the market research, get the technology information, create the documentation, do the certification, all at the speed of light.

And so getting into these new applications and new markets is heavily being supported by the use of AI across the company. Not to mention the fact that if we need software interfaces to support a smart fuel cell or another battery, Our 25 software AI agents can develop it very, very quickly.

And it might be more than 25. I would have to ask more company he has, today.

Alright. Perfect.

Thank you. So that looks like all we have for now.

Okay. Well, thank you, everyone.

We will give you our, next, update with the Q2 earnings results in late August. I hope that you have a very nice relaxing summer, and I hope that we have a very unrelaxing summer as we kick into high gear and move forward with a number of large projects.

As we see those results come in, we will, of course, keep the market advised on interesting information. Thank you, everyone.

Thank you. Bye.