which is our, who is our Director of Investor Relations and Strategy. It's an absolute pleasure to be speaking with you this morning.

I'm really excited to present our first half results. There's plenty to talk about, let's just jump in.

We're going to cover an overview of the first half, the highlights. We'll speak a lot about the growth platform that we are building and provide some sentiment, outlook information for our investor community.

We'll also conduct a Q&A at the end of this presentation. The first half has been a incredibly transformative time for the business.

We have both simultaneously improved our governance systems, uplifted the organization, provide, invested in ERP systems, and provided a phenomenal new production facility for our, our, our extended growth. Meanwhile, we have also achieved record revenues.

Simultaneously, the continued growth of the business in all aspects has been very strong. A number of our core objectives, both the overall revenue growth, but also the recurring nature of that revenue growth has increased substantially.

We are now sitting at 9.2% recurring revenue for the first half. That's almost three times what we, where we were last year.

Again, it's important to understand that for every device that we sell, there's a hardware cost, but for, as that builds up, the software is of a recurring nature. That recurring revenue number will continue to build as we have more devices in the field.

We have over 4, 4,000 devices now around the world. What's really exciting and what I'm really proud of the team in the last, particularly in the last couple of weeks, we have now achieved a committed revenue number of 400, of $240 million.

That is up substantially on the trading update we, we released to the market only a, a couple of weeks ago, which was only at $206 million. It's been a great couple of weeks for DroneShield, and we'll look to continue that momentum well into the second half.

I think what is also a great achievement for this organization, we had a record year last year of $216 million. We've now well surpassed that number for committed revenue for 2026.

Overall, I'm very pleased with the, both the continued revenue growth, but also the growth of the organization and building our platform as we move forward into this really significant market opportunity. One thing I would like to touch on is our gross margin.

It was slightly down on where we would like it to be, which has, been widely reported at 65%. We feel strongly that we can return to that 65% number through the remainder of the year and moving forward.

What that depression in that margin was, was around the product sales mix. As many of we sell both our products as well as interoperable third-party solutions, which have a lower margin, which we sold a significant amount of in the first half.

Also, due to our ERP implementation and our significant warehouse move, we had a, a product impairment that we, we took in the first half, which lowered the overall number in the first half. Again, we feel confident that we can have that number rise in the second half, closer to where we want it to be in the mid-60s.

The balance sheet remains strong, $180 million cash and term deposits, no debt. We have invested heavily in long lead, long lead items, including things like CPU and chips that we need for our next-generation AI edge-deployed sensors.

The revenue outlook, I was very pleased to be able to provide a revenue guidance for the first time in the company's history only a couple of weeks ago at $250 to $270 million. This is, this represents 15 to 25% increase on that record year last year.

We, we have now reaffirmed that number. We'll continue to provide updates to the market when we need to should that change, but right now we're comfortable with that range.

A few comments from myself. This was certainly a, a investment-heavy period for us, bringing online our next-generation platforms, improving the governance controls and systems across the organization.

We, we decided to spend these six months, 4.5 of which I was the CEO, to uplift for the ongoing growth of the, of the business. We've done that now.

We'll now look to continue to optimize the business and drive the growth platform forward. The foundations are very much set, not only the systems and processes we've spoken about, but the leadership team and everything that we're doing to make sure that globally, we are scaling the organization.

I feel strongly that we've laid a lot of great foundations in this first half and will continue to execute in the second half of '26 and well into '27. We're doing all of this because of the opportunity we've seen in front of this.

The doctrine has very much shifted. Counter-UAS or counter-UxS solutions are now front and center in the media every day.

Drone technology is fundamentally reshaping defense and security as we know it. The doctrine is completely shifted.

The world understands now that there's no silver bullet to this, and only the most competitive solutions will win. Our intention is to make sure DroneShield will always have the most competitive solutions.

What's re- really interesting is we have thought about and spoke about the idea that that eventually, there will be a market outside of the military. Over the last 10 years, primarily, the only major customer base for us has been defense.

That changed in this half. We have now seen huge demand and lots of engagement well outside the defense industry, from everything from government to security teams, data centers, critical infrastructure providers, correctional facilities, and even some use cases that surprised us where drones are causing real issues in the day, in the day-to-day industry and people's lives.

The threat continues to evolve and continues to expand in the market need. That's a really exciting thing, specifically for DroneShield, which is one of the only counter-UAS companies that has a true dual-use strategy.

What I mean by that is our technology is as applicable to the military domain as it is to this emerging non-military market, which is really exciting. One thing that we've struggled with over the last 10 years is the the budgeted that were assigned to solve the counter-UAS problem.

It's been a very nascent industry for a long time. As many of DroneShield was really early, one of the original pioneers of this industry.

What's exciting to see now is budgets are becoming structural. We can now have line of sight to where world governments and world militaries, as well as large organizations, are budgeting for counter-UAS solutions in over the next 5 years.

That's giving us greater insight into the pipeline, greater insight into the size and shape of the market moving forward. This is only, again, happened in the first half of this year.

Let's Let's move through some of the highlights. Again, revenue, uh, up really significantly, 74% on the first half of 2025, which was that record, outstanding year for us.

We've, again, we've beaten those those numbers quite convincingly. Really proud of the whole team working together to achieve that.

Recurring revenue, which provides the sustainability for the business, up significantly. Certainly coming from a low base, but, again, something we'll continue to drive forward with a number of devices, but also some product mix changes that we'll make throughout the second half of this year and well into '27.

Gross margin, I believe we've touched on. Again, our strategy is set, and we believe that we can return to close to a 65% gross margin moving forward.

Absolutely, this was in a period of significant investment, and that's what has contributed to the underlying EBITDA stats you see there. We feel strongly in the future of this business, and it's up to us to be make sure that our solutions are world-leading and absolutely the most competitive they can be.

The committed revenue number is really exciting. To be sitting here at the end of August with already $240 million, just slightly over that, committed in, in the books is really, really encouraging.

Again, one thing I would comment here is the the market and many of our investors are used to seeing lots of individual contract updates from us that previously were over $5 million. What we're seeing now is a change in the, in the market.

I think this is really important to understand. You're going to probably hear from us less as our as our announcement threshold is now $20 million.

As you can see with the committed revenue numbers later in this presentation, the consistency, the repeated nature of the orders that we are receiving from repeat customers as well as new customers just continues to roll in the door week after week. It's really great to see, and for me, that's a much more sustainable, long-term, high-growth business.

Cash, we absolutely utilized our cash position this, this half to invest in that working capital, R&D, and our team. We, oh, it's really important we, we do remain debt-free.

We have no debt currently on the, on the books. I'm going to hand to Josh now, who's going to talk about some of the exciting numbers when it comes to our revenue contribution.

Thanks, Angus. The first half revenue segments really demonstrate that DroneShield is continuing to be more diversified across region, type and segment.

Starting with the regions, the callouts here are that Europe and the UK is continues to be our strongest region with 52% of revenue. This reflects that strong reorder activity, and the scope extensions, which have come from existing and new end users.

In the half, we opened our regional headquarters in Amsterdam, as well as in-region production, showing our commitment to that important core market. We're also very pleased with the growth coming out of the United States, where this time for for 2025, that was 14%.

That's now at 17%. We confirmedly see a track for that being stronger with the committed revenue we have.

Some of that growth out of the US is coming from the multi-agency procurement mechanisms, such as JIDA 401, where they recently launched a online ordering portal and we're one of the first providers in that in that portal. The diversification sees the balance of our our business coming from LatAm, Middle East, North Africa and Asia Pacific.

We've got really good engagement and and promising opportunities across all of these markets, and and continue to build, particularly with the next-generation product discussions. Importantly, demand is is increasingly global, and we're now operating in well over 40.

We've got products in well over 40 countries, on the edge of 50, as well as representation in in 70-plus countries. By revenue type, we are heavily still anchored towards the hardware.

With subscriptions representing 9% of revenue, up from 5% across all of last year, that's a dramatic shift, because it shows that hardware wins the deal, but software provides the long-term value to the end user, as they rely on the the software upgrades, the AI-enabled part of the the product, to keep them up to date with with the latest in drone threats. Counter-drone is not a static solution.

We currently have 4,100 software-enabled units, and that will be an important metric to track over time as it has a direct impact on our broader aspirations for recurring revenue to be a major feature in our future revenue. Alongside our existing hardware lineup, the next-generation products will help compound the value as there are more devices in the field.

By segment, military is still the largest contributor. However, to be able to report that the non-military segment, which which includes commercial activities, is already at 15%.

This is from a negligible amount about a year ago. It's a very positive outcome.

We are the only scaled operator who can provide products from the battlefield through to the suburbs. While the headlines and awareness is there in Ukraine and Middle East conflict zones, every day we're hearing about drone-related issues in airports, critical infrastructure, prisons, public safety venues, and other major events, such as our work at the Kansas City Police Department and and the FIFA World Cup sites around Kansas City.

I'd encourage everyone to look at the case study of this on page 28 of the pack, as this is just one situation where airspace awareness is critical in non-military settings. Turning now to our revenue outlook.

As Angus noted, committed revenue is at $240 million, and this includes $126 million of which was delivered in the first half. This slide slide provides a clear evidence behind our outlook for the 250 to $270 million of revenue for the year, and our ability to reaffirm this this guidance.

The growth in committed revenue through the year reflects a solid run rate through repeat, reorder and expansion orders from existing end users. This is an important point.

DroneShield is not only winning new opportunities, it is seeing customers expand scope as operational needs evolve. We're sometimes asked what proportion of our orders come from existing end users, and that can be a tricky question to answer.

For example, if we're working with a national defense force, is each area of that defense force considered part of the same or a unique end user? In in our case, we would say that it's it's an existing end user.

While we also know that big headline material contracts get a lot of attention, there's a very clear pattern of healthy and regular reorders that flow through without fanfare, and this is plotted out in this chart here. With more than 4 months of the year still to run, $240 million is 36% above the prior corresponding period, and represents 111% of the total revenue of last year.

As we have previously said in in notes to the market, some of the orders that continue to build through the balance of this year, particularly some of the more complicated orders which have interoperable systems with third parties, will take slightly longer to deliver, and will will more likely start building into committed revenue for 2027. What we've provided as guidance is based on what we can see based on the the conversations we are up to, and where new conversations commence, it doesn't mean that we won't necessarily secure those in the next few months, but it is it is possible that those may spill into next year.

On that basis, we are already at committed revenue for 2027 and beyond of $43 million. Again, this is consistent with the the move from urgent purchases to more programmatic and budgeted counter-drone procurement.

On the revenue growth more generally, over the last 5 years, DroneShield has delivered a cumulative average average growth rate of 113% between 2021 and 2025. Now this is clearly from a very low starting base, and over a period where awareness and funding for counter-drone capability has accelerated profoundly.

However, the observation we would make is that DroneShield has historically invested ahead of this demand. There are signs of that in the company's history when there have been more modest periods of growth.

Periods of meaningful R&D investment precede revenue step changes. This is a pattern we see as continuing, especially as we bring on board our next-generation products to the market.

That's where we are today. Starting with RFAI 3 and RF Recon, there is a major rollout of our next-generation solutions from now till the end of 2027.

I know Angus will delve into that more shortly. Finally, the recurring revenue line shows DroneShield's growth is not simply a function of one-off hardware demand.

It is being driven by structural market adoption, product evolution, software-enabled AI intelligent devices, and an expanding installed base that supports future recurring revenue opportunities. We now We also recognize that there has been an increase in the cost base.

H1 2026 was a deliberate investment period, as we continue to build the operating platform required to run this business now and well into the future. For context, on this slide we have shown four major expense expense categories from within our P&L.

With each, the black bar represents the 6 months to June 2025. The orange is the growth to the current period, with the slightly lighter orange what we consider to be individually significant items as discussed in the appendix.

This leads us to the gray bars, which show the 6 months to June 2026, the period we've just reported. Within that, the dotted lighter gray section is the comparison to the 6 months to December 2025.

The reason is that as the that that in some cases, those costs which we've reported for this half are actually more in line with where they were for the December half that that is not the that is just being completed prior to this one. In the case of employee benefits, this is an this is a material increase, reflecting the growth in the head count to 537 employees as at 30 June, compared with 332 last June, and 482 at the end of last year.

This increase reflects sales, technology, operations, and corporate support capability, as well as recruitment costs and very senior hires. There is no doubt that we have to put more people in this business ahead of this next stage of growth, and particularly at more experienced levels.

This organizational maturity is both necessary and deliberate. While we are likely to see selected head head count growth in some areas of the business, we are being far more considered in how and where we add people.

For example, we know that additions in our sales functions will be a priority in the near term. At the end of last year and the current period, we saw an increase in our sales and marketing costs ahead of the our next-generation product releases.

The emphasis in the second half shifts toward more targeted customer acquisition and the channel activation, we should see a moderation in these costs. Corporate and professional costs are also increased with added governance, legal, and finance and specialist support functions needed for our scale.

Again, this is by design and critical as we continue to grow. Finally, business systems costs reflect the implementation of the new ERP and sales systems.

These are the the lighter gray box, sorry, the lighter orange box, the $3 million is the implementation cost of those. It's very clear that these systems are already been providing operational benefits and process benefits across sales, procurement, production, and finance.

On balance, the company has increased operating expenses to support the scale. Much of this is needed, and it is better to have this in place now rather than later.

However, equally, the focus has shifted on disciplined management of these costs. With a healthy delivery of revenue, the operating leverage of that largely, relatively fixed cost base will bring profitability back to the bottom line.

To drive this point home, operating leverage means that, for example, another $50 million of revenue at a 65% gross margin will bring a faster delivery of that $32.5 million of gross profit to the bottom line quicker. Thanks.

Thanks,

Josh. I think that's a great summary of some of the critical investments we made in the first half of this year.

Even with those, our, our cash and term deposits remain strong. We've increased our inventory as, as many of our investors would know.

Around the world, hardware, chips, memory, software-defined radios are, a, are critical line items for many industries and many sectors now. We've had to strategically invest in those with our supply chain partners.

One thing I'm incredibly proud of at DroneShield is that out in the last 10 years, we have never missed a delivery. That's something we'll continue to strive towards and maintain even as the numbers grow in terms of size and complexity.

The way we do this is in, and investing ahead of time, making sure that we have the chips, the memory, the GPUs, and the software-defined radios ready to go to put into production. We've also slightly increased our research and development team ahead of our next-generation product releases.

As has been widely reported, we've also looked at our governance and the maturity of the business. We only have to go back a couple of years, this business was not even inside the ASX 300 and was producing significantly less revenue than it is today.

We have now focused fully on this in the first half, bringing on our new chair, Hamish McLennan, who we've been working with incredibly closely, and retired Rear Admiral Lee Goddard has joined the board recently. This represents a, a major governance uplift, and we'll continue to do this in the second half of '26.

We continue to invest in our people and our systems, as Josh mentioned. An ERP system as well as a CRM allow us to make better decisions when it comes to inventory, planning, and capital allocation.

These things, due to the, the start-up nature of the business for many years, were not fully in place. I'm really pleased to say they are now.

We also have been looking at our governance policies and raising our standards across the board in terms of our policies and procedures. While these are not as exciting as some of the revenue numbers we've, we've, we've spoken about earlier, I think it's just as critical that our investment community understand that this business is maturing at a, an incredibly rapid pace, again, ahead of this next stage of growth.

Let's talk about that growth platform. We've mentioned before that there's no silver bullet for counter-drone, and that is something that we realized many years ago and started building our DroneSentry C2 ecosystem.

What remains still very much the case is that radio frequency detection and defeat technologies remain at the forefront and are often the first products that our end users look to acquire and deploy to counter the drone threats that they have. Why is that?

RF detection and defeat solutions are arguably the most capable solutions that provide coverage for the most amount of drones at a, with, within a product format that is easily deployable, easily trained upon, and incredibly effective as well as cost-effective. This is not changing.

We look at the next-generation of, of drones and swarm technology, as well as manned-to-machine teaming technologies that are being developed. All of these require radio links.

We only have to look at some of our great peers in, in the ASX who like Elsight and Codan, who, who create some of the radio links that are being used in this next generation of drones, to see the significant increase in these radio links. The good news for DroneShield is that's exactly the type of things that we work on and we target.

As those radio links proliferate, our technology is even more in demand to make sure we can detect and track these types of communications. Our C2 remains a core part of our strategy as we integrate additional sensors and effectors in layers 3, 4, and 5.

This continues to be a really positive strategy winning some significant contracts, such as the JIDA 401 contract we announced in the previous period. We'll continue to work with partners, and you'll see some additionally exciting partnership announcements from us in the next several months when it comes to our partnership ecosystem.

As many of I have been spent devoted the better part of my working life to the counter-drone mission. Starting very early at this business, we have tracked this industry day in, day out, and it is really encouraging as the organization matures to see those structural that this industry becoming much more structural, less one-off, and more reliable.

The technology we deploy is now in high demand around the world. I'm looking forward to in the second half of this year completing trips to both Europe and the US as well as core markets such as Asia Pacific where that we're seeing huge demand and to engage with our, our channel partners as well as our end customers around the world.

There's a lot to do, and, and many conversations to have in the second half of this year, but it's really exciting to see that the counter-UAS issue is now a very much standard standard issue for militaries as well as security and law enforcement agencies around the world, and DroneShield is incredibly well-positioned with both our technology, but as well as our partner network around the world to provide that capability. I'm incredibly excited about our next-generation platforms.

Some of these technologies and solutions we started talking about over 6 years ago. RFAI v3 was something that we started working on over 3.5 years ago and has culminated in the launch of RF Recon, which is the first of our true next-generation detection platforms.

I still don't think it's fully understood the level of technology and complexity that we build into this platform. Most software-defined detection systems are banded, meaning they can scan individual portions of the radio frequency spectrum.

The RF Recon can scan from 100 MHz all the way through to 7.125 GHz fully continuously. This is a huge achievement and a core part of our ultra-wideband technology that we've built over the last 3.5 years.

Not only that, with the launch of RFAI v3, which is our next-generation RFAI model, our solutions can detect drones they have never seen before. That's really easy to say, and almost impossible to do.

Only this week, we saw the latest of that model, which is not being released to the market yet, doing some other incredible technology aspects including detecting new emitters and promoting those as it classifying those based on the behavior of the emitter, not just the underlying data that it was seeing. This is incredible technology that I'm incredibly proud of DroneShield for pioneering.

We continue to build on those platforms. The second half of '26 for us is about producing the production and scaling those solutions as well as generating revenue, and we will, we do look forward to announcing our first sale of the next-generation platforms shortly.

Again, really excited and lots of great customer conversations happening around those platforms every day. As Josh mentioned earlier, by the end of '27, we expect to have our entire product suite fully refreshed with next-generation hardware built on our ultra-wideband technology, underpinned by RFAI v3 with some of the best hardware we've ever put together.

All of this is supported by our software and our recurring revenue streams. We get asked often about the competitive landscape and what are the moats around the business.

I've never been more comfortable with that our competitive moats around the business and our position in the competitive landscape. We have, we would arguably have more hardware devices in the field than almost any other provider in our, in our category with over 6.5, 6,200 devices around the world.

That's a lot of experience building a lot of hardware at scale, and that really counts when it comes to reliability and performance over time. The hardware that we build is incredibly intricate and, and complex in nature, and there's a real competitive moat around just, just building the hardware part of our business.

Secondly, the second moat around our business is our AI-driven software. We have a unique environment of engineering here where we have engineers capable of understanding the radio frequency spectrum, deep software experience as well as some of the leading AI engineers from across Australia.

We also have 10 years of proprietary threat data that all of this is built on. Again, these are not This is not data that you can go online and scrape off the web.

This is data that is hard-fought and hard-earned that we've recorded from around the world over over a decade. That's the second moat around the business.

The last moat that we have is the trust in our brand, the trust in our solutions that are deployed every day in safety- and life-critical operations. We now sell to just under 50 countries, and we look forward to hitting that 50 marker hopefully soon, but just over just under 50 countries, we are deploying our solutions every day around the world.

Josh?

Thanks, Angus. We get a lot of questions around around the the broader thematics across funding and and other aspects of the counter-drone industry.

It's clear that the governments and alliances around the world are increasingly acknowledging the drone threat by unlocking funding, procurement channels, and the regulatory gates needed to implement counter-drone measures. In the US, which is the world's largest military spending nation, the budgets are getting bigger and bigger.

The call-out here, as I mentioned earlier, is the JIDA 401 counter-drone marketplace platform. Already, there's $900 million committed for 2026 to that platform in terms of the their spending allocation.

DroneShield was one of the first companies to have the products on the platform, which is an important validation point of the work we've been doing with them over some time. We see procurement portals where end users can fill their cart with direct counter-drone solutions for quick delivery as more evidence of the reorder, up-order, and expansion order approaches that have been a feature of our committed revenue development over the year.

Again, we would call out the implications of the Safer Skies Act, which opens up the counter-drone access for 17,500 local and state law enforcement agencies, with FIFA World Cup 2026 providing a useful operational case study of this. Europe and the UK remain highly significant with NATO commitment referencing at $40 billion US for counter-drone over the five next 5 years, and the UK putting £790 million towards integrated air, drone, and missile defense systems.

This region, obviously, is DroneShield's fastest-growing revenue contributor at the moment, and remains the area an area of opportunity. On that, we've previously made mention of a major European opportunity.

Today, we are sharing a very disciplined message. It remains the largest program in DroneShield's sales opportunity pipeline.

We refer to this as the COBS, Anduril, Nokia consortium. Down-selection is expected in the second half of this year.

To protect sovereign, commercial, and competitive sensitivities, we will be making deliberate a deliberate decision to reduce the commentary on this terminology, and we will provide the market with appropriate updates when appropriate. In Asia Pacific, counter-drone capability is increasingly discussed in the context of protecting crowded spaces, vulnerable targets, and critical infrastructure.

In Australia, we've seen approximately $1.5 billion earmarked for counter-drone as well as clearly reported needs based on recent coverage. On the commercial side of the market, and I just see questions come through on how big is the commercial side of the market, our total addressable market reports on that, which are available on our website, I think last put that number at $28 billion.

As we previously noted, counter-drone is no longer defined to the battlefield, confined to the battlefield. The numbers on this slide speak for themselves, and it's evident, scary evident, that drone incidents are escalating across public safety and critical infrastructure and commercial settings.

The threat is persistent, geographically widespread, and relevant to both government and commercial operators. This is a this dynamic creates a broadening set of use cases for DroneShield's detection and awareness solutions.

Importantly, DroneShield, I would say, is arguably, possibly the only operator in counter-drone space that can service both military and commercial markets. As regulations, funding, and real-world case studies develop, our fielded systems and software-enabled devices provide a multi a part of a multilayered architecture as we participate in this market.

Thank you, Josh. What are we doing in the second half?

We will deliver on our FY '26 guidance, which we have reaffirmed this morning. We will look to recover that gross margin trajectory through a combination of our new products being sold as well as not needing that one-off stock impairment there.

The We also look to ship, sell and ship our first RF Recon devices. We're really excited about this as DroneShield's next-generation flagship product moving forward.

We'll continue to build on the recurring revenue base, and as Josh mentioned before, we are looking to expand our commercial team and and really drive that growth engine well into '26 and '27. Some notes, again, that underpin the thesis behind DroneShield and and what we think about often.

This is, and you've heard us from us this morning, the this problem is becoming structural. We now have visibility into the budgets.

Budgets are now being allocated. Again, this has all happened in the first half of this year, giving us much more confidence that there that there are numbers behind the demand and where we need to focus our attention.

The committed revenue number, I think, is outstanding for this part of the year, to be in August with $240 committed revenue, and we'll look to continue to aggressively build on that in the second half. We also move to our platform transition, moving, again, to a full product refresh by the end of '27, underpinned by our next-generation technologies, some of which the market has seen, some of which we look forward to announcing through that period.

The balance sheet remains strong, and I'm excited about the experienced leadership team that we have driving every day to continue to build this country this company around the world. With that, we'll end the formal part of this presentation, and we look forward to running through some of the the Q&A that we have from our investment community.

Thanks, Angus. I'll moderate the Q&A, and in some cases, I'll I'll answer those, and then and throw some others to you as well.

Taking We've also received questions in advance, I appreciate those which have been sent submitted in advance. Maybe starting at at a more local level, is the Australian Defence establishment buying DroneShield products?

Do you think the Australian Defence is paying enough attention to both defensive and offensive drone technology?

As an Australian business, we're incredibly proud and I'm personally incredibly proud to be providing our capability into our ADF. This is through the LAND 156 program of which we are part of Line of Effort 2 and Line of Effort 3.

We are continuing that and there's a we've had a lot of engagement with the ADF, again, in the first half of this year. We've seen as widely reported in the media, some of the challenges that exist to the ADF in in terms of the RAAF Williamtown drone incursions.

I'm not going to speak too much about that as that is an ongoing operational situation, but certainly, DroneShield, I would say, obviously, stands ready, and we will continue working with the ADF on this significant issue. In terms of what Australia is doing in the drone, counter-drone space, there are significant investments upcoming in the Australian defence budget for both drone and counter-drone technology, and we all I would say there is we look forward to to working with our partners in the ADF to provide them with technology, but as well as our information and support in any way.

One thing that's that's not probably known to many of our investors, but we have a a capability agreement with the DSTG, the the scientific arm of Defence, where DroneShield and DSTG have a monthly meeting to discuss the latest intelligence and requirements that we're seeing from around the world from a DroneShield perspective, but also from an Australian perspective through DSTG. We have deep partnerships into both the commercial, the military, and as well as the scientific arms of the ADF.

Thanks. Moving on to the technology for a second, there are a few questions around counter-drone more generally as well as our our solutions.

The questions, I'll summarize as thoughts on on drones controlled by fiber or AI-enabled drones, or drones which don't see themselves controlled by radio frequency, the use of sound detection for drones. Maybe that's just the first part, then I'll wait for the second part.

For address those those parts of it.

Look, certainly, that there is a lot of technologies when it comes to drones, and something that we talk about often is that, you shouldn't think of the drone as the technology, right? The drone is a platform of many different technologies that can be configured and reconfigured.

Many of these technologies are on their own exponential development curves, creating additional challenges for drones. Clearly, DroneShield, we have world-leading RF detection technology and RF jamming technology, particularly with the release of our RFAI v3 engine, which, as I mentioned before, is able to detect drones that is never seen before and promote those into, based on the behavior of those emitters, into a threat profile for our operators is technology that I believe that we are pioneering around the world.

Clearly, that's a core part of our technology and our strategy. Similarly, we have developed and and invested heavily in our DroneSentry C2 platform, which is our sensor fusion system.

The reality is you need multiple different technologies to detect and deter all the different types of drones that we see now and well into the future. DroneShield, we want to be that integration layer or interoperability layer that allows all those technologies to work together and get the best out of those technologies.

Having one sensor offset the weaknesses and with the strengths of another. This is what our sensor fusion technology is designed to do.

I think we're getting more and more tracking traction with that platform over time. Look, there'll be there'll be different technologies, and certainly, we've discussed previously the the fiber optic drones we see primarily in the Ukrainian and and Russian conflict as, as one area of technology innovation.

Again, our radar technology, our sensor fusion, our interceptor drone platforms, and our and some of the interesting partnerships we'll announce shortly are designed to deal with those types of threats. Realistically, what we're focused on is building solutions that are easily operate operated and deployable today around the world, and that's what we're focused on at scaling the business.

Thanks. I'll give you a bit of a reprieve, and I'll take a few questions.

One of the questions which has come in is the current status of the ASIC investigations, and when will this investigation be closed? As we've identified to the market, we're cooperating fully with the investigation being conducted by ASIC.

It's not clear what action, if any, may result from these investigations. As it is an ongoing investigation, it would not be appropriate for us to comment further around their timelines.

We'll obviously update the market when there are developments that we can share. That's as much as we can say on this today.

There are questions also regarding a a note in the accounts regarding a management a payment to as part of a settlement with a member of the key management personnel. This matter is a confidential matter.

It is a a settlement which has been reached where it does not relate to termination, misconduct, impropriety, or any other of those sort of nefarious matters. It is a private matter, which we are not able to explore further.

We have acknowledged that in the accounts. It is not a matter of remuneration or employee benefit, and we'll we'll close that matter with with that context.

The other questions which arose were a lot of commentary around or questions around the share price. Clearly, we we we do see the share price.

We we acknowledge that the share price moves on on sometimes, it it can move on on no information, and sometimes it can move on or it can not move on a lot of information. Really, what we're trying to do here and and show is that we have had to make a number of important decisions over the last 6 months around how we invest in our business in order to support the business for the future of DroneShield.

The future requires us to have a more stabilized base to it across every aspect of it. Whether that's in the production through our new production facilities, whether it's our sales functions, by having an Amsterdam office and and and building up our our sales team around the world.

This business has run for over a decade on a very lean structure. As we see the demand coming from our next-generation products, as we see the demand coming from the threat of of drones, this is a business that has a very promising future, but sometimes we we do need to reinvest in in the base of it in order to support that growth.

We understand that the share price has has caused frustration to people, and, as a shareholder myself, causes frustration to me. We obviously are are are building a long-term story here, and this does sometimes require a little bit of investment in that period.

One of the other conversations is around the impairments and and around the we had previously talked about impairments around the inventory earlier in the year. That this was that that was in relation to a specific large amount of that was in relation to a specific product which we identified back in I think it was February.

This this this impairment that we've talked about for this half is more around as we open that new production facility, move the ERP system, identified items that frankly, as you when you move house sometimes, you you sometimes realize that actually it's not worth moving some of the stuff. It's raw materials.

It's not in this case here, for the 6 months we've just reported, it's raw materials, it's not finished product. We we really do hope that it's not a recurring feature, which is why we see the confidence in in being able to, rebuild the gross margin back towards that 65%.

That covers covers that one. Angus, I'm going to I'm going to bring something to you to your attention regarding Ukraine, and this does come up a lot.

One is, how do we Do we sell to Ukraine? How do we get products sold to Ukraine?

What evidence are we are we seeing out of that market?

Sure. Ukraine continues to be a core focus for us from an intelligence perspective on the nature of drone warfare.

I would argue that the best drone operators in the world are the Ukrainians, and secondly only by the Russians. Interestingly enough, I would say the third best in the world are some of the drug cartels that exist in South America.

They are utilizing drone technology and some of the tactics and operations that are being refined in in the Ukrainian-Russian conflict. Definitely underpins that this is a a global problem that, that is existing.

Ukraine represents, I would say, less than 10% of our revenue, but we do engage with that market specifically for the reason that it is the most real-world and probably most advanced drone warfare that exists. We do have an in-country partner.

We do not have people in the ground ourselves. We do have a very close in-country partner who was with us recently when we opened up our Amsterdam office.

We do have and they provide all the servicing of the thousands of devices over the years that we have across Ukraine. Still very much engaged in that market, probably less than 10% of our revenue at the moment, but a critical area of focus for us from an intelligence and as well as just supporting the the the people of Ukraine.

While while we're in so that that broader part of the world, there's some questions received regarding the European opportunity which we talked about. One was what does down-selection mean, and the so the timing beyond that, and yeah, so yeah, that that if we talk a little bit more about that opportunity.

Sure. I think that add the the color to that at a macro level, Europe is going through a very significant rearmament phase.

It's industrial base as well as the organizations that are there, I would say, have been underinvested in for many decades. It's exciting to see their the different various European nations rearming, but for us as an Australian business also out reaching to people like DroneShield to help them with that technological uplift and that rearmament of their protection and defensive technologies.

This is the the macro environment for Europe for us. As Josh highlighted, with our revenue contributions, continues to drive a lot of the growth that we see.

We're very grateful and thankful to the various European military as well as government agencies around the world who have chosen DroneShield to be their counter-drone partner. That specific opportunity is one of the the programs under the ReArm 2030 program that is ongoing, with significant funding attached to it, a very large portion of that funding for for that individual European nation.

The down-selection process, as we've as we've touched on, DroneShield has teamed up with Anduril, COBS, and Nokia in a consortium to go after and bid for that significant, significant opportunity. We feel that those two partners, both particularly, obviously our relationship with COBS is incredibly strong, but to be to be partnered there with Anduril and Nokia, two great technology companies with similar, like-minded mindsets when it comes to these issues, is a great opportunity.

I was pleased to join Anduril and Nokia in the first half of this year to open up the COBS BattleLab facility in line with, our tender process and our down-selection opportunity for for for this opportunity. Down-selection for us would be essentially reaffirming that our consortium will be one of the smaller group that will pass through that gate, and then have the opportunity to fully engage with the the Department of Defence of that country and, go on and to to tender for that opportunity.

It remains a very significant opportunity, a lot of funding attached to it, but, again, I would like to state that this business is very global, very diversified by product, region, and opportunity, and now by segment as well, with the non-military market very quickly creeping up in terms of the revenue contribution. It's not live or die on one opportunity, certainly not anymore.

There's no question that we are putting everything we we can to in behind to, to be successful in this down-selection process. Again, we will we are expecting that down-select project down-selection process to be published in the second half of this year, and we will update the market when we when we hear that.

Thanks. A couple of questions about RF Recon, I'm going to merge them together.

One is talking about the actual technology, the hard-to-replicate aspects of it, what actually makes it, that the special in in the the IP, or the moats around that. I think more commercially, moving to we've given allusions to strong interest from end users around RF Recon, that's off the back of some of our pre-launch work with with those end users over a number of periods, what needs to happen for those to convert into meaningful orders and and the timing around that.

One is the technology, and then the next part is the commercialization of it. Sure.

Thanks, Josh. RF Recon is a platform that we're incredibly proud of.

What makes it hard to build, well, there's a number of factors. One of them is we decided about 3 years ago that we were going to build the next-generation platforms on a specific chipset that was not even released to the market yet.

We essentially worked very closely with that chip designer, chip manufacturer to to line up this next-generation product, essentially, as the product as that chip was going to be made available to the to the global market. DroneShield was one of the first to to receive that specific software-defined radio, and we were able to launch our platform, essentially, in line with that those chips being available to the market, which puts us at a real competitive edge.

Again, took a lot of planning to execute on. The hardware itself is incredibly complex.

I've spoken before about our ultra-wideband technology that we have that we've developed. This, again, represents years of research and development, being able to scan the the multitude of frequencies that we now are able to.

I believe will put us in a class of our own when it comes to these next-generation solutions. In terms of converting those to purchases, historically, we would often say we we would release a product, and it would be somewhere between 12 and 18 months before we would see the first sales that products due to things like the the relatively slow nature of military procurement programs.

What we are seeing is that as those structural changes flow through, and, thankfully for our investment community, we're not anticipating having to wait 12 to 18 months for the first sales. We do anticipate to make our first sales in the second half of '26, and build on those sales through '27 as our new flagship product.

I think we'll we'll we'll continue to update the market as we progress with that product. It and I would say that, it has been in the hands of some of our core end users, as you can imagine, across Europe and the United States.

Some of those core end users who we have a very close relationship have had early access to the product and have had it has already been deployed at a major international defense exercise. Again, there's a lot of secrecy around that, but certainly, I can say it has been deployed by one of our customers who who's been working with us actually on what their requirements were for that platform.

Really excited about that and will continue to update the market as as we need to.

Thanks. A couple of other questions moving to financial matters.

The there's a question around further headcount increase in the second half of this year. As I said, as at 30 June, we're around 530 odd, 37 odd people.

We would see that there may be a modest growth in that. I think it's it's less around targeting what our headcount growth number is, but the composition of that growth.

I think what we what we've said as part of our broader commentary is that we will add people where we need to in certain aspects of the business, but we look very carefully about adding for the sake of it. There's always a natural attrition in the business.

In any in any business, there's of the size, you can expect that there will be a a, a flow of arrivals and departures. I think our net headcount position, I I can't see it growing significantly more than where we are.

Certainly, that's not the plan. It's more where those bodies are and where those people are.

I think it's going to be, sales and and and getting the commercial commercial engine going, as Angus talked about, is a priority for this for this next period. Also, around the cost base, we we've previously discussed on calls around our steady state, normalized cost base between gross profit and and underlying EBITDA, it's sitting at around about $170 million.

I think we're we're we're very comfortable based on what we've seen today, notwithstanding the numbers that we've got in the half in the first half, to say that that number we we're not changing our view around that number. A steady state $170 million of of of OPEX between gross margin and underlying EBITDA remains remains the number.

I think the other question which we get, and and this is asked a few different ways, apologies if your specific question isn't isn't answered directly, but it is around profitability and obviously, cash flow and then leading to dividends. Our near-term priority is to invest in growth, production capacity, product development, systems and people, we can capture that rapidly growing global market opportunity.

We do understand the the desire for people to get for us to return to operating profitability, and that's certainly a a near-term goal for us as well. That being said, we do need to invest in product and tech R&D, and that means that profitability may not necessarily allow for cash flow to use for dividends.

Our our future dividend policy is obviously a matter for the board, and will depend on the sustainable profitability. The cash requirements and the best use of cash in the in the immediate term is around growing the business, particularly in the areas of inventory and and and in in research and development as we get these products to market.

At the moment, there is no foreseeable dividend plan in in based on the current results. The other part of it is is around the working capital investment.

As we talked about, the ERP implementation has been a game-changer internally. Anecdotally, the calls and the conversations that are going on in this business provide a level of maturity that possibly it's it's never had it's never had the scale to warrant it, but it's actually never had the opportunity to need it.

That means that when there are calls between sales and procurement and production and financing and logistics, it means that everybody's on the same page. That ERP system is no longer just talking about, what do we need to deliver next week or next month or next quarter, it's actually, what are we thinking about in 12 months' time?

We've now got a product road map, which shows us what products we're bringing to market over the next, 12-plus months, where the demand is coming from based on our sales pipeline, which again, we've got head questions, why aren't we talking sales pipeline? Where where's the big multi-billion-dollar number?

Big multi-billion-dollar number still exists within the business, but it is an internal tool for us to manage that business with with with our team. The final piece of it is, well, what products do we need?

These are long-lead-time items. We keep compete in the global world for some of these items.

As Angus talked about, some of the memory and chip and the componentry that we need for the next generation of products, we're buying today, not based on what we need for next month, but really what we need well into next year. We often hear other companies in our in our broader industry talk about these issues, and they're on exactly the same pages as what we're doing.

We're very comfortable with what we're doing there. I might just I know you you you get excited, there's a really broad question, what do you see as as the the trends in counter-drone over the next 5 years?

I got to be careful here. I don't speak for too long.

Look, counter-drone and drone technology has has, yes, very much become my life and my focus. The trends, one thing I'm incredibly proud of for DroneShield is we have accurately predicted, I would say, two or three of the major pivots in the technology.

We've accurately predicted a lot of where this market would go, and we did that many years before, essentially, the industry existed. The predictions I would give to to this audience for the next few years would be an increase in software-defined technologies.

Again, this is being pioneered by some of our our colleagues on the ASX like Codan with their DTC department. Software-defined radio technology being able to change and manipulate those signals on the essentially, live, on the fly.

That's that's why we're building the RFAI v3 technology to make sure that we can detect and capture those signals even as they as they are being manipulated and changed. Also, an increase in autonomy.

We are starting to see that across the board, but a lot of the time, you will still require a radio link or some backhaul for things like surveillance as well as intelligence capture and delivery. Autonomy is certainly coming into the space, and you'll look to you'll see us continue to pivot our technologies towards being able to deal with those threats.

Again, really challenging technological threats, but we feel very uniquely equipped to go after some of these new challenges in the future. Look, lastly, I would say, just increased proliferation.

Essentially, if we wanted to get, really macro, the drone technology, uncrewed systems, is essentially eating away almost all parts of the traditional defense and security ecosystems. It is far more capable, drones are far more capable, far cheap, more cost-effective, and as well as scalable than deploying many of the traditional military platforms we see around the world today.

One of the things I I do feel that is is concerning around this is it is becoming significantly cheaper to wage conflict due to this technological change. Not only wage conflict, but certainly disrupt major parts of a country's economic platform, disrupt critical infrastructure, disrupt the the econ- disrupt the economic nature.

This is something we've talked about for those of you who have seen my seminar on the weapons of mass disruption technology. Yes, this this trend is is going to increase as the world becomes, unfortunately, most likely more geopolitically unstable, and drones more than likely will be the core platform that that instability will be proliferated through.

Again, while that's a fairly dark outlook on the nature of the world, that is exactly why we come in here every day and we work as hard as we do to build the next-generation technologies to make sure that Australia, the US, Europe and its allies have the greatest technology to defend ourselves from this increasing threat.

Great. There was a question regarding director ownership, and obviously, the directors, while they're not on this line, will be aware of the contents of it.

It is a matter which is under discussion by the directors. They are aware that they are subject to a minimum shareholding policy.

They're also, and that that policy is on our website, available for everyone to see. There is also a matter that they are, from time to time, subject to blackout periods.

Also, certain certain restrictions where which may arise where they're not able to trade as readily. It is a matter which we are on notice about, and the directors are on notice about, and that they they are aware of that.

Question regarding sorry, just let me quickly run through a few more there. There's a question regarding, the efficacy and and, the feedback from from FIFA World Cup and how that performed.

We have provided good detail around that in the presentation. I think more more generally, the FIFA World Cup opportunity is a test case actually not just of the the the use at live events, but it's actually a broader test case.

We referred to Safer Skies Act. The Kansas City opportunity, and as other World Cup sites through the US demonstrated, that was only available because of Safer Skies Act, which which put the power more into the hands of the local and state law enforcement.

That means that those 17,500 local and state and local law enforcement agencies need to be trained by the FBI on counter-drone measures, and they need to go through an accreditation process around that. There's a facility where our products amongst are there for people to to to learn on, and that's in a very important part of this.

That the headlines of FIFA obviously are very exciting for multiple reasons, but it's not like the equipment gets packed up and goes away into a cupboard and doesn't get used again. That is an ongoing contract with with Kansas City Police Department where they will continue to have that those those solutions available to them in the field.

Really the the case study is as much for obviously for this community, but it's also actually for our end users in that market to understand what can be done. Often it's not actually necessarily about bringing the drone down.

That may be a requirement, but it's actually the situational awareness that it brings. Taking that situation aside, we're hearing of situations, for example, in bushfire zones where where innocent drones are up there to just to see what's going on and and and for for for locals to see what's going on with the with the with the bushfire.

Now, unfortunately, those drones can actually get in the way of of the the the the first responders and the fire services who are trying to conduct operations in that field. I think what we're trying to explain is that there are a multitude of case studies, which is part of why that commercial part of the market is is really going to be a very important part of of that future revenue.

There's a question regarding impediments to being an Australian HQ company. I think I think we we've managed to do pretty well growing to where we are today from from our Sydney base.

Importantly, using our partner network and using our our our reseller network around the world to to a very good effect. We've got a great team of of tech and and and R&D and engineers in this in this in this office, and and it's really useful to have them centralized in one place.

I think from a customer perspective, this is a global business. Like many businesses which which emanate from Australia, if they were to rely on the Australian market alone, they will be very strong businesses, but not necessarily reach the scale of the the potential scale.

With the benefit of being Australian-based, we can sell our product to pretty much any Western allied or Western-aligned country. That provides us representation in in in over 70 countries, products in almost 50 countries very soon.

At the moment, we we're not seeing that as a drag in our business. I don't know, Angus, if you want to talk about that?

Yeah. Look, I think there's also some real competitive advantages as well, as Josh mentioned.

Australia is a very stable, well-regulated country that provides a great opportunity for engineering, development, production, and it's got enough high-skilled labor to to do what we need to do. Also on the export side, probably 96, 90 probably 96%, I would say, by the end of the year, export business.

As Josh mentioned, very much global business. We have some advantages.

In the US, for example, many people don't know this, but Australia is actually exempt from the Made in America Act because of our involvement in in the Middle East during the 2000s. We're as a as a business, an Australian business, we're actually exempt from the Made in America Act, and therefore, DroneShield has a much easier pathway to provide those technology and those products into our US allies.

When we move across to Europe, Australia is incredibly well liked and well respected on the global stage, and we're seeing that with close partnerships with Belgium, Dutch governments now really supporting the collaboration, particularly. We continue to expand our European footprint footprint across through to Poland as well as up into to Scandinavia where Australia is is very well respected.

I think Australia is a is a phenomenal place to build a business. I think we've done we we're really proud.

We had a conversation only yesterday, which made me reflect that there's a number of businesses, I would say even potentially dozens of businesses, who are now attempting to build defense technology or deep-tech companies in this country because they saw that DroneShield did it over the last decade. That's something that I'm really proud of, and we'll look to continue to work with our different companies across Australia.

Also on the manufacturing side, I think it's important to touch on. We're incredibly proud.

One of our products, the RFPatrol, for the production line we run here is a has an 85% Australian industry content rating. That's an incredibly high amount for a defense-manufactured good.

Just while while you mention manufacturing, there's a question regarding we've we've previously talked about we've now got European manufacturing capability, question about the US market. At the moment, I think we're we're working on the basis that we can certainly procure more items and more componentry towards that.

That's right. We do have our European production line up and running now, and they've successfully produced their first several hundred units this in this half.

Additionally, if we look across in the US, we've expanded our facility in the US, allowing us to do additional quality as well as some of the kidding and support functions that is required in the US. We'll continue to grow that that part of the assembly and supply chain in the US to make their operations more efficient in the future.

That's something we've we've talked about before, and we'll look to continue to to build on as our US team grow their revenues.

Okay. A couple of quick rapid fire ones to me.

One is, is the ERP system live or are there more investments needed to realize the go-live? It is live.

There are some minor improvements that we're making, but the substantial cost of those has has been reported in the first half. Is there a share buyback from management proposed anytime soon?

Again, as as commented, the the the the near term is to use to use cash to help grow the business across the the the areas we've talked about. More a question around how is DroneShield actually averting the drone after detecting it and how the it's more on the defeat capability.

That might be for for one of our shareholders who's newer to the register, maybe if you just want to talk through the the the aspects of two aspects of what we're doing with that product. The

the product strategy has been something that we've we've refined over many years. Where we are now in in terms of detection and defeat, I believe the question is.

Where we are now, we've as we've it may be obvious to many of you, we've started with our next-generation product launches. We've started with our next-generation detection solution.

That solution it has ultra-wideband technology, direction finding, and our underpinned by our RFAI v3 platform. That is a very let's say, that's a very strategic product, and you will see additional products from us in the future on the defeat side towards the end of this year and going into 2027.

That is designed again to be an ecosystem play for us to work with the the other solutions that we we're bringing to market. There's a lot of interoperability strategy behind our next-generation platforms, and there's a lot of what what will become more obvious as we release those platforms, the sort of the the jigsaw puzzle that we're putting together over the next let's say, 18 12-plus months will become more obvious.

Yes, we do expect to release and new defeat platforms as well as I mentioned a new technology platform in the next 12-plus months.

Question actually I think I think I'll say the question as is, but I'll also actually expand on it myself, which is can drone field DroneShield's technology be applied against ballistic missiles as well as drones? Obviously, that's that's maybe maybe a bit far-fetched for for what we can do, but I think maybe if you want to talk about how our products where we where we draw the line or where where the line is at the moment.

Absolutely. DroneShield, we've, again, been very strategic in focusing on what we're good at, which is everything from the really small FPV drones, these are the ultra-fast, 100 to 200 km/h, first-person, small drones that, as we've widely reported, are actually now the leading casualty causer across both the Russian and Ukrainian sides.

These are things that are doing a lot of damage to infantry on the ground. We focus on those threats.

We focus on some of the larger quadcopter and hexacopter platforms that exist out there that are increasing use across military and security operations. Lastly, we focus on some of the smaller fixed-wing, sort of 1.25 m wingspan fixed-wing drones that exist.

At some point, and I think we've discussed this before, at some point, these these the the drone is moving so quickly and is at such technology level, it is more like a missile than a drone, and so, we draw the line of the the platforms that we detect. I would give the analogy of there's a reason why you have a a rifle and a and a pistol sidearm, they're for two very different missions.

The technology we're building for is is less applicable for those larger, jet-powered drones that we that we see emerging, but really focused on a lot of the the use cases that we've talked about this morning. Whereas the technologies that have built been built up for those larger jet-powered drones have no effect and are completely ineffective on the small smaller, agile, and, and very concerning drones as well.

Yes, we we've really focused on everything from this very small FPV drone through to about 1.25 m wingspan fixed-wing drone, and that's our area of expertise. Often we see our technology being deployed alongside the larger essentially what is anti-air technology.

Mhm. Question about IP protection, and have we what what what IP protection do we have and more generally, our our security protocols maybe?

Certainly. On the IP protection side, we we don't patent.

Fundamentally, in the defense and security industry, patenting how your technology works is not a good idea. We don't We actively do not patent technology.

If you do see patents from us, that that almost guarantee is is not something that we value highly. There's that's that's how we think about that.

Everything is essentially a trade secret within the organization. We from from that perspective, there are It's a very large organization now and and only some individuals have access to certain amounts of IP, and we make sure that, not, that there's a a some walls between the organization when it comes to IP.

Additionally, I think the the second half of the question was around

security?

Security, yes. We are a DISP-certified organization.

In the first half of this year, we actually had our DISP security ratings raised, and we're accredited to a higher DISP security rating, which is phenomenally good, and we do have secure facilities in-house now here at DroneShield. We we have a great CISO and a great security team.

We'll get again, we'll look to continue to invest in these types of security systems and people and processes as we've done in the first half in the future, but a lot of that now very much in place.

Mhm. We are getting sort of the tail end of the questions, and and and if your question hasn't been addressed directly, I I think in some cases, we've actually covered in other other answers.

I'm happy to receive some of those offline after the call as well. A couple of questions regarding the Middle East and Latin America about sort of the budgets and the spending which are coming from those nations.

As we've said, Latin America, Middle East are represented and others represented 22% of revenue for the first half, and that's from up from about 15% in FY '25. I think the other thing we'd say is that there are sometimes orders that, the Middle East is obviously, we we deliver product to an end user.

Under our our sale requirements, we we need need to know who that end user is, but we don't know where that product may end up. What do we mean by that?

In the case of the United States, it may be that product, or or or other countries, they have bases in alternative locations. We we can't talk more broadly, but, in essence, we we we our product is is used is used on on a global basis.

I think that is probably the vast majority of the questions that we can and we can address here. There are a few other questions where people are asking about, specific comments around other companies or around, share price movements or on on on various other other forums, and and probably not the the the the channels to talk about that here.

Angus, are there any other sort of closing remarks you want to talk about?

No, look, I'd like to thank everyone for for joining this morning. I'm I'm, 4.5 months in to my CEO tenure here at DroneShield.

It's It's such an honor to to represent the close to 550 people that we have in the organization. It's a phenomenally great business, great team, and I'm probably more excited now than I was 4.5 months ago based on some of the pipeline and also the, delivery of our next-generation platforms, which is looking really good.

Really happy with where we are as a business. Plenty to do, plenty of plenty of hard work ahead of us, but we'll continue to execute as we have been, and I'd like to thank everyone for their continued support, and we appreciate it very much.

We'll talk to you soon.