Bonjour à toutes et à tous. Good morning everyone, and thank you for joining us for Q2 2026 results conference call and webcast.

We will begin with a short presentation followed by a question period with financial analysts. Joining us this morning is Richard Perron, our president and CEO, and Alban Fournier, our CFO.

We issued our financial results yesterday and posted a short presentation on the investor section of our website. We would like to draw your attention to slide two of this presentation.

Information in this presentation and remarks made by the speakers today will contain statements about expected future events and financial results that are forward-looking and, therefore, subject to risks and uncertainties. A detailed description of these risk factors that may affect future results is contained in our management's discussion and analysis of 2025 dated February 24th, 2026, and available on our website and in our public filings.

In the analysis of our quarterly results, you will note that we use and discuss certain non-IFRS measures, which definitions may differ from those used by other companies. For further information, please refer to our management's discussion and analysis.

We now turn the conference over to Richard.

Thank you, Stefano. Good morning everyone, and thank you for joining us.

While the second quarter presented a more challenging operating environment, our results demonstrated the strength of demand across our strategic end markets and the resilience of our business. We delivered another quarter of solid growth, capping a strong first half of 2026 in support of our full-year objectives.

Revenue increased 28% in Q2 and 30% year-to-date, reaching just over $240 million for the first six months of the year. Adjusted EBITDA increased 10% in the quarter and reached $55.8 million year-to-date, representing growth of 24% over the same period last year.

Profitability remains strong, although margins reflected higher input costs, as expected, and temporary reduced operational efficiencies. Most of these cost pressures are expected to be recovered over time.

Equipment downtime and suboptimal operations experienced during the quarter and associated incremental expenses are temporary in nature. Turning first to specialty semiconductors.

The business delivered a strong quarter reflecting structural demand across our strategic end markets. Terrestrial renewable energy had a standout quarter, with higher volumes translating into record quarterly revenue.

This performance reflects our key customers' continuous expansion and reinforces our position as a critical supplier within its value chain. Commercial activity also remained very strong in space solar power.

We secured significant new contracts awards in H1 and participated in a record level of bids by dollar value during the quarter. This momentum reinforces the structural growth of this end market.

It also underscores Azure's position as a global leader in solar cell technology and a partner of choice. The quarter, however, was not without challenges.

Both our renewable energy and space power businesses experienced comparable levels of unplanned equipment maintenance. Our teams responded quickly.

Through contingency planning, operational flexibility, and targeted inventory allocation, we continued to support customer demand and maintain deliveries during the quarter. Our teams continue to resolve the remaining issues and strengthen preventive maintenance measures.

Beyond these temporary operational impacts, margin contraction in specialty semiconductors also reflected higher metal input costs. A portion of these costs is expected to be recovered over subsequent quarters, although the timing will vary by product and customer.

In the meantime, we are working to partially offset these pressures through economies of scale and continued operating efficiencies. Performance materials also delivered a solid quarter.

Segment revenue increased nearly 40%, driven primarily by higher volumes of bismuth-based products. As anticipated, margins continue to normalize from the record levels achieved last year and sustained in the first quarter.

This reflects higher metal input costs and a significant increase in chemical costs in recent months. Even so, the business continued to generate profitable growth and demonstrate the resilience of its portfolio.

Halfway through the year, we continue to take a prudent approach to our outlook. Geopolitical risks continue to evolve rapidly and influence inflation across many regions.

Various input and operating costs remain elevated. We're also increasing production volumes and operating our equipment at high capacity while integrating a significant number of new employees.

In this context, we remain firmly focused on disciplined execution and operational excellence. As we enter Q3, our priorities are to improve operational and maintenance processes, advance our productivity initiatives, and execute our capacity expansion plans.

These expansion plans all remain on plan. Finally, our balance sheet continues to provide us with significant financial flexibility.

Organic investment remains a priority as we expand capacity to support contracted demand. We also continue to actively evaluate external opportunities that could complement or extend our capabilities.

Near-term impacts and quarterly variations aside, we are building a business position to deliver sustainable, profitable growth over the long term by supplying advanced materials to critical industries. That strategy continues to be validated.

Customers increasingly value secure, reliable Western supply chains, particularly in markets tied to renewable energy, space, security, and advanced technologies. These trends reinforced the value of our differentiated capabilities, manufacturing footprint, and longstanding customer relationships.

As a result, we remain well-positioned to create sustainable value by executing our growth strategy. With that, I'll turn the call over to Alban, who will review our financial results and outlook in more detail.

Thank you, Richard, and good morning to all of you. Before turning to the results, I would like to reiterate how enthusiastic I am to be a member of the executive team of 5N Plus at such a critical juncture in its growth and development.

Having engaged with our teams and with the investment community in the last 3 months, those discussions have reinforced my confidence in our strategy, in the inherent strength of our business, in the strong financial foundation, and the opportunities ahead. Turning now to our financial performance.

Revenue increased 28% to $122.4 million in Q2 2026 compared with Q2 2025. For the first half of the year, revenue reached $240.3 million, an increase of 30% over the same period last year.

The increase primarily reflected higher volumes in renewable energy and more favorable product mix in space power. It also reflected higher volumes of bismuth-based products.

Adjusted gross margin increased to $37 million in Q2 2026, representing 30.3% of sales. This compares with $33 million or 34.6% of sales in the second quarter of last year.

While adjusted gross margin increased in absolute dollars, margin percentage declined. This primarily reflects higher metal input costs, temporary operational inefficiencies associated with the production ramp-up, and higher chemical costs.

For the first half of the year, adjusted gross margin represented 32.6% of sales. Adjusted EBITDA increased 10% to $26.6 million in Q2 2026 compared with Q2 2025.

Year-to-date, adjusted EBITDA reached $55.8 million, slightly above the peak midpoint of our full-year guidance range. Net earnings amounted to $19.7 million or $0.22 per share compared with $15.2 million or $0.17 per share in the second quarter of last year.

In specialty semiconductors, revenue increased 25% year-over-year to $89.2 million. The increase was primarily driven by higher volumes in renewable energy.

Adjusted gross margin represented 30.2% of sales compared with 32.7% in Q2 2025. This decrease primarily reflected higher metal input costs and lower operating efficiency.

Adjusted EBITDA increased by 16% to $22.1 million. Higher volumes mitigated the impact of suboptimal operational performance and higher maintenance expenses.

Backlog remained at the maximum level of 365 days, as per our definition, with the effective backlog for this segment continuing to well surpass the 12-month mark. In performance materials, revenue increased 38% year-over-year to $33.2 million, driven by higher volumes of bismuth-based products.

Adjusted gross margin was 30.9% of sales compared with 41.1% in the prior year period. The decrease reflected the anticipated margin normalization with higher metal input and chemical costs.

Adjusted EBITDA increased 7% to $8.5 million. The increase was primarily attributable to more favorable project mix and higher volumes net of higher metal input and chemical costs.

Backlog represented 99 days of annualized revenue, reflecting the timing of contract renewals and the continued execution of long-term contracts. Turning now to our balance sheet and cash flow.

In Q2 2026, cash used in operating activities was $1.9 million compared to cash from operating activities of $22.3 million in Q2 2025. Year-to-date operating cash flow reflects continued growth in working capital in line with revenue and cost increases.

Looking ahead, we expect net working capital to evolve broadly in line with revenue growth. Cash from investing activities includes $16.6 million of PP&E CapEx year-to-date, with proceeds from the renewal of our total return swap.

These proceeds were largely used to reduce debt. As a result, our financial position continues to strengthen.

Net debt stood at $23.7 million as of the end of June compared with $50.3 million at the end of 2025. Our net debt to adjusted EBITDA ratio improved to 0.21 times.

This highlights the strength of our balance sheet and provides significant financial flexibility to support our long-term growth. Turning now to guidance.

In specialty semiconductors, structural growth across our core end market continues to support demand, particularly in renewable energy and space power. In performance materials, pricing conditions are normalizing largely as anticipated.

More broadly, we continue to operate in a dynamic, rising-cost environment. We notably expect margins to come under additional pressure in the near term due to higher metal input costs and chemical costs, which would partially be recovered with a timeline of at least two quarters.

Against this backdrop, we are reaffirming our 2026 full-year adjusted EBITDA guidance of between $100 and $105 million. This reflects our confidence in continued revenue growth and higher gross margin dollars during the second half.

It also incorporates a prudent assessment of ongoing operating and input cost environment. That concludes our formal remarks.

I will now turn the call back to the operator for the question-and-answer session with financial analysts. Thank you.

Hey, good morning, Richard and Alban.

A

few questions for me. You noted higher metal input costs and the unplanned equipment maintenance at both the renewable and solar side as the primary drivers for the pressure in the semi business.

Could you help us think about the relative impact of both those factors as it pertains to margins?

Fine. Yeah.

We assess that both factors, the higher metal input costs and the operational difficulties, have had a fairly equal impact on our gross margin during the second quarter of the year. It's been fairly well shared between both parameters.

Great. I think Richard had noted that the unplanned maintenance is temporary.

How much of an impact could we see in the second half of the year? By extension, did it have any impact on the backlog and decision to maintain guidance?

At this point in time, we don't foresee impacts from a delivery perspective in H2. All of our people applying themselves obviously on the remaining issues, improving our preventing plan, better staffing our night and weekend shifts.

Everyone is applying themselves to turn this around. We continue to say it's a temporary measure with no expected impact from a shipment perspective in H2.

Great. Then turning over to the ongoing capacity expansions, how much of an impact did it have on margins in Q2?

Would it be correct to think of it as not being able to absorb overhead?

Not sure, I missed the beginning of your question, Baltej, sorry.

Oh, yeah. How much of an impact did the ongoing capacity expansions have on the margins?

Is it accurate to assume that this is largely attributable to unabsorbed overhead?

Yeah. Exactly.

It's a combination of unabsorbed overhead and also extra maintenance expenses. Okay?

That's how we come up with, as Alban just mentioned earlier, the actual impact in Q2 was pretty balanced between the two. A combination of, in the case of the equipment, a combination of extra maintenance expenses and, as you just referred to, unabsorbed operating costs during the period.

Fantastic. The last one for me is just on the PM side.

We've noted in the past few quarters we expect pricing to normalize. Would you say that Q2 represents a reasonable run rate for the business or could we see incremental pressure just given what you're seeing in the market as of today?

In the case of performance materials, going forward, it will depend in large to the actual product and client mix to be realized over H2. Q2 was particularly low, okay?

Going forward, I guess a gross margin around the year-to-date could be used for the moment, okay? The tricky part remains chemical costs and other costs like this that continues to be on the rise.

Nitric acid, caustic soda, and all of those chemicals that we're using on the rise, that's the unknown part. From a forecasted client and product mix, at this point in time, the year-to-date gross margin could be used as an assumption for H2 on performance materials.

Got it. Understood.

Thank you again, Alban and Richard, and I'll pass the line. Thanks.

Thank you.

Good morning. Thanks for taking my questions.

Maybe just on the equipment. I think, Richard, your comments suggested that some, but not all of it, has been resolved.

Did I misunderstand? Then can you help us understand are these issues a function of the operational intensity associated with the significant volume and capacity ramp, or can you just tell us what's the nature of the equipment issues you've had?

We've been integrating a number of equipment, new equipment, in a sense, new design and else. All of that at the same time, we've been integrating a large number of new employees.

We're pushing every equipment we have close to its limit, okay? While in parallel, we continue to increase capacity by adding additional equipment to meet demand of '27 and so on and so forth.

It's really the combination of large number of new equipment, new equipment with different designs and operating parameters, a large number of new employees. We need definitely to better staff our night and weekend shifts, and we need to improve our preventive maintenance in light of those new equipment and parameters that we're working with today.

Understood. Are they largely resolved?

I understand you won't have any issues delivering, but are these equipment issues largely resolved?

Most of them, but we still have issues here and there throughout the different product lines that we have. All of those issues are being addressed by some key members of the team and else and with the support of external contractors and else.

We're bringing on board a larger number of spare parts, for example, and all of these things. Look, we're used to operate manufacturing operations with various sites, look, it's more challenging because there are more equipment, as I've just said, new design and else, and all.

Look, we're addressing all of those issues. We have contingency plans.

On that basis, we don't see any foreseen challenge issue or risk of not making required shipments in H2.

Fantastic. Your revenue is obviously extremely strong, significantly ahead of expectations.

EBITDA was only modestly ahead because of some of the issues you've outlined. I'm wondering, how much of the revenue upside actually came from higher physical volumes versus the metal prices?

Sometimes you've got contractual pass-throughs, they could inflate your sales and they're just pass-throughs. Or would you quantify the strong revenues as really mostly volume-driven, i.e., very high quality?

As we've mentioned, in the case of bismuth, clearly volume, okay? Same thing with renewable energy, and to a smaller extent, because of different operational challenges, smaller extent our space solar business.

Overall, volume is the main factor behind the increase in revenue.

Fantastic. Then maybe one last one for me.

On CapEx, I'm just looking at the year-to-date. You guys are approximately $17 million and I appreciate there's some of the equipment issues that you've outlined, and I believe that you said you guys are building redundancy as well.

I believe a couple quarters ago, you guys mentioned the 2026 outlook for CapEx would be similar to 2025, that's $20 or $21 million. Do you guys have a revised sort of full-year expectation for us?

On a net cash out basis, considering that some of the equipment that we'll be adding in the US is supported by a government grant, the value remains valid at this point in time. We did, though, however, brought on board different equipment earlier in the year than later this time in order to be ready to address 2027 volume requirements.

Fantastic. Congrats on the very strong revenues, and I'll pass the line.

Hey, Richard, just hoping that you can dig into some of the backlog that you're looking at in terms of the Azure project wins right now. We've been reading a lot about these space-based data centers.

Are you seeing any projects come in with those type of build-outs?

The data centers in space, those are still under development, eh? It will take probably a couple of years before you actually see those being launched and else.

At this point in time, it's too early. As I've said in our introduction, in terms of bids that we've placed in this first half of the year on a dollar basis, it's at least twice the dollar amount compared to last year's same period.

To our knowledge, none of those are specific to data centers and based on our intel of the market, this is still under product development phase.

Are you in Azure, are you able to indicate did you add new customers in the segment this quarter?

New customers? Cannot say specifically.

We've been supplying for years all of those primaries and their subcontractors, and there's just been a few newcomers in the last 2, 3 years, but for most of them, if not all of them, they're already clients of Azure Space.

Okay. Then, just on the renewable side, or I'm not sure if it translates to the space side as well.

Can you give an update on where your product line sits with perovskite and the timeline for any significant increase in perovskite volumes from 5N Plus?

Currently, the strategy for the company is to focus on the individual elements making up perovskite rather than the actual encapsulation technology or else, okay? At this point in time, it's still an early stage for the outside China to introduce perovskite as a tandem material.

It's still early stage. We believe before any meaningful volume and introduction of perovskite in a commercial phase, we're still mostly likely a year or two away.

Okay. Is this only applicable to terrestrial or would it be applicable to both space and terrestrial?

It could be applied on both, but terrestrial applications are a lot more advanced in terms of introduction.

Thank you.

Bon matin, Richard, Alban, Stefano. Félicitations pour le trimestre.

I've got two questions to start. One is the overall capacity expansion and the recent issues running offline maintenance.

Just wondering if that makes you think differently about the pace of capacity expansion. When looking at Azure's end customer, what needs to happen for you to see accelerating demand and give you confidence in taking a bolder move in term of adding more capacity?

The second question is related to guidance. When looking at the guidance for 2026, obviously, the very strong half at $55.8 million of realized EBITDA in H1, it kind of implied a flat-ish EBITDA dollar into H2 despite the stronger revenue momentum.

I understand there's some couple of quarter for pass-through for the higher metal input costs, but can you just help us understanding the math for the margin over there? Thank you.

Okay. On capacity expansion, same approach that we've been applying ourselves to in the last 2, 3 years.

In line with earning contracts, we're reassessing the capacity that we need to have installed and we take, at that point in time, the appropriate measures to add capacity. That's the approach we'll continue to apply.

We'll try to correlate as much as we can order taking with capacity investments. That's for the first question.

You had a question on forward-looking. Look, we continue to take a prudent approach, okay?

Halfway to the year, we continue to take a prudent approach. It's a complex environment.

We see a lot of inflation across many regions, and as those factors continue to contribute to ongoing uncertainty, and often with a very limited warning to us. Forward-looking for the second half, we take a prudent approach and we anticipate a certain lag, specially for metal input costs in order to recover.

Thanks. Lastly, if I may, is the CdSe line up and running right now in Montreal?

Oh, CdSe, sorry. At this point in time, the plan is to have it to start running at some point in the second half, most likely around the end of Q3.

We currently have products are being pre-qualified, but the ramp-up and the formal qualification will occur later in the second half of this year.

Thank you. Have a good day.

Thanks.

Thanks. Morning, guys.

Curious you mentioned that some of the larger constellations you're bidding on, the size of the backlog, the RFP. What makes these either interesting to you guys?

Is there something about the characteristic, either the style of constellations, size of the opportunity? Just looking for a little bit of color especially as that pertains to the mix comments you made this quarter about how Azure had positive mix.

Oh,

look. It's quite diversified in terms of referring to the high number and high dollar value of the bids.

It's highly diversified as to the clients and the end constellation and/or satellite programs. It varies a lot.

There's nothing very specific that came up in H2 other than it's a large number with actually large dollars of bids that have been placed.

Okay. Anything in terms of the industry, though?

Is everyone still acting rationally and sort of behaving as you would expect or are you starting to see a little bit more increased demand either regionally, by constellation, by customer?

No, at this point in time, the distribution region and else is similar to what we've been experiencing the last couple of years. It's just the dollar values that have been, as I've just said, at least twice this first half of the year compared to the same period last year.

Okay. Then on the metal pass-through, what's the timing and the lag that you expect you'll be able to recover some of those costs?

The metal pass-through, we expect it to happen with at least two quarter lags and in a partial way. It won't be 100%.

We are at the point where we see the margin for Q2 2026 being extended in the second half of the year within approximately 1 percentage point.

Okay. Thanks, Alban.

Is it fair to assume then on that comment that the normalized margins this quarter excluding the unplanned maintenance and the price impacts of the metals, it would have been about 2 percentage points higher than where it currently landed?

Mathematically, assuming it's about half, that's our estimate,

yeah, that would work.

Excellent. Thanks so much, guys.

Great, thanks. Good morning, everyone.

Your comment in terms of adding a lot of equipment and lots of employees, just to clarify, that's in the terrestrial renewable energy side or both renewables and Azure space as well?

It's almost equally attributable to both terrestrial and space.

Got it. Then I think you mentioned that the ramp-up in the Azure space side is taking place in the second half of the year.

On the renewable energy side, obviously, you have more volumes with the First Solar over the next few years as well as starting last year. Is that ramp pretty gradual over whether it's last year, this year, and the next two years?

This year would definitely have more volume than last year, and then for the coming 2 years, we'll have more volume, but not of the same magnitude in terms of incremental volume if you compare '25 to '26.

Okay.

For

each year, we'll have more volume. '26 is a bigger in

Yeah, '26 is a bigger volume increase, and then '27 and '28 are also increased volume, but of a smaller scale.

Got it. Okay.

Then just on the balance sheet, net debt was standing at around $24 million. It sounds like you are on track to be roughly net debt-free by the end of the year.

I think you commented that working capital will be consistent with revenue increases. Is that correct?

That's correct.

It's going to be aligned with growth, plus or minus obviously some additional investment we may make in terms of safety stock.

Yeah. Essentially, in line with revenue growth.

Okay. Plus

whatever specific action we need to take for safety inventory or strategic inventory, but roughly in line with revenue.

Okay. Then I know you previously talked about M&A opportunities and how you want to find the right opportunity sometime this year.

Can you just talk about the environment now and obviously, there's been a bit of a pull-back in valuations in some sectors, including the space-related sector. Can you just talk about some of the opportunities you're seeing, whether the environment has improved?

Look, we continue to scour markets for M&A opportunities. Obviously, despite some corrections as you refer to in the space industry, it remains across many sectors that we cover quite high still today.

We continue to be very optimistic to get our hand on something accretive and strategic to 5N Plus. Things are definitely expensive still today.

Got it. There's one last question.

Just marine shipping costs. I don't know how big of an exposure you have on shipping costs, but since the Iran war, can you just talk about how that has kind of impacted your transportation costs?

You're talking about the increased shipping cost that we see right now in the market. I think we cannot single out this factor, but overall, it contributes to the increase we see in our chemical products generally speaking.

It's one factor which we cannot single out, but which is a contributor.

Got it. I'll leave it there.

Thank you.

Thank you. Good morning.

Hey, good morning.

On the two-quarter lag to recover higher metal costs, I'm just curious, is that a lag because the metal prices went up so fast that it's going to be more gradual to implement price actions, or is it more contractual in nature? Just trying to better understand the two-quarter dynamic there.

It's a combination of both, obviously, the speed and the magnitude, plus after that, the recovery depends on a per-product and on a per-client basis, contractual.

Perfect. Then just on the bidding environment, you mentioned for Azure that things are going well on that front.

I'm just wondering about competitive discipline, meaning is the higher metal environment being properly reflected in new contracts and new bids across the industry or are we kind of resetting to a different margin level given the middle environment?

I think as Richard mentioned, there is a way to structure contractually our growth. We're working on it.

There will be capacity to pass through metal cost with a delay and with a certain percentage, but we are building that through our growth.

Okay. Then last question, just on the US germanium refining capacity expansion and the grant that you received or announced, can you give an update on how that's progressing?

It's progressing as per plan. It's a fairly large project at the end.

We're expanding the building that we're in today. We started to receive some additional equipment.

We have ordered more equipment that is on its way. To complete the project, it's going to take probably close to a year and a half, 2 years, but gradually, we're adding more capacity and capabilities from one quarter to the next.

It's all as per plan.

Okay. That's all I had.

Thank you.

Hey, good morning, guys, and thanks for taking my questions. I just want to clarify a couple points on the margin discussion.

Gross margin was down 430 basis points year-on-year, and like you're saying, half of that was due to the unplanned maintenance. Is that correct?

That's about that, yeah.

Okay. When do you think you would recover that impact?

Would it be a couple quarters, few quarters? The unplanned maintenance part and the overhead efficiencies from that, when would that be resolved?

Okay. Unplanned maintenance and else, we're applying ourselves to resolve the remaining, let's say, issues that we have, okay?

For us, this is temporary, and we have mitigation plans and else, and we don't foresee any issue in order to realize contracts on hand in H2. Metal is a bit more tricky because it varies from, as I've said earlier, it varies from product and clients, and by default, also contracts that are different depending business lines and clients and products.

For that, we take a prudent approach, and we see at least two quarters for that to be resolved.

That makes sense. Maybe I missed this in the prepared remarks, but did you mention additional margin pressure before we come back to the normalized margins when you recover the metal prices?

Nothing specific other than, look, it's a complex environment and inflation, chemicals, energy, and else can occur with a limited warning. That's why we continue to take a prudent approach on our guidance and forecast for the second half of the year.

Okay.

Alban, I missed your comment. You said the margins in the second half kind of being where the Q2 level is within 1%?

Is that correct?

That's the view that we currently have, that the gross margin that we've seen for Q2 would probably be a good projections for the second half within a 1 percentage point band.

Understood. Then very strong growth in performance materials on the revenue line.

I've always thought of this business as kind of a GDP-type of growing business, and I think, Richard, you mentioned a lot of that was supported by volume. I'm just trying to understand what's supporting the strong growth there and how should we think about the balance of the year in terms of the top line in performance materials?

Historically, if you look at a numerous number of years, performance materials would typically do better in the first half than the second half with many of our clients under that segment I guess reducing the inventory at year-end to show a better balance sheet and else. Historically, the first half, from a volume perspective, has always been better than the second half.

That's essentially what we anticipate will happen again this year.

Makes sense. On Azure, could you give us an update on the order book?

How much of the order book is fully booked in 2027 and how much orders are you currently taking to '28 and maybe beyond?

Look, '26 is at this point in time, '26 is sold out, '27 is sold out, and we continue obviously no no we're assessing opportunities to increase further capacity for '27, but at this at this point in time, we're working out scenarios for '28, '29, and '30 forward.

Perfect. Maybe one more for me.

If you could just remind us your capital allocation priorities. Balance sheets are in great shape.

It got better, an earlier analyst mentioned leverage neutral by the end of the year. How do you evaluate M&A versus buybacks here, organic growth, and what's the runway for organic growth to expand capacity further?

No surprise and I'll let Alban complement, but with no surprise, organic growth, proper inventory levels is the priority at this point in time because, as commercially, we have a lot of visibility, and we need to fulfill those contracts.

Just to complement that, as I've said, we're making room in our balance sheet. We continue to scan for M&A opportunities, we want to have the room and the capability to make a valuable acquisition if it presents itself.

Is there any update on the M&A pipeline? Has anything become more interesting lately?

There is nothing specifically.

No, we have obviously a list of files that we do spend more time than others, but nothing that we can update this morning.

Fair enough. Thanks for taking my questions.

I'll get back in queue.

Thank you.

Sorry, had myself on mute there. Thanks again for taking my question.

I just wanted to quickly ask on Azure and other product lines you may be considering. Just the numerous satellites that are looking to be sent up into orbit over the next call it 10 years.

Right now, you're tackling true LEO, MEO, and GEO. Are you looking at opportunities within the VLEO market and how should we think about the product suite that could come with?

At the present time, as our technology are referred to as 3-5 multijunction solar cells applied to what I often refer to as true LEO, MEO, and GEO distances from Earth. Are we contemplating adding a new product line to address the VLEO market?

Maybe, but nothing confirmed or very concrete this morning. We continue to focus on high-end applications for solar cells.

Great. Thank you.

I'll pass the line.

Look, I would like to wish you all a good day, and thanks for being with us this morning.