archTIS Limited (AR9) Earnings Call Transcript & Summary

All right. Great. Why don't we get going? Good morning, everybody, and welcome to archTIS' Q2 FY '25 Investor Update for the period ending December 2024. I'm Kurt Mueffelmann, Global COO and U.S. President. I'm joined today by Daniel Lai, Managing Director and CEO. Today, we're going to take you through not only the results of the quarter, but share some insight and thoughts into our recently announced signing of the binding term sheet for the asset acquisition of Direktiv. So we will pass through. And Dan, why don't I flip it over to you for some high-level thoughts on the quarter?

Thanks very much, Kurt, and welcome, everybody, to the quarterly results. So to start off with obviously the announcement that we made yesterday morning, we signed a binding term sheet to acquire the assets of Direktiv, I think that's an important step in the right direction. I think it's going to help us future-proof our technology and we'll go into that a little bit deeper as we go through this. ARR, it's at $4 million. It's up 12% on the previous comparative period, a little bit lower than where it was at June. That's neither here nor there in terms of -- it's not a great thing, it not a bad thing. It just has been delayed by some events happening inside of defense, and we expect to pick that up over the next quarter. And of course, we tend to have increase in revenue and licenses through the second half of the year rather than the first half of the year. So that's expected. Okay. On revenue of $1.3 million, licensing of that was $1 million, services of $320,000. And of course, a couple of important customer wins and renewals, particularly driven by Microsoft. So we're seeing a lot more activity in that Microsoft channel, a lot more engagement globally. And I think that, that's really important. And I think we're starting to see some traction in that space. Gross margins is quite high, 78%, great leap there, and that's really that transition from services to licenses where we have those much stronger margins playing out. Obviously, as we increase the growth in the revenue of the company, we expect to see that flatten around about probably about 70% into the next year. Operating expenses, very static. We've been very good with managing our costs in the business, and we continue to do that. And we're still seeing the same pattern of results there as we hold that very tightly. Two key decisions in terms of personnel and intellect coming into the business. Obviously, a Major General, Marcus Thompson on to the Board. We welcome him. We're very excited by that. He brings a lot of connections, a lot of experience in the cyberspace, credibility and of course, Gerard Foley, who heads up the APAC as General Manager. And of course, again, vastly experienced man, done over 20 years in Raytheon, was one of the earliest employees in Raytheon and built that into a $1 billion business, and we welcome his experience into -- injecting that into the APAC account. So quickly over the financial figures, I'll hand over to Kurt.

Yes. Sorry about that. Fat finger pushed the button a little too fast. But anyway, so as Dan said, ARR was $4 million. It was a 12% increase from the prior comparative period, demonstrating the continued recurring sales and customer retention. Gross margin increased 34 basis points to 78%, which is up from 44% from the prior comparative period. The higher gross margin was increased by real strength around the licensing and the way that it was a big component of the overall revenue. Total revenue was $1.3 million, a decrease from the prior comparative period. Revenue was split between licensing of $1 million and services of $300,000. It's interesting to note that the prior comparative period revenue was lower margin. It had very heavy services, which were -- a lot were outsourced to third parties. We had a lot of third-party software that was included in that prior comparative period. So revenue was high. But if you look at the gross margins, I think we held our own through the quarter. Third-party software, and that proof of concept was really related to a noncore proof of concept that we had. And so it really wasn't our core business. We decided not to go forward with that proof of concept, and that does have an effect, obviously, from a revenue standpoint. Operating expenses for the quarter maintained and they were relatively flat at $1.7 million, reflecting a 1% decrease. The maintenance of operating expenses reflects our continued really management cost to commitment and the way that we drive cash flow efficiency. And I think cash was really the strength of the quarter. We generated net positive cash from operating activities of $2.6 million for the quarter. That was really included some strong customer receipts of $3.6 million and a refund from the R&D tax grant that we generally get in the November, December time frame. So we ended the quarter with $6.1 million of available funds which puts us in a pretty good spot. It was much stronger than what we had at year-end and in good shape as we head into the back end of 2025. So as Dan mentioned, we still maintain some good customer growth. So Dan, I think a couple of the other opportunities that we closed were Accenture and BAE. So maybe you can introduce those opportunities that we had that were closed.

Look, these are really exciting opportunities. Accenture, obviously, we can't -- didn't name the client, the end client, but we've gone through Accenture into an engagement there where we are -- well, we're implementing NC Protect into an M365 environment. Obviously, we target defense and intelligence agencies, not to be said about that. But what is really interesting about this one is the product NC Protect is being looked at from a much broader perspective and that we see a real growth trajectory in there. And gets us into another area of our key client base that we can see not only growth from client to client engagements, patent recognitions and what we do. And they are certainly bringing in a lot of customers to talk to us about what we're doing in that space. But most importantly, again, it aligns with the whole Microsoft strategy of where we're going and that's being very talked about in that space as well. I think that we haven't been able to reveal too much information about this particular deal. It is a strong deal with $700,000 worth of services. That includes licensing that it is a real genuine growth opportunity in an exciting space. So let me just say that. and we expect to see future results out of that, particularly into next financial year. BAE, we had an additional $300,000 worth of services. It is that continued growth and engagement with BAE in the shipbuilding space here in the Australian Defense Department. And again, that provides us absolute validity that we're in the right space at the right time. And the problems that they're trying to solve there is that industry collaboration between shipbuilding industries and the Department of Defense. So again, another strong win for opportunity growth. I'll get you to chat about SAP, but really just extensions of licenses and continued growth there. And I'll hand over to Kurt for the last bit.

Yes. I think a couple of things that we saw in the quarter that maybe have not come through totally but we're starting to see some strong trends, particularly around Microsoft. Microsoft is continuing to bring us into opportunities. We'll cover that on the next slide with some of the POCs that we have. We're starting to also see some more inquiries on AUKUS and what does that global alliance look like and how can we play in those secure collaborations across Australia, the U.K. and the U.S., whether it's across different layers of protected cloud, whether it's between collaboration between industry and certain governments within AUKUS or if it's in between industry itself? Similar to what we did with BAE. So we're starting to see those threats come through, at least within the pipeline. And that is really -- at the end of the day, that's where our customer growth will come from. A couple of the interesting things that we also saw was that we continue to see NC Encrypt come out. That's an area that people want data center protection to combat inside a threat. They want to make sure that they have sovereignty to their keys from a -- managed, from a create and they hold their own keys outside of Microsoft. So that's a big area for us. And Kojensi remains strong from a renewal standpoint. Highlighted by a couple of new smaller opportunities, but I think the nice thing to see is that large global organizations like [SaaS] came back to us and said, "We really like your products." They had some extra budget hanging around. And so they actually extended their licenses through 2028. So we feel really good about where that's going from a customer standpoint. The last thing I'd like to share, we also see some longevity. We had an Indian community, not the biggest deal in the world, probably about $45,000 on an annual basis. But it entered its 10th year as a customer of NC Protect. We also had a very large U.S. drug manufacturer and another research organization this year, this is the 11th year that they're using NC Protect within their products. So if you start to look at the lifetime value of a customer, it becomes pretty significant when you get up into 5, 6, 7, 8, even 10 and 11 years and even one of the largest ones in working with one of the secret agencies with Aus Defense. They've been using the product for 11 years. So when you start to take that, you start to see multimillion dollar lifetime values of the contracts, which is something that becomes repeatable and predictable. So I think one of the things we've been asked a lot about, we know what's out there, it is really the status of the POCs and where have they been. Has been communicated, our focus is the Defense and Industry. It's a long, arduous slug. It's a sales cycle that consists not only of technical validations, but the procurement life cycle associated with government and Fortune 100 purchases, and that can be just as difficult and long as the actual technical validation. So Dan and I put this together and thought we'd talk a little bit about more around the international POCs because we've talked a lot previously about some of the Australian ones. So we currently have 3 POCs in front of us where we've been selected as a technology vendor of choice for data-centric security. So that's across our core markets and include a significant DoD agency for us to protect and collaborate on the information across M365 in the U.S. secret cloud. So take that in for a second. M365, Microsoft relationship U.S. secret cloud, our stuff is technically selected. So NC Protect will be used in the U.S. Secret cloud in providing data collaboration within M365. Pretty cool stuff. Now we still have to get through procurement, U.S. government procurement. We go through our partner, Copper River. That just takes time. That's just part of being part of the government, but nice to see that. Another technical selection is for the internal use to limit data leakage and compliance as part of an organization as they migrate from the cloud -- I'm sorry, from SharePoint up to the cloud. And that really takes in what we do and how you can make sure that you're bringing across the information that you need, the information is secure when you bring that across and it only is allowed for people that have access to it at that period of time. So again, another Microsoft introduction to a Global DIB, that is focused in the U.K. And finally, a military alliance. We've talked about this before. NATO has technically selected NC Protect for multi-government sharing of information across the warfighter network or the edge. So that's really neat to see because, again, we're starting to see, again, threads of traction that are better. And listen, we know we don't win all our POCs. We turned down one POC because it wasn't the right fit for us. We knew that we were going to lose money on it so we just stepped away from the POC. Again, listen, not all business is a good business and that was a good decision we made. But in this case, we actually lost it on a technical specification. It was specifically for the sharing of information across M365, we were brought in by Microsoft, but it also was looking for the integration and orchestration into other structured data sources. So think that through. It's just not M365. It was pulling in 10 or 11 different orchestration of data across the environment and across the enterprise. And although we don't know who we lost to, we are told the winner had more integrations across a broader set of applications for both structured and unstructured data but we'll get to that in a moment. And lastly, we're working with a global technology company on how to ensure organizations can bring and hold their own keys to mean data sovereignty. So again, data sovereignty is a big thing, particularly when you look at the great stuff Microsoft does, but how can we work better together and enhance what they have out there in the market today and our encryption technology is leading the way as well as the way we tie in and integrate into M365. So as we go in...

Just on previous slide, couple of comments for me. It's not just the technical validation. It's also the security validation that you have to go through. So they look at it from how it fits in there. And then they also take it through a security assessment and each one of these organizations has its own security frameworks, which takes a little bit of time as well. Then they position it and then they obviously go through the commercials and value for money conversations. But -- and I know that we've had feedback that we don't talk a lot about these proof of concepts and where are they and what they're up to. There isn't a single proof of concept on that page that isn't worth going for that doesn't lead to, one, a significant deal size, but also network growth effect from actually successfully winning it. And you can start to see themes there such as the NATO one or the U.S. DoD with things like what we've just discussed about Accenture and that opportunity, but also the enterprise deal that we just did with NC Protect in the DIB, which was the defense information environment for deployed networks. And that's where all of this is really heading, and that's what we've been working very hard. These are not just singular wins. Once you're in, you've opened up a gateway for a network growth opportunity as an enterprise product, which is repeatable. And I think that that's worth waiting for. That's worth putting the patience in and getting it right and going after because their long-term traction of annual recurring revenue. So -- and that's what we've been focused on, and that's what we always said we will be focused on. So next slide, please.

Yes, good point because when you look at that one we lost, right, it was all around collaboration and orchestration outside of M365 in that structured and unstructured area. And so that's, I think, what brought us really to Direktiv. So Dan, why don't you talk a little bit about that opportunity that we have in the term sheet?

Okay. Fantastic. Look, again, this was a very strategic technology acquisition. But as much as the technology, it was procuring the intellectual property of the development team and the people within the directive company itself. These guys are really smart. Smart guys. And the maturity in their sort of approach to development and innovation is significant, and we hope that's going to obviously accelerate us and that's worth investing in. So first and foremost, there's the technology platform itself and the strategic acquisition of that. And that's going to enable us not just to do structured access control to data for documents, but it's going to start to build a capability that's really going to pivot archTIS to being the central policy enforcement security and governance control plane across the entire enterprise with the ability to integrate into any service data source, database, data warehouse, all of those components. And that's really going to strengthen our future-proof, the technologies of NC Protect, Kojensi and add a new application for data-centric security and Zero Trust across the enterprise that we think is going to significantly pivot and grow the business across the next couple of years, 2 to 3 years. So we're very excited by this opportunity. The total deal size, I think, was excellent value, USD 750,000. We're going to pay that in 3 tranches USD 300,000 upfront on the close of it, and we're expecting a close by the 15th of March of 45 day from the announcement that may happen sooner depending upon things and obviously, 2 other tranches. And we're obviously funding this internally. We just talked about the strong cash position we are in at the moment. And the intention at this point is to make sure that not only is it cash neutral with them being incentivized to close the current pipeline of what they've got, but also in terms of reducing some of our surge costs for development, which we've been having to pay for as well. So we think that's going to be a very strong IP and talent and enhancement of product offerings faster. So next slide. This also addresses that POC that we lost. Very clearly, it was use the words automation and orchestration. So who -- what is Direktiv? It's really an automation and orchestration. Now the problem with automation and orchestration traditionally has been that it's complicated. You need different products for different platforms, and you need to be very highly skilled into very specific code bases to do that. Well, Direktiv simplifies all of that. It's serverless, so you can use any sort of code that you want, which means it's reusable and you don't have to invest in high skill sets for software developers. You can use the current ones that you've got. It's event-driven, which means that every event that occurs and leads to another workflow action is validated and goes back and looks at it whether or not you should be able to do it, and that's the foundation of Zero Trust. It's Kubernetes, which means it's interoperable with anything because you can set up containers and run code from whether you've got existing code or legacy code or you're writing new code, which means it's exceptionally flexible. And last of all, it's an orchestration engine. So it ties all of those patents together to simplify how you operate across any platform, whether that's AWS, Oracle, Microsoft or the enterprise itself. And obviously, that gives us a competitive advantage, and it's something that's very unique in the market at this point in time. So we're very excited by that. What does that bring to AUKUS? Why would we go out there and do this and grab this? Well, it helps us consolidate our code bases from Kojensi to NC Protect. Everything that we've been developing in NC Protect will be able to integrate into this seamlessly, including the policy authoring capability and all the rest of it. But most importantly, it positions us in the market to solve some very unique problems. Next slide, please, Kurt. Here's a particular use case, I think, that is extremely topical at the moment. We've just had the release of DeepSeek. We know how much fake information and the quality of the information out in the Open Source world is questionable. And we can see the impacts of AI, not only on productivity, but also innovation in the digital space and particularly in the warfighter space. So the real question becomes, how do I trust AI? And this particular use case with Viasat. Now Viasat builds satellites and deploy those satellites for government information to traverse across so it's classified and sensitive information. And a particular programmer in this instance, used open ChatGPT to review his code that he had written for one of their modules. It just so happened to include the encryption keys. So this -- what they didn't realize at the time was that this gets published and republished in an open public platform. What does that mean? It means that it's insecure. And we hear a lot about this, not just from Open ChatGPT, but Copilot and all the other intelligence engines, they're very difficult to secure. So how do regulated industries such as defense, finance and health adopt AI quickly? We directly have an answer for that. They run an Open AI intelligence -- artificial intelligence module in a container, which controls what sources of data it can go to, to review and amalgamate, but also, where it publishes that data. So it effectively can control and secure artificial intelligence for an organization so it can be trusted and then use the power of that AI to accelerate. It can also use AI to look at cyber incidences or incident reporting. It also can amalgamate data from multiple different locations under controlled and governed circumstances. And now we're starting to get really interesting because what that means is we can start to go from one node to another in a controlled, secure fashion, and we're now starting to talk about opportunities such as Data Mesh for defense or the Warfighter from -- and that gets really exciting in our space. So this is what it means for us, but it also means for organizations that have a simple way of managing complex problems very securely, and that's the hardest problem to solve is being able to share information in a governed and secure way to optimize the information outcome. And I think that's very exciting for archTIS and for the future of the company.

So Dan, one of the questions that has been posed is what learnings and targeted development to improve orchestration is indicated or needed from the list of POCs. Obviously, the one that we lost was around the integration into multiple data sources and applications. So can you address how the acquisition with Direktiv could have resolved that or maybe put us in a better spot to win that instead of being as a negative?

Yes. Look, quite easily. So let me give you a couple of different examples of why this is -- why we're excited by this. The first one is that, in that defense industrial-based customer, they had a primary use case of securing SharePoint documents and Microsoft documents in M365 right up our alley. We were only -- we were so close to winning that. And I'm not disappointed that -- I mean, I am disappointed, we lost it. But I'm not disappointed that there was competition there. I think we learned a lot and I think came very close to winning that opportunity. What it told us was that there's not just a single use case scenario that companies that are going to truly invest and grow are looking at from an enterprise perspective. So does your solution not only deal with M365? Does it also deal with my cloud and multi-cloud strategy? Does it deal with my storage documents? Does it deal with my big data analytics? Does it deal with my -- all of those aspects of my information management life cycle? And I think that what we have with this product is a simple way to interface into legacy systems, new systems, any cloud platform. And this would have been a real game changer for us. And I think that as we mature with this, we're going to see ourselves in a much more competitive advantage to win those specific deals and identify customers that are going to be there for the long-term growth and invest in us as much as we invest in them.

Well, I know our international salesman, the first thing he did when he saw the Direktiv deal was he took the press release and he sent it to the customer -- of a customer he lost to. And the follow-up email, that was copied was, "If you're not engaged yet, you need to take a look at this because we have a new and improved solution that will answer the requirements that you need." So it was an immediate -- the penny drop to the person to say, hey, let's get back to the...

Well, I want to talk about a couple of other opportunities related to this as well...

So as we go back into the second half of the year, maybe you can just touch on the objectives?

I just want to touch on one other opportunity that led us to making these sorts of decisions. Obviously, we were engaged to KPMG, did a lot of services over the last couple of years for their OneDefense Data Program. And this product would seamlessly integrate multiple data sources through that data analytics program to work successfully. So obviously, there's other potentials for this product as well, which we'll be seeking to take advantage of. Okay. Let's talk about it. Well, we're going to continue -- obviously, we've had a good cash position. That's the highlight of this 4C. Obviously, there's going to be an impact with the acquisition, but we are continuing to drive towards cash flow neutral. But obviously, that gets impacted when certain strategic opportunities arise, and we'll obviously take that on a day-by-day basis, but the goal is still there. We continue to drive our repeatable and predictable annual recurring revenue. I think we're going to see some movement on that over the next 6 months. Obviously, that's what we expect. That means that our #1 focus is acquiring new accounts and licenses to make sure that we can also keep that gross margins high as possible. We continue to look at that from an account management perspective. We're not just going after things willy-nilly. As Kurt said, it's really difficult to turn down dollars at any cost, that you have to do it because sometimes that cost is just too high. And if it's not your core business, stay out of it and stay focused on what is your core business. So we're looking at that. And obviously, we continue to have strong renewals and growth in that space, and we're happy with that. And we obviously are working very hard to expand on what we've already won. And finally, product innovation for structured and unstructured data. This acquisition puts us in a key position to not only protect our technology and expand it, but also to drive it into the future requirements of the customer seamlessly, easily and quickly and cost effectively. So that for us is a key factor. And we continue to need to nurture a differentiated unique value proposition and nurture that with Microsoft who are now really, really seem to be -- have woken up and started to see the activity and the opportunity and bringing us along on that journey, which is really, really something that I think both Kurt and I have been working very hard to achieve, and we're grateful for seeing the activity and the opportunities that they are finally bringing to the table. And last but not least, we're going to continue to focus on defense and the defense industrial base. We are not shying away from opportunities in other verticals, but we are treading them cautiously and making sure that it doesn't detract from the sorts of wins that are going to set up this company for the future in a very strong fashion. Kurt, something you want to add to all of that?

Yes. Listen, it's all about new deals. We have to get new deals in the second half of the year. No doubt about it. That's 100% of everybody's focus. It's nice to bring in technology and bring in product innovation. If you can't sell a s***, then it's worth nothing. So we need to go out and sell, end of the story, right? It's real simple, sorry, I know that slipped, [parlance] wasn't good. Sorry about that. So let's -- sorry about that. So let's jump into a couple of questions. Let's see, I guess the revenue reduction has been noted as relating to a POC. Could you provide a comment about whether the POC was successful and simply waiting rollout? Or was it not successful? So that was the one from a year ago. And that was...

It actually was successful. The POC was successful. The client was -- couldn't make up its mind which direction it wanted to go in. When it finally came back to us, it was a different structured deal. We didn't see the profit in that deal. So we walked away. The customer is still trying to work out what it's going to do with that. It's still on their plans moving forward. And I would expect that -- if they come around and back to market and it's in a fashion where it involves us our core capability, then we'll readdress it looking at that opportunity, but it's the wrong deal.

Great. I think I'll take this one. Why did your staff costs double from $800,000 last quarter to $1.6 million this quarter. I don't think they've doubled from a cost standpoint. It's -- that was probably alluded to from the 4C perspective. So between some of the development that we did with Direktiv and trying to get that moving forward, some of the recruiting costs and the payments of FY '24 incentives and bonuses are paid out in Q2. So yes, it may be from a cash standpoint that, that cash was used in May have doubled, but our -- that staff costs definitely did not double. Our staff costs have remained the same as we talked about our operating capitalized costs have been pretty flat at managing our growth of expenses from that perspective. So again, I believe that's referencing the 4C, but it's not a fact of where our P&L is on a quarterly basis. So pretty strong cash there. References to Kojensi SaaS sort of Australian group and a U.K.-based global defense firm. Seems like these are the first defense-based international Kojensi contracts. Could you please expand on that?

Yes. So what we are seeing with Kojensi is with this adoption to deal with defense information, these are all multinational companies. And they are starting to introduce other people within their networks and supply chain into using Kojensi as a secure mechanism as they understand the risk and it grows. And some of that attention has been brought about by the AUKUS agreements, the Five Eyes obviously the geopolitical situation. But we are seeing that growth as the market understands that there's a higher risk profile and a need to secure this information differently. So we're just seeing that organic growth through the supply chain that we sort of -- hope was going to be there, and that was the sell-through strategy that we have always adopted and it's good to see that it's starting to take traction.

Great. And why don't we take one more, last question I saw was, can you give us an update on the Microsoft relationship? So I think we're working that in a two-pronged area. So Dan, do you want to start and then I can jump in?

Yes. Look, I think Microsoft globally had -- obviously, the cloud platform commenced many years ago behind AWS. They're obviously, they are the 2 biggest players. What's interesting to see is the rise of Google and Oracle compete in that space as well. And in the sensitive and classified information space, particularly with defense, there was a unique ecosystem of private clouds and commercial clouds competing with those private clouds because of the sensitivity of the classified information. Obviously, we have just told you about POC that we're doing with the U.S. There's obviously, I've mentioned Accenture in the framework of other opportunities for us to introduce NC Protect into M365 environments to protect the classified information. There is a real understanding from Microsoft that if they're going to win large chunks of business moving forward, particularly for supply chain for AUKUS and also Five Eyes, that they had to get a wiggle on. And they see us as a real differentiator in that play, and we are their partner for obviously controlling access to classified information. But they are starting to get pressure built up from a very large customer base now, who understands the problem better and is now seeing solutions for it. And also understand that Microsoft alone cannot solve it. And I think that's the paradigm shift that we're seeing in terms of the activity. Kurt, do you want to add to that?

Yes, I think just briefly, I was up in Washington, D.C. on Monday night into Wednesday morning. And briefing a number of the members of the senior team. And we really cut across a number of different areas, right? You look at what Microsoft is doing within Azure right now and looking at different ways of bringing a protected and secret cloud into sovereign countries and where they can go with that. They need organizations like archTIS and products like NC Protect to be able to come in and provide that better together story of attribute-based access control. So not only Azure, but the different product teams of Azure Purview, Entra, M365, right? Those are areas that we're having weekly conversations. We have executive briefings at a quarterly level or what have you. I met with the gentleman that heads up the America's Defense and Intelligence [indiscernible]. We briefed him on what we're doing with the different areas within defense right now, how that carries into the AUKUS and what Dan and the team are doing down in Australia. Dan's off to the U.K. next week or the week after. And so how that's going to carry across with the AUKUS Office relationship and into NATO. That helps. And then finally, it's just the development team working closely, making sure that we're up to date on that. So we're all bringing this together. We're going to culminate in another, I believe, 60 days. We're going to actually wind up briefing, Angela Heise, who is the Corporate Vice President of Public Sector for Microsoft. Everything public, everything defense and all the large defense organizations report up to her. I personally briefed her 2 years ago, but Dan and I will meet her at Redmond over in the U.S. in a couple of weeks to really continue that relationship and drive that because we are getting some good opportunities through Microsoft. It is a better together story and it's about the people at the end of the day and making sure those relationships are intact. So Dan, why don't we wrap up, if you like to have any closing comments?

No, look, I think that it has been a very successful quarter, probably not in the way that we would want in terms of deal sizes and deal closures. But in terms of progress, I think it's been significant. And now as you said, nothing else matters other than closing business. So -- and that's where we're focused on.

Great. Well, thank you very much. I hope everybody had a good January holiday break. Time to really buckle down, get to work and make February 1st to June 30 as productive as we can be. So if you need additional information or have further questions, please go up to the archTIS Investor Portal or info.archtis.com, and we will get back to you as best as we can. Thank you very much, and have a good rest of the day and enjoy the weekend. Thank you.

Thank you.