Aurrigo International plc (AURR.L) Earnings Call Transcript & Summary

Good morning, and welcome to the Aurrigo International plc Investor Presentation. [Operator Instructions]. I'd now like to hand you over to David Keene, CEO. Good morning, sir.

Good morning. Thank you very much for that introduction and thank you for everyone attending today's interim results for the 6 months ended 30th of June 2025. First of all, a disclaimer, which you can hopefully read at your leisure. And then just some introductions. For those familiar, I'm sorry, we might be repeating ourselves again, but there's been a lot of new investors that have come on board, particularly in the last 6 months. So forgive me if I cover some old ground just to make sure that everyone is up to speed. So what are we trying to do? We're trying to drive the future of autonomous transport for solutions that primarily airports and also for logistics operations and that being cargo and baggage. So today, there's myself, I'm the CEO and Co-Founder of the company. And I have with me Ian, who's our CFO. Ian, I don't know whether you just want to say a few words about yourself just quickly.

I'm Ian Grubb, CFO. I joined the company in 2022 just prior to the IPO, SCA qualifying with Deloitte's early 1990s, experience in industry spanning banking, leisure, FMCG, entertaining, import/export and automotive with a primary emphasis on financial controls and system development.

Thanks, Ian. That's great. And for those who don't know me, David Keene, as I said, CEO and Co-Founder. I've been in the industry over 40 years. A lot of that time has been in automotive technology. But for the last 7 or 8 years, I've also been in aviation, driving the company forward in the technology for that sector. As you can see, the little bullet points there, we believe we are the innovative leader in this area. We've developed specialist autonomous electric; everything is electric vehicles for airport ground operations. We're now over 100 employees, and they're distributed around the world with international footprint. We have a U.K. HQ. We have an office operation in the U.S. in Cincinnati. We're in Ottawa in Canada, and we have our largest -- outside the U.K., our largest in Singapore with coming up to 20 people there now. And really, we're leveraging the company's 32 or more-year history and heritage in designing and selling advanced and complex automotive products, and we're using that know-how and knowledge in safety and critical engineering now in the field of where we're focusing, which is aviation. So executive snapshot before we go into some of the detail. There's really these 4 areas. The market itself, which is important to understand, that is moving very, very quickly and intensifying mainly because aviation passenger numbers and cargo numbers are increasing rapidly and so rapidly that new methods are required to automate those systems and operations at airports. And although you hear a lot about, everyone is using AI and simulation, but this is very, very true in the aviation industry. They're working very hard to work out how do you make those operations smoother, faster and not with less people, but with the people that they've already got because it's really difficult to recruit people into the area of baggage and cargo handling. And so to do more, you need to supplement and support those people with technology. And of course, adopting electric vehicles is obviously a great thing, but electric autonomous where we can deploy other people into more added value and let the autonomous vehicles to those roles is really super important. And we'll come on to that in a little bit more detail. We've obviously had some really good H1 commercial momentum. Ian will talk later about some numbers. But we've also signed some strategic partnerships. And as an example, is the Swissport partnership, and I'll come on to that later. And of course, we've developed our new cargo vehicle. Again, I'll talk about that, which opens up a huge cargo market for us. And despite some of the headwinds that we face not only in automotive, but bringing disruptive technology across the line, we have made significant growth in the first half in autonomous vehicles. We have seen some softening and impact in the second half of H1 due to some of the tariffs that are going on with the Trump administration. But obviously, we'll talk about that in a little bit more detail in a second. And then really positioning the company for scale and combining our leadership, not only with understanding what bringing autonomous vehicles into the aviation market is all about but also having the products and the technology to back that up. And now, which most of you hopefully will have seen, we've also got the balance sheet to support that from the fundraise that we did only a few weeks ago. So we are a designer of -- and manufacturer of smart airside solutions. And at the moment, we are doing everything. We are blank sheet of paper designing, writing the software, developing the electronics, developing the vehicles and building the vehicles and then crucially deploying those vehicles and operating them. So a true full end-to-end solution. So there are a lot of things if we turn to the market that are causing the concern and the push to enable us to get this disruptive technology in. And as I said, passenger volumes outpacing airport infrastructure and at the moment, predicted that passenger traffic is set to double by 2040. And that means something has to be done now because it takes a fair amount of time to get this type of technology operating within the environment of an airport. And so that's why we're seeing such a lot of movement and such a lot of interest in this area. And as I said, talking about AI and technology. It's not just us. We are a part of the jigsaw puzzle at an airport where automation and new technology will be implemented. And that market is set to be almost a $20 billion market very soon. I always look at 2032 and think that's a long way away, but actually, it's coming up quite quickly. And we've now -- I think I said in my previous presentations that several groups have formed, and these are quite big groups that are looking to try and commonize how airports and airlines work together. It's always been quite a surprise to me the amount of cooperation globally between airports and airlines to try and make all things work. But in this particular case, you really need to get people working together. It lowers the cost. It increased the speed of entry of the technology. And really, what are we trying to address? Improved operational efficiency, labor shortages that the industry is suffering and globally, environmental and manual handling regulations that are coming in to the operations and just generally making sure that technology is implemented into the airport arena. And you can see on the right-hand side, I'm very pleased to say that I was very instrumental. In fact, I've been working on it for over a year to bring together the new airside automation group, which is specifically focusing on the U.K. market. And we've managed to bring together a good number of the U.K. airports, the airlines, ground handlers, the civil aviation authority and some of the technology companies like ourselves and brought those together such that we can work together alongside government who are actually driving this along such that we can make sure that we spend our money and we make the U.K. one of the most transitional and transformational markets for bringing airside automation to bear. And so this is really important, and this is just one of many groups, but it just shows with government backing how we're going to really drive this forward as a group. So just as a bit of background and recap, we have our products. You're probably very familiar with the Auto-DollyTug. It's a unique vehicle. No one's got anything like this in the world. It carries a container. You can see it on its back. That container is for wide-bodied aircraft primarily and has about 35 to 40 bags, suitcases inside it. And you can see there, it can also tow. It is a very unique vehicle in that it can go forwards, backwards, sideways, tank turn 360. And it also has automatic loading and unloading arms to load those containers themselves. So that vehicle gives the potential for complete full autonomy from the baggage right up to the aircraft and back again. And we've built quite a number of these vehicles and they're deployed in the locations around the world with customers. In the center is our new Auto-Cargo vehicle. We've developed that as part of a government grant. There are two partners in that project ourselves and UPS. And UPS have been very instrumental in making sure that we have designed and developed this vehicle that meets all of their requirements for operations. And we delivered the first vehicle to East Midlands Airport only a few weeks ago, and that is now starting all of its on-field trials and safety tests. And I'm pleased to say you may have seen on an RNS that we won some further grant funding. And actually, we won an extension to this program, and we will be building a second vehicle and also an auto shuttle, which I'll come on to in a second. And those will be going to East Midlands Airport as well. And that will be the first time that we can run a small fleet of 2 cargo vehicles running to make sure that the operation works perfectly at East Midlands. And those vehicles have been designed such that UPS if everything goes okay, could roll those vehicles out into all their locations globally. The auto shuttle, you can see on the right-hand side, we've moved away from the Mark I shuttle, and we're now on the Mark II shuttle, which for those that can spot, it's Ford transit. It's an electric mini bus, and we've converted that Ford vehicle base into a fully automated vehicle. And we're now going to use that vehicle for airside operations. In the case of East Midlands, it will be to move UPS crew around. But for engineering staff or employees at the airport, this will be the vehicle that can take them around and replaces the shuttle buses that are already very prevalent in airports around the world. In this particular case, the shot there on the right-hand side, this is a project we have in Canada. It's actually a road going vehicle. And the only reason we're really doing that is because in Canada, we get to experience snow and low temperature testing. So it's really important. And I'm pleased to say that project is doing really well. At the heart of everything, though, is software. And we have 3 big software components, all developed in-house by our own team. The first is Auto-SIM. This is a complete 3D digital twin modeling software. And for every customer that we have had or continue to have, we are doing Auto-SIM work for them. And this modeling package allows us to visualize what the airport would look like in the future running autonomous electric vehicles. And it also has been extended to look at energy consumption at the airport, where to place chargers, what type of chargers and how to manage all of that capital expenditure program that is required to move forward to a fully electric autonomous future. The center software called Auto-Stack. This is really the super jewel in the crown that we've developed. This is our self-driving autonomous driving software stack. It's the same software in every single vehicle. So the previous slide with DollyTug and Cargo and Shuttle, they all run the same Auto-Stack platform. There's no differences. And that allows us to bring all of our know-how, all the sensors on the vehicle integrated into the drive function and enables that vehicle to navigate and drive itself. And then finally, on the software side is Auto-Connect. This has been in a long time in the making and is just starting to come into operation now. This is our software package that enables us to control multiple vehicles. In fact, it has no limit on the scale of the number of vehicles that it can monitor. And it's split into 2 versions. There's the cyber-secure and resilient platform part of it, such that it's something that you cannot hack because obviously, if you could hack these vehicles and bring an airport to a standstill that would not be a great thing to do. So that's built by us. And the second bit is, imagine it's a bit like an Uber platform, whereby we're going and picking up a container. We're moving that container from, let's say, the baggage haul to the aircraft. And what we expect to find in the operational pricing model is that just like Uber, we will charge for picking up that container and moving it to a location on a distance base. So there is a SaaS model that comes out of that Auto-Connect platform. And indeed, we're just implementing that in one of our customer locations, and it's working really well. And so that's enabling us to build what that model looks like in terms of revenue for the future. I just thought -- I've never shown this slide before, but I just thought out of interest for some of the technical people who think, well, what's different, Dave, about what you're doing as a company compared to all the other people around the world. And these are some of the aspects that we have built, which really set us apart from the rest at the moment. And I won't go into these in minute detail, but dynamic alignment, we are the only company currently that is allowed or even has the capability to go on to an aircraft stand with an aircraft already on that stand and enables us to locate the aircraft, locate the equipment, which is lifting containers into the aircraft and to dock automatically and deposit a container onto that equipment. No other company has that. And we can also navigate in the tight constraints of an aircraft stand. So where other vehicles are on that stand already, we can maneuver very carefully around them. We've got a very agile vehicle. The second point is aircraft ID. That is also very important in terms of locating the right aircraft, identify it and as I say, automatically docking to it. SWARM AI is our patented AI software that enables us to optimize the route planning of all of the vehicles. So actually, it's better to send multiple vehicles and working as a SWARM stroke group than it is sending single vehicles. And again, now that we have the Auto-Connect platform up and running, the SWARM AI element of it is now embedded into that. Just talked about cyber resilience. It's really important. We've built something that no one else has done on the cyber. So we've incorporated blockchain technology that you would find with cryptocurrency. And we've put that into our system such that it is a voting system by all of the vehicles that are in that platform that enable jobs and tasks now to be done. And what that does on that distributed identity, it means that it is almost impossible to attack that system. And even if you did attack that system, you can only attack one vehicle at a time and the other vehicles will recognize that vehicle is being attacked and take it out of the voting system. So exactly the same as it does with cryptocurrency, and we have a patent on that. Weather hardened, it's really important that you have technology that can operate all the time, 24 hours a day in any weather. And up until now, that's been really difficult to do, heavy rain, heavy snow. We spent a lot of time installing the sensors on the vehicle to make them less susceptible to weather issues. But critically, we've also developed some really superb software that enables us to see through rain and through snow up to some pretty high levels. So as you can see there, 50 millimeters per hour of rain, we've tested it to, and it works perfectly. And the final little bit of technology that we've done, it's really important to be able to cross live taxiways. And up until now, that has been not possible because you need human intervention to do that. We now have the ability to locate all of the aircraft that are actually landing or taking off or taxi and model those aircraft movements in each vehicle so that each vehicle can take a decision as to whether it can cross a life taxi way or not. And this was a really important part of the project that we've been doing in Cincinnati. And we're now crossing live taxiways in Cincinnati and that piece of technology has been implemented. I could go on and on and on about how much technology we've got because we've got a lot of it, but I just thought it'd be really interesting those sort of 6 items to show you what goes on behind the scenes and is needed to get to a point where we can roll out a production-ready system. So just to drop on to automotive. We've been in automotive 32 years. We're in really special vehicle operations and niche and high-value vehicles. We're not in mass production. So we've been developing customer delight features for 32 years, and we're very well known to produce very high-quality products. And although automotive is certainly under some headwinds at the moment, particularly in terms of tariffs, we -- it continues to provide a really solid base for the group. And we've had reasonably good performance in the first half of H1. And that was a little bit affected in the second half through the tariffs. But as we put our trading update out recently, we expect to manage that through 2025, and we see we will be back to where we should be in 2026 and beyond. Obviously, a secondary thing has come to light, which is obviously the situation at JLR. JLR is an important customer to us. I'd just like to formally say that I find it really terrible that JLR and the supply base are in this situation. But I also have to say that we're all working together to get JLR back up and running. And you've probably seen in the press over the weekend, the government has obviously recognized that with the soft loan of GBP 1.5 billion to open up payment gateways to the suppliers. In fact, we're a very important supplier in terms of some of the technical products that we supply to them for the special vehicles, and we were being paid prior to this. It will have a small effect. But one of the things that we did recognize 3 years ago when we came on to the market, in fact, it was in our risk register that our exposure to JLR was quite high at that point. And we've done work to reduce that impact over the last 3 years. So JLR is an important customer, but they're certainly not going to impact on the business in any way, shape or form that will hurt us. And in fact, our recent raise of just over GBP 14 million gives us plenty of balance sheet cash. So no issues there. And I'm very hopeful that on Wednesday, we will see production back, and we will see that production caught up by the end of the year. So that's automotive. And now if I hand over to Ian. Ian, if you want to just take us through the next couple of slides on the actual results, if that's okay.

Yes. Thank you, David. So the next couple of slides are about those results. This slide is showing us the sales by the different segments that we have. Autonomous sales, as you can see, is growing year-on-year as we focus on that strategic move and product base. We've got growth in potential and the first half of 2025 was with the continuance and completion of various products that started in the prior year and before, but also with new products that we've had, such as what David mentioned with the Kanata shuffle in Canada. In terms of automotive sales, that is, as David has said, resilient despite the turbulence that's currently in the market. It's still positive, although there is a decline in the H1 '25. The first quarter was very positive and was in line with those expectations, but then softened as those tariffs started to come in. So with the next slide, David, please. Here you show the actual results. So as from the previous slide, revenue in total has declined moderately due to that effect on the automotive side. Despite that, though, the gross profit has increased, and that is as a result of the product mix and segment mix that we've got as the autonomous sales increase that is higher in margin compared to the automotive, which has always been historically a difficult low-margin market. The EBITDA is lower than -- or the EBITDA losses -- it has increased about 45% compared to the prior year. And that reflects the scale up in investment, which includes support and technology staff as well as the product development and that has followed through to the bottom line. On the balance sheet side, gross assets have increased, and that reflects our product development, including Auto-Cargo that David has mentioned within the R&D capitalization during the course of the year. The net assets have increased, and the cash position is similar to that of last year. However, as David has mentioned, we've recently completed our largest capital raise of GBP 14.2 million, which has further strengthened the balance sheet, which will support our projects going forward. Thank you. I'll hand back to David.

Thanks, Ian. So just quickly on business update. Our main 4 areas of partnerships that we've signed, Swissport being the most recent one. But you can see underneath each of those brand names, the potential access where those companies are either operating in the case of Swissport, 270 airports around the world. And in the case of the others, they're either operating or dealing with or transferring technology to those airports. And we continue to deliver really good results with all of these. We have happy customers, and we're moving through all of the areas that we need to get to a point where we can say, okay, we can move into production of fleets of vehicles operating. So I see 2026 as the year really of transformation where we move from single or small vehicle deployments into much larger fleets of vehicles operating doing real-world jobs. And just a quick quote. It's not just me saying these things. And it's important to get customers who actually are prepared to say that we have the right technology, and we have the right solutions. And you can see there, Warwick Brady from Swissport, who is the President and CEO. These are important things for the customers as well for their businesses to make sure their businesses are also resilient and also can operate in the future at the right margins and at the right manning and cost levels. So it's not just us saying we're forcing this technology. We're trying to push this technology. There is definitely a pull in the market and right up to senior Board level. And I could give you quotes from several of our customers and others that are working in this area. So looking at the outlook, so really, successfully completing the fundraise was an important thing for us to do. In fact, we started on that way back in January of this year because we knew that we were going to hit an important point where the technology was ready. We proved the technology actually in the environment. And then we need to move to a situation where the customers will say, okay, we've got the confidence now. Have we got the confidence, though, that you can manufacture, and you can deliver the product that we need. And so we set about early this year working on a strategy of how we get a much stronger balance sheet. And of course, really pleased that we've raised that money, but also importantly, brought on our first strategic investor through Next Gen Mobility and other very, very good new investors that have come on to our register to support the investors we've already got. And they recognize as well that we have something special here that is transformational and has global impact. And as I said earlier, we continue to get support from the government. The government has invested hundreds of millions of pounds now in companies like ourselves in the U.K. to bring us through with the technology out of that valley of death and into the area where we can scale and sell this product. And we secured 4 new grants. As I said, one of them was the extension of the UPS project. So that's really important and totaled sort of GBP 1 million in new funding there. And that strategy then to provide that headroom to scale is super important. And as part of the fundraising, that will go to increase our technical teams, increase our operations around the world, allow us to build more vehicles such that we can deploy them with customers and do more of that because we've been quite limited in the amount of funding we had to actually build vehicles and deploy them in locations around the world. And just getting to the point now where thinking about moving from our current locations, we have 5 separate units on the Bilton area in Coventry and consolidating all of that into one larger U.K. facility with an increase in space to allow us to manufacture what we need, particularly for U.K. and Europe is an important part of that fund raise. And I'm hopeful that we will be able to give investors news of that shortly. But all of these things are all being planned now as to how we go to scale, including not just in the U.K., but how do we go about that in the U.S. and how do we go about that in Asia because those are 2 huge markets for us. And with all the things we said about tariffs in automotive, we need to be in a situation, particularly in America, where we can manufacture and drive that from an HQ in the U.S. And as a final point on the impact of all this, if you've got a strong balance sheet, you look strong to your customers and you look like you can deliver, and deliver is what we really need to be able to do now. And just capitalizing on the whole market and the way it's moving and just underpinning what we want to do as a company and how we're going to move this company from a small cap into something that hopefully will be a $1 billion company one day. And that's the drive that I and the exec team and the Board have been focusing on for some time, and that's what we're trying to deliver. So in conclusion, we have a large global market. Our analysts inside the company looking at how many airports would have a business case. There are more than 700 airports globally where we think if they implemented our technology, they would actually have a business case impact. We have strong market tailwinds. We have lots of groups that are formed. The Baggage Innovation Working Group has over 150 members now of airports, airlines, civil aviation authorities, et cetera, who are trying to work out how do we bring this to bear. We are seen as market lead, and we've got established and trusted technology. And a lot of that also is embedded in the longevity that we've got in delivering highly complex technical and safety critical products for automotive, and we've brought that into the world of aviation. We've got technical differentiation. I went through 6 of those items. There are many more where we are technically different, technically better and more focused on what the future of the vehicles and the technology needs to be to make a big difference to the customers. We've architected everything from day 1, software, hardware product, the way we deploy, the way we operate, all of our software models, all of our platform for Auto-Connect, it's all been modeled to run hundreds, thousands, tens of thousands of vehicles. And that has all been embedded from day 1. And the final thing that makes everything happen is the team. When we listed the company, we have 48 employees we have around 115 now. And by the end of the year, we'll have another 20 or 30 on top of that. So that team is highly experienced, and we have, and I have a superb exec team and a superb Board with a lot of knowledge to bring this into fruition. So with that, I'd like to say thank you very much and hand back for questions and answers.

[Operator Instructions]. David, Ian, as you can see, we have received a number of questions throughout today's presentation. And if I may just start off with the first question here, which reads as follows. What is your target date to reach full production in the U.K.?

Yes, I would say I don't think we have an official target date to do that. What the latest fundraise gives us, though, is the ability to move to larger and consolidated premises with greater manufacturing capacity. And that capacity would be sufficient to support all U.K. and European requirements going forward. And as I mentioned, we are evaluating production sites or production partners because not everything is about doing this yourselves. There are plenty of people who can operate as partners. But certainly, U.K., U.S. and Asia are all being evaluated, and we should have further news on that. And it's important to have those U.S. and Asia because those regional sites, those super hubs, as I call them, gives us a regional advantage in lower cost supply base through to all sorts of things, including tariff-free sales. So no target date at the moment, but certainly, the building blocks from this fundraise are definitely going in.

That's great. Just moving on to the next one here. With U.S. Tariffs and focus, does this have any implications for the U.S. autonomous opportunity? Are you evaluating U.S.-based manufacturing or partnerships as a mitigation strategy?

Well, I think I sort of just covered that a little bit in my previous answer. The U.S. is definitely a market where we are focused on. It is a huge market. And in fact, some -- over the last couple of weeks, we presented at one of the large global sort of shows for autonomous and aviation equipment, which was in Los Angeles. And having done that, the very next week, we went to the world's biggest show in Las Vegas, where everyone who is anyone in the operation of airport equipment is exhibiting. And that's the first time in Vegas in the U.S. where we picked up our vehicle, which is operating in Cincinnati, and we drove it over to Vegas, and we put it on to our stand. And it's been the first time that we've been ready to really show the American market that we have that product ready. And that was in conjunction with our great friends at Cincinnati Airport as well and also with British Airways. As you remember, we've been doing that project with British Airways and Cincinnati Airport. And we were really pleased that they were there to support us. So that American market is really important and will get us over all sorts of things, including tariffs.

The next one here is, you've highlighted a strong commercial pipeline and multiple global trials. What proportion of this pipeline do you anticipate converting into revenue over the next 12 to 24 months? What has been the historic rate of conversion to orders to -- of inquiries to orders?

I don't think I can give a physical percentage. But what I would say is that we expect and would be disappointed if we couldn't convert some, if not all, of the customer projects that we're working on at the moment during 2026 and 2027 because there -- as I've said in my presentation, there's so much movement in the market. We are there. We're funded. We've got the right technology. So I see no reason why we couldn't capitalize on that market-leading position. So yes, I couldn't give a percentage, but it would be high.

That's great. The next question here is the UPS opportunity is very exciting. UPS is currently not without its own trading challenges. Can you provide insights into how committed you think they are to large-scale deployment of Aurrigo's technology and equipment?

Well, we have -- well, first of all, we have an excellent relationship with UPS going back 2, 3, 4 years now. We're obviously working on this joint project that we have with them at their East Midlands hub, which is a huge cargo hub. They have been instrumental in providing us with the scope of how that vehicle needs to work in their operations. And when I say their operations, I don't just mean at East Midlands, I mean globally. So we know every single operation that they have around the world. We know how they work, and we know how many vehicles there are in those operations. And outside of North America, so the main decisions are head office in Atlanta. But for everything outside of North America, all of those decisions are actually made by the U.K. team. So we're working directly with the senior management team who are specifying these vehicles, and they are fully committed to improvements in technology in their business. And the great thing about UPS is that they're all contained in one company. And what I mean by that is they've got their own aircraft. They operate their own aircraft. They've got their own flight crews. They've -- it's almost down to a point where they rent a runway because they've got their operations at these airports. So it's not like in some of the other areas where you're dealing with a separate airline, a separate airport or a separate ground handler. UPS have got everything under one roof. And therefore, they're very excited about how they can implement new technology. And not just in baggage and cargo, as I said in the presentation, they're also now having a look at our shuttle because how do they move their crews around on the airport? Could they do that with an autonomous shuttle. So I think they are committed. I think they like our technology, and we have a superb working relationship with them.

That's great. Just moving on here. On the revenue model for autonomous technology, to what degree are you seeking to seller service SaaS-like rather than kit sales, presumably selling on-demand services in a way of accelerating adoption by avoiding large capital outlays by customers?

Yes. So our business case really splits down into 3 items. The first is doing consultancy work using our Auto-SIM modeling tool. So that's the first bit of revenue that we have. The second bit is, can we sell or lease or find some lease finance to enable us to get the actual physical products like Auto-DollyTug and Auto-Cargo into the operations. And the third element is once those vehicles are in and operating, can we extract value from that, as I said, in terms of almost like an Uber model, picking up containers and moving them around on the airport and charging for that service. And it's true that airports and airlines, they like models which are sort of power by the hour. So for instance, Rolls-Royce engines, they are not sold. They are effectively leased on a basis, which is lease maintenance and service based on operational hours. And so power by the hour is a really well-known thing at airports and airlines. And we're trying to align our charging and finance strategy along those lines such that it's more simple for decision-makers to decide to use our equipment. So I think you will see that as a company, we will find ways to lower the capital expenditure cost that is required by an airport and move that into a lease and a power-by-the-hour type model based on much longer-term commitment from the companies -- sorry, the customers to use our products. And that way, we have known forward modeling of our revenue streams going into the future, and that's what we really need to build value in the company.

That's great. The next question we've got, you mentioned the SaaS model. Is that in place with any existing customers, particularly Teesside when they go live?

So it's not in place from a charging point of view, i.e., charging physically, money, revenue. But it certainly is in place now in terms of that platform scheduling vehicles and making sure the right vehicles go to the right place. And in doing so, we are artificially charging in that platform, so showing what those costs would be. And at some point, we will come to a conclusion with customer 1, customer 2, et cetera, to say, well, this is how we think it will charge. What does that do compared to your current operations, and that will give us the basis to move forward on a charging basis through 2026 and beyond.

That's great. And I think the last question we've got here is, do you have any aspirations for port operations?

Well, interesting, we get asked this question all the time, not just ports, but military, large installations where companies need to move product around or people around. There are many, many applications other than aviation and airport operations. At the moment, we've been really laser-focused on getting our technology into aviation. But as that matures over the next 2 or 3 years, then opportunities in other sectors might arise or indeed, we may well have the ability in the future to do technology, licensing and operational deals where we're not actually operating or doing these things, but we can hand that over to another company, and we would see a revenue of our technology. And I think that would be something that we would look at. But for the moment, we have 700 or more airports to go at in the world to get our technology embedded, and I think that's going to be our focus really.

That's great, David, Ian. Thank you for answering all those questions you have from investors. And of course, the company can review all questions submitted today, and we'll publish those responses on the Investor Meet Company platform. Just before redirecting investors to provide you with their feedback, which I know is particularly important to the company, David, can I please just ask you for a few closing comments?

Yes, of course. Well, first of all, thank you again for everyone who has taken the time to attend this webinar and to listen to Ian and myself. We really do appreciate it. We spent a lot of time in the last few months engaging a lot more with the investment community, and we will do that even more. I think it's really pleasing as a company to see the developments that we've done in the technology. Even I get wound out by some of the things that our team are doing, it's just tremendous. And we are definitely in a world-leading and world-beating position. And finally, I think that translates into the success we've had in raising the capital that we've just done and bringing in strategic investors and also investors that they're quite hard to convince that some of these things are real, and they've looked at it and thought, I think Aurrigo is going to go and going to make it. And I thank them for coming on board. And with that capital, I think we've got a really good future, and we can really motor now. So with that, I'd like to thank everyone. And as I said, keep in touch with us if you need anything or would like anything answered. We're always available now, and you can contact us any time. And thanks again for attending.

David, Ian, thanks for updating investors today. Could I please ask investors not to close this session as you'll now be automatically redirected to provide your feedback in order that the management team can better understand your views and expectations? This may take a few moments to complete, and I'm sure will be greatly valued by the company. On behalf of the management team of Aurrigo International plc, we'd like to thank you for attending today's presentation, and good morning to you all.