RocketDNA Ltd. (RKT) Earnings Call Transcript & Summary

Okay. Good morning, everyone, and you're very welcome to another Coffee Microcaps morning meeting. I am Mark Tobin. For anybody who is joining us for the first time, you're very welcome. I'm the founder of Coffee Microcaps. I've got a couple of quick intro slides, and then we're going to get straight into it with our first presenter here this morning. As always, I mentioned to our sponsors, DMS Asset Management, that we are looking for an active manager in the microcap ASX space. Please do check out our website for the relevant T&D and PDS, or indeed reach out to Stephen or Michael if you have any further questions. A kind welcome, as always, to any of our friends from ASIC who are joining us this morning. And for anybody who is joining us for the first time, companies we tend to have on here on the 300 million level for a microcap in revenue, generating cash flow are indeed already profitable. Given those 3 criteria, we tend not to have companies from resources and biotech sectors. We do cover what I call industrial microcaps, which is a catch-all for all the other sectors, whether that be financial services, health care, professional services, retailing, the full gambit outside of resources and biotech. This morning's webinar, we've got 2 companies presenting. 30 minutes each, which we break down into 20 minutes and 10 minutes of Q&A. [Operator Instructions] This makes it easier for me to moderate the questions to our presenters. And please note the webinar is being recorded, and it will be on the Coffee Microcaps YouTube channel tomorrow morning. All our other events and sessions we have done in the last 6 years are all there if you want to go back and look through any of those, and we have plenty more coming up through reporting season now, next month. Twitter, YouTube, as I said, LinkedIn and a free monthly newsletter. The most recent addition just went out this morning. If you want to follow along with what we do, our first presenter this morning is going to be Martin Dillon from TruScreen. And after that, we'll be welcoming back Chris Clark from WA from Rocket DNA, and with that, I am going to stop sharing my screen. And Martin, if I could ask you to please just throw up a few slides for us there and talk us through the TruScreen story.

Yes. Thanks, Mark, and thank you to your audience for allowing me the time to present TruScreen's expansion and our expansion into global markets and in the public screening programs. TruScreen is a revenue-generating life science company, and we manufacture and market the TruScreen cervical cancer screening device. The 2 most important parts of the device are the handheld device, which uses an AI-generated embedded algorithm to determine whether a woman's service is normal or abnormal. Each is likely to have precancerous disease. Each woman uses a disposable single-use sensor in the exam, creating a recurring revenue stream for TruScreen. So we sell the device once; we sell the disposables for every woman. That's an important issue for us, as I said; recurring revenue is the basis of our sales. Our sales over the 2026 financial year, we're a March 31 financial year, were up 42% on the 2025 financial year. So we're at $2.4 million in our sales. And I'll come to the split in revenues a bit later. For those who want to know a bit about the corporate side of the company, we're listed on both the NZX and the ASX. Our share price at the moment is NZD 0.07 with a market cap of around $17 million, NZD 17.115 million. The top 20 shareholders, they include the New Zealand government via the Accident Compensation Commission, who run just under 5% of ownership. Our single biggest shareholder group, though, is an interesting group from New Zealand called Shares, who are a fund or an aggregator of small retail investors who subscribe a small amount of money each week or each month and use that small investment is then used by Shares to acquire shares on their behalf and then split them out amongst the holders. They now stand at about 13% of our issued capital, and they have grown in the past 2 years from about 4% to 5%. So it's an interesting take on our support amongst small investors in New Zealand, as well as the large family companies, and as I said, the government by the ACC. Family companies include Maxim Securities and Artemis Capital, which is the Mas family; Brian Parkin, Ritchie Rama from Wellington are all major holders, and a new entry on our ownership list recently has been Ven Capital from West Australia, and then now hold about between 7% and 8% of our ownership, fluctuating. Our journey: we listed TruScreen in 2014 on the NZAX and then migrated to the NZX and then moved across to the ASX in 2020, just in time for COVID. During that time, we released to the market in 2017 our brand-new device, which is the one that I hold up here, the TruScreen Ultra device, which took what was a large platform device and moved it into a handheld portable device suitable for screening in remote and rural communities as well as in major hospitals. And that's a key part of our sales: we're not trying to sell into the United States or Australia or New Zealand or Western Europe, where there is entrenched infrastructure for screening for cervical cancers, such as HPV, DNA, and perhaps near laboratories. Our target markets are emerging markets and markets that don't have an entrenched laboratory infrastructure to conduct traditional screening programs. So that includes our biggest market by far, which is China. In 2025, China was about 87% of our sales. 2026 financial year, they were at about 67% of our sales as countries like Zimbabwe, Vietnam, and Mexico grew in size, and our entry into India. If we look at where we are located around the world, I will share a screen if your viewers are here; if you just give me a moment. Hoping it comes. If you see that map, you'll see that in our target markets, as I mentioned, and I'm going to bring a cursor across here. Is that map still up, Mark?

It's disappeared.

The single biggest market is China, where we're included in both the College of Obstetrics and Gynecology Association, the China Robs and Gani Association guidelines, and the Chinese Society for Coloscopy and Cervical Pathology. They are the 2 key centers of screening algorithms or screening flow charts for cervical cancer in China, where we have government approval in Vietnam. We have regulatory approval in Indonesia, and I've just been up to Indonesia and was a featured speaker at their national conference for the Obstetrics and Gynecology Association. I also met with senior public health officials there. We have screening and distribution arrangements in Bangladesh, India, the Middle East, Central Asia, particularly in Uzbekistan, Kazakhstan, Kurdistan, Armenia, and Belarus. We are part of the Russian Obstetrics and Gynecology screening guidelines and approved for use in public screening programs in the recommended guidelines in Russia. We have a presence in Romania and Italy. We don't have a formal distribution there, but we're going through the premarket assessment there and then shortly moving into validation of our product for use in Italy, but it's a long and slow process for those that have worked with Italian bureaucracy. We have a big focus now in Africa, where we do public screening in Zimbabwe via the National Aids Council in Zimbabwe. And for those that don't know, women living with HIV are 6x more likely to die from cervical cancer than other women in the world. So, with a high rate of HIV in Africa, there is a large focus from different nongovernment organizations and government groups to screen particularly a cohort of women with HIV. And that's where we've been selected by the government of Zimbabwe and the National Aids Council, and also UNIT, who are a funder of that program. We have a Latin American presence with Mexico, but we've also just started sales into Panama, and we're doing market penetration activities in Ecuador and also in Colombia. And we will be looking at some other activities in Spanish-speaking America. If I look to the Middle East, we have arrangements currently in place for authorities to market in Saudi Arabia, the UAE, and Oman on one relationship. We also have a relationship in Jordan and Palestine. Palestine, of course, has been quite difficult, and I'm just working out how to move product into Palestine at the moment, but we have sold into hospitals in Jordan and Palestine previously. Our key quality certification is the CE Mark. But we also have approvals in China through the NNPA, in Australia and the TGA in New Zealand with WAMD, MHRA in the U.K., and in Mexico and Indonesia. We have the Vietnam approvals and HSA in Singapore. We've just got the Thai FDA. And then we have Uzbekistan and Kazakhstan approvals, and we're going through registration in Kurdistan and Belarus at the moment. As I've mentioned already, Russia with Ross Basnador. And we have ISO 13485 and 60601-1-2, which are the 2 main international standards for medical devices and medical devices that use software and electronic componentry. Our biggest change, though, and I'm just going to show our global sales and then talk about where the big change is coming because that's the revolution of us. I want to share this screen if you view it -- and it should show now -- you should see our growth in sales and our addition of new markets and how that's derisked some of having just everything invested in China. China will always be our biggest market. But you will notice here that where China was 87.6% in FY '25, FY '26, 61.3%. The big mover was Zimbabwe, where we have recommenced programs with the National Aid Council, but also growth in Central Asia, which is, at the moment, Uzbekistan. I'm going to talk about programs there in a minute and growth in Vietnam, where we have a relationship, including relationships with the Hoqi Minh City Public Health Association and also just the commencement of sales in India. Indonesia introduced again. What it shows us is that we now have commercial activity in 3 of the 4 most populous countries in the world. And we're also focusing on these countries where 90% of the deaths from cervical cancer occur, which are countries that have poor access to screening resources. But the big change for us is this, and it should be on your screen now. And that is the World Health Organization targets for countries, and every member country in the World Health Organization has signed up to a 90/70-90 program to be completed by the end of 2030. That program calls for 90% of women to have been screened at least once by the end of 2030. But the world is behind. And in the target markets we have, for example, China is currently at 28% of women screened. India 2% of women screened. Look at South Africa, 34%; Zimbabwe, 18%; Thailand, 49%; Malaysia, 40%, and we're only about 6 weeks away from getting our Malaysian registration. Uzbekistan, 10%; Mexico, 35%. This shows the gap between the WHO target of getting to 70% of first screenings up and where we are globally with our markets that we're currently in. And you can see here, this is our market growth potential just on those mandated programs. As a result, UNIT and the World Health Organization have a major focus now on nongovernment-funded activity through foundations, which might be managed by government organizations, but the funding is coming from NGOs. And we have now applications in place with UNITAid-funded programs, with Gates Foundation-funded programs, with Baylaw Foundation-funded programs in Africa, Asia, and Latin America. The biggest of these and 3 of those big applications are UNITADE, with a combined 400,000 to 500,000 women being screened in 3 years and a potential to add $4 million in annual revenue to us from FY '28 through FY '30. The big programs, and I'll stop sharing now and just talk to these. The first UNITADE program and the big one is the National Aids Council of Zimbabwe, PA, which is the program for Appropriate Technologies in Health, a Seattle-based organization. Selena Center for International Development and Research in Nigeria, Red Aid in Nigeria, and the Baylor College of Medicine Children's Foundation in Eswatini have an application to do screening in Sub-Saharan Africa through AI-enabled point of care, which is TruScreen. Those same organizations, again, have an application with us to UNITA for same-day screening and treatment in those countries: Zimbabwe, South Africa, Eswatini, Rwanda, Nigeria and Kenya. A third application, again, through UNITA is to cover countries in Asia and Latin America, including China, India, Indonesia, Vietnam, Uzbekistan, Mexico, Thailand and Malaysia. And that's working again, with PA PATH, who are the lead applicant in this particular program and have selected TruScreen as their chosen technology, which is unique for us to have an American organization choose us as their #1 provider of technology. And the Baylor Foundation was the #2 group to choose us from the U.S., sorry. Hoinin City Public Health Association is involved in this application to private companies in Vietnam, China, and Mexico, doing this joint application with UNITADE. We have an application in with the Bill & Melinda Gates Foundation to provide screening in Nigeria and to investigate the use of TruScreen as a rollout to solve the problem in Nigeria of their poor access to laboratory resources. It's being led by Dr. [indiscernible], I've got to pronounce this right, Ole, who is a consultant oncologist at L, which is the Lagos State University Teaching Hospital. We were just advised overnight by Dr. Olamuraay that the American Association for Cancer Research has now supported this application to Gates on reference from the Gates Foundation, and we have been asked now to submit what's called a full proposal. So we passed the first gateway now into the Gates Foundation with the support of the American Association for Cancer Research. So now we have 3 key American groups or at the Gates in 4 key U.S.-based groups looking at TruScreen applications for activities in Africa and Asia and Latin America as well, which is great for us because the biggest funders of NGO activity are coming out of the U.S. And so we're now tapping into that as well as tapping into UNITA, which is a global fund that takes eclipses the ticket on every international air ticket that's issued around the world. And that then goes into a fund. UNITA sits inside their offices or inside World Health Organization offices. So we are now getting noticed by these major nongovernment organizations to conduct what are public health screening programs. What that does for us is it changes us from just growing hospital by hospital with our distributors in target countries and picking up a device here and then 100 SaaS a month through those hospitals to moving to be doing the screening for large public screening programs. For example, in Zimbabwe, that program is multiple groups of 10,000 women each year. So we're targeting 30,000 women this year in Zimbabwe. It may end up as 20,000. It will depend on the timing of the 3 programs and where they fall. We're looking at a program in Uzbekistan, where we started the validation with Professor Pkomva at the L Teaching Hospital in Tashkent, who is on the Women's Health Committee for the Uzbek Ministry of Health, to use TruScreen for screening in remote regions in Uzbekistan, but also to do screening in the capital city itself because they have, again, a restricted access to traditional laboratory infrastructure. Some of our other programs, I mentioned the Ho Chimmin City Public Health Association, which is a semi-government organization in Vietnam, which has an agreement with us to conduct and the administration of it is slow, of course, and the rollout is slow but to conduct a screening of 260,000 women over 5 years. We are about 6 months behind in that rollout as the admin goes, but that agreement still stands, and I spoke only last week face-to-face with our representatives in Vietnam and of that program, and they are still working through the admin on that. We have started some of the screening, but the major rollouts are just going through that administration. Why we were chosen and why did we pick TruScreen? And I just want to show you the accuracy of TruScreen compared to the traditional screening methods, particularly of PATH. Why we were chosen is this graph here, which shows the gap between the sensitivity to CIN2 and CIN3, which are the critical precancerous conditions for a woman for cervical cancer. That's the average sensitivity of the most recent studies over the past 2 years compared to TruScreen's average sensitivity, which is the ability to detect disease. We are, on average, 16 percentage points more accurate than the traditional screening method of PAs or liquid-based cytology for the identification of precancerous changes. I know that we need time for questions. It is setting out that change in focus whilst maintaining the organic growth hospital by hospital in our chosen countries and adding more countries to our footprint, moving into these public screening programs with an increasing recognition from international nongovernment organizations and ministries of health in the countries that we're targeting. And now, yes, I'd love to welcome questions from your viewers.

I think you touched on at the very start, but maybe if this attendee came in, the U.S.A. is not really a target market for TruScreen at this point in time, I think all the other things you've got going on in various regions. At this point in time.

Two reasons. One, they have an established screening infrastructure. Two, the FDA, because we're a unique device, we don't have what's called a predicate device, which means we can't follow on from another technology and say, oh, there's already this kind of technology in the United States. So we would have to do what's called a full PMA application, which would cost several million dollars and put us into a market that's already flooded with laboratory-based infrastructure.

Next one, Martin, is, I guess, anybody else who is doing screening outside the laboratory-based test? Is there another device like yours? And the follow-on question to that is then patents in place for your device, the software, if you can touch on that maybe as a 2-part question.

We do not patent our technology. And there is a particular reason for that, and the advice for this was given to us in late 2013, and early 2014 reinforced that in the countries we are choosing to enter, the ability to successfully enforce a breach of patent is low. The enforceability of patents in many of the markets we're going into, and you've heard me speak about them, is low. The cost of doing global patents is high. When you patent, you release your secret to the world. So we developed the product in 2017. If we patented that new technology in 2017, we would now be running down towards the end of our patent protection, and companies could capitalize on your secrets instead; we operate through trade secrets. This advice came to us from an adviser, it was a WTO and IMF intellectual property consultant. So to Professor Alan Bennett, the University of Sydney. He said, use trade secrets, never tell anyone what you do, how you do it, and maintain that secrecy. And we do. And so we split up amongst key partners, different parts of what we do. None of them know what anyone else does. And the only people that know how to make our device, how to test it to make sure that it's always performing at 100% calibration, are TruScreen. We're the only people in the world that can make it, plus we're the only ones that know how to make it. And we are the only device in the world that does what we do. There are 2 other devices that have been trying for several years to mimic us. One is a British-based device called ZetScan, which was spun out of the University of Sheffield in 2007 or 2008, and that is an electrical pathway device only. And there is another one, and that company has now fallen over, and ZetScan has not sold anywhere in the world. The other one is a company out of State Guided Therapeutics, which has an optical pathway-only device. Viva has been trying to get into other markets over the years and has been unsuccessful. They're still trying to get registration. The problem is the device is expensive, and it's relatively inaccurate because it only uses 1 of the 2 pathways. TruScreen is the only device in the world certified to use both electrical and optical tissue differentiation for the identification of precancerous changes to the service. We were the first device in the world to have a stand-alone primary screening approval that was an AI-generated algorithm-based device. The only movers now that are coming in are devices that are using AI to identify images of the service and work that way. But the problem they're finding is that they are sensitive but not specific, which means they're over-identifying disease and incorrectly calling a woman as having disease when she doesn't have relevant disease. And it's a problem of the way they're using their AI. And I don't have time to go into that at the moment, but there's a much longer discussion I could have about the problems with rolling out AI-generated algorithms and the learnings we have that make us unique in the world.

Another question here, I guess, yes, what happens in these markets when women get a positive result? Do you refer them for treatment? Does their doctor refer them? Is there even treatment available?

So it's different in every country, and it's different in every situation in every country. The gold standard would be a screen with TruScreen to identify precancerous changes. If the patient was TruScreen normal, then you could reassure them, send them home, and ask them to come back in 3 years or 5 years. If the patient is truScreen abnormal, the best thing to do if you have it available is what's called expert colposcopy, which is a binocular magnified view of the cervix, where an expert looks at the cervix and looks for changes either and they're called aceto-wite changes if you're using acetic acid to identify changes in the cervix or they're called yellow to black changes if you're using a thing called L's iodine to look at coloraining of the cervix. The 2 methods they use. Then if you're positive to culoscopy, which is the triage, so it's screen, triage, treat. You would then go to a biopsy, have a solid unit be treated. That's not available to many, many, many women in the world. What is available is primary screening with triage. Primary screen with TruScreen, TruScreen with second-level coloscopy, and then treat. And that treatment could be what's called a loop, or it's a hot loop, or it's a loop excision, which is like a hot wire that cuts through the cervix like butter. It sounds terrible, but it's actually quite quick and stings more than it hurts. The other one can be a conal ablation. Then, when you don't have any sort of colonoscopy available, there's a thing called screen and treat. The screen and treat using TruScreen means that TruScreen is a result immediately, and here's an example in Zimbabwe. Why we've chosen it is that you don't need a laboratory, and TruScreen, again, is completely portable. So this can be taken out to a village, a handheld device. You can do 20 women in the morning with one handpiece and 20 in the afternoon with the other, 2 devices, 2 handpieces, and then have 1 charging while the other one is being used. If a woman tests positive, and because it's HIV that we're looking at here in association with cervical cancer, about 1/3 of HIV-positive women in Zimbabwe will test abnormal for TruScreen, having precancerous changes, where it would be normally around 6% in what's called a non-HIV world. Because there's no coloscopy, you take TruScreen abnormal and then treat immediately, not with guided loop leak and excision, but with either prior therapy, or now with what's called -- there is both thermal coagulation and cold coagulation, which slow off the outer couple of cell layers of the cervix and remove about 90% of presurgical disease. So you go from TruScreen being used in resource-rich environments at major hospitals to TruScreen being used in the village, and the screen, triage, and treatment algorithm changes with each of those settings. But TruScreen is adaptable to each of those, unlike liquid-based cytology, unlike HBV DNA, unlike visual inspection; we're unique in that we suit all of those environments.

Martin, apologies, we haven't been able to get to everyone's question. We're up on time, and I do know Chris, our second presenter, is waiting there for us to wrap up. But thank you very much for coming in and joining us. And yes, I think just given the level of questions and interest this morning, we're going to have to have you back on at some stage later in the year, maybe after the half-year result comes out in September. Really a pleasure.

A pleasure, Mark, and thank you to everyone who participated today.

Thank you so much, Martin. And I see Chris is just getting up his presentation here now. Chris, good morning.

Good morning, Mark. Good morning, all.

I can see the cover slide of your presentation, Chris, and we're welcoming Chris back after a very long hiatus. So it will be good to get the download and everything that's happened at RocketDNA, but I'll stop talking and let Chris give you the update.

Yes. Thank you, Mark. Nothing personal. I think we've just been really, really busy building a good product and rolling out contracts. And I guess, really probably to summarize it, Mark, is that we're at that inflection point. I think when we first started this journey a couple of years back, we've always been focused on drone and drone technology, but more recently, really deploying autonomous drones and really just building on the success of sort of the big DMA BHP coal contract that we got at the end of last year. And it's just been busy, just rolling up these systems, listening to customers, deploying and really building out the rest of the business model. So yes, very excited to sit and chat with you and the viewers today, give a bit of an update on the back of our quarterly as well. This presentation is available on our website and on the ASX as well. So I guess a bit of a quick sort of start to chat about Rocket and what we do. Effectively, we do autonomous drones for mines and industrial enterprise customers. How we achieve that, or how our business model is effectively broken into 3 different streams: hardware, remote operations, and the software and the data piece as well. How we then manage -- we either sell or lease the hardware at the remote operations, we're charging on a consumption-driven model, and then we're charging software licensing and more consumption for any post-processing of that data. With the $25 million market cap, really healthy cash balance as well. I think one of the highlights out of the recent quarter is that we're net operating cash flow positive, which has really been a big change since we last spoke as well, Mark. So again, that inflection point is really there within the business. And now it's just continuing our land and expand strategy, which I'll explain in a moment how we achieve that. But I think for those who may not know Rocket and how the business and the business model has come together is that how we're very different from normally drones on mines, which for context, Tier 1 miners, let's say, even just the top 3 and 4 ones up in the Pilbara, together, cumulatively, they'll have over 1,500 large-scale drones that they'll be operating on a daily basis. So a really large need for drone data. But what's become a really interesting case is that up till now, really the surveying teams have been the traditional owners of this drone hardware, which means like they would go out, purchase these drones, get drone licenses, and then go out and fly. But in the meantime, a lot of these other departments, such as mine planning, geology, environmental, all these other departments, have really had a growing need and demand for aerial imagery and data as well, which they can start bringing to their new tools and software capabilities. But the surveys on site have never been able to actually have the time to be able to meet that demand that's growing on site. So RocketDNA takes a holistic approach by, first of all, deploying front-end hardware that automatically captures all the data. All this hardware is managed by our new Skylink operating system software. So this takes care of all the fleet management, the tasking, and the capacity planning across all the systems. It effectively allows customers to scale the operations because, again, you've got 1 or 2 drones on site, but the demand is so massive, you actually need 4 to 5 of these systems on some of these sites, and how do you manage those autonomous systems? And Skylink is that operating system that brings it all together for all the departments. You just don't have these bottlenecks anymore. And on the back end, we have our Site Tube product, which is where all the data lands. So once the drone has gone out, autonomously captured all this data, it then comes back and uploads the data into Site Tube, which is then made available in real time to each of those people that requested it. And so we bring this all together under a single term, which we view as drones as infrastructure, very similar to how you think of a server and a server cabinet or a printer in the office. It's got a management or a maintenance schedule and tasking all around that. It's treated really as an IT asset rather than just a pure surveying tool. And it really opens up this massive strategic opportunity for mines and miners who are desperate for more automation to really bring it all together in a nice, easy-to-deploy solution. A little bit about, again, the problem statement and how we're really starting to hit our straps now and where we're seeing the overall monetization and usage really expand. As mentioned, drones are not something new. Drones have been used for a very long time, but the demand for that drone data has only increased. And because of the bottlenecks from the traditional teams on site to the ones flying the drones, other departments haven't been able to get there. And just to give you a little bit of context, some of the sites that we get to take a baseline and they're flying about 30 flights themselves a month. And then once they deploy our systems, all of a sudden, the total drone flights go up to about 230. So it's really this exponential demand that comes in. Because now Rocket is at that front end of capturing the drone data, we also get that first take it, well, what does the customer want to do with this data? How do you want to process it and add value to it. And that's really the second phase of the business where we're starting to get into now as well. And that really speaks to the overall land and expand strategy. As mentioned, 3 revenue streams: hardware, which we're putting on the front end; remote operations, we've got the CASA approval to operate these systems beyond visual line of sight from anywhere in the country. We're then also bringing through our own proprietary software processes and data processing to the customers as well; it's really about lifting all the load and automating not just the data capture, but automating that processing because at the end of the day, the customer needs to make a decision. And the opportunity that autonomous drones bring is high frequency and reliability and effectively capturing and digitizing your mine in the morning before everyone even gets to work. So by the time everyone rocks up for their pre-start meetings at 7:30, the information is really there for them to start making these decisions, and it's highly invaluable to them. Where the real special secret sauce of RocketDNA really, I guess, starts to hit our straps is the exponential growth. So while a lot of sites might start off with one system and deploy it and maybe typically use it for its traditional use cases such as surveying, once we really start getting ingrained within those other departments who are requesting flights for environmental purposes or, let's say, operational safety, even security flying at night, you'll find that that single unit hits capacity pretty quickly. And so then they start organically ordering more units and expanding that. That is all enabled within the software platforms as well because, again, now you're not having just one department who is now sharing this data by an e-mail once the drone data is collected or via sort of a OneDrive link and only certain people have access to that, every single person who's requested can have access or everyone who's authorized can have access to that same data set, so capture once but use across many teams. And that, again, just keeps driving up the utilization, not only of the hardware, but of the software as well. What's really interesting, and I'll come to this, I guess, our inflection points, and I'll set a little bit around what we view as our really important KPIs, is where you've got to measure the business, yes, not only on the financial metrics, but also on the operational metrics as well, which really feeds into those 3 revenue streams. As a business that's deployed its own software to have over 1,000 monthly active users that are using this tool pretty much every single day. We probably have over 3,000 people registered on the platform, but over 1,000 people of them are using this tool every day. And for any of those who have actually visited a mine site, when you look at the walk behind the screens and you see the operating tabs, there's not a lot of real estate left there at the top of the web browser. Everyone's tabs are all squeezed up. You can't even see the logo because there's just so much going on and there are so many tools. So there's a really big competition, not only for the headspace, but for that space even in the browser and the tool set that these miners are using. And what Site Tube and Skylink really bring is this Uber-style experience that people can task and deploy a drone very quickly and easily and be able to consume that. And so these metrics really speak to the success and the growth of that. So there's a bit of a lag effect: what you're seeing, yes, in today's sort of revenue, our last sort of quarter was the $2.5 million sort of quarter as well. But the real big focus of the business is building these tools and this functionality that affects the monthly recurring revenue. So tools that customers are using every single day. And that really speaks to the exciting part about Skylink because one of the biggest features is once you deploy these permanent systems on site and using Skylink, very similar to sitting at an outdoor calendar, you can actually set up recurring meetings and which means that this flight that you design and schedule up can actually be then tasked to fly every single day or every second week or third day before the end of the month. And one of the key statistics, which we recently announced, is that in 30 days of signing up our 20 enterprise customers, Skylink now has over a year's worth of booked flights already prebooked inside that. So that's like forward-booked revenue already of a year of permanent flying that 20 customers already booked up. So it's just really showing the overall demand and being able to help customers plan their capacity across all their drone sites as well. We're also really pleased that for the second quarter in a row, to achieve a net operating cash flow. So this is not just a flash in the plan exercise. It really is a business at that inflection point, really at this pivot time where automation is needed more on mining sites. You're just finding that really the sort of tailwinds are particularly in mining, which is just becoming further and further away from its traditional basis or further away from the main capital cities. It's becoming complex, harder to do. You can't find people. And even if miners can find people, they can't find the right skills. So the demand and the drive and the investment in technology is happening, and we're seeing more and more customers take up this technology. And so, as Rocket, it's really about that, I'd say, that land and expand strategy, which is get the units out there, deploy the systems, deploy the whole operating methodology and the software as well, which is what makes us unique versus customers trying to do this themselves or versus other competitors as well. It's a big question that we get is, well, what separates you from a customer wanting to fly their own drone or getting other people? RocketDNA is the only company not only in Australia, but globally because remember, we've got operations in Africa as well. We're the only company that can scale. We're the only ones that are doing over 6,000 flights a month, achieving really that consistency. And that's what miners and our enterprise customers want. The day these things don't work, or the moment the software doesn't work, if things don't work, you lose them altogether, and they're not going to invest in that. And that's really what we're here about. We're building this platform, building this operating system that our customers can rely on for their day-to-day decision-making more and more. And there's a really great video for those who are interested as well. If you go to our YouTube channel, you'll see the BMA video, which really shows how this technology works and pulls it together, but it's a really great customer case study video that pulls it all together and really sets the scene for how much they use these systems and how much our customers rely on them. Another thing really to bring in, interesting over sort of this last quarter is now that we're starting to get really visibility and a building pipeline as well, we've actually increased our production capacity, bringing on 2 new suppliers as well just to start meeting demand. We're really quite excited when you're seeing the sort of XO deployed there; that's what you're seeing- that's the front-end hardware. These are the systems, like what you see in the photo, that we're putting out there. And yes, quite a nice demand that's now building. So really organically increasing our capacity to meet that demand as well. And then the effects of that being more systems you deploy, the more users you're signing up, the more missions we're creating, and we're making money along every part of that way. So making money with that hardware, the more users we're signing up, we're making money with license fees. We're making money off data processing, and we're making money off every time a user is triggering a flight in Skylink. A little couple of screenshots. They're not always as impressive, and we're happy to always do live demos for those really keen investors as well. But these are the 2 products really at the front end and the back end that bring it all together, that set RocketDNA apart. And why it really matters is because it's just got to be seamless. As mentioned earlier, miners and enterprise customers just don't have the time to learn new tools. They're not going to go on a course to understand how things work. And Skylink just makes it easy so you don't need a drone license. You don't even need to know how to use a drone. You can literally just click points on a map and you can get a drone up and flying in seconds. So it's really that Uber-style experience with real-time visibility. We have so many requests really for the on-demand features, getting eyes on fires, emergency scenarios, hot ties, anything that's really happening. And because it's our tool, it's hardware-agnostic. So we derisk ourselves from any particular hardware manufacturer or OEM; we can really ingest and control the front end, the customer interface, and deliver what they need. As mentioned, that Skylink is also our operating system. So this is also what holds us accountable. It's how we manage our SLAs and our scheduling, and our capacity management and our teams as well because the unique thing about Rocket is we're able to scale up and down within our systems to meet that growing customer demand. And that's what Skylink is about: the vision for 100-plus unit deployments. As you see, we're at sort of that 24, 25 unit deployment, another 15 about to come online over the next couple of months. We've got a really incredible growing pipeline where we're really looking into the hundreds and the future of the hundreds. So Skylink was something that we just had to build and invest in over the last couple of months to really enable that for us and not only for us and our operations, but our customers as well. And then Site Tube is a really interesting product because you're really competing in a space that's owned by really big, massive players, $1 billion dollar companies with very complex engineering CAD-based tools. And where Site Tube actually really gets in is that you're really focused on the 90% user case. We're not designing this for 100%. This is not for everybody. But this is really targeting that 80% to 90% of users that sometimes just need a quick answer, sometimes a visual comparison. I need to get in. I need to get a time lapse. I need to see some quick progress, get a 360 panel or a video out of that. And that ends up being a massive user base that ends up using the tools just for very quick, simple, easy answers. And so with both Skylink and Site Tube, we're actually creating our own markets. There's a bit of a blue ocean in this particular sector because we're controlling that part. We're collecting all this data. We're now presenting it through our tools that anybody can use, very simple, no training required and you get the information that you need when you need it. Saying that, though, one of the big, powerful parts about SiteTube and Skylink is that they're both API-driven. So from a SiteTube perspective, we also recently announced an MOU with Desk, which is a really large mining software as well, which is putting a lot of focus on the open pit products. It's probably used by about 90% of the mines across Australia. So there was actually a request from one of our existing customers to say, "Hey, we love what we're doing with Rocket. We just want to get the data now quicker into our Desk software for our surveying team; how do we do that? And so we really had a great response from the Desk rate and the customer team. They're currently working on that integration piece, which they expect to be released early in '27. But in the meantime, we'll open up to early adopters as well. Again, these integrations are what will drive up adoption, drive up more requests, increase the utilization, and increase the overall revenue for us. So we're all for it. We're happy to integrate and put the data where the customer needs it. So to summarize again, the overall business model, I know everyone hears the cliché land and expand. But really, the nuances and what RocketDNA is doing really, really well is that utilization and integration piece. So yes, we put out a unit there. We're a hardware-enabled software and data business. That's pretty much the right way to summarize us. We put a unit out there. It's fixed-stall capacity, drone infrastructure able to be deployed at a moment's notice whenever you need it by anybody. You don't need a drone license to use our solution. What that then enables is not only just the survey teams; it increases utilization across multiple departments that can trigger the drone when they need it, either manually or by sensors; it's all just about utilization. How do we just get people utilizing more and more drone data? And then once people have started wrapping their heads around, well, I'm getting this data every single day. I've scheduled it for every single week. How do I start integrating that into my third-party tools, reporting, AI tools, asset management systems, ERP systems? How do I get that all feeding through to help inform the rest of the business and really empower and speed up the rest of my other processes as well? And that's also where Rocket DNA comes in. We have the software engineering skills, the mining experience, the computer science, the vision engineering to understand the customers- what do you need, where do you need it, and at what time and to integrate it so that customers become dependent on us as a key part and foundational part of their overall workflow. And so once you get these 2 components right, focus on that initial utilization increase to get everyone across the line and knowing how to use the tools, and then be interoperable, which normally it's a square word in mining, but we fully embrace that. Integration is a key part of our strategy. You're going to get this organic expansion where customers just want more systems. They want more data from us, more flights, and more tools. And that's really where rocket at the sort of point now, as we're really starting to see which way that hockey stick is starting to point. So to summarize, drones infrastructure, we're an autonomous drone system. Our knitting is really within mining and industrial-based systems, saying that, though a lot of demand and interest is coming from critical infrastructure, and I would say security and surveillance applications as well, which we keep our eyes on. Rocket is not just a pure software play. Like I say, we're a hardware-enabled software and data business, combined with the technical service in the middle. Our remote operations are a moat in itself for having government regulatory licensing that enables us to do very complex and remote flying as well. us apart from any one of our competitors or customers doing it ourselves is that we know how to achieve high utilization. Again, we know this is not just a tool for the surveyors, but this is a tool for everybody, for everyone, and how we build our products and how we integrate them is exactly that. And that's why the software layer, it really matters. Using our unique perspective and understanding the customers' mindset for all the capacity for not being able to need to have to learn to train, to use any kind of new tools, Skylink and Site Tube really hit the mark in being that simple, effective: hey, I just need a drone flight over here, 3 clicks, it's up and flying. You either have a live video on an emergency scenario, or you have your panel, your survey data in 15 minutes. As we said, mining is a massive market for us. We're conservatively expecting a total addressable market in Australia alone of about $600 million a year in recurring revenue, and this is just really built off the open pit mines that already are using drones, and we feel that we can automate at least 50% of those drones as well. So mining is a strong use case for us, and not only beyond surveying, automated inspections, asset monitoring, critical monitoring, you name it. The problem that we have is probably too many opportunities, and it's really about focusing on those niche use cases that we feel that we can add value, not just in the automated data capture, but also in the automated processing workflows as well. And again, the key part and what you will see more about Rocket is just getting more and more embedded in that decision-making workflow. So using the tools that we have, being interoperable, increasing the integration, allowing customers just to get quick and easy access to the information is really what separates us apart, and customers become heavily reliant on us and pretty much we become sort of irreplaceable or very sticky within that process. So yes, I think we're really quite excited for the next couple of months and definitely advise everyone to keep an eye on good old rockets. Thanks, Mark.

Thanks, Chris. And yes, I remember when, drawn in a box, I think it was called the start, was launched, and there was, I think, your last presentation- maybe 1 or 2 pilot projects or things have been launched with like 1 or 2 drones. So to see a pipeline of 24 that are in the pipeline on top of a big existing base. It's come a long way. Just another one on that is the 24 I mentioned there. Are they committed to going on site? Or at this stage, just constantly building inventory?

No, that 24 is the units that are actually under management, so the ones that we're operating and flying. So there are some scenarios that you're right, and you'll see the difference between the, I guess, the monthly recurring revenue and sometimes the actual total revenue. Sometimes we're selling the hardware to customers, and that's just because customers are buying CapEx, where it makes sense, like we're exporting some units as well. So there will be people who will be buying the actual units and going. We're happy to always sell and sort of do those one-offs, but those 24 units, that's what feeds that monthly recurring revenue number.

Another question then, yes, cybersecurity and cloud provider that you guys use, disaster recovery for the information you're storing on behalf of clients, protecting that kind of feed from the drone to the client's own system that doesn't get intercepted, all that stuff. Maybe just touch on that as a broad question.