RocketDNA Ltd. (RKT) Earnings Call Transcript & Summary

Alright, good morning to all of you, and a very warm welcome to yet another Coffee Microcaps morning meeting. My name is Mark Tobin. If this is your first time with us, you're most welcome. I'm the founder of Coffee Microcaps. I have a few brief introductory slides to go through, and after that we'll dive right in with our first presenter this morning. As usual, I'd like to acknowledge our sponsors, DMS Asset Management, and note that we're on the lookout for an active manager in the microcap ASX space. Do have a look at our website for the relevant T&D and PDS, or feel free to get in touch with Stephen or Michael should you have any further questions. A warm welcome, as always, to any of our friends from ASIC joining us this morning. And for those of you who are with us for the first time, the companies we typically feature here are at the 300 million level for a microcap in revenue, generating cash flow, and indeed already profitable. With those 3 criteria in mind, we generally don't include companies from the resources and biotech sectors. What we do cover is what I call industrial microcaps, which is a catch-all covering all the other sectors, whether that's financial services, health care, professional services, retailing, the full gambit outside of resources and biotech.

During today's morning webinar, 2 companies will be presenting. Each gets 30 minutes, which we split into 20 minutes of presentation and 10 minutes for Q&A. <<operator_script>> That way it's simpler for me to moderate the questions for our presenters. Also, please be aware that this webinar is being recorded, and it'll appear on the Coffee Microcaps YouTube channel tomorrow morning. All the other events and sessions from the last 6 years are available there too, if you'd like to go back and take a look at any of them, and we have plenty more scheduled through reporting season, which is now, next month. Twitter, YouTube, as I mentioned, LinkedIn and a free monthly newsletter. The latest edition went out just this morning. If you'd like to keep up with what we do, our first presenter this morning will be Martin Dillon from TruScreen. Then after him, we'll be welcoming back Chris Clark from WA from Rocket DNA, and with that, I'll stop sharing my screen. And Martin, could I ask you to please put up a few slides for us and walk us through the TruScreen story.

Yes. Thanks, Mark, and I appreciate your listeners giving me this opportunity to walk through TruScreen's growth and how we're moving into international markets as well as public screening initiatives. TruScreen is a life science business that produces revenue, and we make and sell the TruScreen cervical cancer screening device. Two elements of the device matter most: the handheld unit, which relies on an embedded algorithm generated by AI to establish whether a woman's service is normal or abnormal. Each is likely to have precancerous disease. During the exam, every woman uses a disposable sensor designed for a single use, and that gives TruScreen a recurring revenue stream. So the device is sold once; the disposables get sold for each woman. As I mentioned, that's a significant point for us; recurring revenue underpins our sales. Across the 2026 financial year — our financial year ends March 31 — sales rose 42% compared with the 2025 financial year. So our sales stand at $2.4 million. I'll get to how revenue splits a little later. For anyone curious about the corporate side, we're listed on the NZX and the ASX. Currently our share price is NZD 0.07, with a market cap of roughly $17 million — NZD 17.115 million.

When you look at our top 20 shareholders, they include the New Zealand government through the Accident Compensation Commission, which holds just under 5% of ownership. Our biggest single shareholder group, though, is an interesting outfit from New Zealand called Shares — a fund, or really an aggregator, of small retail investors who put in a little money every week or every month, and Shares uses that small investment to buy shares on their behalf and then splits them out among the holders. Right now they sit at roughly 13% of issued capital, and over the past 2 years they've climbed from about 4% to 5%. So that's an interesting angle on the support we have among small investors in New Zealand, as well as the large family companies, and as I mentioned, the government through the ACC. The family companies include Maxim Securities and Artemis Capital, which is the Mas family; Brian Parkin and Ritchie Rama from Wellington are all major holders, and a recent new entry on our ownership list has been Ven Capital from West Australia, and they now hold somewhere between 7% and 8% of our ownership, fluctuating. As for our journey: we listed TruScreen in 2014 on the NZAX, then migrated to the NZX, and then moved across to the ASX in 2020, just in time for COVID.

Over that period, we brought to market in 2017 our completely new device—the one I'm holding up right here, the TruScreen Ultra device. It took what had been a large platform device and turned it into a handheld, portable unit suited for screening in remote and rural communities as well as in major hospitals. That's a key element of our sales approach: we aren't attempting to sell into the United States or Australia or New Zealand or Western Europe, where entrenched infrastructure exists for cervical cancer screening, such as HPV, DNA, and perhaps nearby laboratories. Our target markets are emerging markets and markets lacking an entrenched laboratory infrastructure for conducting traditional screening programs. So that includes our biggest market by far, which is China. In 2025, China accounted for roughly 87% of our sales. In the 2026 financial year, they made up about 67% of our sales as countries such as Zimbabwe, Vietnam, and Mexico grew in size, along with our entry into India. If we look at where we are located around the world, I'll share a screen if your viewers are here; 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.

Mark, is that map still up?

That's gone now.

China represents our largest market by far, and we appear in the guidelines of both the College of Obstetrics and Gynecology Association and the China Robs and Gani Association, as well as those from the Chinese Society for Coloscopy and Cervical Pathology. Those two are the key centers for cervical cancer screening algorithms, or screening flow charts, in China. In Vietnam, we hold government approval. We also have regulatory clearance in Indonesia — I was just up there recently and served as a featured speaker at the national conference of their Obstetrics and Gynecology Association. While there, I met with senior public health officials as well. Screening and distribution arrangements are in place in Bangladesh, India, the Middle East, and Central Asia — particularly Uzbekistan, Kazakhstan, Kurdistan, Armenia, and Belarus. We are part of the Russian Obstetrics and Gynecology screening guidelines and are approved for use in public screening programs under the recommended guidelines in Russia. Romania and Italy are markets where we have a presence. No formal distribution exists there yet, but we are going through premarket assessment and will shortly move into validation of our product for use in Italy — though for anyone who has dealt with Italian bureaucracy, that is a long and slow process. Africa is a big focus for us now, where we conduct public screening in Zimbabwe through the National Aids Council in Zimbabwe.

For anyone unfamiliar with this, women who have HIV face a death risk from cervical cancer that is 6x higher than that of other women globally. Given Africa's high HIV prevalence, nongovernment organizations and government bodies are putting substantial emphasis on screening, especially a cohort of women living with HIV. That's the context in which Zimbabwe's government, the National Aids Council, and UNIT, a funder of that program, selected us. We have a presence in Latin America through Mexico, and we've also recently begun sales into Panama, while conducting market penetration work in Ecuador and Colombia as well. We'll also be examining additional activities in Spanish-speaking America. Turning to the Middle East, we currently have arrangements for authorities to market in Saudi Arabia, the UAE, and Oman under one relationship. We also have a relationship in Jordan and Palestine. Palestine, naturally, has been rather difficult, and at the moment I'm working out how to get product into Palestine, though we have previously sold into hospitals in Jordan and Palestine. The CE Mark is our key quality certification. Beyond that, we hold 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've secured the Vietnam approvals along with HSA in Singapore. The Thai FDA has just come through as well. On top of that, there are approvals in Uzbekistan and Kazakhstan, and right now we're working through registration in Kurdistan and Belarus. As I said earlier, Russia with Ross Basnador. We also hold ISO 13485 and 60601-1-2 — the two key international standards covering medical devices, including those that rely on software and electronic componentry. The biggest shift, though — I'll show our global sales and then explain where that major change is coming from, because that's the revolution for us. Let me share this screen, if you can view it — it should be up now — and you should see how our sales have grown and how we've added new markets, which has reduced the risk of having everything tied up in China. China will remain our largest market always. But you'll see here that China went from 87.6% in FY '25 to 61.3% in FY '26. The big mover was Zimbabwe, where we've restarted programs with the National Aid Council, plus growth in Central Asia, which right now means Uzbekistan. I'll discuss the programs there in a moment, and growth in Vietnam, where we have a relationship that includes ties with the Hoqi Minh City Public Health Association, and also the start of sales in India.

Indonesia is back in the picture. What that tells us is we've got commercial operations now in three of the four nations with the largest populations on earth. On top of that, we're concentrating on the countries where 90% of cervical cancer deaths happen — places where screening resources are hard to come by. Yet the major shift on our side is this, and it ought to be visible on your screen at this moment. It's the World Health Organization's country targets: each and every member nation of the WHO has committed to a 90/70-90 program, with completion due by the end of 2030. Under that program, 90% of women should have been screened at least once before 2030 wraps up. But the world is lagging. In the target markets we serve, take China — 28% of women screened right now. India sits at 2% of women screened. Consider South Africa at 34%; Zimbabwe, 18%; Thailand, 49%; Malaysia, 40%, and our Malaysian registration is only about 6 weeks off. Uzbekistan, 10%; Mexico, 35%. All of this reveals the distance between the WHO goal of reaching 70% for first screenings and where we actually stand globally across the markets we're in today.

So what you're looking at here is the growth opportunity in our market that comes strictly from those mandated programs. Because of that, UNIT and the World Health Organization are now placing a lot of emphasis on activity funded outside government, through foundations — it may be administered by government bodies, yet the money itself originates with NGOs. At this point we have applications submitted with programs funded by UNITAid, with programs funded by the Gates Foundation, and with programs funded by the Baylaw Foundation across Africa, Asia, and Latin America. The largest of these — and 3 of those major applications are UNITADE — involve a combined 400,000 to 500,000 women screened over 3 years, with the potential to bring us an additional $4 million in yearly revenue from FY '28 through FY '30. These are big programs, and I'll stop sharing my screen now and just talk through them. The first UNITADE program, and the major one, is the National Aids Council of Zimbabwe, PA — that's 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 conduct screening in Sub-Saharan Africa using AI-enabled point of care, which is TruScreen. Those same organizations, once 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.

There's also a third application, once again through UNITA, that would cover nations across Asia and Latin America — China, India, Indonesia, Vietnam, Uzbekistan, Mexico, Thailand, and Malaysia among them. That one is progressing as well, together with PA PATH, the lead applicant on this particular program, and they've picked TruScreen as the technology of choice. For us that's a unique situation — an American organization selecting us as its number one technology provider. And the Baylor Foundation was the second U.S. group to select us, pardon me. Hoinin City Public Health Association is part of this application to private companies in Vietnam, China, and Mexico, doing this joint application with UNITADE. We also 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. <<inaudible>> — 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.

We've now cleared the first gateway into the Gates Foundation, with backing from the American Association for Cancer Research. So at this point there are 3 key American groups—or, at the Gates, 4 key groups based in the U.S.—examining TruScreen applications for work in Africa and Asia and Latin America too, which is great for us, since the largest funders of NGO activity come out of the U.S. And so we're now tapping into that, as well as tapping into UNITA, a global fund that takes an eclipse on each international air ticket issued anywhere in the world. That money then flows into a fund. UNITA sits within their offices or within World Health Organization offices. So we're now being noticed by these major nongovernment organizations to run what are public health screening programs. What that does for us is it changes us from simply 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 into doing the screening for large public screening programs. For example, in Zimbabwe, that program involves multiple groups of 10,000 women each year.

Therefore, our goal for Zimbabwe this year is 30,000 women. That figure could ultimately land at 20,000. The timing of the 3 programs and where they fall will determine it. We are examining a program in Uzbekistan, where we began validation with Professor Pkomva at the L Teaching Hospital in Tashkent, who sits 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.

So what was the reason for our selection, and what made us choose TruScreen? I’d like to demonstrate how accurate TruScreen is when set against conventional screening approaches, especially PATH. The reason we were selected is shown in this graph, which illustrates the difference in sensitivity for CIN2 and CIN3 — those being the key precancerous conditions affecting a woman with regard to cervical cancer. That figure is the average sensitivity from the latest studies conducted over the last 2 years, set beside TruScreen’s average sensitivity, meaning its capacity to identify disease. On average, we are 16 percentage points more accurate than the conventional screening approach of PAs or liquid-based cytology when it comes to identifying precancerous changes. I realize we need time for questions. What this sets out is that shift in focus while preserving organic growth hospital by hospital in the countries we have chosen and bringing additional countries into our footprint, progressing into these public screening programs with growing acknowledgement from international nongovernment organizations and ministries of health in the countries we are targeting. And now, yes, I would be glad to take questions from your viewers.

I believe you mentioned this right at the beginning, but perhaps if this attendee joined — the U.S.A. really isn't a target market for TruScreen at this moment, I think, given everything else you have underway across various regions. At this moment.

There are two reasons for that. First, they already have screening infrastructure in place. Second, since our device is unique, we don't have what's referred to as a predicate device—meaning we can't build on another technology and claim that this type of technology already exists in the United States. As a result, we'd need to file what's known as a full PMA application, which would run several million dollars and land us in a market already saturated with laboratory-based infrastructure.

Moving on to Martin, I suppose the next question is whether anyone besides you offers screening that isn't done through a lab-based test. Are there other devices similar to yours? And as a follow-up to that, what about patents covering your device and the software — perhaps you could address that as a two-part question.

We don’t patent our technology. There’s a specific reason for that: we received advice on this in late 2013, and early 2014 reinforced it — in the countries we’re 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.

The sole group that understands how to build our device—and how to test it so it consistently operates at full 100% calibration—is TruScreen. Nobody else on earth manufactures it, and no one else possesses the know-how to produce it. Furthermore, ours is the only device globally that performs the way ours does. Two rival devices have spent several years attempting to imitate us. The first, a British-made product named ZetScan, emerged from the University of Sheffield around 2007 or 2008, and it relies solely on an electrical pathway. As for the second, that company has since collapsed, and ZetScan has never sold anywhere in the world. The remaining competitor is a firm called Guided Therapeutics out of the States, offering a device that uses only an optical pathway. Over the years, Viva has attempted to enter other markets without success. Registration is still something they're pursuing. The difficulty is that the device carries a high price and is comparatively imprecise, since it employs just 1 of the 2 pathways. Worldwide, TruScreen stands alone as the device certified to combine electrical and optical tissue differentiation to identify precancerous changes to the cervix.

Our device was the first anywhere to receive stand-alone primary screening clearance as an AI-generated, algorithm-based device. The only new entrants arriving now are devices that rely on AI to spot images of the service and operate in that manner. What they're running into, though, is that those devices are sensitive but not specific — meaning they over-identify disease and wrongly label a woman as having disease when she doesn't have relevant disease. That issue stems from how they're deploying their AI. I don't have time to get into it right now, but there's a far longer conversation I could have about the difficulties of rolling out AI-generated algorithms and the lessons we've learned that make us unique in the world.

Here's another question, and I suppose, yes — in these markets, what happens when a woman receives a positive result? Are they referred by you for treatment? Is the referral made by their doctor? And is treatment even available?

Naturally this varies from one nation to another, and within each nation it varies by circumstance. The ideal approach would involve screening with TruScreen to detect precancerous abnormalities. When a patient's TruScreen result came back normal, you'd be able to reassure her, send her home, and request that she return in 3 years or 5 years. When the TruScreen result is abnormal, the optimal step—provided it's available—is something known as expert colposcopy, a binocular magnified view of the cervix in which a specialist examines the cervix and hunts for alterations called aceto-wite changes when acetic acid is used to spot cervical changes, or called yellow to black changes when a substance called L's iodine is used to examine coloraining of the cervix. Those are the 2 methods employed. Then, if the colposcopy—the triage step—comes back positive, so the pathway is screen, triage, treat, you would proceed to a biopsy and have a solid unit treated. That isn't within reach for many, many, many women around the world. What is within reach is primary screening with triage. Primary screening using TruScreen, TruScreen followed by second-level colposcopy, and then treatment. And that treatment might be what's called a loop, or a hot loop, or a loop excision, which works like a hot wire slicing through the cervix like butter.

It sounds awful, but it's actually pretty fast, and it stings more than it harms. The other option can be a conal ablation. Then, in situations where you don't have any kind of colonoscopy available, there's something called screen and treat. Screen and treat with TruScreen gives you a result right away, and here's an example from Zimbabwe. The reason we picked it is that no laboratory is needed, and TruScreen, again, is fully portable. So it can be carried out to a village, a handheld device. You can test 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 is in use. If a woman tests positive — and because it's HIV that we're looking at here in connection with cervical cancer — roughly 1/3 of HIV-positive women in Zimbabwe will test abnormal for TruScreen, having precancerous changes, whereas normally it would be around 6% in what's called a non-HIV world. Since there's no coloscopy, you take a TruScreen abnormal result and then treat right away, 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.

You see, the shift is from TruScreen in well-resourced settings at large hospitals to TruScreen in a village — and in each of those settings, the screening, triage, and treatment algorithm differs. Yet TruScreen can adapt to every one of them, which is not true of liquid-based cytology, nor of HBV DNA, nor of visual inspection; what sets us apart is that we fit all those settings.

Martin, sorry — we simply ran out of time to reach everybody’s question. We’ve hit our limit, and I know Chris, who’s our second presenter, is standing by for us to finish. Still, many thanks for being here and taking part. And honestly, with the volume of questions and the interest shown this morning, we’ll need to bring you back at some point later in the year — perhaps once the half-year result is released in September. It’s been a real pleasure.

Thanks, Mark — good to hear from you, and I appreciate everyone joining us today.

Thanks a lot, Martin. I can see that Chris is just pulling up his presentation at this moment. Chris, good morning.

Morning, Mark. And good morning, everyone.

Chris, I can see the cover slide of your presentation, and we're glad to have Chris back after such a lengthy absence. So it will be nice to hear the full rundown and all that's been going on at RocketDNA, but I'll quit talking and let Chris bring you up to date.

Yes. Thanks, Mark. No offense taken. We've simply been extremely occupied with developing a solid product and getting contracts deployed. And to boil it down, Mark, we've reached that inflection point. When this journey began a couple of years ago, our focus was always on drones and drone technology, but lately it's really been about deploying autonomous drones and capitalizing on the success of the large DMA BHP coal contract we secured at the end of last year. It's just been hectic—rolling out these systems, hearing from customers, deploying, and really fleshing out the remainder of the business model. So yes, I'm very excited to sit down and talk with you and the viewers today, and to provide a bit of an update following our quarterly as well. This presentation can be found on our website and on the ASX too. So I suppose a quick beginning would be to talk about Rocket and what we do. Essentially, we provide autonomous drones for mines and industrial enterprise customers. How we accomplish that, or how our business model is split into 3 different streams: hardware, remote operations, and the software and data component as well.

So how do we handle it afterward—we either sell the hardware or lease it out at the remote operations, we bill on a consumption-driven model, and then we charge for software licensing plus additional consumption for any post-processing of that data. With a $25 million market cap, and a really healthy cash balance as well. I think one of the highlights from 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.

Yet at the same time, plenty of those other teams — mine planning, geology, environmental, and the rest — have seen genuinely rising appetite and need for aerial data and imagery too, and they're now able to feed it into their latest software tools and capabilities. The trouble is, the survey crews on site have simply never had the hours available to keep up with that expanding on-site demand. So RocketDNA's answer is a holistic one: the first step is putting front-end hardware in place that captures everything automatically. That entire hardware fleet is run through our new Skylink operating system software. It therefore handles fleet management, tasking, and capacity planning right across every system. In effect, it lets customers scale up their operations, since, again, you may have 1 or 2 drones at a site, but the demand is so enormous that on some sites you genuinely need 4 to 5 of these systems — and how do you manage all those autonomous systems? Skylink is the operating system that pulls it together across every department. Those bottlenecks simply disappear. Then at the back end sits our Site Tube product, which is where all the data ends up.

So after the drone completes its flight and has autonomously gathered all of that data, it returns and uploads everything into Site Tube, and from there it becomes available in real time to every person who asked for it. We wrap all of this up under one term that we think of as drones as infrastructure — much the way you'd think about a server and a server cabinet, or a printer in the office. There's a management or maintenance schedule, along with tasking, built around it. It gets treated as an IT asset, not merely as a surveying tool. And that genuinely unlocks a huge strategic opportunity for mines and miners who are desperate for more automation, letting them pull it all together into a nice, easy-to-deploy solution. A little bit, again, on the problem statement and how we're really starting to hit our straps now, and where we're seeing overall monetization and usage really expand. As I mentioned, drones are not something new. They've been used for a very long time, but demand for that drone data has only gone up. 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.

To give you a bit of background, a number of the sites where we establish a baseline are themselves running roughly 30 flights per month. After they bring our systems online, suddenly the overall number of drone flights rises to around 230. So the demand that arrives really is exponential. And since Rocket now sits at the front end, capturing the drone data, we're also the ones who first ask: what does the customer actually want to do with this data? In what way do you want it processed, and how should value be added to it? That is genuinely the second phase of the business, which we're beginning to move into now as well. And that ties directly into the broader land and expand strategy. As was mentioned, 3 revenue streams: hardware, which we place at the front end; remote operations, for which we hold the CASA approval to fly these systems beyond visual line of sight from anywhere in the country. We're also delivering our own proprietary software processes and data processing through to customers too; the real point is taking all that load off them and automating not only the data capture but that processing as well, because ultimately the customer has to make a decision.

What autonomous drones provide is frequent, dependable operation—capturing and digitizing your mine in the morning before anyone has even arrived at work. That way, when people show up at 7:30 for their pre-start meetings, the information is genuinely available for them to begin making those decisions, and they find it extremely valuable. The point where RocketDNA's true special secret sauce, I suppose, really begins to hit our straps is the exponential growth. So although many sites may begin with a single system, deploy it, and perhaps typically use it for its traditional use cases like surveying, once we truly become ingrained within those other departments requesting flights for environmental purposes or, let's say, operational safety, even security flying at night, you'll find that this one unit reaches capacity fairly quickly. And so they then begin organically ordering additional units and expanding that. All of that is enabled within the software platforms as well, because, again, now it's not just one department sharing this data by an e-mail once the drone data is collected or through a OneDrive link of some sort, with only certain people having access to it—every single person who has requested can have access, or everyone who is authorized can have access to that same data set, so capture once but use across many teams.

And that, once again, simply keeps pushing utilization higher — not just for the hardware, but for the software too. What's genuinely interesting — and I'll get to this, I suppose, our inflection points — and I'll frame a bit of context around what we see as our truly key KPIs — is that you need to gauge the business, yes, not solely by the financial measures, but by the operational measures too, which genuinely feed into those 3 revenue streams. As a company that's rolled out its own software to reach more than 1,000 monthly active users who are on this tool more or less daily. We likely have upwards of 3,000 people signed up on the platform, yet over 1,000 of them are on this tool each day. And for anyone who has actually been to a mine site, when you look past the screens and notice the operating tabs, there isn't much real estate remaining up there at the top of the web browser. Everybody's tabs are all crammed together. You can't even make out the logo since there's simply so much happening and there are so many tools. So there's very stiff competition, not just for the headspace, but for that space even within the browser and the tool set these miners are working with.

What Site Tube and Skylink actually deliver is that Uber-like experience—people can quickly and easily task and deploy a drone and then consume that. So these metrics really speak to how well that's succeeding and growing. There's a bit of a lag effect: what you're seeing, yes, in today's revenue, our most recent quarter was also a $2.5 million quarter. But the business's true big focus is building those tools and that functionality which impacts monthly recurring revenue. So tools customers use each and every day. And that really speaks to the exciting part about Skylink, because one of the biggest features is that once you deploy these permanent systems on site and use Skylink, much like sitting at an outdoor calendar, you can actually set up recurring meetings, which means the flight you design and schedule can then be tasked to fly every single day, or every second week, or every third day before the month ends. And one of the key statistics we recently announced is that within 30 days of signing up our 20 enterprise customers, Skylink now has over a year's worth of booked flights already prebooked inside that.