Xeros Technology Group plc (XSG) Earnings Call Transcript & Summary

Good afternoon, ladies and gentlemen, and welcome to the Xeros Technology Group plc Investor Presentation. [Operator Instructions] Before we begin, we would like to submit the following poll. I would now like to hand over to the team from Xeros Technology Group plc. Klaas, good afternoon, sir.

Thank you, Jake, and indeed, welcome, everyone, to today's investor meet. I'll keep my introduction very short this time and let, as usual, Neil and Alex talk you through the bulk of the presentation. But today, I really want to start with congratulating the team at Xeros. This morning, we finally, I'd say, announced our sort of deal on the domestic laundry side of the business. This has been a long time in the making. In the trading update at the interims, we reported this was imminent. It is now across the line. It is real sort of our product launch agreement with one of the world's largest domestic washing machine OEMs. Great job, well done and great to get this over the line. At the same time, what I want to say is that we should not focus on individual deals. In the past, we have potentially put too much emphasis as a business on individual deals and drawn people's attention to those. But I think Cavendish in their note this morning nailed it on the head and said with this deal announced and 3 further ones in the pipeline of similar nature, the customer concentration risk at Xeros is really going down. And that's what I want to draw attention to that we're not a one-trick pony depending on one product and one customer. But in this category, we have a first major deal announced, and we're working on 3 others to follow. And in parallel to that, as I also mentioned last time we were together, we are now commercial in Finnish with Yilmak. They're selling machines and XFilter will be in market before the end of this year. So we are commercial with multiple product lines and within categories, working with multiple parties. And also interestingly, there is starting to be some crossover in conversations between XFilter and our care offering with the global OEMs, which is all very encouraging. That to me is the big picture for today. The announcement is fabulous. It is a major milestone for the company. But the real message is this is not the only thing we're working on. We're not dependent on one deal. There is -- yes, the risk relating to individual deals or product lines is declining dramatically. So with that, I'll hand it over to Neil and Alex to take us through the detail, but I really wanted to get that message out upfront.

Thanks, Klaas. As ever, you've stolen all of my best lines, but okay, that's -- you get that one to seniority. Okay. As ever, I preface the presentation by saying that we're trying to provide an update for the business, which takes into consideration those for sure that are familiar with the story, but equally those that may not be. So bear with us if we're going over some old ground in terms of introduction of the technology, but we feel it's important. And there may be little bits that you've missed. And equally, we have a couple of bit more -- bits of data that we can use as reference points to show you just how kind of compelling some of the tech is as well. Okay. So without further ado, very simple sense. So what do we do here at Xeros? So a couple of key points that I would take out from the text that you can see in front of you. We are a sustainable business, but also equally, we work within proprietary technology as well. So we have a very high level of IP coverage for the technology that we bring to market. It is about as far away as you can get from me too. It is innovative, and it's specifically offering solutions to the laundry and the apparel industries, the link between those two, obviously, being the garments, the creation of garments and then the cleaning of them. Specifically, what we offer is cost, energy and water efficiency to the processes that are already existing, whilst at the same time, also reducing pollution. So that can be in terms of microfibers or equally can be in terms of the use of pollutants such as chemicals. And as I said, that's in the manufacture and the laundering of clothing. So that's who we are. Why do we exist? There are very specific industry problems within those 2 industries that I just talked about. So on the left-hand side, we can see the environmental cost of fashion. This is us in our kind of long-winded way talking about fast fashion. So we buy a significantly larger amount of clothes today than we ever did before because these are generally relatively cheaply produced clothes as well. Unfortunately, they end up in landfill. Everybody will know the fashion industry is under significant pressure from regulators and legislation, but equally from consumers as well. They need to be able to find solutions whereby they can produce clothes in a much more environmentally considerate way. The second piece is that actually, once those clothes are in the hands of people, actually, the laundry industry, the providers of washing facilities, washing machines, haven't really been able to offer anything in the way of specific innovation. So those of you that know me know that I am a washing machine boy of old, so I spent many years working within that industry. And I can tell you firsthand that there has been really precious little innovation, not just in my short kind of 10 years or so working with the business, but generally, there is, in particular, a very clear need which consumers are now talking about, which is obviously related to the point we made in the first comment about fast fashion, which is that people are getting a bit fed up with the fact that their clothes are deteriorating so quickly through the washing process. So they are presented with an option today, which is either you can have very clean clothes, which are deteriorating and are being destroyed through the washing process or on the other hand, you can have clothes which are pretty well looked after, but unfortunately, cannot be cleaned very well. So a true lack of innovation to be able to solve that has been outstanding. And actually, critically, as we'll talk about, the industry is now coming closer to realizing that they need to find a solution for that, which moves us on to what that solution looks like. So this is effectively the DNA of whom what Xeros are. We are all about XOrbs. XOrbs are the little beads that you can see in the image on the left-hand side. And effectively, they offer significant efficiencies in any kind of a process, which will use large rotating drums and effectively is either trying to create a garment, whether through the processing of denim or indeed through the cleaning of that garment as well. And you can see some of the statistics that we can now pull out in terms of the savings that we can offer water, energy and chemistry. And as I said, ever more compellingly in terms of the lifespan of that garment that is achieved using Xeros' technology. The other solution is our filtration technology. So I'll talk a little bit more about this, but our XFilter is market-leading. It's a microfiber capture device, which effectively offers people an ability to be able to capture wastewater that comes from the laundering process, which is laid in with microfibers, microplastics, which unfortunately are offering significant pollution into our waterways. Okay, so let's talk a little bit more about the specific industries and the applications that we've got. So domestic laundry, this is a washing machine that is in your home, my home, everybody's home pretty much in the Western world. It's a pretty big industry in and of its own right. Key kind of dynamic, which I would draw your attention to is the fact that although there are hundreds, thousands of consumer brands, in actuality, there's only really 10 groups that own all of those brands. So a relatively concentrated target effectively for Xeros to be able to hone in on to offer up partnerships for our technology. The second piece being commercial laundry, which is, again, the laundry and the cleaning of clothes. This is more -- they are larger format machines and being used in the likes of hospitality, leisure and healthcare and so on. Again, a relatively concentrated market in terms of the manufacturers of those and absolutely one which is very much looking for water reduction in terms of its solutions. And the final one being the garment manufacturers. So we're talking just about the final stage wash, which is relevant and present in every single garment that is produced. And as we've talked about briefly, the fashion industry is under significant ESG reporting pressure. And whilst they've done some good work on fabric creation and textile creation, actually, this creation of the garments, that final stage, there's precious little innovation or solutions being offered within that space. Okay, so some of the key headlines. As Klaas has just pointed to, on our Care technology, which we'll come on to talk a little bit more about, we have made a significant step forward. As of this morning, we have announced that we have a product launch agreement. That product launch agreement is with one of those top 10 washing machine companies that I just talked about before, predominantly focused in on North and Latin America. They are a significant player within this space. The specifics of the agreement are that we have set out to deliver a washing machine to consumers jointly, ourselves and the licensee within a 12- to 18-month period. The lead up to that period will be about taking a prototype, which is what we have at this moment in time and turning that into a full manufacturable product for consumers to be able to purchase. The Xeros time, the Xeros engineering resource that will be used for that is paid for. So it's very clear intent from that licensee. The program is time bound and it has milestones related to it as well. So a fully professional contract, which is in place and process, which is in place to enable us to bring the technology with that partner to market, which could be as quick as 2026. But just to pick up on one of the other points that Klaas made, this is not the end of the journey. So we have very specifically been working extremely hard, even just within the domestic care technology to ensure that we do not become reliant upon just once. And that's why the team has been cultivating opportunities for probably 18 to 24 months now in some cases, with a number of those top 10. We are in a process, as we would call it, with Ford, so pretty much half of those top 10. We've just mentioned the first one who has now moved to that full product launch agreement. But actually, we have 3 more that are in the pipeline. And as I've been sharing with some of the institutional holders in the last couple of days, we are really quite confident that we will be able to start converting the next ones within a matter of months. And actually, as I said to a number of people over the last kind of year, so the nature of this industry is such that they are a bit like sheep. I'm afraid to say. So as soon as one goes, one of the big 10 goes, which has now been the case with this agreement we mentioned, the rest of them follow very quickly. So we are very upbeat, very confident and very optimistic about the fact that Xeros is now very much in the process to be able to finally bring this technology to a mass market to be able to offer consumers all of the benefits that the technology offers. Alex, do you want to give us a bit of an update on the filtration development?

Yes, absolutely. So we talked earlier on in the year about the first brand partnership on our external filtration device, and that was with Russell Hobbs. So that's a great first agreement for us to bring that to the market in the U.K., and we absolutely expect that to be this year, which is really positive. But building on that, we have also agreed some launch intentions with 2 of the -- kind of the best partners that we could look to in this area, which is a major European washing machine retailer and one of the biggest global washing machine brands out there. So those guys have shared with us the target markets, how they want to launch all that kind of stuff, and we're working through the final bit of testing with them to get that out into market, which is going to be really positive for us. They're excellent blue-chip partners with -- you can see there with a combined washing machine sales of over 27 million units a year. So that gives us huge markets to go at. The kind of launch pad for them are going to be across Europe. And what's really pleasing is that we've been able to find the right partners with the right territories to allow us to get great penetration to that European market, but without that cannibalization that you might see if we're launching with a number of partners. So that's really positive steps on our external filtration. And then we know the long-term goal for filtration to get built in washing machines. And we absolutely see that, that is where the legislative landscape will push us. And we know that from our involvement in the IEC Commission that's looking at the standards on washing machine filtration, and we know that that's what the industry thinks will happen. So to that end, to kind of complement the European manufacturer that we -- European component manufacturers we already have on our kind of as part of the stable, we've agreed to develop a microfiber filtration capacity for internal use of machines with a really fast-growing, really innovative Chinese manufacturer. That's further fruit from our kind of strategic alignment with the Xinbao Group, which is the owner of the Donlim small domestic appliance manufacturers that make our XF3. So it's really a really positive development and allows us to get into that innovative fast-growing Chinese market and the global supply chain that feeds into.

Very good. Yes, as I said, we'll cover that off in a little bit more detail when we get to that section within the presentation. And then the final bit, which is equally very exciting for us as well, which Alex would like to give you a little more indication on when we get to that section is that on the finished side of the business. So this is primarily the denim processing. That's the first iteration for Xeros Technology. We have spoken in the past about our confidence in the ability of Yilmak Makina as our principal licensee, machinery manufacturing licensee for the technology, their ability to be able to penetrate the market. The great news is that they have now started in ernest to do that. We talked about the fact that they are commercially live. They are purchasing XOrbs from Xeros. And actually, in terms of securing those all-important manufacturing or denim manufacturing partnerships, that is now underway. So we're able to confirm that the first partnership has been established with a company called Ambition Apparel in Pakistan, a pretty significant player in their own right. And it gives us the ability to be able to start to create that installed base of Xeros-enabled machines, which will really enable us to take off. In a similar vein to what we've talked about on the Care technology and I guess, indeed to a degree on the filtration technology, we are now about trying to find just one partnership within this space. Ambition pilot has been the first, as you can see with the text on point 6 there as well. We are in a very strong position as well, equally with one of the largest in the Turkey, Egypt manufacturing space. And indeed, we've verbally as well heard from Yilmak in recent times -- in recent days that actually there is further confirmation of partnerships happening in Southeast Asia as well, so Pakistan, Bangladesh area. This thing is really starting to gather some momentum. And as I said, Alex will give you a bit more of a flavor about what that means when we get to the denim section. Okay, so all right. So again, those of you that know the story well, please bear with me. Just to give you the ABCs of what we mean when we talk about the Care technology. So firstly, covering off domestic laundry. So when we integrate Xeros Technology, to be clear, what we're effectively doing is taking a pre-existing washing machine platform, and we are adding to it. So we're making it as easy as possible for manufacturers to be able to implement the Xeros capability within the machines. You don't need to rebuild machine. You don't need to rebuild the drums. We can work within the existing architecture and effectively add in 3 elements. One is obviously the XOrbs, which is the magic ingredient. The second is the XDrum, which is effectively the harvesting apparatus, which goes within the drum. And the third is obviously the cycle development. So effectively, the code, the software so that we can effectively deposit the XOrbs at the right time and have them do all of the wonderful good that they do and then remove them at the same time. Just to give you a sense of that opportunity, the domestic laundry market is anywhere around about 100 million units of new sales per annum. There are about 1 billion washing machines currently out in people's homes globally. And as I said, these are very much concentrated into just 10 key kind of global OEMs. Okay, so to give you a bit more of a sense of where we are with that. So as we talked in the headlines, we now have that product launch agreement with one of the biggest to give you a bit more of an idea what that means. So from a quantum perspective, they will sell around about 7 million units of domestic washing machines per annum, primarily across North and Latin America and to degree in Southeast Asia as well. Whilst clearly, we don't expect all 7 million units of those to be converted into Xeros-enabled machines overnight. It's very clear that there will be a logical path in the conversations that we've had with them, which give us a sense that in the early launch stages will be offered up clearly as all new technology is as kind of a premium offering that even in and of itself is going to be quite a significant quantity of machines that they definitely see the capacity for this to flow down throughout the range. And the reason why is because this is not a nice-to-have technology, which is going to cost more. This is a technology which will deliver actually lower running costs, which is the key thing. People forget that, obviously, the purchase of washing machine in and of itself is a considered significant cost that actually the running costs of it, including things like detergent are way more expensive over the lifetime of the machine. So the fact that we can offer up a way for that machine to operate in a more efficient way means that actually we'll be able to offer a cheaper overall cost for people to clean their clothes. And that does not even take into consideration the benefits that they're going to get in terms of the garment life extension. Again, those of you that know the story very well will be very familiar with the image that we've got on the right-hand side. But again, just to clarify, this is not a photoshopped image. I mean, I guess, technically, it is because it's joining together 2 separate images. But on the left-hand side is actually what genuinely happens to woolen jumpers whenever you clean them. That was just one wash. You can see the significant level of shrinkage, the pilling, fiber loss and damage isn't quite [indiscernible] a bit even in terms of coloration loss as well. On the right-hand side is what happens whenever you implement the Xeros Technology, you add XOrbs within this wash. It makes a significant difference. And for those of you that would ever get the chance, our doors are open here at Xeros HQ in Sheffield to really understand the benefits that people get by using the technology. As we said, this is not the end story by any means. This is just the beginning. The further 3 global OEMs that we are talking to as well and proposing a similar product launch and development program with them. When, and I'm confident that it's a when rather than if, when we can see them coming into play, that opens up another 20 million units per annum and crucially actually gives us a really good geographical coverage. So as we said, the one that we've announced today, primarily in the Americas, I think very, very strong there. Of the other 3 that we're talking to gives us extremely good coverage within Europe and indeed within Southeast Asia. So we are very strategically thinking about partnerships in the longer term. Okay, just a little bit in terms of commercial laundry as well. So again, for those of you who don't know, these are effectively washing machines, but on a much bigger scale. In this instance, actually, as I kind of alluded to at the beginning of the presentation, whilst people obviously want to get benefits when it comes to fabric care, water is a really significant issue for these guys. It's the consistent that we get back from all of our stakeholders that we talk to within the space. And you can see that with the Xeros technology, we can significantly reduce that. In terms of opportunity, the unit market is obviously smaller, but actually, the revenue opportunity for Xeros is significant within that as well. So just to give you a sense of where we are on that today. So we've had direct feedback from our case study. Again, most of those familiar with the story will know, which is the laundry company, extremely successful fast-growing laundry company in France called Georges, who are using the Xeros technology very effectively to be able to deliver quite significant savings, as you can see from those over GBP 10,000 and 2 million liters of water per annum is being saved by using Xeros technology on one machine. So just pause for a second, that's one machine that we're able to make those savings. And by the end of this year, Georges will have an installed base of around about 30 machines across all of their sites in France. So they are seeing the benefit of it. As we pointed out in the previous slide as well, it's not just them seeing the benefit of it. The laundry uniforms for high-profile companies like Air France, EDF, SNCF and Renault and actually SNCF have been able to report back significant benefits in terms of the lifetime of some of their uniforms. So not nice to have, but actually significant in terms of cost savings for them as a beneficiary of the Xeros technology. Within India as well, which is where our principal licensee in commercial laundry IFB operate, we've also seen some really good significant progression. So along the bottom line, you can see some of those hotel groups, so the ITC, St. Regis, Fairfield, Taj, Marriott, which is actually here in the U.K. have now taken machines and are using them on site. There is a significant opportunity within this as it relates to the institutional holders over the last week or so. This is a big opportunity for us. And actually, 2026, we see as a really good opportunity for us to be able to put both focus and energies into this to be able to take maximum opportunity. Okay. Alex, do you want to give us some garment finishing?

Yes. No problem at all. Thanks, Neil. So if you think about what Neil is just running through in terms of domestic and commercial laundry, we move up the size, once again, we get to the garment finishing machine. So these are at a huge scale, and they're used in garment manufacturing plants across the world. So all jeans start as raw denim and they are washed in huge great washing machines with chemistry, with water, but often with pumice to make stone wash jeans to get the desired finish that the brands are looking to sell. That is an archaic and dirty business that has been working the same for a number of years. The industry is desperate to move away from pumice because it's expensive, it's dirty and it's in fact, getting worse. The quality of pumice that the industry gets because of over mining is getting worse and worse on a yearly basis. So what they're looking for is an opportunity to move away from that and do something more sustainably. And that's where the Xeros technology comes in. We can get the finishes that the brands are looking for with no pumice, with just XOrbs and with a more efficient application of chemistry and in some cases, up to 100% less water. I think the key stat that we can show on this is the 20% cost savings. And these aren't coming from lab trials. We've known for ages that this works at a small scale here in Sheffield. These are coming from Yilmak machines being put in live production facilities in Turkey, in Egypt and happen soon to be across the world. So they are being proven out at scale in the environment that they need to work. And that 20% cost saving, it's huge for these guys. So that's really important. The other thing is that alongside that cost saving, we get at least a 30% CO2e saving. So that allows the garment manufacturers to save that money, but to also pass that saving on to their customers and to allow them to use the 30% CO2e saving in their marketing in their kind of green credentials. We know that there are limited ways that the industry can do that at the manufacturing point of view. They focus heavily on kind of textile production and on end of life. The way they make the clothes has not changed in a long time, and there are not the solutions out there to do it. We offer that, and that's why we're seeing the kind of excitement with the industry that we are. So yes, as Neil mentioned earlier on, Yilmak are live and are selling, they bought XOrbs from us, and they are selling their machines out to their customers around the world. Ambition Apparel are a kind of very forward-thinking denim manufacturer based in Pakistan. They make up to 9 million pairs of jeans every year, and they will have Xeros technology within their facilities. And they have big expansion plans, and we hope to be a part of that. That's not where it stops, of course. There are ongoing trials, ongoing conversations with a lot of other providers across the denim finishing world, and we expect that this will be significant uptake over the next couple of years. The good thing about the denim machines, as we've talked about before, is that we -- the XOrbs because it's such a dirty business, you can see kind of the picture on the right-hand side. What I would say is those are not XOrbs on the floor of that one, that's pumice and the residue that's already there. So what they will need to do is buy XOrbs as they kind of get contaminated throughout the process. That's not new for the industry. They're used to buying consumables. They're just shifting that consumable spend over to something more sustainable in XOrbs. So we're really excited about the denim opportunity. I know Yilmak doing a great job pushing out into the market, and we're confident that this will be a success story over the next couple of years.

Okay. So to give you a sense of where we are in the microfiber filtration. So to give you a top level again, most people know about microplastics, most people know of their existence. There is a general sense that doesn't that come from plastic bottles, disposable plastic bottles end up in the ocean. And yes, it does to a certain degree as they degrade and break down. But actually, the vast majority of it is coming from different sources. And one of the largest, 35%, is actually from the laundering of clothes. That's about 500,000 tons of microplastics that timely flow into the world's oceans every single year. And it's not just saying in the oceans is the key point. There has been a significant amount of research on various levels that is getting into everything. So it's being found obviously, in the ocean basin, but equally it's been found at the top of Mount Everest. It's been found in pretty much every food type that you could think of, and it's been found in us as well. So there is ever-increasing research that the microplastics are not benign within our systems as well, not to be alarmist that there are starting to be compelling belief that it could be related to quite some significant health issues as well. So it's a problem, and we need to find a solution towards it. This Xeros solution is effectively a filtration device as we talked about. So that is -- but we capture all of the water, which is laden with the microfibers after it finishes the laundering process and we capture that. We capture that in a very effective and an efficient way. So we have an up to 99% capture rate. And just to explain what that means. So of the 100% of microfibers that are effectively created during that laundering process, we're able to capture nearly all of them, so up to 99%. And we do that in 2 ways. We have an external device, which we call XF3, which can be retrofitted to a washing machine. So you're not obviously compelled to buy a new washing machine and enables us to access that installed base, which I said before, is about 1 billion washing machines globally, which is quite significant. But we also, in the longer term, have an integrated solution as well. So as Alex kind of alluded to when we're talking in the summary at the front, we are pretty certain that the longer-term feature of this will be as an integrated filtration device within washing machines, which you get a bit of a sense of from the image in the top right-hand corner. We know that's what consumers would prefer to have. They don't ideally want to have an additional piece of kit within their laundry environment. And for sure, we know that it's something that washing machine companies would prefer as well. Some are starting to make quite interesting and significant noises towards the likes of us about how that could work. And actually, this is all in anticipation of legislation. So legislation is alive and a very real thing in terms of conversations. So there are around about 6 states within the U.S. that have initiatives on the legislator -- legislative book. It is an EU issue as well. So Alex talked about the IEC working body. This has been directly charged by the European Union to effectively come up with a standard so that once this standard has been set, then it's clear about what the legislation should dictate. So North America, European Union, there are -- there is a bill actually passed in France, which is waiting for that standard to be confirmed. There is private members bills in the United Kingdom. And equally, there's moves down in the likes of Australasia as well. So as we always say, this is not a case of, well, will legislation happen? It will. It absolutely will happen, and we believe that it will happen in a relatively short order. So we move on to the next slide, Alex. What we've effectively done so that we can position Xeros to be able to offer our solutions up in the most effective way within that space is, firstly, as we talked about in the summary, we have brought an external filtration device to market, and we have been in the process of securing the best possible partnerships so that the technology has the best possible opportunity so they can get in people's hands. So we talked before about the partnership within the U.K. with the Russell Hobbs brand. What we've been able to confirm as part of our interims update is the fact that we have now confirmed 2 other key partnerships as well to just reconfirm what Alex said. So one of them, one of the world's largest washing machine brands, another one of them, one of Europe's, in fact, Europe's largest washing machine retailer. We have very specifically made the decision to try and find different -- slightly different types of partnership, as Alex said, so that we don't have any cannibalization in terms of the distribution, but also because the routes to market and their go-to-market with the technology will be slightly different. So I think with Russell Hobbs, we've got a very good brand, which is active in small domestic appliances. With the washing machine company, clearly, we have somebody that's in the business of manufacturing and distributing washing machines. But equally in terms of the retailer as well, they have a different approach to how to best maximize offering up this technology, whether that is through an accessory sale within a retail environment, whether that is a bundled sale on an online platform or indeed whether that's as an aftersale or as an install attachment using their installation network as well. So we really feel like this gives us an incredibly good opportunity to be able to offer this up to all of the people that we are very confident from our consumer insights will absolutely be interested in taking this product. Just to give you a little bit of sense and build upon what Alex said about the agreement with Weili. So Weili Foshan, one of China's leading contract manufacturers washing machine. They are growing significantly. They're starting to become a really quite significant player within the Chinese market. And they are owned by Xinbao. Xinbao is a company that Xeros has a strategic agreement with going back to 2024. The other element of that strategic agreement, obviously, is Donlim. Donlim being the world's largest tech manufacturer of consumer electronics, #1 from a manufacturing perspective in pretty much all of the small domestic appliance categories, kettles, toasters, mixers and so on. So really, it's an indication of the fact that we are getting closer. We have a very good working relationship with Xinbao. But really with the Weili partnership, we are safeguarding ourselves for that future moment when clearly people are going to want to have an integrated solution. So the fruit of that development agreement is effectively that we will have machines, so fully manufactured machines, which will have this filtration technology built into it that people can be able to purchase. But the second piece is that they will also create a module effectively. So if you are a washing machine manufacturer and you just want to buy in and assemble it yourself, then that's another option that you'll be able to take from Weili. So yes, I mean, in terms of the here and now, which is being able to get our technology out there, getting closer to some of the biggest washing machine retailers and brands, we're in a very good position, but also longer term, making sure that we are well placed to be able to offer something up for legislation. We've made some significant steps forward on that as well. Okay, just pause for a second. This is what we're calling our commercial road map and takes a little bit of consideration. So I'm not going to go through every single line within it. But what we're trying to do with this is to give you a little bit of a sense of, well, with all of these partnerships and everything that we've talked about today, which is what you can see in the dark blue today, where ultimately could that take us to? So if I take it quickly by section by section. By signing up this first domestic laundry brand to a product launch agreement, we have immediately given ourselves access to up to about 8% global market now in totality, if we include current licensees as well. With the second and third of those other 3, so primarily, if I'm being honest, a European and the Southeast Asian company, that would then take us to 31% global market access. And as I say, distribution in Europe, Americas and Southeast Asia. We're also now in a situation that should that fourth come to drop within that period as well, that would dramatically increase our global coverage as well, up to 62%. So do we need all of the top 10 ultimately to take our technology? Well, you can see that in the longer term, that's absolutely what we think will happen because this is a technology which offers consumers benefits that nothing else can even come close to. But even in that midterm, if we think about it, not 5 years, but within the next 2 to 3 years, this is absolutely achievable for us as a business. And the same thing is true when it comes to microfiber filtration. So we have the partnership with the consumer electronics retailer, the global brand partnership. And based upon that, we will immediately be able to move into European distribution. So we're talking about that midterm, but really, we could squeeze that into the kind of the back end of today. And using those as case studies and proof of concept, we are already having conversations about distribution within the Americas and within APAC. If we cover off Europe that's 27% of the total global market. We include the Americas, that takes us up to 46%. We include APAC, then 94%. So we'll have pretty much full global coverage of all washing machine purchases and uses within the world. Longer term, we absolutely believe that as we've just discussed, this will become a part and parcel, a bill of material element in every single washing machine that will be taken. And it's our goal is to be able to demonstrate that we are the provider that should be adopted for that scenario. And then finally, when we talk about garment finishing, to be honest, with the licenses that we have in place with Yilmak and also Ramsons as our preexisting, we've already started to get major machine installations. What we'll do now is see more installations on the back of that beyond the initial installs. And what will help -- which will effectively create the push of the technology into the market and what will create the pull is that we already have conversations ongoing with a number of apparel brands or apparel retailers. They are very, very keen on the technology for obvious reasons. It's cheaper to manufacture the denim, which is always of interest to these guys. It is greener as well. And we've talked through the presentation about the amount of pressure that they're under to be able to deliver initiatives that will support that. We again see absolutely no reason why every single garment, which is processed should not feature the Xeros tech in the longer term. And it gives you a sense of the revenue opportunities on the bottom line. It seems a bit crazy in the longer term, but that's the reality of what this business could and should be worth when we reach those goals. Okay. Alex, to get headline on financials.

Yes. Obviously, we're really starting to results in September. What I would say revenue was a little bit down on last year. The one kind of caveat I put to that is we now -- given we're live and we're selling XOrbs to our partners, we are a little bit beholden to when those things happen. We had an unfortunately timed sale very early July, which would have kind of more than doubled our revenue for the first half, but that's kind of the distribution case that we're working at the moment. The kind of pleasing things from our perspective, Neil and I have always been focused on looking after our cash and making sure that we are getting the most out of the resources that we have. Our administrative expense and consequently, our net cash outflow from operations were down significantly against 2024, so down over 30% in both cases. We have worked very hard to manage the cash that we have, and we are at a cost base that we believe is appropriate and stable. We have major opportunities in front of us in terms of the global manufacturer, particularly on domestic, but the other kind of core technologies. The team that we have in place at the moment is focused and capable of delivering those opportunities, and we don't see the need for the good work that we've done kind of getting our cost base under control to reverse in any significant way over the next couple of years. So that's kind of the highlights I wanted to bring out on the finances. I don't to go through this in a huge amount of detail. I always have to answer questions if there are some, but we can kind of move on to the summary piece if that's appropriate.

I mean, again, hopefully, those of you in attendance today know the story pretty well. I think it sometimes is worth just reconfirming, reminding ourselves, we are market ready. We have commercial agreements in place as say, launching in 2025. We are offering up technology, which is of extreme interest to our industries that we're trying to fly is a global market growth, which is driven by that. We genuinely have market-leading technologies as been able to talk you through. And our model is such as that even as we start to grow, as you can see, we're starting to do so, we're not manufacturing. We're not distributing any of the product ourselves. So actually, our model is lean. It's very lean and has the capacity to be extremely, extremely profitable. And perhaps most important in all of this is what we have very significant protection and coverage as well. So 38 patent families of IP. Okay. Super. I think if we pause for a second and maybe move on to questions. Should I just crack on with that myself, Jake?

[Operator Instructions] Just would like to remind you that a recording of this presentation along with a copy of the slides and the published Q&A can all be accessed by your Investor dashboard. [Operator Instructions] So if I may just hand back to you to read out those questions and give your responses where it's appropriate to do so, and if I pick up from you at the end, that would be great. Thank you.

Great. Okay. Super. Thank you for that, Jake. Yes, as you said, quite a number of questions, which is great that we've got that level of interest in terms of what we're doing. We'll do our best to be able to answer them as hopefully and honestly as we can also to manage expectations some specific questions. There's definitely a theme coming through, which we probably won't be able to answer, which I think you can understand why. But I'll go through them each in turn. So I guess the first question, which has come through just pre-submitted from yesterday is effectively about our cash burn. I mean, Alex, do you want to give everybody a sense of the control we've got on it.

Yes. So as we mentioned on the -- when I was running through the financials, we've got our cash burn has come down significantly from where it has been in the past. I think we're at around GBP [250,000] a month burn at the moment, but that's kind of on the bigger month side of things. We have some months below that and when we have kind of the bigger quarterly, that kind of thing, we can get up to the GBP [250,000]. So we are down from where we have been, and we expect to continue that downward trend for the full year this year when we report our results at the end of the year.

I would just add to that, which is to say that whilst we've obviously tried to be prudent in terms of our management of costs, that, as I hope everybody can see in terms of the updates we shared has not been at all to the detriment of the commercial progression of the business, quite the contrary. The reality is that the reduction in cost is through prudence. It's not because we've got rid of people that we would have liked to have had. We have changed the makeup. We have changed the focus of the business, which is very much upon execution of what is technology ready to be able to go to market now today. So we have rightsized it and we've right resourced it. And actually, yes, we continue to keep a very close eye on that. If I move on to -- there is a bit of commonality, as I said, in terms of these questions, so apologies if I don't specifically read out your question. But if I can move on, there is awareness of the fact that Matter have been selected as a finalist for the Earthshot prize. So for those of you who don't know, Matter Technologies is another U.K.-based business down in Bristol, entirely exclusively focused on microfiber filtration. So how do we feel about that? I think -- in all honestly, I'm delighted. I'm really, really pleased about the fact that they have achieved that level of recognition for what is a significant problem. And as we've already pointed out through our presentation, there is not enough awareness of the fact that the laundering of clothes creates a scarily large amount of microfiber pollution. So it's great that they are getting some really good coverage on the back of that. We have a friendly rivalry, I think you could probably say because we absolutely, to be honest, feel there is more than enough room and there's more enough space for Xeros and Matter to be able to coexist and actually both bring solutions to the market. I think the other piece also if we're honest about this, which is that if there were only one company which was able to offer up viable solutions to this problem, I think it becomes a bit uncomfortable and becomes a bit difficult for people to legislate towards. It's not just ourselves and Matter. I think there are others as well that have been active within this space. I think it's a really good thing. I mean, to the ultimate question of, do we feel as though there is an opportunity for Xeros? I think the fact that we have secured the partnerships that we've just talked about gives you very clear evidence of the fact that we do. And I think equally in terms of our ability to be able to perform and the quality of our execution, we are very confident in it indeed. And it's not just that we are very confident in it. We -- in our conversations with whether they are manufacturers, the OEMs or indeed retailers, we get very, very good feedback on the quality of our solutions. So we actually see it as a really good thing to raise awareness. And actually, I think it helps us not just in the long term, but in the short term as well. A few more questions in terms of working capital, I think maybe more broadly, there is a recognition of the fact that whilst it's great, obviously, that we have this partnership on the Fabric Care technology as well. I guess people are trying to understand what does that mean? So just to remind you that as I stated in the presentation, we have a development process, a kind of an off-the-shelf development process, which they have bought into, which they're working with. That clearly requires Xeros' engineers that requires our know-how, some consumables related to that. We do charge for that. So it isn't that the next 12- to 18-month period whereby we're working towards having that product ready for market will be without any kind of opportunity for Xeros to cover its costs. It absolutely won't be the case. I mean the bigger picture within this is that the Xeros model is that we will effectively recoup our work and get the benefit of the years, if you like, of development and the IP coverage that we've got in terms of effectively a license to use that technology and that license is represented in what we call certification mark. That certification mark is effectively a hologram with the Xeros branding on it and a QR code to be able to take you through to a technology explainer. That QR code is effectively our validation of the fact that the technology is right and is relevant. But equally, it's our way to be able to ensure that we get our royalty back on that, which is the first piece. And the second bit, which we've always said is that we control the supply of the XOrbs, not least because we need to do that to be diligent in terms of making sure that they are appropriate and make a certain standard in terms of their initial supply, but equally in terms of if in certain industries such as denim and commercial laundry, those need to come back to us for reprocessing as well. So clearly, that's another revenue stream for Xeros as well. If we can work towards a rule of thumb, which is 12 to 18 months of development program, clearly, that's for product to come off the production line, the supply of XOrbs clearly needs to come before that as well. So I see from our perspective, the opportunity for Xeros to be able to generate cash from that agreement in the short term is there. And actually, even in the medium term, it's absolutely there as well. The second thing is I would just remind you, as Klaas pointed out, and I mentioned also in the section relating to fabric care, it's not just the agreement that we've talked about this morning, there are another 3 in the pipeline. So whilst we're talking about quantum 7 million, 8 million in terms of access to that market, there is about another 20 million, which we're lining up, which we're pretty confident we'll start to land those in the forthcoming months. And then you can see that increase from 1 to 2 to 3 to 4. And then actually, the financials related to it start to become pretty compelling even in the short term. Okay. I mean, to give you a sense of there's a question here related to will Xeros Technology be in all of the machines? I think we've covered that off to a certain degree. We absolutely believe that the technology has the capability to be a default within that in due course for the reasons that we've mentioned, which is it is cheaper longer term for the use of the machine and the cleaning of clothes. But certainly, in the immediate term, I mean it's clearly not going from 0 to 7 million overnight, but we feel as though there is a very good opportunity to be able to grab quite a significant market share. The other thing within this as well, which is quite exciting is that whilst we wouldn't propose people getting rid of a perfectly good washing machine, when there is historically new technology, which is put into the marketplace, this is quite often the rationale or the reason for people to change their machine. So in a way, we can create our own specific market related to that as well. You think about somebody that's had a machine for 5 or 6 years, they're thinking about, should I change it and they've got something new in the market like, well, that's game changing. Now I want to purchase my machine. So we're quite confident that actually the volumes on this really could be quite significant within the short term as well. Question relating to IP and our IP insurance, do you want to take that one, Alex?

Yes. So we are confident in our IP portfolio. We have invested significantly over the years in making sure that we've got the right IP in the right areas that cover both the kind of processes that we work under and that we -- and the kind of physical things that we do. The other thing will be about the partnerships that we have. I know there tends to be a nervousness around particularly kind of Asia when it comes to IP and the robustness of any protections you have there. We have some of the most significant kind of manufacturers in China on our side here. One of the reasons that we have -- we partnered with Donlim specifically is that they are the world's biggest small domestic appliance manufacturer. They are incredibly significant in that market. And I guess that provides us a level of comfort that they see the value in our technology and see the value of working with us on a kind of partnership basis, which is the way in which that relationship has been conducted so far, and that gives us a little bit more confidence in terms of the kind of protection that we have in that part of the world. So we are confident in our IP. We're also confident in the know-how of what we do and the engineers that we have. It's taken us a while to get as good at the things that we do as we are. It is not as straightforward as chucking a few kilos of washing machine and hoping for the best. There is an art and a science to it, which the guys here are very good at, and it's that access that people need as well. So we're kind of confident on that basis as well.

Okay. So some questions related to the filtration piece. So one specifically about do we expect efficiency gains from the 2 agreements that we've got to supplement and complement what we have with Russell Hobbs? I think the answer is yes, clearly. I mean the goal was never just to have the Russell Hobbs piece. I think as we mentioned at the time, they were very keen to secure the partnership, which is why they wanted to give us that commitment earlier than probably we were asking for it. But I mean, the efficiencies will be multiple. So firstly, clearly, the more routes to market, more points of distribution we have, the more units we will be able to sell, that always gives us an opportunity to be able to get better cost of goods, not just for ourselves, but equally for our partners within that as well. But actually, the probably more important piece within this is that I've been really keen that we can start to get some data and the more points of distribution that we've got, so we can understand actually what are the purchase habits and indeed the user habits, not just the people within the U.K., but in the other key markets, which will now cover Germany, Iberia, France, Italy and indeed Nordics and the Benelux and Switzerland, we don't forget. So I think will be actually a very interesting market. We'll really be able to get some very rich data back from what those experiences look like. So what the people really like about the product, how much are they willing to pay for it. And that will really help us to be able to fine-tune our propositions, probably speaking candidly, in the longer term when we're thinking about the integrated solution as well. So yes, absolutely, we're expecting to get some significant kind of synergies related to that. There's also a question related to how the filters are cleaned? It's a really interesting one. And actually, the individual has put their finger quite on it, which is it obviously wouldn't be good to capture all the bad stuff we need to have them wash it out and you're 100% right. Unfortunately, there is a natural habit. It's a learned habit, I think that we probably all have, which is that when you've got something with some residue within it, people are very tempted to put under the tap in the sink. So I think in a very basic sense, how do we clean ours and it's actually a real point of difference that nobody else has. So the first point is that actually the filter as we call it, which is the microfibers, which are captured within our filter is dry. And that I think is a really important part that we managed to dry it because we have the rotating filter. So even after the water has passed through and it's been captured, we continue to spin that so that it drives out the filter. And that makes it a much more enjoyable is not the right way to use it, but it makes it a much more acceptable experience for a consumer. So effectively, you can withdraw the filter cage from the device. And then we've also again got a patent, which covers what we call kind of a salt and pepper grinder mechanism. There's an internal kind of battle, which when it comes into contact with the filter effectively sees all of the filter drop out in a very neat fashion. And as I said, because it's been dried off, it comes out very easily. We very clearly highlight and we have how to videos and instruction line, please do not wash this under the sink because otherwise, you're absolutely right. It kind of defeats the purpose of that. So I think there will obviously be a bit of user education. But actually, we've been through some of that. We've obviously been quite diligent in getting some of those consumer insights before we've launched the market. And actually, we've been able to manage that piece pretty well. So yes, good question, but we've covered that off. We spent an awful lot of time not just thinking about the efficiency of the filter, but about the consumers' experience when they use it as well. There is a question related to competitors. I mean I think we've covered it off a little bit when it comes to the microfiber filtration piece. I talk maybe about some of the others. So if I talk about denim, we've spoken at length over the last few years about the fact that this is effectively an alternative. It is the competition to a pre-existing process in denim processing, which is the use of pumice stone. That's not something that the industry wants to have to do anymore. It's something that retailers and brands are saying they don't want them to do anymore. Unfortunately, they're also saying, but we do still want this specific look and feel that we're getting on the denim as well. There have been over the years, a number of different attempts to be able to replicate that same look and feel. None of them has been -- none of them have stuck, I think, would be the best way to describe it within the industry. None of them has been able to offer this up at a parity, let alone a reduced cost in a way that Xeros Technology has. So we're very confident actually that when it comes to the processing, we're in a really strong position. And then I think to cover off the Fabric Care technology as well. When it comes to water, energy efficiency, the washing machine companies have tried for a number of years to try and improve the efficiencies within that. In reality, it's been more about marketing of efficiencies. So yes, they might have got to a certain level of water usage or indeed a certain level of energy usage, but it's never been on one cycle. So the energy benefits that you get from the Xeros Energy and Water saving benefits you get from Xeros Technology, which you get across the board, they cannot do. But more importantly, the key issue, which we highlighted further up in the presentation is that nobody has come anywhere close to being able to find a way to clean clothes, which is ultimately what we all want without damaging them. There is a very distinct reason that we are getting the level of interest that we are right now. Admittedly, it is because as part of our changes within the business in the last 2 years, we have changed the messaging related to what our technology does. And you know what, enough when you start talking to washing machine companies about how they can offer solutions to consumers and ultimately sell more machines, it's of interest to them. So yes, we're very comfortable when it comes to our level of competitive edge, if you put it that way. There are a number of probably about 3/4 of the questions are related to either guidance for 2026 and beyond. It's not something that we can get into during this session. But what I can say to leave people a level of confidence is that, that is something that working with our brokers, we will be able to put into the market in quite a short order. The second point is that there are a number of questions related to cash flow in terms of the current cash we've got. A number of questions related to whether we will need to raise more capital or whether Xeros is open to that. I mean I think, Alex, the reality is...

Yes. So it covers a bit of background. We talked about that cash burn coming down, and that's as a result of the decisions that we've taken to manage our cash in the most appropriate way. So that's the kind of cash out the door. The cash in the door is starting to come in, in a way that it's not done before. So we have seen revenue from the sale of XOrbs this year from IP from Yilmak. We are seeing Yilmak starting to sell machines. We know that there will be excess revenue coming through in short order. So there is cash coming in the door in that way. We keep our cash requirements under review the whole time, as you'd expect. And we have -- we are, as a Board, considering the things that we need to do to make sure we can execute properly on the opportunities in front of us and make sure that we make the most of the really good positions we're in across all of our technologies. So we are -- we keep that under review, and we're considering all the options open to us.

Okay. Very good. A couple of more questions that have come through. So one in particular, which is what effect effectively do we anticipate to the washing machine industry on the back of the announcement that we've made today? It's a very astute question. So do we think that the second and third would be more compelled to follow more quickly? The short answer is yes. Now we have announced it today, but as I kind of tried to explain, this industry, even though it's massive, it's global, it's hundreds of millions of units, it's really only 10 companies. And there's an awful lot of movement of people within those companies. So if you talk and you start working with 1 or 2, it pretty soon becomes fairly common knowledge throughout the industry. So we have not clearly told others if we are doing something or not, that it's becoming known. And in fact, we're starting to see it play back to us. So do we expect that it will give a little bit of a hurry up to the second and third? It will certainly support what we want to try and achieve that. We have often used the phrase about the fear of being first, which a very conservative industry always has like washing machines, very quickly leads to the fear of missing out. We've stolen that from Dutch Tim, the recent addition to our Advisory Board, but it's absolutely relevant. Once one of these guys goes, everybody else will start to panic and realize that they need to have it as well. We have seen it within this industry. I used the example of direct drive motors for many years, the washing machine industry used belt-driven motors. That was the most efficient way they could do it. As soon as one of them created a more efficient way to directly interface the motor to the drum, which was cheaper, much more efficient, last a lot longer than, I guess, what everybody else followed. So yes, we absolutely see that, not just actually with the second and third and fourth that we've got currently in processes with, but actually with the industry at large, and we've even started to see that, which is we always keep a line of communication open pretty much with everybody. And one of those, in particular, the [indiscernible] phone has been ringing, and they've asked to start doing something to start a consideration of what that could look like as well. So yes, it's absolutely -- it's a very positive signal, not just in terms of our fortunes as a business, but to the industry at large. Just scanning through. Yes, so there's a question about what our definitions are in terms of midterm and long term from the strategy slide. So I think look, midterm is pretty much within the next 2, 3 years. We absolutely feel that that's achievable. And actually, longer term, is thereafter. So I mean, in some cases, we're talking about strategically where do we want to get the business to. I don't think I'm in a position I think anybody would expect me to say we believe that within 10 years, every single washing machine will have this technology within it. But that is not an unreasonable expectation to take. And if you're thinking about what is the full opportunity for the business, this is -- I suppose the point we're trying to make is this is by no means a niche technology. It has the potential, much of the potential, I almost feel like it has the right to get to that point where it's being used in all machines, for sure because it offers cost reductions, but actually because it's better for the planet, and it's better for every other stakeholder within the industry as well. And just having a quick look. Klaas, I don't know if there's any in particular that you've seen that you feel you want to opine upon.

No, nothing specific, but maybe a little bit of perspective from my side on the forward-looking question.

Seems to have lost you there. Just what Klaas is kind of sorting out his audio. Another one of the questions, which is, are you considering a partnership with the manufacturer, i.e., providing some equity versus strategic partnerships? I mean I think this is a question more broadly about the nature of the relationship that Xeros will have with any potential manufacturing partnership. I think we are quite straight in the way that we operate with people today. We are still in a growing stage. We are by no means a mature present partner within the space. We've talked through what the model looks like today, and that is absolutely the right model for Xeros. But perhaps just as importantly, it's the right model for the partnerships that we want to be able to work with. If there is a piece related to well, could we envisage a scenario at some future date where there is maybe joint ventures or there could be even equity places. I don't think any of that can be taken off the table. But I think ultimately, that's what we believe is achievable.

Can you hear me now?

Coming through clear. Sorry, Klaas, if you go ahead again.

Yes. No, exactly. I wanted to make a more general comment rather than answering specific questions. But given the number of questions that are sort of about forward-looking, we're launching a number of new categories into new markets with partners. And that creates uncertainty about timing. It creates uncertainty about sort of what the ramp is going to look like, how quickly are these products going to be adopted by markets, how quickly are our partners going to push them into markets. So near term, there is a lot of variability in terms of our outlook. But I think as we get through the next couple of years and the number of partners increases, with better understanding of what product launches look like and what the go-to-market of our partners is, I think we'll be able to provide better guidance. But at this point in time, there is, on the one hand, a lack of control because it's our partners that are driving the process. And it is new product, new markets. So there's uncertainty from that perspective as well, which makes it very difficult to give concrete guidance on a go-forward basis, but I expect sort of 1 to 2 years out that we'll be able to be a lot more specific because we will have the data to guide us at this point, we don't. But having said all of that, and I think, Neil, you've hammered or sort of spoke about it a number of times today is there is that sort of near-term uncertainty and there is the big opportunity in the mid to longer term. And the path to getting there is still somewhat cloudy. But I think the conviction that we will get there is increasing every day. And I think that is what people need to keep in mind.

Very good. Maybe just one final one, which has come through just in the last few minutes, which I think might be of interest to people is a question specifically related to, if you look within it, we're going to kind of get a little bit of an indication of what the potential revenue opportunities are for Xeros in terms of some of the tech, and we talk about that in the domestic laundry. The question is, well, actually, is that too much of a significant uplift in terms of the cost of goods of a washing machine. We've done some very good analysis. I mean I think I've probably said it enough now, but obviously, I'm an old washing machine boy, but it's not just me. My right-hand man and all things kind of marketing and commercial, Stephen, has spent entirely too much time in the world of washing machines as a former colleague from my Whirlpool days. We've done some really good analysis about what we think is an appropriate go-to-market kind of cost for this product. We've done benchmarking versus similar kind of uplifts. And we absolutely believe that this percentage in terms of the cost and obviously, the on cost at retail is appropriate. And again, I would point towards the reality, which is that, yes, there might be an additional cost to take the technology in the first instance. But the reality is the savings that you will get through it will actually pay back in a very short period of time, and that's actually a piece of data that we're in the process of creating as well. So no, I think that with everything with new technology, you always play around it to get to the right price points. I think as we move to scale, which hopefully, you get the sense we are absolutely going to do with a number of different partners, we can then, in turn, find a way to get our own cost of goods down, specifically when it comes to the Xeros as well. And then clearly, we'll be able to share some of those benefits. But no, no, we're comfortable that it works. We are not just a technology company. We're also pretty good on the sales and marketing side of things now as well. So we've done our processes appropriately in that regard. Okay. I think I'll have one last scan through. But I think, by and large, we've covered off most of the kind of sentiment even if we haven't necessarily covered the specifics. So hopefully, everybody has got a good sense of where we are. So maybe, Jake, if I could just hand back to you.

Yes, absolutely, guys. And thank you very much indeed for being so generous of your time and addressing all of those questions that came in from investors this afternoon. And of course, if there are any further questions that do come through, we'll make these available to you afterwards. But Neil, perhaps before really now just looking to redirect those on the call to provide you with their feedback, which I know is particularly important to yourself and the company. If I could please just ask you for a few closing comments just to wrap up with, that would be great.

Yes. Great. Thanks for that. I mean at risk of maybe repeating what Klaas says, but I mean and I talk, certainly Klaas is Neil McKinsey, sometimes you need to make it very clear at the beginning of the conversation and then repeat it at the end as well to make sure that everybody is clear. The announcement, not just -- in fact, not just the announcement we made today, but actually some of the other commercial developments that we've been able to share in the interims in the last week are significant for this business. These are not small potatoes. We have made a very conscious decision to be able to focus in on all of the technologies and give them the level of support that I think is necessary because the technology has been market ready for a number of years. It's really all been about the go-to-market plan and finding those right partnerships. I am very, very confident indeed, whether it's Yilmak on our denim processing side of it, whether it is the 3 partnerships that we now have in terms of filtration for our go-to-market in the short term and in particular, the 4, the first of which has dropped today, partnerships that we have on care. We have the highest quality of partnership, which is in the offing. And just to remind you, these people are, if not the market leaders amongst the market leaders within the space. They would not -- they would not be wasting their time if they did not feel as though there was a very big and significant opportunity for them to be able to take this technology to market. So we are finally getting to the point that I hoped we would be in terms of some of these agreements when I joined the business some 3 years ago. So I'm very pleased. I'm very confident that this is just the beginning. So we are now in that scale-up process that I think everybody has been waiting for. So thank you very much for your time today, and thank you for your ongoing support.

Perfect. Neil, that's great. Thank you all once again for updating investors this afternoon. Could I please ask investors not to close this session as you'll now be automatically redirected for the opportunity to provide your feedback in order that the management team can better understand your views and expectations. This will only take a few moments to complete, but I'm sure it will be greatly valued by the company. On behalf of the management team of Xeros Technology Group plc, we would like to thank you for attending today's presentation. That now concludes today's session. So good afternoon to you all.

Thank you.