Thank you, everyone, for joining us today, and welcome to Avante's Q3 Investor Webinar. My name is Pardeep Sangha, and I'll be the moderator for today's call. Joining me on the call today are Emmanuel Mounouchos, founder and CEO of Avante, and Raj Kapoor, the company's CFO. This call is being recorded. There will be a question-and-answer session at the end of the call. I trust that everyone has received a copy of our financial results press release that was issued earlier today. Listeners are also encouraged to download a copy of our quarterly financial statements and management discussion and analysis from sedarplus.ca. Please note, portions of today's call, other than historical performance, include statements of forward-looking information within the meaning of applicable securities laws. These statements are made under the safe harbor provisions of those laws.
Forward-looking statements that are based on management's current views and assumptions, and that this discussion is qualified in its entirety by the cautionary note regarding forward-looking statements that is appended to our news release. Please review our press release and Avante's reports filed on SEDAR+ for various factors that could cause actual results to differ materially from the projections. We use terms such as gross profit, gross margin, adjusted EBITDA, and RMR on this conference call, which are non-IFRS and non-GAAP measures. For more information on how we define these terms, please refer to the definitions set out in our Management Discussion and Analysis. With that, let me turn the call over to Mr. Emmanuel Mounouchos, Founder and CEO.
Thank you, Pardeep, and welcome, everyone. We truly appreciate everyone joining us today. On today's call, our CFO, Raj Kapoor, will review the Q3 results, and I will provide a general update and business overview of where the company is today and our positive outlook. Before we get into the financial results, I will provide a high-level overview of Avante. Avante is a leading provider of security operatives and technology-enabled security solutions to residential and commercial clients. Avante's mission is to deliver an elevated level of security globally with a white-glove mentality to high-net-worth families and corporations alike through advanced solutions and methods of detecting conditions that require immediate response. The company has developed a diversified security platform that leverages advanced technology solutions to provide a superior level of security services. Avante is headquartered in Toronto, Ontario, and has approximately 187 employees in the company.
Today, the security landscape for high-net-worth individuals has become more complex than ever. With rising geographical tensions, increasing incidents of targeted crime, and growing concerns over personal safety, the need for sophisticated security solutions has never been greater. High-profile individuals are no longer just seeking traditional protection; they require comprehensive, proactive measures that integrate advanced technology with expert oversight. At Avante, we understand these evolving risks and are committed to providing elite security services that offer not only protection but also peace of mind. On today's call, I want to highlight the following topics. First is our record financial results since Raj and I took over, which Raj will discuss in a more detailed method shortly. The Q3 of fiscal 2025 was another period of strong growth for Avante, with quarterly revenues increasing by 21% year-over-year and improving profitability, reflected in a 74% increase in adjusted EBITDA.
Our core business remains robust, driving a 25% increase in recurring monthly revenues. Our latest results reflect the transformation Avante has undergone since we streamlined operations and refocused on our core strengths. This also marks our Q1 with no reorganizational expenses. I can proudly announce that the company is bank debt-free and that Avante is now growing revenues and generating positive cash flows. We have CAD 12 million available of undrawn credit facilities. We are in a very strong financial position for 2025. Second is the innovation at Avante that is driving our growth. With a growing portfolio of innovative security solutions, we are setting a new standard in the industry. Our proprietary Halo technology continues to expand, now installed in nearly 200 locations, with Version 3, which includes Halo-Track and Testing.
Meanwhile, since its launch in January 2023, Avante Black's elite security service now contributes to over 10% of our total revenue, further solidifying our leadership in the high-end protection. Moreover, demand for Homeworxx remains strong, and we are on track to monetize Argus this year. These innovations, along with our expanded pipeline, create a strong foundation for sustainable growth. Third is the introduction of new products and services with Avante Verified and Wally. We are excited to introduce Avante Verified and Wally, two groundbreaking security solutions that are already gaining strong traction in the market.
Avante Verified is revolutionizing school safety with its Human-in-the-Loop AI threat detection. Meanwhile, Wally is shaping the future of autonomous surveillance, delivering unmatched flexibility and precision in security monitoring. Lastly, we continue to have a positive outlook for the remainder of the fiscal year and into next year. I would now like to turn it over to our CFO, Raj Kapoor, who will discuss the first theme of today, our financial results for Q3 2025. Raj?
Sorry, I was on mute. Thank you, Manny, and welcome, everyone. Our fiscal Q3 2025 results are as follows. The Q3 was another exceptional quarter for Avante as we increased revenue by 21% compared to the same quarter last year. Avante achieved record quarterly revenue since Manny and I joined the company of CAD 8.4 million during Q3 2025, compared to revenue of CAD 6.9 million generated during Q3 2024. The increase was due to the acquisition of NSSG, Avante Black growth, and organic growth of our domestic business. Avante achieved gross profit of CAD 3.4 million in Q3 2025, compared to CAD 2.9 million during Q3 2024, representing an increase of 17%. Avante's gross margin percentage in Q3 2025 was 40.9% compared to 42.5% in Q3 2024, indicating a consistent level of profitability.
During Q3 2025, Avante achieved adjusted EBITDA gain from continuing operations of CAD 770,000 in line, compared to an adjusted EBITDA gain of CAD 442,000 in Q3 2024. I would also like to quickly highlight the current growth trajectory of Avante. On this slide, you can see a graphical display of our five-year annual revenue and year-to-date for fiscal 2025. After a period of stagnant growth in fiscal 2020 to 2022, you can see that over the past two years, we have gotten back on the path of growing the company. Three quarters into fiscal 2025, we are already approaching our total 2024 revenue, with year-to-date revenue up 38% in comparison to the same period in fiscal 2024. This has been achieved through the onboarding of new customers with our focused sales efforts, improving customer support, introduction of new services, and ac cretive acquisition such as NSSG.
Additionally, Q3 2025 marks our Q1 without reorganization expenses since Manny and I joined the organization, and we anticipate no further reorganization expenses in the future. We have a very predictable business model. A significant portion of our revenues is recurring in nature. We continue to have strong visibility and predictability for future performance, with over 43% of our revenue in fiscal Q3 coming from contracted recurring revenue. Our core business, as a diversified security platform leveraging advancing technology solutions, remains solid, with recurring monthly revenue increasing by 25%. The Avante Security segment delivered recurring monthly revenues, or RMR, of CAD 3.6 million during the Q3 of fiscal 2025, up from CAD 2.9 million during the company's Q3 in the prior year. The increase in recurring revenue was driven by net growth in monitoring customers and the introduction of new recurring revenue services to the existing client base.
As you can see from the graph, in the past five quarters, there has been an increase in overall non-recurring revenue, which was primarily due to the acquisition of NSSG and the growth in Avante Black. Our client contracts are one year in length, and we continue to maintain 98% client retention and renewal, demonstrating the value proposition and trust in our solutions. We continue to have a clean and healthy balance sheet. I'm pleased to report that we continue to have a strong balance sheet and are able to fund the company's organic growth initiatives. We continue to have a positive outlook for the next fiscal year. As of December 31, 2024, Avante is bank debt-free and had CAD 5 million in cash and short-term investments.
The company has access to a senior secured revolver of CAD 2 million and to a CAD 10 million unsecured term loan facility for a total of CAD 12 million, all of which remains completely undrawn as of today. We feel confident to continue funding growth with cash flows from operations. Overall, the company is in a very strong position going forward. I will now turn the call back over to Manny.
Thanks, Raj. I will now discuss our second theme for today: how our innovation is driving growth at Avante. Our company was founded on the principle of combining cutting-edge technology with the best-in-class security operatives. This unique combination has enabled us to revolutionize the security industry in several ways. We became the first security company to use cameras via dial-up internet to monitor the status of large construction projects, including Walmart stores and other major retailer developments back in 2000. We are the first true six-minute responder, responding from the moment an alarm is triggered, not after being contacted by the monitoring station. We have integrated real-time analytics to detect trespassers, further enhancing the effectiveness of our security solutions. This culture of innovation and vision has been the cornerstone of Avante's growth and success.
By delivering exceptional trust and services to our clients, we've built a strong, enduring relationship that has propelled us forward. Our legacy of leadership and commitment to innovation continues to drive us as we build upon the strong foundation and shape the next chapters for Avante. Innovation remains at the heart of our technology. We are committed to scaling our proprietary technology for mass use and emphasizing subscription-based models to enhance recurring revenue. Our pipeline of technology-enabled security solutions continues to grow, and I will now discuss some of them in depth. Avante Black, launched in January of 2023, Avante Black now represents 10% of our total revenues. On January 21st of this year, we announced a 100% year-to-date revenue increase for Avante Black, driven by strong customer growth, expanded services offerings, and a successful integration with NSSG.
Avante Black represents the pinnacle of exclusive risk mitigation, offering an unprecedented level of client experience that redefines how risk mitigation and crisis management are handled. This elite offering has been built by assembling a team of experts, including veterans from the elite Israeli forces, who combine their expertise in covert operations and tailored security solutions. Our investigation services are unparalleled, providing clients with the most comprehensive and accurate intelligence in the industry. This extends to a 24/7 personal security protection, supported by a physical response team capable of acting within minutes when a threat arises. We also go beyond conventional security by offering safe houses for our clients and their families who require heightened protection. In addition, we proactively monitor reputational risk on social media, addressing and rectifying issues before they escalate.
Avante Black's capabilities include in-depth background investigations to uncover potential threats and provide clients with a clear and understanding risk, technical surveillance countermeasures, ensuring client communications and operations remain secure, custom campaigns designed to protect clients and their corporations from targeted risk, ethical hacking to test and strengthen network security. Halo. Halo is Avante's AI-driven tracking and two-way voice communication service. With the use of Halo video analytics, we can dispatch before an intruder can break into the home. It is based on self-learning technology that uses pattern-based algorithms to recognize movement and characteristics. Halo sets itself apart with proprietary AI-driven analytics that detect full body silhouettes and even individual limbs, offering unmatched accuracy. Features such as instant detection, two-way voice capabilities, and seamless integration with existing camera systems, Halo makes Halo a market leader in the next generation of security solutions.
In fact, Halo is approved by the Department of Defense for use in U.S. nuclear facilities, providing high-level security with AI video analytics. Since launching in the summer of 2024, Halo has achieved significant market penetration, now installed in approximately 200 neighborhoods across the Greater Toronto Area. We are continuing to enhance Halo capabilities. Looking ahead, we incorporate Halo-Track, a game-changing feature allowing us to activate up to 200 nearby Halo devices when an intruder is detected to track them across neighborhoods or cities, providing real-time location updates and facilitating communication with the authorities. Halo represents a transformative step forward in neighborhood security, offering peace of mind to our clients while solidifying Avante's leadership in AI-driven security technology. We believe this innovation will drive growth, strengthen our market position, and deliver long-term value to our stakeholders.
Other innovative services are Argus, which is a groundbreaking safety companion app designed to provide unmatched protection and peace of mind to our clients. With Argus, we ensure our clients feel safe and secure no matter where they are in the world. The app allows users to instantly request assistance from Avante's team of skilled security professionals with just a tap on either a physical Argus button or the app within their mobile device. Whether you're in a perilous situation or simply feeling uneasy, Argus ensures help is on the way. We have been testing and servicing the key clients and expect to monetize it within this year. Avante Homeworxx is, excuse me, Homeworxx is Avante's home management service providing trusted, vetted, and security background check trade persons for luxury homes to perform home repairs and maintenance services.
It also provides services such as boarding up windows and repairs after a break-in. The Reserve, which is formerly Toyboxx, is an exclusive top-tier auto storage service tailored for automotive enthusiasts, collectors, and owners of high-value vehicles. We've had a ton of interest in The Reserve, given the high volume of the car thefts in the Greater Toronto Area. Next, I'll dive into our third theme for today, our new services introduced in Q3. On November 11th, we announced the launch of Avante Verified, our Human-in-the-Loop remote video services. Developed in partnership with Scylla Technologies, this service integrates Scylla's AI capabilities and physical threat detection with Avante's expert human oversight and redefined the standards for security solutions. Avante Verified brings together the strengths of AI and human judgment.
Advanced AI algorithms continually monitor video feeds and identify potential risks in real time, while our human operators step in to validate and interpret incidences, ensuring rapid and accurate responses. As the only visual AI company with multiple industry benchmarks and proprietary technology, Scylla brings unparalleled expertise. The use of this product has begun with K-12 schools, currently monitoring three schools in New Mexico Artesia School Board for gun detection. However, we plan to expand the product into commercial security and defense. We are currently targeting 10,000 cameras by the end of 2025. By offering clients this balanced, adaptive solution, we ensure that security decisions are precise, timely, and effective, ultimately empowering our clients with peace of mind and superior protection.
Turning to our latest innovation, Wally, this solution represents a major leap in autonomous security technology and is a prime example of how Avante continues to push the boundaries of innovation in the industry. Wally is an unmanned solar-powered security unit that integrates our proprietary Halo technology to provide real-time surveillance and threat detection. Equipped with AI-driven video analytics, it can identify unauthorized individuals, detect weapons, and provide immediate alerts to security teams. This ensures rapid response and heightens its situational awareness in any environment. Designed for versatility, Wally is ideal for a wide range of applications, from securing large gatherings, corporate campuses, and construction sites to protecting schools, hospitals, and public spaces. Its mobility and ability to operate in remote locations make it a game changer for clients seeking effective, scalable security solutions without the need for fixed infrastructure.
With the increased demand for advanced security solutions, we expect Wally to be a significant contributor to our growth. We are ramping up the production to deploy additional units in the coming months and are seeing strong interest from both public and private sector. We are also hiring a dedicated sales executive for the product. By combining sustainable design and cutting-edge technology, Wally reinforces Avante's leadership in security innovation and positions us for continued success in the evolving market. I will now conclude with our final theme of today, our positive outlook for the remainder of fiscal 2025. Our outlook continues to look promising with increased sales, positive EBITDA, clean balance sheet, and potential for future acquisitions. The company's long-term financial objectives serve as a guide in developing our strategy and should not be considered as guidance.
The company's long-term financial objectives are: build recurring revenues, achieve consolidated adjusted EBITDA margins consistent with the industry, achieve growth in adjusted net income per share, reinvest cash flow in future business growth. I believe we've laid an excellent foundation for the company, and we have a positive outlook for the remainder of fiscal 2025. We expect continued improvements in revenue, cash flow, and EBITDA driven by organic growth, introduction of new products and services, increasing NSSG revenues. We expect international revenue to increase this calendar year as NSSG allows us to attract new clients globally and service them in the boutique manner that Avante offers. We are very excited about the potential growth and opportunities with our newly introduced services, Wally and Avante Verified. We are expecting overall revenues to benefit over the next year from these new services.
Meanwhile, we continue to actively seek new opportunities to expand and enhance our services through acquisitions. We maintain a positive outlook for fiscal 2025 with renewed optimism based on continued sales growth, improving cash flow, and potential M&A activity. Finally, I'd like to thank the entire team at Avante, including the employees whose hard work continues to elevate the company to higher levels. We want to thank our customers around the globe who trust us and rely on us to use innovative technologies to manage risk and provide elevated security solutions and services. Also, I'd like to thank you all for joining us on this call today. We look forward to providing more updates next quarter. I will now hand it over to Pardeep for questions. With that, we will now open the call to questions.
To submit your questions, please use the Q&A button on the bottom of your screen. Please note that priority will be given to questions from analysts. We have a live question from Daniel Rosenberg of Paradigm Capital. Please go ahead, Mr. Rosenberg.
Hi. Thanks for taking my question, Manny and Raj. My first question was just around the MRR growth. Nice to see some strong numbers in the release. I was just wondering if you could unpack the number of business lines you have. It seems like there's some growth opportunities, but what's driving the MRR growth in this quarter? If you could help us understand that balance between NSSG and the rest of the business.
Our recurring revenue growth is really based on Halo. Halo is really opening up. Halo is a technology that we apply in different verticals. With the residential market and the commercial market, that monitoring is a lot more expensive than your traditional alarm system. It has really helped us in this last quarter. With respect to NSSG, they have been attaining contracts where they have employees embedded in corporations that are long-term contracts for them, and that is how they are generating the recurring revenue. Avante Black does not have recurring revenue, but it has recurring business that is coming in. That also was a big growth in this last quarter.
Okay. On the outlook, one of your goals for going forward was adjusted EBITDA consistent with industry. I am just wondering what you kind of benchmark that as obviously, you kind of have some tech in the mix as well as services. I am just wondering if you could at least provide a little bit of guardrails around what that means.
The goal here is always to go above and beyond expectations. We're just driving the different vertical markets that we've set up. Our overhead is being cut, but we're managing the growth, and we're managing the recurring revenue and the sales. When we see the industry, it's really about just growing as much as we can. It's just full steam ahead in here. If you come to our office, you can feel the energy, and you can feel everybody and the excitement that's occurring. It's a really exciting place. It's just full steam ahead.
Yeah. Daniel, in terms of targets, I think we're looking at about 15%-20% EBITDA margins.
Okay. Thanks. I appreciate that. Just speaking to that growth and the growth opportunity, could you just help me prioritize which parts of the business you expect to grow fastest, understanding that some of these are just being launched or are a small base? What are kind of the priority if you're to rank them by growth opportunity? How would you do that?
It's a funny question because it's a good question, but also very hard to answer. We kind of our phones ring all the time. Our focus is to grow Halo and its vertical markets. That's a high number for recurring revenue for us. And then Avante Black, they call us. It's just yesterday. I have a very important meeting today. The core business is growing. Again, just the phones are ringing. We can't say that one is growing faster than the other.
Yes, we focus on Halo because it is bringing us back. The Wally, it brings us back more recurring revenue. It's bringing Human-in-the-Loop. Really, if we're going to say the phones didn't ring, our efforts would be in Halo, Avante Black, our core business. We're getting emails and requests daily, which kind of are exciting in certain ways that we deal with in a priority level.
Okay. I appreciate that. Lastly, just a small follow-up. I think in one of your earlier remarks, you mentioned that when the alarm device is triggered, you show up rather than passing through an intermediary that then notifies somebody to check the instance. I'm just wondering, how do you view differentiation in the market? How important is that to customers? If you could just speak to that, please.
Sure. We developed something called a Smartb oxx over 20 years ago, and it's still in operation today where if an alarm sounds from any of our clients' homes, it goes directly to our vehicles. It goes to our control center. This allows us to instantly roll the wheels and take off and get to our clients' homes. The traditional way that a dispatch happens is the alarm system goes off. It calls a monitoring station. The operator can take anywhere from four to seven minutes to act on it, which means they're going to call the dispatch company, which is a third-party guard company. The guard company is then going to radio the car and find out who's closest, and then they're going to dispatch. By using automated dispatching in a way, we respond in our average time of six minutes or less.
That's how we have been beating all our anybody trying to get into the areas that we service because we get there so quickly due to our technology. If they use Halo, which a lot of our clients have, once they step on the property and we detect them, we dispatch before they break into the house. The alarm isn't even going off yet, and we've dispatched our vehicles.
Interesting. I didn't realize it was that degree of difference. Congrats on a good quarter, and thanks for taking my questions.
Thank you, Daniel.
The next question comes from Gabriel Leung of Beacon Securities. Please go ahead, Mr. Leung.
Good morning, Gabriel. I think you're on mute.
Oh, there we go. Hey, guys. Thanks for taking my questions, and congrats on the progress. Just a couple of things I want to touch on. Just looking at the core bread and butter sort of monitoring business, I'm curious whether your priority for organic growth here is going to be on sort of increasing the number of subs within your core geographic markets, or if you've got aspirations to expanding into sort of new geographies over and above where you're at right now, whether domestically or in Canada or abroad in the U.S.
Yes. It's interesting how we're getting asked to design more Halo-based services around the world. We have two Halo-based detection technology services in Italy. We have one in California. We have a couple in Florida. We have one in Greenwich. The word is getting out through NSSG and through our associates. We have one in Spain, or a few in Spain. When I say one, I don't mean like one unit. I'm saying it's a project, and it could be up to 100 units where we will be able to monitor remotely. The model is we use local security installation companies. We advise them what cameras to use. We kind of like them to use what they're used to.
They install everything. We ship our Halo device. They plug it in. We step them through just how to initiate it. We take over from there. We set up the parameters. We start monitoring remotely. Although we're growing here in our area, by having two-way voice, we're able to service a larger geographical area. The word's getting out that we're able to do that, especially even schools in the U.S. We have more schools coming on board through the sales partners that we have selling the schools down in Florida and in New York and different parts of the states.
Thanks for that. Actually, moving on to Halo and the in-the-loop service. Any early feedback you can provide from the deployments in New Mexico and what the schools are telling you? Number one. Number two is, can you just talk about the pipeline that's ramping that gives you confidence of your ability to hit sort of 10,000 Halo deployments in calendar 2025?
It's 10,000 cameras to be monitored. There's a network of integrators that Scylla and another partner called Eagle Technologies has across the U.S. They're actually selling in every state and where they're sourced for monitoring. They're rapidly increasing the sales of the Human-in-the-Loop for Avante Verified. It isn't a one-off situation. It's actually a full team of integrators across the U.S. that are pushing the product and the installation.
Gotcha. Any early feedback you can offer from the schools that have deployed so far in New Mexico in terms of their experience with the solution?
So far, we've identified a couple of trespassers that looked like they were carrying a weapon, but they were not. The schools are very pleased that we weren't just setting off false alarms. The AI is very, very good. There's a lot of really good feedback that we're getting about the professionalism and about how they're calling us, and we pick up the phone instantly. It's getting to be a very good relationship. We can get them to use us. We can use them as a reference to other schools and universities.
Gotcha. That's helpful. Now, just moving over to NSSG. Obviously, that revenue line is ramping quite nicely on a quarter-over-quarter basis, especially in Q3. I'm curious, where are you right now in terms of your revenue capacity for that line of business? And I guess that would include Avante Black as well. What sort of quarterly revenue run rate could you get to with your existing personnel? And what are your plans in terms of expansion in terms of the human footprint in that division?
Raj, you want to kind of pipe in here?
Yeah, sure. So, Gabriel, we have the infrastructure in place. The majority of these kind of projects are done with third parties, be it secure international transport, where we'd have somebody local contracted. We don't see a lot of increased costs to maintain growth in that revenue line.
Gotcha. Maybe one last question around Wally. Obviously, we're seeing an increased interest in sort of mobile security-type services. What are your thoughts about the ramp-up of that division? I know you talked about being in the process of building out sort of 10 units. Are those units already spoken for? How do you see the growth of that sort of playing out over the next 12 to 18 months, just given the conversations you're having?
Yeah. Yes, the 10 units are spoken for already. Some people want to buy the units, and where you want to have more of a lease model, a complete you rent it for the month, and we monitor it using our technology. We're in a little bit of a trying to figure out for people that want to buy 30 of them, for example, how we're going to manage that. I see the ramp-up being a little slow now. Once we have our sales team in place, I can see it ramping up considerably in the next, I guess, starting in about four months from now.
Are there any specific verticals you're targeting, or where you think you're going to get the most juice from with Wally?
They're coming from everywhere, from event planners, from countries and governments. People are calling or interested in the ability to analyze people that are not supposed to be at an event, for example, to detect guns, if there's any kind of guns in various events, neighborhoods. It's very interesting, the people that are calling us.
Yeah. Gabriel, with Wally, we're basically industry-agnostic. We're looking at providing solutions to a variety of different industries.
Gotcha. No, thanks for that. Thanks for the feedback and congrats on all the progress.
We have a few questions from the Q&A from listeners. The first question is, this quarter marked the first without reorganization expenses since the leadership transition. What backend efficiencies have you guys implemented, and what impact do you expect them to have on future financial performance?
We are always striving to be more efficient. The biggest thing that is going to impact us moving forward is the implementation of our ERP system. We are looking to have that implemented to go live next week. We expect to see further efficiencies from there. The prior reorg costs were based on prior issues related to when Logixx was part of the company. We do not expect to see any more reorg costs moving forward. Obviously, I mean, we could be surprised, but we are not expecting anything.
Yeah. The next question is, can you explain how Wally is different from other security solutions on the market?
I think the biggest differentiator is our Halo technology. It's true AI. It isn't cameras that have some kind of motion built in. It isn't pixels that change. It's real advanced technology. That's the biggest differentiator, in my view. The services that we have in our control center, again, anybody's welcome to come and visit and see our control center, the professional staff, the whole NASA look that we have with big screens and the image and the professionalism and the training. The way I see it is our Halo technology is the best AI video analytics out there in the market. It's approved through the Department of Defense for nuclear facility monitoring.
That's great. One more question here. What are your biggest priorities for the rest of fiscal 2025?
If you actually get to know me, everything is a priority. It is a hard question to answer. I will repeat that we are very energetic here, and we are very focused on growth and to become more efficient with our costs. That is the priority if I have to put it at a high level.
Great. I think that is the remaining time we have for questions. We will now pass the call back to Manny for closing remarks.
In closing, I want to thank everyone once again for joining our call today. Thank you too to the analysts for their questions. We look forward to our next update at the end of our fiscal 2025. Thank you very much.