Hello everyone, and welcome to the Usio Fireside Chat. My name is Robert Blum, Managing Partner at Lytham Partners, and today I'll be moderating a Q&A discussion with Louis Hoch, the company's Chief Executive Officer. Usio trades under the ticker USIO on the NASDAQ. All right, let's get started. Louis, welcome.
Hey, thanks for having me.
Fantastic. For those new to the company, can you provide a high-level overview of Usio and how it has evolved since the company's founding?
Yeah, Usio is a fintech payment processor. We believe in diversity, diversity in the industries we serve, and diversity in the payment channels that we offer. Payment channels, we believe that consumers should be able to choose how to get paid or how to pay a merchant. Because of that, we offer all payment channels that are available today. Of course, we're looking towards the future of stablecoins being a viable payment rail as well. The company's been around 27 years, and we've evolved over the years, adding different payment channels and changed our strategy to become a growth-oriented company when I became CEO about eight years ago. We've done a great job in growing, and we continue to expand our customer base. Our business model is primarily, you know, recurring type of revenue. We'll talk more about that today, I'm sure.
Today, we're just well positioned with a lot of operating leverage, being able to add a lot of clients onto our platform to continue our growth for the future.
Yeah, maybe help walk us through this sort of diversified product offerings. Talk a little bit about what the core offerings are and how they integrate into a cohesive platform.
Yeah, definitely. We have basically four business lines that are very complementary to each other. The first, being our highest margin business, is ACH processing, and we're an industry leader in that space. We have significant volume in ACH. ACH is direct debits and credits off your checking or your savings account. It is the least cost way to move money today. We have a unique tech stack in that offering. Like all of our offerings, we own our own tech. We have so much volume that if we were a bank, we'd be the 50th largest bank in the United States based upon our volume that we pump through the Federal Reserve in a given year. We are certified by the regulator. The regulator is Nacha, governs ACH payments and wire payments.
A big badge of honor. There are like 10,000 third-party senders in the United States, which includes banks and credit unions. Out of that 10,000, there's only two payment processors that are certified. There are 10 total certified. The other eight are payroll providers, which is not our industry. Because we're Nacha certified and because we have so much volume, we actually have our own bank routing number and a Fed terminal. We go directly into the Fed. It gives us a big competitive advantage because we get all four windows, the Fed windows, the process ends. A merchant can process payments in New York today, you know, almost till 4:00 A.M., and we can clear that transaction in San Francisco on the same business day or same banking day. Again, we have so much volume. We pretty much have all consumers' checking and savings accounts in our database.
We're able to leverage that data, unlike our competitors. A merchant can send us a routing number and a checking account number for Louis if they're looking to do business with me. We can come back and say, "Hey, we've seen Louis's account, you know, 10 x in the last year, and every transaction's been perfect." Or conversely, we've seen it 12x in the last month, but the last two transactions have been NSF or there weren't funds available. Our merchants are able to use that intelligence to decide if they want to do business with the client upfront. That is very unique to us, being able to use that data. It's the highest margin business that we have. We typically earn a transaction fee on those transactions. The second part of our business is payment facilitation, a big growth model engine for us. Very unique go-to-market strategy.
Payment facilitation is credit card and debit card processing. It also includes some ACH. What's unique about it is our go-to-market strategy. We only sell to integrated software vendors and occasionally a large enterprise merchant. When we sell to an integrated software vendor that writes software for a specific industry vertical, we get access to their client base, and they become an extension of our sales force. Hopefully, that ISV continues to add clients onto their platform, and we get new clients from there. Hopefully, their clients grow organically. We call this business line kind of the gift that keeps on giving because every day we wake up to accounts being loaded with us having no sales touchpoints on those accounts. It grows three ways, right? We add new ISVs all the time, and those ISVs add clients for us. Hopefully, those clients grow organically over time.
ISVs like to work with us because our tech stack is so rich that they're able to control the whole user experience within their software, and it makes them look like they're a payment processor. They can control branding, they can control workflow, and that's obviously very important to make their software sticky. They also enjoy revenue sharing with us. We become a unique and very important new source of revenue for them. It makes our relationships with the ISVs very sticky. This is a big growth engine for us. You'll see a lot of growth in revenue and EBITDA out of that business unit. The third business unit is card issuing. Again, we have a unique tech stack, and we issue primarily branded Mastercards for many different use cases. It's too much to talk about today, but a lot of government entities for payouts.
We're in 200 cities, counties, and states in the United States. We have seven out of the top 10 largest cities in the United States as customers, including New York and LA, the top two. They use our cards for many different use cases, primarily for disbursements. The city of San Jose uses our program for a program they call Cash for Trash. It initially started out as a program for homeless people to pick up trash. Every day, they pick up blue trash bags, and at the end of the day, each one they turn in, they get $5 on their Mastercard. That program's evolved over time to now schools and clubs actually go pick up the blue trash bags and use it for fundraising. We issue cards for a guaranteed income program. We pretty much own that industry.
If you live in a certain area in the U.S., you may be receiving money just because of where you live. One of the programs that was in a lot of the news is the Compton Pledge. The city of Compton, residents there receive $500 or $1,000 a month on our cards just because they live there. It was a pilot program. It lasted three years, and it was funded privately. All these guaranteed income programs have a goal to become public one day, and they all want to work with us because of our data. We're able to give them the data they need to show how the money's being spent so that they can use that data to hopefully turn it into a public program at some point. We're also the engine behind fintech players like OpenTable, where you can return your user points for Mastercard.
MoviePass uses unique technology that just us and Marqeta has called remote authorization. The way you access your MoviePass subscription that you're paying $20 a month to see multiple movies is you just swipe your MoviePass Mastercard at whatever theater you're at. A message comes into us, and it'll say, "You know, Robert wants to watch the latest Spider-Man movie, you know, and he's at an AMC theater, and AMC wants $18." We actually don't know if it's good or bad because the MoviePass model is a subscription credit-based model. Your credits for $20 are worth more on a Monday night for a non-feature film than they are on a Saturday night for a feature film. We, through unique technology, send that transaction to MoviePass, and they look up Robert's account, and they'll decide quickly, within a second, "Yeah, Robert's got enough credits.
Go ahead and pay the $18." We take that information, and again, this all happens real-time within a second, and look and see if MoviePass has $18 on file with us. Obviously, they keep millions. We take $18 out of that, and we pay AMC theater. We're also the engine behind top 30 universities in the U.S. We do their branded cards, and you'll see us in a lot of charitable organizations, disaster recovery, and events. Most recently, we announced our wearables offering, which we embed a Mastercard into a bracelet, which that bracelet can actually be used as your ticket to the event and to make payments while you're in the event. Simple tap and pay with your bracelet. All right? It's kind of fun. Recently, in our R&D lab, we embedded a Mastercard into a wallet that matched up with a token of a retina.
Within our lab, we're able to initiate payments through your retina. That's really cool, especially in the event environment, where your retina becomes your ticket to go into the event. Plus, you're just walking around, picking up a Coke and looking at the vendor, and a green light goes off and you're paid. Unique technology within card issuing and, of course, all across all of our business models. Card issuing, like PayFac, we earn a percentage of the transaction that goes through our cards. We also earn money when rebate cards or people leave money on rebate cards, which we do quite a bit, for like tires and things like that. The fourth business is what we call Output Solutions. Output Solutions does print and mail. First-class mail only does statements, invoicing, tax notices, and checks.
We print checks for a lot of the name brand type of companies, including Verizon, T-Mobile, AIG, Spectrum, a lot of utilities throughout the United States, Los Angeles County. These are overpayments that you've paid that merchant too much, and we're generating the check. We also do it for bankruptcies and things like that. Invoices and statements we print for financial institutions, cities, and counties, a lot of utilities. Through that division, not only do we do print and mail, which last year we did almost 30 million pieces, but we generate electronic documents. Those are PDFs of your bank statement or your utility statement. It could be a tax notice. We create the website where you're retrieving those documents. A lot of times we're attaching a payment button to it as well. We're the company, through that division, that works with a lot of toll roads.
Don't fault us, Robert, but we're the company that sends you a picture of your license plate and says, "You just went through all these tolls in New Jersey Turnpike," is our customer. Philadelphia, the whole state of Massachusetts, we do their toll road systems. We're not the one that manages your payments for your sticker. We're the one who sends you the letter saying how you went through these different tolls. In that letter, we embed a QR code that has all your information. All you got to do is scan that QR code and you're able to pay. We also do fees and fines the same way, where we for Los Angeles and Miami, where if you have a parking ticket that's not paid, we're the one mailing you a letter. In that letter is the QR code where you can initiate payments.
You can see how all the business units work together. Print and mail is very important for us to initiate payments. I didn't mention this, but electronic, we're actually doing more electronic than we are paper, and we do a lot of paper. Last year we did almost 70 million electronic documents, which have obviously a higher margin for us than paper. We're excited about the margins increasing in our business because of that type of transformation.
Thank you for all that, first off. Talk about the scalability here, the technology. Are there any limitations and the integration and adaptability of the four different segments that you mentioned across various customer bases? Are there customers that would apply to each of these or siloed off a little bit?
Yeah, so our technology is compatible across. We have most customers on at least two of our business lines. In fact, we have an internal initiative that we call Usio ONE, where we're trying to do a lot more cross-selling across our customer base, which we've had some big wins this year. Talk a little more about that. Our technology is complementary. It's hosted in the same cloud, and we have product lines that cross every one of our business lines. For example, we have a product called Consumer Choice. Recently, for the state of Massachusetts, we handed out, or the state handed out $100 payments to a big group of residents in the state.
Those residents received either a text message from us or an email or even a letter saying, "Here's where you go to get your $100." When they got there, they had all these different options to choose how they wanted to receive their $100, including a virtual Mastercard, a physical Mastercard, very popular because people get the $100 and they give it to their grandchild or, you know, to their kids to buy games. They could also get a physical check. They could receive an ACH payment. They could receive a real-time payment via our pinless debit platform, and that's going directly to their debit card for real-time posting in their bank account. You can see that that one product, one division's printing a check, another division is doing the ACH. Obviously, card issuing is doing issuing cards, and PayFac is issuing the pinless payment. It's very complementary.
Los Angeles County is our customer that uses all four of our business lines. We print their disbursement checks for overpayments for taxes. They have 13 active card programs where they're disbursing money. We do fees and fines processing for them that's on our PayFac platform. It's not just parking tickets, it's speeding tickets. It's any type of court fine. We believe that within our customer base, there's still a lot more opportunities to cross-sell. We've organized our company now under Usio ONE, where the sales force is now well-versed upon every one of our product lines and compensated, you know, outside of their specialty. If a salesperson has a specialty within card issuing and they sell a print job, which recently happened, they get paid commissions for that.
Some of the big wins recently with the Usio ONE, a card issuing client that did rebates, you know, these are consumer rebates, we became aware that they were printing checks. We actually got $1.1 million check orders from them. Nice size deal. Also, on the card issuing side, we became aware that a card issuing client was doing a lot of ACH processing, and we were able to get about 100,000 transactions a month from that card issuing client just because of the way we're now organized to sell better.
Let's talk about sort of revenues, how they're generated. You've touched already on transaction fees, percent of transaction volume, and the value of those transactions. As you break down the business, you've broken it down in sort of these different segments. When you break it across how revenues are generated, and I think you're, you know, sort of $20 million a quarter, $80 million annualized ballpark. Talk about the breakdown of each of those for those not familiar with the company.
Yeah, you know, I mean, we're going to have a big end of the year. Q3 and Q4 are going to be much bigger than the earlier quarters for us this year. ACH is transaction-oriented. We initiate an ACH transaction. We earn typically about 70% gross margin. Card issuing is 30%- 40% depending on how much spoilage we have in that quarter. Spoilage is money that you leave, like on a $25 rebate card. You just forget about it. Eventually, it's going to come back into revenue for us. Sometimes we share that with the company or our city or state that put the money on the card. Sometimes we don't. Card issuing is over 30%, sometimes as high as 40%. Our print and mail house operates around 20% gross margins. It continually goes up as we do more electronic.
The downside of doing electronic is that we earn obviously less on the top line than we do with print and mailing an item. Electronic is more profitable but has less gross revenue. Payment facilitation is unique. It is our lowest gross margin. It's about 9%. That is just the function of the payment ecosystem. When you pay Amazon $100, Amazon only receives $97. The $3 gets paid through the payment ecosystem, everybody in there, with the majority of those funds going to the card issuer, the Bank of America or Chase card that you use. About 2.5% of that goes to them. A little bit goes to the card network, Visa, Mastercard, etc. The rest goes to whoever processes the payment. Since we're a processor and we process the payment, we receive those funds. We receive the whole $3. We're responsible for paying out the card issuer.
That causes our margins to look low. In the industry, they're actually high. They're still the lowest gross margins we have in our product set. Overall, we like to operate around 24%- 25% for our company. It'll vary depending on our product mix for a given quarter. 24%- 25% is a good modeling number.
Okay. Good. We have about three minutes left here. Let's talk about the biggest growth opportunities for the company and sort of the investment highlights. What would be the key takeaways that investors should have here from the company?
We're a company that every year we believe we can grow 20%. This year, we're not going to grow 20%. A lot of our large deals that are already sold are implementing slower, where we're kind of at the mercy of the merchant or the card program issuer. Those are sold deals. On a recent conference call, we talked about a large building supply chain in the United States. We thought they were going to go live at the beginning of Q2. It looks like they're going to go live next week. There's nothing we can do to control that timing. The good news is we have more deals sold in queue than we've ever had before. You're going to see us continue to grow. You're going to continue to see our, because our operating leverage is huge, you're going to see our adjusted EBITDA margins expand.
We're trying to get those to at least 10% of sales be our EBITDA margin. We're a company that's well-funded. We generate our own cash. You won't see us doing any crazy raises or anything like that. We're just well-positioned for the future.
As you look here over the next decade or so, what do you expect the vision of Usio to be? What does this company look like? Maybe 10 years is too far, but maybe three to five years from now.
Ten years from now, you know, I hope we're part of a bigger organization. You know, our shareholders have experienced some type of great valuation exit. You know, definitely in the shorter term, the three-year horizon, maybe even five-year horizon, you'll see us continue to innovate and to add more payment channels. Hopefully, you'll see us be a player in the stablecoin payment evolution that is likely to occur thanks to the recent legislation. You'll see us continue to evolve other payment channels like biometrics and wearables to make these payments faster, you know, real-time, anytime in any method we can to make it real-time and more convenient for the consumer and the merchant.
All right, very good. We've sort of run out of time. Probably have a dozen more questions that we could dive into. Hopefully, you'll join us at a future event here. Louis, thanks so much for joining here today. Thank you to everyone for watching. If you do have any additional questions or perhaps would like to schedule a meeting here with management, and if I can help facilitate that, please reach out to me. Email blum@lythampartners.com. Again, we have additional presentations and fireside chats coming up throughout the event here today. Please stick around for more. Again, Louis, thank you so much for your time today. Really appreciate it.
Thank you, Robert.
Wonderful. Have a great rest of the day, everyone. Again, Louis, thank you so much for joining us here today at the summit. Up next, P2P Group CEO Ed Clarke is going to join us for a company webcast. Please stick around.
Hello everyone, and welcome to P2P Group Company Webcast. My name is Ben Shamsian, I'm the Vice President at Lytham Partners, and today we welcome Ed Clarke, CEO of P2P Group, who will be taking us through his slide presentation. P2P trades under PPP, PPB, under the Canadian Stock Exchange. With that, let's get started. Ed, welcome, and the floor is yours.
Thanks, Ben, and thanks for having me today. Looking forward to talking today about a topic that's actually become quite interesting. I see a lot of posts on X and on YouTube. People are really fascinated by the fact that you can use Wi-Fi signal to sense the physical world. This is something we've been developing for the last couple of years and really excited to share that because we've now got applications across healthcare, military, retail, and today's a great opportunity to sort of walk through that, talk about how it works, and the opportunities that come from all of the work we're doing in these spaces. Getting into what we're doing, essentially, everyone has a home Wi-Fi system. That Wi-Fi system can become some intelligence from your home. What we've been doing is developing a way to work in different sectors.
For example, home security, your home routing system can become your home security system just by sensing intruders, sensing people hanging around outside your front door or side door. We can extend it into aged care, where we can sense falls. We can look at the quality of life of people. Your grandma is home alone or your grandpa is home alone. You can actually check that they're healthy and happy. They haven't had any incidents, and their daily living is not suffering from any kind of illness just by monitoring their movements inside the house. We also have retail applications where privacy laws mean you can't use cameras for retail intelligence anymore. We're helping people get foot traffic information, consumer data, and activities based on store layouts, mall layouts, and things like this. We will go into some of the military use cases.
As you mentioned, PPB-CN trades on the CSE, on the OTC, with PPBGF. The company is fairly young, hitting revenue at the moment. I'll highlight some of these things today in the presentation. The first is the accomplished team and some really exciting advisory board members, which I'll talk about. There's a huge market demand here. We're constantly coming up to solve new use cases from healthcare to oil and gas and mining, all the way through to things like aged care and even fast food. It's a super interesting space because it deletes probably 90% of the costs of traditional IoT businesses by using the Wi-Fi sensing that's already existing in the environment. The next piece is the scalable competitive edge. We're a first mover. We really see an opportunity to move at 95%+ gross margin.
There's no real cost barriers to entry or to trial, which means that companies can do proof of concepts, pilots, and build on our platform without having to have significant investments, which again is very different than the traditional ways of people rolling out hardware for sensing in the legacy models where people would have to pay a couple of hundred thousand dollars to test if something works. Most importantly for today, it's a really unique point for investors to enter. Market cap is around $15 million. When I talk about the team, myself, my CTO, and some of the people involved, you can see that this is built to go many multiples, we think, of where we are today based on both the pipeline and the quality of the team and the experience and where we see this company going. I'll work through some of that.
In terms of the company structure, about 100 million shares are outstanding. It's very tightly held. It would be 70%- 80% now in a circle. It's a tight structure. It's all a lot of people that have been involved in previous companies, and myself and the other directors have followed on in multiple placements with us to get this company up and running. It's very difficult to get a big chunk of stock. The free float is quite small. It's an exciting structure to be involved in from the technical perspective. Talking about the problem that we have today, and that is the cost of sensing.
For example, in the aged care space now, to get a smart home for grandma or grandpa to look at falls, to check that they've gone to the kitchen and had their meals, used the bathroom, haven't fallen in the shower, have got out of bed, you're looking at a $10,000- $15,000 hardware setup and their high monthly fees. We can turn that $10,000 setup into a $0- $200 implementation and provide better information than the traditional hardware devices can offer. It fully transforms both the quality of care, but also the number of people, the addressable market that can afford this type of care. We've been talking in North America, Switzerland, all the way through to India and Cambodia, where we can provide a high level of healthcare for a cost that's affordable worldwide in any market.
It's a very exciting space where we're looking at the telcos, the aged care and healthcare providers, as well as individuals. The next piece is the cybersecurity risks around these systems. Traditionally, people using IoT sensors are using sensors from multiple companies, which means that you've got multiple points of failure in the cybersecurity space. It causes a lot of headaches for these companies that are managing these systems. Being able to centralize anything in one intui device means that you can actually really simplify your operations and secure your business against cyber threats, which are becoming more and more apparent. Let's talk about what we can do. I'll just give an example of the healthcare space. In the healthcare space, with your home Wi-Fi router, we can actually sense things like, as I mentioned, break-ins.
We can actually, from Wi-Fi signals, sense heart rate and breathing patterns wirelessly of people in bed or people on their favorite chair when they watch TV. We can monitor that there's no heart attacks, strokes, accidents in places where people are stationary for a long amount of time. We can also look at falls and things like this. It's a very simple platform to deploy, but there's really endless events that we can sense off the platform. We're empowering people to train and deploy those events for their use cases. I'll talk a bit about the team, which is just really important. Myself, Ed Clarke, I'm the CEO of the company. I built an ASX 200 company, all tech index. My last company was a logistics platform, which we took to about $400 million market cap. I've also invested and supported companies in the aged care space.
They're the number one company in Australia. I've started marketing tech and communications tech platforms. My background is starting companies from zero, which we've done here, and taking them, you know, to, as I said, the $50 million - $400 million market cap fairly quickly. When I put this company together, I looked at who were the best people to get involved. I'd done previously a global search for a CTO, and Sudhakar came up ahead in that global search. At the time, for my previous company, I couldn't actually employ him because of COVID and him not being able to move. He'd been running a hugely successful Silicon Valley company. He'd built their platform from the ground up to $200 million annual revenue. I spoke to him about what we were doing here in terms of transforming sensing from legacy IoT sensing devices to using Wi-Fi.
He straight away jumped at the chance to join the company. His previous tech platform was ranked by Reid Hoffman, the LinkedIn founder and venture capitalist, as the best tech platform he'd ever seen. I've got quotes of that in an article. He's a really great addition. As I spoke about, we've got some real interest in the military space. Recently, we announced that a gentleman who was a two-star general in the Canadian Navy, the Head of Future Technologies, works across now intelligence and military, and the Canadian government has joined our advisory board as we have a very aggressive military expansion plan working with things like drones and other areas, which I'll demonstrate shortly.
In the healthcare space, to give you an example of what we're doing, we are working currently with a company, which we announced a few months ago, where they have 50,000 homes where they're having to deploy $10,000- $15,000 of hardware to get good sensing. We're able to work with them to replace, as that technology phases out over the next couple of years, as well as the 20,000 to 30,000 homes they have in waiting, to replace those deployments with Wi-Fi sensing in the homes. For that, for example, if you're looking at 50,000 homes, we estimate charging around $40 a month. You're talking about $12 million, $15 million, $20 million a year revenue that can roll into a company like that, charging, as I said, 50,000 homes, $40 a month. That's just an example of how we price things.
There's huge scale in the contracts we're working on. We've got strong partnerships and development going on for implementation in Australia. We're currently launching in Europe and North America, where there's a lot of interest to use this Wi-Fi sensing platform for healthcare. Continuing on from that in defense, one of the things we're looking at is, for example, here you can see an example where a drone is being used to see where people are inside a building. If you're looking at police, fire, military, or intelligence, trying to build a picture of what's happening inside of a building before they're entering. For example, in fire rescue, if you want to know where to go inside the building, CCTVs have gone down, cameras are out, people are moving around the building trying to find exits.
We can quickly turn on from outside the building, and we can actually find people moving around and find a safe way to enter the building. That includes things like, for example, in the military space where they're doing entry hostage rescue. The most dangerous thing in that space is entering through into a building that they have no understanding of what's happening inside. Obviously, drones and infrared won't see through walls. We're the technology that can help the military see through walls and build a picture of the physical world beyond line of sight. They're really interested.
We've got partnerships with NATO-registered contractors and also other groups around the world who are looking to deploy this for understanding what, as I said, what's happening in the physical world, locating targets, and doing things more safely as opposed to the traditional way where they'll just bust down the door, run in, and hope that there's no one standing on the other side ready to engage. It brings a lot of safety, but it also makes things much more efficient for them in the field. I'm going to share here a bit of a video of some of the examples that we have. Walking through some of the use cases we're working through with the military contractors, in the first place, we've got field operations where there's trenches and cameras are not able to see what's going on.
We've got contractors that are looking to use our Wi-Fi sensing equipment to actually find, as you can see, people here in the field. We can find people that are beyond line of sight in the field. If there's trench systems, tunnel systems, it helps locate and build plans for execution. As I mentioned in the previous few slides, we also have the drone-based sensor. Here's an example of incidents inside buildings or fires inside buildings. You can put up a drone. You can actually map what's happening inside the building, find anyone relevant, and then extract them safely. Lastly, there's a big focus in North America at the moment on border security. Here's an example where you're trying to make sure that no people that are not supposed to be coming in across the border and into ports are in the ships. You can send out drones.
You can actually scan what's going on on the ships, and you can see if there's anyone on those ships that's not meant to be there. We have a lot of engagement in North America because these are core issues for both. With the tariff warfare going on, there's a lot of pressure on police and military to secure borders. That's a big space that we're looking at and working with a number of groups on with drone technology around the world that are trying to get more out of the drones than just cameras and infrared. This becomes a core new capability that they can deploy. We have had some announcements over the last few months with a number of groups we're working with, and we expect to see more groups implement and then commercialize over the coming months and quarters.
It's a very exciting space for us, the military space. We see it as a very large vertical. Talking about those verticals that we're addressing, we've got the healthcare market and the aged care market, which is absolutely huge. We are really transforming those markets. It's a $180 billion market. We can capture a lot of the value in that in terms of the in-home and facility-based care, where we can reduce the cost of sensing and tracking hardware by about 90%. That is a huge space for us. We call it the burning bridge because everyone is trying to figure out how to solve the aging population crisis. The cost of technology is still too high to send it out to the masses. Only the 1%, the 5% can afford high-quality in-home and facility-based care, but this democratizes it globally.
The home security space is obviously very important to us. It's easy to deploy. We're working with ISPs and telcos. We want them to offer it as an add-on to your internet subscription. When you get your internet, you can tick a box and essentially map your house for home security so that you don't have to buy expensive and intrusive camera systems. That's another avenue where we see large-scale deployments. Some of these ISPs and telcos in North America have tens of millions of customers who can offer this for $10 a month to replace or to augment the camera-based systems, which don't see everywhere and won't actually protect you in many places where you don't have the camera systems. Rolling on from that, I mentioned the huge military and policing market is an area of focus. Military and policing, and actually retail has come in very fast.
As I mentioned, we've got a lot of customers in the retail space trying to get in-store intelligence. Military policing is a big vertical that we actually are doing really well in. We've got some strong advisory team members supporting us in that. I think there's some really positive news coming in that area over the coming weeks and months. Looking forward to share more on that. Just talking about some of the examples of the deals that we've put together, we've got aged care and military groups in Canada that we're working with. We've got some ISPs in the U.S. that are looking to deploy this, as I mentioned, on top of their subscriptions and their enterprise services. We've got military groups across Europe now. When we put this deck together, it was the United Kingdom, but we've now got multiple groups across Europe that are implementing this system.
They're implementing it, integrating it onto their drones, and deploying it out across Europe for their global customer bases. We've got large hotel chains looking at this. The aging population is traveling. They're going to hotels, and there's no care available for people when they're inside their hotel rooms for falls, strokes, and things like this. There are plans for this to be offered as an optional service in hotels around the world to make things safer. We've got some large chains that we're talking to about this. In Southeast Asia, we've got a number of ISPs that we're working with looking to provide aged care, healthcare in their markets. In Australia, the leading aged care service provider in Australia, 50,000 homes, has made some purchases and is starting to deploy that across their very large customer base.
One of the reasons that this solves a lot of problems in that aged care space is that traditional technology needs specialists to come in, electricians to come in and install these things in roofs and in buildings. This is obviously expensive, but also it's very hard to get that type of specialty service for low-value jobs. That's why they've got already 20,000 homes waiting to be deployed. This gives them a way that without any electrician, they can go in and deploy this technology and move much faster through the waitlist of customers that they have. Some samples of the platform in use here: we've got the example of home security, military defense. We're really looking at what's happening inside buildings, aged care, healthcare, where we can pull out heart rates, where we can pull out breathing patterns. We can get proof of life.
This also comes to emergency rescue. In the retail space, we can build up heat maps and intelligence around what's happening in your store to optimize store layout. Competitive analysis is a really important thing to share. This technology, while it seems very innovative, is not brand new, and we're not the only group in the space. That's something I really wanted to make sure when we launched this company, that we weren't the first. We didn't have to educate the market. There are some very good companies in this space, in the U.S. only, that are doing this, where they're providing it as a proprietary box. It's a piece of hardware that you have to buy and install for the house. We're doing it very differently. We're offering it as an open-source product.
That's why the drone manufacturers, the aged care companies, and the retail companies can build their own products on our API base instead of having to buy hardware, which means that it can be deployed in far more opportunities. It means the scale for us, the blue sky for us, is much larger. We're not controlling how people use it. They can train new events and build really interesting use cases, even in healthcare, that are better than the existing Wi-Fi sensing models. Very advanced capabilities, very open capabilities, which means it can be deployed large at scale and doesn't need specialist hardware. It can be deployed through standard Wi-Fi routers or any type of equipment that our customers would like to build and provide to their customers, whether it be military form factor devices or simple in-home 5G SIM card devices. There's a bit of a summary of us.
Touching back on the key points, $15 million market cap, very experienced management team. We see this as, my previous company, as I mentioned, got to a $400 million market cap. I see this as a company that can get far beyond that, multiples beyond that, given the addressable market, given the early traction, and given the fact that both military and civilian use cases are extremely relevant. Some of the biggest spending markets, aged care and military, are coming in as very strong. Pipeline growing opportunities for us. We're hitting first revenue, very small market cap. It's a really exciting time for us. We look forward to keeping everyone involved in what we're doing.
All right. Thank you, Ed. Thank you for your time, and thanks, everyone, for watching. If you have any questions or would like to schedule a meeting with P2P Group, please send me an email at shamsian@lythampartners.com. That's S-H-A-M-S-I-A-N at l ythampartners.com. We have additional presentations and fireside chats coming up next. Please stick around for more. Thank you and have a great rest of the day.
Thank you, Ben.