Locate Technologies Limited (LOC) Earnings Call Transcript

Welcome, everyone, to our Q4 FY '26 investor update. So thanks, everyone, for joining today. Great to have you here. And I hope many of you have been able to log into our new portal. It's a new portal actually that we've internally built and designed to give investors a better experience and being able to get our investor updates. No need to have to log in to Zoom or any other sort of third-party tools. We're able to do that inside of our own tool, giving you the place on what's happening inside of the business. So, I'll kick off with today's results. And if you do have any questions, there is an option to be able to ask questions, and we can answer those towards the end of today's presentation. So, I'll get started. So for those that are new to the company, I thought I would just touch on our sort of 2 core parts of our business. Obviously, we've got our Locate2u business, which is where we provide our logistics software to companies across the world. We sell this on a monthly subscription, and the system is designed to help companies in managing all of their deliveries. And we do everything from the capturing of that delivery through to the route optimization. So telling -- helping businesses to figure out what's the most efficient way to actually do these deliveries and then actually going through the process of dispatching it out to your drivers and capturing things like proof of delivery. Our system also covers things like intelligent billing for those businesses, so all the way from invoicing to customers as well as drivers. As part of our business, we also run our Zoom2u business, which is our same-day delivery platform, which is much -- is now a smaller part of our business than where we started, but our main focus is on Locate2u. We also have a Bitcoin treasury. And today, we continue to hold 12.3 Bitcoin on our balance sheet, which we'll talk about further throughout the presentation. So Q4 FY '26 numbers at a glance. We had a really good result over Q4, highest revenue for the quarter, $1.95 million, so up 29% on the previous quarter, on a year-on-year quarter. Locate2u revenue was up 54%. And so you're seeing the work that we've been doing inside of Locate2u, growing really well and showing that now coming through in our financial results. Operating cash flow, positive $493,000, and so up significantly as well. And reported EBITDA, while negative at the standard sort of EBITDA results on a normalized basis of plus $259,000. As part of our Bitcoin holdings, we do have to write that down. So it's a noncash event that we do on a 6-monthly basis in line with our audited results. And so that did happen in the June quarter. So highlights for the quarter. I think this quarter for us as a company was really a big quarter and a lot has happened. I think back to the beginning and so much has taken place inside of the business. And today, I'm going to walk you through some of the product changes and improvements that we've seen inside of the business. But a big one was that we signed FedEx as a customer. I can't go into too much detail around what does that mean because there's some confidentiality around the signing of that transaction with FedEx. FedEx is obviously a very large global logistics business, and they're using our product here in Australia. And so we're working with them extensively in a number of different areas inside of their business to use that technology. We continue to sign a number of other businesses using our products, both small and large, including a large global appliance brand that's looking to start using Locate2u in the near term. Our focus really has shifted over the last sort of 6 months where we're spending a lot more time with large -- medium to larger-sized businesses. We can have significant impact for these large companies. The way in which they run their business today, most of these larger and medium-sized companies are using legacy technology and there's a huge amount of efficiencies that we can offer these businesses. so this is resulting in increased growth inside of Locate2u, and you've seen that in the numbers coming through in terms of Locate2u being up 54% for this quarter on the prior corresponding period. EBITDA, I spoke about earlier. And so we also continued, announced in the quarter is our buyback. And so we did buy some shares on market, and we'll continue to look to do that into the future. We also converted our royalty that we had with PURE. PURE Asset Management is our debt funder. They're now a shareholder in the business. We converted the royalty into equity at a premium of $0.068 premium to the most recent share price of $0.047. We continue to hold our Bitcoin position and look to continue to hold that into the future. And where it makes sense, we'll look to increase that holding. So as I mentioned, we are focused on these larger customers. There's bigger impact when we focus on these bigger businesses. And there's a lot more things that we can actually start to do with these companies. And what we are seeing is that our ability and the work that we've been doing and the use of AI inside of our business has been quite significant, and I'll walk you through some examples of how we're doing that. This is allowing us to deliver to our customers significantly faster than what we have been able to do. Where something would take us many quarters to deliver, we're able to deliver that in weeks and sometimes in some instances, in days. And this is proving to be very, very successful for what we're doing. I listen to, I guess, what the market sort of thinks in general around SaaS companies and whether AI is going to be disrupting these companies. I think it's the complete opposite. What I see is when -- the analogy I sometimes use is AI is allowing us to do significantly more and particularly for a smaller company like ourselves, where we were somewhat limited in resources and the number of development resources and things that we could actually do inside of our products. When we had an idea, we had to really think did we have the capacity to actually be able to achieve that idea with the resources that we had. Those capacity limits are very much gone. Our ability to deliver to our customers is significantly faster than what we've been able to do previously. The analogy I give is you have a builder and they were using a hand saw, they can still build something, but it would take significantly longer. You hand them an electric saw, they can build significantly faster. And you hand that electric saw to someone who's not a builder, yes, they can still cut the wood, but they're not going to be able to do and build something amazing like a builder will be able to build. And that's exactly how I see in terms of what we're able to do for our customers. AI in the hands of our customers is not necessarily going to be able to build and replicate what we're able to do. The smart that we have inside of our business in understanding how best to build the software, how best to set up the architecture is extremely valuable for our customers and then being able to use AI. The benefit that our customers will be able to see is the speed at which we can build things and the flexibility that we can actually allow our customers to have better user interfaces that fit for purpose inside of their business. And so this will result in growth into the future. You're starting to see that in the numbers. I think we're in the early days of seeing this in the numbers that you can see here on the chart. You see group revenue there on a quarter-by-quarter basis. We do have sometimes where we see an increase month where we have some setup fees and then it normalizes. Typically, when we onboard a customer, there will be a setup fee and then it might take us a month or 2 to onboard them and then their monthly subscription will kick into place, and that's what you're seeing in these numbers here today. You can see here in the Locate2u numbers exactly there, as I explained earlier. So yes, increased and obviously up 54% on the prior corresponding period. Our Zoom2u business remains active. However, it's flat in terms of revenue growth. We're not spending huge amounts of time or resources in growing our Zoom2u business. We continue to maintain it, and we want to make sure that we do that. And then we also want to make sure that we optimize that as efficiently as possible in using AI inside of the Zoom2u business, and there's a number of things that will happen there in the months ahead. Our focus very much has been on profitability inside of our business. And we're starting to see that now come through in the numbers. You had sort of the noncash revaluation of our Bitcoin appear in June numbers, but then you can see the normalized events there in positive EBITDA on a normalized basis. And it's really great to see the turnaround that have occurred inside of this business, particularly in this quarter and I think in the quarters ahead as well. Touched on there in regards to the Locate2u numbers, so I won't go through that further. And yes, and I think you can see in the slides, we've had consistent growth in Locate2u. I remember back in September '21, where we signed our first sort of major customer, which is Amart Furniture. They continue to be a customer today. And we had very small amounts of revenue in those early days. And I think September '21, we had about $50,000 of monthly recurring revenue. So there's been significant growth since that period of starting the business there. So AI is definitely changing what we're doing inside of our business. It's changing every single person's role. And we've spent a lot of time over the last few months. The amount of change that I'm seeing happen inside of our business is more change than I've seen in my entire time in technology. Everything that you do has changed because of the way in which we use AI inside of our business. And it's not just development, it's marketing, it's sales, it's accounts. In fact, our accounts team have done a lot of work and our Head of Finance has done a lot of work around how we actually manage our reporting and the types of reporting and our speed to ability to close a month-end results. It's impressive what we've been able to achieve in a matter of months and the ability for our team to be able to build the tools that we need to deliver some real benefits to our business, ability to see exactly where our bank balance is at on a daily basis, see where our P&L is on a daily basis, see what expenditures occurring throughout the month and being able to make sure that we can control our expenses and see where expenses are increasing throughout the month to really manage and see exactly what's happening. Numbers are very, very important part of being able to see and make decisions around what we're actually doing inside of our business. But one of the key things is, obviously, for our customers, being able to deliver improvements to our software to our customers in days rather than months is really, really important. And when a customer has a problem and they want to have that problem resolved, it's really great to be able to deliver that and deliver that to them really quickly. We now have the ability to ship updates to our customers throughout the day, multiple times throughout the day and have no downtime impact to our customers. And so this is extremely valuable if something needs to be improved really quickly, we can do that. And that's -- those are feedback coming directly from our customers. It's also meant that we've been able to be more efficient in the roles that we have inside of our business. We've been able to remove 5 roles from the business in the last quarter. And that's always a very difficult decision. As CEO, you've hired people to do a role in the business and then suddenly something has come along and change the way in which we operate. And that has meant that we've had to -- that we've had the ability to be able to reduce those roles. The way in which I always think about this is, yes, I might have a personal relationship with an individual inside of the business, and I might really like that person. But my role as CEO is to do what's best for the company and best for our shareholders. And sometimes that means making very difficult decisions. And so that did mean in this quarter that we let go of 5 people. But on a -- that resulted in about a $35,000 a month cost savings to the business. So significant cost saving and allowing us to continue to keep on growing inside of what we're actually doing moving forward. So what does that mean from a product point of view? We've done a number of different things and a number of new features that have been released. The platform that we're talking on today is something that the team has been able to build. We've done -- and I'll actually do a live demonstration today of some of the work that we've done inside of the Locate2u platform. We've been able to build our own in-house CRM system that's allowing us to track the inbound leads, where we're actually spending our money on marketing and which leads are being generated from that marketing dollars that we're actually spending. We've released a new driver app to drivers. And so this was -- our current driver app has been in the market since 2020. We've completely rebuilt it from scratch on newer technology, providing a faster experience for our drivers that are using it on a daily basis. The drivers on the platform are the largest users that we have, there's thousands of drivers that are using our platform on a daily basis and making their experience as seamless as possible is really important to us. We've also released a number of new apps that are independent apps that are available for drivers to use. These are free apps that are designed to be marketing resources to attract new customers into using Locate2u. And so that's something we've released, 3 new apps over this quarter. We've also released a number of additional modules that are designed for enterprise, both a compliance module as well as a fairly basic warehouse management system. Again, going back to our existing customers and seeing what problems do they have and what problems can we help them solve and how can we increase the revenue that we have with our existing customers to grow that account with additional revenue, and it's been quite successful in doing that. We've also released a new customer reporting portal, which allows our customers to report in real time on exactly what's happening inside of their business, being able to see delivery performance, being able to identify different trends and look at historical data has been extremely valuable to our customers. So I will actually go and do a live demonstration on the system now. So what you're looking at right now is Locate2u. And for those who don't know and have seen Locate2u in detail before, I'll step you through a couple of the key things inside of this. Now this is our platform today that we've been building over the last 4 or 5 years. This is actually probably more of our legacy part of our business, a legacy part of the platform. And what I will then switch to is to show you the new version that we've been working on. What you're seeing here is a live account. This is actually for our business to you. So we run this business. This business was designed specifically to use Locate2u. This business does somewhere between $25,000 and $30,000 a month in revenue. We spend very little time in this business. However, it operates, generates a small profit for the business. But the goal of this business was to actually say, how can we build a real-life business and use Locate2u to actually operate this business. Customers come to our website, they go and say they want to organize to have some documents shredded. We use a third party who does the document training, and we engage our own delivery drivers to actually do this -- to do the pickups of this service. They'll place an order through here. They'll go through a booking process. Once this order is created and captured and captured credit card details and payments, that will be sent directly into Locate2u, and then we'll go through an allocation and routing process. Here today, I can see a number of deliveries for a number of different types of customers. And so I can see exactly this driver is at throughout this particular day. Now I'll be careful to share the different information because there is a lot of customer details from here. But I will just give you just opening up here an example. And in this example here, our system does things like really to capture proof of delivery information. And you can see photographs of there that have installed in the storage facility. We can see all the details of what's happening on this particular delivery throughout the journey as to what's happening from this customer. And so from a delivery point of view, this allows great flexibility for our customers being able to see exactly what's happening. We also provide customers with a live tracking link. The live tracking link allows companies to -- allows individuals to see exactly when a delivery is going to occur. I'll just give you an example of that here. And so you can see here, we will say your order has been dispatched, here's your estimated arrival time, and we'll show when that's expected to occur there. And so this is great from a customer's point of view of being able to see this is all controlled through SMS that's been sent to customers. Now in our new -- and so yes, so I'll just touch on here. So there's a whole range of different things, and I'm not going to go through an entire product demonstration here today, but there's a lot that our product actually does. In the new version, you'll likely see immediately, it looks nice. It's new, it's more modern than the current version. You've got a map function that allows you to see here's a list of all the drivers in the system and the ability to see the routes of where they've been on a particular day. You can see here the list of drivers. I can see when they've been last been updated. And I can also see whatever it might be and see exactly the location of that driver. And I can see exactly all the deliveries of this driver is actually completing. You can see the trip screen, which is where the main thing where customers are looking at on a daily basis. Here's the driver, here's how many deliveries they're doing and ability to go into the detail of those particular deliveries. All these different areas that existed inside of the old version have been rebuilt into the new version, allowing us to see -- to provide customers with a better experience that this is newer technology, allowing us to do these multi-updates on a per day basis. There's, yes, a whole range of different things that you can see. There's additional functionality that we've been able to release, things like driver messaging, being able to message backwards and forwards with our new driver app to our customers, SMS to customers there as well. And so there's a lot of work that's gone into this, and it's great now that we've been able to see these new technology being able to use by our customers. So I'll now switch back to the presentation. I'm happy to answer any questions.

Our business today is a profitable business. And so our revenue remains flat, but we'll continue to operate the Zoom2u business, but our real focus is on Locate2u. One of the great benefits of what we've been able to build inside of Locate2u is because of all the learnings that we've had inside of the Zoom2u business. Our cash position, we have -- at the end of June 30 was NZD 1.16 million in cash, and we also still continue to maintain our Bitcoin holdings. As you can see from the results, particularly from an operating point of view, but also net results, we had actual cash of plus $29,000 for the quarter. So great to see that we've been able to significantly reduce our cash burn over this quarter, and we look forward to these quarters ahead as the business becomes further profitable. So right now, our strategic priorities in the business is really focusing on what we're doing in Locate2u. There is an enormous opportunity for us to continue to scale and win enterprise customers, both in Australia but also across the world. There's a number of active conversations that are occurring with large enterprises being able to use our product. And AI is definitely something that our customers are looking to use. With a more modern platform, there's the ability to use AI to assist in the way in which they're operating and using their business. And I'll give one example. When a company today that's in logistics and it could be a retailer, it could be a national logistics business, they receive a number of phone calls from customers. The customers are requesting certain things around their booking. Having the ability to have an AI agent be able to take that phone call, talk directly to the live order system or the delivery management system to be able to understand exactly what's happening on that order and to be able to make changes is extremely valuable and going to mean that a customer's experience is going to be able to be -- have their answer responded to significantly faster. But you need to have a system like Locate2u to underlie your business to manage all of your deliveries. And if you don't have that and you're having a legacy system, you won't have the ability to have the advantages that are going to be available in using AI. And so this is where we see there's a great opportunity to assist our customers. And that could be taking phone calls from customers, but also making outbound phone calls into the future as well. And so this is something that we're working on. It's not released yet, but we expect something to do in the future. We also are very mindful of the size of our team that we have today. We don't believe that we need to increase the size of the team even as this business starts to scale. Operating efficiency is very, very important and can be done by the use of AI inside of our business. Being able to have AI agents to be able to answer customer inquiries, being able to talk directly to an AI agent to actually do development is extremely valuable. We have a number of AI bots that we operate inside of our business that are used from everything from being able to assist on the finance side of things to answer internal inquiries around finance, but also specifically from a development point of view. When a customer comes in and says, I need this particular area of the system improved, we have the ability to actually talk to an AI agent to request for this project and this work to be done. I might actually, on this basis, give an example of exactly what I'm talking about there because I think this is something that is difficult to sort of realize how powerful this actually is. And I'll give a live example, if I can, bear with me. And I think this is quite valuable to see the impact that this is actually having in our business. Often, a customer will come to us and they'll have sometimes large requests of new functionality that they're looking for inside of their business. But sometimes those requests might be really small. And that small request requires us to take that to build a ticket, say this is a piece of work that we want to have developed, explain it to a developer. The developer goes and does that work. It then goes through a testing process. It then needs to be going through a process to be lodged into a release and a release cycle to actually go out. Historically, those releases have happened on a weekly basis, and that's actually quite fast for a company historically to be able to do that. Today, we're able to do that on a daily basis and being able to make these changes very rapidly. As a live example of something like this, yesterday I was doing -- speaking to a customer and they were talking about a particular problem that they're looking to solve. In our new portal, we have this area called a quick search, and you can quickly search for a particular delivery. When you click on this, it opens in the same screen. Now when you go back, it goes back to the wrong -- it goes back to a different screen there. And so it's a slightly different -- like it's slightly -- not a great user experience. What I really like to happen is when you're actually don't do this search, this actually pops into a new window and allows the user to actually search many different types of things. And so it's a small change. It would take us a small amount of time to actually make that change. However, it's the process of that change that takes time. It has to go through a number of different steps. We have to create the ticket. We have to then allocate it to a developer and then has to go into a release cycle. And this is historically what happen. We use an internal tool called Slack, which is our internal chat tool that we use to communicate to our team across the globe, all of our team in Australia and then throughout the world. And so we use Slack to communicate across the world. We now have the ability and so we have an ability to actually go and create a ticket. And so we have an agent called Bailey and Bailey goes off and builds a ticket. And so in this example, yesterday I picked up this issue with this customer. I said in the team portal, which is what our new service, search results when you click on that, I want the software, the page to actually open into a new tab. And so Bailey actually goes on and has live access to our code base and is able to read the code base, look at that particular area of that feature, comes back and ask me a few questions. Is this a new feature? Is this what the priority of this feature? And who should actually do this work? Cody is our coding bot. And so we assign it to Cody, create the ticket. And as soon as we've created the ticket, it's gone off to Cody to actually do the work. You can see Cody is our coding bot. And you can see yesterday, it was in the afternoon, it picked up the ticket and it creates a PR, which is like the first version of that code to actually do that work. And then now it says, actually, this is now complete and ready to actually pick up there. It's been actually done a review of that work and ready for a review bot to actually go and review that work. Now that ticket was raised and ticket was completed in a matter of 20 to 30 minutes. And so it's a huge advantage for our business in being able to do this at a rapid rate. And so this is the type of things we think about when we're looking at how we're actually building for our customers is being able to have where there are issues or improvements that we need to make, we're being able to resolve those really, really quickly, and there's a lot of work that we're doing around this space at the moment. So those 2 areas is where we're focusing. We do have our Bitcoin treasury, and we'll look to see whether we see how we continue to grow that into the future, but really continue on operating what we're doing inside of Locate2u. We see that's the best opportunity for us as a business today. We will continue to look to make share buybacks when it makes sense and then we will be releasing our end of year quarter 2 results as well in the months ahead. So I'll now switch to taking some questions. I'm just having a review of these questions. I'll note that there are questions that I can't answer and there's questions that I can answer. And so we'll answer what we can. So first question here around high returns for existing customers through the AI enhancements released over this -- over the past year. Yes, definitely, our customers, there's a couple of things where our customers see the return on investment in using our product. One is the ability for us to -- where they've got a particular need inside of their business and us being able to implement that need much, much faster than what we could have previously. That both helps them, but it also helps us. We can deliver things much faster. We can start capturing revenue much faster. But also in their business, they're able to achieve operational efficiency inside of their business. Often, when a company comes to us, they're typically looking for 2 things. One, they want to reduce cost. They have a driver pool. They're not using route optimization. And without using route optimization, their cost to deliver to their customers is generally significantly higher. A lot of businesses today still optimize work based on a person sitting there figuring out which delivery is going to go to which particular driver. And generally, if you use optimization, you're going to be able to reduce the number of drivers that you need to actually do those deliveries. Now if you're just even reducing by a small number, even 2 or 3 drivers on a daily basis, there's quite a significant saving for the business. It means the cost of using our software is insignificant to the cost savings that you're seeing. You no longer have to pay for that driver for the labor, but also the vehicle to actually do those deliveries, particularly when it's a company that's doing heavy vehicles to large vehicles. And we're seeing a lot of interest from fleets that are larger fleets with larger vehicles. And so yes, so I think that's -- both from our point of view, we see return on investment, but also particularly from a customer point of view as well. There's a question here in regards to given our conviction in Bitcoin as a superior long-term store of value, why is the company not purchasing more Bitcoin today? We are very focused on continuing to look to grow our Bitcoin position, but we also want to make sure that there is a real live opportunity right now with what's happening in AI and the investment that we're seeing and putting into the business in continuing to grow our products will generate positive cash flow into the future. We expect that to occur. And that's what our focus is on right now. We really want to focus on profitability, getting the business operating as lean as possible and growing our customer base. And so we continue to maintain our focus in doing that. And I think long term for our investors, our Bitcoin holding position is a long-term view. It's not something that I think about over the next year or 2 years. It's actually over the next 50 years in growing this business to be a substantial business, having a Bitcoin position is extremely important and being able to grow that is important. However, right now, the opportunity is being able to win more customers and acquire more customers in using the Locate2u product. There's a question in regards to we're considering other means to acquiring Bitcoin other than the ATM offering. We would only look to -- right now is generally is going to be from free cash flow is looking when we would look to acquiring Bitcoin. There's a question regarding considering the sale of the Zoom2u business. Right now, we continue to -- there's been no thought from the Board around specifically that. We continue to operate and run the Zoom2u business, and we think it makes sense for us to continue to do that. And we think there's actually some real benefits in continuing to own the Zoom2u business and to grow it into the future. The Zoom2u business is still running, not using Locate2u, it's still running on the original platform that we built for it. We do want to do a migration of that in the future. And yes, I think we're going to be able to see some of the benefits that we're rolling out into AI to be able to be used inside of the Zoom2u business. And so we want to have that real-life business available for us to do the testing of these products inside of Zoom2u and seeing the benefit of using Locate2u there as well. There's quite a few questions here, sorry. Where we're sitting in terms of the share buyback currently. So the share buybacks that have been released to the market. We've purchased approximately about $20,000 worth of stock, I believe, thereabouts. Every time we do a purchase on the market that is announced to the market. The stock is very thinly traded right now. There is limited stock available. And the stock is generally quite tightly held. I think where you're seeing any trading of stock is being done by retail investors, typically from what we've seen. And so we're able to and we're in a trading window, there's times when the company can't actually trade on its own stock. And so particularly going into a quarterly update, we couldn't -- we weren't able to trade over the last few weeks, or when we have a large announcement that we know that something is occurring like when we announced what's happening with FedEx. And so yes, it is something that we think we will actively continue to look to do in the future. Question here in regards to how do we plan to factor in drone logistics into Locate2u products. And I think what the question should extend to the thought around autonomous vehicles. These are definitely things that are going to occur into the future and particularly as legislation changes in different markets. And I think probably more likely in the autonomous vehicle space. One of the key things that you're going to need to be able to do is to be able to tell the autonomous vehicle, you need to actually follow this route. At the beginning of the day, you've got x number of parcels to actually deliver and here's the route you need to actually follow. We will look to integrate with autonomous vehicles and to provide a platform for companies to connect to these autonomous vehicles from a delivery point of view. And so we think we're well positioned to be able to do that, and that would be the same from a drone logistics point of view. A couple more questions here. Core reason as to FedEx using Locate2u rather than building the capabilities in-house. Look, I won't answer specifically for FedEx but what I will say, for enterprise customers that we are working with, it's very, very difficult for an enterprise business to move quickly. There are numerous layers inside of any large business and whether it's in IT or any other business, and they don't have the ability to move quickly. They're not specialists in building software. They're not specialists in understanding how best to actually do this and the staff inside of those businesses. The staffing side of those businesses are stuck inside of that business, whereas the advantage that we have is that we work with a large number of logistics companies, and we understand how they all operate and we understand the best way to actually do certain things. And so we're able to take learnings from different businesses and apply them to other businesses that we work with. And so we have some unique skills inside of our business that really understands logistics extremely well. The other thing that we offer, so the ability to do things quickly, but we've also got this platform built. For a company to replicate even in the world of AI to replicate our system would take them many years. And so the speed for deployment using Locate2u is we can deploy things in a matter of weeks or months to a customer, whereas it would take them a significant amount of time and effort and be significantly more expensive for them to do this on their own basis. And so there's real advantages in enterprises engaging us to do that work for them. There's a lot of talk about AI tokens and the expense that it cost for different companies. And I think that is right. However, what is very interesting is when a company uses an AI model, there are a number of different models that a business can actually choose from. And there are not just one model available, there are many models available. And many of them now are becoming very, very good. It's not just that there is just one model that is amazing. 6 months ago, there was maybe one model that was amazing. Now there's actually many models that you can actually choose from. The great thing with these models is, from our point of view is that you can actually switch models really, really quickly. And so you can move towards a cheaper model or an open source model as well in the future. And so this is something that we actively monitor and look at how best we do that. We've been able to -- we're actively -- we're probably spending roughly around $5,000 a month on AI tokens and the way which we set that up. But I would expect that there's going to be greater competition in the future with different models that are going to be available in open source models that will help businesses to continue to deliver on an AI project without seeing significant cost increase. Where I've seen and read about companies, particularly large companies have had blowouts in costs of AI, it's probably been how they've actually deployed AI inside their business, how they've actually controlled some of the guardrails that you need to have in place around the use of AI tokens. And so I think that it's definitely more challenging for a significantly large business. For a business of our size, you can actually control the cost quite easily. There's that you can go on that actually have a fixed amount of cost on a per user basis, that doesn't exist generally when you're talking about enterprise. At an enterprise level, you're buying AI usage on token usage. And so the more you use, the more you pay, whereas that's not necessarily the case in some of these other plans that are available generally to smaller businesses. And so there's a real advantage of being -- having less people on your team. And I see that from the point of view of managing token spend but also today, and what I have recognized is that every single person in our team has to deliver value. And the cost of having someone who is taking out management resources that isn't delivering is an expensive cost. It's not just the financial cost, it's the cost of time to manage that person. And you can take a developer who previously would deliver a certain result, but using AI can now deliver 10x that result. And so making sure that all of our staff are able to do that is really, really important. So I think that comes to the end of all the questions. We'll give it a minute or 2 to take any more. I hope everyone's enjoyed the new platform that we're using. Hopefully, it's a bit easier for everyone to log into. You're not having to use Zoom2u to do that. The recording will be available for everyone post this as well for those who haven't been able to capture the whole thing. And I really want to thank all of our investors for their continued support. We will provide further updates to the market as those things occur and look to update you on sort of things that we're doing from a product point of view as well. So we'll close today's investor update, and thank you, everyone, for your time. Thanks very much.