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here. We have Horizon Aircraft. Thanks, everyone. And I think we had a similar issue last year for those that were here. I don't know. Maybe it's just this Arcadian building. Anyway, thanks for joining us. For those that weren't here last year, and I do see a couple of familiar faces. is Brandon Robinson was here. He's our CEO. I'm the CFO. And here at Horizon Aircraft, we are building the future. And how are we doing that? Well, I'll start by saying I was on a Waymo earlier this week for the first time and tremendously skeptical of what this machine was going to do for people and society. And I couldn't believe not only how safe I felt in the machine, but how it didn't compromise efficiency for that safety. And it was a tremendous experience. Of course, we're doing it in a different way. We're doing in the air, but it's following the same path. It's, it's meant to move people and things around a lot more efficiently than they are today. So what, where we came from, we were founded about 13 years ago by Brandon Robinson. He's a former fighter jet pilot, 20 years in the Canadian Air Force. Him and his father, who was also an established pilot and engineer, built and certified his own aircraft, saw this revolution in aerospace coming. And what they saw was, and maybe you've heard about the likes of Joby and Archer and Beta. These are our peers who are building a similar type of aircraft. And they saw what they were doing, trying to move people and things around more efficiently. what they didn't love was the design of the aircraft and what they had designed was similar to a helicopter things that can take off vertically fly like a plane and then land vertically as well so you gain all that flexibility of not having to go to an airport when you're when you are taking off and landing but what they did was they designed it very much like a traditional helicopter. So you have blades and rotors that are spinning on the aircraft and most of them, not all of them but most of them have this tilting mechanism where they spin like a helicopter and then they tilt in flight so that you then fly forward like a plane would do. What we have built is a machine that looks like this. So it's designed more like a plain. In fact it's designed exactly like a plane, with one exception, the wings open. And that's how we gain our vertical lift capability. So these powerful wings inside the powerful fans inside the wings provide that vertical lift. And this is our key patented technology that differentiates us from everyone else in the space. And as you can imagine, what this design results in is significantly improved performance. That's speed, range, and payload. The other key differentiator, so the first one is this fan and wing design. The another key decision we made early on as we watched our peers was not going all electric from an energy propulsion perspective. And 10 years ago, 15 years ago when one of our peers were designing their machines, they expected batteries to evolve a little quicker than they actually have. And they're still extremely limited in terms of performance in aerospace. So we went with a hybrid design. We have a turbine engine on board that powers the propeller in the rear. And we also have batteries that power just the fans for the vertical elements of flight. And one of the key benefits of that outside of performance is that we don't need to recharge the machine every time we land, which can result in some fairly significant inefficiencies from an operational standpoint. So machine takes off with the use of the battery power, it transitions into forward flight with the rear propeller, and then the turbine recharges the batteries while in flight. So it's a key operational advantage there. Five fans in each wing, two in the front canards and the rear propeller in the back, as I said. And then once you reach certain altitude and speed, as I mentioned, as I've said before, the wings close and it looks like this. The other thing I would say is when you're, we expect this to be the composition of the machine as it flies the vast majority of its missions, 98% plus, it'll look just like this, like a traditional plane. And it also takes off and lands conventionally if that's what you prefer to do. If you're near a regional airport, you can certainly do that. It's also a safety redundancy measure, so you don't always have to use the fans inside the wings. Performance. So the three key elements here, speed, range, and payload. Those two factors I mentioned earlier, the fan and wing design and the hybrid energy propulsion, mean that we can go 250 miles per hour with a range of 500 miles and a useful load of 1,500 pounds. I apologize. A lot of the presentations are south of the border. We're not on the metric system there. But how that compares to our peers, they're usually flying between 100 and 200 miles per hours. They have a range between 500 and 100 miles and useful load of somewhere between 500 and 1,000 pounds. So materially different performance. Of course, what that means, and if you've noticed, I'm not actually calling them our competitors because they're not. And most of them are looking or targeting an urban air taxi service. So getting you from here to wherever you're staying tonight or wherever you live, as opposed to from here to, in my case, if I have a cottage 150 kilometers from here, it takes me three or four hours to get there on a Friday afternoon. This is a machine that'll get you there in 20 minutes. And that's more of a regional benefit as opposed to an urban air taxi service. And we're not actually planning to run an urban air taxi service. We're not planning for our customers to run an urban air taxi service. we're actually targeting industries like defense, medevac, logistics and cargo, as well as executive transport. This picture here is our aircraft with the wings folded in inside a C-17. There was an interesting 60 minutes piece last month with this extract extraction of a fighter jet pilot in Iran. I don't know if you guys are 60 minutes people, but it was fascinating to watch. There was two, two attack helicopters, a jet escort, and all in close to a hundred people supporting this mission to extract one person that had parachuted out of their fighter jet, which was shot down. This is a machine that would eliminate a lot of that redundancy. You certainly wouldn't need the two helicopters. You'd still need two people involved, but not a hundred. And that's where, you know, if you're watching that piece and you see an aircraft like this, what it can do, you can sort of visualize the benefit. Medevac, I'll use Ontario because that's Where We Are. Ontario's Medevak air ambulance is run by a group called Orange. They run a fleet of AW139s, notoriously unreliable and very expensive to operate. This is an aircraft that wins not only in safety and reliability, but certainly speed as well. And I think over time, the government will be remiss if they're not at least contemplating machines like this to replace these archaic helicopters that we use today. Executive transport, as I mentioned, not only for a trip to the cottage, but if you're going to New York, if you are going to Lindsay, for example, which is where we're based out of Lindsay, Ontario. This is a far easier mechanism to get to those places, more comfortable too. Disaster relief, this is where that sort of hybrid energy propulsion really helps. Many of all electric aircraft is not going to find any charging infrastructure. So So fires, there's a lot of fires in Canada. You need to move people and equipment around efficiently. If you're frequently stopping to recharge your batteries, that becomes an operational challenge. And of course, helicopters can perform a lot that work today and do, but they are, as I mentioned earlier, rather slow and expensive. I talked about the performance from a costing perspective to give you an example of how much it's going to cost to operate this aircraft. And I've had the benefit of working in the helicopter space for a length of time. Legacy helicopters cost about $5 per passenger seat mile. this this aircraft costs just less than a dollar these are material margin wins for operators margins in the helicopter space hover usually between five and ten percent for the better operators margins are tight uh this has the opportunity to provide um tremendous financial benefit for many of those folks. If it wasn't clear, we're not planning to actually operate this machine ourselves. We're going to be selling to the operators that are already using helicopters today. We think that's the right approach to this business. On the financial side, we have one of the strongest balance sheets in the space. We have carefully raised money over the last three years. We have the Canso group, which is just north of the city here, who owns 20% of the stock, and they put about $20 million in over the last three years. We've also had an operational ATM, which has been a cash, sorry, cost efficient way to raise capital over the last 18 months, government grants. And of course, we raised quite a bit of money back in the spring, if you've been following us, in and around $2.50, that's US per share. We're very capital efficient. Our peers are spending in the order of magnitude of half a billion dollars per quarter, quarter to a half. We're spending at this point six to seven million dollars a quarter. One, we're not operating the aircraft, so we're not setting up all the related infrastructure, pilots, training programs, hangars, but we also don't need to set up all of the vertiports that they require to charge their aircraft everywhere they go. So it's significantly more capital efficient than our peers following this business model of only manufacturing and then selling to existing operators. Our stock has continued to appreciate, although admittedly the whole sector has ebbed and flowed quite a bit in the last year. Tailwinds and then headwinds, and that's where we're at today. that everyone in the space is down about 50% over the last two months. But as I said, healthiest balance sheet in the space from a cash versus spend perspective. And a lot of folks might have six to 12 months of runway in terms of liquidity. We have two to three years. And that has the potential to bridge us to customer deposits on machines. And I'll get to the timing in a minute. but that's a fairly relevant point when you start evaluating companies in this advanced air mobility space the timeline so i mentioned 2021 is when the idea was formed 2022 prototypes built and and commenced flying if you were following us at all you'd you'd know we went public three years ago, finished flight testing on our large-scale prototypes in May of 2025. And over the last year, we are building our full-scale aircraft, what we call our demonstrator aircraft, that will commence flight testing next year. And then over the next two to three years is when we engage with the regulators um and and achieve certification by 2030. once you have so we're certifying here in canada with transport canada and there are effective reciprocity amongst all of the developed nations and once you have certification here in Canada, it's a fairly, I won't say easy process, but understood process to get certification in other jurisdictions. We have a number of important partners. We have engaged with the most prominent suppliers, whether that's Beta, Ramp, I mentioned Cancel, Mitsubishi. These are people that are helping us on our path. Management team, I talked about Brandon, the CEO. Everyone here is not only has deep aerospace experience, but is established in their own respective areas as well. and uh really that's it um if i were to leave you just with with you know two things this revolution in aviation is happening it's coming just like the waymo thing um it's it's a question of when is that next year is it three years from now is it 10 years from now. Hard to say, but it's coming. And we have a significantly differentiated product. There are 10 other people in the space. They all look the same. This one's different, because it's both hybrid, and it has this fan and wing technology that provides the performance enhancements. So I'll stop there. I think we have a few minutes for questions. Yeah. Must have been a great presentation. Yeah, go ahead. So the biggest competitive advantage for your aircraft versus your competition is the powering. How you power it is what you think is your secret sauce. That coupled with this patented fan and wing design. So people, our peers, I didn't mention our peers are actually started all electric they've recognized the limitation per the performance limitations and now they're trying to build a separate hybrid machine as well but what they can never do is build this fan and wing technology because that's a patented element that we own When do you see commercial success? Sales? Orders? When will we see them in the air? 2030 is when you'll see them in the year. That's from a certification perspective. We'll be flying next year, but we won't be certified for commercial revenue. Our customers won't until 2030. However, there is a more near-term revenue opportunity that we're actively pursuing, and that is to license the tech in certain regions for different styles of machines. and that could be an unmanned machine, it could be a military defense kind of aircraft, drones, or otherwise. There's been a lot of interest in the tech just because of its performance capabilities. So that could a lot nearer term than what we're building specifically. Go ahead. Are there any other jurisdictions where you can make certification for ? There are. And some of our peers are doing that in the Middle East. china is already flying uh they're already doing this in china now they're the regulatory system is a lot more tolerant there um yes uh so that what we wanted to achieve certification at the higher bar first before we went into other regions and part of that's just because we're based here but we also believe it's a stronger pathway you know as opposed to flying in in regions that uh don't make as much sense for us yeah i mean our our spend is going to scale so we're going to need some more we're gonna need to continue doing what we're doing but but yes yeah certification is expensive yes in the same mechanism we have so priority one government grants we've had some success there's a lot of money coming in defenses i'm sure everyone in this room has heard as well as in aerospace we have an atm program and when there's healthy liquidity in the market and tailwinds as as I mentioned, we'll use it. And there's, of course, down the road, is there partnerships that result in money coming in? Not urgent, but it's possible. How much is it going to cost? How much do you think it's going to cost? Very close six, gonna be about six. So the helicopter I compared it to same price point, same number of passengers, about $6 million. Almost identical. Many of them are just operating it themselves, but the ones that are selling it have a similar price point. Yeah, exactly. Exactly, yeah. It's far more efficient than a legacy helicopter, albeit you do lose some of that efficiency versus the all-electric peers but of course they have all the batteries that they have to carry on board and they're constantly recharging and it's the biggest issue they have is actually the weight of the batteries so they use a lot of energy to do that so we kind of beat them both because we don't use nearly as much fuel as our legacy helicopter peers, but we don't have the battery costs of our all-electric peers. All right. Thanks, everyone. I appreciate your time today.