Q4 2026 Kinatico Ltd Earnings Call

August 6, 2026

Craig Sharp: General Counsel here at Kinatico. Please note this webinar is being recorded. A copy will be published on our website following the presentation. Given the number of attendees we have here today, your microphone has been muted. If you have any questions during the webinar, please use the Q&A function that's available at the bottom of your screen through Zoom. The presenters will attempt to answer your questions during the presentation, or if time permits, we will do so at the end of the presentation. Can we move on to the next slide, please, Tom? As always, Kinatico acknowledges the traditional owners of the many, many lands on which we meet today. Personally, I come to you from the beautiful lands of the Whadjuk Noongar people. I pay my respects to their elders, both past and present.

Speaker #2: Very— and General Counsel, here at Kinatico? Please note that this webinar is being recorded. A copy will be published on our website following the presentation.

Speaker #2: Given the number of attendees we have here today, your microphone has been muted. But if you have any questions during the webinar, please use the Q&A function that's available at the bottom of your screen.

Speaker #2: Through Zoom, the presenters will attempt to answer your questions during the presentation, or, if time permits, we will do so at the end of the presentation.

Speaker #2: Can we move on to the next slide, please, Tom? As always, Kinatico acknowledges the traditional owners of the many, many lands on which we meet today.

Speaker #2: Personally, I come to you from the beautiful lands of the Wajak Nyungar people. I pay my respects to their elders, both past and present.

Speaker #2: Equally importantly, please also note that, whilst statements of past performance in the annual report have been audited, any forward-looking statements in this presentation are premised on assumptions.

Craig Sharp: Equally as importantly, please also note that while statements of past performance in the annual report have been audited, any forward-looking statements in this presentation are premised on assumptions. We always believe our assumptions are reasonable, not all assumptions will be stated at length for you today. If you're an investor, you must always take and seek your own independent advice on investment decisions. Next slide, please.

Speaker #2: We always believe our assumptions are reasonable, but not all assumptions will be stated at length for you today. If you're an investor, you must always take and seek your own independent advice on investment decisions.

Speaker #2: Next slide, please. I will shortly be handing over to Michael Ivanchenko, our CEO, to begin the presentation. After he’s introduced matters and spoken to you at a high level, he’ll hand over to Odelia Saar, our Chief Operating Officer, who will talk about AI in Kinatico.

Craig Sharp: I will shortly be handing over to Michael Ivanchenko, our CEO, to begin the presentation. After he's introduced matters and spoken to you about the high level, he'll hand over to Odelia Sarre, our Chief Operating Officer, who will talk about AI in Kinatico. She, in turn, will hand over to Chantal Walker, our Chief Experience Officer, and Geoff Hoffman, our Chief Revenue Officer, who will talk about digital sales and enterprise sales respectively, before we hand back to Michael to wrap up. Now over to you, Michael.

Speaker #2: She, in turn, will hand over to Chantelle Walker, our Chief Experience Officer, and Jeff Hoffman, our Chief Revenue Officer, who will talk about digital sales and enterprise sales, respectively.

Speaker #2: Before we hand back to Michael to wrap up, now over to you, Michael.

Speaker #3: Thanks, Greg. Good morning, all. Before we get into some of the results and some of the details, it's worth setting the context, and I encourage everybody on the call to have a look in detail at all the milestones on this map from the downloaded versions.

Michael Ivanchenko: Thanks, Craig. Good morning, all. Before we get into some of the results and some of the details, it's worth setting a context, and I encourage everybody on the call post to have a look in detail on all the milestones on this map from the downloaded versions. The ones that I want to highlight, the ones that indicate our trajectory, is that in 2017, we achieved our first AUD 10 million worth of revenue after 13 years. In 2022, we achieved our second AUD 10 million worth of revenue after five years. In 2025, our third AUD 10 million worth of revenue was achieved after three years. That is a trajectory or the acceleration that we intend and think we can continue. Next slide, please.

Speaker #3: But the ones that I want to highlight—the ones that indicate our trajectory—are that in 2017 we achieved our first $10 million in revenue after 13 years.

Speaker #3: In 2022, we achieved our second $10 million in revenue after 5 years. In 2025, our third $10 million in revenue was achieved after 3 years.

Speaker #3: That is a trajectory, or the acceleration, that we intend and think we can continue. Next slide, please. So, straight into the results—this year, we have achieved a net profit after tax of $2 million, up 78.5%.

Speaker #3: Most significantly, that has also equated to an impact per employee increase of 105%. This is yet another metric—of which there will be many in this.

Michael Ivanchenko: Most significantly, that has also equated to an NPAT per employee increase of 105%. This is yet another metric of which there'll be many in this presentation today, indicating the ongoing increase in underlying foundational performance in the organization as we continue to grow and accelerate top-line revenue. You can see the foundation that's been set to ensure that that is highly accretive revenue. EBITDA increased to AUD 5.6 million, up 28.2%. Total revenue up AUD 35.2 million, up 9.4%. Correlate that to the fact that revenue up 9.4% while profit up 78%. SaaS now 58.4% of revenue, up almost 12%. A significant point of cash, up AUD 1.6 million to AUD 11.8 million or up 16%. It has been a major period of activity for the entire organization.

Speaker #3: The presentation today indicates the ongoing increase in underlying foundational performance in the organization as we continue to grow and accelerate top-line revenue. You can see the foundation has been set to ensure that this is highly accretive revenue.

Speaker #3: EBITDA increased $5.6 million, up 28.2%. Total revenue was up $35.2 million, or 9.4%. But correlate that to the fact that revenue is up 9.4% while profit is up 78%.

Speaker #3: SAS is now 58.4% of revenue, up almost 12%. And then again, a significant point of cash—up $1.6 million to $11.8 million, or up 16%.

Speaker #3: So, it has been a major period of activity for the entire organization. And another one—Odelia will go into this in further detail—but we've actually increased staff engagement by 18 points, to 74.

Michael Ivanchenko: Adelia will go into this further detail, we've actually increased staff engagement 18 points to 74. In a period of global disruption and expectation from labor forces, from AI and general disruption, we've really seen that our staff have not been disrupted by the fear of AI. In fact, they've embraced it, and I would go so far as to say they're driving it internally. We see, Geoff will come on further in the presentation about the performance of Kinatico Compliance in market, including our enterprise win. We've got a two-door go-to-market strategy that is working, and that two-door strategy revolves around one platform being able to simultaneously serve the small, medium enterprise market via digital self-service and the enterprise side of the market, with direct sales and how that has materially increased our addressable market.

Speaker #3: In a period of global disruption and expectations from labor forces due to AI and general upheaval, we've really seen that our staff have not been disrupted by the fear of AI. In fact, they've embraced it.

Speaker #3: And I would go so far as to say they're driving it internally. So, we see—and Jeff will come on further in the presentation—about the performance of Kinetico compliance in market, including our enterprise win.

Speaker #3: We've got a two-door go-to-market strategy that is working, and that two-door strategy revolves around one platform—being able to simultaneously serve the small and medium enterprise market via digital self-service and the enterprise side of the market with direct sales.

Speaker #3: And how that has materially increased our addressable market. We've got a commitment to AI as an organization. We are not an organization that just uses AI.

Michael Ivanchenko: We've seen a successful transformation to AI as an organization. We are not an organization that uses AI. AI is our operating system in the way we function, and Adelia will go through some of those examples further in the presentation. On top of that with the engagement we have with our customers and our prospects, we have established a very strong roadmap of upcoming features and enhancements that we continue to take advantage of into the market and continue to be able to invest ourselves in building them. We have funded this growth ourselves and at the same time increased our cash balance, we intend to continue to do that. Next slide, please. Why do we believe? We've got a regulatory market and tailwinds which Geoff and Chantal will expand on further in the presentation that is increasing our TAM.

Speaker #3: AI is our operating system in the way we function, and Odelia will go through some of those examples further in the presentation. On top of that, with the engagement we have with our customers and our prospects, we have established a very strong roadmap of upcoming features and enhancements that we continue to take advantage of in the market.

Speaker #3: And continue to be able to invest ourselves in building them. We have funded this growth ourselves and, at the same time, increased our cash balance. We intend to continue to do that.

Speaker #3: Next slide, please. So, why do we believe? You know, we've got a regulatory market and tailwinds which Jeff and Chantelle will expand on further in the presentation.

Michael Ivanchenko: Next slide, please. Why do we believe? We've got a regulatory market and tailwinds which Geoff and Chantal will expand on further in the presentation that is increasing our TAM. The quotes there we've got from one of our ongoing bits of customer research. This is very representative of a lot of feedback we get. The intelligence behind our platform is what is attracting people. It is acting on their behalf to take mental, operational, and just time load off their hands, freeing them to do their jobs. Our financial results speak for themselves. We're on a march towards achieving the Rule of 40. That is accelerating.

Speaker #3: That is increasing our TAN. The quote there we've got is from one of our ongoing bits of customer research, and this is very representative of a lot of feedback we get.

Michael Ivanchenko: The quotes there we've got from one of our ongoing bits of customer research. This is very representative of a lot of feedback we get. The intelligence behind our platform is what is attracting people. It is acting on their behalf to take mental, operational, and just time load off their hands, freeing them to do their jobs. Our financial results speak for themselves. We're on a march towards achieving the Rule of 40. That is accelerating. We will continue to pursue that. On top of that, as mentioned, our AI as an operating system is already showing the benefits, as Odelia will come on to. We're at the beginning of that journey, and we're very excited about what it actually unlocks for us in both operational efficiencies, but also acceleration and enhancement of customer-facing features.

Speaker #3: The intelligence behind our platform is what is attracting people. It is acting on their behalf to take mental, operational, and just time load off their hands, freeing them to do their jobs.

Speaker #3: Our financial results speak for themselves. We're on a march toward achieving the rule of 40, and that is accelerating. We will continue to pursue that.

Michael Ivanchenko: We will continue to pursue that. On top of that, as mentioned, our AI as an operating system is already showing the benefits, as Odelia will come on to. We're at the beginning of that journey, and we're very excited about what it actually unlocks for us in both operational efficiencies, but also acceleration and enhancement of customer-facing features. In short, we have the knowledge, we have the product. We've shown we can execute with increasing profit year after year. At the same time, the market is expanding. With that, I'm going to throw to Jason Margach to actually go through the numbers in detail.

Speaker #3: And then on top of that, as mentioned, our AI as an operating system is already showing the benefits. As I say, Odelia will come on to that.

Speaker #3: But we're at the beginning of that journey, and we're very excited about what it actually unlocks for us—in both operational efficiencies, but also acceleration and enhancement of customer-facing features.

Speaker #3: So in short, we have the knowledge, we have the product, we've shown we can execute, and we've been increasing profit year after year, while at the same time the market is expanding.

Michael Ivanchenko: In short, we have the knowledge, we have the product. We've shown we can execute with increasing profit year after year. At the same time, the market is expanding. With that, I'm going to throw to Jason Margach to actually go through the numbers in detail.

Speaker #3: With that, I'm going to hand it over to Jason Margock to go through the numbers in detail.

Speaker #1: Many thanks, Michael. Turning to the numbers behind the proof point that Michael has just taken us through. At a broad hard lock for FY26, revenue has grown 9.4% to $35.2 million.

Jason Margach: Many thanks, Michael. Turning to the numbers behind the proof of point that Michael's just taken us through. At a broad headline for FY26, revenue has grown 9.4% to AUD 35.2 million. At the same time, EBITDA grew 28.2% to AUD 5.6 million, with a net profit after tax growing 78.5%, taking us up to AUD 2 million. That is an impact growth of roughly eight times faster than our revenue. That is operational leverage, and it is visible in our EBITDA margin trend on this slide, which in FY22 was 4.2% and has grown now to 15.9% in FY26. I want to be clear about what's driving that.

Jason Margach: At the same time, EBITDA grew 28.2% to AUD 5.6 million, with a net profit after tax growing 78.5%, taking us up to AUD 2 million. That is an impact growth of roughly eight times faster than our revenue. That is operational leverage, and it is visible in our EBITDA margin trend on this slide, which in FY22 was 4.2% and has grown now to 15.9% in FY26. I want to be clear about what's driving that. This is not a one-off cost reduction. It is not a single good period. It's a result of intentional, deliberate architectural design and structural decisions that we have made that allowed us to build and deploy AI agents across the business and that are beginning to deliver early benefits that we see as a wider organization. This will be covered off in greater detail a little later by Odelia Sarre. Thank you. Next slide, please.

Speaker #1: At the same time, EBITDA grew 28.2% to $5.6 million, with net profit after tax growing 78.5%, taking us up to $2 million. That is an impact growth roughly 8 times faster than our revenue.

Speaker #1: That is operational leverage, and it is visible in our EBITDA margin trend on this slide, which in FY22 was 4.2% and has grown now to 15.9% in FY26.

Speaker #1: I want to be clear about what's driving that. This is not a one-off cost reduction. It is not a single good period. It's a result of intentional, deliberate architectural, design, and structural decisions that we have made.

Jason Margach: This is not a one-off cost reduction. It is not a single good period. It's a result of intentional, deliberate architectural design and structural decisions that we have made that allowed us to build and deploy AI agents across the business and that are beginning to deliver early benefits that we see as a wider organization. This will be covered off in greater detail a little later by Odelia Sarre. Thank you. Next slide, please. The revenue mix has flipped. This is an engine behind that leverage that I outlined. Our SaaS revenue reached AUD 20.5 million in the year, which represents 58.4% of our group revenue.

Speaker #1: It allowed us to build and deploy AI agents across the business, and to begin delivering early benefits that we are starting to see as a wider organization.

Speaker #1: This will be covered in greater detail a little later by Odelia, so thank you. Next slide, please. The revenue mix has flipped. This is the engine behind that leverage that I outlined.

Jason Margach: The revenue mix has flipped. This is an engine behind that leverage that I outlined. Our SaaS revenue reached AUD 20.5 million in the year, which represents 58.4% of our group revenue. This is up 37.5% on FY2025, which was AUD 14.9 million. Transactional revenue aligned with our expectations at just under AUD 15 million for the year. Key to highlight though, is on a Q4 FY2026 annualized basis, our SaaS revenue is now AUD 22.6 million. Giving that perspective, that annualized revenue on a prior corresponding period was AUD 17.5 million. This is the first year that SaaS has crossed that 50% line, a five-year trend that shows not a one-off shift. SaaS revenue has grown from 9.2% of our revenue in FY2022 to 58.4% as we speak today. 53% tail off is what we produced for the year. This is structural. It's not cyclical. Next slide, please, Tom.

Speaker #1: Our sales revenue reached $20.5 million in the year, which represents 58.4% of our group revenue. This is up 37.5% on FY25, which was $14.9 million.

Jason Margach: This is up 37.5% on FY2025, which was AUD 14.9 million. Transactional revenue aligned with our expectations at just under AUD 15 million for the year. Key to highlight though, is on a Q4 FY2026 annualized basis, our SaaS revenue is now AUD 22.6 million. Giving that perspective, that annualized revenue on a prior corresponding period was AUD 17.5 million. This is the first year that SaaS has crossed that 50% line, a five-year trend that shows not a one-off shift. SaaS revenue has grown from 9.2% of our revenue in FY2022 to 58.4% as we speak today. 53% tail off is what we produced for the year. This is structural. It's not cyclical. Next slide, please, Tom.

Speaker #1: Transactional revenue aligned with our expectations, at just under $15 million for the year. Due to highlight, though, on a Q4 FY26 annualized basis, our sales revenue is now $22.6 million.

Speaker #1: Given that perspective, the annualized revenue for the prior corresponding period was $17.5 million. This is the first year that SAS has crossed that 50% line.

Speaker #1: A five-year trend shows this is not a one-off shift. SAS revenue has grown from 9.2% of our revenue in FY22 to 58.4% as we speak today.

Speaker #1: A 53% CAGR is what we produced for the year. This is structural; it's not cyclical. Next slide, please, Tom. Growth that we funded ourselves: cash flow was $2.5 million in FY26, which is up 84.9% on FY25's $1.4 million.

Jason Margach: Growth that we funded ourselves. Cash flow was AUD 2.5 million in FY2026, which is up 84.9% on FY2025's AUD 1.4 million. Free cash flow conversion of EBITDA was 44.8%. This is up 31.1%. The full turnaround from a -39.4% in FY2024. The cash that we generated was AUD 1.6 million over the year, taking our cash and cash equivalents to AUD 11.8 million. This is our fourth consecutive year of rising profit. No capital raise, no dilution, and we have no debt. We are funding our own growth, which is exactly why we keep investing in architectural and AI agents that I've just referenced. With that, I'd like to hand over to Odelia Sarre, our Chief Operating and AI Officer, to take you through what that architectural has actually delivered. Thanks. Odelia, over to you.

Speaker #1: Free cash flow conversion of EBITDA was 44.8%. This is up from 31.1%, a full turnaround from a negative 39.4% in FY24. Net cash generated was $1.6 million over the year, taking our cash and cash equivalents to $11.8 million.

Speaker #1: This is our fourth consecutive year of rising profit. No capital raise, no dilution, and we have no debt. We are funding our own growth, which is exactly why we keep investing in architectural and AI agents that I have just referenced.

Speaker #1: And with that, I'd like to hand over to Odelia, our Chief Operating and AI Officer, to take you through what that architecture is actually delivering.

Speaker #1: Thanks.

Speaker #2: Odelia,

Speaker #1: The team .

Speaker #2: Thanks , Jason . Good morning everyone . With the advent of AI businesses in the tech sector have been asking themselves , do you own the data or do you just move it ?

Odelia Sarre: Thanks, Jason. Good morning, everyone. With the event of AI, businesses in the tech sector have been asking themselves, do you own the data or do you just move it? Businesses that merely pass data along are exposed, and much of the sector sits here uncomfortably. This is the difference. Kinatico has 22 years of proprietary compliance data. Our Kinatico Compliance is built on our technology. We originate the verification, the result, and the ongoing monitoring. We are not a reseller of someone else's data. We own the data layer. When it comes to AI, we are an AI organization, not just an organization that uses AI. When it comes to the use of AI, our governance is already built in, not bolted on. With 22 years of experience in RegTech, we are already trusted by over 8,000 customers to hold the information of their workforces.

Speaker #2: Businesses that merely pass data along are exposed, and much of the sector sits here uncomfortably. But this is the difference: Kinatico has 22 years of proprietary compliance data. Our Follow Me Compliance is built on our technology. We originate the verification, the result, and the ongoing monitoring.

Speaker #2: We are not a reseller of someone else's data . We own the data layer . And when it comes to AI , we are an AI organization , not just an organization that uses AI .

Speaker #2: And when it comes to the use of AI , our governance is already built in . Not bolted on With 22 years of experience in Regtech , we are already trusted by over 8000 customers to hold the information of their workforces .

Odelia Sarre: With 22 years of experience in RegTech, we are already trusted by over 8,000 customers to hold the information of their workforces. This naturally extends to how we use AI responsibly. It's the same governance rigor, the same operational principles, and the same audit-ready culture. We are not a business at risk of being disrupted by AI. We are one of the disruptors. Next slide, please. Our AI strategy is operationalized running on two tracks. Track 1 is on the left. It's today's business made better. Inward, we have leaner operations and increased efficiency.

Speaker #2: This naturally extends to how we use AI responsibly It's the same governance , rigour , the same operational principles , and the same audit ready culture .

Odelia Sarre: This naturally extends to how we use AI responsibly. It's the same governance rigor, the same operational principles, and the same audit-ready culture. We are not a business at risk of being disrupted by AI. We are one of the disruptors. Next slide, please. Our AI strategy is operationalized running on two tracks. Track 1 is on the left. It's today's business made better. Inward, we have leaner operations and increased efficiency. An example of this is our 24/7 virtual verification officer. We call her Vera. In the first 30 days, Vera has provided us with an annualized savings of close to AUD 300,000 while also achieving 100% audited accuracy. Even better than that, we are now able to provide customers with instant results 24/7. There is further scope for how Vera will be deployed, but she has absolutely hit the ground running.

Speaker #2: We are not a business at risk of being disrupted by AI. We are one of the disruptors. Next slide, please. So, our AI strategy is operationalized, running on two tracks.

Speaker #2: Track one is on the left. It's today's business made better. Inward, we have leaner operations and increased efficiency. An example of this is our 24/7 virtual verification officer.

Odelia Sarre: An example of this is our 24/7 virtual verification officer. We call her Vera. In the first 30 days, Vera has provided us with an annualized savings of close to AUD 300,000 while also achieving 100% audited accuracy. Even better than that, we are now able to provide customers with instant results 24/7. There is further scope for how Vera will be deployed, but she has absolutely hit the ground running.

Speaker #2: We call her Vera . In the first 30 days , Vera has provided us with an annualized savings of . Close to $300,000 , while also achieving 100% audited accuracy .

Speaker #2: But even better than that , we are now able to provide customers with instant results . 24 over seven . There is further scope for how Vera will be deployed , but she has absolutely hit the ground running On the right , we've got track two .

Odelia Sarre: On the right, we've got track two, and that's tomorrow's business made possible. This is our growth track. Outwards, we can produce smarter products. With our product and engineering teams using an AI software development life cycle, we are seeing 50% faster feature delivery and development. This means we are shipping more to customers with less rework along the way. It's the same architecture that drives our inward efficiency, but is also what makes our products smarter for customers. This compounds through a virtuous cycle of growth. The same architecture driving inward efficiency and again, allowing us to produce smarter products. Next slide, please. This is what our smarter products look like. This is just some of our AI in production. On the first slide, we have ChatRef. This is our reimagined reference screening process.

Speaker #2: And that's tomorrow's business, made possible. This is our growth track. Outwards, we can produce smarter products with our product and engineering teams, using an AI software development lifecycle.

Speaker #2: We are seeing 50% faster feature delivery and development. This means we are shipping more to customers with less rework along the way. It's the same architecture that drives our inward efficiency.

Speaker #2: That is also what makes our products smarter for customers. This compounds through a virtuous cycle of growth. The same architecture drives inward efficiency and again allows us to produce smarter products. Next slide, please.

Speaker #2: So this is what our smarter products look like. This is just some of our AI in production. On the first slide, we have Chat RF.

Speaker #2: This is our reimagined reference screening process. Dull, uninspired web forms have been replaced with an interactive AI assistant—not only walking the referee through an engaging experience, but also ensuring the resulting reference captured is insightful and efficient. Then we have Iris.

Odelia Sarre: Dull, uninspired web forms have been replaced with an interactive AI assistant, not only walking the referee through an engaging experience, the resulting reference captured is insightful while also being efficient. We have IRIS. This is our intelligent reader input system. The use cases for this are exponential, providing the ability to read any identity or credential document in just a moment. It relieves admins of hours of manual onboarding and lifecycle worker compliance activity completing in just minutes. Agent Vera, which you've just heard about, which is our 24/7 virtual verification officer who is now servicing our customers 24/7 and providing them with important results instantly. We have many more agents in development across the business. Of course, none of this is possible without our people. In an AI native company, domain credibility isn't just important, it's existential.

Speaker #2: This is our intelligent reader input system. The use cases for this are exponential, providing the ability to read any identity or credential document in just a moment.

Speaker #2: It relieves admins of hours of manual onboarding and life worker compliance activity . Completing in just minutes . And then Agent Vera , which you've just heard about , which is our 24 over seven virtual verification officer who is now servicing our customers 24 over seven and providing them with important results instantly .

Speaker #2: And we have many more agents in development across the business . But of course , none of this is possible without our people In an AI native company Domain credibility isn't just important , it's existential We've built our credibility over 22 years .

Odelia Sarre: We've built our credibility over 22 years. Our customers trust us to provide them with the accuracy that enables them to power their own operations through a compliant workforce. Our people aren't adapting to AI. They are the ones driving it. For us, human-in-the-loop is not just a policy. It's actually where our domain expertise shines. Every AI process is designed with considered confidence and governance. Every AI output comes with a recommendation, a confidence score, an audit trail, and the ability to reconstruct any automated decision. Lastly, there's always an accountable person. Our people are able to use their expertise for higher value activities and have now added to their remit, agent supervisor. All the while we have been doing this, there are global claims that AI is disengaging workforces everywhere. That is not our experience.

Speaker #2: Our customers trust us to provide them with the accuracy that enables them to power their own operations through a compliant workforce. Our people aren't adapting to AI.

Speaker #2: They are the ones driving it . For us , human in the loop is not just a policy . It's actually where our domain expertise shines .

Speaker #2: Every AI process is designed with considered confidence and governance Every AI output comes with a recommendation , a confidence score , an audit trail , and the ability to reconstruct any automated decision Lastly , there's always an accountable person Our our people are able to use their expertise for higher value activities and have now added to their remit Agent supervisor and all the while we have been doing this , there are global claims that AI is disengaging workforces everywhere .

Speaker #2: That is not our experience . Our team engagement is soaring up 18 points in the last 12 months , and now sitting three points above global benchmarks .

Odelia Sarre: Our team engagement is soaring, up 18 points in the last 12 months and now sitting 3 points above global benchmarks. Our workforce is backing Kinatico strategy, and they're enjoying it. Over to Chantal, our chief experience officer, who's going to take you through our go-to-market.

Speaker #2: Our workforce is back in Kinatico strategy , and they're enjoying it Over to Chantel , our Chief Experience Officer , who's going to take you through our go to market

Speaker #3: Thanks , Adelia , and welcome everybody . And good morning . So most SaaS companies have a dual sales strategy . And so while this approach itself is not new , it's the fact that we are running both of the same platform with the same compliance engine .

Chantal Walker: Thanks, Odelia, and welcome everybody, and good morning. Most SaaS companies have a dual sales strategy. While this approach itself is not new, it is the fact that we are running both off the same platform with the same compliance engine, this is what most companies cannot do. Normally, enterprise-grade software is too complex for SMEs to self-serve, and on the other end, self-serve products are usually too shallow for the enterprise buyer. Kinatico Compliance is proving that we are product market fit at both ends simultaneously without splitting the product. That is what de-risks our dual go-to-market strategy. We are not diluting the focus by chasing two markets. We are actually gaining operational leverage, which Jason talked about a lot, and Odelia from one solution. Follow Me compliance is an example of this. It is credible. It is not just a feature.

Speaker #3: And this is what most companies can't do . Normally , integrated enterprise grade software is too complex for SMEs to self-serve And on the other end , self-serve products are usually too shallow for the enterprise buyer .

Speaker #3: Kinatico compliance is proving that we are product market fit at both ends of . Simultaneously without splitting the product That's what De-risks , our dual go to market strategy .

Speaker #3: We're not diluting the focus by chasing two markets. We are actually gaining operational leverage with it. Jason talked about it a lot, and Adelia, from one solution—follow me.

Speaker #3: Compliance is an example of this. It's credible. It's not just a feature. It allows organizations to feel in control and stay on top of a dynamic workforce and compliance changes across the entire employee life cycle.

Chantal Walker: It is credible. It is not just a feature. It allows organizations to feel in control and stay on top of a dynamic workforce of compliance changes across the entire employee life cycle as the employees move roles or move locations. This portability we see as well as a retention moat because all of your workers' compliance records now live within Kinatico Compliance, and it is much easier to stay than to leave. Next slide, please, Tom. Since the launch of KC, as we call it, or Kinatico Compliance, as you can see on the slide, we have signed up 75 digital organizations through the self-serve channel. These have come from a multitude of industries, as you can see on the left-hand side, and organization size on the right. This horizontal spread de-risks our traditional customer industry concentration.

Chantal Walker: It allows organizations to feel in control and stay on top of a dynamic workforce of compliance changes across the entire employee life cycle as the employees move roles or move locations. This portability we see as well as a retention moat because all of your workers' compliance records now live within Kinatico Compliance, and it is much easier to stay than to leave. Next slide, please, Tom. Since the launch of KC, as we call it, or Kinatico Compliance, as you can see on the slide, we have signed up 75 digital organizations through the self-serve channel. These have come from a multitude of industries, as you can see on the left-hand side, and organization size on the right. This horizontal spread de-risks our traditional customer industry concentration.

Speaker #3: As the employees move roles or move locations, and this portability, we see as well as a retention moat, because all of your workers' compliance records now live within Kinatico Compliance.

Speaker #3: And it's much easier to stay than to leave . Next slide . Please . Tom Since the launch of KC , as we call it , or compliance , as you can see on the slide , we have signed up 75 digital organizations through the self-serve channel .

Speaker #3: And these have come from a multitude of industries . As you can see on the on the left hand side . And organization size on the right .

Speaker #3: And this horizontal spread de-risks our traditional customer industry concentration. If you have a look, you'll see that 19% of organizations who have signed up have more than 200 employees.

Chantal Walker: If you have a look, you will see there is 19% of organizations who have signed up who have more than 200 employees. What we have proven out is that this self-serve approach actually works across the whole size spectrum of organizations, not just at the SME end. We have embedded self-serve as a standalone acquisition channel in its own right. In addition to this market data, we continue to test and refine our go-to-market KC feature set through both quantitative and qualitative research. We have added some quotes at the end from the research, and you saw one earlier on from Michael on his slide. Organizations, regardless of size or industry, they have an increasing need to feel in control and stay on top of the very complex people compliance. It gets more and more complex every day as organizations become multilayered and the nature of workforce is changing.

Speaker #3: So what we've proven out is that this self-serve approach actually works across organizations of all sizes, not just at the SME end.

Speaker #3: And we've embedded self-serve as a standalone acquisition channel in its own right , in addition to this market data , we continue to test and refine our go to market .

Speaker #3: KC feature set through both quantitative and qualitative research . And we've added some quotes at the end from the research . And you saw one earlier on from Michael on his slide .

Chantal Walker: We have added some quotes at the end from the research, and you saw one earlier on from Michael on his slide. Organizations, regardless of size or industry, they have an increasing need to feel in control and stay on top of the very complex people compliance. It gets more and more complex every day as organizations become multilayered and the nature of workforce is changing.

Speaker #3: So organizations, regardless of size or industry, have an increasing need to feel in control and stay on top of the very complex people compliance.

Speaker #3: It gets more and more complex every day as organizations become multi-layered . And the nature of workforce is changing And in addition to this , it's becoming more complex due to regulatory requirements , which Jeff will take you through in a bit Features like follow me compliance being ordered ready at the drop of a visit , or having visibility of your extended workforce , which includes contractors .

Chantal Walker: In addition to this, it is becoming more complex due to regulatory requirements, which Geoff will take you through in a bit. Features like Follow Me compliance, being audit ready at the drop of a visit, or having universal visibility of your extended workforce, which includes contractors in many instances with actually mechanics that close that loop, is what makes KC unique. Next slide, please, Tom. Before we had Kinatico Compliance, the addressable market for Kinatico was structurally capped because we concentrated our sales efforts on the enterprise market. Kinatico has not just added a product with Kinatico Compliance, it has unlocked a market that was previously unaddressable given the old cost to serve model. The digital self-service model has proven to be an economically viable way to reach these small to medium organizations profitably.

Speaker #3: Many instances with actual mechanics to close that loop are what make KC unique. Next slide, please. Tom: So before we had Kinatico Compliance, the addressable market for Kinatico was structurally capped because we concentrated our sales efforts on the enterprise market.

Speaker #3: The Kinatico hasn't just added a product with Kinatico compliance . It's unlocked a market that was previously unaddressed . Given the old cost to serve model , the digital self-service model has proven to be an economically viable way to reach these small to medium organizations profitably .

Speaker #3: And as you can see, this is about half a million of their, which is available in our SAM. This has given Connecticut a credible way to get a share of the.

Chantal Walker: As you can see, there's about half a million of there, which is available in our SAM. This has given Kinatico a credible way to get a share of the AUD 1.2 billion RegTech market that we couldn't previously touch. With that, I'll hand over to Geoff to talk about our enterprise customers.

Speaker #3: $1.2 billion Regtech market that we couldn't previously touch. And with that, I'll hand over to Jeff to talk about our enterprise customers.

Speaker #4: Thank you Chantelle . Good morning everybody . , let me bring this to life with a real example . So what I want to start with today is a win that best captures where our enterprise strategy is heading at Kinatico .

Geoff Hoffman: Thank you, Chantelle. Good morning, everybody. Let me bring this to life with a real example. What I want to start with today is a win that best captures where our enterprise strategy is heading at Kinatico, and that is the customer you see on our screen here, which is Civeo. Civeo, they are a workforce accommodation business here in Australia. They're listed on the New York Stock Exchange. In Australia alone, they manage around 10,000 rooms across 12 villages, plus 16,500 rooms in client-owned sites. With about 2,500 staff and a larger contractor base that sits on top of that. Civeo is part of a much larger global group operating across Australia, Canada, and the US. To be clear, what we have signed at this point in time is the Australian business.

Geoff Hoffmann: Thank you, Chantelle. Good morning, everybody. Let me bring this to life with a real example. What I want to start with today is a win that best captures where our enterprise strategy is heading at Kinatico, and that is the customer you see on our screen here, which is Civeo. Civeo, they are a workforce accommodation business here in Australia. They're listed on the New York Stock Exchange. In Australia alone, they manage around 10,000 rooms across 12 villages, plus 16,500 rooms in client-owned sites. With about 2,500 staff and a larger contractor base that sits on top of that. Civeo is part of a much larger global group operating across Australia, Canada, and the US. To be clear, what we have signed at this point in time is the Australian business.

Speaker #4: And that is the customer you see on our screen here, which is Civeo. So, Civeo, they are a workforce accommodation business here in Australia.

Speaker #4: They're listed on the New York Stock Exchange in Australia alone . They manage around ten 000 rooms across 12 villages , plus 16,500 rooms in client owned sites So with about 2500 staff and a larger contractor base that sits on top of that , Civeo is part of a much larger global group operating across Australia , Canada and the US .

Speaker #4: And to be clear, what we have signed at this point in time is the Australian business. When you're running sites at the scale as Civeo, not knowing in real time whether people on site are compliant is not a paperwork problem.

Geoff Hoffman: When you're running sites at the scale as Civeo are, not knowing in real time whether people on site are compliant is not a paperwork problem. It becomes a safety and a legal exposure problem. That's the words that you'll see on the slide that have come from Civeo's National P&C Manager, Ally Barfoot. Their business can't afford to wait, and knowing instantly who's compliant isn't a nice-to-have, it's essential. KC now solves that specific problem for them, which is a good win for them and a good win for us. We're seeing the same shape of problem everywhere we look, whether that's across aged care, childcare, healthcare, not-for-profit, multi-stakeholder, RFP-led organizations. After winning Civeo, we're sitting on a solid qualified pipeline of AUD 12 million plus, and we like the trajectory that we're currently on.

Geoff Hoffmann: When you're running sites at the scale as Civeo are, not knowing in real time whether people on site are compliant is not a paperwork problem. It becomes a safety and a legal exposure problem. That's the words that you'll see on the slide that have come from Civeo's National P&C Manager, Ally Barfoot. Their business can't afford to wait, and knowing instantly who's compliant isn't a nice-to-have, it's essential. KC now solves that specific problem for them, which is a good win for them and a good win for us. We're seeing the same shape of problem everywhere we look, whether that's across aged care, childcare, healthcare, not-for-profit, multi-stakeholder, RFP-led organizations. After winning Civeo, we're sitting on a solid qualified pipeline of AUD 12 million plus, and we like the trajectory that we're currently on.

Speaker #4: It becomes a safety and a legal exposure problem. Now, those are the words that you'll see on the slide that have come from Civeo National Pack Manager Allie Barfoot's quote.

Speaker #4: Their business can't afford to wait . And knowing instantly who's compliant isn't a nice to have , it's essential So KC now solves that specific problem for them , which is a good win for them and a good win for us .

Speaker #4: And we're seeing the same shape of problem everywhere we look , whether that's across aged care , child care , health care , not for profit , multi-stakeholder , RFP led organizations And after winning Civeo , we're sitting on a solid , qualified pipeline of 12mm plus .

Speaker #4: And we like the trajectory that we're currently on. Businesses want a way to see and manage risk across their whole workforce, not just at a point in time.

Geoff Hoffman: Businesses want a way to see and manage risk across their whole workforce, not just at a point in time. As you can also see on the slide, that's why we're also building out a formal partner program in FY27. With AWS already being a partnership that we've got underway, this will give us more reach to businesses without stretching direct sales. Next slide, please. This was touched on earlier by Chantelle and also Michael. The rules are getting harder. Civeo's problem that they've got is not unique. It's happening to every business in every sector we sell into. Small or large, every sector across the board. Right now, a business in aged care, childcare, healthcare, mining, not-for-profit, you pick any of them, is being told by a regulator, you now have to know more about your people faster. That leaves no room for error.

Geoff Hoffmann: Businesses want a way to see and manage risk across their whole workforce, not just at a point in time. As you can also see on the slide, that's why we're also building out a formal partner program in FY27. With AWS already being a partnership that we've got underway, this will give us more reach to businesses without stretching direct sales. Next slide, please. This was touched on earlier by Chantelle and also Michael. The rules are getting harder. Civeo's problem that they've got is not unique. It's happening to every business in every sector we sell into. Small or large, every sector across the board.

Speaker #4: And as you can also see on the slide, that's why we're also building out a formal partner program. In FY27, with AWS already being a partnership that we've got underway.

Speaker #4: This will give us more reach to businesses without stretching direct sales. Next slide, please. This was touched on earlier by Chantal, and also Michael.

Speaker #4: The rules are getting harder . Silvio's problem that they've got is not unique It's happening to every business , in every sector . We sell into small or large , every sector across the board .

Speaker #4: Right now , a business in aged care , child care , healthcare , mining , not for profit . You pick any of them is being told by a regulator , you now have to know more about your people faster .

Geoff Hoffmann: Right now, a business in aged care, childcare, healthcare, mining, not-for-profit, you pick any of them, is being told by a regulator, you now have to know more about your people faster. That leaves no room for error. As you can see on this slide, these policies, procedures, and regulations are a small sample size of what they need to manage on a day-by-day basis. If we actually put all the policies, procedures, and processes, et cetera, in 10-point format on the slide, it would fill up plus some. That is the complexity of the world that these organizations and businesses are working in.

Speaker #4: Now that leaves no room for error . And as you can see on this slide , these policies and procedures and regulations are a small sample size of what they need to manage to on a day by day basis .

Geoff Hoffman: As you can see on this slide, these policies, procedures, and regulations are a small sample size of what they need to manage on a day-by-day basis. If we actually put all the policies, procedures, and processes, et cetera, in 10-point format on the slide, it would fill up plus some. That is the complexity of the world that these organizations and businesses are working in. None of it is optional, none of it is going away, and it is only compounding for every organization and every business in the marketplace. They have more contractors, they have more subcontractors, they are multi-layered organizations, they have more casual workers, which means more people to track, not less. The pressure that Civeo felt is not a one-off, it is the same pressure building across every customer conversation that is happening in market and we are having right now today.

Speaker #4: If we actually put all the policies in the procedures and the processes , etc. , in ten point format on the slide , it would fill up plus some .

Speaker #4: So that's a complexity of the world that these organisations and businesses are working in. None of it's optional. None of it's going away.

Geoff Hoffmann: None of it is optional, none of it is going away, and it is only compounding for every organization and every business in the marketplace. They have more contractors, they have more subcontractors, they are multi-layered organizations, they have more casual workers, which means more people to track, not less. The pressure that Civeo felt is not a one-off, it is the same pressure building across every customer conversation that is happening in market and we are having right now today. That is why we are not betting on one new regulation, one new law, or one industry. Every time the bar goes up anywhere, it makes the case for Kinatico Compliance as being stronger. Michael, I will pass back to you. Michael, you are on mute.

Speaker #4: And it's only compounding for every organisation and every business in the marketplace . They have more contractors , they've got more subcontractors , they're multi-layered organisations , they've got more casual workers , which means more people to track , not less So the pressure that Civeo felt isn't a one off , it's the same pressure building across every customer conversation that's happening in market .

Speaker #4: And we're having right now, today. That's why we're not betting on one new regulation or one new law, or one industry. Every time the bar goes up anywhere, it makes the case for Kinatico compliance as being stronger.

Geoff Hoffman: That is why we are not betting on one new regulation, one new law, or one industry. Every time the bar goes up anywhere, it makes the case for Kinatico Compliance as being stronger. Michael, I will pass back to you. Michael, you are on mute.

Speaker #4: And Michael, I'll pass back to you. Michael, you're on mute.

Speaker #5: The number of times we say that in internal meetings . Thank you . Jeff The . So that to summarize and answer some of the questions , , that we've got that have been posted there , , you know , we're seeing the increased operating leverage in the results , the foundational work , the , the development underpinning the entire strategy to give us , , the operating leverage , the accretive growth , all of the things that we are targeting with accelerated top line revenue growth is to make sure all the pieces are there so that as we add an expand more and more of that falls to the bottom line .

Michael Ivanchenko: The number of times we say that in internal meetings. Thank you, Geoff. To summarize and answer some of the questions that we have got that have been posted there. We are seeing the increased operating leverage in the results, the foundational work, the development underpinning the entire strategy to give us the operating leverage, the accretive growth, all of the things that we are targeting with accelerated top-line revenue growth, is to make sure all the pieces are there, so that as we add and expand, more and more of that falls to the bottom line. The fact that we have managed to do that as a micro-cap while we have increased cash on hand, we have continued our investment in the platform. We have driven new sectors and new markets. It is testament not only on the ability to execute, but also the market opportunity.

Speaker #5: So, the fact that we've managed to do that as a micro-cap, while we've increased cash on hand, and we have continued our investment in the platform.

Michael Ivanchenko: The fact that we have managed to do that as a micro-cap while we have increased cash on hand, we have continued our investment in the platform. We have driven new sectors and new markets. It is testament not only on the ability to execute, but also the market opportunity. We have seen that in the evidence of 75, it now exceeds that, plus SME sign-ups, Civeo, and we have got others that are in negotiation. There is a question there of how long did it take to win Civeo. That was about a four-month exercise, to answer that question.

Speaker #5: We have driven new sectors and new markets . The , , is , is testament not only on the ability to execute , but also the market opportunity .

Speaker #5: And we've seen that in the evidence of 75 . , it's now exceeds that , , plus SMEs , sign ups , CV and we've got others that are in negotiation .

Michael Ivanchenko: We have seen that in the evidence of 75, it now exceeds that, plus SME sign-ups, Civeo, and we have got others that are in negotiation. There is a question there of how long did it take to win Civeo. That was about a four-month exercise, to answer that question. There is another question there immediately posted, how long that is going to take to roll out. That will roll out progressively by then, over probably the next three or four months to start getting up to reasonable volumes. With all of these type of enterprise platforms, this is more about the internal change management exercise of rolling these things out than it is what was previously getting the technology turned on. We will get that technology turned on within this quarter. Then hopefully, if things progress as we hope, the other enterprise opportunities that are in negotiation will continue positively also.

Speaker #5: The , there's a question there of how long did it take to , to win Civeo . And that was about a four month exercise , , to answer that question , the , , the way that there's another question there immediately posted how long that is going to take to roll out .

Michael Ivanchenko: There is another question there immediately posted, how long that is going to take to roll out. That will roll out progressively by then, over probably the next three or four months to start getting up to reasonable volumes. With all of these type of enterprise platforms, this is more about the internal change management exercise of rolling these things out than it is what was previously getting the technology turned on. We will get that technology turned on within this quarter. Then hopefully, if things progress as we hope, the other enterprise opportunities that are in negotiation will continue positively also.

Speaker #5: That'll roll out progressively by them , , over probably the next 3 or 4 months to start getting up to , , reasonable volumes .

Speaker #5: But with all of these types of enterprise platforms, this is more about the internal change management exercise of rolling these things out than it is what was previously—just getting the technology turned on.

Speaker #5: We will get that technology turned on within this quarter . And then hopefully , , if things progress , as we hope the other enterprise opportunities that are in negotiation will continue positively .

Speaker #5: Also . But combined of those two things is the fact that the dual strategy is working . The , , the idea that we can have one platform , but different outlets and different reaches is being shown in the results .

Michael Ivanchenko: Combined of those two things is the fact that the dual strategy is working. The idea that we can have one platform but different outlets and different reaches is being shown in the results. Combined with that is the fact that we've got an organization where engagement is actually going up during this time of AI disruption, not going down. The significance of that cannot be understated, because that is what gives us the velocity, the ability to innovate, the ability for staff to actually contribute, all staff, in terms of ideas and thoughts, et cetera. It really is an amazing achievement by all of the senior leaders in Kinatico to achieve that. Moving on to Vera.

Speaker #5: But then combined with that is the fact that we've got an organization where engagement is actually going up during this time of , AI disruption , not going down the , the , , the significance of that cannot be understated because that is what gives us the , the velocity , the , the ability to innovate , the ability for staff to actually contribute all staff in terms of ideas and thoughts , etc.

Speaker #5: . The , , it really is an amazing achievement by all of the senior leaders in Connecticut to achieve that . Then moving on to Vera .

Speaker #5: So really, to point that out, I mean, how many articles can we all read at the moment about what is the ROI in companies on the AI investments, and beyond the hype, what does it mean?

Michael Ivanchenko: Really to point that out, I mean, how many articles can we all read at the moment about what is the ROI in companies on their AI investments, and beyond the hype, what does it mean? Here we get within 30 days of us launching Vera, we've already identified AUD 300,000 of annualized operational savings. We're at the beginning of that journey. We've already deployed even more Veras across the organization, and as Delia outlined, we have many other agents coming in. It puts us in even a better position in terms of the scalability of the business. Not to shy away from the fact that over the past 12 months, our share price has been caught up in the global software de-rating. Our fundamentals have gone actually in the other way, and we believe it warrants a re-rate.

Speaker #5: And here we get, within 30 days of us launching Vera, we've already identified $300,000 of annualized operational savings, and we're at the beginning of that journey.

Speaker #5: We've already deployed even more . Vera's across the organization . And as Adelia outlined , we have many other agents coming in . So it puts us in even a better position in terms of the scalability of the business .

Speaker #5: And, you know, not to shy away from the fact that over the past 12 months, our share price has been caught up in the global software downturn.

Speaker #5: But our fundamentals have gone actually in the other way . And we believe it warrants a rerate , you know , the , , looking at all of the things that we are doing and continuing to increase , , our cash balance while at the same time continuing to invest , etc.

Michael Ivanchenko: Looking at all of the things that we are doing and continuing to increase our cash balance while at the same time continuing to invest, et cetera. Across the board, we see that AI is working for us, not against us. We have an approved two-track model that gives us more ways to grow than ever, and we believe we are very well set up from where we want to head from here. With that, next slide, please. I've answered some of the questions along the way, but to have a look at a few of the others. The questions there is, what did Civeo have before? A myriad of systems. We did have a relationship with them previously, but what we have done now is consolidate numerous of their systems into one piece of visibility. Scrolling through. Jase, can I just confirm the annualized SaaS number?

Speaker #5: . So across the board , we see that AI is working for us , not against us . We have got a proven track model to track model that gives us more ways to grow than ever .

Speaker #5: And we believe we are very , very well set up from where we want to head from here . , but with that next slide , please .

Speaker #5: I've answered , , some of the questions along the way , but to have a look at , , another , , , a few of the others , the questions there is what did CVO have before a myriad of systems ?

Michael Ivanchenko: The questions there is, what did Civeo have before? A myriad of systems. We did have a relationship with them previously, but what we have done now is consolidate numerous of their systems into one piece of visibility. Scrolling through. Jase, can I just confirm the annualized SaaS number? You did cover off that. There's a couple of questions about that.

Speaker #5: We did have a relationship with them previously, but what we have done now is consolidate numerous of their systems into one piece of visibility.

Speaker #5: The... the... scrolling through. Jace, can I just confirm, the annualized SaaS number—you did cover off on that? There's a couple of questions about that.

Michael Ivanchenko: You did cover off that. There's a couple of questions about that.

Speaker #6: I can confirm a date. Mark $22.6 million annualized on the quarter for that number.

Jason Margach: Can confirm and good mark, AUD 22.6 million annualized on the Q4 number.

Speaker #5: Thank you . And , , question on our plans to sell the AML rules counter to accountants , lawyers , and real estate agents , to SMEs , etc.

Michael Ivanchenko: Thank you. A question on our plans to sell the AML rules to accountants, lawyers, and real estate agents, to SMEs, et cetera. Chantal, do you want to expand on that?

Speaker #5: Chantal, do you want to expand on that?

Speaker #3: Yeah , sure . , so that was quite a big change for many organizations , which previously hadn't necessarily been under the strict rigor of , of other organizations .

Chantal Walker: Yeah, sure. Obviously, that was quite a big change for many organizations which previously hadn't necessarily been under the strict rigor of other organizations. That really, as you know, was Tranche Two. For those of you who don't know, obviously an AML, it went to people at real estate, gold, and silver agents, et cetera. We did a specific campaign which was multilayered. We had Craig run a webinar for us as our general counsel as to what does it mean, what you needed to get ready. The laws came into effect July 1 obviously needed to be completed and have your systems in place by the end of the month.

Speaker #3: I mean , that really , as you know , was tranche two . For those of you who don't know , obviously an AML , and it went to people at real estate , gold and silver agents , etc.

Speaker #3: we did a specific campaign , which was multi-layered . We had Craig run a webinar for us as our general counsel as to what does it mean , what you need to get ready .

Speaker #3: The laws came into effect July 1st, and obviously needed to be completed and have your systems in place by the end of the month.

Speaker #3: And we saw, as you would have seen in the pie chart, a significant number of real estate agents sign up to us as a result of us taking advantage and explaining to them what AML was and what they needed to do.

Chantal Walker: We saw, as you would've seen in the pie chart, a significant number of real estate agents sign up to us, as a result of us taking advantage and explaining to them what was AML, and what they needed to do. Again, like Geoff said, we're not banking on one-off regulation, one-off change. As these things come about, we are ready. We'll explain what you need to do, and we will help you with our solution, take away the pain so you can actually get on with running your business.

Speaker #3: So again , like Jeff said , we're not banking on one off regulation , one off change as these things come about , we are ready .

Speaker #3: We'll explain what you need to do, and we will help you with our solution. Take away the pain so you can actually get on with running your business.

Speaker #5: Thanks a question . There's a couple of questions there about , , the , the pipeline was previously a round having , , it was 12 mil plus .

Michael Ivanchenko: Thanks, Chantal. There is a couple of questions there about the pipelines. Previously, around having, it was AUD 12 million plus, then we won Civeo, which means net result is actually continued to grow at similar levels to what it was growing before. Taking out Civeo, et cetera, means reported as at AUD 12 plus. As Geoff mentioned, we are very comfortable with its trajectory. There is another question which is one that I do get quite a bit. We have got an increase in cash balance, and what do we do with it, and what do we look and how we grow? We are constantly on the lookout for how we can actually look at either market expansion inorganically or acceleration of or extension of product features, et cetera. What we are not going to do, though, is deploy it willy-nilly.

Speaker #5: And then we won CVO, which means net result has actually continued to grow at similar levels to what it was growing before.

Speaker #5: , but taking out CVO , etc. is , means reported as at 12 plus . But as Jeff mentioned , we're very comfortable with its trajectory .

Speaker #5: The there's another question , which is one that do get quite a bit the , , we've got a , an increase in cash balance .

Speaker #5: And what do we do with it? And what do we look at and how do we grow? We are constantly on the lookout for how we can actually look at either market expansion in, or acceleration of, or extension of product features, etc.

Speaker #5: . What we're not going to do , though , is deploy it willy nilly . , the idea that just because it's there and we can try and throw something as an option to actually expand quickly , we are very , Strong due diligence rules about what we approach and what we've looked at to date .

Michael Ivanchenko: What we are not going to do, though, is deploy it willy-nilly. The idea that just because it is there and we can try and throw something as an option to actually expand quickly. We have very strong due diligence rules about what we approach and what we have looked at. To date, we have not found anything that we were willing to take on that met those requirements. That is an ongoing requirement and an ongoing component. With the other one being, we always have, and we have spoken about our international opportunities and what we want to do there. Looking at some of those opportunities in Southeast Asia, they have progressed in what we are looking to do.

Michael Ivanchenko: The idea that just because it is there and we can try and throw something as an option to actually expand quickly. We have very strong due diligence rules about what we approach and what we have looked at. To date, we have not found anything that we were willing to take on that met those requirements. That is an ongoing requirement and an ongoing component. With the other one being, we always have, and we have spoken about our international opportunities and what we want to do there. Looking at some of those opportunities in Southeast Asia, they have progressed in what we are looking to do. We are in a very good position that we have the resources to continue to invest in and ensure that we progress positively. There is a question there about how attractive is the Southeast Asian market to us.

Speaker #5: We have not found anything that we were willing to take on that met those requirements , but that is an ongoing requirement and an ongoing , , component , with the other one being we always have and we've spoken about our international , opportunities and what we want to do there and looking at , , some of those opportunities in South East Asia , they have progressed in what we are looking to do .

Speaker #5: , and so it is , we are in a very good position that we have the resources to continue to invest in and ensure that we progress positively , you know , there's a question there about how attractive is the South East Asian market to us , very is the short answer .

Michael Ivanchenko: We are in a very good position that we have the resources to continue to invest in and ensure that we progress positively. There is a question there about how attractive is the Southeast Asian market to us. Very is the short answer. Our development base is in Vietnam. We have strong relationships across Southeast Asia, and looking at those opportunities are always front of mind. I think they are the ones that I can answer off the top of my head quickly. There is a final question there that I can answer. Does the 22.6 exit ARR include Civeo? No, it does not. All right. With that, let me thank everybody for joining and your ongoing support, and we look forward to providing more updates and positive news in the future. Thank you very much.

Michael Ivanchenko: Very is the short answer. Our development base is in Vietnam. We have strong relationships across Southeast Asia, and looking at those opportunities are always front of mind. I think they are the ones that I can answer off the top of my head quickly. There is a final question there that I can answer. Does the 22.6 exit ARR include Civeo? No, it does not. All right. With that, let me thank everybody for joining and your ongoing support, and we look forward to providing more updates and positive news in the future. Thank you very much.

Speaker #5: Our development base is in Vietnam . We have strong relationships across South East Asia . And , , looking at those opportunities are always front of mind .

Speaker #5: , I think they're the ones that can answer off the top of my head quickly . , the , , there's a final question there that I can answer .

Speaker #5: Does the 22.6 exit IRR include severe ? No , it does not . All right . With that , , let me thank everybody for joining .

Operator: Goodbye

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