Q4 2026 Transense Technologies PLC Earnings Call

September 22, 2026

Operator: Throughout this recorded presentation, investors will be in listen only mode. Questions are encouraged, can be submitted at any time via the Q&A tab situated on the right-hand corner of your screen. Please simply type in your questions and press send. Before we begin, I would like to submit the following poll. I would like to hand you over to Nigel Rogers, Executive Chairman. Good afternoon, sir.

Speaker #1: Driver's recorded presentation of estimates will be in the synonym mode. Questions are encouraged to be submitted at any time via the Q&A subsituated on the right-hand corner of your screen.

Speaker #1: Please receive your type and your questions, and press send. Before we begin, I'd like to submit the following poll: I'd like to hand you over to Nigel Rogers, Executive Chairman.

Speaker #1: Good afternoon, sir.

Speaker #2: Good afternoon, and good afternoon to everybody listening online and those who joined this chat later. You're very welcome. We are here to present the financial results and the trading update for Transense for the year ended 30 June, and those of you who've been following the RNS news announcements will know that there's been a few announcements of new business since then, which we'll also cover.

Nigel Rogers: Good afternoon, and good afternoon to everybody listening online and those who joined this chat later. You are very welcome. We are here to present the financial results and the trading update for Transense for the year end of 30 June. Those of you who have been following the RNS news announcements will know that there has been a few announcements of new business since then, which we will also cover. I am co-presenting today with Ryan Maughan. You may notice that he is sucking a cough sweet, and you might have heard that I am sploshing a little bit as well. So both of us are going to do our best to deliver this in strong voices, but forgive us if not, we both have water handy, too. I am also just going to pass apologies for Melvyn. Melvyn was going to present the financial part of this presentation today.

Speaker #2: I'm co-presenting today with Ryan. Ryan Morn, you may notice that he's sucking the cough sweet, and you might have heard that I'm spluttering a little bit as well, so both of us are going to do our best to deliver this in strong voices, but forgive us if not.

Speaker #2: We both have water handy, too. I'm also just going to pass along apologies for Melvin. Melvin was going to present the financial part of this presentation today.

Nigel Rogers: Melvyn was going to present the financial part of this presentation today.

Speaker #2: However, he's had some IT problems today, and I have agreed to deputize for him. Hopefully that means we can get through the numbers nice and quickly, and understandably, and I'm more than happy to take questions on them as well.

Nigel Rogers: However, he has had some IT problems today, and I have agreed to deputize for him. Hopefully, that means we can get through the numbers nice and quickly and understandably, and I am more than happy to take questions on them as well. So I will start with a bit of an overview, and we present these results today with the appropriate degree of humility, having had to downgrade against the expectations that were set at the start of the year. We set some very ambitious targets for the business way back in January 2026, when we first. I think it was January 2025, when we appointed Cavendish, and expectations were set at that time. They were very aggressive targets to hit. In many respects, a lot of things in the business have gone very well.

Speaker #2: So I will start with a bit of an overview, and we present these results today with the appropriate degree of humility. Having had to downgrade against the expectations that were set at the start of the year, we set some very ambitious targets for the business way back in January 2026 when we first picked up on January 2025, when we appointed Calvin Dish and expectations were set at that time.

Speaker #2: And they were very aggressive targets to hit. And in many respects, a lot of things in the business have gone very well. But like a football manager, I'm a Sunderland supporter.

Nigel Rogers: Like a football manager, I am a Sunderland supporter, our manager had to stand up and give a post-match analysis having lost five-three. There were a lot of positives in the Sunderland, Man City game, and these results are exactly the same. Having missed the headlines and had some difficult things to talk about, we have also got a lot of very strong positives in the business which we can present today. Let me start then with the performance overview for FY26 and put that to bed. Firstly, SAW. SAWSense, our revenues were up by 20%. Ryan is going to show you a graph of the five-year growth rate in SAW. The revenue growth rate this year was 20%, and that was a little off target, and Ryan will talk about the reasons why.

Speaker #2: Our manager had to stand up and give a post-match analysis, having lost 5-3. There were a lot of positives in the semblance Man City game, and these results are exactly the same.

Speaker #2: Having missed the headlines and had some difficult things to talk about, we've also got a lot of very strong positives in the business, which we can present today.

Speaker #2: Let me start then with the performance overview for FY26 and put that to SOAR, SOAR sense our revenues were up by 20%. Ryan's going to show you a graph of the five-year growth rate in SOAR.

Speaker #2: The revenue growth rate this year was 20%. That was a little off target, and Ryan will talk about the reasons why. Mostly, that was to do with the motorsport segment of our business being fairly flat, and a lot of the new business activity has not yet come through to the top line.

Nigel Rogers: Mostly that was to do with the motorsport segment of our business being fairly flat, and a lot of the new business activity has not yet come through to the top line. He will be talking about that. There are also positives outside of our traditional aerospace and motorsport customers that are now very well established and building nicely. Within EV, we have been working on a general unit project with Cummins Engines, which is UK government grant funders in the automotive EV space. Within robotics, we have some new business wins to talk about which are progressing towards production, hopefully in FY28. Within Translogik, again, overall the revenue was fairly flat. It is actually slightly down, but that masked a lot of strong new business growth amongst the new channels that we have opened to market for Translogik.

Speaker #2: So he will be talking about that. There are also positives outside of our traditional aerospace and motorsport customers that are now very well established and building nicely.

Speaker #2: Within EV, we have been working on a demo unit project with Cummins engines, which is UK government grant funded in the automotive EV space.

Speaker #2: And within robotics, we have some new business wins to talk about, which are progressing towards production. Hopefully in FY28. Within Translogic, again, overall the revenue is fairly flat, is actually slightly down, but that masked a lot of strong new business growth amongst the new channels that we've opened to market for Translogic.

Speaker #2: Masked because once again, the sales into tire majors for our legacy product were slightly disappointing down some 34%. And we're more than happy to take questions and Ryan will talk a little bit about what has happened with our two major tire customers primarily.

Nigel Rogers: Masked because, once again, the sales into tire majors for our legacy product were slightly disappointing, down some 34%. We are more than happy to take questions, and Ryan will talk a little bit about what has happened with our two major tire customers primarily. However, within the tire majors, we have also got a very substantial new business win to talk about for FY27 and beyond. Meanwhile, we have launched new products for Translogik to complement the existing product range, and post-period, we have won some other new customers alongside the Continental account, which Ryan will be talking about. Within iTrack, the Bridgestone royalty, everybody will know that the royalty rate reduced by 40%, and that new rate prevails for FY26, FY27. The volume growth in this year was slightly behind our initial expectation of 7%.

Speaker #2: However, within the tire majors, we've also got a very substantial new business win to talk about for FY27 and beyond. Meanwhile, we've launched new products for Translogic to complement the existing product range, and post-period we've won some other new customers alongside the Continental account, which Ryan will be talking about.

Speaker #2: Within iTrack, the Bridgestone royalty, everybody will know that the royalty rate reduced by 40%, and that new rate prevails for FY26, FY27. The volume growth in this year was slightly behind our initial expectation at 7%.

Speaker #2: I think high single digits is a sensible long-term run rate, and that's likely to be prevailing for the rest of the 10-year period up to FY30.

Nigel Rogers: I think high single digits is a sensible long-term run rate, and that is likely to be prevailing for the rest of the 10-year period up to FY30. Revenue this year was down by 34%. That had an impact on revenue and profits of about GBP 1 million at first. Post-period, actually, Bridgestone have been very busy, and there are some good new installs going in for FY27. I am hopeful that the revenue volume growth rate will return more to the trend rate, and I will talk about that a little later in the presentation. That is an overview of what we are going to talk about today. In terms of the financials, I will just quickly go through the KPIs, and then later on, I will go through the detailed financial statement in a little more depth.

Speaker #2: So revenue this year was down by 34%. That had an impact on revenue and profits of about a million pounds adverse. Post-period, actually, Bridgestone have been very busy.

Speaker #2: And there are some good new installs going in for FY27, so I'm hopeful that the revenue volume growth rate will return more to the trend rate, and I'll talk about that a little later in the presentation.

Speaker #2: So that's an overview of what we're going to talk about today. In terms of the financials, I'll just quickly go through the KPIs and then later on I'll go through the detailed financial statements in a little more depth.

Speaker #2: But total revenue was £4.63 million, down from £5.55 million, and as I've said, broadly a million pounds of that was attributable to the royalty. Gross margin continued to be a very healthy 88%. It was 89.9% last time around.

Nigel Rogers: Total revenue was GBP 4.63 million, down from GBP 5.55 million, and as I have said, broadly GBP 1 million of that was attributable to the royalty. Gross margin continued to be a very healthy 88%, 89.9% last time around. The margin mix of the business continues to be extremely strong. The adjusted EBITDA, which is a proxy for cash generation, cash profit, was GBP 0.66 million, and the adjusted PBT was just on the right side of breakeven. Importantly, the board had a lot of focus on cash generation, particularly having recognized that the revenue targets were falling behind. Operating cash flow was more than one and a third times EBITDA at GBP 880K, which gave us a closing cash balance gross of GBP 1.5 million. So plenty of cash buffer there compared with our normal target of approximately GBP 1 million of cash buffer available.

Speaker #2: So the margin mix of the business continues to be extremely strong. The adjusted EBITDA, which is a proxy for cash generation and cash product profit, was £0.66 million, and the adjusted PBT was just on the right side of break-even.

Speaker #2: Importantly, the board had a lot of focus on cash generation, particularly after recognizing that the revenue targets were falling behind. Operating cash flow was more than one and a third times EBITDA, at £880,000.

Speaker #2: Which gave us a closing cash balance, gross, of £1.5 million. So plenty of cash buffer there, compared with our normal target of approximately £1 million of cash buffer available.

Nigel Rogers: So plenty of cash buffer there compared with our normal target of approximately GBP 1 million of cash buffer available. The business has the resources to be able to continue to invest and also to weather any unexpected storms. With that, I shall pass over to Ryan, and he will talk through firstly SAWSense, then Translogik, and then I will take you through the financials and talk a bit about the iTrack royalty and the outlook.

Speaker #2: So the business has the resources to be able to continue to invest, and also to weather any unexpected storms. With that, I shall pass over to Ryan, and he'll talk through firstly SOAR sense and then Translogic.

Nigel Rogers: The business has the resources to be able to continue to invest and also to weather any unexpected storms. With that, I shall pass over to Ryan, and he will talk through firstly SAWSense, then Translogik, and then I will take you through the financials and talk a bit about the iTrack royalty and the outlook.

Speaker #2: And then I'll take you through the financials and talk a bit about the iTrack royalty and the outlook.

Speaker #1: Thank you, Nigel. So, first, to talk about SOAR Sense, just looking at the revenue—where that's come from—and the four key markets that we operate in.

Ryan Maughan: Thank you, Nigel. First to talk about SAWSense, just looking at the revenue, where that has come from, and the four key markets that we operate in. Starting at the top there, motorsport, obviously still working very closely with McLaren Applied in that market. The revenue is slightly down this year, but they have a very big pipeline of new business and new business opportunities. We can see into the future some good growth in the motorsport sector. It is just a little bit delayed in terms of it has not hit the numbers this year, but there is a lot of activity around that. McLaren Applied continue to be a good partner to us. Aerospace has grown well. That is mostly driven by increased component sales and work with GE Aerospace or within their supplier constellation.

Speaker #1: So, starting at the top there: motorsport. Obviously, still working very closely with Motion Applied in that market. The revenue is slightly down this year, but they have a very big pipeline of new business and new business opportunities.

Speaker #1: So we can see some good growth in the motorsport sector in the future. It's just a little bit delayed in terms of it hasn't hit the numbers this year, but there is a lot of activity around that.

Speaker #1: And Motion Applied continue to be a good partner to us. Aerospace has grown well. That's mostly driven by increased component sales and work with GE Aerospace or within their supplier constellation.

Speaker #1: We're doing a lot of work with Airbus as well on NRE projects, but also some commercial work. And we do have some other customer programs outside of those two.

Ryan Maughan: We are doing a lot of work with Airbus as well on NRE projects, but also some commercial work. We do have some other customer programs outside of those two. They are progressing, I think characteristically with aerospace market, they are progressing slowly, but they are progressing normally for the aerospace market. Again, we can see continued growth coming in aerospace, and we have done well in that sector this year. The eDrive market also has grown very well for us this year, up by 39%. There is a great project running with Cummins, who are a very big diesel engine manufacturer. That is going very well. We have a number of other opportunities as well, some of which are potentially quite fast-moving as they work through into production.

Speaker #1: They are progressing, I think, characteristically with the aerospace market. They are progressing slowly, but they are progressing normally for the aerospace market. So again, we can see continued growth coming in aerospace.

Speaker #1: And we've done well in that sector this year. The eDrive market has also grown very well for us this year, up by 39%.

Speaker #1: There's a great project running with Cummins, who are a very big diesel engine manufacturer. That's going very well, and we've got a number of other opportunities as well.

Speaker #1: Some of which are potentially quite fast moving. As they work through into production. But a lot of projects there where we're going beyond the sort of proof of concept now, and more into production intent designs and starting to ramp up the activity levels with those customers.

Ryan Maughan: A lot of projects there where we are going beyond the proof of concept now and more into production intent designs and starting to ramp up the activity levels with those customers. Finally, in the robotics market, I think people probably know this is one that is fairly new to us. But huge growth in percentage terms there, 268%. Actually a very healthy pipeline sitting behind that. Not quite sure if we will grow by 268% over the next months, but we definitely have good growth coming in the robotics market. We are dealing with some of the most well-known prestigious companies in that space. The initial work that has been done with SAW on prototypes and proofs of concepts does show that SAW works well in that application, can be made to work very well, and meets the requirements.

Speaker #1: And then finally, in the robotics market, so I think people probably know this is one that's fairly new to us, but huge growth and percentage terms there, 268%.

Speaker #1: Actually a very healthy pipeline sitting behind that. Not quite sure if we'll grow by 268% over the next months, but we definitely have good growth coming in the robotics market.

Speaker #1: We're dealing with some of the most sort of well-known prestigious companies in that space. The initial work that's been done with SOAR on prototypes and sort of proofs of concepts does show that SOAR works well in that application, can be made to work very well.

Speaker #1: And needs the requirements. So now we are moving into more production intent development phases with customers in that market. Obviously a very big market with very big growth forecasts over the next few years.

Ryan Maughan: Now we are moving into more production intent development phases with customers in that market. Obviously a very big market with very big growth forecasts over the next few years. In general, I think some good progress through those different sectors. Then this is the graph that Nigel was alluding to. Obviously if you look at SAWSense over the last five years, the business has grown very substantially, so some pretty big jumps there. It is not always in a straight line. I think that is kind of the nature of the beast when you are doing these things. My view is that we are starting to build some real strong momentum behind the business. We have got a good proposition for the market and the customers which we are able to deliver value to them and generate revenues for us as we move forward in those key markets.

Speaker #1: So in general, I think some good progress through those different sectors. And then this is the graph that Nigel was alluding to. Obviously, if you look at SOAR sense over the last five years, the business has grown very substantially.

Speaker #1: So some pretty big jumps there. It's not always in a straight line. I think that's kind of the nature of the beast when you're doing these things.

Speaker #1: But my view is that we are starting to build some real strong momentum behind the business. And we've got a good proposition for the market and the customers.

Ryan Maughan: We have got a good proposition for the market and the customers which we are able to deliver value to them and generate revenues for us as we move forward in those key markets.

Speaker #1: Which we're able to deliver value to them and generate revenues for us as we move forward in those key markets. So, a very good indicator of progress.

Ryan Maughan: Very good indicator of progress. Finally, on SAW, and part of that proposition for customers where we are helping them de-risk it has been the pilot line. I think a lot of people know we have invested quite substantially in this pilot production line in order to develop assembly process methods for SAW sensors onto components like shafts for customers that could be scaled to high volumes. So help the customer kind of de-risk their setup and help us improve our repeatability and all that good stuff with SAW. The equipment is all in place now on site in Weston-on-the-Green. We have been using it in anger. Actually, in some cases, customer-facing work accelerating past the actual work to kind of prove out the base processes and things.

Speaker #1: Finally, on SOAR, and part of that, proposition for customers where we're helping them de-risk it has been the pilot line. So I think a lot of people know we've invested quite substantially in this pilot production line.

Speaker #1: In order to develop assembly process methods for SOAR sensors onto components like shafts, for customers that could be scaled to high volumes. So help the customer kind of de-risk their setup and help us improve our repeatability and all that good stuff with SOAR.

Speaker #1: The equipment is all in place now on site in Western on the green. We've been using it in anger. Actually, in some cases, customer-facing work accelerating past the actual work to kind of prove out the base processes and things.

Speaker #1: So there's a lot of activity around this equipment, both from our sort of fundamental production process development, but then also doing work for customer-facing elements of projects on there.

Ryan Maughan: There is a lot of activity around this equipment, both from our fundamental production process development, but then also doing work for customer-facing elements of projects on there. So really key resource, and we will see that start to ramp up and be used more in routine production for us as we go on. This line, the principal purpose of it is to develop pilot production processes, but it does also give us the ability to make products for the motorsport market, for example, or the aerospace or other markets through this line that is sort of low-ish volume. But up to several thousand pieces per year, we could do the assembly on this production line and still also have capacity for the pilot production development work that we are doing on it as well.

Speaker #1: So, it's a really key resource, and we'll see that start to ramp up and be used more in routine production for us as we go on.

Speaker #1: This line the principal purpose of it is to develop pilot production processes but it does also give us the ability to make product for the motorsport market, for example, or the aerospace or other markets through this line that's sort of low-ish volume.

Speaker #1: But up to several thousand pieces per year, we could do the assembly on this production line and still also have capacity for our pilot production development work that we're doing on it as well.

Speaker #1: So it's a really great resource for us as a business and a game changer in terms of how we can communicate the technology and that route into high volume production to customers.

Ryan Maughan: It is a really great resource for us as a business and a game changer in terms of how we can communicate the technology and that route into high volume production to customers. Okay. Moving on to Translogik. Like Nigel said, when you said a football analogy, a game of two halves. We have got our established business in Translogik with the global tire majors. We deal at the moment predominantly with four out of the five biggest tire manufacturers. We have a little bit of business with the fifth now. But dealing with those large tire companies, one or two of them in particular have had a pretty difficult time and have been going through some restructuring and changing their businesses. So our base underlying business to those global tire companies is down by about 30%.

Speaker #1: Okay, so moving on to Translogic. Like Nigel said, here's a football analogy: a game of two halves. We've got our established business in Translogic with the global tire majors.

Speaker #1: So, at the moment, we deal predominantly with four out of the five biggest tire manufacturers. We have a little bit of business with the fifth now.

Speaker #1: But dealing with those large tire companies, one or two of them in particular have had a pretty difficult time and have been going through some restructuring.

Speaker #1: And changing their businesses. So our base underlying business to those global tire companies is down by about 30%. We do still see opportunities for growth in that market with other tire majors.

Ryan Maughan: We do still see opportunities for growth in that market with other tire majors, and also with changing business models and changing use cases for our equipment within those tire majors. I think that is best explained with the Continental deal that we announced recently. That moves Continental from being a relatively small customer of ours into certainly one of our top three customers in the next year or two. The business case behind that is the drive for more digitalization and tire inspection within their fleet services and actually them deploying tire management services into a wider range of customer operations. It is a great bit of business with Continental. We do have some other really strong opportunities like with tire majors. Unfortunately in this year, the actual running revenue has been down with some of the bigger customers in that space.

Speaker #1: And also with changing business models and changing use cases for our equipment within those tire majors. And I think that's best sort of explained with the currently deal that we announced recently.

Speaker #1: And that moves currently from being a relatively small customer of ours into certainly one of our top three customers in the next year or two.

Speaker #1: The business case behind that is a drive for more digitalization in tire inspection within their fleet services, and actually then deploying tire management services into a wide range of customer operations.

Speaker #1: So, it's a great bit of business with Conti. And we do have some other really strong opportunities, like with tire majors. But unfortunately, this year, the actual running revenue has been down with some of the bigger customers in that space.

Speaker #1: However, like Nigel said, it's offset with increased sales down in the other routes to market. So direct with fleets, software partners, distribution partners, subscription sales, and other kind of routes to market that we've been working on and setting up.

Ryan Maughan: However, like Nigel said, it is offset with increased sales down in the other routes to market. So direct with fleets, software partners, distribution partners, subscription sales, and other kind of routes to market that we have been working on and setting up. People that follow the company will know we have made a number of announcements this year on new distribution partners. We do have some really exciting new programs running with them, which should start to deliver significant revenue in the coming months. We have got some new products coming into the market as well, which should also start to shift the needle with new sales of those happening as well. There is a lot going on in the market. I am not too concerned about this year's numbers being flat.

Speaker #1: People that follow the company will know we've made a number of announcements this year on new distribution partners. And we do have some really exciting new programs running with them.

Speaker #1: Which has started to deliver significant revenue in the coming months. We've got some new products coming into the market as well, which have also started to shift the needle, with new sales of those happening as well.

Speaker #1: So there's a lot going on in the market. And I'm not too concerned about this year's numbers being flat. I think if I look back at this business two or three years ago, the pipeline that we've got now and the routes to market and the customer relationships, there's a huge amount of development happened under the hood.

Ryan Maughan: I think, if I look back at this business two or three years ago, the pipeline that we have got now and the routes to market and the customer relationships, there is a huge amount of development happened under the hood, and we are really well positioned now as that market is in itself about to grow with all the new requirements around tire management and tire inspection. As I mentioned, some new products, so the couple that we have announced already, being the TLGi, so the inflator product. We have just started to put the first tools out to customers for them to do the development work to bring it into their software ecosystems. So, that is an important next step with key customers and we get a lot of interest in this as a product. It seems to really answer a key need in the market.

Speaker #1: And we're really, really well positioned now, as that market is itself about to grow with all the new requirements around tire management and tire inspection.

Speaker #1: As I mentioned, some new products. So, the couple that we've announced already, being the TLGI, so the inflator product. We've just started to put the first tools out to customers for them to do the development work to bring it into their software ecosystems.

Speaker #1: So that's an important next step with key customers. I think we've got a lot of interest in this as a product. It seems to really answer a key need in the market.

Speaker #1: So have a lot of high hopes for where that's going to go. We did a high pressure version of the TLGS. So it's actually took the standard tool.

Ryan Maughan: I have a lot of high hopes for where that is going to go. We did a high-pressure version of the TLGX. So it is effectively took the standard tool and increased the pressure measuring capability of that into 350 psi, 24 bar. The standard tool works up to 150 psi, which is okay for trucks and buses and cars, but it is not enough for off-highway machinery and aircraft. So that increased operating pressure does open up some new markets for the TLGX. In addition to that, we do have some further product launches coming. So, broadening the product range. We are still working on that inside the business and there is more to come on that side. We are really pushing the Translogik business forward. I think the plan is to be the standard for tire management equipment. So tire inspections for commercial vehicles.

Speaker #1: And increased the pressure measuring capability of that into 350 PSI 24 bar. The standard tool works up to 150 PSI. Which is okay for trucks and buses and cars.

Speaker #1: But it's not enough for off-highway machinery and aircraft. So that increased operating pressure does open up some new markets for the TLGX. And, in addition to that, we do have some further product launches coming.

Speaker #1: So broadening the product range we are still working on that inside the business. And there's more to come on that side. We're really pushing the Translogic business forward.

Speaker #1: I think the plan is to be the standard for tire management equipment. So tire inspections, for commercial vehicles. We are pretty much becoming the standard.

Ryan Maughan: We are pretty much becoming the standard, but we want to really cement ourselves into that position as being the standard. Very close relationships with those big vehicle tire manufacturers, but then also very strong routes to market outside of that. A key part of that is bringing that SaaS model more into the revenue line. You saw in the previous slide, it is already starting to make a bit of a difference. Again, we have got a very strong pipeline of opportunities with some very, very big fleets where we are providing the full software and hardware solution, and that gets us into a better recurring revenue model as well for the business. It is very well positioned for very strong growth in the Translogik side of the business. Okay. Back to you, Nigel.

Speaker #1: But we want to sort of really cement ourselves into that position as being the standard. So very close relationships with those big vehicle tire manufacturers.

Speaker #1: But then also very strong routes to market outside of that. And a key part of that is bringing that SaaS model more into the revenue line.

Speaker #1: So you're sort of on the previous slide, it's already starting to make a bit of a difference. And we again, we've got a very strong pipeline of opportunities with some very, very big fleets where we're providing the full software and hardware solution.

Speaker #1: And that gets us into a better recurring revenue model as well for the business. So it's very well positioned for very strong growth on the Translogic side of the business.

Speaker #1: Okay. Back to you, Nigel.

Speaker #2: Thank you. Good. I'll now just take you through the financial summary again. Obviously, this is FY26. So as I said before, the total revenue of 4.63 million was approximately a million down on the prior year.

Nigel Rogers: Thank you. Good. I will now just take you through the financial summary again. Obviously, this is FY26. As I said before, the total revenue of GBP 4.63 million was approximately GBP 1 million down on the prior year, GBP 1 million of that being attributable to the reduction in the iTrack royalty. Gross profit was very strong, margins 88% to 89%, which is a sustainable go-forward rate. There was a significant increase in OpEx, around 10%, and that might surprise some people. In fact, it is the full-year effect of the OpEx increase that went in in FY25, primarily. The infrastructure around the whole engineering and pilot line builds for SAW was a capability that was built in the early part of FY25 and through the year. Similarly, the sales capability for Translogik was a significant overhead investment in FY25.

Speaker #2: A million of that being attributable to the reduction in the iTrack royalty. Gross profit was very strong. Margins 88, 89%. Which is a sustainable go forward rate.

Speaker #2: There was a significant increase in opex, around 10%. That might surprise some people. In fact, it's the full-year effect of the opex increase that went in during FY25, primarily.

Speaker #2: The infrastructure around the whole engineering and pilot line build for SOAR was a capability that was built in the early part of FY25 and continued through the year.

Speaker #2: And similarly, the sales capability for Translogic was significant overhead investment in FY25. The headcount in FY25 went from around 20 to 35. And there is a full year impact of that in the payroll bill for FY26.

Nigel Rogers: The headcount in FY25 went from around 20 to 35, and there is a full-year impact of that in the payroll bill for FY26. Without any large, individually significant recruitments or a significant increase in headcount numbers, it is just the tail end of that coming through. The other two key items of OpEx, which were higher in 2026 than 2025 was, firstly, IT, which I do not think will come as a great surprise. We have had to make a significant investment in IT infrastructure in order to both future-proof the business, but also to cyber secure the business, where you look at some of the sensitive nature of much of the work that we do, we have had to make a significant investment in IT infrastructure to be able to support that. Secondly, in our sales and marketing activities, where we have had a very busy FY26 in exhibition attendance.

Speaker #2: Without any large individually significant recruitments or a significant increase in headcount numbers, it's just the tail end of that coming through. The other two key items of opex, which were higher in 26 and 25, was firstly IT.

Speaker #2: Which I don't think will come as a great surprise. We've had to make a significant investment in IT infrastructure in order to both future proof the business, but also to cybersecure the business where you look at some of the sensitive nature of much of the work that we do, we've had to make a significant investment in IT infrastructure to be able to support that.

Speaker #2: And then secondly, in our sales and marketing activities, we've had a very busy FY26 in exhibition attendance—you'll have probably seen a lot of that on social media.

Nigel Rogers: Secondly, in our sales and marketing activities, where we have had a very busy FY26 in exhibition attendance.

Nigel Rogers: You will have probably seen a lot of that on social media, and that is really been a great fillip in boosting the awareness in the marketplace of the existence, both of Translogik and of Transense, and it is not something that we need to do every year. I think you would expect to see a reduction in that level of expense for FY27. That leaves us with an adjusted EBITDA of GBP 660K. That was more or less matched with interest depreciation amortization, a tiny interest charge. It is primarily depreciation and amortization, and you can see there an increase because of the increased asset base. Overall, broadly breakeven at PBT level. Within cash flow, importantly, that GBP 660K of EBITDA was turned into GBP 880K of cash generated from operations. We do keep a very close control of short-term cash forecasting and cash generation.

Speaker #2: And that's really been a great fill-up in boosting the awareness of Translogic and of SOAR Sense. And it's not something that we need to do every year.

Speaker #2: So I think you would expect to see a reduction in that level of expense for FY27. That leaves us with just a debit dar of 660K.

Speaker #2: That was more or less matched with interest, appreciation, and amortizations—a tiny interest charge. It's primarily depreciation and amortization, and you can see there an increase because of the increased asset base.

Speaker #2: Overall, broadly break even of PBT level. Within cash flow, importantly that 660K of EBITDA was turned into 880K of cash generated from operations. We do keep a very close control of short-term cash forecasting and cash generation.

Nigel Rogers: We do keep a very close control of short-term cash forecasting and cash generation.

Speaker #2: We were able to continue to invest in the business, however, with investment activities there capex both tangible and intangible totaling about 1.3 million. Roughly three quarters of a million of intangible investment, which is primarily origination of component sets for the replacement ASIC and new suite of AQP.

Nigel Rogers: We were able to continue to invest in the business, however, with investment activities there, CapEx, both tangible and intangible, totaling about GBP 1.3 million. Roughly three-quarters of a million of intangible investment, which is primarily origination of component sets for the replacement ASIC and new suite of AQP parts, then about half a million on tangible CapEx to complete the spend on the pilot production line. Out of that CapEx, about GBP 800K was financed net of the repayments that were made during the year. We were able to take an asset-backed loan, which is secured on the tangible fixed assets that we acquired. That is 100% financing, and that has enabled us to maintain that program whilst not losing cash headroom. With a net cash increase of GBP 360K, that took closing cash to GBP 1.5 million, comfortable buffer, and net cash at GBP 0.57 after the impact of asset financing.

Speaker #2: Parts. And then about half a million on tangible capex to complete the spend on the pilot production line. Out of that capex, about 800K was financed net of the repayments that were made during the year.

Speaker #2: So, we were able to take an asset-backed loan, which is secured on the tangible fixed assets that we acquired at 100% financing. And that enabled us to maintain that program whilst not losing cash headroom.

Speaker #2: So, with a net cash increase of £360,000, that took closing cash to £1.5 million—a comfortable buffer. And net cash was £570,000 after the impact of asset financing.

Nigel Rogers: With a net cash increase of GBP 360K, that took closing cash to GBP 1.5 million, comfortable buffer, and net cash at GBP 0.57 after the impact of asset financing.

Speaker #2: Quick look at the balance sheet. You can see there the asset financing balance of 0.93 million. Cash and cash equivalents as I've said of one and a half.

Nigel Rogers: Quick look at the balance sheet. You can see there the asset financing balance of GBP 0.93 million. Cash and cash equivalents, as I have said, at GBP 1.5 million. Net working capital was around a million, so pretty competitively managed. Our grant income on SAW and our Bridgestone royalty income are all collected quarterly. In fact, the net working capital is relatively high at the end of June compared to a normal quarterly. It is a high point within the quarter. I do not propose to say anything more on the balance sheet. Let me now start looking to the future. First of all, Bridgestone and iTrack. Bridgestone have been extremely successful with the iTrack product. It has taken time to build, but their market share has increased substantially.

Speaker #2: Networking capital was around a million. Pretty competitively managed. Our grant income on SOAR and our Bridgestone royalty income are all collected quarterly. So in fact, the networking capital is relatively high at the end of June compared to a normal quarterly.

Speaker #2: It's a high point within the quarter. I don't propose to say anything more on the balance sheet. So let me now start looking to the future.

Speaker #2: First of all, Bridgestone and iTrack. Bridgestone have been extremely successful with the iTrack product. It's taken time to build. But their market share has increased substantially and you may remember those who followed this story for some considerable time that at the outset, I think the market share for iTrack that Bridgestone inherited from us was about 3 or 4%.

Nigel Rogers: You may remember, those who followed this story for some considerable time, that at the outset, I think the market share for iTrack that Bridgestone inherited from us was about 3% or 4%, and their market share of large haul truck tires was around 40%. Our aspiration over the 10-year period was that they would be able to increase their market share of TPMS systems, to be able to achieve the same sort of penetration as they have in tires. They are well on the way to doing that. In year 6, they have a sixfold increase in installations. The unit rate, as we have said, has reduced in FY27. Nevertheless, the absolute revenue number is still north of GBP 2 million and expected to increase to sort of GBP 2.1, GBP 2.2 in the current financial year.

Speaker #2: And their market share of large haul truck tires was around 40%. So our aspiration over the 10-year period was that they would be able to increase their market share of TPMS systems to achieve the same sort of penetration as they have in tires.

Speaker #2: And they're well on the way to doing that. In year six, they have a six-fold increase in installations. The unit rate, as we've said, has reduced in FY27.

Speaker #2: But nevertheless, the absolute revenue number is still north of $2 million, and expected to increase to around $2.1–$2.2 million in the current financial year.

Speaker #2: This illustration assumes that the average incremental increase is broadly the same in terms of truck numbers rather than percentages. So I think it's relatively conservative as an illustration.

Nigel Rogers: This illustration assumes that the average incremental increase is broadly the same in terms of truck numbers rather than percentages. I think it is relatively conservative as an illustration and suggests that there is still a further GBP 7.5 million to collect over the next 4 years. As I have said, Bridgestone have actually had a lot of success in the marketplace over the last few months, which is yet to translate fully into ramping up truck numbers. I think if there is a surprise on that this year, then my expectation is that it will be a surprise on the upside rather than a disappointment. If I then round off current trading and the outlook, what has happened since the end of the year, then we continue to be ambitious with our growth targets.

Speaker #2: And it suggests that there is still a further £7.5 million to collect over the next four years. As I've said, Bridgestone has actually had a lot of success in the marketplace over the last few months.

Speaker #2: Which is yet to translate fully into ramping up truck numbers. So I think if there is a surprise on that this year, then my expectation is that it would be a surprise on the upside rather than a disappointment.

Speaker #2: So if I then round off current trading and the outlook—what's happened since the end of the year—then we continue to be ambitious.

Speaker #2: With our growth targets, the market expectation in the latest brokers' research note shows a roughly 25% uplift on revenue from FY27. Bridgestone iTrack certainly won't contribute that sort of growth rate.

Nigel Rogers: The market expectation in the latest brokers research note shows a roughly 25% uplift on revenue from FY27. Bridgestone iTrack certainly won't contribute that sort of growth rate, so we need to over-perform that both in SAWSense and in Translogik, and we have internal targets that are significantly higher than that. We have left ourselves some headroom, but nevertheless, they are ambitious targets, and we would say that from the outset. In terms of what's happened since the end of the year, we've got two months, nearly three months of trading under our belt, which is in line with our plans. There is some H2 weighting to our plans. We have more to deliver in H2 than we have in H1, but we've made a very good start.

Speaker #2: So, we need to overperform that, both in SOAR and in Translogic. And we have internal targets that are significantly higher than that, so we have left ourselves some headroom.

Speaker #2: But nevertheless, they are ambitious targets, and we would say that from the outset. In terms of what's happened since the end of the year, we've got two months—nearly three months—of trading under our belt, which is in line with our plans.

Speaker #2: There is some H2 weighting to our plans. We have more to deliver in H2 than we have in H1. But we've made a very good start.

Speaker #2: In terms of SOAR Sense, there are very good prospects for growth with our mature customers in motorsport. I’ve seen on the question bar that there are a few questions about what’s happening with motion applied.

Nigel Rogers: In terms of SAWSense, there are very good prospects for growth with our mature customers in motorsport. I've seen on the question bar there's a few questions about what's happening with McLaren Applied, and I'll put those to Ryan in a few minutes, and we can get some depth on that. Also within aerospace, the depth of our relationship, particularly with GE Aerospace and with Airbus, is getting ever stronger and allowing us opportunities to earn increasing amounts of non-recurring engineering development revenue, but also component sales. We have a number of other aerospace clients where we expect to move into development stage on a funded basis. So, in terms of the sort of bedrock of that business revenue in the short term, we're well-placed.

Speaker #2: And I'll put those to Ryan in a few minutes, and we can get some depth on that. But also, within aerospace, the depth of our relationship, particularly with GE Aerospace and with Airbus, is getting ever stronger.

Speaker #2: And allowing us opportunities to earn increasing amounts of non-recurring engineering development revenue, but also component sales. And we have a number of other aerospace clients where we expect to move into the development phase on a funded basis.

Speaker #2: So, in terms of the sort of bedrock of that business revenue in the short term, we're well placed. But then we have a number of funded projects underway, moving towards higher volume markets where we expect to be able to talk about that as the year progresses, in terms of moving towards production.

Nigel Rogers: We have a number of funded projects underway, moving towards higher volume markets, where we expect to be able to talk about that as the year progresses in terms of moving towards production. Within Translogik, there's a certain uptick in the underlying run rate business. Over the first couple of months of the year, the business is performing well, but the post-year-end customer wins will really prime the business for growth in the second half and beyond. We've talked about Continental. Again, I've seen a few questions on that, which Ryan and I will answer soon in terms of how that's likely to progress into revenue and what other similar opportunities there are around it. I also wouldn't underestimate the two post-year-end announcements that we've made in terms of our alignment with independent TPMS providers, both Bartec and Hamaton, as potential future channels for sales.

Speaker #2: Within Translogic, there's a certain uptick in the underlying run rate business. Over the first couple of months of the year, the business is performing well.

Speaker #2: But the post–year-end customer wins will really prime the business for growth in the second half and beyond. We've talked about Continental again; I've seen a few questions on that, which Ryan and I will answer soon.

Speaker #2: In terms of how that's likely to progress into revenue, and what other similar opportunities there are around it, I also wouldn't underestimate the two post-year-end announcements that we've made regarding our alignment with independent TPMS providers.

Nigel Rogers: I also wouldn't underestimate the two post-year-end announcements that we've made in terms of our alignment with independent TPMS providers, both Bartec and Hamaton, as potential future channels for sales.

Speaker #2: Both Bartek and Hamilton are potential future channels for sales. Also, we have the new products, which are already launched and out with customers, awaiting demand.

Nigel Rogers: Also, we have the new products which are already launched and out with customers awaiting demand, and further product launches to be announced during this year, which we'd expect to accelerate the prospects within Translogik. I think that business is very well set. I won't repeat myself on Bridgestone. I will close that the overall strategic objective of the company is to position SAWSense and to position Translogik in strong, defendable positions in high growth markets, where they each have something to offer to clients in terms of enabling technology, which will enable those clients to be more competitive and more successful in their own markets and offer very high growth potential for us.

Speaker #2: And further product launches to be announced during this year, which we would expect to accelerate the prospects within Translogic. So, I think that business is very well set.

Speaker #2: I won't repeat myself on Bridgestone, so I will close by saying that the overall strategic objective of the company is to position SOAR Sense and to position Translogic in strong, defendable positions in high-growth markets, where they each have something to offer clients in terms of enabling technology, which will enable those clients to be more competitive and more successful in their own markets.

Speaker #2: And offer very high growth potential for us. I think that even in a world where R&D budgets are tight, our products tend to promote efficiency.

Nigel Rogers: I think that even in a world where R&D budgets are tight, our products tend to promote efficiency, and therefore, there is a cost justification for them rather than purely a revenue growth justification in a difficult world. As the world adapts to the use of AI, and I think again, in both sides of our business where data is the new oil, then our ability to develop large volume data sets to be used in AI applications will increasingly be recognized for value. I am going to pause now and curate some questions. Just before I do, this slide offers you some further resources. Do feel free to visit our website. There is some very interesting stuff on there, both in the business pages themselves, but then also in the investor relations pages. There is plenty of history and foundation there and some forward-looking information.

Speaker #2: And therefore, there is a cost justification for them rather than purely a revenue growth justification in a difficult world. And as the world adapts to the use of AI, and I think again, in both sides of our business where data is the new oil, then our ability to develop large volume data sets to be used in AI applications will increasingly be recognized for value.

Speaker #2: I'm going to pause now and curate some questions. Just before I do, this slide offers you some further resources. Please feel free to visit our website.

Speaker #2: There's some very interesting stuff on there, both in the business pages themselves, but then also in the investor relations pages. There's plenty of history and foundation there, and some forward-looking information.

Nigel Rogers: There is plenty of history and foundation there and some forward-looking information.

Speaker #2: We also have a YouTube channel with a lot of short explainer videos about various applications that our products are used in, and what makes them so special.

Nigel Rogers: We also have a YouTube channel with a lot of short explainer videos about various applications that our products are used in and what makes them so special. Last but not least, please feel free to email us at investor.relations@transense.co.uk. We have an increasing direct contact with our private shareholder base, where we now maintain an investor community and make sure that we communicate with those investors directly and give them the opportunity to both ask us questions, including a session that we are running tomorrow evening, but then also from time to time to visit the site. So if you are interested in that sort of activity, please feel free to join our community. I am going to move to questions now, and I think I will start, if I may, with Translogik. We have a few questions grouped together here, Ian.

Speaker #2: And last but not least, please feel free to email us at investor.relations@transense.co.uk. We have increasing direct contact with our private shareholder base, where we now maintain an investor community and make sure that we communicate with those investors directly. We give them the opportunity to both ask us questions—including a session that we're running tomorrow evening—but then also, from time to time, to visit the site.

Speaker #2: So if you're interested in that sort of activity, please feel free to join our community. I'm going to move to questions now, and I think I'll start, if I may, with Translogic.

Speaker #2: We have a few questions grouped together here, Ryan. You might want to make a couple of notes, because I think it would probably help if I give you all of the questions and you can answer them in a logical manner as a story, rather than individually.

Nigel Rogers: You might want to make a couple of notes, because I think it would probably help if I give you all of the questions and you can answer them in a logical manner as a story rather than individually. So, first of all, overarching, question 4: will Translogik revenue fully replace the Bridgestone royalty income by 2030, in your opinion, if all goes to plan? So I think that is an overarching question, but underneath that, there is a bit of a drill down into the tyre majors relationships. Firstly, do you expect to announce other deals with tyre majors like Continental? Secondly, how long will it take to reach the 700k forecast with Continental? Then I am just going to look at Ben's questions 13, 14, and 15. Is the problem with tyre majors a minor blip or a trend?

Speaker #2: So, first of all, sort of overarching—question four: Will Translogic revenue fully replace the Bridgestone royalty income by 2030, in your opinion, if all goes to plan?

Speaker #2: So I think that's sort of an overarching question. But underneath that, there's a bit of a drill-down into the tire majors' relationships. Firstly, do you expect to announce other deals with tire majors like Conti?

Speaker #2: Secondly, how long will it take to reach the 700K forecast? With Conti. And then I'm just going to look at Ben's question 13, 14, and 15.

Speaker #2: Is the problem with tire majors a minor blip or a trend? Fourteen, does the board expect to replicate the Conti deal with other tire majors?

Nigel Rogers: 14, does the board expect to replicate the Continental deal with other tyre majors? 15 is a repeat of the question I have already given you. So I think that is an overarching group of questions there about our relationships with the tyre majors and the opportunity to develop the business there.

Speaker #2: And 15, is a repeat of a question I've already given you. So I think that's sort of an overarching group of questions there. About our relationships with the tire majors and the opportunities to develop the business there.

Speaker #1: Yeah, so the general overarching question about Translogic replacing Bridgestone revenues, in my view, yes. And, furthermore, there’s a lot of growth opportunity for the Translogic business.

Ryan Maughan: Yeah. The general overarching question about Translogik replacing Bridgestone revenues, in my view, yes, and better than. There is a lot of growth opportunity for the Translogik business. We have definitely been laying the foundations for that growth for the future with people like Continental and others. I mentioned before that the Continental deal is a big shift. It moves them from being a pretty small customer to being one of our larger customers. We expect that to get up into run rate revenue over the next 12 months. So, it should start to have an impact next calendar year, once we have got the custom version of the products launched for them. It is not a particularly long program, and they have a need to get moving with it as much as we want to get moving with it.

Speaker #1: We've definitely been laying the foundations for that growth for the future. With people like Conti and others, as I mentioned before, that's a Conti deal is a big shift.

Speaker #1: It moves them from being a pretty small customer to being one of our larger customers. We expect that to get up into sort of run-rate revenue over the next 12 months.

Speaker #1: So it should start to have an impact next calendar year. Once we've got the custom version of the products launched for them. So it's not a particularly long program.

Speaker #1: And they have a need to get moving with it as much as we want to get moving with it. We are in detailed discussions with other tire majors about similar programs and also quite different programs to be honest.

Ryan Maughan: We are in detailed discussions with other tyre majors about similar programs and also some quite different programs, to be honest, relating to hardware supply for them. Some of those are some of our existing established customers, but we do also have some new tyre major business on the horizon, and we continue to develop that. I think the downturn that we have seen in that market, I would characterize it as a blip. I think we have had this sort of discussion previously. You can go and you can find news about this outside of us. It is one of our particular customers who was a very big customer, has had a pretty difficult year or so. There are a lot of different factors that have caused that. I think they are through the worst of that now and are looking forwards much more optimistically.

Speaker #1: Relating to hardware supply for them. Some of those are some of our existing established customers that we do also have some new tire major business on the horizon.

Speaker #1: And we continue to develop that. I think the downturn that we've seen in that market, I would characterize it as a blip. I mean, I think we've had this sort of discussion previously.

Speaker #1: You can go and you can find news about this outside of us. It's one of our particularly customers who was a very big customer out of a pretty difficult year or so.

Speaker #1: There's a lot of different factors that have caused that. I think they're through the worst of that now. And are looking forward to a much more optimistically they've done quite a bit of restructuring on their business.

Ryan Maughan: I think they are through the worst of that now and are looking forwards much more optimistically.

Ryan Maughan: They have done quite a bit of restructuring on their business, and there is also some. They are getting some of the things working properly for them now. So, it is a blip rather than a major trend, and we are successfully developing business with others. I think in general, the market is going to get a lot bigger for us with tyre majors, because up until now, tyre majors have really used our product in their managed tyre businesses. That has been a fairly small segment of what they do. The use case now for our product and tyre management software is getting much bigger than that, particularly in Europe because of new legislation. So, potentially there is a very large increase in the potential market for our tools with customers like that. So, I think that covers all the points.

Speaker #1: And there's also some they're getting some other things working properly for them now. So yeah, it's a blip rather than a major trend. And we are successfully developing business with others.

Speaker #1: I think, in general, the market is going to get a lot bigger for us with tire majors, because up until now, tire majors have really used our product in their managed tire businesses.

Speaker #1: And that's been a fairly small segment of what they do. The use case now for our product and tire management software is getting much bigger than that, particularly in Europe because of new legislation.

Speaker #1: So potentially there's a very large increase in the potential market for our tools with customers like that. So yeah, I think that covers all the points.

Ryan Maughan: So, I think that covers all the points.

Speaker #2: Follow-up questions then. A few years ago, we said the addressable market for Translogic, actually, that should read. Was 25 million. How's that figure changed?

Nigel Rogers: Follow-up questions then. A few years ago, we said the addressable market for Transense, for Translogik actually that should read, was 25 million. Has that figure changed? I think there is another aspect of that I would just like you to cover if you could please, Ian, in that since the end of the year, we have actually made three announcements on Translogik. Although the Continental one was a full-blooded RNS, had numbers in it, and therefore inevitably got more attention, there are actually two RNS announcements about new deals that we have struck with Bartec and Hamaton. I think it would be interesting to just explore that part of the marketplace and where the TPMS independents fit into the market, and then maybe comment on the total available market as well.

Speaker #2: And I think there's another aspect of that I'd just like you to cover, if you could, please, Ryan. Since the end of the year, we've actually made three announcements on Translogic.

Speaker #2: Although the Continental one was a full-blooded RNS, had numbers in it and therefore inevitably got more attention. There's actually two RNS Reach announcements about new deals that we've struck with Bartech and Hamilton.

Speaker #2: I think it would be interesting to just explore that part of the marketplace and where the TPMS independence fits into the market, and then maybe comment on the total available market as well.

Speaker #1: Yeah. So, I mean, the total available market is much, much bigger than $25 million. I think the way we'd positioned that before was you could envisage a business like Translogic being $25 million in revenue.

Ryan Maughan: Yeah. The total available market is much, much bigger than GBP 25 million. I think the way we positioned that before was you could envisage a business like Translogik being GBP 25 million revenue, and I think that the market is getting bigger and bigger as there is more tyre management coming in, both regulatory required Europe, but commercially required in the rest of the world because tyres are such a big operating cost to fleets. The market is growing. I think it is a good time for us to be working in that market. As we are expanding our offer, we are increasing the size of market that we can access. It is not that long ago that we did not have a software package we could offer, so we could only sell to customers that already had their own software.

Speaker #1: And I think that the market is getting bigger and bigger as there's more tire management coming in—both regulatory-required in Europe, but commercially required in the rest of the world—because tires are such a big operating cost to fleets.

Speaker #1: So the market is growing. I think it's a good time for us to be in working in that market. And as we're expanding our offer, we're increasing the size access.

Speaker #1: It's not that long ago that we didn't have a software package we could offer, so we could only sell to customers that already had their own software.

Ryan Maughan: It is not that long ago that we did not have a software package we could offer, so we could only sell to customers that already had their own software.

Speaker #1: Now we're able to complement with talk directly to fleets that don't have software solutions and to other companies. We only had the inspection tool, not that long ago.

Ryan Maughan: Now we are able to complement, we talk directly to fleets that do not have software solutions and to other companies. We only had the inspection tool not that long ago. We have now got the inflation tool as well and the high-pressure version of the inspection tool. The overall business is broadening. I think there are more growth prospects as a result of that, but also I would say improved resilience as a result of that as well, where we were very concentrated in the past on one or two customers and one product. The sort of market, yes. Absolutely, I would be happy, I think everyone would be happy if we get Translogik to a GBP 25 million revenue business. It is a much bigger market than that, though, that we are in, so it is not an unrealistic thing to be wanting to try and do. Yeah.

Speaker #1: We've now got the inflation tool as well and the high-pressure version of the inspection tool. So the overall business is broadening and I think some there's more growth prospects of results of that, but also I would say improved resilience as a result of that as well where we're very concentrated in the past on one or two customers and one product.

Speaker #1: So the sort of market, yes, absolutely I'd be happy I think everyone would be happy if we get Translogic through 25 million revenue business.

Speaker #1: It is a much bigger market than that though that we're in. So it's not an unrealistic thing to be wanting to try and do.

Ryan Maughan: It is a much bigger market than that, though, that we are in, so it is not an unrealistic thing to be wanting to try and do. Yeah.

Speaker #1: Yeah. The other announcements, yeah, you're right. I think it was one of the questions that said we'd only made one announcement, but we'd made three.

Nigel Rogers: Okay.

Ryan Maughan: The other announcements. Yeah, you are right. I think it was one of the questions that said we had only made one announcement, but we had made three. We did two new distribution deals. One focused around the US with Bartec. Bartec USA is an American subsidiary of a UK-based company. Fantastic bunch of guys. Very strong supplier in the aftermarket TPMS market. They have got some great routes to market for that product in the US. Very strong customer side relationships. We are working with them to access a whole new group of customers compared to our other existing routes to market and distribution channels in the US. It is quite exciting, and there is a lot of activity with them around putting new programs in place. The second relationship was with Hamaton.

Speaker #1: So we did two new distribution two new distribution deals. So one focused around the US with Bartech. So Bartech USA is an American subsidiary of a UK-based company.

Speaker #1: Fantastic bunch of guys. Very, very strong supplier in the aftermarket TPMS market. They've got some great roots to market for that product in the US.

Speaker #1: Very, very strong customer side relationships. So we're working with them to access a whole new group of customers compared to our other existing routes to market and distribution channels in the US.

Speaker #1: So it's quite exciting. And there's a lot of activity with them around putting new programs in place. The second relationship was with Hamilton. So also a market leader in the TPMS industry.

Ryan Maughan: Also a market leader in the TPMS industry, but this time focused on the European market, and the purpose of the deal with Hamaton. They are a little bit different to Bartec, although similar on the surface, but they have a different route to market. Obviously aimed at the European market this time for us. Very sort of specific types of customers and applications for the tool. We expect that to bring some significant new business through as well. I think, in addition, it is fair to say that we are also working on some other very significant bits of business, so that is certainly not it in terms of news flow. Watch this space, there is more stuff coming.

Speaker #1: But this time focused on the European market. And the purpose of the deal with Hamilton, so they're a little bit different to Bartech, although similar on the surface, but they have a different route to market.

Speaker #1: Obviously, aimed at the European market this time for us. And very sort of specific types of customers and applications for the tool. So we expect that to bring some significant new business through as well.

Speaker #1: I think in addition, it's fair to say that we are also working on some other very significant bits of business. So that's certainly not it in terms of news flow.

Speaker #1: And they're—watch this space. There's more stuff coming.

Speaker #2: Great, thank you. I think we'll flip over to SourceLens now, then. So the first question on SourceLens is around the pivot of the business model away from licensing and towards becoming a component manufacturer—or a component supplier, I should say.

Nigel Rogers: Great. Thank you. I think we will flip over to SAWSense now then. First question on SAWSense is around the pivot of the business model away from licensing and towards becoming a component manufacturer or a component supplier, I should say. Perhaps you could just talk about that a little. The question is, do you envisage SAWSense becoming principally a component manufacturer, an IP licensing business, or a combination of the two? Which model generates the best margin and return on capital?

Speaker #2: Perhaps you could just talk about that a little. The question is, do you envisage SourceLens becoming principally a component manufacturer and IP licensing business, or a combination of the two?

Speaker #2: Which model generates the best margin and return on capital?

Speaker #1: Yeah. So actually, it's a bit nuanced, but the answer is none of the above. So really, the business model for SourceLens is, we are what is known in the industry as a fabless manufacturer.

Ryan Maughan: Yeah. The actual, it is a bit nuanced, but the answer is none of the above. Really the business model for SAWSense is we are what is known in the industry as a fabless manufacturer. We are not really a true component manufacturer. We are a fabless company. What does that mean? It does not mean that we are not excellent without fabless. It means that we do not have an in-house manufacturing capability for our key components, being the ASIC and the sensing elements. In the past, and this is a bit of a nuance, I think the model was that the manufacturers in our supply chain would act as a tier 1 and sell to customers. There are various reasons why that did not work in the past.

Speaker #1: So we're not really a true component manufacturer. We're a fabless company, which—so what does that mean? It doesn't mean that we are not excellent.

Speaker #1: Without fabulous, it means that we don't have a manufacturing in-house manufacturing capability for our key components, being the ASIC and the sensing elements. So in the past, and this is a bit of a nuance, I think the model was that those the manufacturers in our supply chain would act as the tier one and sell to customers.

Speaker #1: The various reasons why that didn't work in the past. So now, the model is that we will be the Tier One and making those sales directly to customers, but we're not manufacturing the components.

Ryan Maughan: Now the model is that we will be the tier 1 and be making those sales directly to the customers, but we are not manufacturing the components. That is still being made in our supply chain. We are a fabless sensor company supplying components made in our supply chain to others. And benefiting from that in terms of taking the revenue from that, and it means we are in control of what we do. The majority of our revenue should come from component sales. There should also be significant revenue from application engineering and validation support. Then to a lesser extent, we will still earn revenue from instrumenting components such as shafts with torque measurement systems. I talked about that when we were going through SAW.

Speaker #1: That'd still be made in our supply chain. So we're a fabulous sensor company supplying components made in our supply chain to others. And benefiting from that in terms of taking the revenue from that.

Speaker #1: And it means we're in control of what we do. So the majority of our revenue should come from component sales. There should also be significant revenue from application engineering and validation support.

Speaker #1: And then to a lesser extent, we will still earn revenue from instrumenting components such as shafts with torque measurement systems. So and I talked about that when we were going through SOAR.

Speaker #1: The pilot line is there principally to help us develop processes. We transfer to other people, but it's also there, and it gives us capacity to manufacture in-house up to a certain volume ceiling, should we choose to do so for the right sort of project.

Ryan Maughan: The pilot line is there principally to help us develop processes we transfer to other people, but it is also there and it gives us capacity to manufacture in-house up to a certain volume ceiling, should we choose to do so for the right sort of project. Things like the shafts for motorsport for McLaren Applied have always been made inside of Transense. They will continue to be made inside, but they will be made on that semi-automated production line in the future as will other parts into similarly specialist markets. There is no kind of pure play IP licensing business envisaged. All of the future revenue is linked to either that product supply, component supply, or the provision of a service for the customer.

Speaker #1: So things like the shafts for motorsport for motion applied have always been made inside at Transense. They'll continue to be made inside, but they'll be made on that semi-automated production line in the future and will as will other parts.

Speaker #1: Into sort of similarly specialist market. So there's not there is no kind of pure play IP licensing business envisaged. All of the future revenue is linked to either that product supply, component supply, or the provision of a service for the customer.

Speaker #2: Absolutely. That’s perhaps an opportunity just to expand a bit on the relationship with Motion Applied then, please. The JDA expired in September. Is it being renewed?

Nigel Rogers: Absolutely. That is perhaps an opportunity just to expand a bit on the relationship with McLaren Applied then, please. The JDA expired in September. Is it being renewed? Will the scope be extended? Are you actively exploring new license applications for other areas? Do you anticipate new terms being signed with McLaren Applied?

Speaker #2: Will the scope be extended? Are you actively exploring new license applications for other areas? Do you anticipate new terms being signed with motion applied?

Speaker #1: Yeah. So the motion applied JDA, it's not a license. It's a joint development agreement, which is slightly unusual title in my view, given what we actually do with them.

Ryan Maughan: Yeah. The McLaren Applied JDA, it is not a license. It was a joint development agreement, which is slightly unusual title, in my view, given what we actually do with them. But effectively, McLaren Applied act as our distributor into motorsport. They are a value-added distributor, so they hold the customer relationships. They do all the trackside support, and they do other stuff as well. But effectively, we are developing the sensor systems, manufacturing them, and they are doing the distribution into motorsport. We absolutely are working on a new license agreement with them. The existing agreement did have some rollover provisions, so it has not expired as such. But we are working on renewing that mutually with McLaren Applied to get a good agreement in place for both of us. Their scope is not changing under that new agreement.

Speaker #1: But effectively, Motion Applied acts as our distributor into motorsport. They're a value-added distributor, so they hold the customer relationships, do all the trackside support, and other stuff as well.

Speaker #1: But effectively, we're developing the sensor systems, manufacturing them, and they're handling the distribution into motorsport. So we absolutely are working on a new license agreement with them.

Speaker #1: The existing agreement did have some rollover provisions, so it hasn't expired as such. But we are working on renewing that mutually, with motion applied to get a good agreement in place.

Speaker #1: So, for both of us, their scope isn't changing under that new agreement. It's still very focused on professional motorsport, and it's on-vehicle applications that they are focused on as a business.

Ryan Maughan: It is still very focused on its professional motorsports and its on-vehicle applications they are focused on as a business. I saw a mention of this new deal that McLaren Applied have done outside of motorsport. That does not have an impact on us. That is not something that we are involved with.

Speaker #1: I saw a mention of this new deal that Motion Applied have done outside of motorsport. That doesn't have an impact on us; that's not something that we're involved with.

Nigel Rogers: Yeah

Speaker #2: Absolutely.

Speaker #1: With them. Yeah.

Ryan Maughan: with them. Yeah.

Speaker #2: Okay. Thank you. There's a cluster of questions, Ryan. Around the disclosures of the SOAR pipeline. I think it's fair to say that you and I have had three or four different attempts over the last five or six sets of results to find the succinct way of being able to map what the pipeline looks like for users.

Nigel Rogers: Okay. Thank you. There is a cluster of questions, Ryan, around the disclosures of the SAW pipeline. I think it is fair to say that you and I have had three or four different attempts over the last five or six sets of results to find the succinct way of being able to map what the pipeline looks like for users. I do not think we have come up with the perfect solution yet, but it seems that four or five people asking questions like different formats, and everybody wants to see one somehow. I think for the purposes of this discussion, it would be very useful for you to just talk through how the pipeline is progressing.

Speaker #2: And I don't think we've come up with the perfect solution yet, but it seems that four or five people are asking questions in different formats, and everybody wants to see one somehow.

Speaker #2: I think, for the purposes of this discussion, it would be very useful for you to just talk through how the pipeline is progressing. I think there seem to be questions around whether things are disappearing out of the pipeline, or whether they're simply progressing more slowly than we thought, or whether they're progressing as we expected, but perhaps spending a bit less money with us directly, rather than on their own internal development and validation.

Nigel Rogers: I think there seems to be questions around whether things are disappearing out of the pipeline or whether they are simply progressing more slowly than we thought or whether they are progressing as we expected, but perhaps spending a bit less money with us directly rather than on their own internal development and validation. Can you just talk a little bit about the whole evolution of the sales pipeline over the last 12 months and the next 12 months?

Speaker #2: Can you just talk a little bit about the whole evolution of the sales pipeline over the last 12 months and the next 12 months?

Speaker #1: Yeah. So opportunities continue to progress through the pipeline. We are making progress there. And the initial those initial projects where we're doing a proof of concept study and then delivering initial prototypes and then moving on to a next phase, which is more of a production-intent development, we do have a number of projects going through that journey.

Ryan Maughan: Yeah. Opportunities continue to progress through the pipeline. We are making progress there. Those initial projects where we are doing a proof of concept study and then delivering initial prototypes and then moving on to a next phase, which is more of a production intent development. We do have a number of projects going through that journey. Some of them are going through it very quickly, and the customer is spending a lot of money on their side doing work, and we are doing a lot of work on our side. Some of them are progressing less quickly. We do have one or two that have ended up getting stalled because of things outside of our control. One of our customers was acquired, and that slowed things down with them as they are settling in their new group structure.

Speaker #1: Some of them are going through it very quickly. And the customers spending a lot of money on their side doing work and we're doing a lot of work on our side.

Speaker #1: Some of them are progressing less quickly. And we do have one or two that have ended up getting stalled because of things outside of our control.

Speaker #1: We've had one of our customers was acquired and that slowed things down with them as they're sort of settling in with their new group structure.

Speaker #1: Actually, two of our customers have gone through acquisitions in the last twelve months, which has slowed development projects down. So, yes, some of them haven't gone as quickly as we would expect them to.

Ryan Maughan: Actually, two of our customers have gone through acquisitions in the last 12 months, which has slowed development projects down. Yeah, some of them have not gone as quickly as we would expect it to. I think where projects have slowed down or paused, it is not because of a problem with SAW. It has been issues outside of our scope. In general, what we can see is that we are managing to make good progress with SAW applications, and we do still have sufficient projects progressing through the business to give us a lot of confidence. I personally also think that some of the ones that have slowed down a little bit in the last 12 months will begin to gather momentum in the next 12 months as that changes. The work becomes more involved the more we do.

Speaker #1: But I think where projects have come to where projects have slowed down or paused, it's not because of a problem with SOAR. It's been sort of issues outside of our scope.

Speaker #1: In general, what we can see is that we're managing to make good progress with SOAR applications and we do still have sufficient projects progressing through the business to give us a lot of confidence.

Speaker #1: Our personally also think that some of the ones that have slowed down a little bit in the last 12 months will begin to gather momentum in the next 12 months.

Speaker #1: As that changes. So the work becomes more involved. The more we do, we're learning a lot in terms of those scale that production processes and the things that we need to do with the pipeline.

Ryan Maughan: We are learning a lot in terms of those scaled up production processes and the things that we need to do with the pipeline. There is a lot of activity around all of that in terms of how we make the torque measurement systems in particular. Sometimes temperature measurement systems are more scalable.

Speaker #1: There's a lot of activity around all of that in terms of how we make the torque measurement systems in particular sometimes temperature measurement systems are more scalable.

Speaker #1: So yeah.

Speaker #2: Thank you. There's an interesting question on opportunity in the fitness market, Ryan. I think we sort of kicked that internally as a subset of the eDrive market.

Nigel Rogers: Thank you. There is an interesting question on opportunity in the fitness market, Ryan. I think we sort of treat that internally as a subset of the eDrive market, and obviously it is potentially very high volume, but it is very cost competitive as well. Could you just expand a little bit on some of the opportunities that we have seen? Obviously, there are one or two that I am very well aware of where we cannot name names, but perhaps you could just talk about areas where there is a use case and the likelihood of us being able to hit the sort of competitive cost targets that make something which is a premium high-end consumer product feasible.

Speaker #2: And obviously, it's potentially very high volume, but it's very cost competitive as well. Could you just expand a little bit on some of the opportunities that we've seen?

Speaker #2: Obviously, there are one or two that I'm very well aware of where we can't name names, but perhaps you could just talk about areas where there is a use case and the likelihood of us being able to hit the sort of competitive cost targets that make something which is a premium high-end consumer product feasible.

Speaker #1: Yeah. So effectively, yeah, we have a couple of opportunities that fall under what we call the fitness market. So that is distinct from we have talked about the health market and we do have separately some health medical applications as well.

Ryan Maughan: Yeah. Effectively, we have a couple of opportunities that fall under what we call the fitness market. That is distinct from, we have talked about the health market and we do have separately some health medical applications as well. What we mean by fitness and why does it come under the eDrive? Basically, you have a product which is using an electric motor to power the product or to provide a load, a resistance load for the user. The sort of equipment that is covered by that. If anyone has been in the gym recently, you will see they are full of smart gym equipment where it tracks and monitors what you are doing and shares it with your friends and all that kind of thing. This is the era of new smart connected gym equipment, and providing those machines with improved power measurement for the users.

Speaker #1: So what we mean by fitness and why does it come under the eDrive? So basically, you have a product which is using an electric motor to power the product or to provide a load, a resistance load for the user.

Speaker #1: There's a sort of equipment that is covered by that. If anyone's been in the gym recently, you'll see they're full of smart gym equipment, where it tracks and monitors what you're doing and shares it with your friends and all that kind of thing.

Speaker #1: So this is the era of new smart connected gym equipment. And providing those machines with improved power measurement for the users. So that's the application.

Ryan Maughan: This is the era of new smart connected gym equipment, and providing those machines with improved power measurement for the users. That is the application. It is a growing market. It is a huge market actually today. It grew very quickly in the COVID era, but then had a bit of a dip. Now it is going well. The fundamental thing they are doing is trying to accurately measure how much input power the user is putting into the machine, and we are working on those. The products are high-end. They are not cheap. Talking about premium items. There is a big demand in that industry to make that power input data more accurate.

Ryan Maughan: That is the application. It is a growing market. It is a huge market actually today. It grew very quickly in the COVID era, but then had a bit of a dip. Now it is going well. The fundamental thing they are doing is trying to accurately measure how much input power the user is putting into the machine, and we are working on those. The products are high-end. They are not cheap. Talking about premium items. There is a big demand in that industry to make that power input data more accurate.

Speaker #1: It's a growing market. It's a huge market, actually, today. It grew very quickly in the COVID era, but then had a bit of a dip, but now it's going well.

Speaker #1: And the fundamental thing they're doing is trying to accurately measure how much input power the user is putting into the machine. And we're working on those.

Speaker #1: The products are high-end. They're not cheap. So we're talking about premium. Items and there's a big demand in that industry to make the make that power input data more accurate.

Speaker #2: Excellent, thank you. I'm going to pivot away from the SOAR business now towards corporate matters. We have a question from David B.

Nigel Rogers: Excellent. Thank you. I am going to pivot away from the SAWSense business now towards corporate matters. We have a question from David B. "You mentioned some time ago you were unable to buy shares when they were around the current price due to a closed period. Did you expect to see this price level again?" I think when it comes to the share price, it is fair to say nothing surprises me. The end market is an extremely difficult place to be. Even in a mature company with pretty reliable, slow-moving earnings growth. Nevertheless, the share price and the valuation driven from its P/E ratio can be extremely volatile. There are more people selling into the end market than there are buying. That is a fact. The marketplace is an extremely difficult place to navigate if you want to try and manage the share price short term.

Speaker #2: You mentioned some time ago you were unable to buy shares when they were around the current price due to being in a closed period. Did you expect to see this price level again?

Speaker #2: I think when it comes to the share price, it's fair to say nothing surprises me. It's the end market is an extremely difficult place to be.

Speaker #2: Even in a mature company with pretty reliable slow-moving earnings growth, nevertheless, the share price and the valuation driven from it PE ratio can be extremely volatile.

Speaker #2: There are more people selling in the end market than there are buying. That's a fact. And so the marketplace is an extremely difficult place to navigate if you want to try and manage the share price short term.

Nigel Rogers: The marketplace is an extremely difficult place to navigate if you want to try and manage the share price short term.

Nigel Rogers: The truth is, we do not. It is disappointing for shareholders to see the share price where it is today based on the performance of the business. All we can do is continue to run the company in the best way that we can to communicate with the market what we are trying to achieve and why we believe that we are building substantial long-term value. Then accept that there will be timing differences between the market recognizing that value and where the price is today. That does create buying opportunities. The company has taken advantage of those in the past when it was generating more cash than it was able to invest at the time. That was the drive behind the buyback program in the early part of the Bridgestone license income.

Speaker #2: The truth is, we don't. It's disappointing for shareholders to see the share price where it is today, based on the performance of the business.

Speaker #2: But all we can do is continue to run the company in the best way that we can, to communicate with the market what we’re trying to achieve and why we believe that we’re building substantial long-term value, and then accept that there will be timing differences between the market recognizing that value and where the price is today.

Speaker #2: That does create buying opportunities. The company has taken advantage of those in the past, when it was generating more cash than it was able to invest at the time.

Speaker #2: And that was the drive behind the buyback program in the early part of the Bridgestone license income. More recently, as we've stepped up our investment in the business, we think that's going to produce a higher return than buying the shares, even at this price.

Nigel Rogers: More recently, as we have stepped up our investment in the business, then we think that is going to produce a higher return than buying the shares even at this price. If the question is directed more at us as individuals, then you will recognize from the news flow that there is a lot of information available to us on things which are not yet in the public domain. Most of the time, over the course of an 11-month period, you would find that the directors are likely to be inside on one thing or another. So there are not always windows where we can buy. But when there are, both of the people you see before you today have been consistent buyers of the stock and have skin in the game, and a little bit of hair, not skin.

Speaker #2: If the question is directed more at us as individuals, then you will recognize from the news flow that there is a lot of information available to us on things which are not yet in the public domain.

Speaker #2: And most of the time, over the course of the 12-month period, you would find that the directors are likely to be inside on one thing or another.

Speaker #2: There are not always windows when we can buy, but when there are, both of the people you see before you today have been consistent buyers of the stock and have skin in the game.

Speaker #2: And a little bit of hair. Not so I hope that answers your question on both directors buying and perhaps company buying as well. Do you consider that the low share price makes the company vulnerable to a bid?

Nigel Rogers: I hope that answers your question on both directors buying and perhaps company buying as well. "Do you consider that the low share price makes the company vulnerable to a bid?" Value always finds a way out. That is a fact. We believe that the shareholders in Transense are solidly behind the board in terms of our execution and strategy. But every public company is for sale all the time if somebody wants to stump up and buy it. So, I suppose the straight answer to that question is yes. But we believe that the quality of our communication with shareholders, both formally and informally, is such that that does not make us vulnerable to being bought at the wrong price. I am going to shift to question two, and I will put it to you, Ryan, just for contrast. Well, I think it has disappeared. I am just going to put it in.

Speaker #2: Value always finds a way out—that's a fact. We believe that the shareholders in Transense are solidly behind the board in terms of our execution of strategy.

Speaker #2: But every public company is for sale all the time if somebody wants to stump up and buy it. So I suppose the straight answer to that question is yes.

Speaker #2: But we believe that the quality of our communication with shareholders, both formally and informally, is such that it does not make us vulnerable to being bought at the wrong price.

Speaker #2: I'm going to shift to question two, and I'll put it to you, Ryan, just for contrast. Well, I think it's disappeared. I'm just going to put it in—I'll just try and find it.

Nigel Rogers: Well, I think it has disappeared. I am just going to put it in. I'll just try and find it. I think it's been curated out of the list on account of having been answered. I'm not sure it was, to be. Just one second. I've got a note of it here. "What does a successful Transense look like in 2030 immediately after the iTrack royalties ended? What are the measurable milestones between now and then to give shareholders confidence that you're on course to achieve it?

Nigel Rogers: I'll just try and find it. I think it's been curated out of the list on account of having been answered. I'm not sure it was, to be. Just one second. I've got a note of it here. "What does a successful Transense look like in 2030 immediately after the iTrack royalties ended? What are the measurable milestones between now and then to give shareholders confidence that you're on course to achieve it?

Speaker #2: I think it's been curated out of the list on account of having been answered. I'm not sure it was the just one second. I've got a note in this here.

Speaker #2: What does a successful Transense look like in 2030 immediately after the iTrack royalties ended? What are the measurable milestones between now and then to give shareholders confidence that you're on course to achieve it?

Speaker #1: So the business will be growing, and it will be able to be profitable from SOAR and TransLogic without the iTrack royalty income. TransLogic will have significant growth, expand its customer base, and also its product offering will really be leading the way in that tire management tools market.

Ryan Maughan: The business will be growing, and it will be able to be profitable from SAW and Translogik without the iTrack royalty income. Translogik will have significant growth, expanded its customer base, and also its product offering really be leading the way in that tire management tools market. SAWSense will have sufficient revenue to cover its own costs. But it'll just, I think, be starting to enter the phase of significant revenue scale-up as higher volume projects start to come into production. So just slightly trailing behind, I think, on that scale-up, even though it's jumped ahead a little bit at the moment.

Speaker #1: SOAR Sense will have sufficient revenue to cover its own costs. I think we're starting to see the end of the phase of significant revenue scale-up as higher volume projects start to come into production.

Speaker #1: So it's a slightly trailing behind, I think, on that scale-up even though it's jumped ahead a little bit at the moment.

Speaker #2: Yeah, I think that's absolutely right. This is a business in which both of our principal businesses are capable of being financially self-sufficient and scaling at a rate that will leave us not vulnerable to the reduction and eventual disappearance of the iTrack royalty.

Nigel Rogers: Yeah. I think that's absolutely right. This is a business in which both of our principal businesses are capable of being financially self-sufficient and scaling at a rate which will leave us not vulnerable to the reduction and then eventual disappearance of the iTrack royalty. Some of that iTrack royalty will most certainly appear in residual cash in the FY2030 balance sheet, in my opinion. Right. I think that's just about it for the Q&A, Ryan. I think we'll wrap up there. Thank you very much, everybody who's attended. I hope that your questions were answered and you got what you wanted. For those that are registered on investor.relations@transense.co.uk, then invitations will be coming out to attend the Microsoft Teams live Q&A tomorrow evening at 5:00PM. And if anybody would like to join that community, then please email us and we'll make sure that that happens.

Speaker #2: Some of that iTrack royalty will most certainly appear in residual cash in the FY2030 balance sheet, in my opinion. Right. I think that's just about it for the Q&A, Ryan.

Speaker #2: So, I think we'll wrap up there. Thank you very much to everybody who attended. I hope that your questions were answered and you got what you wanted.

Speaker #2: For those that are registered on investor.relations@transense.co.uk, invitations will be sent out to attend the Microsoft Teams Live Q&A tomorrow evening at 5:00 PM.

Speaker #2: And if anybody would like to join that community, then please email us and we'll make sure that happens. Thank you very much, everybody.

Nigel Rogers: And if anybody would like to join that community, then please email us and we'll make sure that that happens. Thank you very much, everybody. Have a nice evening. Bye-bye.

Nigel Rogers: Thank you very much, everybody. Have a nice evening. Bye-bye.

Speaker #2: Have a nice evening. Bye-bye.

Speaker #1: Perfect. Thank you, Nigel and Ryan, for updating those investors today. Can you please ask investors not to close this session, as you will now be automatically redirected to provide your feedback on behalf of the management team of Transense Technologies PLC?

Operator: Perfect. Thank you, Nigel and Ryan, for updating those investors today. Could I please ask investors not to close this session as you will now be automatically redirected to provide your feedback. On behalf of the management team of Transense Technologies plc, we would like to thank you for attending today's presentation and good night.