FY26 was the year our operating cash flow turned positive. We generated $0.49 million in net cash from operating activities, against a $4.75 million outflow the year before, and receipts from customers grew from $11.6 million to $17.0 million. Our loss before tax narrowed 31.5% to $4.6 million. Revenue in Australian dollars was down 3.1% to $15.7 million, but in US dollars, where nearly all of it is earned, revenue actually rose 1.4%. The difference is exchange rate movement, not underlying demand.

The Kentucky facility remains our biggest near-term milestone. All replacement kiln parts are now on site and being individually re-tested, and the kiln manufacturer has been on site since 24 August finalising electrical works, with all wiring being replaced as a precaution. This project has run later than we hoped, but once operational it's forecast to lift group sales by around 200% over two years and open the door to the liquid-phase market.

After year-end, we agreed a two-stage balance sheet restructure. Stage 1 is done, bringing in A$3.5 million including A$2.0 million of new cash. Stage 2, which could deliver up to A$11 million and cut net debt by around A$5 million, depends on shareholder approval, our share price closing at or above $0.09 for five consecutive days before 31 December 2026, and Kentucky reaching certified operation with its first US$1 million revenue milestone. Shareholders will get to vote on the relevant resolutions at an EGM expected in late September.

We also extended a key ACP customer contract on better pricing, with indicated volume growth worth around $2.0 million to FY27 revenue if it eventuates.

If you have questions about any of this, we'd genuinely like to hear them.