FY26 was a year where our core business kept improving while our growth project, the Kentucky facility, took longer than we'd hoped. Revenue came in at $15,694,000, down 3.1% on last year, largely due to the weaker Australian dollar rather than underlying demand. Our statutory loss narrowed to $4,629,000 from $6,761,000 last year, helped by a $2,262,000 gain on remeasuring royalty payables.

The established business performed well operationally: full-year customer receipts of A$16.99 million, positive net operating cash flow of A$492,000, and gross margins running at roughly 47% for the year. We also locked in commercial wins that support FY27, including a three-year extension on a key customer contract at higher pricing.

Kentucky, our flagship growth asset developed with our partner through NewCarbon Processing, has taken longer than planned due to a kiln equipment issue, now being resolved at the manufacturer's cost. As at the date of the annual report, kiln finalisation is in its final stages. We've also lifted our ownership in that project to 49.4%, moving closer to our 50% target.

After year end, we agreed a two-stage balance sheet restructuring with our two largest financial stakeholders, Phelbe Pty Ltd and Pure Asset Management. Stage 1, worth $3.5 million, has completed. Stage 2 would reduce senior debt from $15.0 million to around $10.0 million, but it's conditional on shareholder approval, a share price hurdle, Kentucky reaching commercial production, and no material adverse change. Our auditors have also flagged a material uncertainty around going concern, which the directors have addressed in the financial statements.

If you'd like to understand any of this in more detail, we welcome your questions through the box on this page.