Aurrigo International (LSE:AURR) — Full Year Results

0:00 Good afternoon, and welcome to the AURRIGO INTERNATIONAL PLC investor presentation. Throughout this recorded presentation, investors will be in listen only mode. Questions are encouraged and could be submitted at any time via the q and a tab situated on the right hand corner of your screen. Simply type in your questions and press send. The company may not be in a position to answer every question it received during the meeting itself. However, the company can review all questions submitted today and publish responses where it's appropriate to do so. Before we begin, I'd like to submit the following poll. I'd now like to hand you over to David Keane, CEO. Good afternoon, sir. Good afternoon, everyone, and, thank you very much for attending, our financial, year '25 results presentation. Just a quick disclaimer, which, hopefully, you can read, at your leisure.

0:47 As introduced, my name is David Keene, and I'm the CEO and cofounder. And I also have, Ian alongside me. Ian? Ian Grubber. Hello, everybody. Thank you for joining. I'm CFO. I joined the company in 2022 and qualified with two Schwarz in 1993. Thanks, Ian. Right. For those that are new to the company or those that already know us, I'd I'd just like to just go through a few things just quickly, which are just a little bit of background about the company and and what we're involved in. We're a software advanced engineering and vehicles platform company, with specialist areas in autonomous software, autonomous vehicles, vehicle control platform that runs all of those vehicles, which we'll come on to later.

1:45 And the company that I started before we went to a PLC thirty three years ago was based as an automotive engineering company, and today, we still use all of that technology in automotive across into our autonomous vehicles. We have global blue chip clients, which we'll see, later on a few of those, and we have quite an extensive patented technology and know how portfolio, which since we listed the company back in September '22, has been accelerating, quite quickly, and not just in The UK, but in markets around the world where we think, we have a business case. We have growth.

2:32 Our biggest growth area is obviously in the aviation area where we are developing autonomous vehicles for baggage, cargo, and people movements. And we are working with some of the leading companies in the world, namely Changi Airport, Swissport, UPS, Cincinnati, and Schiphol Airports to name a few. We have quite a large client list, but we just picked out some there to show you some of the some of the blue chip clients we're working with. And they are helping us develop new vehicles, new technology, and the way that technology and those vehicles will interface into their operations. They don't actually own any of the IP.

3:18 We still retain all of the IP, but these are the people who are on the ground every single day operating in airports around the world. And they know their business, and we know our business of technology. And those two come together in really good partnerships. As I said, we founded the company, or I founded the company as an advanced engineering company, and we primarily within automotive. And, you can see some of our many customers in automotive, Jaguar Land Rover, Rolls Royce, Aston Martin, etcetera. And that is a really important part of the business where we are transferring technology that we are developing in the automotive industry around electrification, lightweight engineering, and use of new materials.

4:12 And in doing that technical foundation, we're transferring that into our products so that we become an exemplar in the aviation industry. As part of all this, we're not just doing this standalone with our customers in in aviation. We're also, very importantly, working with the regulators and the alliances. And this ecosystem is really important because technology companies like us tend to hair off and develop all this fantastic amazing technology, but sometimes lose lose focus on the fact that regulation in airports is really important. And if you can't work with the regulators, then you're not gonna go anywhere. And I'm I'm very proud to say that in The UK, have a great relationship with the CAA, with the FAA in America, and with the Civil Aviation Authority in Singapore.

5:06 And and those authorities are working with us, and we are helping them to shape the the future, regulations. And, of course, that's an advantage to us because if regulations are shaped around what you're doing, it it's it's good and, hopefully, will give our competitors a little bit more difficulty in in achieving the high levels that we've we've got. We're also working with industry bodies, IATA, in terms of their technical division, terms of electric ground support equipment, and the new intelligent ground support equipment, and alliances such as the baggage innovation working group, where there's a 150 airlines and airports and technology companies working together as to how do we improve baggage and cargo operations around the world.

6:00 So let's just cover aviation to begin with. And although it's a strap line there, it's really important to know for people who don't know us that we do everything here from a blank sheet of paper all the way through the technical development of the vehicle, the software, the electronics. We then build those vehicles ourselves, and then we, as a company, deploy those vehicles in in our operations around the world. So we were a full end to end operation. The aviation industry is grappling with many, difficult, scenarios at the moment, passenger volumes. Although, of course, we have a war currently going on in, with Iran, and and that is causing some issues around the world in terms of cargo and and, passenger movements.

6:59 But nonetheless, passenger volumes are increasing rapidly and are due to double by 2040, and the same with cargo operations. And this is putting massive strain on airports because they just can't get the people to match the scale at which the the markets are increasing. So they're having to bring in new technology, and some of that is around how do you automate an an airport, and a lot of money is being spent on automation in many areas in the airport. And we are just one of, as I say, many airport operations where this automation is being brought in. A lot of infrastructure investment, not just in existing airports, but in new airports.

7:48 You may have seen that Dubai is building what will be the biggest airport in the world with some 240,000,000 passengers going through it. And so to achieve the turnaround times for the aircraft and the movement of people through airports this size requires automation. And the industry is under great pressure. It has been seen for a long time, as slightly a dirty industry in terms of use of vehicles and aircraft with fuels that are not fit for purpose in the future. And that drive to net zero is also really important in ground handling, where predominantly, it's still today, the vehicles operate with diesel vehicles.

8:35 So electrification of those of those vehicles and managing the electrification, because not every airport has got enough power to actually electrify all the ground support equipment that they need. So we've developed some products to help in that area. And just generally, commentators around the world, as you can see on the right hand side, are predicting that below the wing where we're operating is is going to be a massive market going forward. So we are positioned very well in this fast emerging market. We have a number of software solutions, and we have a number of hardware solutions. These are our three main, software solutions. We have AutoSIM, which is a complete digital modeling, three d visualization tool, which allows us to model an entire airport or a terminal, whether it's existing or whether it hasn't even been built yet, and determine, given flight schedules and how the airport or the airlines want to operate, we can actually, in in in in that software, simulate how that airport will operate and how would you bring electrified vehicles in, and how would you bring autonomous electrified vehicles in, and what does that do to the efficiencies, turnaround times, number of people you need, and and basically

10:05 optimizing an operation for the future. And that is really important because it also has a module in there for how do you manage the whole electrification portfolio, I. E, do we have enough power, how much power do we need at peak performance, and how long do we need to charge vehicles and get the optimum number of vehicles for an operation. And pretty much every customer we have around the world, we're doing an auto SIM project for them. And it's widely known by those customers that this is probably the most advanced simulator that is available on the market, and we've built that from scratch. We then have AUTOSTAK. AUTOSTAK is a autonomous driving software stack. We've developed that ourselves.

10:53 Nothing in this presentation has actually been done by anybody outside the company. I have an amazing technical team that can develop all this this technology. And AUTOstack is the same operational driving module in every vehicle that we have. There's no differences, so we're not customizing anything. Everything is absolutely the same with the same software and sensor suite across our our fleet. And that has taken a very long time to develop. That driving software is now at a very advanced stage, and we'll talk a little bit more about what sets us apart in in a moment. And then a very important part, not just having single vehicles running around, but having multiple fleets of vehicles in the future, they all need to be optimized, controlled, mission planned, and also, more importantly, protected from cybersecurity threat.

11:52 So having a resilient platform that can operate, hundreds of vehicles if necessary has been an important part that we've been developing throughout late twenty four, the whole of '25, and indeed into '26. And that platform has just completed its third party complete cybersecurity resilience penetration tests, and, we'll be talking more about that in 2026 as we go forward. So having followed on from the software, what's the main hardware platforms that we have? We have Auto Dolly Turk, which is a vehicle that can carry a single ULD container.

12:39 That container has around 35 to 40 of our bags, in them that we normally, normally have when we go on holiday or travels. It can carry one of those containers. In fact, it's the only vehicle that does carry a container, and it can tow, if necessary, another four trailers with containers behind it. It's a very unique vehicle and has been developed, as I said previously, alongside our partners. Our partners wanted a vehicle that could be super agile when it approached the aircraft. And the reason for that is because there's a lot of other, ground support equipment doing a lot of other jobs, such as refueling, waste, catering, etcetera. And so to move around on the airport, and to have agility is really important. And one of those factors was can we make that vehicle go sideways, and can it rotate 360 tank turn?

13:38 So that vehicle we developed and we have deployed, and every single vehicle we have around the world is to that standard. And it means that airports and operations can continue while other things are happening. So traditionally, you wouldn't be loading baggage while you've got a catering wagon in position because the the the distances and the operation is just too tight. Our vehicle can now slide in beside the catering wagon and can can can load and unload baggage automatically. It has robotic arms loaded onto the onto the deck. It can identify its own container, pick its own container up, transport it to the aircraft, and push it, and unload it onto the aircraft.

14:26 Our second vehicle is our auto cargo, and we developed this through, Financial Year '25. The largest vehicle we've built. It can actually carry seven and a half ton, container or four of those, ULD containers and, can also tow a trailer with another container on that with another seven and a half tons. And we've developed this vehicle, in conjunction with UPS at East Midlands Airport. We've now delivered, two of those vehicles to them, and, they're in operation at the moment and going through their paces to see if they satisfy the requirements. And again, I believe we're the only company that's got a a cargo moving vehicle, at that size and that capability.

15:18 That vehicle can also move sideways and almost tank turn. It can turn in a very small radius, and so it's super super agile. And then finally, we have a passenger, vehicle, which takes up to 10 people or can take loose, containers like parcels if necessary. So the interior is convertible from people to parcels. And our vehicle is now based on the Ford Transit e platform. So we purchase Ford Transit vehicles. We convert them and put our sensor pack and our autonomous driving system onto them, and then that vehicle can be driven either manually or or automated.

16:05 And we've just completed a very nice on road project. That vehicle travels autonomously up to 40 kilometers per hour, and we've just finished a program in Canada in very heavy snow, running members of the public around a very large industrial industrial park. So those are our software products and our hardware products. And we've also been developing a lot of technology that is equipped onto the vehicle, and this really sets us apart from the competition. The competition, in the main is taking a traditional electric baggage tug and is converting it into an autonomous driving vehicle.

16:51 That is just a towing vehicle. It cannot carry its own load. It's a towing a to b, b to a vehicle, and it also can't get up to the aircraft to load and unload its own containers, and it can't get into the baggage hall and load and unload its containers. So we are attempting to do a complete end to end, no person involved operation, whereas the competitors are still doing towing transportation. And we've got various bits of technology, dynamic alignment that we've developed that enables us to navigate on the the stand. We detect every single piece of GSE equipment on the stand, where it's positioned, and in fact, even if it's moving or not moving, which enables us to navigate whether we're going forwards, backwards, or sideways or or at an angle, to actually, go around those, those pieces of equipment to do our mission.

17:57 We have aircraft aircraft precise location. So when an aircraft lands, it's it looks like it's in the same location, but it's not. And every time you go onto the stand, the aircraft is not positioned in the same precise location. So we have to scan the aircraft and accurately get a dimension to enable us to dock directly to the piece of equipment that is touching the aircraft. We're the only company in the world that has insurance to enable us to dock directly with a piece of aircraft equipment, and that has taken quite considerable time for us to get to that position to convince authorities, insurance companies, and to build safety cases that people can ratify and and understand.

18:47 The third thing is we have spent a long time weather hardening our vehicle, and what that means is that traditionally autonomous vehicles are not very good in heavy rain or heavy snow, And, that's not very much use when you're in Singapore and you've got a big downpour, or you're in Canada or America and you're operating in snow. So we spent a lot of time both mechanically, but more importantly, on software algorithms to enable us to drive in very hard conditions. And to date, we can operate fully in rain up to 50 millimeters per hour and snow up to 10 millimeters per hour. And if you were to see those levels, they are incredibly difficult to operate in.

19:35 But we've managed to do this and prove to our customers that this is possible. Amongst all the many pieces of technical things that I could tell you, these are just a snapshot, but the final one is we have now developed an automated way to cross a live taxiway. So normally, if a vehicle wants to cross a taxiway, they talk directly with the control tower. But of course, our vehicles autonomously, they don't have anybody on board. So how do you get a computer to do that and understand where it is, how it sees the aircraft, are the aircraft moving or not? And we've got some really, really good technology in the vehicles now and in our systems that enable us to do that.

20:22 And those are subject to patents, and we've developed that and proved it out in operations at Cincinnati Airport. So all of these, what sets us apart technology is underpinned by all of the other technology that we've built up for many years now, and this is all coming together, including being able to have our AutoConnect platform with a complete blockchain distributed identity per vehicle, which means it's very hard, almost impossible, to crack, our vehicles on our network. Progress on the ground. As I said previously, we've been working with Swissport and Schiphol and Changi and civil sorry, go to Cincinnati Airport, for quite a while amongst others.

21:10 We now have, in 2025, we won a contract to, actually sell to Teeside, a shuttle and an auto dolly tug. And we now have, a digital test bed up there with a team which enables us to engineer vehicles, develop them. And we're also working with the, the Tea Side Freeport and the airport, people about how do you do digital trade. In other words, can you move a piece of cargo, through borders digitally with no one on board and just using our sensors and cameras to check? So you get a digital trade certificate, and you can take it straight onto the plane or straight off the plane and through borders.

21:56 We also announced at the end of last year that we had raised £14,000,000 of additional investment to start to scale up our operations now that the technology was really getting mature. And for the first time amongst some very, very good additional institutional investors, we brought on our first strategic investor, NextGen Mobility, who invested 9,750,000 into the company. And I was very pleased that we were able to have a proper strategic relationship with those those guys. And we won the the ultra global contract, which for us is to design and develop their autonomous vehicle and manufacture the first 25 vehicles here in Coventry.

22:52 And that's the largest autonomous contract we've generated to date. The bulk, some of that will be revenue in '26, and the balance will be in in should be in h one of of twenty seven. So just diving into automotive for a very short time because automotive is super important, not just for what I said about technology transfer, but also about cash generation into the business to allow us to support the the funding that we've received from shareholders. If you cast your mind back it's very difficult starting June 26 thinking about 2025, but if you cast your mind back, the automotive in industry was hit by two very, very big things. The first from the Trump administration with revenue with tariffs, which wasn't very helpful at all and drove a lot of instability.

23:53 And secondly, almost straight after that, our biggest client, Jaguar Land Rover, had a massive cyber attack and was literally shut down for three or four months. And, again, that rippled through the industry. We put out a notice roughly in the middle of last year to say that we were going to downgrade our numbers on, particularly on automotive. But I was really pleased, and I'm pleased to report that in the final part of the year, as JLR came back online and the tariff problem disappeared, that we had an excellent back end of h two and almost recovered, all of the revenue that that we had lost.

24:38 And that continues into f y twenty six, and we are making very, very good progress in in '26 and are back to where where we thought we would be. So those headwinds, let's hope they've gone. You never know with the Trump administration. Of course, they could change something or something else could happen. But at the moment, those are behind us. And the automotive business unit is doing incredibly well. And I'm I'm again, I was pleased to report winning the 4,500,000 supercar framework contract, which will be revenue in '26, '27, and '28. And that just shows that we can our r and d team, our manufacturing team, and the whole of the the automotive division is working hard to get new contracts and new customers.

25:32 And all of that cash that we generate, which Ian will tell you a little bit bit in a minute, all of that cash is diverted straight into the autonomous part of the business to supplement all of the cash that we've raised. So let me just take a breath, have a quick slug of water, and hand over to Ian for some results. Thank you, David. So results for 2025, this is sales that we're looking at here and having a little bit of graphs. So on the autonomous side, you can see that where we've been focusing that, and we can see that the biggest growth opportunity for us, we've moved from mostly passenger autonomy into aviation autonomy, and 2024 saw a very large increase in that as we got a number of major contracts.

26:28 Those contracts have moved into f FY '25, and we've had a number of additional wins through 2025. Although that that revenue has declined slightly, we've got some additional revenue that's coming through passenger again, which is related to the ultra global contracts that we've won. That was the first design development phase that allowed us to bid and win for the 6,280,000 that we referred to earlier. In terms of automotive sales, you can see that 2324 was fairly stable around about 6,000,000. That's that's what we would expect to be for a for a normal year given the turbulence that David was talking about in terms of tariffs and cyber attacks, etcetera.

27:23 And that has come down slightly, but q one q four of twenty twenty five really managed to bring back some of the dampened sales that we had had through the course of the first quarter, second quarter, and into the third quarter of the year. So while revenues are down slightly from 8,900,000 to 8,000,000, as we'll see on the next slide, that we feel is a very positive result for the year given the difficulties that have been through the industry, particularly in the automotive side. So next slide, please. So in terms of the actual results statements, revenue, as I say, was 8,000,000 compared to an 8,900,000 in 2024.

28:15 The gross profits, however, have remained the at around about 41% slight decline because of the the mix in products within automotive and also the split between automotive and autonomy. EBITDA is a minus 3,000,000 compared to 1.6 in 2024. That is in line with our expectations given the fact that we are have been increasing our spend on r and d manpower in order to develop and demonstrate increasingly complex and difficult scenarios that our customers are asking us to do and solve for them. So that's brought about a 3,900,000 net loss compared to a 2,400,000 in 2024.

29:15 So the other increases in costs that we have experienced are the legislative changes that came into force through '24 and '25, but also because of the increased complexity within the deployments that we are instigating at the request of our customers, those insurance costs are are going up slightly. That's not unexpected because it means that we're we're getting closer and closer to the the planes and the infrastructure of the airports. As David has said, we are the only company that we're aware of that's actually got that insurance, and we've got close ties with the insurance in order to discuss and establish that. From a balance sheet point of view, gross assets are 20 nearly 27,000,000 compared to 16 in in the prior year, increase was stabilized by the cash injection that we had through the year, initially, the beginning of the year, which was a remainder of the placement from 2024, but then a 14,100,000 gross placement towards the end of the year end of Q3, which is why the cash position is currently very strong at £11,500,000 compared to 3,000,000 and that's the highest cash position that we've had certainly since we have listed.

30:37 We continue to spend money on r and d capitalization, and we capitalized 1,000,000 also in the course of the year primarily on the auto cargo and auto shuttle projects and products. And we've got a 7,000,000 net book value at period end for assets that we've capitalized. We have a related deferred revenue of around 4,000,000, and we are putting around about £500,000 back into revenues, which is matching the amortization of that capitalized costs. I've mentioned the strengthening of the balance sheet and you if you examine the balance sheet and the and the accounts, you'll see that the F R S 16 right of use property assets are reducing significantly as the leases in our old current site at the end of the year were due to expire, that's allowed us to move into our new headquarters and manufacturing property.

31:48 Thank you very much. That concludes the the results section. Very good. Thanks, Ian. So during 2025 and into 2026, we launched our hub strategy, and, this is all about how we're gonna scale the company. At at the moment, we've been a company that's been developing technology vehicles and working with our customers to get something that's going to operate in in their in their environments, and that has been done pretty much on a one, two, three, five vehicle basis. Now if if we are now going to enter the markets at scale, which we are going to, and our technology is maturing enough to get signed off, then we have to see how we're going to scale the company.

32:41 And to do that, we we're going to scale with partners, and this hub strategy was conceived, which we put out on an RNS. That hub model is is around some very key locations around the world, namely, obviously, The UK where we've got our headquarters, potentially an operational hub in Europe, definitely one in North America, one in The Middle East, and one in the APAC region, in Singapore or around that area. So that hub model means that we will not produce all of the vehicles in The UK. They will, some will be produced here at our new facility, but others will be either manufactured under license or with partners or with invested partners in those locations.

33:35 We will also not deploy all of those vehicles ourselves in those locations. We will look for partners who are already deploying these type of vehicles, although they're not autonomous vehicles, but this type of aviation ground support equipment. And so getting this hub model in these locations with really first class partners where eventually we become second tier technical support to them. We become a company that is technically focused developing new vehicles, new technology, and licensing and transferring that technology to those hubs. That's how we're going to scale the company and look to see that those partners or where we're putting those hubs, we can get that local investment in into those hubs and not take it into the PLC and get any subsequent dilution.

34:38 And to get routes to market, there are obviously ground handlers. They're GSE manufacturers, and there are also GSE lease and buy operators. So we will not, be trying to sell, product, in a different way than other GSE is bought by operators, airlines, ground handlers that they do today. So we will look for traditional methods to go through those methods where a GSE lease lease or an operator will purchase from us and supply those into our customers. So that's scalable. It it scales product sales through those routes.

35:23 It's very capital light. We don't expect right this minute to be coming back for for capital. We have a long runway and cash to support that that runway, and looking more to licensing and developing future technology. But for now, the company is doing everything. As I said, we're blank sheet of paper all the way through to deployment. To scale, you need to bring in partners to to help you do that, and we want those partners to be, invested into what we're doing. As part of that hub strategy, we needed a much, larger, more sophisticated facilities consolidating all of our five units that we have in the middle of Coventry into a unified site with much more expanded production capability, design office capability, and prototyping.

36:24 And I'm pleased to say only six or seven weeks ago, we completed the the lease of a of a building, which is not far from where where we originally were, three three miles or so, which gives us three times our footprint over two buildings, and a 6.3 acre site, which also enables us to have our own testing facility and and also customer demonstration. So for those of you who would like to visit and will visit or have visited already, you will be able to be greeted by an autonomous vehicle that will take you around the site, and you'll be able to see us manufacturing those vehicles and developing those vehicles.

37:10 The facility in in the second building for manufacturing with very limited capital expenditure, very limited, can produce something like 500 vehicles per annum. And as I say, that on-site tech test track and demonstration will enable us to bring customers, blue chip customers from around the world, to see what we're doing. We now have facilities that match the technical and ambition of of the company. And I have to say, in thirty three years, this is one of the most exciting moments that I I have had, and, I'd really like to share that with you when when you're able to. So finally, on our investment case, we still and have a growing large global market.

38:03 More than 700 airports globally we analyze could take our equipment, facility, and technology and get a very good commercial outcome from it. There are strong market tailwinds, lots of change, and we are right in the middle of that. We are an established partner now. We have spent many years getting to this point proving to our customers that our tech is the best, it's reliable, and now we need to scale it. We've also got huge technical differentiation over our competitors, and we've talked about some of it, but we have a huge portfolio of advantages. And our customers are looking for end to end, complete end to end service. They're not looking for part of the solution. They want to get the maximum benefit from, implementing autonomy going forward.

38:58 We've launched the hub model, which will give us a scalable business model around the world, and we've been recruiting more people, including into the senior leadership team, and we've been bringing in more, aviation experience into that team. So we really do have a team that can can deliver, this strategy. So this is all about now value creation rather than lots of, improvements in the tech. We've got great tech, and and it works. And we're now proving that it works twenty four hours a day, three hundred and sixty five days a year, and our customers can see that and implement it. So with that, we're in a very exciting position with the company and the outlook for '26 and into '27.

39:49 So thank you very much for listening, and, I'll just hand back. That's great. Thank you very much for your presentation. Ladies and gentlemen, please do continue to submit your questions just by using the q and a tab situated on the right hand corner of your screen. Just while the company take a few moments to review those questions submitted today, I'd like to remind you that recording of this presentation, along with a copy of slides and the published q and a can be accessed via investor dashboard. Guys, as you can see, we have received a number of questions throughout today's presentation. Can I please ask you to read out the questions and give responses where appropriate to do so? And I'll pick up from you at the end. Yeah. Sure. Thanks for all the questions. So the first one is from Rob b. A Chinese competitor, UC, recently listed on the Hong Kong Stock Exchange. I understand they also have some operations at Singapore Changi.

40:38 One, presumably, it is a good thing to see more capital coming into the sector. And two, can you perhaps compare and contrast your offering with that of UC? Well, the answer to the first bit is great because, yes, competitors, always show that there is a market. This is a huge global market. It has space for a number of players. Obviously, our job is to get the biggest slice of that market that we can possibly get. And UC did, recently gone to the Hong Kong Stock Exchange and are currently valued, think, today at nearly £1,000,000,000. And the part two of your question, they are quite a long way behind us.

41:30 They are a company that retrofits onto an existing, electric baggage tug. They can only do a towing operation. They cannot automatically load or unload, and they can't get close to an aircraft. And those things mean that they can't utilize and extract the maximum value for an end to end operation as an airport. So fair play to them. Amazing that that they've listed in Hong Kong and got a billion pound valuation. I I think we should be if they're a billion, we should be 5,000,000,000. I'm not quite sure why we're 64,000,000 as of today, but that's probably another story for discussion of the valuation of technology companies on on AIM.

42:21 But, yes, they are operating as well alongside us at at Changi Airport. And as I say, there are spaces for for all competitors, and it's a good thing. Second question, John, what proportion of your current pipeline would you classify as being in commercial deployment discussions versus trial or evaluation phases? Well, the the easy answer to that is everything we're doing, pretty much everything we're doing, is revenue generating. So we're not really doing that much for free unless it was absolutely strategic spread to catch a macro. Everything is generating revenue, but it is definitely in trial or evaluation phases.

43:09 There's there's nothing in commercial deployment yet. But as I say, I would be very disappointed if we couldn't get to some sort of the start of commercial deployment discussions and movements in in the very near future. Brian e, if the auto dolly only holds one container, will there be a fleet for aircraft where I assume they have tens of containers per flight? That's absolutely right. Although our vehicle can tow, it is not the optimum thing to do. The the optimum thing to do is actually just move one container. And, if you run that through the simulator, it it it shows that, an operation which is currently a towing four or towing five operation can be significantly enhanced if you move to moving one container at a time on a vehicle, but you optimize those containers and those vehicle movements.

44:12 And and and that's really where we're going. It is also a safety aspect as well because there are, unfortunately, a number of near misses accidents that occur when you tow things around an airport. So for instance, the drivers of those towks, they have to manually lock down the lock stops to stop the containers sliding off. And I can tell you it is a common occurrence that containers are forgotten that they need to be locked down. People go around a corner and the containers slide off. And also, if you're trailing three, four, five contain trailers with containers, you are blind to that. And if someone steps in between those trailer containers, they can easily be run over or or hurt.

45:05 So there are a number of reasons to move to single container transport. And and although you might think, well, that's more vehicles, it's actually less equipment on the airport. You get rid of all of the trailers, and there are a lot of trailers. And if you optimize it, you can do a normal airport with less vehicles than they do currently. Rob b, East Midlands Airport, you are currently working with UPS, but other large logistics companies also have significant operations at that airport. Are you talking to them too? Well, the the answer to that is we've we've spent at least two, maybe two and a half years working with UPS diligently with them on how do you create a cargo vehicle that that will operate.

45:59 And we've tried to make sure that although that cargo vehicle fits UPS' operations precisely, and those are their global operations, it is also a vehicle that can be used for anyone else in cargo, any cargo operator. And the easy answer, Rob, is that, yes, we are talking to other cargo operators to showcase that vehicle and get them to look at automated cargo operations. Dave, I'll read this out for Ian, and then he can he can answer it. Do you capitalize all r and d, and what is the rate of write down on capitalized software?

46:46 Okay. Thank you, Dave. So the the answer to that is we do capitalize on all r and d. Primarily, the r and d comes in historically as r and d grants. So anything that offers that are capital in nature get capitalized based on that. And we also then also claim r and d tax credits on any expensed items that are r and d related. In terms of the, the write down of that capital asset, which is physical as well as software, that is over the life of the asset or software that we, expect, which is currently ten years. Thanks, Ian. Next question from Chris h.

47:35 Has or would the company consider developing a fully autonomous vehicle for loading weapons onto military aircraft? Well, the answer to that is, of course, a lot of these things are are sensitive in in answering those questions, that type of question. But I would say that just because we move baggage and cargo and people around airports doesn't mean to say we can't move other pieces of equipment in other markets, in other locations. So I guess, Chris, watch this space. Robin m. Two things. One, is the two time U two off UPS order recent to East Midlands?

48:22 What is the chance of a follow on order soon? So let me just answer that one before I answer the the JLR one. So the the two UPS vehicles of u p at East Midlands have been funded as part of The UK Innovate grant program in in two phases. We were the first people to get Innovate to fund anything in in the in the ground support equipment space, and we did a really good job getting the first vehicle designed and up and running. We applied for a second grant to support that with an additional vehicle and also a passenger vehicle for taking their crew to the aircraft, which we won.

49:08 And now we're coming to the end of that grant supported program. So the objective for the company is to complete that grant program, blow the socks off UPS, make them think that this is a great vehicle that they want to order and invest into, and then move into operations with them, not just in The UK, but in in other locations around the world. And and that's what we're really trying to do with that program. Your second question, Robin, is Jaguar Land Rover are having a real struggle right now with the diesel fleet and very low registrations. Does that matter for AURRIGO projects with JLR? Well, our work with Jaguar Land Rover is in fact not with what you would think of as run of the mill production vehicles.

50:05 We support JLR on their SVO vehicles. So those are all the SV versions of the Range Rover Sport, Range Rover itself, Defender Premium. So we're not we're not supplying or developing products for the normal run of the mill vehicles. We're we're doing all the special vehicles, which actually run into thousands of vehicles per annum, but they're all in the in the high value end of the market. And, currently, that does not affect us at all. In fact, actually, although you say they're struggling, they're not struggling from what we see. We see ever increasing schedules from them.

50:53 And, and I think one advantage they do have is they have some very, very good hybrid vehicles. And and as people are not so super happy with some of the electric vehicles that are around, they've come back to have have a look at hybrids, and JLR has some very good hybrids. So, no, we're not we're not seeing that in the premium end of their product portfolio. Rosita, are you presenting at London Tech Week? Rosita, that's probably the only place that we're not we're not presenting. We're presenting at at dozens of places around the world. So please have a look on our website and in the investor hub part of our website, which details where we are in in the world, including The UK.

51:42 So very happy to meet you at any of those and and talk to you. Dave, we're nearly halfway through your financial year, but the brokers, Canaccord and Zeus, do not appear to have yet produced f y '26 forecast. Why not? Well, that is a deliberate strategy by the company, Dave. And the reason for that is because we really struggled when we we IPO ed the company and we put our forecasts out. As you know, companies are are heavily marked up or down against what they do against any forecasts. And right here and now, with the nature of the business that we have, and you've seen from the RNSs that we've put out with we've won this order for 6,500,000.

52:33 We've won this order for 4,500,000. It is really difficult right now to predict in f y twenty six and going into f y twenty seven where we will be. So what we've decided to do for now is not put those forecasts out, but to be really positive and open in terms of discussion with shareholders about what we're trying to do, how we're trying to do it, and, and obviously publishing good news as soon as we can, and making sure that in those contracts, we are actually trying telling shareholders what's in f y '26, '27, and '28 So it doesn't look like it it's all in this year or all in the never never. And and just finish that answer, actually. I would love to be in a position where we were putting forecasts out, and I understand the importance of it, but we're not quite there yet. And I look forward to the the day that we can do that.

53:31 Brian e, last question. Do you need human involvement to get container off the plane and onto the auto dolly? Good question. So right here and there, the answer is yes, you do. Because as containers come out of the aircraft, they are taken out by a guy or a girl who's on what's called a JCPL or a high loader, and then they're lowered down to a ground level and then transferred onto onto a container or transferred onto our vehicle. So at the moment, we dock with that piece of equipment. We either offload automatically, and it's lifted up to the aircraft, or it's loaded, and we grab it and pull it onto our onto our vehicle and drive off in in the unload sequence.

54:22 It it is not too difficult a jump to see that we could delete that high loader JCPL, piece of equipment and also that operator and lift that container ourselves into the aircraft. So, again, these are some of the things that, we're looking at as our product development, goes forward. So I I think that's that's all of the questions we've had. Thank you very much for those questions, and I'll, again, hand back. That's great. Thank you for answering all those questions you can from investors. And, of course, the company can review all questions submitted today, and we'll publish those responses on the Investor Meet company platform. Just before redirecting investors to provide you with their feedback, which you know is particularly important to the company, David, can I please just ask you for a few closing comments?

55:11 Yeah. Sure. Well, first of all, I'd like to thank everyone who's attended this, this presentation today. We really do appreciate you taking the time to do that and also taking the time to ask some very, very, good questions. As you'll know, we're we're we're an approachable group of people. We're very happy to answer questions at any time, so please, please bring those in via our website or talk to us directly. So my closing comments really, having completed f y twenty five, which was really a foundational year to get our technology and our partnerships going and our vehicles out into the real world, into the wild operating at airports.

55:56 We've really learned a lot. We've developed that tech, and we're now into 2026 looking at how we maximize that scale, the opportunity, and into 2027. So and having the hub strategy move that we've completed into this new facility, it is really exciting times. And also, thank you to our shareholders who have invested and and also our our new strategic shareholder that's come on board. With that investment, we we're going to really move the company forward, and I expect to see us generating some real value for shareholders. And we're all shareholders, and it's really important. You know, I'm a shareholder. Ian's a shareholder.

56:41 Really important that we're we're working on behalf of everyone. So thank you very much again, and really appreciate your time. That's great. Thank you both for updating investors today. Can I please ask investors not to close the session as you'll now be automatically redirected to provide your feedback in order that the management team can better understand your views and expectations? This will only take a few moments to complete, and I'm sure it'll be greatly valued by the company. On behalf of the management team, we'd like to thank you for attending today's presentation, and good afternoon to you all.