Financial Data and Key Metrics Changes - The company's full-year revenue grew by 10.3% year-on-year, with significant increases in adjusted net profit and EBITDA [1] - The leverage ratio decreased from 4x in 2024 to 3.045x in 2025, indicating improved financial health [1][41] - Adjusted EBITDA margin was reported at 14.3%, while adjusted net profit margin was 4.6%, with net profit growth at 22.7% [8][10] Business Segment Data and Key Metrics Changes - Swisse revenue exceeded HKD 1 billion, achieving number one position in both Mainland China and Australia, with double-digit growth in China [2] - The BNC business segment saw a 20% growth, with super premium infant formula segment growing by 17.12% [3][10] - The PNC business accounted for 15% of total revenue, marking a new milestone, with pet supplements achieving double-digit growth [3][10] Market Data and Key Metrics Changes - China remains the largest market, contributing over 70% of revenue with a growth rate of 17.5% [11] - North America accounted for 12.1% of revenue, growing by 7.5%, while the ANZ market decreased by 20.2% due to strategic adjustments [12][11] - Other markets grew by 14.7% year-on-year, contributing to overall revenue growth [13] Company Strategy and Development Direction - The company plans to continue investing in its three business segments to enhance shareholder value and maintain a strong cash flow [4] - Focus on systematic innovation and consumer insights to drive growth, with new product launches across various segments [5][6] - The strategy includes expanding into high-growth channels and markets, particularly in Southeast Asia [49][26] Management Comments on Operating Environment and Future Outlook - Management expressed confidence in the growth momentum for 2026, emphasizing the importance of innovation and market adaptation [25][28] - The company aims to maintain its leadership position in the Chinese market while expanding its presence in international markets [26][27] - Management acknowledged challenges from tariffs and market adjustments but remains optimistic about future profitability [20][21] Other Important Information - The company maintained a dividend payout ratio of 30%, with a total dividend of HKD 0.35 per share [4][9] - Significant improvements in cash flow conversion, with 88% of operating cash flow converted from adjusted EBITDA [9][38] - The company is committed to sustainability and ESG efforts, achieving high rankings in relevant indices [25] Q&A Session Summary Question: What has contributed to the strong growth in IMF? - Management highlighted the strong formula of the product and effective market strategies, with a focus on early-stage education and e-commerce expansion [43][44] Question: What is the expansion plan for the Southeast Asian market? - The company plans to leverage product innovation from the Chinese market and adapt to local consumer demands in Thailand, Indonesia, Singapore, and Vietnam [48][49] Question: How does the company view the profitability of the Douyin channel? - Management sees Douyin as a crucial channel for consumer education and sales, emphasizing a balanced approach to investment in various channels [52][53]

Financial Data and Key Metrics Changes - The company has seen fluctuations in the exchange rate of RMB, impacting exchange rate gains and losses significantly throughout 2025 [82][84] - R&D expenses have increased from CNY 1.6 billion in 2021 to CNY 2.2 billion in 2025, accounting for 4% of total revenue [65] - The input/output ratio for R&D investment improved from RMB 1 to RMB 2.5 in 2021 to RMB 1 to RMB 3.1 in 2025 [67] Business Line Data and Key Metrics Changes - The technology segment accounted for 55% of total revenue and 72% of profit in 2025, indicating a strong contribution to overall performance [71] - The operating profit margin for the technology segment was 16% in 2025, outperforming industry peers despite a slight year-on-year decline [75] - The contribution of the technology segment to overseas revenue increased from 14% in 2021 to 24% in 2025 [73] Market Data and Key Metrics Changes - The company operates in five major continents across 13 countries with 120 operation sites, showcasing a diversified market presence [80] - The company has established long-term agreements in the North Sea region, which helps in managing costs and enhancing efficiency [111] Company Strategy and Development Direction - The company focuses on five key development strategies: technology-driven, cost leadership, integration, internationalization, and regional development [11] - During the 15th Five-Year Plan, the company aims to solidify its established strategies while adapting to changes in the development environment [117] - The company plans to increase investment in equipment while maintaining a stable gearing ratio, indicating a focus on sustainable growth [59] Management's Comments on Operating Environment and Future Outlook - Management remains cautiously optimistic about oil prices despite geopolitical tensions affecting demand and supply dynamics [31][34] - The company believes that the ongoing conflict in the Middle East will be temporary and does not plan to alter its internationalization strategy [101] - Management emphasized the importance of enhancing competitiveness through technology and integration strategies, which have accounted for 40%-50% of revenue during the previous Five-Year Plan [99] Other Important Information - The company has completed two M&A projects in 2025, indicating a trend of consolidation in the industry [43] - The company is focusing on optimizing its debt structure, having issued CNY 5 billion in debt at a lower interest rate to reduce financing costs [57] Q&A Session Summary Question: Impact of Middle East conflict on technology and drilling segments - Management confirmed that operations in Iraq, Saudi Arabia, and Kuwait have not been significantly impacted, with ongoing maintenance and operations continuing [24][26] Question: Oil price trend and adjustments to development plans - Management noted that while there is excess capacity and weaker demand, they remain cautiously optimistic about future oil prices and will not change their internationalization strategy [31][34] Question: Reasons behind profitability growth in drilling rigs - Management highlighted the acceleration of internationalization, increased domestic production, and improved utilization of large-scale equipment as key factors [40][41] Question: Changes in pricing mechanisms for marine support segment - Management stated that they are exploring mechanisms to pass on oil price increases to customers, emphasizing the win-win nature of long-term agreements [111] Question: Plans for new semi-submersible rigs and overseas development - Management indicated that they are focusing on self-construction and R&D for new rigs while continuing to diversify their market presence despite geopolitical challenges [94][99]

Financial Data and Key Metrics Changes - The company has seen an increase in profitability, particularly in the drilling segment, with significant contributions from both domestic and overseas operations [20][21] - R&D expenses have risen from CNY 1.6 billion in 2021 to CNY 2.2 billion in 2025, accounting for 4% of total revenue [32][34] - The operating profit margin for the technology segment was 16% in 2025, showing stability despite slight year-on-year declines [40] Business Line Data and Key Metrics Changes - The technology segment accounted for 55% of total revenue and 72% of profit in 2025, indicating a strong performance [36] - The contribution of the technology segment to overseas revenue increased from 14% in 2021 to 24% in 2025 [38] - The company has completed its previous seven-year action plan and is preparing for a new ten-year plan, focusing on domestic supply and expansion [21] Market Data and Key Metrics Changes - The company operates in 13 countries across five continents, with 120 operational sites, reflecting a diversified market presence [42] - The geopolitical situation has led to volatility in oil prices, but the company remains cautiously optimistic about future trends [16][18] Company Strategy and Development Direction - The company focuses on five key development strategies: technology-driven, cost leadership, integration, internationalization, and regional development [7] - During the 15th Five-Year Plan, the company aims to solidify its established strategies while adapting to changes in the development environment [58] - The company plans to increase investment in equipment and maintain a stable gearing ratio, considering operational needs and future cash positions [30] Management's Comments on Operating Environment and Future Outlook - Management acknowledges the impact of geopolitical conflicts on operations, particularly in the Middle East, but emphasizes the resilience of their internationalization strategy [16][18] - The company is optimistic about its ability to navigate challenges and enhance competitiveness through technology and integration strategies [50][51] Other Important Information - The company has seen fluctuations in exchange rates, impacting financial results, but is focused on optimizing its debt structure and reducing financing costs [28][43] - The company has established long-term agreements in the North Sea region, which help manage costs and enhance operational efficiency [55] Q&A Session Summary Question: Impact of Middle East conflict on technology and drilling segments - Management reported no operational suspensions for rigs in the Middle East, although some maintenance operations in Iraq were affected [12][14] Question: Oil price trend and adjustments to development plans - Management noted that while there is excess capacity and weaker demand, they remain cautiously optimistic about oil prices and will not change their internationalization strategy [15][16] Question: Reasons behind profitability growth in drilling rigs - Management highlighted the acceleration of internationalization and increased domestic production as key factors contributing to profitability [20][21] Question: Plans for new semi-submersible rigs - The company is focusing on low-cost and efficient construction methods for new rigs, leveraging self-developed designs and R&D [46][47] Question: Mechanism for passing on oil price increases - Management indicated that while they have long-term agreements in place, they are exploring mechanisms to manage cost increases effectively [55]

Financial Data and Key Metrics Changes - In Q4 2025, the company recorded net revenues of RMB 38.9 million, a 94.6% increase quarter-over-quarter and a 6.4% increase year-over-year [9][21] - Gross margin for Q4 2025 was 46.1%, representing a 12.5 percentage point increase year-over-year [20][23] - The net loss narrowed by 16.8% year-over-year, with a net loss of RMB 65.3 million in Q4 2025 compared to RMB 63.7 million in Q4 2024 [10][27] Business Line Data and Key Metrics Changes - The school-based subscription model business continued to expand, contributing a growing share of total revenue, reflecting its recurring nature [12] - The new consumer-facing product, Yiqi Aixue, launched during the quarter, received strong presale orders and positive market feedback, indicating robust growth prospects [7][8] Market Data and Key Metrics Changes - The company maintained a healthy cash balance of RMB 407 million as of the quarter end, reflecting positive expectations for future cash flow [9][29] - The strong momentum of the new consumer business contributed to positive net operating cash inflow during the quarter [11] Company Strategy and Development Direction - The company aims to leverage advancements in AI capabilities as a key driver for sustainable growth and enhance cross-business synergies [30] - The strategy includes focusing on consumer-centric offerings that resonate with users, creating a sustainable growth pathway [30] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the promising trajectory of new AI-powered offerings and the positive expectations for future cash flow [9][30] - The company is committed to exploring innovative practices in AI+ education and upgrading products to enhance user value [18] Other Important Information - Total operating expenses for Q4 2025 decreased by 10.9% year-over-year, despite an increase in sales and marketing expenses related to the new AI-powered consumer business [20][24] - The company achieved a reduction in total operating expenses for the full year of 2025 by 24.3% [20] Q&A Session Summary Question: No questions were raised during the Q&A session - The operator indicated that there were no questions from attendees [31]

Financial Data and Key Metrics Changes - In Q4 2025, the company recorded net revenues of RMB 38.9 million, representing a 94.6% increase quarter-over-quarter and a 6.4% increase year-over-year [5][14] - Gross margin for Q4 2025 was 46.1%, a 12.5 percentage point increase year-over-year [12][15] - The net loss narrowed by 16.8% year-over-year, with a net loss of RMB 65.3 million in Q4 2025 compared to RMB 63.7 million in Q4 2024 [6][19] Business Line Data and Key Metrics Changes - The school-based subscription model business continued to expand, contributing a growing share of total revenue and demonstrating its recurring nature [6][14] - The new AI membership product targeting C-end users achieved strong presale orders and positive market feedback, indicating robust growth prospects [5][8] Market Data and Key Metrics Changes - The company maintained a healthy cash balance of RMB 407 million as of the end of Q4 2025, reflecting positive expectations for future cash flow [5][21] - The increase in net revenues was primarily driven by the school-based subscription model, which is scaling effectively [14][15] Company Strategy and Development Direction - The company is focused on integrating AI into education, aligning with national initiatives, and enhancing user experience through personalized learning solutions [8][11] - Future growth will be supported by strengthening cross-business synergies and reinforcing business resilience [21] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the promising trajectory of new AI-powered offerings and the potential for sustained growth driven by advancements in AI capabilities [5][21] - The company aims to explore innovative practices in AI+ education and continue upgrading its products [11] Other Important Information - Total operating expenses decreased by 10.9% year-over-year in Q4 2025, despite increased sales and marketing expenses for the new AI-powered consumer business [12][17] - The company achieved a reduction in total operating expenses for the full year of 2025 by 24.3% [12][13] Q&A Session Summary Question: No questions were raised during the Q&A session - There were no questions from attendees during the Q&A session, and the call concluded without further inquiries [23]

Financial Data and Key Metrics Changes - For the full year 2025, net revenues were RMB 2.6 billion, broadly flat year-over-year, while operating profit increased to RMB 777 million, up 22.5% year-over-year, with an operating margin improving to 29.8% [6][17] - Non-GAAP net income reached RMB 612 million, up 11.2% year-over-year, with adjusted non-GAAP net income approximately RMB 753 million [6][20] - In Q4 2025, revenue was RMB 733 million, up 12.5% year-over-year, and operating profit reached RMB 258 million, representing an increase of 87.3% [17][18] Business Line Data and Key Metrics Changes - Investment product commissions increased by 79.7% year-over-year, and performance-based income rose by 78% [18] - The company deliberately reduced reliance on insurance-related revenue, reflecting a transition toward a more investment-led business model [16][17] Market Data and Key Metrics Changes - Overseas revenue contribution increased to 49% of total net revenue, indicating a shift toward globally diversified revenue streams [18] - The company noted that client sentiment towards investment products remains strong despite market volatility, with high interest in AI-related products [29][50] Company Strategy and Development Direction - The company is focused on serving global Chinese high net worth and ultra high net worth clients, transitioning from a product sales-driven model to a comprehensive platform centered on asset allocation and AI systems [4][14] - The operational model is being reconstructed to enhance efficiency and scalability, with AI embedded in key areas such as client engagement and operational processes [13][15] Management Comments on Operating Environment and Future Outlook - Management emphasized that the improving quality of profitability is more important than the absolute scale, with a focus on structural stability rather than cyclical volatility [7][14] - Looking ahead to 2026, the company expects revenue fluctuations due to structural adjustments but anticipates a rise in investment-related income [14][23] Other Important Information - The board approved a total dividend of RMB 612 million, equal to 100% of 2025 non-GAAP net income, marking the third consecutive year of full payout [22][23] - The company maintains a debt-free structure with cash and short-term investments totaling RMB 5.0 billion, providing strong financial flexibility [20][22] Q&A Session Summary Question: Private credit distribution and risk assessment - Management clarified that the company does not own assets related to private credit products and has advised clients on proper positioning early on [26][27] Question: Transaction value and one-time commission trends - Management acknowledged a drop in insurance sales but noted that existing clients have sufficient coverage, and there is still high interest in investment products, particularly AI-related ones [28][29] Question: AI strategy and its impact on operations - Management highlighted that AI enhances efficiency and allows for better client coverage, with a focus on quality rather than quantity of hires [38][40] Question: Operating margin expansion and cost control - Management attributed margin expansion to cost optimization and AI utilization, with a goal to maintain a 30% operational margin moving forward [55]

Financial Data and Key Metrics Changes - For the full year 2025, net revenues were RMB 2.6 billion, broadly flat year-over-year, while operating profit increased to RMB 777 million, representing a growth of 22.5% year-over-year, with an operating margin of 29.8% [6][13][19] - Non-GAAP net income reached RMB 612 million, up 11.2% year-over-year, with adjusted non-GAAP net income approximately RMB 753 million [13][15] - In Q4 2025, revenue was RMB 733 million, up 12.5% year-over-year, and operating profit reached RMB 258 million, a significant increase of 87.3% [13][19] Business Line Data and Key Metrics Changes - Investment product commissions increased by 79.7% year-over-year, and performance-based income rose by 78% [13] - The company is transitioning from a product sales-driven model to a more investment-led business model, enhancing earnings quality and margin resilience [13][19] Market Data and Key Metrics Changes - Overseas revenue contribution increased to 49% of total net revenue, indicating a shift towards globally diversified revenue streams [13] - The company has established a global wealth management operational system with three core platforms: ARK, Olive, and Glory, each serving distinct functions in client onboarding, investment management, and asset structuring [7][8][9] Company Strategy and Development Direction - The company is focused on serving global Chinese high net worth and ultra-high net worth clients, emphasizing compliance and long-term wealth management services [4] - A critical transformation is underway, evolving from a wealth management institution primarily driven by product sales to a comprehensive platform centered on asset allocation and AI systems [4][19] Management Comments on Operating Environment and Future Outlook - Management highlighted that the quality of profitability is improving faster than revenue stabilization, with a focus on structural stability rather than absolute profit scale [6][19] - The company remains committed to disciplined execution and creating sustainable long-term shareholder value, with a strong cash position and operating cash flow [17][19] Other Important Information - The board approved a total dividend of RMB 612 million, equal to 100% of 2025 non-GAAP net income, marking the third consecutive year of full payout [18][19] - The company has a debt-free structure with cash and short-term investments totaling RMB 5.0 billion, providing strong financial flexibility [16][19] Q&A Session Summary Question: Private credit distribution and risk assessment - Management emphasized that the company does not own assets related to private credit products and has been advising clients on proper positioning early on [22][25] Question: Transaction value and one-time commission trends - Management noted a drop in insurance sales but observed high client interest in investment products, particularly AI-related offerings [23][28] Question: AI strategy and its impact on operations - Management highlighted that AI enhances efficiency and allows for better client coverage, with a focus on quality service rather than headcount [38][39] Question: Operating margin expansion and cost control - Management attributed margin expansion to cost optimization and AI utilization, aiming for a 30% operational margin moving forward [53]

Financial Data and Key Metrics Changes - For the full year 2025, net revenues were RMB 2.6 billion, broadly flat year-over-year, while operating profit increased to RMB 777 million, up 22.5% year-over-year, with an operating margin of 29.8% [5][12] - Non-GAAP net income reached RMB 612 million, up 11.2% year-over-year, with adjusted non-GAAP net income approximately RMB 753 million [12][14] - In Q4 2025, revenue was RMB 733 million, up 12.5% year-over-year, and operating profit reached RMB 258 million, representing an increase of 87.3% [12][14] Business Line Data and Key Metrics Changes - Investment product commissions increased by 79.7% year-over-year, and performance-based income rose by 78% [12] - The company is transitioning from insurance-related revenue to investment-related income, reflecting a shift towards a more investment-led business model [12][17] Market Data and Key Metrics Changes - Overseas revenue contribution increased to 49% of total net revenue, indicating a shift towards globally diversified revenue streams [12] - The company has established a global wealth management operational system with three core platforms: ARK, Olive, and Glory, each serving different functions in compliance, investment management, and asset structuring [7][8] Company Strategy and Development Direction - The company is focused on serving global Chinese high net worth and ultra-high net worth clients, evolving from a product sales-driven model to a comprehensive platform centered on asset allocation and AI systems [4][17] - The strategic direction emphasizes compliance and operational efficiency, with a strong focus on AI integration to enhance productivity and service quality [11][17] Management Comments on Operating Environment and Future Outlook - Management highlighted the importance of structural changes in profitability and the ongoing shift in revenue mix towards investment-related businesses, which is expected to provide stability [5][12] - The company remains cautious about market volatility but sees continued interest from clients in investment products, particularly those related to AI [21][26] Other Important Information - The board approved a total dividend of RMB 612 million, equal to 100% of 2025 non-GAAP net income, marking the third consecutive year of full payout [16][39] - The company maintains a debt-free structure with cash and short-term investments totaling RMB 5.0 billion, providing strong financial flexibility [14][15] Q&A Session Summary Question: Private credit distribution and risk assessment - Management clarified that the company does not own assets related to private credit products and has been advising clients on proper positioning early on [20][22] Question: Decline in one-time commissions and client sentiment - Management acknowledged the drop in insurance sales but noted that client demand for investment products remains high, particularly in AI-related areas [24][26] Question: AI strategy and its impact on operations - Management emphasized that AI enhances operational efficiency rather than merely increasing headcount, leading to improved client coverage and service quality [36][38] Question: Sustainability of performance fees and client activity trends - Management indicated that while predicting future trends is challenging, the focus on VC/PE investments is expected to support long-term growth [42][43] Question: Operating margin expansion and cost control - Management attributed the increase in operating margins to cost optimization and the utilization of AI, with a goal to maintain a 30% operational margin [50][51]

Financial Data and Key Metrics Changes - Total revenues for 2025 were $7.1 million, representing a 23% year-over-year increase, primarily driven by contract expansion with the U.S. Department of War [11] - Fourth quarter revenue was $1.5 million, a decrease of 25% sequentially and 12% year-over-year due to delayed funding of a major U.S. government contract [12][16] - Gross profit margin for the fourth quarter was 74%, slightly down from the prior year, while the full year gross profit margin was 76%, down approximately 93 basis points compared to 2024 [17] Business Line Data and Key Metrics Changes - Consulting revenues totaled $1.1 million in the fourth quarter, down from $1.5 million in the prior quarter and $1.3 million in the prior year quarter [16] - Shield revenues were $0.4 million in the fourth quarter, compared to $0.5 million in the prior quarter and $0.3 million in the fourth quarter of 2024 [16] Market Data and Key Metrics Changes - The company has expanded its Shield Cloud offering on both AWS and Microsoft Azure platforms, enhancing customer access and sales reach [9] - The partnership with PortNexus for the MyFlare Alert safety technology is being deployed in schools across several states, indicating a growing market for cybersecurity solutions in education [10] Company Strategy and Development Direction - The company aims to enhance its sales efforts and go-to-market strategy to expand its customer base across private and government sectors [8] - The critical infrastructure solution is viewed as a key driver for future growth, especially as cyber threats increase [8] - The company plans to seek small debt financing to support growth initiatives [19] Management's Comments on Operating Environment and Future Outlook - Management expressed disappointment over the delay in contract funding but remains optimistic about recognizing this revenue in the first half of 2026 [7][19] - The company is focused on creating sustainable growth and long-term profitability, with expectations of breaking even operations in 2026 [21][100] Other Important Information - Operating expenses for the fourth quarter totaled $4 million, an increase driven by higher sales and marketing expenses [17] - The net loss for the fourth quarter was $2.8 million, compared to a net loss of $2 million for the same period in 2024 [18] Q&A Session Summary Question: Can you provide more granularity on the unit economics of the P.O.S.S.E. program? - The average contract value for a sheriff's department deployment ranges from a few thousand dollars to tens of thousands, depending on network bandwidth needs [24] Question: Did you say that had you not had the delay from the government contract during the quarter, that we would have seen sequential revenue growth? - Yes, that is correct [27] Question: Is the sales and marketing expense the highest quarterly level of spend? - The company will continue to invest in sales and marketing, with the first quarter approximating the run rate but expecting increases [33] Question: Did you say for the delayed contract that some of your expenses have already flown through the P&L? - Yes, all expenses associated with that have been recognized, but revenue is not yet recognized [41] Question: Can you give us a general sense of what kind of customer the critical infrastructure solution is protecting? - The solution is currently protecting critical water infrastructure in the Asia PAC region, and the customer is very satisfied with the results [53] Question: Why isn't everyone adopting the school safety solution? - The company is marketing the solution through events and partnerships, emphasizing its affordability and effectiveness [61] Question: When do you expect to have break-even operations? - The timeline for break-even operations depends on new contracts signed, with optimism for 2026 [100]

Financial Data and Key Metrics Changes - Total revenues for 2025 were $7.1 million, representing a 23% year-over-year increase, primarily driven by contract expansion with the U.S. Department of War [11] - Fourth quarter revenue was $1.5 million, a decrease of 25% sequentially and 12% year-over-year due to delayed funding of a major U.S. government contract [12][15] - Gross profit margin for the fourth quarter was 74%, slightly down from the prior year, while the full year gross profit margin was 76%, down approximately 93 basis points compared to 2024 [17] Business Line Data and Key Metrics Changes - Consulting revenues totaled $1.1 million in the fourth quarter, down from $1.5 million in the prior quarter and $1.3 million in the prior year quarter [16] - Shield revenues were $0.4 million in the fourth quarter, compared to $0.5 million in the prior quarter and $0.3 million in the fourth quarter of 2024 [16] Market Data and Key Metrics Changes - The company has expanded its Shield Cloud offering on both AWS and Microsoft Azure platforms, enhancing customer access and sales reach [9] - The P.O.S.S.E. program, launched in partnership with PortNexus, has shown high adoption rates among law enforcement agencies [10] Company Strategy and Development Direction - The company aims to enhance its sales efforts and go-to-market strategy to expand its customer base across private and government sectors [8] - The critical infrastructure solution is viewed as a key driver for future growth, especially in light of increasing cyber threats [8] Management's Comments on Operating Environment and Future Outlook - Management expressed disappointment over the delay in contract funding but remains optimistic about recognizing this revenue in the first half of 2026 [7] - The company plans to seek small debt financing to support growth initiatives and has begun initial discussions regarding this [19] Other Important Information - Operating expenses for the fourth quarter totaled $4 million, reflecting strategic investments in sales and marketing [17] - The net loss for the fourth quarter was $2.8 million, compared to a net loss of $2 million for the same period in 2024 [18] Q&A Session Summary Question: Can you provide more granularity on the unit economics of the P.O.S.S.E. program? - The average contract value for a sheriff's department deployment ranges from a few thousand dollars to tens of thousands, depending on network bandwidth needs [24] Question: Did you say that had you not had the delay from the government contract during the quarter, that we would have seen sequential revenue growth? - Yes, that is correct [27] Question: Is the sales and marketing expense the highest quarterly level of spend? - The company will continue to invest in sales and marketing, with some increases expected [33] Question: Did you say that some of your expenses have already flown through the P&L for the delayed contract? - Yes, all expenses associated with that have been recognized, but revenue is not yet recognized [42] Question: Can you give a general sense of the critical infrastructure customer? - The solution is protecting critical water infrastructure in the Asia PAC region, and the customer is very happy with the solution [53] Question: Why isn't everyone adopting the school safety solution? - The company is marketing the solution through events and partnerships, and it is very inexpensive, making it accessible for local funding [61]