Abaxx Technologies Aktie

Good day, and welcome to the Abaxx Technologies Fourth Quarter and Year-End 2025 Earnings and Business Update Call. [Operator Instructions]

Please note that live questions will not be addressed until the Q&A portion of the call begins following prepared remarks. For those on the webcast, you may submit questions throughout the event by typing in the submit a question box on your screen. Questions will be addressed after the formal presentation has ended. Please note, this event is being recorded. I would now like to turn the conference over to Tara Hayes, Director of Communications. Please go ahead.

Thanks, Nick. Good morning, good afternoon and good evening to those joining us from Singapore. Thank you for joining us today for the Abaxx Q4 '25 Earnings and Business Update Call. My name is Tara Hayes, Director of Communications at Abaxx, and I'll be directing today's presentation.

With us on the line are Founder and CEO, Josh Crumb; Abaxx Chief Strategy Officer, David Greely; Abaxx Exchange Chief Commercial Officer, Joe Raia; and Abaxx Digital Title Lead, Leah Wald; Abaxx CFO, Steve Fray; and Chief Legal Officer, Jeff Lipton, are also on the line and will be joining us for the Q&A period following today's prepared remarks.

Everyone should have access to our 2025 year-end reports and annual information form, which will be the primary disclosures for today's presentations. But we also want to make reference to all filings and risk disclosures found on SEDAR+. We have published a short slide presentation to accompany today's webcast, which is being recorded and will be posted to our Investor Relations website, investors.abaxx.tech, in the coming days.

We'd like to remind everyone that part of our discussion today will include forward-looking statements, which are subject to various assumptions, risks and uncertainties and which could cause actual results to differ materially from those expressed or implied on today's call. Please find our full statement and cautions regarding forward-looking statements on the slide attached.

Before I hand the call over to Josh to update investors on the company's milestone-driven year across the Abaxx network, we'd like to specifically draw your attention to the highly regulated nature of our products and operations.

Given the early growth stage of our ramp-up and deep innovation pipeline for listing new products, it's important to reiterate the cautionary nature of our forward-looking statements with respect to products that are still subject to ongoing regulatory work and review.

We'll endeavor to point out these cautions as we go. But as of today, our Abaxx Singapore entities' regulatory status is that of a recognized market operator exchange and approved clearinghouse in Singapore. We have revenue-generating futures products currently trading in physical delivery LNG, the only product of its kind listed globally, Singapore gold kilobars, 2 voluntary carbon market carbon futures products, of which our CORSIA contract became the first VCM contract to ever go to delivery through FCMs and a regulated clearinghouse in 2025, our battery materials products in lithium carbonate and nickel sulfate and first-of-their-kind weather derivatives contracts with Enwex onshore wind futures now listed across 6 major power markets, including the United States, catalyzing a significant amount of new onboarding from global institutions since launch.

Any other potential products discussed today, including new markets planned for additional precious metals and oil contract we're now working on, base metals, additional weather derivatives, smart commodities or even some of our innovative technology-enabled products in the pipeline will be subject to meeting all regulatory requirements and disclosures before listing.

As we speak about gold products today, we want to point out that Abaxx Spot was newly incorporated in Singapore last year, but operating under a different branch of the Abaxx corporate family tree and not part of the entities regulated by MAS under Abaxx Singapore as the monetary authority of Singapore does not regulate spot commodity markets.

Following the management presentation, we will open the call up for Q&A to answer investor questions, which you can submit by typing in the Submit A Box on your screen at any time. With that, I'd like to hand the call over to Josh for some opening remarks and a walk-through of how Abaxx is solving core structural inefficiencies for global commodities markets through its fully integrated market ecosystem.

Thanks, Tara, and thanks to everyone for joining us today. We'll spend some of our time today discussing real-time markets and the speed of technology. In that context, it may seem paradoxical to be presenting historical Q4 results when our business transforms every 90 days. While our 2025 figures represent a successful 0-to-1 transition of a company that builds hard things to one that sells things globally, the developments over the past month have already made them history.

In Q4 2025, we operated at a start-up baseline of around 1,500 contracts of average daily volume, which generated our first approximately CAD 1 million in top line exchange trading revenue for the year. However, in the final 2 weeks of March, we executed a decisive step function breakout to 11,500 ADP. This logarithmic growth was driven primarily by our flagship LNG and Singapore gold contracts with volume now picking up in our lithium carbonate and carbon curves, and we expect our unique weather product suite to join them as well given the high commercial demand for joining and trading.

To put the scale of that shift in perspective, the volume we transacted just this past month of March effectively eclipsed our entire trading volume for 2025. This velocity demonstrates the scale of the proprietary infrastructure we have spent 6 years building. As we expand from our early Singapore-based traders into India, the Middle East and beyond, with the largest markets of the U.S., China and the U.K. still in progress for ramp-up later in 2026, we are following a clear network effect path to joining the elite group of roughly 10 global futures exchanges of our kind, transacting 1 million contracts a day or more.

But stepping back, it is important to contextualize the strategy behind those numbers. As many of you know, when talking about markets, I always like to say that one should never lead an argument with price, but instead focus on the fundamental structure behind the price. And similarly, when looking at the real-time growth of our business, one should never lead an argument with volume. It is important to remember that the volume growth we are seeing today is a direct result of the foundational onboarding work, connectivity and incentive strategy we completed in 2024.

Consequently, I look forward to discussing the revenue impacts of our 2025 developments in 4 to 6 quarters from now as we begin to see the full effect of recent milestones such as our U.S. CFTC FBOT approval and our TMX Trayport connectivity and more. Even this week, post the Trayport rollout, major global banks and energy trading desks are actively pulling our LNG and gold market data through these new channels and reaching out for connectivity to our markets.

I'll also note at the top of the call here that we are continuing to evolve the format of these quarterly calls. We will speak again in just 45 days to discuss a much richer Q1 2026 data set. And because onboarding and connectivity KPIs are best viewed on a 6-month over 6-month horizon, today's presentation will focus on the plumbing updates behind the numbers. David Greely, Joe Raia and Leah Wald will provide updates on our growth stages, product updates and the MarketOS and ID++ Digital Title technology stack. I will then cover our corporate finance updates before we open the floor to our sell-side analysts for Q&A.

But before handing over the call, I think it's important -- it's an important time in the world to reiterate the deep engineering and problem-solving culture that we built at Abaxx and our approach to solving global macro challenges while creating long-term shareholder value with a high-grade business model.

Our core focus remains the development of the Abaxx network. This network is the absolute nexus where our exchange and market businesses converge with our software strategy. In a world now moving at the speed of agentic computing, we are developing an operational machine unlike any global competitor, one designed for the rapid rollout of new physical markets to meet challenging supply chains -- changing supply chains and evolving collateral networks.

This is the infrastructure and client network where we will deliver our vision for seamlessly global 24/7 markets powered by ID++ and MarketOS. As we present our onboarding and development KPIs, remember the Abaxx network is far more than a list of partners and counterparties. It is a preloaded distribution network. Every new member is a future trader of our nth commodity contract, many of which no competitor has yet imagined and no analyst has yet modeled.

Furthermore, every member is a future user of our MarketOS full stack technology, allowing us to eventually capture revenue through software, data and services far beyond simple trading fees generated in 2025. Over the year ahead, as we grow our benchmark contracts and release our software products, the broader markets will begin to see what we're building, in our view, an unreplicable strategic moat.

This moat is comprised of hard market plumbing. Every new clearing member, trading firm and data distributor adds a new node. Every new regulatory license and risk management practice becomes embedded. This makes the Abaxx network and MarketOS a technology platform that will be increasingly difficult for any pure software company to replicate or any pure market infrastructure incumbent to mimic.

We are an engineering sovereign-grade infrastructure, a high integrity asset capable of supporting the global economy's most essential functions during times of stress. Even today, our team is working with urgency to meet the moment as geopolitical conflict effectively halts 20% of global energy transit in the Middle East. In this world of force majeure and failing paper safe-havens, the market is in need of sellers of last resort.

We provide physical benchmarks anchored in molecules rather than surveyed proxies, actual local metals, not just price assessments from far away and uncorrelated markets. We are still in the earliest stage of this build and growth. And to reiterate, our medium-term goal of 1 million contracts per day is not a ceiling. It is a floor of our ambition. We have built the infrastructure, the market is validating utility and now we scale.

And with that, I'd like to hand the call over to David Greely.

Thank you, Josh. As Josh noted, we remain in pursuit of generational opportunities in both markets and digital infrastructure. Starting on the market side of the business, the globalization of the natural gas market through LNG, the energy transition to a more electrified system powered by low-carbon renewables and existing commodity markets like gold that are operating on outdated infrastructure open the door to new benchmark futures contracts, and we seek to create these new WTIs and Henry Hubs of the next decade and beyond.

Building these markets will take time. History suggests it takes 3 to 5 years to build a new commodity market to maturity, but it's worth it as these are incredibly profitable markets to own. And even with conservative estimates of total addressable market size across our product verticals of energy, environmental products, battery materials and precious metals, our goal remains to hit 1 million average daily volume in futures and options by 2030.

Turning to digital infrastructure. Electronic trading brought trade execution into the digital age in the early 2000s, but not clearing and settlement. With MarketOS, we are building smarter markets by modernizing clearing and settlement while respecting existing trust mechanisms.

The FIA has identified post-trade collateral movement as one of tokenization's most compelling use cases. Derivatives markets move billions in daily collateral transfers, yet much of it still settles on banking hour time lines. Compressing settlement towards real time could fundamentally reshape how collateral supports trading, clear the path to 24/7 markets and lower structural margin requirements, where initial margin alone across cleared markets totaled approximately $915 billion at the end of 2024.

As BlackRock's CEO, Larry Fink noted in his 2025 annual letter, however, realizing that potential depends on solving one critical problem, identity verification. We believe that we solved that problem with MarketOS, our technology for solving identity verification and accelerating the velocity of collateral. And we believe that our Digital Title technology could unlock the benefits of tokenization for over $40 trillion of assets.

And it's important to note that the markets and digital infrastructure sides of our business work together to seize these opportunities. Our regulated exchange and clearinghouse can bring our digital infrastructure into the heart of the financial system. And our digital infrastructure can increase the benefits of trading on our exchange, building liquidity and widening its competitive moat.

So how do we capture this opportunity? We're already a good way down the road. We built the exchange and clearinghouse. We've launched 16 products, and we've connected a robust network of clearing firms, ISVs, data distributors, brokers and traders. And while we continue to connect and onboard new partners, we are focused on driving volumes and liquidity in our individual products up the S-curve from being new markets to mature markets.

We think about this process of growing from a new market to a mature benchmark that reaches the TAMs we discussed as proceeding in 3 main stages: new market, critical mass and mature. You may recognize this is the typical process of the diffusion of new product innovations.

In a new market, participation is mainly from the innovators and early adopters. These are typically incentivized market makers and liquidity providers along with commodity trading merchants. In this stage, you should expect to see wide bid-ask spreads, low average daily volumes and open interest, low net revenue per contract as liquidity providers need to be incentivized to provide the initial liquidity to the market and product trading limited to futures in the front of the curve.

At this stage, our focus is on demonstrating the practical use of the contracts through first trades and deliveries and building the initial liquidity, which will attract more participants to the marketplace, beginning the journey of the S-curve. For some greenfield markets like LNG, this will require substantial education and more time.

For existing brownfield markets like gold, this can be done by pulling liquidity from existing markets through spread trading. The objective is to drive liquidity and participation into the market until it reaches the next stage, critical mass, the inflection point where liquidity begets liquidity and the growth of the market becomes self-sustaining.

This typically occurs as the early and late majority join the market, the commodity traders, commercial hedgers and financial players. As we progress through this stage, you should expect to see spreads narrowing, ADV and OI growing and RPC rising as market makers and liquidity providers become a lower proportion of the participants.

As average daily volumes climb, markets become liquid enough to support options trading and more trading moves further out the curve. At this stage, our focus is on driving market adoption through the inflection point where liquidity begets liquidity and market adoption is significantly derisked. Then the market continues to grow to its full potential total addressable market size, becoming a mature market.

At this stage, the laggards are pulled into the market, portfolio allocators, macro funds, high-frequency traders, CTAs and algorithmic traders. At this stage, you should expect to see tight spreads, high ADV with churn rates around 40x the physical market and high open interest, higher RPCs and a full range of products and data with trading across the forward curve.

At this stage, our focus will be on protecting the market by keeping it aligned with the evolving commercial needs of the marketplace. I want to turn this over to Joe in a moment to walk you through our progress moving up this S-curve so far. However, I'd first like to quickly note a few important external macro events that can provide headwinds or tailwinds to progressing towards this goal.

The longer-term trend that I started with, globalizing natural gas market through LNG and the energy transition remain intact. And if anything, they've accelerated, proving out our thesis time and again. The most recent macro event, however, is, of course, the conflict in Iran and the resulting disruption to energy markets. The extreme risk and volatility initially led LNG traders to step back from markets, creating a headwind to volume growth, but this has already been reversing, and we expect that this experience has highlighted the need for more precise trading and hedging instruments that our LNG contracts provide.

It remains to be seen if the resulting pivot to more energy security from the energy transition is a headwind to carbon emissions markets as regulators loosen emissions caps though it is worth noting that the move to renewables is a move to energy security in many countries and the move to more installed renewables is raising the commercial hedging demand for our weather derivatives.

The pivot to energy security in Western countries will likely be a tailwind to accelerating investment in the battery materials production and a tailwind to our contracts, while the continued move away from the dollars that began with sanctions on Russia will likely be a continuing tailwind to our Singapore gold futures and spot gold pool.

With that, I'll turn it over to Joe to walk you through our market performance and volume growth.

Thanks, Dave. This next slide gives a good visual on the growth of our overall exchange volume reflected at the end of Q4 2025. This growth shows the power of the exchange's ability to launch new products utilizing the Abaxx Clearinghouse and also our global commercial customer reach.

It's important to note and take a second to speak to the recent press release of March 23, which for the week ending March 20 saw a 343% week-over-week increase in volume, resulting in a total of 54,700 contracts traded. We also saw new daily records in our physically deliverable gold and LNG contracts. In the week ending March 27, we saw new records in our physically deliverable lithium carbonate Singapore contract at 761 contracts, the only physical lithium carbonate futures contract traded in U.S. dollars available outside of China.

Back to 2025. Our LNG futures contracts also saw a 238% increase in contracts traded within Q4 '25 as compared to Q3. And now in Q1 of '26, our overall LNG volumes have increased 84% over Q4 '25 total volumes for a total of 59,100 contracts traded in both our Gulf of Mexico and North Asia Pacific contract. Of note, at the end of March '26, our NPA North Asia Pacific contract is now representing in less than 12 months, more than 40% of the JKM financially settled PRA instrument, further demonstrating the specific markets need and support for a truly physical LNG risk management tool that directly correlates to waterborne LNG cargoes.

Gold futures contracts continue to lead volume growth. Launched at the end of Q2 '25, volume in Q3 '25 reached 51,545 contracts, increasing 24% quarter-over-quarter and with 64,000 contracts traded in Q4 2025. Moving into Q1 of this year, volume grew to 162,700 contracts traded, a 154% increase over Q4 volume. On March 24 of this year, Gold Singapore futures reached a new daily record of 20,130 contracts traded, surpassing the previous daily record of 15,700 contracts.

As has been our messaging since the exchange launch, our growth in liquidity continues to attract new market participants across the breadth of our product groups, creating surface area with trading firms and brokers and clearing firms alike. Of specific note, an example of this new surface area, the increase in carbon futures liquidity going from only 250 contracts traded in Q4 of '25 to 12,000 contracts traded in Q1 of '26, brought in multiple new commercial firms that wanted access to that market.

Also, with the go-live of the Trayport platform last week, we have already seen a marked increase in requests from trading firms and broker firms to again gain access to our markets. Our efforts to add new institutional trading firms in India is also bearing fruit as we have added several new trading firms from that region, and we will be heading back to the India region twice in April to meet with trading firms in Mumbai, Calcutta and GIFT City.

Now turning to our pipeline of new and innovative products. As is evidenced in our volume numbers, our flagship LNG futures continues to show a steady increase in liquidity and volume, validating the work and efforts in coordination with the commercial marketplace into developing and launching a new much-needed global benchmark in physical LNG.

We recently held an LNG workshop in Houston that attracted 33 LNG evolved companies with discussions around how to trade our products and into detailed talks on delivery and new products. We continue to receive new interest in developing other new energy futures markets and we will keep the industry involved in all of our new contract development workshops.

We have the best team to develop new solely needed risk tools in commodity futures markets, and we'll continue to innovate and launch industry-leading products that real market participants request, further establishing Abaxx Exchange as the global leader in new commodity futures products. Our environmental market suite of products also continues to show steady growth with our voluntary carbon CORSIA futures contract developing new liquidity at the end of Q4 and also showing new volume growth and records into Q1 of '26, with trading now out 5 months of our listed months.

Our newly launched suite of wind futures markets are also attracting new commercial and institutional onboardings for trading both in Europe and North America. We have further contracts that have been submitted to our regulator for additional environmental markets in 2026. In our precious metals markets, we launched our deliverable gold futures contract in the middle of Q3 and going into Q4, have seen steady new volume growth and records capped off by the first ever delivery of kilobar futures contracts in Singapore.

Of note, the delivery of the 25 kilos of gold, which occurred in December of '25 was between a U.S.-based bullion bank and a Thai-based gold refiner, further demonstrating the global reach and nature of Abaxx Exchange. We have had many of our global customers ask for additional new precious and base metals markets, and we'll look to partner with our customer base to develop and launch these new markets. We expect to bring further updates on Q1 volume growth and records as we finish the first quarter of '26 and appreciate the support of our clearing members, our trading firms and brokers to help bring these new markets and risk management tools to the global commodity trading community. Back to you, Josh.

Thanks, Joe. As David and Joe have just outlined, the physical location for commodity markets is driving a fundamental shift of how risk is managed. However, the software infrastructure underpinning global trade simply hasn't kept pace with the demand for 24/7 global liquidity and real-time risk management. Over the past month, we've seen the rapid rise of unregulated CFD commodity futures, high-risk bucket shop perpetuals that nonetheless preview the demand for 24/7 price discovery and risk management in commodities, but none of which possess the curve mechanics or infrastructure fit for physical risk management.

This trend in commodity markets is moving away, in our view, further in the direction of highly liquid but purely speculative financial abstractions, which brings us back to what we've been building on the tech side of Abaxx Tech. For years, we have discussed our full stack technology vision, the ID++ protocol and our suite of market workflow and communication tools built on top of a brand-new Internet data and identity primitive. Ahead of FIA Boca last month, we formally introduced the brand for this integrated architecture, MarketOS.

MarketOS is our institutional operating system designed to accelerate trade and collateral mobility in cleared markets. It is a unified transaction productivity suite, integrating Verifier+ Credential Management, Abaxx Sign, Messenger and Drive, all built on our proprietary ID++ protocol to embed verifiable authority, privacy and legal enforceability directly into commercial workflows.

By establishing cryptographic identity and enforceable ownership at the moment of that execution, we eliminate the post-trade verification hurdles that currently slow collateral movement in institutional markets. This proprietary technology stack is first designed to address a massive industry bottleneck. As Dave just pointed out, initial margin held at the leading clearinghouses totaled approximately $1 trillion with noncleared collateral and central bank collateral and reserves even greater -- an even greater number. Despite these enormous sums, much of this collateral still sits on restricted banking hour time lines, which is exactly what MarketOS is designed to address. As global macro plumbing expert, Zoltan Pozsar recently observed, gold cloaked with Abaxx and gold naked ain't the same.

By privately cloaking securities and physical commodity inventory in our ID++ protocol and managed through MarketOS infrastructure, we are creating high-quality liquid assets, HQLA, unlocking the capital of commodities for our clients and allowing them to move with T+0 finality under existing legal frameworks with or without blockchains.

Early last month, we introduced MarketOS at the FIA Global Cleared Markets Conference in Boca Raton to tackle this head on. We held pre-rollout conversations with a number of FCMs, ISVs and the major cloud infrastructure partners. The feedback was consistent. The industry is being forced to look at stablecoins and 24/7 markets. They are still largely uncertain of the path forward, but they recognize that solving verifiable identity and cryptographic transaction finality is key for the transition from banking hour settlement to real-time velocity of the Internet.

As we've crossed these commercial discussions, our monetization framework is focused on 3 primary streams. First, platform access fees. These are straightforward subscription or licensing revenue for seat access through Abaxx console suite. Transaction fees, revenue generated based on the volume of transaction flow through MarketOS architecture. And finally, basis point fees on collateral, a value-based fee tied to assets posted and managed on the network or assets on network.

Before I hand the call over to Leah, who is launching the first product within the MarketOS infrastructure for Digital Title verified collateral, I do want to touch on one more thing. And not to get too far ahead of ourselves, but this is Abaxx after all, and it's our job as engineers and macro culture to get too far ahead of ourselves.

So for the past year, we have been heads down in development of our own agentic workflows. We've also been building with the OpenClaw and CLI agents that have taken the world by storm over the last few months, and we believe the core privacy and identity engineering we've developed for real-time markets is exactly what's missing in the field of AI agent identity.

Yesterday, Abaxx submitted formal technical comments to the National Institute of Standards and Technology, NIST. We proposed the ID++ protocol from our MarketOS architecture as a candidate model for NCCoE's reference implementation for AI agent identity and authorization, particularly needed for regulated markets. As AI agents move into financial markets, the missing infrastructure is trust. Who authorized this agent? What is it permitted to do? Can you prove it after the fact?

ID++ built on open WC3 (sic) [ W3C ] and IETF standards is designed to answer those questions with cryptographic proof, not just logs, but tamper evidence of authorized bound -- with authorization bound to every agent action. We submitted technical comments to NIST on this exact problem. Combined with MarketOS, we believe Abaxx is positioned to provide the trust layer for autonomous participants in regulated institutional markets, audible, secure and built on open standards the industry is converging around.

Now with that vision of the inevitable agentic future on the table, I want Leah to walk you through the very real and now validated results of our recent Digital Title pilots, the first practical realization of the stack.

Thank you, Josh. What you just saw from Josh is years of deliberate infrastructure work, identity, signing, documentation, communication, built, certified and ready. Digital Title is the first commercial application that pulls every piece of that stack together. Markets are moving towards 24/7 trading and T+0 settlement and the infrastructure underpinning them hasn't kept pace. Blockchain promised to solve that, but it has struggled to integrate cleanly with existing custodians and clearinghouses requiring institutions to build entirely new infrastructure layers on top of the frameworks that they already operate in.

And even where integration is now being attempted, the question of ownership enforceability and insolvency remains unsolved in most jurisdictions. That is not a footnote. It is a structural gap that has slowed institutional adoption at every turn. Digital Title takes a fundamentally different approach, and it's powered by our proprietary transaction productivity suite you just saw, MarketOS. Working entirely within existing legal and financial infrastructure, Digital Title produces documented, timestamped, cryptographically verifiable evidence that an ownership process was properly followed in real time.

Underneath it sits a purpose-built collateral state machine operating as middleware between MarketOS and capital market participants. That runs continuous automated verification across every position, ownership check, encumbrance changes as it happens, aiming to give institutions and regulators a live picture of collateral that regulators themselves identified as a gap in centrally cleared markets as recently as January 2025 when CPMI-IOSCO published policy proposals specifically calling for greater transparency and responsiveness in initial margin at CCPs.

Think of it as a difference between a timestamp trade confirmation that captures every step of execution as it happens versus a settlement dispute resolved through weeks of back-office reconciliation. We believe that evidentiary certainty, identity anchored at every step via ID++ and backed by real-time collateral state monitoring is what allows institutions to act on ownership at clearing speed without replacing a single piece of the infrastructure they already rely on. And in December 2025, we proved it twice at T+0. Every ownership event was captured in real time, identity anchored and cryptographically verifiable at the moment it occurred. In the first pilot, vaulted physical gold was mobilized as transaction-ready collateral, enabling immediate financing against vaulted inventory through existing legal mechanisms.

In the second, money market fund shares were transferred instantaneously on margin call and served as bilateral transaction collateral, while the original holder continued earning yield on that same principle throughout, capital simultaneously serving as margin and generating yield with no settlement gap.

A third pilot is in process, extending the same framework to build a lading for in-transit commodities, bringing digital verifiable title to cargo that currently cannot serve as transferable collateral at all. These 3 distinct asset classes, one Digital Title framework anchored in identity and verified at every step and a combined addressable opportunity exceeding USD 3.9 trillion across markets where we have now proven that the framework works and is production ready.

The pilot validated the framework and now we're building the business for it. What we have created is a new category of financial infrastructure, one that sits at the intersection of legal certainty, institutional identity and real-time evidentiary documentation. That combination has not existed in capital markets before and the institutions we're speaking to understand its significance.

Our first commercial license agreement is in advanced negotiations with the traditional financial institution. The way we think about this is delivery. And honestly, it reflects how we've always built at Abaxx. You establish the commercial relationships and validate the framework first, then deploy into regulated infrastructure as the regulatory pathway completes. We have entrepreneurial spirits over here. So we know how to sequence the build, experiment, iterate, find traction and commercialize.

And that's exactly what we're doing. And having a traditional financial institution at the table at this stage, one that's doing due diligence, recognizing that Digital Title addresses a problem that cannot solve with existing tools is a meaningful signal of where this is going.

On clearing, we are pursuing integration into our Singapore regulated futures and clearing ecosystem, subject to all applicable regulatory requirements. And this is where it gets really exciting for the core business. If approved, when Digital Title is live in our clearing infrastructure, members can post yield-bearing securities and keep earning on that capital while it serves as margin with every position state monitored consistently, continuously and verified cryptographically. That changes the economics of trading on our platform in a way that is genuinely differentiated from anything else in the market.

It makes Abaxx more attractive to a broader set of participants, and we hope it will deepen the capital efficiency of existing members and grow the eligible collateral pool on our exchange. Abaxx Clearing is where we prove that at scale, and then we aim to license the same framework to any CCP, prime broker or collateral manager operating within existing regulatory structures across both traditional and tokenized fund structures.

The framework is asset agnostic by design. Whether the underlying is a traditional money market funds or tokenized equivalent, the evidentiary and identity layer works the same way. Every institution that adopts it reinforces the network and every market it enters expands the opportunity. That flywheel effect is real. The foundation is built, the first commercial relationships are forming and the platform scales from here.

I'll now turn it back to Josh to discuss Abaxx's outlook.

Thanks, Leah. To summarize the trajectory we've discussed today, we have successfully transitioned from the construction of a multiyear build into a high velocity revenue-generating growth phase with more products, technologies and revenue streams to open up in quarters ahead. The recent shift from 1,500 ADV initial baseline to 11,500 ADV breakout is the direct result of our continuous development of the Abaxx network.

As we look to drivers of long-term growth on this slide, I want to wrap up by briefly addressing our approach to budget and capitalization moving forward. Our owner-operator mentality and knowing what we built and what we own remains the foundation of how we build shareholder value. We continue to prioritize the cost of capital over simple access to capital, and our executive team remains deeply aligned with shareholders and dilution minimization.

In 2025, we managed the initial global liquidity build on our infrastructure with a total operating cash deficit of approximately USD 30 million. While we saw a slight 5% to 10% increase in cash spend during Q4 as we prepared for our recent volume breakout, we view this as an incredibly efficient allocation of capital for a company building a regulated global clearinghouse, new benchmarks from scratch as well as our full stack technology strategy.

And I should also note that we saw an increase in equity comp in late 2024 and 2025 as we paid out exchange launch bonuses in equity and awarded a team that wasn't being rewarded in Canadian capital markets at the time in our view. But our executive team remains deeply aligned with shareholders.

To maintain focus on our growth milestones, the Board and I reduced 2025 year-end bonus equity compensation by 20% and I have personally forgone mine for 2025 to prioritize our expanding team, reiterating our commitment to financial discipline through a long-term build. For our 2026 budget, we expect this trajectory of disciplined modest increase in cash outlay to continue through the first half of 2026 as we scale our operations. However, we remain in a position of strength.

We ended 2025 with a bit over CAD 50 million in available cash equivalents and equivalents and over $35 million in marketable assets, providing us with the working capital runway to sustain our current growth through at least the end of the calendar year.

As I've noted on previous calls, although we feel we are underinvesting in the team, infrastructure and TAMs we're pursuing, we continue to be patient and manage dilution, and we'll only look to aggressively accelerate our sales and operating budgets if we see a significant shift in our cost of capital, specifically as the market begins to fully price in our execution towards 1 million ADV and begins to value our technology suite or should -- that we identified a strategic partner to further expand the network as we did in Q4 of last year.

We have built the infrastructure, we are validating the utility of our markets and technology, and we are now providing the scale. In just about 45 days, we will speak again to discuss a much richer Q1 2026 data set and new products. As I've said before, no matter how ambitious you think Abaxx is, it's bigger than that.

And with that, operator, let's open the floor to questions from our analysts.

[Operator Instructions] The first question will come from Puneet Singh with Cantor Fitzgerald.

Had a couple of questions. First question is, how are you working through the backlog of onboarding going on with new clients? And when do you think we see that flow through into the exchange traded volumes? My understanding is you're still working through it, but you've had some great uptick here recently. So just how are you thinking about it right now?

Thanks, Puneet. Joe, do you want to grab this?

Sure. So our onboarding process is not unlike any of the other exchanges. But as a new exchange, we obviously have quite a few firms that are in the process. We don't give out the numbers that are in that process. I would say that we're working through it in a normal manner with really nothing really holding up any of the firms to get onboarded quickly.

We have them coming in across various regions of the globe and on various platforms for different products. So we have a great team, the teams in Singapore. We also cross over to North America and Europe to handle any of the questions that we have after Singapore hours. So yes, I think we'll see those firms continue to onboard. We have quite a few that are in process. And as we launch new products, we get new customers that also look to come and onboard with us.

Okay. I understand. My second question was, is there any geographical data on the clientele related to the strong performance in the gold contracts? You mentioned India and the work you're doing there. But as I gather, I guess that's for later. Maybe just on the recent trading volumes, where are you seeing that from, if you can share?

Sure. The addition of India actually has already started to bear fruit even after just a few months of visits there with customers. But as I mentioned in my remarks, gold is obviously a global product. Our gold futures contract is attracting interest from not only Asia traders, but also Europe and certainly in the U.S.

As I mentioned, our delivery included a U.S. bullion bank that was involved in the delivery of the first kilobar contracts in Singapore as a futures contract. So I think as you look at merchant firms, they have presence globally in all markets. And so we're starting to see the addition of their trading units in different geographic locations to trade our products, especially as we have products in Europe like our European wind futures, our ERCOT futures power contract in the U.S.

So that again starts to bring in customers that are maybe trading in Asia, but also have trading units in other areas. But just to go back to India, it's been a great new addition for us. We started the outreach and connectivity with customers only in the middle of Q4 of last year. And as I mentioned, we'll be back there twice in April, and we're going back there for a reason. There's a lot of firms that want to trade our markets from there and not only in gold in other markets, but we also have had firms that have onboarded with us quickly to access our markets from that region.

Got it. And then last one, I just want to shift to the tech side. Maybe just with the pilots now done, I know there's another one to go. But maybe just what are the milestones, Josh, that we could look forward to over the balance of the year? Just thinking about how that picture gets more framed for investors.

Yes. Thanks, Puneet. I think there's probably 2 aspects of the technology we've got to think about. Like everything, we put our focus in our sort of first client first, which is our own exchange and clearinghouse. And I think it's really important to understand the intermediated markets, the whole risk management system of a clearinghouse by nature, is going to move slower because you're bringing everybody along together.

You're bringing your clearing members, the trading firms, regulators. And so you can't just rapidly launch things. So those a bit like some of the other answers, we would love to give a precise time line, but we're working it through the process. But again, much like our clearinghouse, the value add becomes significant once you make those moves.

So on the products that we want to actually bring through the clearinghouse, we'll be able to give you probably a better update in 45 days here. As I mentioned, we just started engaging our FCMs down in Boca last month. And so we'll be able to probably have a clear picture on the next call.

As far as products that may sit outside of regulated markets, that's something that we can probably move a little faster. And this is things more like the messenger and the overall suite. And that's something that we'll be able to go to market over the next -- definitely within the next 2 quarters.

The next question will come from Aravinda Galappatthige with Canaccord Genuity.

Josh and team, congrats on all the traction over the last quarter, over the last year and so forth. I'll just start with a quick follow-up on the pilot programs. I mean you gave a pretty good description of what's been going on. With respect to the pilot programs themselves, can you just talk about the nature of the participants that were involved there?

And any sense of as you kind of push forward towards commercial deployment, who you expect would be the sort of the early adopters? I mean, what category of players are sort of more open to this and more likely to sort of make a move and then as opposed to others? Any color on that?

Sure. Thanks, Aravinda. Maybe I'll tackle the first part of the question and then hand over to Leah on the specifics. So the way we went into it in Q4, we put an incredible amount of pressure on the team to get these pilots done end of the year. And so there was really 2 major things that we were focused on.

Number one, obviously, that the technology worked and that we get through the sort of the technology audits of the actual process. And then number two, the legal aspects and preparing sort of a legal memo that also verified the claims. So it's both the technology and the legal side that was really the most important. And that came from direct conversations with our regulator that mentioned finding a legal framework was more important than necessarily proving any kind of pilot.

But that said, because we were in a rush to get it by the end of the year, we worked with firms that are quite close to us. We had been in through the course of Q3 and Q4, conversations with a number of major institutions, both that are shareholders as well as members of our clearinghouse. But just to move quickly to an actual live transaction, we worked with the Ivanhoe Capital, Robert Friedland's family office as well as one of our bullion bank partners and advisers. And then the money market fund was more of an internal test. But maybe let me hand it over to Leah to walk through some of the specifics.

Absolutely. And thanks so much for the question. And Josh, thanks for the handoff. I think, again, as you asked, what types of market participants are we looking to? What are we targeting as commercial targets, that's where it gets really exciting for the long-term picture. And that's where when early in the presentation, we spoke about asset agnostic being by design and not an accident is very important to key in on.

I mean it's a deliberate architectural decision that we believe makes Digital Title genuinely platform scalable. And that's especially in this world of tokenized funds as well as traditional finance, understanding and desiring that 24/7 movement and what we're building here.

So that same, again, evidentiary and identity infrastructure that works for traditional money market fund works equally for tokenized equivalents, for physical gold, for in-transit commodity cargo. We've proved a lot of that with those pilots. So we're not building point solutions for individual asset classes. So I'm not going to speak to just exactly who we're targeting because we are speaking to a bevy of CCPs, any prime broker, any collateral manager, any bullion bank that could plug into with their existing regulatory framework and immediately unlock capital efficiency that they don't have today are folks we're speaking to who could be potential clients and obviously prioritizing where our tech is as of right now.

And I think just one last thing to note is because the marginal cost of adding the next participant or the next asset class is quite low relative to the value it creates and the foundations we've already built, the network effect really does compound in a really powerful way.

So as mentioned before, every institution that comes on board makes the platform more valuable for everybody already on it. So we are starting with clearing, which we believe is the highest leverage entry point, again, subject to regulatory approval. But the participant universe that this infrastructure can ultimately serve is obviously much broader than that, and we've started having those conversations. So it's getting exciting.

And then just switching over to the exchange -- the core exchange operations. As an analyst that obviously has the burden of trying to make these quarterly projections, I wanted to understand the March volumes a little bit better. I think LNG, we can -- I can sort of have some understanding of that. But the upswing in gold, is there any additional color that loves -- that can give us a little bit more clarity what drove that? Is -- what were the kind of the drivers there? And then secondly, the Trayport connection, I mean, how material was that to sort of the upswing in overall volumes?

Thanks. Maybe I'll take a very quick first shot at the gold side. Look, we've -- the acceleration of what's happening in the Singapore Bullion Market Association and the global bullion banks moving towards Singapore. Look, we always had a view on that as sort of an ideal hub for physical gold trading given so much of the physical gold moves through Southeast Asia and into Hong Kong and China.

And so we always had a pretty good thesis that, that was a great place to both have flow and inventory of gold. But really, the acceleration is even more than we expected. As Joe mentioned, the onboarding of traders from India and the Middle East certainly accelerated what was already happening with our local Singapore client base.

And again, we look forward to that opening up broader. We probably thought the market share of Singapore was probably a little bit lower given all the existing liquidity of existing markets like COMEX and ShFE. But we think that this actually can be a larger market share than we initially expected, given just how ideal the positioning is in Singapore.

Do you want me to answer the Trayport part of the question, Josh?

Yes, absolutely. Thanks, Joe.

Yes. So Trayport really is -- for us, it's kind of a long-term project. We probably started that, I guess, in the middle of last year. Connectivity to ICs, clearing firms, tracking (sic) [ trading ] firms, all of this does take quite a bit of time for us to get into their flow and into their development process and to allocate resources.

We knew going into it that it would be an important connectivity point, especially in Europe. However, we're starting to see even in the U.S., several LNG firms, exporters and liquefaction terminal operators that are using Trayport for hedging and for trading LNG markets, natural gas markets and also outside of Europe into Asia, as the marketplace expands into Asia and in Europe, we see firms there asking for connectivity.

So I think predominantly, it will be European. As we mentioned, we only went live last week, and we've already had quite a few inbounds from firms asking to access our markets on Trayport. So we're really excited about that development and how the marketplace will be able to look at our products against other markets that are available on the platform already.

The next question will come from Katy Chen with BMO.

So my first one is how has the grant of registration with the U.S. Foreign Board of Trade impacts trading interest for the Abaxx futures? And also from what participants have you seen the strongest interest from in terms of being added onto the platform?

Thank you. Maybe I'll again start and then hand it back over to Joe. I think it's important that none of the material volume we've seen to date has come from the major commodity trading markets of the U.S., China or even the U.K.-based commodity traders and banks. And we do see that onboarding happening now. So again, none of the U.S. volumes are there, and we're -- but we're very excited. And again, like I think we've talked about China and some of the past conversations, we're definitely very active for the second half of the year to bring some of that volume in as well. But Joe, do you want to answer some of the specifics on the FBOT?

Yes, FBOT is important. It was a major achievement. Firms, exchanges hadn't achieved that designation by the CFTC in many, many years. And just as a refresher, it does allow all U.S. domiciled trading firms, clearing firms, dealer brokers, ISVs, the ability to access all of our futures markets directly.

And so the growth of our Gulf of Mexico LNG futures and expansion into U.S. power markets via the ERCOT wind futures contract has brought significant new interest from our new group of trading firms to onboard with us. We knew that they were there. We knew that there was an encumbrance by not having that direct access. And now we're starting to work on getting that not only from trading firms, but even clearing firms.

So that's an important step in the right direction. I would say we have some time to start seeing some real definitive volumes from the U.S., but that will happen quickly. And I think that not only the Trayport platform, but also use of TT, CPG, ipushpull on our data distribution, all these things will help U.S. clearing firms come into our markets and trade our products.

Maybe my next one [indiscernible] trading activity. So what's like -- what are your next key initiatives for the upcoming year as it relates to like expanding the market assets and potentially entering into new asset classes?

Yes. So first off, I should apologize because we have a new format. We probably ran a little bit long in managing the script. So I'm happy to extend it for a few more minutes if people are okay with that.

Yes. Look, again, I think it's a lot more of the same. Some of the firms that we've been working with to onboard for 4 years now as far as the relationship management, getting these firms having -- believing the vision, helping us with the products, but of course, not being able to check large institutional boxes until we get to certain volumes and sort of steady-state operations.

That's certainly happening now. We've heard some FCMs mentioned numbers like 25,000 ADV as a market they need to join. And so again, we've got a very deep sort of under the surface of the iceberg. Group of clients have been helping with products all along. And I think it's just more of the same, growing the volume, managing different incentive programs, bringing on new regions. And then eventually, as Dave laid out, that brings in a lot of the clients that we've already been talking to that just need that institutional scale liquidity to onboard.

So yes, I think a lot of -- more of the same. And again, there's been some acceleration with some of the new products, particularly over the last quarter with the weather derivatives.

The next question will come from Martin Toner with ATB Cormark Capital Markets.

Can you talk a little bit about how volatility in commodities markets of late, especially energy markets has like created an opportunity for sort of an advertisement for some of your contracts and what the experience has been like in reception, et cetera?

Thanks. Joe, Dave, you obviously were very involved during CERAWeek. Do you want to answer that one?

Dave, do you want to go first?

Yes, yes, I'm happy to. As Joe was saying, we had a terrific event down in Houston during CERAWeek focused on LNG. Joe and I have been doing those for a number of years. And the thing I always listen for are the types of questions we're getting. And to me, the types of questions we were getting this year were very much the questions you ask when you're thinking about doing the thing for real.

You had people asking about, hey, I really need to understand the physical delivery mechanism. I really need to understand what would be my responsibility in this situation. I really want to understand if I'm a gulf coast and I'm getting my gas at Henry Hub price, how can I use the Gulf of Mexico contract to hedge.

So I think there's been a lot of interest and strong reception. I think there is a short-term, medium-term thing happening in terms of the volatility of the market. As we said, the closure of the Strait of Hormuz, what's happened with Qatar LNG, those are massive events in energy markets.

And the first thing most traders will do is they'll take their hands off the keys. And so I think in the beginning, what we saw was people trading less, not just us, but kind of across the board. And then as people kind of looked at it, the need for those physically deliverable contracts, that very precise hedging instrument where you're hedging against the actual thing you're exposed to, not some price index on a pipeline that may or may not reflect your reality, I think people have really been focused in on that by the recent events.

And it's not just what's happened recently. This has been a recurring thing. We've seen it with COVID. We've seen it with the Russian invasion of Ukraine. So I think over and over, our thesis is being proven out and people are getting focused. But what's your take, Joe?

No, I agree, Dave. The sitting on your hands basically happens when volatility gets hyper. And as you said, it's not just our contracts, it's across the marketplace. Managing risk is so important, not only from our side and making sure that our customers are protected, but also our clearing firms. And so -- and that's consistent across all exchanges.

We're no different than anybody else in that manner. And so we do see, as Dave said, now once things start to settle down a little bit or at least people can see medium term, short term, what the horizon is, they then begin to come and start looking at managing some of that risk, look at some opportunities maybe to trade markets that they weren't in, but also look at other products that sometimes may have been like we're seeing in some of our new products, too, like in lithium and in our carbon markets.

So the fact that the volatility is there is something we watch very closely. We know that our systems in our risk management process has worked well during the volatility that we've seen, and that's a testament to what we've built as an exchange in the clearinghouse also.

That's great color. Has the second half of March contract volumes changed your expectations for the rest of 2026?

Joe, do you want to grab that?

Yes, sure. We never could tell how customers are going to trade as kind of going back to the answer on the previous question. But given the geopolitical issues in the marketplace, as long as our design is sound and our mechanisms on delivery are sound, we're hoping that the market continues to grow. Liquidity begets liquidity is something we say all the time and that we're proving that out that as we build liquidity and as Josh mentioned in his opening remarks, as we start to see more commercial firms come on board with us and start to trade, that will just continue to attract new firms to trade our markets.

We're seeing it. We're seeing it with Trayport. We're seeing it on global markets. and certainly in our LNG markets. And so there's a lot of opportunities for us to stay connected -- well connected with the trading market and also to bring new clearing firms and we're seeing that also. So that's an important step in our development of our markets. And I think that we're excited about the growth for this year.

We will now begin the online question-and-answer session. I would like to turn the conference over to Abaxx's Chief Strategy Officer, David Greely, to moderate this session.

Thank you, Nick. I realize we're past the hour, so I'm going to try to keep this part relatively tight. Obviously, there's a lot happening at Abaxx, and so we hope you'll forgive the length of this call.

I would say going through many of the questions that we received ahead of time and those that have come in, I think we have broadly answered many of them either in the prepared remarks or in the insightful analyst questions. So I'm going to start picking out 2 and maybe a couple more if we have time that seem representative.

If you do have questions that you don't feel were answered though, you can always reach out to us after the call. I really like this first question that came in. I might take a stab at answering it myself and then let Josh jump in as well.

And that question is, what do you view as the biggest misconception about Abaxx that the market or analysts get wrong? And I'd say we're fortunate that we've had a lot of people who followed us for a long time. I think -- and so they get it. I think sometimes people who are new to Abaxx because we are working on so many areas, they think that it's a bunch of different things.

And to me, the biggest misconception about Abaxx is that there's lots of things when really -- when you take a step back, it's all one thing. It's building smarter markets. It's building the -- both the regulated market infrastructure and the digital infrastructure to improve markets and meet commercial needs.

And it's really about us trying to remove every obstacle we encounter to doing that. And if we need to create a new spot market in gold, we'll do that. If we need to create a new custodian and adaptive infrastructure, we'll do that.

I think the other thing that's come up as a misconception recently has been, while it's great to see those volumes that we're getting now and the initial volumes, there's a tendency to want to extrapolate and say, well, if this quarter was this, next quarter will be this. I would just emphasize, it's a highly nonlinear process with fits and starts. Probably in 5 years when we can all take a step back, it will look a lot smoother than the experience of it right now.

But the way we think about it is it's really anchoring -- we're always thinking 3 to 5 years out. What's the North Star, what's the goal that we're trying to get to? And then how can we remove as many obstacles as we can and work backwards from the goal. So I would emphasize focusing on that 3- to 5-year outlook, if it's on the exchange side, what are the TAMs that we're going after, what are the probabilities you as an investor assess us being able to reach that and realize that it's going to be very nonlinear along the way.

So don't get too overly focused on the day-to-day moves. But that's my two cents. Maybe I'll turn it to you, Josh, if you have something you'd like to add.

No, I would absolutely echo that. And I think it's just the nature of market development and market structure. I think there's a lot of times, I feel like people confuse, say, what's happening in crypto markets and the volume seen in a crypto market versus the volume you see in a cleared regulated futures market kind of thinking they're the same thing that a price is a price, but it's absolutely not the case.

I think just the scale of what we're building for risk management, yes, I mean, look, we get frustrated when we see what happened in the Middle East or like you mentioned, what happened in -- after Russia's invasion of Ukraine, we literally built every part of our market to solve people's problems for those types of events.

And again, often, I get a little bit frustrated that we didn't have more capital so that we'd be more ready by this point. We've had to be far more patient than we've liked. Certainly as an engineer would love to launch things faster. But these are -- this is major infrastructure, the equivalent of building a mine over the course of 10 to 20 years.

And I think that the market doesn't fully appreciate the scale of the plumbing, again, to create a regulated clearinghouse that manage that level of significant global risk versus a start-up bucket shop. And so I think that's probably the thing that's most misunderstood. And again, we're one of one. No one has gone and built a greenfield exchange products, clearinghouses, technology stack, all from scratch, probably ever, but at least in the last 10, 15 years.

And we received another question, Josh, that I think would be good to turn to you. And that question was what positive business development and what negative business development most surprised you and management over the last 12 months?

This is like one of those [ employee ] interview questions. Yes. Look, I mean, I think some of the -- like I said, the development of Singapore as a precious metal hub and the world sort of very rapidly converging on our view around about the way we tokenize gold as being critically important.

I think I probably always had that in my mind as somewhat of a gold bug. But certainly, that's becoming more mainstream. And again, I really think we built the right market in the right place. So I think the positive surprises out of Singapore and what that means for our long-term market share in the precious metals business is very positively surprising.

On the negative side, it's kind of more of the same. Sometimes the delays that we -- sometimes you wish how can people not have seen this before? And then they kind of accelerate after the fact, stock market included. I think it took us 5 years as a public company to be sort of appreciated for what we're actually building. And so that's probably both a positive and negative surprise.

And Joe, we had a couple of questions on the state of onboarding and connectivity. And as Josh said, we're going to be covering that more on kind of a 6-month basis. But I think there might be a misconception out there that particularly clearing firm onboarding has stopped. And I was wondering if you could just kind of give a brief update on how you see clearing firm onboarding continuing over the next year?

That's a great question. And it's really, I think, one of our major challenges, but also accomplishments. I think the FBOT designation that we -- an achievement helped one U.S. domiciled large bank FCM that clears a majority of energy firms or commodity firms is now committed to onboarding with us. We have 2 others outside of the U.S. that are in the process of onboarding through a carry broker, and that's as a result of products.

So it really -- it kind of is -- to your point, it's not linear. It's difficult having worked at the largest FCM on the globe at Goldman. I know the process. I know how hard it is. It takes a lot of resources and commitment from the clearing firm to dedicate the resources to connect to any new exchange, let alone one that's a brand-new one.

That's the hardest part. It's really that we are new. And I think the fact that we've generated the volume that we have and the new products and the new customers will only lead to new clearing firms coming on board. So that's an important part that we constantly engage with them. Our customers are constantly asking their clearing firms to onboard with us.

So that pressure is continual, and that will only help bring these firms on board. A good example, the Trayport, as I mentioned earlier, the Trayport activation, we -- as I said, in a week's time, we've had 3 banks that never really were looking -- they were looking at us, but they hadn't committed to start trading with us. Three large banks came to us and wanted access to our markets through Trayport.

That, in fact, will lead to those banks now having to connect with us in order to clear those contracts. So that's really the best testament to what we're doing is that when you have a bank asked to trade our products, that has to bring their clearing firm on board and then that opens up the door to all of their customers. So that's an important step in the process. It's just a matter of just expanding liquidity. And as I said earlier, liquidity begets liquidity, and that's really the best thing that we can continue to develop.

Thanks, Joe. And maybe I'll turn one more question to Josh because I know we're well over the scheduled time. There have been a number of questions, Josh, on the broader gold and precious metal strategy and how Abaxx Spot fits into that along with the work on the MarketOS side. I was wondering if you might be able to give people just kind of a broad outline of how you're thinking about gold and precious metals right now.

Yes. No, we certainly want to expand. Again, we've got another call in 45 days and hope to update with a new product, at least one new product, if not new market infrastructure to present. And like I said, it's been such a positive surprise. And it really is -- I do think the gold market is going to be -- and the precious market in general is going to be a perfect place for our 2 parts of our business to converge, being able to use gold as real-time collateral, not just a very specific exchanges warrant system, not just a very specific LVMA account sort of balance sheet gold held in London, but actual physical gold being able to move in real-time velocity, I think, is huge.

And that's particularly important now that there's been some more cryptographic risk and the quantum risk in the ecosystem of crypto currencies. So we think gold is as [indiscernible] and others have written about, we think this is a great unifying market infrastructure for all of the things that we've built. So we look forward to presenting more of that in the quarters ahead.

Thanks, Josh. So we're well past the hour. I thank everyone for staying engaged. Obviously, we could probably continue to talk for another hour, 1.5 hours. But at this point, we should wrap it up. So I'd like to turn it back. Thank everyone for their questions and turn it back to Nick.

Thank you. The conference has now concluded. Thank you for attending today's presentation. You may now disconnect.